-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Iql0xqv2TDWGEaGtsQoWjWcrRamYyOXtPT5DF7/9ikhy6od+TwjGdtI3G81HNi2I
 3VERF/vIHFKNdF7lx8F4+g==

<SEC-DOCUMENT>0001374290-09-000003.txt : 20090310
<SEC-HEADER>0001374290-09-000003.hdr.sgml : 20090310
<ACCEPTANCE-DATETIME>20090310141508
ACCESSION NUMBER:		0001374290-09-000003
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090310
DATE AS OF CHANGE:		20090310
EFFECTIVENESS DATE:		20090310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER CAPITAL TOTAL RETURN II TRUST
		CENTRAL INDEX KEY:			0001374290
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-94267
		FILM NUMBER:		09668827

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS 50TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS 50TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001374290</cik>
        <entityName>OPPENHEIMER CAPITAL TOTAL RETURN II TRUST</entityName>
        <issuerAddress>
            <street1>1345 AVE OF THE AMERICAS 50TH FL</street1>
            <street2></street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10105</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-739-3000</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Horacio</firstName>
                <middleName></middleName>
                <lastName>Valeiras</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 West Broadway</street1>
                <street2>29th Floor</street2>
                <city>San Diego</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Taegan</firstName>
                <middleName></middleName>
                <lastName>Goddard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>C.</middleName>
                <lastName>Maney</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mary</firstName>
                <middleName>Ann</middleName>
                <lastName>Schreiber</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$50,000,001 - $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1994-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Allianz Global Investors Distributors LLC</recipientName>
                <recipientCRDNumber>25567</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1345 Avenue of the Americas</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10105</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>71377533</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>OPPENHEIMER CAPITAL TOTAL RETURN II TRUST</issuerName>
                <signatureName>Taegan Goddard</signatureName>
                <nameOfSigner>Taegan Goddard</nameOfSigner>
                <signatureTitle>Chief Operating Officer of Managing Member</signatureTitle>
                <signatureDate>2009-03-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----