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 811-4803

Oppenheimer 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

OppenheimerFunds, Inc.

Two World Financial Center,

New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 6/29/2012

Item 1. Schedule of Investments.

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Municipal Bonds and Notes–104.4%
	Alabama–1.6%
$	2,405,000	AL HFA (South Bay Apartments)1		5.950	%	02/01/2033		02/01/2013	A	$	2,429,988
	145,000	Bayou La Batre, AL Utilities Board (Water & Sewer)		5.750		03/01/2027		07/29/2012	A		145,161
	40,000	Bessemer, AL GO		6.250		02/01/2024		07/29/2012	A		40,085
	70,000	Bessemer, AL Medical Clinic Board (Bessemer Carraway Medical Center)1		5.625		05/15/2017		07/29/2012	A		70,144
	155,000	Bessemer, AL Medical Clinic Board (Bessemer Carraway Medical Center)1		6.000		05/15/2019		07/29/2012	A		155,290
	4,610,000	Bessemer, AL Medical Clinic Board (Bessemer Carraway Medical Center)1		7.250		04/01/2015		07/29/2012	A		4,626,550
	65,000	Birmingham, AL Private Educational Building Authority (Birmingham-Southern College)		6.000		12/01/2021		02/01/2021	B		53,243
	855,000	Butler, AL Industrial Devel. Board (Georgia-Pacific Corp.)1		5.750		09/01/2028		09/01/2014	A		895,955
	85,000	Courtland, AL Industrial Devel. Board (Champion International Corp.)1		6.000		08/01/2029		07/29/2012	A		85,527
	2,000,000	Courtland, AL Industrial Devel. Board (International Paper Company)1		5.000		11/01/2013		11/01/2013			2,098,560
	3,280,000	Courtland, AL Industrial Devel. Board (International Paper Company)1		5.800		05/01/2022		05/01/2013	A		3,414,480
	9,000,000	Courtland, AL Industrial Devel. Board (International Paper Company)1		6.250		08/01/2025		08/01/2013	A		9,420,750
	200,000	Cullman County, AL Health Care Authority (Cullman Regional Medical Center)1		7.000		02/01/2036		02/01/2019	A		212,300
	3,975,000	Fairfield, AL GO		6.000		06/01/2031		04/01/2022	A		4,218,668
	7,470,000	Huntsville, AL Health Care Authority, Series A1		5.500		06/01/2025		06/01/2020	A		8,459,177
	5,260,000	Jefferson County, AL Limited Obligation School Warrant1		5.250		01/01/2018		01/01/2014	A		5,275,885
	4,180,000	Jefferson County, AL Limited Obligation School Warrant1		5.250		01/01/2019		01/01/2014	A		4,190,283
	6,860,000	Jefferson County, AL Limited Obligation School Warrant1		5.500		01/01/2021		01/01/2014	A		6,872,691
	345,000	Jefferson County, AL Limited Obligation School Warrants1		5.000		01/01/2024		01/01/2014	A		345,607
	460,000	Jefferson County, AL Limited Obligation School Warrants1		5.250		01/01/2023		01/01/2014	A		460,782
	2,095,000	Jefferson County, AL Sewer1		5.250		02/01/2014		08/01/2012	A		2,115,761
	2,485,000	Jefferson County, AL Sewer1		5.250		02/01/2015		08/01/2012	A		2,509,626
	9,840,000	Jefferson County, AL Sewer1		5.250		02/01/2016		08/01/2012	A		9,928,658
	290,000	Jefferson County, AL Sewer1		5.625		02/01/2022		07/18/2021	B		184,205
	50,000	Mobile, AL Limited Obligation Tax1		5.500		02/15/2023		07/29/2012	A		51,090

1 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Alabama Continued
$	7,000,000	Phenix City, AL Industrial Devel. Board (Meadwestvaco)1		6.350	%	05/15/2035		07/29/2012	A	$	7,066,850
	115,000	Satsuma, AL Waterworks & Sewer Board1		6.000		07/01/2025		07/29/2012	A		115,190
	500,000	Selma, AL Industrial Devel. Board (International Paper Company)1		6.700		03/01/2024		07/29/2012	A		501,900
											75,944,406
	Alaska–0.3%
	10,000	AK Industrial Devel. & Export Authority (Lake Dorothy Hydroelectric)		5.250		12/01/2021		07/29/2012	A		10,007
	500,000	AK Industrial Devel. & Export Authority (Snettisham)		5.500		01/01/2017		07/29/2012	A		501,120
	305,000	AK Industrial Devel. & Export Authority (Snettisham)		6.000		01/01/2015		07/29/2012	A		305,961
	15,755,000	AK Northern Tobacco Securitization Corp. (TASC)1		4.625		06/01/2023		09/07/2014	B		15,588,155
											16,405,243
	Arizona–1.9%
	2,270,000	Apache County, AZ IDA (Tucson Electric Power Company)1		5.875		03/01/2033		07/13/2012	A		2,274,971
	36,075,000	AZ Health Facilities Authority (Banner Health System)2		6.000		01/01/2030		11/13/2013	A		36,918,774
	5,000,000	AZ Health Facilities Authority (Banner Health System)1		6.000		01/01/2030		01/01/2013	A		5,116,850
	1,000,000	Glendale, AZ Western Loop Public Facilities1		7.000		07/01/2028		01/01/2014	A		1,082,280
	12,500,000	Glendale, AZ Western Loop Public Facilities1		7.000		07/01/2033		01/01/2014	A		13,528,500
	1,375,000	Goodyear, AZ IDA Water & Sewer (Litchfield Park Service Company)		6.750		10/01/2031		10/01/2012	A		1,375,866
	2,815,000	Greater AZ Devel. Authority (Santa Cruz County Jail)1		5.250		08/01/2031		08/01/2018	A		3,027,786
	1,320,000	Hassayampa, AZ Community Facilities District (Hassayampa Village Community)		7.750		07/01/2021		12/19/2012	A		1,346,215
	1,365,000	Litchfield Park, AZ Community Facility District		6.375		07/15/2026		07/29/2012	A		1,365,259
	545,000	Maricopa County, AZ IDA (Christian Care Mesa II)		6.000		01/01/2014		04/10/2013	B		536,716
	15,000	Maricopa County, AZ IDA (Whispering Palms Apartments)1		5.600		07/01/2013		07/01/2013			14,996
	7,000,000	Maricopa County, AZ Pollution Control Corp. (Public Service Company of New Mexico)1		5.200		06/01/2043		06/01/2020	C		7,710,080
	3,530,000	Mohave County, AZ IDA (Mohave Prison)1		7.000		05/01/2013		05/01/2013			3,640,842
	1,040,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.500		11/01/2017		05/07/2015	B		852,415

2 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Arizona Continued
$	30,000	Pima County, AZ IDA (International Studies Academy)1		6.750	%	07/01/2031		01/01/2013	A	$	30,083
	2,500,000	Pima County, AZ IDA (Tucson Electric Power Company)1		5.750		09/01/2029		01/12/2015	A		2,655,950
	500,000	Pima County, AZ IDA (Tucson Electric Power Company)1		6.375		09/01/2029		03/01/2013	A		510,885
	2,660,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.450		12/01/2017		07/30/2015	B		2,765,762
	5,000	Scottsdale, AZ IDA (Scottsdale Memorial Hospitals)		5.500		09/01/2012		09/01/2012			5,043
	5,115,000	Scottsdale, AZ IDA (SHH/SHC/SHRC/SCIC Obligated Group)1		5.250		09/01/2030		09/01/2013	A		5,179,909
	300,000	Tucson, AZ IDA (Joint Single Family Mtg.)1		5.250		07/01/2038		12/06/2012	A		308,130
	1,750,000	Verrado, AZ Community Facilities District No. 1		6.500		07/15/2027		07/15/2013	A		1,757,963
	1,650,000	Yavapai County, AZ IDA (Yavapai Regional Medical Center)1		6.000		08/01/2033		08/01/2013	A		1,729,679
											93,734,954
	Arkansas–0.0%
	165,000	AR Devel. Finance Authority (Madison Industrial Devel./Community Living Obligated Group)1		5.800		12/01/2020		07/29/2012	A		165,416
	310,000	AR Devel. Finance Authority (Single Family Mtg.)1		5.625		01/01/2035		01/01/2016	A		325,333
	875,000	Warren, AR Solid Waste Disposal (Potlatch Corp.)1		7.500		08/01/2013		07/29/2012	A		875,796
											1,366,545
	California–15.9%
	635,000	Alameda, CA Corridor Transportation Authority1		4.750		10/01/2025		07/29/2012	A		635,210
	805,000	Alameda, CA Corridor Transportation Authority1		5.000		10/01/2029		07/29/2012	A		805,201
	500,000	Alameda, CA Transportation Authority1		5.250		10/01/2021		07/29/2012	A		500,580
	3,000,000	Antelope Valley, CA Healthcare District1		5.200		01/01/2020		07/29/2012	A		3,007,710
	4,350,000	Antelope Valley, CA Healthcare District1		5.250		09/01/2017		09/01/2014	A		4,438,653
	3,160,000	Antelope Valley, CA Union High School District1		5.000		08/01/2023		08/01/2022	A		3,778,918
	3,440,000	Antelope Valley, CA Union High School District1		5.000		08/01/2024		08/01/2022	A		4,060,301
	3,735,000	Antelope Valley, CA Union High School District1		5.000		08/01/2025		08/01/2022	A		4,380,333

3 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	6,055,000	Antelope Valley, CA Union High School District1		5.000	%	08/01/2026		08/01/2022	A	$	7,004,666
	4,180,000	Antioch, CA Public Financing Authority1		5.625		01/01/2022		07/29/2012	A		4,246,755
	3,000,000	Antioch, CA Public Financing Authority1		5.625		01/01/2027		07/29/2012	A		3,047,910
	425,000	CA Communities Transportation Revenue COP1		5.000		06/01/2020		06/01/2020			483,918
	145,000	CA Communities Transportation Revenue COP1		5.000		06/01/2021		06/01/2021			165,296
	470,000	CA Communities Transportation Revenue COP1		5.000		06/01/2022		06/01/2022			534,484
	395,000	CA County Tobacco Securitization Agency (TASC)1		5.000		06/01/2026		01/10/2017	B		352,901
	15,570,000	CA County Tobacco Securitization Agency (TASC)1		5.250		06/01/2021		04/05/2017	B		14,569,160
	8,570,000	CA County Tobacco Securitization Agency (TASC)1		5.450		06/01/2028		10/28/2024	B		7,492,494
	2,455,000	CA County Tobacco Securitization Agency (TASC)1		5.500		06/01/2033		09/22/2015	B		2,332,078
	3,095,000	CA County Tobacco Securitization Agency (TASC)1		5.600		06/01/2036		05/11/2030	B		2,610,911
	3,000,000	CA County Tobacco Securitization Agency (TASC)1		5.650		06/01/2041		12/17/2034	B		2,506,770
	5,150,000	CA County Tobacco Securitization Agency (TASC)1		5.750		06/01/2029		05/02/2017	B		5,116,731
	9,000,000	CA County Tobacco Securitization Agency (TASC)1		5.875		06/01/2027		07/29/2012	A		9,001,440
	2,505,000	CA County Tobacco Securitization Agency (TASC)1		5.875		06/01/2043		08/06/2024	B		2,386,814
	4,520,000	CA County Tobacco Securitization Agency (TASC)1		6.000		06/01/2029		11/29/2012	A		4,519,684
	135,000	CA County Tobacco Securitization Agency (TASC)1		6.000		06/01/2042		08/04/2028	B		127,493
	3,755,000	CA County Tobacco Securitization Authority (TASC)1		5.625		06/01/2023		07/29/2012	A		3,765,589
	9,475,000	CA Dept. of Veterans Affairs Home Purchase1		4.900		12/01/2022		12/01/2016	A		9,974,143
	490,000	CA GO1		5.000		02/01/2019		07/29/2012	A		491,534
	6,955,000	CA GO1		5.000		02/01/2025		02/01/2022	A		8,040,606
	7,975,000	CA GO1		5.000		02/01/2026		02/01/2022	A		9,105,377
	15,000,000	CA GO1		5.250		10/01/2025		10/01/2021	A		17,583,450
	10,430,000	CA GO1		5.250		10/01/2026		10/01/2021	A		12,092,542
	175,000	CA GO1		5.250		02/01/2030		07/29/2012	A		175,583
	2,400,000	CA GO1		5.375		06/01/2026		12/01/2012	A		2,443,632
	3,620,000	CA GO1		6.500		04/01/2033		04/01/2019	A		4,383,205

4 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	22,795,000	CA Golden State Tobacco Securitization Corp. (TASC)1		4.500	%	06/01/2027		06/18/2018	B	$	18,842,803
	10,000,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000		06/01/2021		07/29/2012	A		10,010,000
	2,500,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000		06/01/2033		03/20/2029	B		1,896,650
	5,765,000	CA Health Facilities Financing Authority (CHCW)1		5.250		03/01/2024		03/01/2016	A		6,144,337
	2,220,000	CA Health Facilities Financing Authority (Northern California Presbyterian Homes & Services)1		5.125		07/01/2018		07/26/2012	A		2,223,086
	300,000	CA Health Facilities Financing Authority (Pomona Valley Hospital Medical Center)		5.750		07/01/2015		07/23/2012	A		300,843
	1,450,000	CA Health Facilities Financing Authority (Scripps Health)1		5.000		11/15/2026		11/15/2021	A		1,682,392
	50,000,000	CA Health Facilities Financing Authority (Stanford Hospital)2		5.750		11/15/2031		11/15/2031			59,769,500
	540,000	CA HFA (Home Mtg.)1		4.100		02/01/2015		02/01/2015			548,046
	150,000	CA HFA (Home Mtg.)1		4.125		02/01/2015		02/01/2015			151,586
	780,000	CA HFA (Home Mtg.)1		4.150		02/01/2016		02/01/2016			793,907
	175,000	CA HFA (Home Mtg.)1		4.300		02/01/2016		02/01/2016			181,024
	415,000	CA HFA (Home Mtg.)1		4.350		08/01/2017		02/01/2017	A		418,386
	6,440,000	CA HFA (Home Mtg.)1		4.550		08/01/2021		02/01/2016	A		6,488,300
	3,430,000	CA HFA (Home Mtg.)1		4.550		08/01/2021		02/01/2016	A		3,455,725
	180,000	CA HFA (Home Mtg.)1		4.625		02/01/2016		02/01/2016			186,984
	2,000,000	CA HFA (Home Mtg.)1		4.625		08/01/2016		08/01/2016			2,067,620
	5,145,000	CA HFA (Home Mtg.)1		4.625		08/01/2026		05/14/2024	B		4,918,723
	2,785,000	CA HFA (Home Mtg.)1		4.650		08/01/2022		02/01/2017	A		2,824,519
	14,475,000	CA HFA (Home Mtg.)1		4.950		08/01/2023		02/01/2017	A		14,818,926
	5,265,000	CA HFA (Home Mtg.)1		5.000		02/01/2042		01/15/2014	A		5,297,538
	2,000,000	CA HFA (Home Mtg.)1		5.300		08/01/2023		08/01/2017	A		2,051,660
	50,000	CA HFA (Home Mtg.)1		5.450		08/01/2033		02/01/2018	A		51,599
	1,060,000	CA HFA (Home Mtg.)		5.500		02/01/2042		02/01/2016	A		1,093,835
	13,355,000	CA HFA (Home Mtg.)1		5.500		08/01/2042		09/01/2013	A		13,558,397
	115,000	CA HFA (Multifamily Hsg.)1		5.950		08/01/2028		07/29/2012	A		115,069
	2,010,000	CA HFA, Series C1		5.750		08/01/2030		10/12/2012	A		2,093,596
	14,205,000	CA Public Works1		5.000		04/01/2025		04/01/2022	A		15,933,606
	13,000,000	CA Public Works1		5.000		04/01/2026		04/01/2022	A		14,454,830
	10,065,000	CA Public Works1		5.375		03/01/2023		03/01/2020	A		11,510,233
	3,000,000	CA Public Works1		5.375		03/01/2024		03/01/2020	A		3,403,080
	10,225,000	CA Public Works1		6.625		11/01/2034		04/17/2019	A		12,398,324
	4,165,000	CA Public Works (California State Prisons)1		5.250		10/01/2022		10/01/2021	A		4,880,505

5 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	4,000,000	CA Public Works (California State Prisons)1		5.250	%	10/01/2023		10/01/2021	A	$	4,624,440
	2,870,000	CA Public Works (California State Prisons)1		5.250		10/01/2025		10/01/2021	A		3,262,788
	5,215,000	CA Public Works (Dept. of Corrections & Rehabilitations)1		5.000		06/01/2022		06/01/2022			6,067,235
	8,420,000	CA Public Works (Dept. of Corrections & Rehabilitations)1		5.000		06/01/2027		06/01/2022	A		9,305,700
	4,500,000	CA Public Works (Dept. of General Services)1		5.000		12/01/2027		12/01/2012	A		4,574,340
	1,500,000	CA Public Works (Dept. of General Services)1		6.125		04/01/2028		04/01/2019	A		1,752,660
	7,000,000	CA Public Works (Judicial Council)1		5.250		12/01/2025		12/01/2021	A		7,972,790
	2,000,000	CA Public Works (Judicial Council)1		5.250		12/01/2026		12/01/2021	A		2,260,980
	5,000,000	CA Public Works (Various Capital Projects)1		5.000		04/01/2024		04/01/2022	A		5,665,900
	3,075,000	CA Public Works (Various Capital Projects)1		5.000		04/01/2027		04/01/2022	A		3,395,723
	3,000,000	CA Public Works (Various Capital Projects)1		5.250		10/01/2022		10/01/2021	A		3,515,370
	5,500,000	CA Public Works (Various Capital Projects)1		5.250		10/01/2023		10/01/2021	A		6,358,605
	3,055,000	CA Public Works (Various Capital Projects)1		5.250		10/01/2024		10/01/2021	A		3,501,702
	3,280,000	CA Public Works (Various Capital Projects)1		5.250		10/01/2025		10/01/2021	A		3,728,901
	4,370,000	CA Public Works (Various Capital Projects)1		5.250		10/01/2026		10/01/2021	A		4,932,332
	70,000	CA Public Works (Various Community Colleges)1		5.200		09/01/2017		07/29/2012	A		70,187
	600,000	CA Public Works (Various Community Colleges)1		5.750		10/01/2030		10/01/2019	A		683,130
	1,330,000	CA Statewide CDA (Memorial Health Services/Long Beach Memorial Medical Center Obligated Group)1		5.500		10/01/2033		04/01/2013	A		1,383,346
	315,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		5.625		05/01/2029		06/06/2016	B		307,774
	10,000	CA Veterans GO, Series BZ1		5.350		12/01/2021		07/29/2012	A		10,015
	220,000	Carson, CA Public Financing Authority (Remediation)1		6.500		10/01/2036		10/01/2019	A		247,324
	350,000	Chico, CA Public Financing Authority1		5.000		04/01/2019		07/29/2012	A		350,865
	3,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)1		5.000		12/01/2027		12/01/2015	A		3,294,900
	2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)1		5.000		12/01/2027		12/01/2015	A		2,196,600

6 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	11,255,000	Compton, CA Public Finance Authority1		5.000	%	09/01/2022		09/01/2022		$	10,317,909
	1,000,000	Contra Costa County, CA Public Financing Authority (Pleasant Hill Bart)1		5.125		08/01/2019		07/29/2012	A		1,000,110
	3,865,000	Delano, CA Financing Authority (Police Station)1		5.000		12/01/2025		12/01/2020	A		4,367,373
	3,360,000	Duarte, CA COP (Hope National Medical Center)1		5.250		04/01/2019		07/29/2012	A		3,367,459
	4,555,000	Duarte, CA COP (Hope National Medical Center)1		5.250		04/01/2024		07/29/2012	A		4,560,922
	6,575,000	El Centro, CA Financing Authority (El Centro Redevel.)1		6.000		11/01/2021		06/23/2017	A		7,420,216
	2,500,000	Fontana, CA Public Financing Authority (North Fontana Redevel.)1		5.500		09/01/2032		07/29/2012	A		2,554,550
	8,000,000	Fontana, CA Special Tax Community Facilities District No. 2-A1		5.250		09/01/2017		09/01/2012	A		8,033,920
	2,000,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.850		01/15/2023		01/15/2014	A		2,076,700
	750,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.875		01/15/2026		01/15/2014	A		771,525
	5,300,000	Foothill, CA Eastern Transportation Corridor Agency Toll Road1		5.875		01/15/2026		01/15/2014	A		5,502,831
	9,000,000	Fresno, CA Airport		5.800		07/01/2030		07/29/2012	A		9,031,230
	2,000,000	Glendale, CA Redevel. Agency Tax Allocation1		5.500		12/01/2024		12/01/2016	A		2,101,560
	25,000	Lathrop, CA Improvement Bond Act 1915 (Mossdale Village Assessment District 03-1)		5.800		09/02/2018		09/02/2012	A		25,592
	4,280,000	Long Beach, CA Bond Finance Authority (Public Safety Facilities)		5.000		11/01/2026		11/01/2012	A		4,319,547
	7,060,000	Los Angeles, CA Municipal Improvement Corp.1		5.000		03/01/2022		03/01/2022			8,198,919
	175,000	Los Angeles, CA Parking System1		5.250		05/01/2020		11/01/2012	A		177,203
	5,620,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)		7.000		12/01/2012		12/01/2012			5,606,962
	1,435,000	Los Angeles, CA Regional Airports Improvement Corp. (Laxfuel Corp.)1		5.500		01/01/2032		07/29/2012	A		1,435,818
	100,000	Los Angeles, CA State Building Authority1		5.300		10/01/2014		07/29/2012	A		100,359
	6,750,000	Los Angeles, CA Unified School District COP1		5.000		10/01/2024		10/01/2022	A		7,620,143
	7,905,000	Los Angeles, CA Unified School District COP1		5.000		10/01/2026		10/01/2022	A		8,750,045
	8,300,000	Los Angeles, CA Unified School District COP1		5.000		10/01/2027		10/01/2022	A		9,138,964

7 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	2,000,000	Los Angeles, CA Unified School District COP (Headquarters Building)1		5.000	%	10/01/2022		10/01/2022		$	2,321,460
	7,795,000	Los Angeles, CA Unified School District COP (Headquarters Building)1		5.000		10/01/2023		10/01/2022	A		8,910,465
	155,000	Maywood, CA Public Financing Authority		7.000		09/01/2028		09/01/2013	A		155,358
	3,820,000	Montclair, CA Redevel. Agency Tax Allocation1		5.300		10/01/2030		10/01/2012	A		3,835,853
	8,715,000	Montebello, CA COP1		5.375		11/01/2026		11/01/2012	A		8,759,447
	1,000,000	Moreno Valley, CA Unified School District Community Facilities District Special Tax No. 2003-2		5.950		09/01/2034		09/01/2012	A		1,002,450
	3,955,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2020		09/01/2020			4,604,688
	4,155,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2021		09/01/2021			4,844,024
	2,360,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2022		09/01/2022			2,751,902
	4,545,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2023		09/01/2022	A		5,234,158
	1,080,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2024		09/01/2022	A		1,228,694
	1,080,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2025		09/01/2022	A		1,212,872
	605,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2026		09/01/2022	A		677,400
	1,185,000	North City, CA West School Facilities Financing Authority Special Tax1		5.000		09/01/2027		09/01/2022	A		1,314,011
	11,950,000	Northern CA Gas Authority1		0.764	3	07/01/2013		07/01/2013			11,901,244
	21,855,000	Northern CA Tobacco Securitization Authority (TASC)1		4.750		06/01/2023		07/31/2016	B		20,166,264
	9,840,000	Northern CA Tobacco Securitization Authority (TASC)1		5.375		06/01/2038		07/08/2031	B		7,696,258
	1,310,000	Northern, CA Inyo County Local Hospital District1		6.000		12/01/2021		05/26/2019	A		1,414,027
	250,000	Oakland, CA Building Authority (Elihu M Harris)1		5.000		04/01/2017		07/29/2012	A		250,468
	5,455,000	Oakland, CA Unified School District1		5.000		08/01/2025		08/01/2015	A		5,619,196
	9,275,000	Oakland, CA Unified School District1		5.250		08/01/2024		08/01/2012	A		9,300,043
	1,000,000	Oakland, CA Unified School District		5.500		08/01/2032		08/01/2022	A		1,084,140
	1,645,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500		09/02/2020		09/02/2012	A		1,664,148
	1,275,000	Pacifica, CA COP1		5.000		01/01/2022		01/01/2016	A		1,402,589
	100,000	Palm Springs, CA Financing Authority (Palm Springs Regional Airport)1		5.500		01/01/2028		07/29/2012	A		100,123

8 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	4,550,000	Palomar Pomerado, CA Health Care District COP1		6.750	%	11/01/2039		11/01/2019	A	$	5,011,734
	1,500,000	Paramount, CA Redevel. Agency Tax Allocation1		5.000		08/01/2023		08/01/2013	A		1,525,725
	125,000	Perris, CA Public Financing Authority (Central North)1		6.750		10/01/2035		10/01/2018	A		137,283
	100,000	Port of Oakland, CA1		4.000		11/01/2012		11/01/2012			101,244
	6,800,000	Port of Oakland, CA1		5.375		11/01/2027		11/01/2012	A		6,865,348
	5,000,000	Porterville, CA COP1		5.000		07/01/2030		07/01/2015	A		5,152,400
	940,000	Rancho Cucamonga, CA Public Finance Authority		5.000		09/01/2024		09/01/2012	A		969,121
	1,895,000	Riverside County, CA Asset Leasing Corp. (Riverside County Hospital)1		5.700		06/01/2016		07/29/2012	A		1,920,488
	380,000	Riverside County, CA Public Financing Authority COP		5.750		05/15/2019		08/07/2016	B		202,540
	220,000	Riverside County, CA Redevel. Agency (215 Corridor Redevel.)1		6.500		12/01/2021		12/01/2021			243,848
	1,370,000	Sacramento County, CA Hsg. Authority (Verandas Apartments Senior Community)1		5.700		03/01/2034		09/01/2012	A		1,373,617
	6,050,000	Sacramento, CA City Financing Authority (California EPA Building)		5.250		05/01/2019		07/29/2012	A		6,054,840
	3,850,000	Sacramento, CA City Unified School District1		5.250		07/01/2023		07/01/2022	A		4,555,590
	4,045,000	Sacramento, CA City Unified School District1		5.250		07/01/2024		07/01/2022	A		4,697,539
	6,750,000	San Diego, CA Convention Center Expansion Financing Authority1		5.000		04/15/2026		04/15/2022	A		7,455,780
	425,000	San Francisco, CA City & County Airports Commission (SFO Fuel Company)1		6.125		01/01/2027		07/29/2012	A		425,833
	4,000,000	San Jose, CA Airport1		5.125		03/01/2020		03/01/2014	A		4,203,760
	500,000	San Jose, CA Redevel. Agency1		5.000		08/01/2026		08/01/2026			486,185
	1,910,000	San Marcos, CA Special Tax		5.900		09/01/2028		09/01/2012	A		1,927,668
	1,800,000	Santa Rosa, CA Rancheria Tachi Yokut Tribe Enterprise		6.125		03/01/2013		03/01/2013			1,830,294
	200,000	Saugus, CA Union School District Special Tax		4.250		09/01/2022		09/01/2022			202,216
	185,000	Saugus, CA Union School District Special Tax		4.375		09/01/2023		09/01/2022	A		187,313
	125,000	Saugus, CA Union School District Special Tax		4.500		09/01/2024		09/01/2022	A		126,009
	100,000	Saugus, CA Union School District Special Tax		4.625		09/01/2025		09/01/2022	A		100,745
	500,000	South Bayside, CA Waste Management Authority (Shoreway Environmental)1		6.250		09/01/2029		09/01/2019	A		560,080
	21,705,000	Southern CA Tobacco Securitization Authority1		4.750		06/01/2025		04/24/2016	B		21,354,464

9 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	California Continued
$	110,000	Stockton, CA Public Financing Authority (Parking & Capital Projects)1		5.375	%	09/01/2021		09/01/2021		$	106,701
	1,105,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.000		09/01/2022		09/01/2022			1,192,704
	1,000,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2023		09/01/2022	A		1,090,460
	1,075,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2024		09/01/2022	A		1,164,816
	1,310,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2025		09/01/2022	A		1,402,656
	5,000,000	University of California1		5.000		05/15/2027		05/15/2013	A		5,219,550
	6,615,000	Val Verde, CA Unified School District1		5.500		08/01/2033		08/01/2018	A		7,256,721
	1,000,000	Washington Township, CA Health Care District1		5.250		07/01/2029		07/29/2012	A		1,004,510
	3,200,000	West Covina, CA Public Financing Authority (Big League Dreams)1		5.000		06/01/2030		06/01/2016	A		3,370,208
	880,000	Yucaipa, CA Special Tax Community Facilities District No. 98-11		5.000		09/01/2025		09/01/2021	A		941,380
											774,543,817
	Colorado–0.7%
	65,000	Broomfield, CO Sewer Activity1		5.000		12/01/2021		07/29/2012	A		65,861
	6,315,000	CO E-470 Public Highway Authority		4.282	4	09/01/2022		09/01/2022			3,997,900
	1,360,000	CO E-470 Public Highway Authority		4.600	4	09/01/2023		09/01/2023			806,521
	1,500,000	CO E-470 Public Highway Authority1		5.500		09/01/2024		09/01/2015	A		1,619,925
	5,000,000	CO E-470 Public Highway Authority1		5.500		09/01/2024		09/01/2015	A		5,399,750
	1,995,000	CO E-470 Public Highway Authority1		5.500		09/01/2024		09/01/2015	A		2,154,500
	1,975,000	CO E-470 Public Highway Authority1		5.500		09/01/2024		09/01/2015	A		2,132,901
	1,500,000	CO Health Facilities Authority (CRC/BCH Obligated Group)1		5.500		12/01/2027		12/01/2012	A		1,524,645
	2,000,000	CO Health Facilities Authority (Valley View Hospital Association)1		5.500		05/15/2028		05/08/2018	A		2,117,520
	30,000	CO Hsg. & Finance Authority (Multifamily)1		5.450		10/01/2028		07/29/2012	A		30,030
	5,000	CO Hsg. & Finance Authority (Multifamily)1		5.700		10/01/2021		07/29/2012	A		5,010
	20,000	CO Hsg. & Finance Authority (Multifamily)1		5.900		10/01/2038		07/29/2012	A		20,023
	350,000	CO Hsg. & Finance Authority (Single Family)1		5.900		08/01/2023		07/29/2012	A		372,131
	10,000	CO Hsg. & Finance Authority (Single Family)1		6.300		08/01/2016		08/01/2016			10,412
	120,000	CO Hsg. & Finance Authority (Single Family)1		6.450		04/01/2030		04/01/2016	A		122,670
	445,000	CO Hsg. & Finance Authority (Single Family)1		6.900		04/01/2029		10/01/2014	A		465,470

10 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Colorado Continued
$	3,900,000	CO Regional Transportation District (Denver Transportation Partners)1		6.000	%	01/15/2034		07/15/2020	A	$	4,399,044
	90,000	CO Water Resources & Power Devel. Authority1		5.000		09/01/2019		07/29/2012	A		90,338
	925,000	Colorado Springs, CO Hospital1		6.375		12/15/2030		07/29/2012	A		926,295
	1,950,000	Colorado Springs, CO Hospital (Memorial Health System)1		5.750		12/15/2024		12/15/2014	A		2,050,971
	55,000	Denver, CO City & County Airport1		5.000		11/15/2025		07/29/2012	A		55,170
	25,000	Denver, CO City & County Airport1		6.125		11/15/2025		07/29/2012	A		25,120
	235,000	Eagle County, CO Airport Terminal Corp.		5.050		05/01/2015		03/09/2014	B		238,675
	2,650,000	Freemont County, CO COP1		5.250		12/15/2022		12/15/2013	A		2,782,765
	3,000,000	Park Creek, CO Metropolitan District1		5.250		12/01/2025		12/01/2015	A		3,209,040
	445,000	Pueblo City-County, CO Library District COP1		5.250		12/01/2030		12/01/2012	A		447,608
	20,000	Pueblo County, CO Pollution Control (Public Service Company of Colorado)1		5.100		01/01/2019		07/29/2012	A		20,024
											35,090,319
	Connecticut–0.5%
	19,555,000	CT Devel. Authority Pollution Control (Connecticut Light & Power Company)1		5.950		09/01/2028		07/29/2012	A		19,726,497
	230,000	CT H&EFA (Bridgeport Hospital/Bridgeport Hospital Foundation Obligated Group)		6.500		07/01/2012		07/01/2012			230,081
	210,000	CT H&EFA (DKH/CHHC/HNE Obligated Group)1		5.375		07/01/2026		07/29/2012	A		210,355
	335,000	CT H&EFA (Hospital for Special Care/HSC Community Services/Foundation of Special Care Obligated Group)1		5.250		07/01/2027		07/01/2017	A		345,090
	5,000	CT H&EFA (New Horizons)		5.875		11/01/2012		07/29/2012	A		5,023
	300,000	CT H&EFA (William W Backus Hospital)1		5.000		07/01/2017		07/29/2012	A		300,687
	130,000	CT HFA, Series C1		5.500		11/15/2035		07/26/2012	A		130,498
	100,000	CT Special Obligation Parking (Bradley International Airport Parking Company)1		6.500		07/01/2018		07/29/2012	A		100,178
	135,000	Eastern CT Res Rec (Wheelabrator Lisbon)1		5.500		01/01/2014		07/29/2012	A		135,477
	1,165,000	Eastern CT Res Rec (Wheelabrator Lisbon)1		5.500		01/01/2020		07/29/2012	A		1,169,380
	15,000	Sprague, CT GO1		5.375		09/01/2020		09/01/2012	A		15,089
	1,310,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)1		6.000	%	01/01/2028		11/19/2014	A		1,334,929
											23,703,284

11 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon		Maturity	Effective Maturity**			Value
	Delaware–0.1%
	$5,825,000	DE EDA (Delmarva Power & Light Company)1		5.200	02/01/2019		07/29/2012	A	$	5,845,038
	District of Columbia–1.3%
	200,000	District of Columbia (James F. Oyster Elementary School)		6.450	11/01/2034		11/01/2012	A		199,978
	375,000	District of Columbia (President & Directors of Gonzaga College)1		5.375	07/01/2029		07/29/2012	A		375,585
	2,500,000	District of Columbia (United Negro College Fund)1		6.875	07/01/2040		07/01/2020	A		2,897,250
	10,000	District of Columbia HFA (Single Family), Series B1		5.850	12/01/2018		07/26/2012	A		10,038
	20,000	District of Columbia HFA (Single Family), Series B1		5.900	12/01/2028		07/26/2012	A		20,077
	13,285,000	District of Columbia Tobacco Settlement Financing Corp.		6.250	05/15/2024		07/29/2012	A		13,549,239
	24,955,000	District of Columbia Tobacco Settlement Financing Corp.1		6.500	05/15/2033		01/08/2021	B		27,641,905
	17,930,000	District of Columbia Tobacco Settlement Financing Corp.1		6.750	05/15/2040		07/29/2012	A		18,270,849
										62,964,921
	Florida–7.8%
	2,890,000	Arborwood, FL Community Devel. District (Centex Homes)		5.250	05/01/2016		05/01/2016			2,792,434
	15,000	Baker County, FL Hospital Authority		5.300	12/01/2023		11/04/2019	B		14,420
	880,000	Baker County, FL Hospital Authority (Baker County Medical Services)		5.100	12/01/2013		07/29/2012	A		880,484
	15,000	Bay County, FL Water System		6.250	09/01/2014		07/29/2012	A		15,073
	245,000	Broward County, FL HFA		5.400	10/01/2038		04/01/2016	A		251,120
	45,000	Broward County, FL HFA (Golden Villas)1		6.750	10/01/2045		04/01/2016	A		47,575
	15,000	Broward County, FL HFA (Heron Pointe Apartments)1		5.700	11/01/2029		07/29/2012	A		15,018
	75,000	Broward County, FL HFA (Praxis of Deerfield Beach III)1		5.300	09/01/2023		08/01/2012	A		75,119
	90,000	Broward County, FL HFA (Praxis of Deerfield Beach)1		5.350	03/01/2031		08/01/2012	A		90,090
	30,000	Broward County, FL HFA (Stirling Apartments)1		5.300	10/01/2023		07/29/2012	A		30,023
	105,000	Broward County, FL HFA (Stirling Apartments)1		5.650	10/01/2028		07/29/2012	A		105,060
	50,000	Broward County, FL HFA (Venice Homes Apartments)1		5.650	01/01/2022		07/29/2012	A		50,079
	5,000,000	Broward County, FL School Board1		5.000	07/01/2027		07/01/2022	A		5,577,100

12 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	375,000	Collier County, FL HFA (Whistlers Green Apartments)1		5.400	%	12/01/2027		07/29/2012	A	$	375,428
	240,000	Collier County, FL HFA (Whistlers Green Apartments)1		5.450		06/01/2039		07/29/2012	A		240,110
	850,000	Collier County, FL IDA (Allete)1		6.500		10/01/2025		07/16/2012	A		852,236
	1,000,000	Colonial Country Club, FL Community Devel.1		6.400		05/01/2033		05/01/2013	A		1,048,680
	40,000	Dade County, FL Aviation (Miami International Airport)1		5.125		10/01/2027		07/29/2012	A		40,126
	515,000	Dade County, FL GO (Seaport)1		5.400		10/01/2021		07/29/2012	A		516,720
	150,000	Dade County, FL GO (Seaport)1		5.450		10/01/2016		07/29/2012	A		150,620
	245,000	Dade County, FL GO (Seaport)1		5.500		10/01/2026		07/29/2012	A		245,897
	1,395,000	Dade County, FL GO (Seaport)1		5.750		10/01/2015		07/29/2012	A		1,401,110
	70,000	Dade County, FL HFA (Golden Lakes Apartments)1		5.900		11/01/2022		07/29/2012	A		70,061
	535,000	Dade County, FL HFA (Golden Lakes Apartments)1		5.950		11/01/2027		07/29/2012	A		535,257
	305,000	Dade County, FL HFA (Golden Lakes Apartments)1		6.000		11/01/2032		07/29/2012	A		305,122
	770,000	Dade County, FL HFA (Golden Lakes Apartments)1		6.050		11/01/2039		07/29/2012	A		770,270
	110,000	Dade County, FL HFA (Siesta Pointe Apartments)1		5.700		09/01/2022		07/29/2012	A		110,201
	180,000	Dade County, FL HFA (Siesta Pointe Apartments)1		5.750		09/01/2029		07/29/2012	A		180,223
	860,000	Dade County, FL Res Rec		5.500		10/01/2013		07/29/2012	A		863,337
	1,165,000	East Homestead FL Community Devel. District		7.250		05/01/2021		05/01/2021			1,251,245
	5,000	Enterprise, FL Community Devel. District1		6.100		05/01/2016		07/29/2012	A		5,021
	11,965,000	Escambia County, FL Environmental Improvement (International Paper Company)1		5.750		11/01/2027		11/01/2013	A		12,565,882
	4,355,000	Escambia County, FL Health Facilities Authority		5.950		07/01/2020		08/29/2018	B		4,556,506
	695,000	Fiddler’s Creek, FL Community Devel. District		5.800		05/01/2021		07/29/2012	A		695,118
	800,000	Fiddler’s Creek, FL Community Devel. District		5.875		05/01/2021		07/29/2012	A		800,184
	30,000	FL Agriculture & Mechanical University1		5.300		07/01/2017		07/29/2012	A		30,108
	8,000,000	FL Citizens Property Insurance Corp.1		5.000		06/01/2020		06/01/2020			9,001,040
	13,000,000	FL Citizens Property Insurance Corp.1		5.000		06/01/2021		06/01/2021			14,562,340
	22,575,000	FL Citizens Property Insurance Corp.1		5.000		06/01/2022		06/01/2022			25,307,930

13 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	25,000	FL Correctional Private Commission (350 Bed Youthful) COP1		5.000	%	08/01/2017		08/01/2012	A	$	25,068
	500,000	FL HEFFA (Nova Educational Facilities)1		5.000		04/01/2020		04/01/2020			556,635
	1,000,000	FL HEFFA (Nova Educational Facilities)1		5.000		04/01/2022		04/01/2022			1,109,310
	1,500,000	FL HEFFA (Nova Educational Facilities)1		5.000		04/01/2027		04/01/2022	A		1,601,340
	150,000	FL HFA		6.300		09/01/2036		07/29/2012	A		150,095
	15,000	FL HFA (Brittany of Rosemont)		6.050		07/01/2015		07/25/2012	A		15,023
	20,000	FL HFA (Grand Court Apartments)1		5.300		08/15/2031		07/29/2012	A		20,019
	35,000	FL HFA (Homeowner Mtg.)1		5.900		07/01/2029		07/29/2012	A		35,399
	110,000	FL HFA (Hsg. Partners of Gainesville)		5.600		07/01/2027		07/29/2012	A		110,017
	50,000	FL HFA (Landings at Sea Forest)		5.850		12/01/2018		07/29/2012	A		50,054
	215,000	FL HFA (Landings at Sea Forest)		6.050		12/01/2036		07/29/2012	A		215,101
	220,000	FL HFA (Reserve at Kanapaha)		5.500		07/01/2020		07/29/2012	A		220,145
	80,000	FL HFA (Reserve at North Shore)		5.500		11/01/2020		07/29/2012	A		80,053
	25,000	FL HFA (Reserve at North Shore)		5.600		11/01/2027		07/29/2012	A		25,004
	110,000	FL HFA (Spinnaker Cove Apartments)		6.375		07/01/2026		07/29/2012	A		110,088
	2,665,000	FL HFA (St. Cloud Village Associates)		5.950		02/01/2030		07/29/2012	A		2,667,638
	75,000	FL HFA (Stoddert Arms Apartments)		6.300		09/01/2036		07/29/2012	A		75,044
	160,000	FL HFA (Villas of Capri)1		6.100		04/01/2017		07/29/2012	A		160,419
	70,000	FL HFA (Wentworth Apartments)1		5.300		05/01/2039		07/29/2012	A		70,018
	1,095,000	FL HFA (Wentworth Apartments)1		5.375		11/01/2029		07/29/2012	A		1,095,953
	20,000	FL HFA (Wentworth Apartments)1		5.400		11/01/2034		07/29/2012	A		20,008
	50,000	FL HFA (Westlake Apartments)1		5.300		09/01/2031		07/29/2012	A		50,045
	15,000	FL HFA (Windchase Apartments)		5.750		12/01/2017		07/29/2012	A		15,016
	60,000	FL HFA (Windchase Apartments)		6.000		06/01/2039		07/29/2012	A		60,023
	145,000	FL HFA (Windchase Apartments)		6.000		06/01/2039		07/29/2012	A		145,045
	50,000	FL HFA (Windchase Apartments), Series C		5.900		12/01/2027		07/29/2012	A		50,020
	15,000	FL HFA (Worthington Apartments)		5.950		12/01/2015		07/29/2012	A		15,022
	280,000	FL HFA (Worthington Apartments)		6.050		12/01/2025		07/29/2012	A		280,160
	420,000	FL HFA (Worthington Apartments)		6.200		12/01/2035		07/29/2012	A		420,214
	15,000	FL HFC (Andrews Place Apartments)1		5.000		11/01/2033		11/01/2013	A		15,167
	180,000	FL HFC (Ashton Lake Apartments)1		5.700		07/01/2033		07/29/2012	A		180,216
	125,000	FL HFC (Ashton Lake Apartments)1		5.875		01/01/2041		07/29/2012	A		125,140
	25,000	FL HFC (Ashton Point Apartments)1		5.750		07/01/2036		07/29/2012	A		25,028
	380,000	FL HFC (Bernwood Trace Associates)		5.833	4	12/01/2029		07/29/2012	A		134,676
	320,000	FL HFC (Brittany of Rosemont)		6.250		07/01/2035		07/29/2012	A		320,134
	50,000	FL HFC (Deer Meadows Apartments)1		5.800		11/01/2019		08/01/2012	A		50,103

14 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**	Value
	Florida Continued
$	40,000	FL HFC (Deer Meadows Apartments)1		5.875	%	11/01/2025	08/01/2012A	$	40,063
	20,000	FL HFC (Grande Court Apartments)1		5.375		02/15/2035	07/29/2012A		20,017
	15,000	FL HFC (Hampton Court Apartments)1		5.600		03/01/2032	07/29/2012A		15,018
	1,530,000	FL HFC (Homeowner Mtg.)1		5.200		07/01/2028	07/01/2017A		1,618,220
	3,130,000	FL HFC (Homeowner Mtg.)1		5.750		01/01/2037	08/10/2012A		3,180,800
	20,000	FL HFC (Logan’s Pointe Apartments)1		5.900		12/01/2019	07/29/2012A		20,043
	4,590,000	FL HFC (Logan’s Pointe Apartments)1		6.000		06/01/2039	07/29/2012A		4,596,105
	185,000	FL HFC (Logan’s Pointe Apartments)		6.276	4	12/01/2029	07/29/2012A		61,831
	25,000	FL HFC (Marina Bay Apartments)1		5.750		08/01/2033	07/29/2012A		25,031
	15,000	FL HFC (Marina Bay Apartments)1		5.800		08/01/2036	07/29/2012A		15,015
	125,000	FL HFC (Peacock Run Apartments)1		5.400		08/01/2042	08/01/2012A		125,098
	350,000	FL HFC (Raceway Pointe Apartments)1		5.950		09/01/2032	09/01/2012A		350,452
	110,000	FL HFC (Raceway Pointe Partners)1		5.750		09/01/2027	09/01/2012A		110,096
	15,000	FL HFC (River Trace Senior Apartments)1		5.700		07/01/2035	07/29/2012A		15,017
	20,000	FL HFC (Sanctuary Winterlakes)1		5.850		09/01/2026	07/29/2012A		20,031
	40,000	FL HFC (Sundance Pointe Associates)1		5.750		08/01/2033	07/29/2012A		40,048
	50,000	FL HFC (Waverly Apartments)1		6.200		07/01/2035	07/29/2012A		50,076
	295,000	FL HFC (Westwood Apartments)1		5.450		02/01/2041	07/29/2012A		295,230
	40,000	FL HFC (Winterlakes Sanctuary), Series H-11		6.000		09/01/2032	07/29/2012A		40,060
	265,000	FL HFC (Woodridge Apartments)		5.850		10/01/2033	07/29/2012A		265,066
	35,000	FL HFC (Woodridge Apartments)		6.000		10/01/2039	07/29/2012A		35,011
	45,000	FL HFC (Woods Vero Beach)1		5.750		10/01/2024	07/29/2012A		45,052
	435,000	FL Municipal Loan Council1		5.375		11/01/2030	07/29/2012A		435,574
	15,000	FL Municipal Loan Council		5.750		11/01/2013	07/29/2012A		15,057
	25,000	FL State Board of Regents (Florida International University)1		5.375		07/01/2016	07/29/2012A		25,102
	20,000	FL Water Pollution Control1		5.500		01/15/2014	07/29/2012A		20,085
	10,000	Gainesville, FL Utilities System		6.000		10/01/2014	07/29/2012A		10,047
	1,030,000	Greater Orlando, FL Aviation Authority5		5.000		10/01/2026	10/01/2022A		1,142,888
	1,080,000	Greater Orlando, FL Aviation Authority5		5.000		10/01/2027	10/01/2022A		1,193,033
	155,000	Greater Orlando, FL Aviation Authority1		5.125		10/01/2021	10/01/2012A		156,418
	405,000	Gulf Breeze, FL GO		6.050		12/01/2015	07/29/2012A		406,377
	1,640,000	Halifax, FL Hospital Medical Center1		5.250		06/01/2026	06/01/2016A		1,733,004

15 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**	Value
	Florida Continued
$	3,500,000	Hialeah Gardens, FL Health Facilities Authority (SJRNC/VMNRC/SJR/ CHFTEH/SANC Obligated Group)1		5.250	%	08/15/2024	08/15/2017A	$	3,723,545
	20,000	Hialeah, FL Hsg. Authority1		5.300		12/20/2018	07/29/2012A		20,245
	525,000	Highlands, FL Community Devel. District		7.090		05/01/2020	05/01/2020		262,952
	300,000	Hillsborough County, FL IDA (H. Lee Moffitt Cancer & Research Institute)1		5.500		09/01/2016	09/01/2012A		301,683
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)		7.125		04/01/2030	10/01/2012A		2,001,440
	350,000	Hillsborough County, FL IDA (Tampa Electric Company)1		5.500		10/01/2023	10/01/2012A		353,759
	1,000,000	Hillsborough County, FL IDA (Tampa General Hospital)1		5.250		10/01/2024	10/01/2013A		1,038,680
	7,000,000	Hillsborough County, FL School Board1		4.750		10/01/2021	10/01/2015A		7,371,420
	7,815,000	Hillsborough County, FL School Board1		4.750		10/01/2022	10/01/2015A		8,193,246
	4,165,000	Hillsborough County, FL School Board1		5.000		10/01/2020	10/01/2015A		4,439,598
	95,000	Jacksonville, FL Capital Improvement (Gator Bowl)		5.250		10/01/2025	07/29/2012A		95,349
	3,665,000	Jacksonville, FL EDC (Met Packaging Solutions)1		5.500		10/01/2030	10/01/2015A		3,789,134
	10,555,000	Jacksonville, FL EDC (Met Packaging Solutions)1		5.875		06/01/2025	06/01/2016A		11,353,697
	2,910,000	Jacksonville, FL EDC (Met Packaging Solutions)1		5.875		06/01/2031	06/01/2016A		3,077,994
	10,000,000	Jacksonville, FL EDC (Metropolitan Parking Solutions)1		5.750		10/01/2024	10/01/2015A		10,622,700
	25,600,000	Jacksonville, FL Port Authority1		6.000		11/01/2038	11/01/2012A		26,043,392
	2,000,000	Jacksonville, FL Sales Tax (Better Jacksonville)1		5.000		10/01/2026	10/01/2022A		2,290,500
	5,000,000	Jacksonville, FL Sales Tax (Better Jacksonville)1		5.000		10/01/2028	10/01/2022A		5,639,050
	5,000	Jacksonville, FL Sales Tax (River City Renaissance)1		5.125		10/01/2018	07/29/2012A		5,015
	2,800,000	Jacksonville, FL Transit1		5.000		10/01/2027	10/01/2022A		3,170,748
	25,000	Lakeland, FL Light & Water1		5.750		10/01/2019	07/29/2012A		27,315
	10,000	Lee County, FL COP (Master Lease)		5.125		10/01/2012	07/29/2012A		10,036
	6,420,000	Lee County, FL Solid Waste System1		5.000		10/01/2020	10/01/2016A		6,672,884
	20,000	Manatee County, FL HFA (Single Family Mtg.)1		5.300		09/01/2028	09/01/2015A		20,108
	10,000	Manatee County, FL HFA (Single Family Mtg.)1		5.400		03/01/2029	09/01/2012A		10,439

16 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	10,000	Manatee County, FL HFA (Single Family Mtg.)1		5.500	%	03/01/2035		09/01/2015	A	$	10,303
	5,000	Manatee County, FL HFA, Series A6		9.125		06/01/2016		06/20/2014	B		4,000
	15,000	Manatee County, FL Port Authority		5.400		10/01/2013		07/29/2012	A		15,058
	25,000	Martin County, FL Health Facilities Authority (Martin Memorial Medical Center)1		5.250		11/15/2017		07/29/2012	A		25,047
	35,000	Martin County, FL Health Facilities Authority (Martin Memorial Medical Center)1		5.250		11/15/2020		07/29/2012	A		35,051
	10,125,000	Martin County, FL IDA (Indiantown Cogeneration)1		7.875		12/15/2025		07/29/2012	A		10,163,880
	270,000	Martin County, FL IDA (Indiantown Cogeneration)1		8.050		12/15/2025		07/29/2012	A		271,037
	225,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center of Florida)1		5.375		11/15/2028		07/29/2012	A		225,268
	5,740,000	Miami, FL (Homeland Defense)1		5.000		01/01/2026		01/01/2017	A		5,958,924
	55,000	Miami, FL Community Redevel. (Southeast Overtown/Park West)1		8.500		10/01/2015		07/29/2012	A		55,246
	25,000	Miami-Dade County, FL Aviation1		5.250		10/01/2015		07/29/2012	A		25,071
	20,000	Miami-Dade County, FL Aviation		5.250		10/01/2016		07/29/2012	A		20,053
	50,000	Miami-Dade County, FL Aviation1		5.250		10/01/2017		07/29/2012	A		50,122
	100,000	Miami-Dade County, FL Aviation1		5.250		10/01/2018		07/29/2012	A		100,212
	15,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.250		10/01/2022		10/01/2012	A		15,095
	350,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.375		10/01/2023		10/01/2012	A		352,226
	2,650,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.375		10/01/2025		10/01/2012	A		2,664,655
	250,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.750		10/01/2017		10/01/2012	A		252,478
	5,000,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.750		10/01/2018		10/01/2012	A		5,046,050
	395,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.750		10/01/2019		10/01/2012	A		398,571
	3,500,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.750		10/01/2020		10/01/2012	A		3,529,715
	100,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.750		10/01/2024		07/29/2012	A		100,875
	4,325,000	Miami-Dade County, FL Aviation (Miami International Airport)1		6.000		10/01/2024		10/01/2012	A		4,356,140
	5,310,000	Miami-Dade County, FL Aviation (Miami International Airport)1		6.000		10/01/2029		10/01/2012	A		5,341,488
	15,000	Miami-Dade County, FL HFA (Country Club Villas Apartments)1		6.000		10/01/2015		07/29/2012	A		15,036

17 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	35,000	Miami-Dade County, FL HFA (Country Club Villas Apartments)1		6.050	%	10/01/2019		07/29/2012	A	$	35,074
	35,000	Miami-Dade County, FL HFA (Country Club Villas Apartments)1		6.100		10/01/2029		07/29/2012	A		35,051
	4,960,000	Miami-Dade County, FL HFA (Country Club Villas Apartments)1		6.200		10/01/2039		07/29/2012	A		4,966,746
	1,220,000	Miami-Dade County, FL HFA (Homeownership Mtg.)1		5.450		10/01/2038		05/15/2014	A		1,248,328
	200,000	Miami-Dade County, FL HFA (Marbrisa Apartments)1		6.050		08/01/2029		08/01/2012	A		200,138
	1,335,000	Miami-Dade County, FL HFA (Sunset Bay Apartments)1		6.050		01/01/2041		01/01/2013	A		1,345,787
	3,280,000	Miami-Dade County, FL IDA (BAC Funding Corp.)		5.250		10/01/2020		10/01/2012	A		3,318,540
	100,000	Miami-Dade County, FL Special Obligation (Courthouse Center)1		4.750		04/01/2018		07/29/2012	A		100,334
	20,000	Miami-Dade County, FL Special Obligation, Series B		5.426	4	10/01/2031		04/01/2016	A		6,845
	15,000	Miami-Dade County, FL Stormwater Utility1		5.000		04/01/2019		07/29/2012	A		15,047
	25,000	Miami-Dade County, FL Stormwater Utility1		5.000		04/01/2024		07/29/2012	A		25,071
	200,000	Miami-Dade County, FL Water & Sewer		5.000		10/01/2029		07/29/2012	A		200,550
	5,000	North Palm Beach Heights, FL Water Control District, Series A		6.500		10/01/2012		07/29/2012	A		5,026
	15,000	North Palm Beach Heights, FL Water Control District, Series B		6.500		10/01/2012		07/29/2012	A		15,078
	195,000	Oakland, FL Charter School		6.950		12/01/2015		07/04/2014	B		202,593
	25,000	Okaloosa County, FL Airport1		5.500		10/01/2023		10/01/2013	A		25,270
	930,000	Orange County, FL HFA1		5.650		09/01/2034		09/01/2013	A		935,013
	15,000	Orange County, FL HFA (Homeowner)1		5.000		09/01/2017		09/01/2012	A		15,051
	40,000	Orange County, FL HFA (Loma Vista)1		5.400		09/01/2019		07/29/2012	A		40,024
	15,000	Orange County, FL HFA (Loma Vista)1		5.450		09/01/2024		07/29/2012	A		15,004
	120,000	Orange County, FL HFA (Loma Vista)1		5.500		03/01/2032		09/01/2012	A		119,994
	825,000	Orange County, FL HFA (Seminole Pointe)1		5.650		12/01/2017		12/01/2012	A		827,772
	12,865,000	Orlando & Orange County, FL Expressway Authority1		5.000		07/01/2030		07/01/2013	A		13,153,305
	1,520,000	Orlando, FL Community Redevel. Agency (Conroy Road District)1		5.000		04/01/2022		04/01/2022			1,703,373
	1,095,000	Orlando, FL Community Redevel. Agency (Conroy Road District)1		5.000		04/01/2023		04/01/2022	A		1,213,457
	1,200,000	Orlando, FL Tourist Devel. Tax1		5.250		11/01/2023		11/01/2017	A		1,291,404

18 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	120,000	Palm Beach County, FL Health Facilities Authority (ACTS Retirement/Life Communities)1		5.125	%	11/15/2029		07/25/2012	A	$	120,424
	165,000	Palm Beach County, FL Health Facilities Authority (Boca Raton Community Hospital)1		5.500		12/01/2021		12/01/2012	A		165,602
	325,000	Palm Beach County, FL Health Facilities Authority (Boca Raton Community Hospital)1		5.625		12/01/2031		12/01/2012	A		325,553
	130,000	Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center)1		5.250		08/01/2018		07/29/2012	A		130,346
	210,000	Palm Beach County, FL Health Facilities Authority (Jupiter Medical Center)1		5.250		08/01/2023		07/29/2012	A		210,384
	10,000	Palm Beach County, FL HFA (Chelsea Commons Apartments)1		5.600		12/01/2012		07/29/2012	A		10,032
	140,000	Palm Beach County, FL HFA (Chelsea Commons Apartments)		5.800		12/01/2017		07/29/2012	A		141,327
	400,000	Palm Beach County, FL HFA (Chelsea Commons Apartments)1		5.850		12/01/2022		07/29/2012	A		400,788
	250,000	Palm Beach County, FL HFA (Chelsea Commons Apartments)1		5.900		06/01/2029		07/29/2012	A		250,340
	175,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)1		6.100		08/01/2029		07/29/2012	A		175,285
	130,000	Palm Beach County, FL HFA (Pinnacle Palms Apartments)1		5.650		07/01/2031		07/20/2012	A		130,354
	815,000	Palm Beach County, FL HFA (Windsor Park Apartments)1		5.850		12/01/2033		07/29/2012	A		815,660
	195,000	Palm Beach County, FL HFA (Windsor Park Apartments)1		5.900		06/01/2038		07/29/2012	A		195,137
	1,000,000	Palm Glades, FL Community Devel. District Special Assessment		7.250		08/01/2016		08/01/2016			970,630
	60,000	Pasco County, FL HFA (Pasco Woods)1		5.700		08/01/2019		07/29/2012	A		60,116
	850,000	Pasco County, FL HFA (Pasco Woods)1		5.800		08/01/2029		07/29/2012	A		851,020
	2,575,000	Pinellas County, FL Educational Facilities Authority (Eckerd College)		5.250		10/01/2029		10/01/2016	A		2,654,696
	1,200,000	Pinellas County, FL HFA (Oaks of Clearwater)1		6.250		06/01/2034		12/01/2013	A		1,232,148
	2,800,000	Pinellas County, FL HFA (Oaks of Clearwater)1		6.375		06/01/2019		10/30/2013	A		2,919,924
	860,000	Poinciana, FL West Community Devel. Disctrict		5.875		05/01/2022		05/01/2017	A		870,913
	25,000	Port Palm Beach, FL District		5.300		09/01/2014		07/29/2012	A		25,061
	50,000	Port Palm Beach, FL District1		5.375		09/01/2017		07/29/2012	A		50,100
	20,000	Port Palm Beach, FL District1		5.500		09/01/2019		07/29/2012	A		20,034

19 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	535,000	Port Palm Beach, FL District1		5.500	%	09/01/2024		07/29/2012	A	$	535,551
	285,000	Santa Rosa Bay, FL Bridge Authority		6.250		07/01/2028		03/11/2026	B		156,451
	10,025,000	Seminole Tribe, FL Special Obligation1		5.750		10/01/2022		10/01/2017	A		10,694,269
	1,150,000	South Lakes County, FL Hospital District (South Lake Hospital)1		6.375		10/01/2034		10/01/2013	A		1,216,919
	360,000	South-Dade, FL Venture Community Devel. District1		4.250		05/01/2020		05/01/2020			365,504
	1,280,000	St. Johns County, FL IDA (World Golf Foundation)1		5.500		09/01/2016		09/01/2012	A		1,287,181
	25,000	St. Johns County, FL IDA (World Golf Foundation)1		5.500		03/01/2017		07/29/2012	A		25,059
	1,420,000	St. Johns County, FL IDA (World Golf Foundation)1		5.500		09/01/2017		09/01/2012	A		1,427,128
	1,300,000	St. Johns County, FL IDA (World Golf Foundation)1		5.500		09/01/2018		09/01/2012	A		1,305,863
	20,000	St. Petersburg Beach, FL GO		5.250		10/01/2013		07/29/2012	A		20,081
	2,865,000	Sumter Landing, FL Community Devel. District1		5.000		10/01/2020		06/06/2015	A		2,972,753
	4,650,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Healthcare)1		6.250		12/01/2020		07/29/2012	A		4,695,245
	80,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Healthcare)1		6.375		12/01/2030		07/29/2012	A		80,114
	55,000	Tallahassee, FL Health Facilities (Tallahassee Memorial Medical Center)1		6.000		12/01/2015		07/29/2012	A		55,252
	1,000,000	Tamarac, FL Industrial Devel. (Sunbelt Precision Products)		6.500		08/01/2017		08/01/2012	A		999,970
	2,910,000	Tampa, FL Health System1		5.250		11/15/2021		05/15/2020	A		3,340,069
	3,065,000	Tampa, FL Health System1		5.250		11/15/2022		05/15/2020	A		3,480,859
	3,400,000	Tampa, FL Health System1		5.250		11/15/2024		05/15/2020	A		3,778,998
	3,575,000	Tampa, FL Health System1		5.250		11/15/2025		05/15/2020	A		3,953,342
	3,760,000	Tampa, FL Health System1		5.250		11/15/2026		05/15/2020	A		4,124,795
	15,745,000	Tampa, FL Health System (Baycare Health System)1		5.000		11/15/2026		05/15/2022	A		18,007,871
	25,000	University of South Florida (University Bookstore)1		6.000		07/01/2014		07/29/2012	A		25,105
	4,000,000	Village Center, FL Community Devel. District1		5.250		10/01/2023		10/01/2013	A		4,121,320
	1,040,000	Village Center, FL Community Devel. District Recreational1		5.200		11/01/2025		11/01/2012	A		1,041,425
	14,410,000	Village Center, FL Community Devel. District Recreational1		5.375		11/01/2034		11/01/2015	A		14,635,228
	155,000	Village, FL Community Devel. District1		5.000		05/01/2019		11/01/2012	A		155,986
	435,000	Village, FL Community Devel. District		7.625		05/01/2017		07/18/2012	A		440,559

20 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Florida Continued
$	10,000	Volusia County, FL HFA (Spring Arbor Apartments)1		5.200	%	08/01/2023		07/29/2012	A	$	10,014
	1,000,000	Waterford Estates, FL Community Devel. District Special Assessment6		5.125		05/01/2013		05/01/2013			298,300
	663,844	Watergrass, FL Community Devel. District Special Assessment		6.960		11/01/2017		11/01/2017			620,747
											380,068,009
	Georgia–1.1%
	55,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)1		6.125		03/01/2017		07/29/2012	A		55,141
	115,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)1		6.200		03/01/2027		07/29/2012	A		115,207
	700,000	Albany-Dougherty, GA Payroll Devel. Authority (Proctor & Gamble Company)1		5.300		05/15/2026		07/29/2012	A		700,889
	1,000,000	Atlanta, GA Airport1		5.000		01/01/2025		01/01/2022	A		1,119,120
	1,100,000	Atlanta, GA Airport1		5.000		01/01/2026		01/01/2022	A		1,221,638
	1,000,000	Atlanta, GA Airport1		5.000		01/01/2027		01/01/2022	A		1,104,650
	40,000	Atlanta, GA GO1		5.000		12/01/2016		06/09/2016	B		45,772
	500,000	Atlanta, GA Tax Allocation (Eastside)1		5.625		01/01/2016		01/18/2014	A		545,425
	220,000	Atlanta, GA Water & Wastewater Authority1		6.000		11/01/2028		11/01/2019	A		260,550
	350,000	Atlanta, GA Water & Wastewater Authority1		6.250		11/01/2039		11/01/2019	A		414,288
	75,000	Carroll County, GA Water Authority1		5.000		07/01/2024		07/29/2012	A		75,960
	50,000	Chatham County, GA Hospital Authority (Memorial Health University Medical Center/Memorial Health Obligated Group)1		5.750		01/01/2029		01/01/2014	A		53,724
	95,000	Clayton County, GA Hsg. Authority (Pointe Clear Apartments)1		5.650		07/01/2017		07/29/2012	A		95,198
	150,000	Clayton County, GA Hsg. Authority (Pointe Clear Apartments)1		5.750		07/01/2029		07/29/2012	A		150,186
	455,000	Cobb County, GA Hospital Authority (Wellstar Cobb Hospital/CHS Foundation Obligated Group)1		5.250		04/01/2024		04/01/2013	A		473,710
	15,000	Colquitt County, GA Hospital Authority Anticipation Certificates1		5.500		03/01/2016		09/01/2012	A		15,125
	8,525,000	East Point, GA (Camp Creek), Series B		8.000		02/01/2026		08/01/2012	A		8,538,043
	895,000	Fulton County, GA Devel. Authority (Catholic Health East)1		5.250		11/15/2020		05/15/2019	A		1,039,122
	915,000	Fulton County, GA Devel. Authority (Catholic Health East)1		5.500		11/15/2021		05/15/2019	A		1,064,758

21 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Georgia Continued
$	45,000	Fulton County, GA Devel. Authority (Clark Atlanta University)1		5.375	%	01/01/2020		04/04/2015	B	$	43,294
	305,000	Fulton County, GA Devel. Authority (Clark Atlanta University)1		5.375		01/01/2020		12/30/2015	B		304,347
	15,000,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)1		5.125		03/15/2031		03/15/2021	A		17,076,150
	2,860,000	GA Main Street Natural Gas		5.000		03/15/2014		03/15/2014			2,983,752
	100,000	GA Municipal Assoc. (Atlanta Detention Center)1		5.000		12/01/2018		07/29/2012	A		100,302
	10,000	GA Municipal Assoc. (Atlanta Detention Center)1		5.000		12/01/2023		07/29/2012	A		10,032
	1,600,000	GA Private Colleges & University Authority (Mercer University)1		5.250		10/01/2027		10/01/2022	A		1,738,720
	4,245,000	Lawrenceville, GA Hsg. Authority (Knollwood Park Apartments)1		6.250		12/01/2029		08/01/2012	A		4,363,648
	15,000	Macon-Bibb County, GA Industrial Authority		6.000		05/01/2013		07/29/2012	A		15,065
	140,000	Macon-Bibb County, GA Industrial Authority1		6.100		05/01/2018		07/29/2012	A		140,406
	270,000	Monroe County, GA Devel. Authority1		5.000		11/01/2023		11/01/2012	A		273,499
	2,205,000	Randolph County, GA GO1		5.000		04/01/2022		04/01/2022			2,448,895
	2,090,000	Randolph County, GA GO1		5.000		04/01/2027		04/01/2022	A		2,196,068
	65,000	Richmond County, GA Devel. Authority (International Paper Company)1		5.400		02/01/2023		07/29/2012	A		65,033
	50,000	Richmond County, GA Devel. Authority (International Paper Company)1		5.800		12/01/2020		07/29/2012	A		50,060
	195,000	Richmond County, GA Devel. Authority (International Paper Company)1		6.250		02/01/2025		07/29/2012	A		196,642
	120,000	Vienna, GA Water & Sewer (Tyson Foods)		5.625		09/01/2012		09/01/2012			119,686
	4,525,000	Ware County, GA Hospital Authority (Satilla Health Services)1		5.500		03/01/2020		07/29/2012	A		4,850,845
											54,064,950
	Hawaii–0.2%
	10,000	HI Dept. of Budget & Finance Special Purpose (Hawaii Pacific Health)1		6.400		07/01/2013		10/04/2012	A		10,140
	4,400,000	HI Dept. of Budget & Finance Special Purpose (Hawaiian Electric Company)1		4.800		01/01/2025		01/01/2015	A		4,506,744
	25,000	HI Dept. of Budget & Finance Special Purpose (Hawaiian Electric Company)1		5.500		12/01/2014		07/29/2012	A		25,114

22 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Hawaii Continued
$	545,000	HI Dept. of Budget & Finance Special Purpose (Hawaiian Electric Company)1		5.650	%	10/01/2027		10/01/2012	A	$	553,453
	4,290,000	HI Harbor System, Series A		5.750		07/01/2029		07/29/2012	A		4,304,243
	10,000	HI HFDC (Single Family Mtg.)1		5.750		07/01/2030		07/29/2012	A		10,069
	25,000	HI Pacific Health (HI Pacific Health/Kapi’olani Medical Center for Women & Children)1		5.600		07/01/2033		07/01/2013	A		25,312
	375,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)1		6.375		07/01/2032		07/29/2012	A		375,041
											9,810,116
	Idaho–0.1%
	120,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.300		07/01/2027		01/01/2016	A		125,896
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.400		07/01/2018		07/29/2012	A		5,010
	10,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.400		07/01/2020		07/29/2012	A		10,159
	165,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.400		07/01/2021		07/29/2012	A		166,373
	55,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.550		07/01/2016		07/29/2012	A		55,127
	10,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.600		07/01/2021		07/29/2012	A		10,206
	75,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.625		07/01/2015		07/25/2012	A		75,179
	10,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		5.750		07/01/2016		07/29/2012	A		10,024
	10,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)		5.800		01/01/2021		07/29/2012	A		10,100
	20,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)		6.000		07/01/2029		07/29/2012	A		20,191
	10,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)1		6.050		01/01/2026		07/29/2012	A		10,018
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.), Series H-21		6.200		07/01/2028		07/29/2012	A		5,099
	10,000	ID Hsg. Agency (Single Family Mtg.)1		6.450		07/01/2027		07/29/2012	A		10,047
	5,000	Malad, ID Water		5.500		03/01/2014		09/01/2012	A		5,029
	1,790,000	Pocatello, ID Devel. Authority Revenue Allocation Tax Increment, Series A		5.500		08/01/2017		02/20/2014	A		1,807,811
	1,000,000	Power County, ID Pollution Control (FMC Corp.)1		5.625		10/01/2014		07/29/2012	A		1,000,720
											3,326,989
	Illinois–11.9%
	850,000	Bedford Park, IL Tax		5.125		12/30/2018		01/11/2018	B		845,359

23 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	75,000	Bryant, IL Pollution Control (Central Illinois Light Company)1		5.900	%	08/01/2023		07/29/2012	A	$	75,118
	715,000	Bryant, IL Pollution Control (Central Illinois Light Company)1		5.900		08/01/2023		07/29/2012	A		716,537
	27,500,000	Centerpoint, IL Intermodal Center Program		5.950	3	06/15/2023		12/16/2012	A		27,572,875
	32,965,000	Chicago, IL Board of Education2		5.250		12/01/2024		12/01/2024			37,560,853
	12,850,000	Chicago, IL Hsg. Authority1		5.000		07/01/2024		07/01/2016	A		14,285,988
	5,000	Chicago, IL Metropolitan Hsg. Devel. Corp.1		6.850		07/01/2022		07/29/2012	A		5,015
	460,000	Chicago, IL Midway Airport1		5.750		01/01/2017		07/29/2012	A		461,348
	65,000	Chicago, IL Midway Airport, Series A1		5.000		01/01/2028		07/29/2012	A		65,048
	30,475,000	Chicago, IL Midway Airport, Series A		5.500		01/01/2029		07/29/2012	A		30,569,473
	1,440,000	Chicago, IL Midway Airport, Series B1		5.625		01/01/2029		07/29/2012	A		1,441,757
	5,930,000	Chicago, IL Midway Airport, Series B1		5.750		01/01/2022		07/29/2012	A		5,942,038
	20,000	Chicago, IL Multifamily Hsg. (Archer Courts Apartments)1		5.500		12/20/2019		07/29/2012	A		20,037
	75,000	Chicago, IL Multifamily Hsg. (Hearts United Apartments)1		5.600		01/01/2041		01/01/2016	A		78,104
	25,000	Chicago, IL Multifamily Hsg. (St. Edmund’s Village)1		6.125		09/20/2024		07/29/2012	A		25,049
	90,000	Chicago, IL O’Hare International Airport1		5.000		01/01/2026		07/29/2012	A		90,126
	100,000	Chicago, IL O’Hare International Airport1		5.250		01/01/2016		07/29/2012	A		100,374
	3,410,000	Chicago, IL O’Hare International Airport		5.375		01/01/2019		07/29/2012	A		3,419,684
	3,795,000	Chicago, IL O’Hare International Airport		5.500		01/01/2016		07/29/2012	A		3,808,434
	350,000	Chicago, IL O’Hare International Airport1		5.500		01/01/2018		07/29/2012	A		351,236
	150,000	Chicago, IL O’Hare International Airport1		5.500		01/01/2019		07/29/2012	A		150,530
	3,335,000	Chicago, IL O’Hare International Airport1		5.500		01/01/2024		07/29/2012	A		3,344,405
	5,000,000	Chicago, IL O’Hare International Airport1		5.625		01/01/2020		07/29/2012	A		5,015,250
	75,000	Chicago, IL O’Hare International Airport1		5.750		01/01/2014		07/29/2012	A		75,260
	650,000	Chicago, IL O’Hare International Airport		5.750		01/01/2018		07/29/2012	A		652,600
	5,550,000	Chicago, IL O’Hare International Airport		5.750		01/01/2019		07/29/2012	A		5,571,701
	11,400,000	Chicago, IL O’Hare International Airport1		5.750		01/01/2020		01/01/2014	A		12,024,834
	10,000,000	Chicago, IL O’Hare International Airport		5.750		01/01/2021		07/29/2012	A		10,037,400

24 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	8,000,000	Chicago, IL O’Hare International Airport1		5.750	%	01/01/2023		01/01/2014	A	$	8,416,480
	59,145,000	Chicago, IL O’Hare International Airport1		6.000		01/01/2029		01/01/2014	A		62,804,893
	60,000	Chicago, IL O’Hare International Airport (General Airport)1		5.250		01/01/2030		01/01/2014	A		61,248
	60,000	Chicago, IL O’Hare International Airport (General Airport)1		5.250		01/01/2034		01/01/2014	A		61,081
	5,000	Chicago, IL O’Hare International Airport (General Airport)		5.500		01/01/2016		07/29/2012	A		5,016
	14,250,000	Chicago, IL O’Hare International Airport (General Airport)		5.500		01/01/2022		07/29/2012	A		14,299,163
	5,275,000	Chicago, IL O’Hare International Airport (General Airport)		5.750		01/01/2020		07/29/2012	A		5,295,203
	15,000	Chicago, IL O’Hare International Airport (General Airport), Series A1		5.250		01/01/2023		07/29/2012	A		15,045
	3,645,000	Chicago, IL O’Hare International Airport (General Airport), Series A1		5.375		01/01/2032		07/29/2012	A		3,654,696
	110,000	Chicago, IL O’Hare International Airport (General Airport), Series A		5.500		01/01/2016		07/29/2012	A		110,389
	10,100,000	Chicago, IL O’Hare International Airport (General Airport)2		5.000		01/01/2016		09/27/2012	A		10,132,825
	7,055,000	Chicago, IL O’Hare International Airport (Passenger Facility Charge)1		5.350		01/01/2026		07/29/2012	A		7,066,923
	13,235,000	Chicago, IL O’Hare International Airport (Passenger Facility Charge)1		5.375		01/01/2032		07/29/2012	A		13,251,941
	100,000	Chicago, IL O’Hare International Airport (Passenger Facility Charge)		5.500		01/01/2022		07/29/2012	A		100,294
	2,135,503	Chicago, IL Tax Increment COP (Metramarket Chicago)		6.870		02/15/2024		02/02/2015	A		2,254,771
	1,295,000	Cicero, IL GO		5.000		12/01/2023		12/01/2022	A		1,452,550
	1,005,000	Cicero, IL GO		5.000		12/01/2024		12/01/2022	A		1,115,450
	725,000	Cicero, IL GO		5.000		12/01/2025		12/01/2022	A		796,587
	1,500,000	Cicero, IL GO		5.000		12/01/2026		12/01/2022	A		1,638,540
	10,100,000	Hodgkins, IL Environmental Improvement (Metropolitan Biosolids Management)1		6.000		11/01/2015		07/29/2012	A		10,114,241
	125,000	IL Civic Center		5.000		12/15/2013		07/29/2012	A		125,470
	50,000	IL COP1		5.800		07/01/2017		07/29/2012	A		50,062
	1,555,000	IL COP1		6.375		07/01/2017		07/29/2012	A		1,557,644
	175,000	IL Dept. of Central Management Services COP1		6.150		07/01/2013		07/29/2012	A		175,758
	65,000	IL Dept. of Central Management Services COP		6.200		07/01/2014		07/29/2012	A		65,284
	7,245,000	IL Dept. of Central Management Services COP		6.200		07/01/2017		07/29/2012	A		7,276,661

25 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	255,000	IL Devel. Finance Authority (Adams County Mental Health Center/Adult Comprehensive Human Services Obligated Group)		6.000	%	07/01/2015		07/01/2015		$	242,844
	10,000	IL Devel. Finance Authority (Community Rehabilitation Providers)		5.700		07/01/2019		09/25/2014	B		8,736
	5,000	IL Devel. Finance Authority (Community Rehabilitation Providers)		6.050		07/01/2019		07/01/2019			4,460
	3,000,000	IL Devel. Finance Authority (Depaul University)1		5.250		10/01/2024		10/01/2014	A		3,208,380
	25,000	IL Devel. Finance Authority (Local Government Program)1		5.350		01/01/2021		07/29/2012	A		25,087
	2,105,000	IL Devel. Finance Authority (Provena Health)1		5.125		05/15/2023		07/29/2012	A		2,113,462
	220,000	IL Devel. Finance Authority (Provena Health)1		5.250		05/15/2018		07/29/2012	A		220,913
	2,000,000	IL Devel. Finance Authority (Provena Health)		5.750		05/15/2013		07/29/2012	A		2,009,120
	4,835,000	IL Devel. Finance Authority (Provena Health)		5.750		05/15/2014		07/29/2012	A		4,857,048
	3,250,000	IL Devel. Finance Authority (Provena Health)		5.750		05/15/2015		07/29/2012	A		3,264,820
	445,000	IL Devel. Finance Authority (Provena Health)1		5.750		05/15/2016		07/29/2012	A		447,029
	950,000	IL Devel. Finance Authority (Roosevelt University)1		5.250		04/01/2022		04/01/2017	A		985,891
	30,000	IL Devel. Finance Authority (Round Lake School 116)		5.450		01/01/2019		07/29/2012	A		30,102
	20,000	IL Devel. Finance Authority (Round Lake School 116)1		5.800		01/01/2020		07/29/2012	A		20,074
	23,605,000	IL Devel. Finance Authority Environmental Facilities (Citgo Petroleum Corp.)1		8.000		06/01/2032		07/29/2012	A		23,637,103
	425,000	IL Devel. Finance Authority Pollution Control (Amerencips)1		5.500		03/01/2014		07/29/2012	A		425,417
	1,925,000	IL Devel. Finance Authority Pollution Control (Central Illinois Public Service Company)1		5.950		08/15/2026		07/29/2012	A		1,926,213
	240,000	IL Devel. Finance Authority Pollution Control (Illinois Power Company)1		5.400		03/01/2028		07/29/2012	A		240,185
	11,835,000	IL Devel. Finance Authority Pollution Control (Illinois Power Company)1		5.700		02/01/2024		07/29/2012	A		11,851,687
	80,000	IL Devel. Finance Authority Water Facilities (Northern Illinois Water Company)		5.000		02/01/2028		07/29/2012	A		80,010
	1,200,000	IL Educational Facilities Authority (Augustana College)1		5.625		10/01/2022		10/01/2012	A		1,204,980

26 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	50,000	IL Educational Facilities Authority (Robert Morris College)1		5.250	%	06/01/2013		07/29/2012	A	$	50,152
	50,000	IL Educational Facilities Authority (Robert Morris College)1		5.250		06/01/2014		07/29/2012	A		50,146
	100,000	IL Educational Facilities Authority (Robert Morris College)		5.375		06/01/2015		07/29/2012	A		100,284
	65,000	IL Educational Facilities Authority (Robert Morris College)1		5.500		06/01/2017		07/29/2012	A		65,183
	3,130,000	IL Finance Authority (Little Company of Mary Hospital and Health Care Centers)1		5.500		08/15/2031		08/15/2015	A		3,252,133
	100,000	IL Finance Authority (Palos Community Hospital/St. George Corp. Obligated Group)1		5.000		05/15/2027		05/15/2017	A		104,437
	1,875,000	IL Finance Authority (Presence Health/Provena Senior Services Obligated Group)1		6.000		05/01/2028		05/01/2020	A		2,112,319
	17,315,000	IL Finance Authority (Resurrection Health)1		6.125		05/15/2025		05/15/2019	A		19,637,634
	650,000	IL Finance Authority (Roosevelt University)1		5.125		04/01/2019		04/01/2017	A		681,343
	700,000	IL Finance Authority (Roosevelt University)1		5.125		04/01/2020		04/01/2017	A		732,830
	170,000	IL Finance Authority (Roosevelt University)1		5.400		04/01/2027		04/01/2017	A		175,738
	2,125,000	IL Finance Authority (Roosevelt University)1		5.750		04/01/2024		10/01/2019	A		2,311,001
	2,380,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)1		7.250		11/01/2030		11/01/2018	A		3,004,536
	8,085,000	IL Finance Authority (RUMC/RCMC/RCF Obligated Group)1		6.625		11/01/2039		05/01/2019	A		9,954,252
	20,000	IL Finance Authority (RUMC/RCMC/RCF Obligated Group)1		6.750		11/01/2024		11/01/2018	A		23,841
	1,170,000	IL Finance Authority (RUMC/RCMC Obligated Group)1		7.250		11/01/2030		11/01/2018	A		1,477,020
	4,100,000	IL Finance Authority (Silver Cross Hospital and Medical Centers/Silver Cross Health System Obligated Group)1		5.500		08/15/2018		12/01/2015	B		4,159,040
	1,600,000	IL Finance Authority (Silver Cross Hospital and Medical Centers/Silver Cross Health System Obligated)1		6.000		08/15/2025		08/15/2015	A		1,698,144
	5,000,000	IL Finance Authority (Swedish Covenant Hospital)1		5.750		08/15/2029		02/15/2020	A		5,560,700

27 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	1,100,000	IL GO1		5.000	%	08/01/2020		08/01/2020		$	1,247,224
	8,425,000	IL GO1		5.000		01/01/2021		01/01/2020	A		9,408,872
	5,000,000	IL GO1		5.000		03/01/2021		03/01/2021			5,611,850
	38,720,000	IL GO1		5.000		08/01/2022		08/01/2022			43,700,554
	2,750,000	IL GO1		5.000		08/01/2023		08/01/2023			3,063,143
	2,000,000	IL GO1		5.000		08/01/2024		08/01/2022	A		2,191,780
	1,300,000	IL GO1		5.000		08/01/2025		08/01/2022	A		1,414,322
	2,150,000	IL GO1		5.000		12/01/2027		12/01/2012	A		2,192,420
	100,000	IL GO1		5.250		10/01/2020		10/01/2012	A		101,267
	250,000	IL GO1		5.500		08/01/2018		08/01/2012	A		251,178
	350,000	IL GO1		5.500		08/01/2019		08/01/2012	A		351,624
	410,000	IL Health Facilities Authority (CHlthS/MMCtr/NIMC Obligated Group)		5.250		09/01/2024		07/29/2012	A		410,353
	75,000	IL Health Facilities Authority (Covenant Retirement Communities)		5.125		12/01/2015		07/29/2012	A		75,108
	4,500,000	IL Health Facilities Authority (CRC/CVC Obligated Group)1		5.500		12/01/2022		12/01/2012	A		4,567,095
	6,285,000	IL Health Facilities Authority (EMH/EMHH/EMHC Obligated Group)1		5.500		01/01/2022		01/01/2013	A		6,413,528
	1,670,000	IL Health Facilities Authority (EMH/EMHH/EMHC Obligated Group)1		6.250		01/01/2017		01/01/2013	A		1,750,327
	6,060,000	IL Health Facilities Authority (EMH/EMHH/EMHS Obligated Group)1		5.625		01/01/2028		01/01/2013	A		6,174,413
	25,000	IL Health Facilities Authority (Holy Family Medical Center)1		5.125		08/15/2017		07/29/2012	A		25,031
	20,000	IL Health Facilities Authority (Holy Family Medical Center)1		5.125		08/15/2022		07/29/2012	A		20,004
	2,725,000	IL Health Facilities Authority (Ingalls Health System)1		6.250		05/15/2014		07/29/2012	A		2,734,619
	2,800,000	IL Health Facilities Authority (NWMH/LFH/LFHFI Obligated Group)1		5.750		07/01/2029		07/29/2012	A		2,805,964
	155,000	IL Health Facilities Authority (Sherman Health System)1		5.250		08/01/2017		07/29/2012	A		155,339
	5,975,000	IL Health Facilities Authority (Sherman Health System)1		5.250		08/01/2022		07/29/2012	A		5,983,783
	535,000	IL Health Facilities Authority (Sherman Health System)1		5.250		08/01/2027		07/29/2012	A		535,326
	500,000	IL Health Facilities Authority (Sherman Health System)		5.500		08/01/2012		08/01/2012			501,820
	5,000	IL Hsg. Devel. Authority (Homeowner Mtg.)1		5.500		08/01/2026		08/01/2014	A		5,008

28 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Illinois Continued
$	480,000	IL Hsg. Devel. Authority, Series C-21		5.250	%	08/01/2022		08/01/2012	A	$	480,677
	2,500,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)5		5.000		12/15/2022		06/15/2017	A		2,820,625
	3,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)5		5.000		06/15/2023		06/15/2022	A		3,509,910
	12,470,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)5		5.000		12/15/2026		06/15/2022	A		14,084,117
	55,000	IL Sales Tax1		5.500		06/15/2014		07/29/2012	A		55,222
	13,000,000	IL Sports Facilities Authority1		5.500		06/15/2030		06/15/2015	A		14,110,330
	485,000	Lemont, IL GO		4.850		12/01/2016		07/29/2012	A		486,785
	4,510,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)		5.500		01/01/2020		08/12/2018	B		2,990,626
	100,000	Melrose Park, IL Water1		5.200		07/01/2018		01/01/2013	A		102,044
	295,000	Quad Cities, IL Regional EDA (Augustana College)5		5.000		10/01/2023		10/01/2022	A		317,284
	275,000	Quad Cities, IL Regional EDA (Augustana College)5		5.000		10/01/2024		10/01/2022	A		292,619
	445,000	Quad Cities, IL Regional EDA (Augustana College)5		5.000		10/01/2025		10/01/2022	A		467,833
	400,000	Quad Cities, IL Regional EDA (Augustana College)5		5.000		10/01/2026		10/01/2022	A		416,760
	450,000	Quad Cities, IL Regional EDA (Augustana College)5		5.000		10/01/2027		10/01/2022	A		466,790
	620,000	Saint Clair County, IL School District No. 189 East Saint Louis1		5.000		01/01/2019		01/01/2019			642,444
	545,000	Saint Clair County, IL School District No. 189 East Saint Louis1		5.100		01/01/2020		01/01/2020			564,053
	1,000,000	Saint Clair County, IL School District No. 189 East Saint Louis1		5.250		01/01/2021		01/01/2021			1,039,260
	1,000,000	Saint Clair County, IL School District No. 189 East Saint Louis1		5.375		01/01/2022		01/01/2021	A		1,039,410
	1,540,000	Saint Clair County, IL School District No. 189 East Saint Louis1		5.500		01/01/2023		01/01/2021	A		1,600,922
	160,000	Southwestern IL Devel. Authority (Illinois-American Water Company)1		5.000		02/01/2028		07/29/2012	A		160,094
	6,105,000	University of Illinois (Academic Facilities)1		5.000		03/15/2026		03/15/2016	A		6,494,499
	50,000	Will-Kankakee, IL Regional Devel. Authority (Consumers Illinois Water Company)1		5.400		09/01/2030		07/29/2012	A		50,028
											582,043,226
	Indiana–1.6%
	250,000	Boone County, IN Redevel. Commission1		5.375		08/01/2023		02/01/2016	A		257,750

29 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Indiana Continued
$	20,000	Crown Point, IN Economic Devel. (Christian Homes)		5.700	%	05/15/2031		11/15/2012	A	$	20,061
	90,000	De Kalb County, IN Redevel. Authority1		6.000		07/15/2018		07/28/2012	A		90,268
	100,000	Delaware County, IN Redevel. District		6.875		02/01/2018		07/29/2012	A		100,251
	2,420,000	East Chicago, IN Exempt Facilities (Inland Steel Company)		6.700		11/01/2012		11/01/2012			2,425,348
	400,000	Elkhart County, IN Hospital Authority (Elkhart General Hospital)1		5.250		08/15/2018		07/29/2012	A		400,812
	30,000	Fort Wayne, IN Sewage Works1		5.000		08/01/2012		08/01/2012			30,113
	3,260,000	Hammond, IN Local Public Improvement District1		6.500		08/15/2025		07/15/2015	A		3,407,874
	2,270,000	Hammond, IN Redevel. District (Marina Area)		6.000		01/15/2017		05/11/2015	B		2,351,607
	500,000	IN Finance Authority (Butler University)1		5.000		02/01/2022		02/01/2022			565,025
	7,220,000	IN Finance Authority (Deaconess Health System)1		6.000		03/01/2029		03/01/2021	C		8,405,235
	1,565,000	IN Finance Authority (Drexel University for Educational Excellence)1		6.000		10/01/2021		10/01/2019	A		1,649,385
	1,805,000	IN Finance Authority (Marquette University)1		5.000		03/01/2024		03/01/2014	A		1,864,204
	15,715,000	IN Finance Authority Wastewater Utility1		5.250		10/01/2031		10/01/2021	A		18,107,294
	25,000	IN Health Facility Financing Authority (Community Hospital of Anderson)		6.000		01/01/2014		07/29/2012	A		25,086
	455,000	IN Health Facility Financing Authority (Community Hospital of Anderson)1		6.000		01/01/2023		07/29/2012	A		455,942
	4,000,000	IN Health Facility Financing Authority (Methodist Hospitals)1		5.500		09/15/2031		07/29/2012	A		4,000,320
	3,810,000	IN Health Facility Financing Authority (Union Hospital)1		5.125		09/01/2018		07/29/2012	A		3,816,058
	10,675,000	IN Health Facility Financing Authority (Union Hospital)1		5.250		09/01/2023		07/29/2012	A		10,684,928
	160,000	IN Hsg. & Community Devel. Authority (Single Family Mtg.)1		5.250		01/01/2037		03/01/2013	A		169,501
	55,000	IN Hsg. & Community Devel. Authority (Single Family Mtg.)1		6.450		01/01/2040		11/01/2013	A		56,544
	3,000,000	Indianapolis, IN Local Public Improvement Bond Bank (Airport Authority)1		5.000		01/01/2023		01/01/2013	A		3,054,000
	1,470,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)1		5.750		07/01/2030		05/10/2020	A		1,592,378
	100,000	Ivy, IN Technical State College1		4.600		07/01/2014		07/09/2012	A		100,123

30 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Indiana Continued
$	7,405,000	Jasper, IN Hospital Authority (Little Company of Mary Hospital of Indiana)1		5.625	%	11/01/2022		11/01/2012	A	$	8,040,867
	4,800,000	Lake County, IN Building Corp.		5.000		02/01/2024		02/01/2022	A		4,953,696
	285,000	Madison County, IN Hospital Authority (Community Hospital of Anderson)1		8.000		01/01/2014		07/29/2012	A		286,528
	1,335,000	St. Joseph County, IN Economic Devel. (Madison Center)		5.450		02/15/2017		07/29/2012	A		1,336,989
	1,510,000	St. Joseph County, IN Economic Devel. (Madison Center)		5.500		02/15/2021		07/29/2012	A		1,511,691
											79,759,878
	Iowa–0.0%
	2,000,000	Estherville, IA Hospital (Avera Holy Family Health)1		6.250		07/01/2026		07/23/2012	A		2,008,100
	Kansas–0.4%
	2,550,000	Arkansas City, KS Public Building Commission (South Central Regional Medical Center)1		7.000		09/01/2029		09/01/2019	A		3,106,538
	620,000	Pittsburgh, KS Transportation Devel. District (N. Broadway-Pittsburgh Town Center)		4.800		04/01/2027		12/14/2021	B		512,033
	415,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)1		5.650		12/01/2036		10/16/2012	A		452,147
	6,520,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		5.800		12/01/2038		12/01/2038			7,011,934
	5,570,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		5.875		06/01/2039		06/01/2039			5,832,557
	85,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)1		6.950		06/01/2029		06/01/2029			86,315
											17,001,524
	Kentucky–0.7%
	680,000	Jefferson County, KY Health Facilities (Alliant Health)1		5.125		10/01/2017		07/29/2012	A		682,108
	2,535,000	Jefferson County, KY Health Facilities (University Medical Center)		5.500		07/01/2017		07/29/2012	A		2,541,464
	135,000	KY Area Devel. Districts (City of Ewing)1		5.400		12/01/2021		07/29/2012	A		135,284
	3,315,000	KY EDFA (Owensboro Medical Health System)1		6.000		06/01/2030		06/01/2020	A		3,745,652
	15,000	KY Hsg. Corp.1		5.450		07/01/2022		07/09/2012	A		15,022
	15,000	KY Hsg. Corp., Series C1		5.375		07/01/2027		07/09/2012	A		15,022
	20,000	KY Infrastructure Authority1		5.700		06/01/2013		12/01/2012	A		20,398
	27,220,000	Louisville & Jefferson County, KY Metropolitan Government Health Facilities (Jewish Hospital & St. Mary’s Healthcare)1		6.000		02/01/2022		02/01/2013	A		28,149,563

31 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Kentucky Continued
$	500,000	Russell, KY Revenue (BSHS/BSVHC/SJHPCF Obligated Group)1		5.625	%	11/15/2030		11/15/2012	A	$	503,170
											35,807,683
	Louisiana–3.6%
	195,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)1		5.600		12/01/2028		07/29/2012	A		195,240
	70,000	Calcasieu Parish, LA Industrial Devel. Board (Citgo Petroleum Corp.)1		6.000		07/01/2023		07/29/2012	A		70,076
	105,000	Calcasieu Parish, LA Public Trust Authority1		5.000		04/01/2028		04/01/2020	A		107,150
	190,000	De Soto Parish, LA Environmental Improvement (International Paper Company)1		5.600		11/01/2022		07/29/2012	A		190,549
	2,000,000	De Soto Parish, LA Environmental Improvement (International Paper Company)1		5.850		11/01/2027		11/01/2013	A		2,101,700
	190,000	De Soto Parish, LA Environmental Improvement (International Paper Company)1		6.375		05/01/2025		07/29/2012	A		191,619
	25,000	East Baton Rouge, LA Mtg. Finance Authority (Single Family Mtg.)1		5.500		10/01/2025		07/29/2012	A		25,036
	5,690,000	Jefferson Parish, LA Hospital Service District No. 2 (East Jefferson General Hospital)1		6.250		07/01/2026		07/01/2016	A		6,093,193
	4,450,000	LA Citizens Property Insurance Corp.1		5.000		06/01/2024		06/01/2022	A		5,060,540
	120,000	LA HFA (Homeownership)1		6.550		06/01/2040		06/01/2018	A		127,865
	2,385,000	LA HFA (La Chateau)1		6.000		09/01/2017		09/01/2017			2,523,473
	3,495,000	LA HFA (La Chateau)1		6.000		09/01/2020		05/20/2019	A		3,668,841
	360,000	LA HFA (La Chateau)1		7.250		09/01/2039		09/01/2019	A		387,284
	140,000	LA HFA (Single Family Mtg.)1		5.800		06/01/2035		09/27/2013	A		144,204
	275,000	LA HFA (Single Family Mtg.)1		6.375		06/01/2033		12/01/2012	A		278,666
	15,000	LA HFA (St. Dominic Assisted Care)1		6.300		09/01/2015		07/29/2012	A		15,050
	25,000	LA HFA (St. Dominic Assisted Care)1		6.850		09/01/2025		07/29/2012	A		25,065
	20,000	LA HFA (St. Dominic Assisted Care)1		6.950		09/01/2036		07/29/2012	A		20,349
	2,070,000	LA Local Government EF&CD Authority (Bellemont Apartments)1		6.000		09/01/2022		05/22/2018	B		1,915,247
	7,500,000	LA State Citizens Property Insurance1		6.125		06/01/2024		06/01/2013	A		7,902,375
	465,000	LA State University & Agricultural & Mechanical College (Health Sciences Center)1		6.200		05/01/2020		07/29/2012	A		466,855
	1,125,000	LA State University & Agricultural & Mechanical College (Health Sciences Center)		6.375		05/01/2031		07/29/2012	A		1,129,399

32 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Louisiana Continued
$	94,290,000	LA Tobacco Settlement Financing Corp. (TASC)1		5.875	%	05/15/2039		07/29/2012	A	$	96,280,462
	32,590,000	LA Tobacco Settlement Financing Corp. (TASC), Series B1		5.500		05/15/2030		07/29/2012	A		33,320,342
	2,000,000	Morehouse Parish, LA Pollution Control (International Paper Company)1		5.250		11/15/2013		11/15/2013			2,108,200
	65,000	New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial)1		5.500		07/15/2018		07/29/2012	A		65,114
	230,000	New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial)1		5.600		07/15/2025		07/29/2012	A		230,189
	2,750,000	New Orleans, LA GO1		5.125		09/01/2021		09/01/2012	A		2,766,390
	30,000	New Orleans, LA Sewage Service1		5.400		06/01/2017		07/29/2012	A		30,081
	15,000	New Orleans, LA Sewage Service1		5.500		06/01/2017		07/29/2012	A		15,042
	1,000,000	New Orleans, LA Sewage Service1		5.500		06/01/2017		07/29/2012	A		1,002,770
	50,000	New Orleans, LA Sewage Service1		5.500		06/01/2019		07/29/2012	A		50,131
	20,000	New Orleans, LA Sewage Service1		5.500		06/01/2020		07/29/2012	A		20,051
	2,745,000	New Orleans, LA Water1		5.000		12/01/2020		12/01/2012	A		2,777,720
	5,000,000	Saint Charles Parish, LA Gulf Zone (Valero Refining-New Orleans)1		4.000		12/01/2040		06/01/2022	C		5,171,000
											176,477,268
	Maine–0.1%
	345,000	Jay, ME Solid Waste Disposal (International Paper Company)1		5.125		06/01/2018		06/01/2013	A		348,174
	2,000,000	ME Abitibi Bowater6		7.750		10/01/2022		10/01/2022			20
	2,825,000	ME Educational Authority (Student Loan)1		5.050		12/01/2027		12/01/2022	A		2,853,872
	20,000	ME H&HEFA (Bridgton Hospital/Franklin Memorial Hospital/GINNE Obligated Group)		5.250		07/01/2031		07/29/2012	A		20,060
	20,000	ME H&HEFA (Mid Coast Hospital/Community Partners Obligated Group)		6.000		07/01/2029		07/29/2012	A		20,079
	20,000	ME H&HEFA, Series A1		6.000		07/01/2024		07/29/2012	A		20,088
	15,000	ME Municipal Bond Bank, Series B1		5.850		11/01/2020		07/29/2012	A		15,068
	10,000	South Berwick, ME (Water District)1		5.350		05/15/2018		07/29/2012	A		10,020
											3,287,381
	Maryland–0.4%
	240,000	Annapolis, MD Economic Devel. (St. John’s College)1		5.500		10/01/2018		07/29/2012	A		240,989
	70,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.150		03/01/2018		07/29/2012	A		70,125
	5,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.350		07/01/2041		07/29/2012	A		5,004

33 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Maryland Continued
$	25,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.375	%	09/01/2024		07/29/2012	A	$	25,033
	3,305,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		5.750		09/01/2039		09/01/2016	A		3,490,642
	275,000	MD Community Devel. Administration (Dept. of Hsg. & Community Devel.)1		6.250		07/01/2031		07/29/2012	A		275,462
	8,550,000	MD Energy Financing Administration (Cogeneration-AES Warrior Run)		7.400		09/01/2019		07/29/2012	A		8,597,709
	1,915,000	MD H&HEFA (Carroll Hospital Center)1		5.000		07/01/2023		07/01/2022	A		2,192,254
	500,000	MD H&HEFA (Carroll Hospital Center)1		5.000		07/01/2025		07/01/2022	A		561,055
	500,000	MD H&HEFA (Carroll Hospital Center)1		5.000		07/01/2027		07/01/2022	A		553,945
	1,810,000	MD H&HEFA (Hebrew Home of Greater Washington/Landow House Obligated Group)1		5.800		01/01/2032		07/29/2012	A		1,846,942
	65,000	MD H&HEFA (Johns Hopkins Hospital)		5.500		07/01/2026		07/29/2012	A		65,094
	55,000	MD Industrial Devel. Financing Authority (Bon Secours Health System)1		5.500		08/15/2020		07/29/2012	A		55,111
	630,000	Montgomery County, MD Hsg. Opportunities Commission (Single Family Mtg.)1		5.750		07/01/2029		07/01/2015	A		666,452
											18,645,817
	Massachusetts–1.5%
	6,295,000	MA Devel. Finance Agency (Boston Medical Center)1		5.250		07/01/2023		07/01/2022	A		6,938,601
	6,425,000	MA Devel. Finance Agency (Boston Medical Center)1		5.250		07/01/2024		07/01/2022	A		6,993,420
	4,770,000	MA Devel. Finance Agency (Boston Medical Center)1		5.250		07/01/2025		07/01/2022	A		5,155,464
	2,335,000	MA Devel. Finance Agency (Boston Medical Center)1		5.250		07/01/2026		07/01/2022	A		2,506,949
	1,200,000	MA Devel. Finance Agency (Ogden Haverhill)1		5.500		12/01/2019		07/29/2012	A		1,211,580
	2,800,000	MA Devel. Finance Agency (Springfield Res Rec)1		5.625		06/01/2019		07/29/2012	A		2,807,224
	3,780,000	MA Devel. Finance Agency (VOA Ayer)		6.200		02/20/2046		02/09/2015	A		4,140,801
	285,000	MA Devel. Finance Agency Res Rec (Semass Partnership)		5.625		01/01/2016		07/29/2012	A		288,548
	9,430,000	MA Educational Financing Authority		5.300		01/01/2016		07/29/2012	A		9,453,292

34 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Massachusetts Continued
$	190,000	MA Educational Financing Authority, Series H1		6.350	%	01/01/2030		01/01/2018	A	$	209,452
	105,000	MA H&EFA (Boston Medical Center)1		5.000		07/01/2019		07/29/2012	A		105,438
	60,000	MA H&EFA (Boston Medical Center)1		5.750		07/01/2031		07/01/2018	A		64,775
	50,000	MA H&EFA (Capital Asset Program)		1.580	3	07/01/2030		07/19/2012	A		31,600
	3,380,000	MA H&EFA (Healthcare System-Covenant)1		6.000		07/01/2031		07/27/2012	A		3,429,044
	210,000	MA H&EFA (VC/TC/FRS/VCS Obligated Group)1		5.250		11/15/2018		07/29/2012	A		210,260
	20,000	MA HFA (Rental Mtg.)1		5.500		07/01/2032		07/29/2012	A		20,012
	3,005,000	MA HFA (Rental Mtg.)1		5.600		01/01/2045		07/29/2012	A		3,007,584
	5,750,000	MA HFA (Single Family Hsg.)1		4.800		12/01/2027		12/01/2016	A		5,964,303
	70,000	MA HFA, Series B1		5.300		12/01/2017		07/29/2012	A		70,202
	2,450,000	MA HFA, Series C1		5.250		07/01/2025		07/01/2013	A		2,501,989
	265,000	MA Industrial Finance Agency (Avon Associates)1		5.375		04/01/2020		07/29/2012	A		265,509
	930,000	MA Industrial Finance Agency (Massachusetts American Water Company)		6.750		12/01/2025		07/29/2012	A		930,846
	2,155,000	MA Industrial Finance Agency (Massachusetts American Water Company)		6.900		12/01/2029		07/29/2012	A		2,157,241
	200,000	MA Industrial Finance Agency (Merrimack College)1		5.000		07/01/2017		07/29/2012	A		200,416
	1,000,000	MA Industrial Finance Agency (Ogden Haverhill Associates)1		5.600		12/01/2019		07/29/2012	A		1,003,800
	225,000	MA Port Authority (US Airways)		5.750		09/01/2016		07/29/2012	A		225,574
	4,750,000	MA Port Authority (US Airways)		5.875		09/01/2023		07/29/2012	A		4,766,863
	2,935,000	MA Port Authority (US Airways)		6.000		09/01/2021		07/29/2012	A		2,936,673
	3,790,000	MA Water Pollution Abatement Trust		5.250		02/01/2016		07/29/2012	A		3,806,941
	210,000	MA Water Pollution Abatement Trust1		5.250		02/01/2016		07/29/2012	A		210,861
	1,000,000	MA Water Pollution Abatement Trust		5.500		08/01/2029		07/29/2012	A		1,004,750
											72,620,012
	Michigan–5.0%
	7,690,000	Detroit, MI Building Authority1		5.125		07/01/2019		07/29/2012	A		7,702,689
	2,165,000	Detroit, MI Downtown Devel. Authority1		5.000		07/01/2018		08/31/2015	B		2,164,935
	2,000,000	Detroit, MI GO		5.000		04/01/2018		07/29/2012	A		2,001,660
	100,000	Detroit, MI GO		5.000		04/01/2019		07/29/2012	A		100,069
	20,000	Detroit, MI GO		5.000		04/01/2021		04/01/2021			18,156
	500,000	Detroit, MI GO		5.250		04/01/2014		04/01/2014			491,110
	425,000	Detroit, MI GO		5.375		04/01/2014		04/01/2014			418,311

35 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Michigan Continued
$	1,000,000	Detroit, MI GO		5.375	%	04/01/2015		04/01/2015		$	975,840
	1,500,000	Detroit, MI GO		5.375		04/01/2017		04/01/2017			1,440,015
	165,000	Detroit, MI Local Devel. Finance Authority (Chrysler Corp.)1		5.375		05/01/2018		09/22/2015	B		156,390
	2,000,000	Detroit, MI Sewer Disposal System1		5.250		07/01/2022		07/01/2017	A		2,156,580
	9,265,000	Detroit, MI Sewer Disposal System1		5.250		07/01/2023		07/01/2017	A		9,931,061
	17,000,000	Detroit, MI Water and Sewerage Dept.1		5.500		07/01/2024		07/01/2017	A		18,426,980
	28,000,000	Detroit, MI Water and Sewerage Dept.1		5.500		07/01/2025		07/01/2017	A		30,006,200
	2,000,000	Detroit, MI Water Supply System1		5.000		07/01/2026		07/01/2015	A		2,054,680
	855,000	Detroit, MI Water Supply System1		5.500		07/01/2026		07/01/2018	A		965,654
	200,000	Detroit, MI Water Supply System1		5.750		07/01/2026		07/01/2018	A		229,428
	3,070,000	Dickinson County, MI Healthcare System1		5.700		11/01/2018		07/29/2012	A		3,070,461
	4,000,000	Ecorse City, MI GO1		5.800		11/01/2026		07/22/2019	A		4,256,120
	155,000	Flint, MI Hospital Building Authority (Hurley Medical Center)1		5.375		07/01/2020		07/29/2012	A		155,169
	10,000	Grand Rapids, MI Charter Township (Porter Hills Foundation)		5.200		07/01/2014		07/20/2012	A		10,016
	10,000	Huron Shore, MI Regional Utility Authority (Water & Sewer System)		5.625		05/01/2015		11/01/2012	A		10,178
	5,000	Kalamazoo, MI (Downtown Devel.)1		6.000		04/01/2013		10/01/2012	A		5,069
	1,500,000	MI Finance Authority (School District)1		5.000		06/01/2017		06/01/2017			1,676,325
	2,400,000	MI Finance Authority (School District)1		5.000		06/01/2018		06/01/2018			2,691,816
	1,820,000	MI Finance Authority (School District)1		5.000		06/01/2019		06/01/2019			2,064,208
	1,150,000	MI Finance Authority (School District)1		5.000		06/01/2020		06/01/2020			1,302,410
	15,000,000	MI Finance Authority (Unemployment Obligation Assessment)1		5.000		07/01/2023		07/01/2014	A		16,243,050
	2,390,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000		06/01/2023		06/01/2022	A		2,755,407
	2,765,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000		06/01/2024		06/01/2022	A		3,143,611
	2,895,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000		06/01/2025		06/01/2022	A		3,267,963
	2,000,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000		06/01/2026		06/01/2022	A		2,237,320
	2,000,000	MI Hospital Finance Authority (McLaren Health Care Corp.)5		5.000		06/01/2027		06/01/2022	A		2,218,620
	1,025,000	MI Hospital Finance Authority (Memorial Hospital)1		5.875		11/15/2021		07/29/2012	A		1,026,456

36 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Michigan Continued
$	2,755,000	MI Hospital Finance Authority (OUH/OHP/OHS Obligated Group)1		6.000	%	04/01/2022		04/01/2013	A	$	2,873,961
	20,000	MI Hospital Finance Authority (St. John Hospital)		5.750		05/15/2016		07/29/2012	A		20,967
	4,000,000	MI Hospital Finance Authority (Trinity Health Credity Group)1		5.000		12/01/2027		06/01/2022	A		4,609,720
	10,000,000	MI Hospital Finance Authority (Trinity Health Credity Group)1		5.000		12/01/2028		06/01/2022	A		11,469,300
	10,000,000	MI Hospital Finance Authority (Trinity Health Credity Group)1		5.000		12/01/2029		06/01/2022	A		11,378,300
	50,000	MI Hsg. Devel. Authority, Series A1		5.300		10/01/2037		07/29/2012	A		50,036
	50,000	MI Municipal Bond Authority1		6.000		11/01/2023		07/29/2012	A		50,201
	10,000	MI Municipal Bond Authority		7.100		11/01/2014		07/29/2012	A		10,044
	445,000	MI Public Educational Facilities Authority (Old Redford Academy)1		5.000		12/01/2013		06/08/2013	B		449,913
	9,695,000	MI Tobacco Settlement Finance Authority1		5.125		06/01/2022		04/08/2019	B		8,193,535
	750,000	Mount Clemens, MI Hsg. Corp. (FHA Section 8), Series A1		6.600		06/01/2022		07/29/2012	A		752,055
	20,000,000	Royal Oak, MI Hospital Finance Authority (William Beaumont Hospital)1		6.250		08/01/2023		08/01/2014	A		21,200,000
	7,225,000	Wayne County, MI Airport Authority1		4.000		12/01/2020		12/01/2020			7,575,629
	13,415,000	Wayne County, MI Airport Authority1		5.000		12/01/2021		12/01/2021			15,012,190
	10,890,000	Wayne County, MI Airport Authority1		5.000		12/01/2022		12/01/2021	A		12,045,647
	5,830,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.250		12/01/2021		12/01/2015	A		6,240,724
	7,265,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.250		12/01/2025		12/01/2015	A		7,568,822
	2,905,000	Wayne County, MI Airport Authority (Detroit Metro Wayne Airport)1		5.500		12/01/2014		12/01/2012	A		2,957,551
	1,925,000	Wayne County, MI Building Authority1		5.250		06/01/2016		07/29/2012	A		1,932,758
	2,925,000	Wayne, MI Charter County GO1		6.750		11/01/2039		06/11/2019	A		3,313,557
	25,000	Wexford County, MI Water Supply System1		5.850		11/01/2012		11/01/2012			25,395
	20,000	Wexford County, MI Water Supply System1		6.250		11/01/2024		11/01/2012	A		20,451
											243,124,713

37 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Minnesota–1.2%
$	60,000	Becker, MN Pollution Control (Northern States Power Company)1		8.500	%	03/01/2019		08/27/2012	A	$	61,316
	200,000	Becker, MN Pollution Control (Northern States Power Company)1		8.500		09/01/2019		08/27/2012	A		204,386
	58,000,000	Becker, MN Pollution Control (Northern States Power Company)1		8.500		04/01/2030		08/27/2012	A		59,189,580
											59,455,282
	Mississippi–0.8%
	50,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		5.500		07/01/2021		07/29/2012	A		50,087
	475,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		5.750		07/01/2031		07/29/2012	A		475,618
	45,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		6.125		07/01/2015		07/23/2012	A		45,146
	745,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)1		6.200		07/01/2018		07/29/2012	A		746,922
	22,095,000	MS Business Finance Corp. (System Energy Resources)1		5.875		04/01/2022		07/29/2012	A		22,154,877
	8,885,000	MS Business Finance Corp. (System Energy Resources)1		5.900		05/01/2022		07/29/2012	A		8,908,990
	300,000	MS Home Corp. (Single Family Mtg.)1		5.300		12/01/2023		04/01/2013	A		310,149
	2,675,000	MS Home Corp. (Single Family Mtg.)1		6.375		12/01/2032		08/01/2012	A		2,893,039
	105,000	MS Home Corp. (Valley State Student Hsg.)		5.300		12/01/2028		01/09/2027	B		61,180
	100,000	MS Small Business Enterprise1		4.750		12/01/2017		12/01/2012	A		101,036
	50,000	MS Small Business Enterprise		5.700		12/01/2013		07/29/2012	A		50,187
	20,000	Tupelo, MS GO1		5.900		08/01/2013		08/01/2012	A		20,096
	3,000,000	Warren County, MS Environmental Improvement (International Paper Company)1		5.850		11/01/2027		11/01/2013	A		3,148,470
	1,075,000	Warren County, MS Environmental Improvement (International Paper Company)1		6.250		09/01/2023		07/29/2012	A		1,078,677
											40,044,474
	Missouri–1.0%
	10,000	Bates County, MO Hospital (Bates County Memorial Hospital)1		5.700		03/01/2026		07/29/2012	A		10,005
	175,000	Belton, MO Tax Increment (Belton Town Center)		5.000		03/01/2014		09/06/2013	B		178,162
	125,000	Belton, MO Tax Increment (Belton Town Center)		5.125		03/01/2015		03/01/2015			127,871
	100,000	Belton, MO Tax Increment (Belton Town Center)		5.250		03/01/2016		03/01/2016			102,608
	335,000	Branson, MO IDA (Branson Hills Redevel.)		6.250		05/01/2013		05/01/2013			339,389

38 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Missouri Continued
$	945,000	Carthage, MO Waterworks & Wastewater Treatment System1		5.000	%	07/01/2016		01/01/2013	A	$	966,565
	900,000	Kansas City, MO Tax Increment (Briarcliff West)		5.150		06/01/2016		09/29/2014	A		926,523
	800,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)		5.000		06/01/2021		11/01/2012	A		833,464
	2,100,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)		5.625		06/01/2023		09/01/2014	A		2,177,889
	10,000	Lees Summit, MO Tax (Summitwoods Crossing)		6.250		05/01/2017		07/29/2012	A		10,009
	850,000	Maplewood, MO Tax (Maplewood South Redevel.)		5.200		11/01/2022		11/01/2018	B		823,387
	1,320,000	Meadows, MO Transportation Devel. District1		5.400		05/01/2035		05/01/2018	A		1,404,348
	1,000,000	MO Devel. Finance Board (Branson Landing)1		5.500		12/01/2024		06/01/2014	A		1,037,310
	1,500,000	MO Devel. Finance Board (Branson Landing)1		5.625		12/01/2028		06/01/2014	A		1,550,100
	750,000	MO Devel. Finance Board (Independence Electric System)1		5.625		06/01/2029		06/01/2014	A		777,585
	1,595,000	MO Devel. Finance Board (Independence Missouri Centerpoint)1		5.125		04/01/2021		04/01/2013	A		1,620,281
	5,000	MO Environmental Improvement & Energy Resources Authority		5.125		01/01/2019		07/29/2012	A		5,019
	25,000	MO Environmental Improvement & Energy Resources Authority1		5.450		01/01/2018		07/29/2012	A		25,068
	320,000	MO Environmental Improvement & Energy Resources Authority (St. Joseph Light & Power)1		5.850		02/01/2013		07/29/2012	A		325,328
	200,000	MO Environmental Improvement & Energy Resources Authority (Union Electric Company)1		5.450		10/01/2028		07/29/2012	A		200,204
	200,000	MO H&EFA (FHS)1		5.500		02/15/2024		07/29/2012	A		200,404
	20,000,000	MO H&EFA (SLHS/SLHOKC Obligated Group)1		5.500		11/15/2028		11/15/2018	A		22,358,800
	25,000	MO Monarch-Chesterfield Levee District1		5.750		03/01/2019		07/29/2012	A		25,091
	300,000	Raymore, MO Tax Increment		5.000		03/01/2013		03/01/2013			268,317
	275,000	Raymore, MO Tax Increment		5.125		03/01/2014		03/01/2014			213,909
	230,000	Raymore, MO Tax Increment		5.125		03/01/2015		03/01/2015			153,750
	1,630,000	Richmond Heights, MO Tax Increment & Transportation Sales Tax		5.200		11/01/2021		11/01/2012	A		1,630,408
	4,960,000	Sikeston, MO Electric1		5.000		06/01/2022		07/29/2012	A		4,965,853
	500,000	St. Joseph, MO IDA (Shoppes at North Village)		5.100		11/01/2019		11/01/2014	A		501,100
	1,165,000	St. Louis, MO Airport (Lambert-St. Louis International Airport)1		5.000		07/01/2021		07/01/2021			1,292,812

39 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Missouri Continued
	$1,345,000	St. Louis, MO Airport (Lambert-St. Louis International Airport)1		5.000	%	07/01/2024		07/01/2022	A	$	1,460,791
	1,215,000	St. Louis, MO Airport (Lambert-St. Louis International Airport)1		5.000		07/01/2026		07/01/2022	A		1,295,275
	100,000	St. Louis, MO Airport (Lambert-St. Louis International Airport)1		6.250		07/01/2029		07/01/2019	A		114,515
	675,000	Strother, MO Interchange Transportation Devel. District (Lees Summit)		5.000		05/01/2024		08/27/2021	B		629,161
											48,551,301
	Montana–0.0%
	215,000	Crow, MT Finance Authority (Tribal)1		5.700		10/01/2027		07/29/2012	A		215,464
	330,000	MT Board of Hsg. (Single Family Mtg.)1		5.750		12/01/2035		12/01/2013	A		333,317
											548,781
	Multi States–0.5%
	10,000,000	Centerline Equity Issuer Trust1,7		6.000		05/15/2015		04/30/2015	C		11,004,300
	6,000,000	Munimae TE Bond Subsidiary1		5.125		11/29/2049		09/30/2015	C		5,100,000
	8,000,000	Munimae TE Bond Subsidiary1		5.300		11/29/2049		09/30/2015	C		5,680,000
	3,000,000	Munimae TE Bond Subsidiary1		5.500		11/29/2049		09/30/2015	C		1,950,000
											23,734,300
	Nebraska–0.4%
	125,000	NE Central Plains Gas Energy		5.000		12/01/2013		12/01/2013			130,695
	20,000,000	NE Central Plains Gas Energy1		5.000		09/01/2027		09/01/2022	A		20,618,600
	750,000	NE Central Plains Gas Energy		5.250		12/01/2018		12/01/2018			805,680
	30,000	NE Investment Finance Authority (Multifamily Hsg.)1		6.200		06/01/2028		07/29/2012	A		30,053
											21,585,028
	Nevada–0.5%
	25,000	Clark County, NV Improvement District		6.250		02/01/2013		08/01/2012	A		25,329
	400,000	Clark County, NV Industrial Devel. (Southwest Gas Corp.)1		5.450		03/01/2038		03/01/2013	C		410,844
	25,000	Henderson, NV Health Care Facility (Catholic Healthcare West/ Bakersfield Memorial Hospital Obligated Group)1		5.625		07/01/2024		07/01/2014	A		26,730
	50,000	Henderson, NV Redevel. Agency Tax Allocation		6.900		10/01/2017		10/01/2012	A		50,776
	25,000	Henderson, NV Redevel. Agency Tax Allocation		7.200		10/01/2025		10/01/2012	A		25,313
	1,955,000	Las Vegas, NV Paiute Tribe, Series A		6.125		11/01/2012		11/01/2012			1,942,723
	200,000	Las Vegas, NV Paiute Tribe, Series A		6.625		11/01/2017		12/18/2015	B		193,964
	100,000	Las Vegas, NV Special Improvement District (Sumerlin Village)		5.375		06/01/2014		12/01/2012	A		103,869
	250,000	Las Vegas, NV Special Improvement District (Sumerlin Village)		5.500		06/01/2015		12/01/2012	A		259,403

40 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Nevada Continued
	$10,875,000	North Las Vegas, NV GO1		5.000	%	05/01/2030		05/01/2016	A	$	11,220,716
	3,725,000	North Las Vegas, NV Wastewater Reclamation System1		5.000		10/01/2026		10/01/2016	A		3,923,617
	290,000	NV Hsg. Division (Multi-Unit Hsg.)1		5.900		10/01/2016		08/01/2012	A		290,769
	15,000	NV Hsg. Division (Single Family Mtg.)1		5.650		04/01/2022		07/29/2012	A		15,023
	300,000	Reno, NV Redevel. Agency (Downtown Redevel.)		5.000		09/01/2014		07/29/2012	A		300,630
	100,000	Reno, NV Redevel. Agency (Downtown Redevel.)1		5.000		09/01/2017		07/29/2012	A		100,161
	725,000	West Wendover, NV (Recreation District)		5.375		12/01/2019		07/29/2012	A		725,827
	1,510,000	West Wendover, NV (Recreation District)		5.400		12/01/2017		07/29/2012	A		1,512,280
	710,000	West Wendover, NV (Recreation District)		5.400		12/01/2021		07/29/2012	A		710,611
											21,838,585
	New Hampshire–0.6%
	35,000	NH Business Finance Authority (Connecticut Light & Power Company)1		5.850		12/01/2022		07/29/2012	A		35,302
	285,000	NH Business Finance Authority (Pennichuck Water Works)		6.300		05/01/2022		07/29/2012	A		285,741
	4,500,000	NH Business Finance Authority (Public Service Company of NH)1		4.750		05/01/2021		06/21/2013	A		4,751,055
	1,580,000	NH H&EFA (Catholic Medical Center)		5.750		07/01/2022		07/29/2012	A		1,599,971
	435,000	NH H&EFA (Catholic Medical Center)1		6.125		07/01/2032		07/29/2012	A		439,955
	2,955,000	NH H&EFA (Elliot Hospital/Elliot Health System Obligated Group)1		5.600		10/01/2022		09/06/2013	A		3,158,836
	13,430,000	NH H&EFA (MHMH/DHC/CVH Obligated Group)1		5.500		08/01/2027		08/01/2012	A		13,476,871
	60,000	NH HFA (Prescott Hills Apartments)1		6.150		07/01/2040		07/29/2012	A		60,082
	180,000	NH HFA (Single Family Mtg.)1		5.200		01/01/2024		07/01/2013	A		185,792
	10,000	NH HFA (Single Family Mtg.)1		5.450		07/01/2021		07/29/2012	A		10,017
	445,000	NH HFA (Single Family Mtg.)1		5.750		01/01/2037		06/05/2013	A		454,741
	40,000	NH HFA (Single Family Mtg.)1		5.850		07/01/2017		07/29/2012	A		40,118
	1,840,000	NH HFA (Single Family Mtg.)1		5.850		01/01/2034		07/01/2013	A		1,949,186
	25,000	NH HFA (Single Family Mtg.)1		6.100		07/01/2028		07/29/2012	A		25,196
	1,000,000	NH IDA (Connecticut Light & Power Company)1		5.900		11/01/2016		07/29/2012	A		1,003,680
	35,000	NH IDA (Connecticut Light & Power Company)1		5.900		08/01/2018		07/29/2012	A		35,304
											27,511,847

41 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	New Jersey–2.2%
$	3,550,000	NJ EDA (Continental Airlines)1		6.625	%	09/15/2012		09/15/2012		$	3,581,560
	2,750,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		6.000		06/01/2025		07/29/2012	A		2,782,120
	150,000	NJ EDA (Middlesex Water Company)1		5.200		10/01/2022		07/29/2012	A		150,255
	595,000	NJ EDA (Motor Vehicle Surcharges)1		5.250		07/01/2031		07/01/2014	A		638,554
	395,000	NJ EDA (Motor Vehicle Surcharges)1		5.250		07/01/2033		07/01/2014	A		423,914
	900,000	NJ EDA (New Jersey American Water Company)1		5.125		04/01/2022		10/01/2012	A		913,185
	2,000,000	NJ EDA (School Facilities Construction)1		5.750		09/01/2023		03/01/2021	A		2,455,200
	990,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000		07/01/2027		07/01/2017	A		1,042,074
	1,275,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)1		6.200		07/01/2013		07/15/2012	A		1,275,204
	5,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)1		6.300		07/01/2023		05/20/2019	B		4,903,000
	245,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250		07/01/2014		07/20/2012	A		245,069
	13,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250		07/01/2023		07/01/2017	A		13,772,850
	10,000,000	NJ Health Care Facilities Financing Authority (Virtual Health)1		6.000		07/01/2029		01/01/2014	A		10,404,600
	2,560,000	NJ Higher Education Student Assistance Authority (Student Loans)		6.000		06/01/2015		07/29/2012	A		2,569,088
	1,150,000	NJ Higher Education Student Assistance Authority (Student Loans)		6.100		06/01/2016		07/29/2012	A		1,153,933
	58,615,000	NJ Tobacco Settlement Financing Corp.1		4.500		06/01/2023		10/13/2016	B		55,086,377
	5,000,000	NJ Transportation Trust Fund Authority1		5.250		06/15/2026		06/15/2021	A		5,878,600
											107,275,583
	New Mexico–0.0%
	25,000	Farmington, NM Hospital (San Juan Medical Center/Interface, Inc. Obligated Group)		5.000		06/01/2016		07/29/2012	A		25,048
	125,000	NM Hospital Equipment Loan Council (PHSvcs/BCHCC/PHCF Obligated Group)1		6.125		08/01/2028		08/01/2018	A		146,398
	20,000	NM Mtg. Finance Authority (Single Family Mtg.)1		5.000		09/01/2022		07/29/2012	A		20,530

42 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	New Mexico Continued
$	225,000	NM Regional Hsg. Authority (Washington Place Apartments)		5.500	%	08/15/2020		10/31/2017	B	$	180,927
											372,903
	New York–2.4%
	8,000,000	NY Counties Tobacco Trust III1		6.000		06/01/2043		06/01/2013	A		8,004,080
	15,120,000	NY MTA, Series B1		5.000		11/15/2025		11/15/2015	A		16,774,582
	4,805,000	NY TSASC, Inc. (TFABs)1		4.750		06/01/2022		01/21/2015	B		4,782,272
	15,000,000	NYC GO1		4.900	3	12/15/2028		12/15/2013	A		15,811,950
	13,695,000	NYC Transitional Finance Authority1		5.500		11/01/2028		11/01/2015	A		15,357,984
	4,855,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750		12/01/2022		07/29/2012	A		4,856,117
	5,025,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750		12/01/2025		07/29/2012	A		5,025,653
	40,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		12/01/2015	A		43,120,800
	2,500,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125		06/01/2045		09/19/2034	B		2,045,475
											115,778,913
	North Carolina–0.1%
	1,000,000	NC Medical Care Commission (AHACHC)1		5.800		10/01/2034		10/01/2014	A		1,057,980
	1,620,000	NC Medical Care Commission (Catholic Health East)1		5.250		11/15/2022		05/15/2017	A		1,764,925
	1,970,000	NC Medical Care Commission (Catholic Health East)1		5.250		11/15/2023		05/15/2017	A		2,133,471
	410,000	Piedmont Triad, NC Airport Authority1		6.000		07/01/2021		07/29/2012	A		411,021
											5,367,397
	North Dakota–0.0%
	55,000	Mercer, ND Pollution Control (Otter Tail Corp.)1		4.850		09/01/2022		07/29/2012	A		55,067
	100,000	ND Board of Higher Education Student Services Facilities		5.500		08/01/2023		08/01/2015	A		102,762
											157,829
	Ohio–4.8%
	1,000,000	Akron Bath Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center of Akron)1		5.000		11/15/2024		05/15/2022	A		1,120,680
	3,450,000	Akron Bath Copley, OH Joint Township Hospital District (Children’s Hospital Medical Center of Akron)1		5.000		11/15/2025		05/15/2022	A		3,833,502
	55,915,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.125		06/01/2024		04/14/2020	B		45,147,448
	8,210,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.375		06/01/2024		04/14/2020	B		6,787,946

43 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Ohio Continued
$	13,925,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.875	%	06/01/2030		02/03/2028	B	$	10,954,519
	1,000,000	Butler County, OH GO1		5.000		12/01/2022		12/01/2022			1,243,900
	70,000	Centerville, OH GO1		5.625		12/01/2026		12/01/2012	A		71,394
	50,000	Cleveland, OH Rock Glen Hsg. Assistance Corp. (Ambleside Apartments)1		7.000		06/01/2018		07/29/2012	A		50,036
	765,000	Cleveland-Cuyahoga County, OH Port Authority (Cleveland Christian Home)1		5.250		11/15/2015		12/20/2013	A		776,766
	1,435,000	Cleveland-Cuyahoga County, OH Port Authority (Port Cleveland)1		5.375		05/15/2018		11/15/2012	A		1,439,047
	300,000	Cleveland-Cuyahoga County, OH Port Authority (Universal Heat Treating)1		6.500		11/15/2014		07/29/2012	A		300,522
	47,775,000	Cuyahoga County, OH Hospital Facilities (CSAHS-UHHS-Cuyahoga/Canton Obligated Group)1		7.500		01/01/2030		07/29/2012	A		47,836,152
	1,270,000	Dayton-Montgomery County, OH Port Authority (Dayton Regional Bond Fund-Maverick)		5.125		05/15/2022		06/07/2016	A		1,289,622
	1,920,000	Dublin, OH Industrial Devel. (Dublin Health Care Corp.)		7.500		12/01/2016		07/29/2012	A		1,920,134
	100,000	Franklin County, OH Mtg. (Gateway Apartment Homes)1		5.800		12/20/2028		12/20/2012	A		102,135
	1,215,000	Grove City, OH Tax Increment Financing		5.125		12/01/2016		01/06/2015	B		1,274,632
	1,500,000	Hamilton County, OH Health Care Facilities (Christ Hospital)1		5.250		06/01/2023		06/01/2022	A		1,656,675
	5,715,000	Hamilton County, OH Health Care Facilities (Christ Hospital)1		5.250		06/01/2024		06/01/2022	A		6,237,865
	6,200,000	Hamilton County, OH Health Care Facilities (Christ Hospital)1		5.250		06/01/2025		06/01/2022	A		6,699,534
	9,935,000	Hamilton County, OH Health Care Facilities (Christ Hospital)1		5.250		06/01/2026		06/01/2022	A		10,663,037
	7,000,000	Hamilton County, OH Health Care Facilities (Christ Hospital)1		5.250		06/01/2027		06/01/2022	A		7,474,530
	15,000	Lake County, OH Sewer District Improvements1		5.850		12/01/2016		07/29/2012	A		15,066
	650,000	Lucas County, OH GO1		6.500		12/01/2016		07/29/2012	A		653,283
	205,000	Lucas, OH Metropolitan Hsg. Authority1		5.250		09/01/2022		09/01/2022			242,445
	260,000	Lucas, OH Metropolitan Hsg. Authority1		5.250		09/01/2023		09/01/2021	A		308,170
	275,000	Lucas, OH Metropolitan Hsg. Authority1		5.250		09/01/2024		09/01/2021	A		319,938

44 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Ohio Continued
$	290,000	Lucas, OH Metropolitan Hsg. Authority1		5.250	%	09/01/2025		09/01/2021	A	$	335,962
	305,000	Lucas, OH Metropolitan Hsg. Authority1		5.250		09/01/2026		09/01/2021	A		348,652
	320,000	Lucas, OH Metropolitan Hsg. Authority1		5.250		09/01/2027		09/01/2021	A		364,717
	35,000	OH Air Quality Devel. Authority (FirstEnergy Solutions Corp.)1		7.250		11/01/2032		11/01/2012	C		35,747
	40,000	OH Capital Corp. for Hsg. (The Conifers)1		6.300		06/01/2028		07/29/2012	A		40,071
	460,000	OH Economic Devel. (Astro Instrumentation)1		5.450		06/01/2022		12/01/2012	A		473,119
	30,000	OH HFA1		5.250		09/01/2030		07/29/2012	A		30,028
	5,000,000	OH Higher Education Facility Commission (Cleveland Clinic Health System)1		5.000		01/01/2027		01/01/2022	A		5,739,250
	8,000,000	OH Higher Education Facility Commission (Cleveland Clinic Health System)1		5.000		01/01/2028		01/01/2022	A		9,168,640
	10,000,000	OH Higher Education Facility Commission (Cleveland Clinic Health System)1		5.000		01/01/2029		01/01/2022	A		11,373,000
	10,000,000	OH Higher Education Facility Commission (Cleveland Clinic Health System)1		5.000		01/01/2030		01/01/2022	A		11,303,300
	7,500,000	OH Higher Education Facility Commission (Cleveland Clinic Health System)1		5.000		01/01/2031		01/01/2022	A		8,432,100
	2,915,000	Penta, OH Career Center COP1		5.250		04/01/2024		04/01/2022	A		3,378,572
	2,080,000	Penta, OH Career Center COP1		5.250		04/01/2025		04/01/2022	A		2,379,083
	1,900,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)6		6.300	8	02/15/2024		05/22/2019	B		1,145,700
	1,950,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)6		6.400	8	02/15/2034		02/27/2030	B		1,176,026
	3,480,000	Portage County, OH Port Authority (Northeast Ohio Medical University)1		5.000		12/01/2026		06/01/2022	A		3,654,278
	215,000	Scioto County, OH Marine Terminal Facility (Norfolk & Western Railway Company)		5.300		08/15/2013		07/29/2012	A		215,690
	1,370,000	Summit County, OH Port Authority (University of Akron Student Hsg.)1		5.250		01/01/2024		01/01/2021	A		1,567,266
	10,000	Toledo, OH GO1		6.350		12/01/2025		07/29/2012	A		10,022
	2,870,000	Toledo-Lucas County, OH Port Authority (Bax Global)		6.250		11/01/2013		07/12/2013	B		2,877,347

45 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Ohio Continued
$	375,000	Toledo-Lucas County, OH Port Authority (Creekside Devel. Company)1		6.600	%	11/15/2015		11/15/2012	A	$	376,268
	10,760,000	Toledo-Lucas County, OH Port Authority (Crocker Park)1		5.250		12/01/2023		12/01/2013	A		11,251,194
	275,000	Toledo-Lucas County, OH Port Authority (Woodsage Properties)1		5.400		05/15/2014		08/20/2013	B		275,668
	90,000	Wadsworth, OH Hsg. Devel. Corp. (Medina Hsg.)1		6.200		03/01/2020		07/18/2012	A		90,244
	20,000	Washington County, OH Hospital (MAHC/MAHealth/MMHospital/ MMHF Obligated Group)1		5.375		09/01/2018		07/29/2012	A		20,052
											234,480,974
	Oklahoma–0.1%
	85,000	Cherokee County, OK EDA (NSU Student Hsg.)		5.250		12/01/2034		12/01/2015	A		86,620
	30,000	OK HFA (Single Family Mtg.)1		5.400		09/01/2029		03/01/2013	A		30,270
	1,240,000	Oklahoma County, OK HFA (Single Family Mtg.)1		6.600		10/01/2035		07/29/2012	A		1,327,594
	1,000,000	Tulsa, OK Airports1		5.375		06/01/2024		06/01/2015	A		1,074,600
											2,519,084
	Oregon–0.1%
	15,000	Klamath Falls, OR Airport		5.500		07/01/2016		07/24/2012	A		15,062
	60,000	Klamath Falls, OR Intercommunity Hospital Authority (Sky Lakes Medical Center)1		6.250		09/01/2031		09/01/2012	A		60,751
	25,000	Newberg, OR Public Safety		5.250		12/01/2012		07/29/2012	A		25,105
	15,000	OR Alternate Energy1		5.400		07/01/2016		07/29/2012	A		15,062
	10,000	OR Facilities Authority (College Housing Northwest)1		5.300		10/01/2022		10/01/2013	A		10,068
	20,000	OR GO1		5.375		08/01/2028		07/29/2012	A		20,020
	40,000	OR GO (Elderly & Disabled Hsg.)		5.450		08/01/2012		08/01/2012			40,169
	30,000	OR GO (Elderly & Disabled Hsg.)		5.450		08/01/2013		07/29/2012	A		30,118
	65,000	OR GO (Elderly & Disabled Hsg.)1		5.550		08/01/2016		07/29/2012	A		65,142
	20,000	OR GO (Elderly & Disabled Hsg.)1		5.600		08/01/2019		07/29/2012	A		20,039
	40,000	OR GO (Elderly & Disabled Hsg.)1		5.650		08/01/2026		07/29/2012	A		40,056
	35,000	OR GO (Elderly & Disabled Hsg.)1		5.700		08/01/2016		07/29/2012	A		35,081
	15,000	OR GO (Elderly & Disabled Hsg.)1		6.200		08/01/2020		07/29/2012	A		15,036
	40,000	OR GO (Elderly & Disabled Hsg.)1		6.300		08/01/2026		07/29/2012	A		40,077
	500,000	OR Health & Science University1		5.000		07/01/2023		07/01/2022	A		592,295
	1,000,000	OR Health & Science University1		5.000		07/01/2026		07/01/2022	A		1,146,620
	20,000	OR Hsg. & Community Services Dept. (Single Family Mtg.), Series F1		5.250		07/01/2022		07/29/2012	A		20,480
	45,000	Port of Portland, OR Airport (Portland International Airport)1		5.500		07/01/2018		07/29/2012	A		45,107
	40,000	Port Umatilla, OR Water1		6.450		08/01/2014		08/01/2012	A		40,177

46 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Oregon Continued
$	1,375,000	Portland, OR Hsg. Authority (Clay Street Apartments)		5.500	%	12/01/2021		07/29/2012	A	$	1,381,229
	1,180,000	Portland, OR Hsg. Authority (Columbia Street Apartments)		5.500		12/01/2021		07/29/2012	A		1,185,345
	1,000,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)		5.000		01/01/2016		03/25/2015	B		1,000,190
											5,843,229
	Pennsylvania–4.2%
	185,000	Allegheny County, PA HDA (Catholic Health East)1		5.375		11/15/2022		11/15/2012	A		186,473
	1,600,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.100		07/01/2014		07/22/2013	B		1,658,096
	5,165,000	Allegheny County, PA Redevel. Authority (Robinson Mall)1		7.000		11/01/2017		07/29/2012	A		5,165,258
	1,130,000	Bucks County, PA IDA (School Lane Foundation)1		4.600		03/15/2017		04/20/2015	B		1,161,719
	4,895,000	Chester County, PA H&EFA (Chester County Hospital)1		5.875		07/01/2016		07/24/2012	A		4,914,629
	800,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750		07/01/2021		07/29/2012	A		800,936
	2,305,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)1		6.250		01/01/2024		01/01/2019	A		2,567,401
	15,000	Delaware River Port Authority PA/NJ1		5.000		01/01/2015		07/29/2012	A		15,041
	220,000	Delaware River Port Authority PA/NJ1		5.625		01/01/2026		07/29/2012	A		220,447
	40,000	Delaware River Port Authority PA/NJ1		5.700		01/01/2023		07/29/2012	A		40,100
	1,000,000	Delaware Valley, PA Regional Financial Authority1		5.700		07/01/2027		07/01/2027			1,184,810
	5,500,000	Lehigh Northampton, PA Airport Authority1		6.000		05/15/2025		07/29/2012	A		5,506,600
	1,395,000	Lycoming County, PA Authority (Pennsylvania College of Technology)1		5.000		05/01/2026		05/01/2022	A		1,553,333
	1,475,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250		10/01/2023		05/25/2021	B		1,468,687
	1,300,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250		10/01/2027		07/29/2012	A		1,300,780
	35,000,000	Montgomery County, PA IDA2		5.750		08/01/2030		08/01/2030			42,661,150
	800,000	Northampton County, PA General Purpose Authority1		5.250		10/01/2030		10/01/2012	A		809,184
	32,095,000	PA EDFA (Albert Einstein Healthcare)1		6.250		10/15/2023		02/25/2019	A		36,224,022
	12,300,000	PA EDFA (National Gypsum Company)		6.125		11/01/2027		11/01/2027			11,774,667

47 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Pennsylvania Continued
$	8,120,000	PA EDFA (National Gypsum Company)		6.250	%	11/01/2027		11/01/2027		$	7,870,310
	500,000	PA EDFA (Northampton Generating)6		6.500		01/01/2013		01/01/2013			316,150
	1,390,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750		09/01/2020		09/01/2012	A		1,395,921
	10,300,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875		11/15/2016		07/29/2012	A		10,307,004
	8,565,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875		11/15/2016		07/29/2012	A		8,570,824
	295,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875		11/15/2021		07/29/2012	A		295,097
	25,000	PA HEFA (University of the Arts)		5.500		03/15/2020		07/29/2012	A		25,023
	785,000	PA HEFA (Ursinus College)1		5.000		01/01/2025		01/01/2022	A		877,834
	1,970,000	PA HEFA (Ursinus College)1		5.000		01/01/2027		01/01/2022	A		2,166,212
	1,675,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		06/01/2024		12/01/2016	A		1,788,247
	31,400,000	Philadelphia, PA H&HEFA (Temple University Health System)5		6.250		07/01/2023		07/01/2017	A		33,940,574
	65,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.600		04/01/2020		07/29/2012	A		65,122
	4,655,000	Reading, PA GO1		5.625		11/15/2020		03/26/2017	B		4,802,982
	4,175,000	St. Mary Hospital Authority, PA Health System (Catholic Health East)1		5.000		11/15/2021		05/15/2020	A		4,688,609
	8,310,000	St. Mary Hospital Authority, PA Health System (Catholic Health East)1		5.000		11/15/2022		05/15/2020	A		9,233,324
	795,000	St. Mary Hospital Authority, PA Health System (Catholic Health East)1		5.250		11/15/2023		05/15/2020	A		891,259
											206,447,825
	Rhode Island–2.0%
	960,000	Central Falls, RI Detention Facility		6.750		01/15/2013		10/17/2012	B		954,586
	60,000	Kent County, RI Water Authority1		5.375		07/15/2018		07/29/2012	A		60,413
	465,000	Providence, RI Public Building Authority, Series A1		5.000		12/15/2017		12/15/2012	A		469,078
	400,000	Providence, RI Public Building Authority, Series A		5.125		12/15/2014		07/29/2012	A		400,872
	300,000	Providence, RI Public Building Authority, Series A1		5.375		12/15/2021		07/29/2012	A		300,354
	5,065,000	Providence, RI Public Building Authority, Series A1		5.875		06/15/2026		06/15/2021	A		5,667,735
	25,000	Providence, RI Public Building Authority, Series B		5.500		12/15/2014		07/29/2012	A		25,073
	755,000	RI Clean Water Finance Agency (Triton Ocean)1		5.800		09/01/2022		07/29/2012	A		755,853

48 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Rhode Island Continued
$	5,000,000	RI Health & Educational Building Corp. (EPBH/RIH/TMH Obligated Group)1		7.000	%	05/15/2039		05/15/2019	A	$	5,950,450
	140,000	RI Health & Educational Building Corp. (Johnson & Wales University)		6.100		04/01/2026		10/01/2012	A		140,248
	225,000	RI Health & Educational Building Corp. (Lifespan)1		5.250		05/15/2026		07/29/2012	A		225,227
	1,065,000	RI Health & Educational Building Corp. (Providence Public Building Authority)1		5.000		05/15/2021		05/15/2017	A		1,144,481
	4,025,000	RI Health & Educational Building Corp. (Providence Public Building Authority)1		5.000		05/15/2022		05/15/2017	A		4,308,722
	4,055,000	RI Health & Educational Building Corp. (RIH/MHF/TMH/RIHF Obligated Group)1		5.750		05/15/2023		07/29/2012	A		4,062,340
	20,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)1		5.400		10/01/2026		07/11/2012	A		20,886
	145,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)1		6.500		04/01/2027		07/29/2012	A		145,334
	10,000	RI Hsg. & Mtg. Finance Corp. (Rental Hsg.)1		5.150		10/01/2022		07/29/2012	A		10,010
	25,000	RI Hsg. & Mtg. Finance Corp. (Rental Hsg.)1		5.375		04/01/2024		10/01/2012	A		25,088
	5,610,000	RI Student Loan Authority2		6.000		12/01/2023		05/15/2013	A		5,620,931
	25,110,000	RI Tobacco Settlement Financing Corp. (TASC)1		6.250		06/01/2042		07/29/2012	A		25,544,654
	7,410,000	RI Tobacco Settlement Financing Corp. (TASC), Series A1		6.000		06/01/2023		07/29/2012	A		7,557,533
	29,950,000	RI Tobacco Settlement Financing Corp. (TASC), Series A1		6.125		06/01/2032		07/29/2012	A		30,516,055
	845,000	West Warwick, RI GO1		5.150		03/01/2022		07/29/2012	A		847,560
	500,000	Woonsocket, RI GO1		6.000		10/01/2018		10/01/2018			487,755
											95,241,238
	South Carolina–0.6%
	560,000	Allendale County, SC School District Energy Savings Special Obligation		7.000		12/01/2013		06/06/2013	B		580,462
	110,000	Georgetown County, SC Environmental Improvement (International Paper Company)1		5.700		10/01/2021		07/29/2012	A		110,100
	250,000	Greenville County, SC Airport (Donaldson Industrial Air Park)1		6.125		10/01/2017		05/26/2015	B		252,123
	210,000	Lee County, SC School Facilities, Series 2006		6.000		12/01/2019		12/01/2017	A		236,712
	270,000	Lee County, SC School Facilities, Series 2006		6.000		12/01/2027		12/01/2017	A		288,614

49 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	South Carolina Continued
$	2,110,000	Lexington, SC One School Facilities Corp. (Lexington County School District No. 1)1		5.250	%	12/01/2024		12/01/2015	A	$	2,346,426
	2,340,000	Lexington, SC One School Facilities Corp. (Lexington County School District No. 1)1		5.250		12/01/2026		12/01/2015	A		2,604,677
	9,955,000	Richland County, SC Environmental Improvement (International Paper Company)1		6.100		04/01/2023		04/01/2013	A		10,354,892
	1,735,000	SC Connector 2000 Assoc. Toll Road, Series B		5.604	4	01/01/2021		01/01/2021			60,725
	720,000	SC Connector 2000 Assoc. Toll Road, Series B		5.702	4	01/01/2026		01/01/2026			25,200
	30,000	SC Educational Facilities Authority (Southern Wesleyan University)		5.850		03/01/2016		07/29/2012	A		30,034
	100,000	SC Educational Facilities Authority (Southern Wesleyan University)1		6.000		03/01/2023		07/29/2012	A		100,056
	10,000	SC Hsg. Finance & Devel. Authority1		5.950		07/01/2029		07/29/2012	A		10,014
	80,000	SC Hsg. Finance & Devel. Authority, Series A1		5.400		07/01/2021		07/29/2012	A		80,150
	10,000	SC Hsg. Finance & Devel. Authority, Series A-21		5.300		07/01/2019		07/29/2012	A		10,017
	2,235,000	SC Jobs EDA (Bon Secours Health System/Bon Secours-Venice Healthcare Corp. Obligated Group)1		5.500		11/15/2023		11/15/2012	A		2,278,583
	6,360,000	SC Jobs EDA (Bon Secours)1		5.625		11/15/2030		11/15/2012	A		6,460,679
	15,000	SC Jobs EDA (Electric & Gas Company)1		5.450		11/01/2032		11/01/2012	A		15,059
	3,490,000	SC Jobs EDA (Palmetto Health)1		6.250		08/01/2031		08/01/2013	A		3,677,832
											29,522,355
	South Dakota–0.5%
	8,430,000	SD Education Loans		5.600		06/01/2020		06/01/2020			6,174,301
	16,020,000	SD Educational Enhancement Funding Corp. Tobacco Settlement1		6.500		06/01/2032		07/29/2012	A		16,540,810
	560,000	SD Hsg. Devel. Authority (Homeownership)1		5.750		05/01/2031		05/01/2031			585,323
											23,300,434
	Tennessee–1.2%
	10,000	Blount County, TN Hospital, Series B1		5.125		07/01/2019		07/29/2012	A		10,013
	50,000	Columbia, TN Electric System		5.625		09/01/2017		07/29/2012	A		50,220
	1,860,000	TN Energy Acquisition Gas Corp.1		5.000		02/01/2021		02/01/2021			2,001,974
	19,530,000	TN Energy Acquisition Gas Corp.1		5.000		02/01/2023		02/01/2023			20,582,667
	10,000,000	TN Energy Acquisition Gas Corp.1		5.250		09/01/2019		09/01/2019			11,172,300
	5,000,000	TN Energy Acquisition Gas Corp.1		5.250		09/01/2020		09/01/2020			5,571,550
	3,000,000	TN Energy Acquisition Gas Corp.1		5.250		09/01/2021		09/01/2021			3,357,120

50 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Tennessee Continued
$	12,235,000	TN Energy Acquisition Gas Corp.1		5.250	%	09/01/2024		09/01/2024		$	13,374,568
											56,120,412
	Texas–5.1%
	605,000	Austin, TX Utility System		6.730	4	11/15/2014		11/15/2012	A		521,855
	55,000	Bexar County, TX HFC (American Opportunity Hsg.-Cinnamon Creek)		5.750		12/01/2013		12/01/2012	A		56,946
	115,000	Bexar County, TX HFC (Doral Club)1		8.750		10/01/2036		11/02/2028	B		87,735
	65,000	Bexar County, TX HFC (Honey Creek Apartments)		5.875		04/01/2014		07/29/2012	A		65,043
	460,000	Bexar County, TX HFC (Perrin Square)1		6.550		12/20/2034		12/20/2012	A		483,925
	150,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750		10/01/2038		10/01/2038			13,884
	290,000	Brazos River, TX Harbor Navigation District (Dow Chemical Company)1		6.625		05/15/2033		07/29/2012	A		293,463
	75,000	Cass County, TX IDC (International Paper Company)1		6.000		09/01/2025		09/01/2012	A		75,500
	285,000	Cass County, TX IDC (International Paper Company)1		6.600		03/15/2024		07/29/2012	A		286,057
	305,000	Catroville, TX COP1		4.750		08/01/2016		08/01/2012	A		305,567
	380,000	Clifton, TX Higher Education Finance Corp. (Tejano Center Community Concerns)1		7.750		02/15/2018		04/14/2016	B		418,072
	60,000	Collin County, TX HFC (Community College District Foundation)		5.250		06/01/2023		07/08/2021	B		50,527
	500,000	Corpus Christi, TX Business & Job Devel. Corp. (Seawall)1		5.375		03/01/2013		07/29/2012	A		501,885
	10,000	Corpus Christi, TX General Airport1		5.500		02/15/2017		08/15/2012	A		10,052
	100,000	Corpus Christi, TX General Airport1		5.625		02/15/2019		08/15/2012	A		100,420
	4,010,000	Crawford, TX Education Facility Corp. (University of St. Thomas)1		5.375		10/01/2027		10/01/2012	A		4,054,391
	1,565,000	Dallas-Fort Worth, TX International Airport1		5.500		11/01/2020		07/29/2012	A		1,570,243
	7,750,000	Dallas-Fort Worth, TX International Airport1		5.500		11/01/2021		07/29/2012	A		7,775,265
	550,000	Dallas-Fort Worth, TX International Airport1		5.500		11/01/2021		11/01/2013	A		580,311
	685,000	Dallas-Fort Worth, TX International Airport1		5.500		11/01/2031		07/29/2012	A		692,247
	9,475,000	Dallas-Fort Worth, TX International Airport1		5.500		11/01/2035		07/29/2012	A		9,600,449
	15,000	Dallas-Fort Worth, TX International Airport1		5.625		11/01/2026		07/29/2012	A		15,048
	15,000	Dallas-Fort Worth, TX International Airport1		5.750		11/01/2015		07/29/2012	A		15,062
	65,000	Dallas-Fort Worth, TX International Airport1		5.750		11/01/2030		07/29/2012	A		65,127

51 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Texas Continued
$	4,580,000	Dallas-Fort Worth, TX International Airport1		6.000	%	11/01/2023		07/29/2012	A	$	4,597,725
	4,230,000	Dallas-Fort Worth, TX International Airport		6.000		11/01/2024		07/29/2012	A		4,250,050
	80,000	Dallas-Fort Worth, TX International Airport1		6.000		11/01/2028		07/29/2012	A		80,319
	2,120,000	Dallas-Fort Worth, TX International Airport		6.000		11/01/2032		07/29/2012	A		2,127,674
	2,940,000	Dallas-Fort Worth, TX International Airport1		6.100		11/01/2019		07/29/2012	A		2,951,319
	30,000	Dallas-Fort Worth, TX International Airport		6.125		11/01/2035		07/29/2012	A		30,112
	3,700,000	Dallas-Fort Worth, TX International Airport1		6.250		11/01/2028		07/29/2012	A		3,715,096
	4,675,000	Dallas-Fort Worth, TX International Airport1		6.250		11/01/2028		07/29/2012	A		4,694,074
	35,000	Del Rio, TX Airport1		5.400		07/01/2019		07/29/2012	A		35,077
	50,000	Eagle Pass, TX Waterworks & Sewer1		5.050		12/01/2017		07/29/2012	A		50,170
	140,000	El Paso County, TX HFC (American Village Communities), Series A1		6.250		12/01/2020		12/01/2012	A		141,029
	440,000	Gonzales, TX Healthcare System1		5.500		08/15/2019		07/29/2012	A		440,849
	400,000	Greater Greenspoint, TX Redevel. Authority1		5.250		09/01/2022		09/01/2012	A		400,740
	4,660,000	Gulf Coast, TX IDA (Citgo Petroleum Corp.)1		7.500		05/01/2025		10/01/2012	C		4,691,781
	340,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)1		8.000		04/01/2028		07/29/2012	A		340,524
	14,465,000	Gulf Coast, TX Waste Disposal Authority (International Paper Company)1		6.100		08/01/2024		08/01/2012	A		14,515,917
	12,470,000	Harris County, TX HFDC (St. Luke’s Episcopal Hospital)1		6.750		02/15/2021		07/29/2012	A		15,035,204
	40,000	Harris County, TX Municipal Utility District No. 304		5.300		09/01/2013		07/29/2012	A		40,073
	1,100,000	Harris County, TX Sports Authority Revenue1		5.250		11/15/2021		11/15/2012	A		1,099,945
	100,000	Harris County-Houston, TX Sports Authority1		5.250		11/15/2022		11/15/2012	A		99,995
	2,105,000	Harris County-Houston, TX Sports Authority1		5.750		11/15/2019		07/29/2012	A		2,106,558
	1,045,000	Houston, TX Airport Special Facilities (Continental Airlines)1		5.500		07/15/2017		07/29/2012	A		1,048,125
	3,560,000	Houston, TX Airport Special Facilities (Continental Airlines)1		6.125		07/15/2017		03/16/2015	B		3,552,239
	3,000,000	Houston, TX Airport System1		5.000		07/01/2026		07/01/2021	A		3,427,170
	6,150,000	Houston, TX Airport System1		5.000		07/01/2027		07/01/2022	A		6,816,230
	2,000,000	Houston, TX Airport System1		5.000		07/01/2030		07/01/2022	A		2,178,220
	5,000,000	Houston, TX Airport System1		5.000		07/01/2031		07/01/2022	A		5,415,400

52 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Texas Continued
$	10,000	Houston, TX Airport System (People Mover)		5.375	%	07/15/2012		07/15/2012		$	10,014
	470,000	Houston, TX HFC (Single Family Mtg.)1		6.750		06/01/2033		12/01/2017	A		486,981
	1,000,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		5.875		05/15/2021		05/15/2021			1,142,920
	100,000	Houston, TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment)1		5.250		09/01/2033		07/29/2012	A		100,055
	1,265,000	Houston, TX Hsg. Corp. (6800 Long Drive Apartments)1		6.625		02/01/2020		08/01/2012	A		1,267,884
	35,000	Laredo, TX Independent School District Public Facility Corp.1		5.000		08/01/2024		08/01/2012	A		35,040
	30,000	Lewisville, TX HFC (Lewisville Limited)1		5.500		06/01/2017		07/29/2012	A		30,062
	90,000	Lewisville, TX HFC (Lewisville Limited)1		5.600		12/01/2029		07/29/2012	A		90,097
	60,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)1		6.750		07/01/2012		07/01/2012			59,995
	22,870,000	McLennan County, TX Public Facility Corp.1		6.625		06/01/2035		11/18/2014	A		24,918,923
	870,000	Midland County, TX Hospital District		5.375		06/01/2016		07/29/2012	A		872,192
	16,000,000	Mission, TX EDC (Waste Management)1		6.000		08/01/2020		08/01/2013	C		16,883,520
	50,000	Montgomery County, TX Municipal Utility District No. 40 (Waterworks & Sewer)1		5.000		03/01/2019		07/29/2012	A		50,119
	80,000	North Central TX HFDC (Children’s Medical Center)1		6.000		08/15/2016		07/29/2012	A		80,290
	100,000	North Channel, TX Water Authority System1		5.000		07/10/2015		07/29/2012	A		100,221
	940,000	North TX Tollway Authority1		5.000		01/01/2022		01/01/2013	A		951,374
	585,000	Permian Basin, TX HFC (Single Family Mtg.)1		5.650		01/01/2038		11/01/2014	A		618,298
	45,000	Permian Basin, TX HFC (Single Family Mtg.)1		5.750		01/01/2038		07/01/2016	A		47,726
	620,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)		6.450		06/01/2021		06/01/2021			57,381
	75,000	Sam Rayburn, TX Municipal Power Agency1		5.750		10/01/2021		10/01/2012	A		75,524
	455,000	Silsbee, TX GO COP1		4.500		05/01/2016		07/29/2012	A		456,420
	480,000	Silsbee, TX GO COP1		4.500		05/01/2017		07/29/2012	A		481,498
	40,000	Southlake Parks, TX Devel. Corp.1		5.375		08/15/2021		07/29/2012	A		40,134
	4,030,000	Texas City, TX Industrial Devel. Corp. (BP Pipeline-North America)1		7.375		10/01/2020		10/01/2020			5,469,113

53 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Texas Continued
$	235,000	Trinity, TX River Authority (TXU Energy Company)		6.250	%	05/01/2028		05/01/2028		$	20,572
	70,000	TX Dept. of Hsg. & Community Affairs (Pebble Brook Apartments)1		5.550		12/01/2024		08/01/2012	A		70,119
	55,000	TX Dept. of Hsg. & Community Affairs (Pebble Brook Apartments)1		5.600		12/01/2030		08/01/2012	A		55,066
	105,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		5.875		09/01/2022		04/18/2019	B		79,076
	5,000	TX GO		5.750		08/01/2026		07/02/2012	A		5,002
	100,000	TX GO (Water Financial Assistance)		5.250		08/01/2022		07/29/2012	A		100,396
	20,000	TX GO (Water Financial Assistance)		5.750		08/01/2031		07/02/2012	A		20,082
	55,000	TX Lower Colorado River Authority1		5.000		05/15/2020		07/29/2012	A		55,185
	100,000	TX Lower Colorado River Authority		5.500		05/15/2021		07/29/2012	A		100,371
	1,390,000	TX Multifamily Hsg. Revenue Bond Pass-Through Certificates (Skyway Villas)		5.950		11/01/2034		12/01/2012	A		1,394,170
	3,415,000	TX Municipal Gas Acquisition & Supply Corp.		5.250		12/15/2023		12/15/2023			3,675,701
	61,535,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250		12/15/2026		08/04/2023	B		72,343,623
	2,360,000	TX SA Energy Acquisition Public Facility Corp. (Gas Supply)1		5.500		08/01/2021		08/01/2021			2,623,234
	25,000	TX Water Devel. Board		5.250		07/15/2015		07/29/2012	A		25,100
	25,000	TX Water Devel. Board (State Revolving Fund)1		5.375		07/15/2016		07/29/2012	A		25,105
	650,000	West Travis County, TX Public Utility Agency1		3.000		08/15/2015		08/15/2013	A		659,263
	820,000	West Travis County, TX Public Utility Agency1		3.000		08/15/2017		08/15/2013	A		826,749
	550,000	West Travis County, TX Public Utility Agency1		3.500		08/15/2019		08/15/2013	A		553,399
	970,000	Willacy County, TX Public Facilities Corp.1		8.250		12/01/2023		12/01/2012	A		1,003,824
	50,000	Ysleta, TX Independent School District1		5.375		11/15/2024		11/15/2012	A		50,783
											249,533,290
	U.S. Possessions–14.1%
	2,700,000	Guam Education Financing Foundation COP (Guam Public School Facilities)		4.500		10/01/2026		10/01/2026			2,525,391
	1,000,000	Guam International Airport Authority1		5.250		10/01/2022		07/29/2012	A		1,001,460
	20,000	Guam International Airport Authority1		5.375		10/01/2017		10/01/2013	A		20,600
	310,000	Guam Power Authority, Series A1		5.000		10/01/2024		07/29/2012	A		310,053
	300,000	Guam Power Authority, Series A1		5.250		10/01/2023		07/29/2012	A		300,060
	18,300,000	Puerto Rico Aqueduct & Sewer Authority1		5.500		07/01/2028		07/01/2022	A		19,662,069

54 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	U.S. Possessions Continued
$	1,005,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375	%	05/15/2033		11/15/2012	A	$	1,004,940
	5,605,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500		05/15/2039		11/15/2012	A		5,604,552
	65,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625		05/15/2043		11/15/2012	A		64,994
	9,800,000	Puerto Rico Commonwealth GO1		4.750		12/01/2015		12/01/2012	A		10,020,990
	4,720,000	Puerto Rico Commonwealth GO1		5.125		07/01/2031		07/29/2012	A		4,720,897
	8,500,000	Puerto Rico Commonwealth GO1		5.250		07/01/2024		07/01/2016	A		9,030,230
	7,930,000	Puerto Rico Commonwealth GO1		5.250		07/01/2026		07/01/2016	A		8,379,155
	5,685,000	Puerto Rico Commonwealth GO1		5.250		07/01/2034		07/01/2017	A		5,772,378
	3,355,000	Puerto Rico Commonwealth GO1		5.500		07/01/2017		07/01/2017			3,754,715
	1,000,000	Puerto Rico Commonwealth GO1		5.500		07/01/2017		07/01/2017			1,119,140
	9,575,000	Puerto Rico Commonwealth GO1		5.500		07/01/2017		07/01/2017			10,715,766
	60,000,000	Puerto Rico Commonwealth GO1		5.500		07/01/2026		07/01/2018	A		63,498,600
	2,300,000	Puerto Rico Commonwealth GO1		5.500		07/01/2027		07/01/2022	A		2,469,280
	2,635,000	Puerto Rico Commonwealth GO1		5.625		07/01/2032		07/01/2016	A		2,765,670
	1,430,000	Puerto Rico Commonwealth GO1		5.625		07/01/2033		07/01/2016	A		1,499,841
	1,125,000	Puerto Rico Commonwealth GO1		6.000		07/01/2027		07/01/2018	A		1,253,903
	51,665,000	Puerto Rico Commonwealth GO1		6.000		07/01/2029		07/01/2016	A		56,706,471
	10,000,000	Puerto Rico Commonwealth GO1		6.500		07/01/2037		07/01/2019	A		11,263,900
	7,000,000	Puerto Rico Electric Power Authority, Series AAA1		5.250		07/01/2028		07/01/2020	A		7,439,040
	56,565,000	Puerto Rico Electric Power Authority, Series CCC1		5.250		07/01/2026		07/01/2015	A		60,406,895
	13,025,000	Puerto Rico Electric Power Authority, Series CCC1		5.250		07/01/2028		07/01/2020	A		13,841,928
	1,060,000	Puerto Rico Electric Power Authority, Series ZZ1		5.250		07/01/2026		07/01/2020	A		1,142,479
	4,600,000	Puerto Rico Highway & Transportation Authority1		3.771	3	07/01/2028		07/01/2028			3,866,806
	1,095,000	Puerto Rico Highway & Transportation Authority1		5.000		07/01/2018		01/01/2013	A		1,110,888
	1,340,000	Puerto Rico Highway & Transportation Authority, Series G1		5.250		07/01/2019		07/01/2013	A		1,407,456
	675,000	Puerto Rico Highway & Transportation Authority, Series G1		5.250		07/01/2019		07/01/2013	A		694,440
	1,045,000	Puerto Rico Highway & Transportation Authority, Series N1		5.500		07/01/2021		07/01/2021			1,168,843
	6,720,000	Puerto Rico Highway & Transportation Authority, Series Y1		6.250		07/01/2021		07/15/2020	B		8,071,930
	75,000	Puerto Rico Industrial Devel. Company, Series B		5.375		07/01/2016		07/29/2012	A		75,169
	1,000,000	Puerto Rico Industrial Devel. Company, Series B1		5.375		07/01/2016		07/29/2012	A		1,003,960
	8,440,000	Puerto Rico Infrastructure1		5.500		07/01/2020		07/01/2020			9,503,018

55 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	U.S. Possessions Continued
$	3,115,000	Puerto Rico Infrastructure1		5.500	%	07/01/2021		07/01/2021		$	3,518,206
	4,670,000	Puerto Rico Infrastructure1		5.500		07/01/2022		07/01/2022			5,286,160
	1,140,000	Puerto Rico Infrastructure1		5.500		07/01/2023		07/01/2023			1,285,612
	1,000,000	Puerto Rico Infrastructure1		5.500		07/01/2027		07/01/2027			1,099,630
	14,000,000	Puerto Rico Infrastructure1		6.000		12/15/2026		12/15/2021	A		16,064,860
	560,000	Puerto Rico Infrastructure (Mepsi Campus)		5.600		10/01/2014		10/11/2013	B		577,612
	2,945,000	Puerto Rico Infrastructure (Mepsi Campus)		6.250		10/01/2024		07/19/2017	A		3,097,757
	3,500,000	Puerto Rico Infrastructure Financing Authority1		5.250		12/15/2026		12/15/2021	A		3,680,250
	3,310,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625		06/01/2026		07/29/2012	A		3,322,744
	505,000	Puerto Rico ITEMECF (InterAmerican University)1		5.000		10/01/2018		07/29/2012	A		505,838
	160,000	Puerto Rico ITEMECF (University Plaza)1		5.625		07/01/2014		01/01/2013	A		162,810
	2,000,000	Puerto Rico Municipal Finance Agency, Series A1		5.250		08/01/2019		08/01/2012	A		2,005,100
	1,350,000	Puerto Rico Public Buildings Authority1		5.250		07/01/2017		07/01/2017			1,498,554
	135,000	Puerto Rico Public Buildings Authority1		5.500		07/01/2023		07/01/2016	A		145,296
	4,990,000	Puerto Rico Public Buildings Authority1		5.750		07/01/2022		07/01/2022			5,607,862
	3,590,000	Puerto Rico Public Buildings Authority1		6.000		07/01/2027		07/01/2018	A		4,032,037
	500,000	Puerto Rico Public Buildings Authority1		6.125		07/01/2023		07/01/2019	A		574,060
	735,000	Puerto Rico Public Buildings Authority1		6.250		07/01/2021		07/01/2021			850,299
	5,220,000	Puerto Rico Public Buildings Authority1		6.250		07/01/2022		07/01/2022			6,025,028
	2,905,000	Puerto Rico Public Buildings Authority1		6.250		07/01/2026		07/01/2019	A		3,349,756
	1,000,000	Puerto Rico Public Buildings Authority1		6.750		07/01/2036		07/01/2019	A		1,171,570
	2,950,000	Puerto Rico Public Buildings Authority1		7.000		07/01/2021		07/01/2014	A		3,234,557
	13,200,000	Puerto Rico Public Buildings Authority1		7.000		07/01/2025		06/01/2014	A		14,268,804
	37,400,000	Puerto Rico Public Finance Corp., Series A1		6.500		08/01/2028		08/01/2016	A		41,107,462
	69,770,000	Puerto Rico Public Finance Corp., Series B1		5.500		08/01/2031		08/01/2021	A		74,575,758
	10,675,000	Puerto Rico Public Finance Corp., Series B1		6.000		08/01/2024		08/01/2021	A		12,369,229

56 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	U.S. Possessions Continued
$	17,475,000	Puerto Rico Public Finance Corp., Series B1		6.000	%	08/01/2025		08/01/2021	A	$	20,023,904
	8,210,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.250		08/01/2027		08/01/2019	A		9,151,194
	2,280,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500		08/01/2028		08/01/2019	A		2,569,355
	11,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.625		08/01/2030		02/01/2015	A		11,627,880
	690,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.125		08/01/2029		02/01/2014	A		753,452
	24,135,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.125		08/01/2029		02/01/2014	A		25,892,993
	9,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500		08/01/2044		08/01/2019	A		10,543,050
	6,495,000	Puerto Rico Sales Tax Financing Corp., Series B1		6.000		08/01/2026		08/01/2021	A		7,376,761
	35,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.500		08/01/2035		08/01/2020	A		41,620,250
	1,000,000	University of Puerto Rico1		5.000		06/01/2020		06/01/2016	A		1,048,740
	5,000,000	University of Puerto Rico1		5.000		06/01/2025		06/01/2016	A		5,112,800
	2,535,000	University of Puerto Rico, Series P1		5.000		06/01/2023		06/01/2016	A		2,616,982
	1,790,000	University of Puerto Rico, Series Q1		5.000		06/01/2022		06/01/2016	A		1,858,539
	4,675,000	V.I. Public Finance Authority, Series A1		6.375		10/01/2019		07/29/2012	A		4,690,708
											687,501,366
	Utah–0.1%
	558,000	Eagle Mountain, UT Special Assessment		6.250		05/01/2013		05/01/2013			567,871
	15,000	Intermountain, UT Power Agency		5.000		07/01/2013		07/20/2012	A		15,060
	2,175,000	Intermountain, UT Power Agency1		5.250		07/01/2023		07/01/2013	A		2,275,681
	490,000	UT HFA (Single Family Mtg.)1		6.125		01/01/2027		07/29/2012	A		490,892
	5,000	UT University Campus Facilities System, Series A1		6.750		10/01/2014		07/29/2012	A		5,017
											3,354,521
	Vermont–0.3%
	95,000	Burlington, VT Airport1		5.600		07/01/2017		07/25/2012	A		95,200
	1,000,000	Burlington, VT Airport, Series A1		5.000		07/01/2023		07/01/2023			986,690
	105,000	Burlington, VT Airport, Series B1		5.750		07/01/2017		07/25/2012	A		105,234
	205,000	Burlington, VT COP1		5.500		12/01/2016		07/29/2012	A		205,859
	1,830,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2019		10/01/2019			2,127,833
	1,820,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2020		10/01/2020			2,121,538

57 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Vermont Continued
$	2,020,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000	%	10/01/2021		10/01/2021		$	2,361,198
	1,025,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2022		10/01/2022			1,191,696
	1,000,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2023		10/01/2022	A		1,152,480
	750,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2024		10/01/2022	A		851,738
	1,000,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2025		10/01/2022	A		1,121,850
	870,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)1		5.000		10/01/2027		10/01/2022	A		965,744
											13,287,060
	Virginia–0.5%
	5,000,000	Halifax County, VA IDA (Old Dominion Electric Cooperative)1		5.625		06/01/2028		06/01/2013	A		5,231,300
	6,000,000	Henrico County, VA IDA (Bon Secours Health Systems)1		0.418	3	08/23/2027		07/05/2012	A		4,773,000
	265,000	Norfolk, VA EDA, Series B		5.625		11/01/2015		05/29/2014	B		243,180
	7,030,000	Suffolk, VA Redevel. & Hsg. Authority (Henrico-Richmond)		5.000		08/01/2036		08/01/2014	A		7,503,400
	717,000	VA Gateway Community Devel. Authority		6.375		03/01/2030		03/01/2013	A		736,574
	4,705,000	VA Hsg. Devel. Authority, Series E1		6.375		01/01/2036		07/01/2018	A		5,264,377
	1,938,000	Watkins Centre, VA Community Devel. Authority		5.400		03/01/2020		11/22/2014	A		1,994,105
											25,745,936
	Washington–2.8%
	2,575,000	Bellingham, WA Hsg. Authority (Cascade Meadows)1		5.200		11/01/2027		07/29/2012	A		2,588,055
	795,000	Chelan County, WA Devel. Corp. (Alcoa)1		5.850		12/01/2031		07/29/2012	A		795,596
	15,000,000	Chelan County, WA Public Utility District No. 1 (Chelan Hydro)1		6.050		07/01/2032		07/01/2013	A		15,950,850
	1,755,000	Clark County, WA Public Utility District No. 11		5.500		01/01/2025		07/29/2012	A		1,761,195
	930,000	Kent, WA GO1		5.375		12/01/2020		07/29/2012	A		933,720
	25,000	King County, WA Hsg. Authority (Cascadian Apartments)1		6.850		07/01/2024		01/01/2013	A		25,353
	15,000	King County, WA Hsg. Authority (Fairwood Apartments)1		5.900		12/01/2015		12/01/2012	A		15,151

58 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Washington Continued
$	160,000	King County, WA Hsg. Authority (Fairwood Apartments)1		6.000	%	12/01/2025		12/01/2012	A	$	161,325
	10,000	King County, WA Hsg. Authority (Rural Preservation)		5.750		01/01/2028		12/18/2023	B		9,711
	115,000	Pierce County, WA Hsg. Authority		5.800		12/01/2023		11/29/2012	A		114,989
	3,000,000	Port Longview, WA1		6.250		12/01/2018		07/29/2012	A		3,023,730
	2,300,000	Port of Seattle, WA GO1		5.000		09/01/2025		09/01/2021	A		2,625,749
	2,000,000	Port of Seattle, WA GO1		5.000		09/01/2026		09/01/2021	A		2,262,880
	245,000	Prosser, WA Water & Sewer		5.400		09/01/2012		07/29/2012	A		246,049
	25,000	WA COP (Dept. of General Administration)1		5.500		10/01/2013		07/29/2012	A		25,107
	20,000	WA COP (Dept. of General Administration)1		5.600		10/01/2015		07/29/2012	A		20,084
	30,000	WA COP (Dept. of General Administration)		5.600		10/01/2016		07/29/2012	A		30,125
	75,000	WA Health Care Facilities Authority (Group Health Cooperative of Puget Sound)1		5.000		12/01/2019		12/01/2012	A		75,372
	500,000	WA Health Care Facilities Authority (Group Health Cooperative of Puget Sound)1		5.375		12/01/2017		12/01/2012	A		503,955
	75,000	WA Health Care Facilities Authority (Harrison Memorial Hospital)		5.300		08/15/2014		07/29/2012	A		75,176
	145,000	WA Health Care Facilities Authority (Harrison Memorial Hospital)		5.400		08/15/2023		07/29/2012	A		145,142
	50,000	WA Health Care Facilities Authority (Swedish Health Services)1		5.250		11/15/2026		07/29/2012	A		50,052
	10,000,000	WA Health Care Facilities Authority (Swedish Health Services)1		6.500		11/15/2027		11/15/2015	A		11,379,800
	5,000	WA Health Care Facilities Authority (Yakima Valley Memorial Hospital Assoc.)		5.375		12/01/2014		07/29/2012	A		5,010
	45,000	WA HFC1		5.000		06/01/2021		12/01/2013	A		45,260
	70,250,000	WA Tobacco Settlement Authority (TASC)1		6.500		06/01/2026		06/01/2013	A		73,262,320
	21,340,000	WA Tobacco Settlement Authority (TASC)1		6.625		06/01/2032		06/01/2013	A		22,201,496
											138,333,252
	West Virginia–0.0%
	100,000	WV Hospital Finance Authority (Charleston Area Medical Center)1		5.500		09/01/2028		09/01/2014	A		102,593
	55,000	WV Water Devel. Authority1		5.625		07/01/2030		07/29/2012	A		55,073
	50,000	WV Water Devel. Authority1		6.250		07/01/2030		07/29/2012	A		50,092
	75,000	WV West Liberty State College, Series A1		6.000		06/01/2023		06/01/2013	A		76,912
											284,670

59 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity	Effective Maturity**			Value
	Wisconsin–1.6%
$	390,000	Janesville, WI Industrial Devel. (Paramount Communications)1		7.000	%	10/15/2017		07/29/2012	A	$	391,006
	16,000,000	Marshfield, WI Electric1		5.500		12/01/2030		12/01/2020	A		18,537,600
	135,000	Milwaukee, WI Redevel. Authority (Milwaukee Science Education Consortium)1		5.625		08/01/2025		08/01/2012	A		135,003
	5,270,000	WI H&EFA (AHC/AMG/AHCM Obligated Group)1		6.400		04/15/2033		04/15/2013	A		5,380,248
	12,650,000	WI H&EFA (AHC/AMG/AHCM Obligated Group)1		6.500		04/15/2033		04/15/2013	A		12,915,397
	150,000	WI H&EFA (Beloit College)1		5.250		06/01/2025		06/01/2020	A		162,725
	3,085,000	WI H&EFA (Beloit College)1		5.750		06/01/2021		06/01/2015	A		3,293,824
	360,000	WI H&EFA (Hudson Memorial Hospital)1		5.600		07/15/2022		07/29/2012	A		361,476
	100,000	WI H&EFA (Lawrence University of Wisconsin)1		5.125		10/15/2018		07/29/2012	A		100,186
	1,000,000	WI H&EFA (Marshfield Clinic)1		5.000		02/15/2027		02/15/2022	A		1,082,040
	11,545,000	WI H&EFA (Medical College of Wisconsin)1		5.500		12/01/2026		12/01/2015	A		12,190,135
	100,000	WI H&EFA (Prohealth Care/Waukesha Memorial Hospital/Prohealth Care Obligated Group)1		6.375		02/15/2029		02/15/2019	A		115,800
	1,000,000	WI H&EFA (Vernon Memorial Healthcare)1		5.100		03/01/2025		03/01/2015	A		1,019,600
	2,695,000	WI H&EFA (Wheaton Franciscan Services)1		5.125		08/15/2033		08/15/2013	A		2,718,932
	5,000,000	WI H&EFA (Wheaton Franciscan Services)1		5.250		08/15/2025		08/15/2013	A		5,074,850
	9,715,000	WI H&EFA (Wheaton Franciscan Services/Wheaton Franciscan Medical Group Obligated Group)1		5.250		08/15/2025		08/15/2016	A		10,207,773
	1,000,000	WI H&EFA (Wheaton Franciscan Services/Wheaton Franciscan Medical Group Obligated Group)1		5.250		08/15/2026		08/15/2016	A		1,045,650
	540,000	WI H&EFA (WMA/MHCC/MVS Obligated Group)1		5.600		08/15/2023		08/15/2013	A		550,724
	30,000	WI Hsg. & EDA (Home Ownership), Series C1		6.000		09/01/2036		09/01/2015	A		31,336
	1,000,000	WI Hsg. & EDA, Series B1		5.250		03/01/2029		09/01/2017	A		1,051,950
	5,000	WI Hsg. & EDA, Series B1		5.300		11/01/2018		07/29/2012	A		5,009
	1,000,000	WI Hsg. & EDA, Series B1		5.750		11/01/2025		05/01/2020	A		1,132,150
											77,503,414
	Wyoming–0.0%
	1,500,000	WY Community Devel. Authority (Single Family Mtg.)1		5.000		12/01/2022		06/01/2017	A		1,597,740
	Total Municipal Bonds and Notes (Cost $4,936,058,953)										5,090,483,216

60 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon	Maturity	Value
	Corporate Bonds and Notes–0.0%
$	9,431	Delta Air Lines, Inc., Sr. Unsec. Nts.9 (Cost $9,338) 8.000%		12/1/15	$	9,206
	Total Investments, at Value (Cost $4,936,068,291)-104.4%					5,090,492,422
	Liabilities in Excess of Other Assets-(4.4)					(216,076,618	)
	Net Assets-100.0%				$	4,874,415,804

Footnotes to Statement of Investments

* June 29, 2012 represents the last business day of the Fund’s Quarterly period. See accompanying Notes.

** Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.

A. Optional call date; corresponds to the most conservative yield calculation.

B. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.

C. Date of mandatory put.

1. All or a portion of the security position has been segregated for collateral to cover borrowings.

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

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

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

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 29, 2012. See accompanying Notes.

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

7. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $11,004,300 or 0.23% of the Fund’s net assets as of June 29, 2012.

8. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See accompanying Notes.

9. Received as a result of a corporate action.

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

ACTS	Adult Communities Total Services
AHACHC	ARC/HDS Alamance County Housing Corp.
AHC	Aurora Health Center
AHCM	Aurora Health Care Metro
AMG	Aurora Medical Group
AUS	Allegheny United Hospital
BCH	Bethany Covenant Home
BCHCC	Bernalillo County Health Care Corp.
BSHS	BonSecours Health Systems
BSVHC	BonSecours-Venice Healthcare Corp.
CDA	Communities Devel. Authority
CHCW	Catholic Healthcare West
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHHC	Community Health & Home Care
CHS	Catholic Health Services
CHlthS	Centegra Health Systems
CMH	Copley Memorial Hospital
COP	Certificates of Participation
CRC	Covenant Retirement Communities
CSAHS	The Sisters of Charity of St. Augustine Health System
CVC	Covenant Village of Colorado
CVH	Central Vermont Hospital
DHC	Dartmouth-Hitchcock Clinic
DKH	Day Kimball Hospital
DRIVERS	Derivative Inverse Tax Exempt Receipts
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.

61 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
EMH	Elmhurst Memorial Hospital
EMHC	Elmhurst Memorial Healthcare
EMHH	Elmhurst Memorial Home Health
EMHS	Elmhurst Memorial Health System
EPBH	Emma Pendelton Bradley Hospital
FHA	Federal Housing Agency/Authority
FHS	Freeman Health System
FRS	Family Rehabilitation Services (Hancock Manor)
GINNE	Goodwill Industries of Northern New England
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HDA	Hospital Devel. Authority
HEFA	Higher Education Facilities Authority
HEFFA	Higher Educational Facilities Finance Authority
HEHA	Higher Education and Health Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HNE	Healthnet of New England
HSC	Hospital for Special Care
HUHS	Hahnemann University Hospital System
IDA	Industrial Devel. Agency
IDC	Industrial Devel. Corp.
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KGC	Kuakini Geriatric Care
KHS	Kuakini Health System
KMC	Kuakini Medical Center
KSS	Kuakini Support Services
LFH	Lake Forest Hospital
LFHFI	Lake Forest Hospital & Fitness Hospital
MAHC	Marietta Area Health Care
MAHealth	Marietta Area Health
MCP	Medical College Of Pennsylvania
MHCC	Masonic Health Care Center
MHF	Miriam Hospital Foundation
MHMH	Mary Hitchcock Memorial Hospital
MMCtr	Memorial Medical Center
MMHF	Marietta Memorial Hospital Foundation
MMHospital	Marietta Memorial Hospital
MTA	Metropolitan Transportation Authority
MVS	Masonic Village on the Square
NIMC	Norhtern Illinois Medical Center
NSU	Northeastern State University
NWMH	Northwestern Memorial Hospital
NY/NJ	New York/New Jersey
NYC	New York City
OHP	Oakwood Health Promotions
OHS	Oakwood Healthcare System
OUH	Oakwood United Hospitals
PA/NJ	Pennsylvania/New Jersey
PHCF	Presbyterian Healthcare Foundation
PHSvcs	Presbyterian Healthcare Services
RCF	Rush-Copley Foundation
RCMC	Rush-Copley Medical Center

62 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

RIH	Rhode Island Hospital
RIHF	Rhode Island Hospital Foundation
ROLs	Residual Option Longs
RUMC	Rush University Medical Center
Res Rec	Resource Recovery Facility
SANC	St. Anne’s Nursing Center
SCIC	Scottsdale Captive Insurance Company
SHC	Scottsdale Healthcare Corp.
SHH	Scottsdale Healthcare Hospitals
SHRC	Scottsdale Healthcare Realty Corp.
SJHPCF	St. Joseph Hospital of Port Charlotte Florida
SJR	St. Joseph Residence
SJRNC	St. Johns Rehabilitation and Nursing Center
SLHOKC	St. Luke’s Hospital of Kansas City
SLHS	St. Luke’s Health System
TASC	Tobacco Settlement Asset-Backed Bonds
TC	Travis Corp. (People Care)
TFABs	Tobacco Flexible Amortization Bonds
TMH	The Miriam Hospital
TYW	The YMCA of Wichita
UHHS	University Hospitals Health System
V.I.	United States Virgin Islands
VC	VinFen Corp.
VCS	VinFen Clinical Services
VMNRC	Villa Marina Nursing & Rehabilitation Center
WMA	Wisconsin Masonic Home

Notes to Statement of Investments

Quarterly Period. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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.

63 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

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

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

64 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

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

65 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (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 Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of June 29, 2012, the Fund’s maximum exposure under such agreements is estimated at $90,870,000.

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 June 29, 2012, municipal bond holdings with a value of $205,508,524 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $97,845,000 in short-term floating rate securities issued and outstanding at that date.

66 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

At June 29, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate 2			Maturity Date	Value
$	12,035,000	AZ Health Facilities Authority ROLs3		16.657	%	1/1/30	$	12,878,774
	25,000,000	CA Health Facilities Financing Authority3		10.792		11/15/31		34,769,500
	16,485,000	Chicago, IL Board of Education ROLs3		9.964		12/1/24		21,080,853
	5,050,000	Chicago, IL O’Hare International Airport ROLs3		10.343		1/1/16		5,082,825
	17,500,000	Montgomery County, PA IDA ROLs3		10.852		8/1/30		25,161,150
	2,810,000	RI Student Loan Authority3		11.341		12/1/23		2,820,931
	3,260,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) DRIVERS		10.830		12/1/38		3,751,934
	1,855,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) DRIVERS		16.038		6/1/39		2,117,557
							$	107,663,524

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

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

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

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities 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 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $97,845,000 as of June 29, 2012.

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

67 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

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 June 29, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed  Delivery Basis Transactions
Purchased securities	$	75,491,160
Sold securities		4,054,345

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 June 29, 2012 is as follows:

Cost	$	5,622,617
Market Value	$	2,940,196
Market Value as a % of Net Assets		0.06	%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of June 29, 2012, securities with an aggregate market value of $2,321,726, representing 0.05% of the Fund’s net assets, were subject to these forbearance agreements. Interest payments of $244,500, respectively, are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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.

68 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Valuation Methods and Inputs

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

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

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

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

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

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

69 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

70 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

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.

71 Oppenheimer Limited Term Municipal Fund

Oppenheimer Limited Term Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

The table below categorizes amounts as of June 29, 2012 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
Alabama	$	—	$	75,944,406	$	—	$	75,944,406
Alaska		—		16,405,243		—		16,405,243
Arizona		—		93,734,954		—		93,734,954
Arkansas		—		1,366,545		—		1,366,545
California		—		774,543,817		—		774,543,817
Colorado		—		35,090,319		—		35,090,319
Connecticut		—		23,703,284		—		23,703,284
Delaware		—		5,845,038		—		5,845,038
District of Columbia		—		62,964,921		—		62,964,921
Florida		—		380,068,009		—		380,068,009
Georgia		—		54,064,950		—		54,064,950
Hawaii		—		9,810,116		—		9,810,116
Idaho		—		3,326,989		—		3,326,989
Illinois		—		582,043,226		—		582,043,226
Indiana		—		79,759,878		—		79,759,878
Iowa		—		2,008,100		—		2,008,100
Kansas		—		17,001,524		—		17,001,524
Kentucky		—		35,807,683		—		35,807,683
Louisiana		—		176,477,268		—		176,477,268
Maine		—		3,287,361		20		3,287,381
Maryland		—		18,645,817		—		18,645,817
Massachusetts		—		72,588,412		31,600		72,620,012
Michigan		—		243,124,713		—		243,124,713
Minnesota		—		59,455,282		—		59,455,282
Mississippi		—		40,044,474		—		40,044,474
Missouri		—		48,551,301		—		48,551,301
Montana		—		548,781		—		548,781
Multi States		—		23,734,300		—		23,734,300
Nebraska		—		21,585,028		—		21,585,028
Nevada		—		21,838,585		—		21,838,585
New Hampshire		—		27,511,847		—		27,511,847
New Jersey		—		107,275,583		—		107,275,583
New Mexico		—		372,903		—		372,903
New York		—		115,778,913		—		115,778,913
North Carolina		—		5,367,397		—		5,367,397
North Dakota		—		157,829		—		157,829
Ohio		—		234,480,974		—		234,480,974
Oklahoma		—		2,519,084		—		2,519,084
Oregon		—		5,843,229		—		5,843,229
Pennsylvania		—		206,447,825		—		206,447,825
Rhode Island		—		95,241,238		—		95,241,238
South Carolina		—		29,522,355		—		29,522,355
South Dakota		—		23,300,434		—		23,300,434
Tennessee		—		56,120,412		—		56,120,412
Texas		—		249,533,290		—		249,533,290
U.S. Possessions		—		687,501,366		—		687,501,366
Utah		—		3,354,521		—		3,354,521
Vermont		—		13,287,060		—		13,287,060
Virginia		—		20,972,936		4,773,000		25,745,936
Washington		—		138,333,252		—		138,333,252
West Virginia		—		284,670		—		284,670
Wisconsin		—		77,503,414		—		77,503,414
Wyoming		—		1,597,740		—		1,597,740
Corporate Bonds and Notes		—		9,206		—		9,206
Total Assets	$	—	$	5,085,687,802	$	4,804,620	$	5,090,492,422

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.

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

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 June 29, 2012 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	$	4,838,145,492	1
Gross unrealized appreciation	$	176,827,842
Gross unrealized depreciation		(25,017,599	)
Net unrealized appreciation	$	151,810,243

1. The Federal tax cost of securities does not include cost of $100,536,687, 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.

72 Oppenheimer Limited Term 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 6/29/2012, 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 Municipal Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	8/9/2012

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:	8/9/2012

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	8/9/2012