OPPENHEIMER MAIN STREET INCOME & GROWTH FUND
Supplement dated May 15, 1998 to the
Prospectus dated December 8, 1997
The Supplement to the Prospectus dated April 20, 1998 is replaced in its
entirety and the Prospectus dated December 8, 1997 is changed as follows
effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
"Retirement Plans" as defined in "Class A Contingent Deferred Sales
Charge" on page 31) in Class A shares, you may have to pay a sales charge
of up to 1% if you sell your shares within 18 calendar months from the end
of the calendar month during which you purchased those shares. See "How to
Buy Shares -- Buying Class A Shares," below.
2. The fourth and fifth sentences of the sub-section captioned "Who Manages the
Fund" in "A Brief Overview of the Fund" on page 6 are revised as follows:
Effective April 20, 1998, the Fund's portfolio managers are Charles Albers
and Nikolaos Monoyios, who are employed by the Manager. They are the
individuals primarily responsible for the selection of the Fund's
securities.
3. The sub-section captioned "Portfolio Manager" in "How the Fund is Managed-The
Manager and Its Affiliates" on page 21 is revised as follows:
Effective April 20, 1998, the Fund's portfolio managers are Charles Albers
and Nikolaos Monoyios. Mr. Albers is the lead portfolio manager. They are
the individuals principally responsible for the day-to-day management of
the Fund's portfolio. Messrs. Albers and Monoyios are Vice Presidents of
the Fund, Mr. Albers is a Senior Vice President of the Manager and Mr.
Monoyios is a Vice President of the Manager. Prior to joining the Manager,
Messrs. Albers and Monoyios were portfolio managers at Guardian Investor
Services (since 1972 and 1979, respectively), the investment management
subsidiary of The Guardian life Insurance Company.
4. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 26 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge, described below.
[over]
<PAGE>
5. The first sub-paragraph of the section entitled "Buying Class A Shares-Class
A Contingent Deferred Sales Charge" on page 32 is modified to read as follows:
o Purchases by a Retirement Plan qualified under section 401(a) or
401(k) of the Internal Revenue Code if the Retirement Plan has total plan
assets of $500,000 or more;
6. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 31 are
modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month
of their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998.)
7. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 32 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998.)
8. The paragraph entitled "Special Arrangements With Dealers" on page 32 is
hereby deleted.
9. The following sub-paragraphs under the heading "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" of the section
entitled "Waivers of Class A Sales Charges" on page 35 are deleted:
o if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion of
the sales commission in installments of 1/18th of the commission per month
(and no further commission will be payable if the shares are redeemed
within 18 months of purchase);
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agreed in writing
to accept the dealer's portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will be
payable if the shares are redeemed within 12 months of purchase);
<PAGE>
10. The following paragraph is added on page 41 directly below the paragraph
titled, "Shareholder Transactions by Fax:"
OppenheimerFunds Internet Web Site. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio
information, may be obtained by visiting the OppenheimerFunds Internet Web
Site at the following Internet address: http://www.oppenheimerfunds.com.
Additionally, certain account transactions may be requested by any
shareholder listed in the registration on an account as well as by the
dealer representative of record, through a special section of that Web
Site. To access that section of the Web Site you must first obtain a
personal identification number ("PIN") by calling OppenheimerFunds
PhoneLink at 1-800-533-3310. If you do not wish to have Internet account
transactions capability for your account, please call our customer service
representatives at 1-800-525-7048. To find out more information about
Internet transactions and procedures, please visit the Web Site.
May 15, 1998 PS0700.018
<PAGE>
OPPENHEIMER MAIN STREET INCOME & GROWTH FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated December 8, 1997
The supplement to the Statement of Additional Information dated April 22, 1998
is replaced in its entirety and the Statement of Additional Information dated
December 8, 1997 is changed as follows effective June 1, 1998:
1. The biography for Robert Milnamow on page 17 is deleted.
2. The following biographies are added to page 17 as follows:
Charles Albers, Vice President and Portfolio Manager; Age 57
Two World Trade Center, New York, New York 10048-0203
Senior Vice President of the Manager (since April, 1998); a Certified
Financial Analyst; previously a Vice President and portfolio manager for
Guardian Investor Services, the investment management subsidiary of The
Guardian Life Insurance Company (since 1972).
Nikolaos D. Monoyios, Vice President and Portfolio Manager; Age 48 Two
World Trade Center, New York, New York 10048-0203 Vice President of the
Manager (since April, 1998); a Certified Financial Analyst; previously a
Vice President and portfolio manager for Guardian Investor Services, the
investment management subsidiary of The Guardian Life Insurance Company
(since 1979).
3. The following paragraph is added after the first paragraph of the section
captioned, "The Manager and Its Affiliates" on page 20:
The Portfolio Managers of the Fund are Charles Albers and Nikolaos
Monoyios, who are principally responsible for the day to day management of
the Fund's portfolio. Messrs. Albers and Monoyios' backgrounds are
described in the Prospectus under "Portfolio Manager." Other members of
the Manager's Equity and Fixed Income Portfolio Departments provide the
portfolio managers with counsel and support in managing the Fund's
portfolio.
4. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" on page 41 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998.)
May 15, 1998 PX0700.007
<PAGE>
OPPENHEIMER MAIN STREET CALIFORNIA MUNICIPAL FUND
Supplement dated May 15, 1998 to the
Prospectus dated December 8, 1997
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more in Class A shares, you may have to
pay a sales charge of up to 1% if you sell your shares within 18 calendar
months from the end of the calendar month during which you purchased those
shares. See "How to Buy Shares- Buying Class A Shares," below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 24 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million in shares of one or more Oppenheimer funds, you will not pay an
initial sales charge, but if you sell any of those shares within 18 months
of buying them, you may pay a contingent deferred sales charge, described
below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 28 are
modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month
of their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998.)
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 29 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998.)
[over]
<PAGE>
5. The paragraph entitled "Special Arrangements With Dealers" on page 29 is
hereby deleted.
6. The following sub-paragraphs under the heading "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" of the section
entitled "Waivers of Class A Sales Charges" on page 31 are deleted:
o if, at the time of purchase of shares (prior to May 1, 1997) the
dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/18th of the commission per month (and no
further commission will be payable if the shares are redeemed within 18
months of purchase); or
o if, at the time of purchase of shares (on or after May 1, 1997)
the dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/12th of the commission per month (and no
further commission will be payable if the shares are redeemed within 12
months of purchase).
7. The following paragraph is added on page 42 directly above the paragraph
titled, "Automatic Withdrawal and Exchange Plan."
OppenheimerFunds Internet Web Site. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio
information, may be obtained by visiting the OppenheimerFunds Internet Web
Site at the following Internet address: http://www.oppenheimerfunds.com.
Additionally, certain account transactions may be requested by any
shareholder listed in the registration on an account as well as by the
dealer representative of record, through a special section of that Web
Site. To access that section of the Web Site you must first obtain a
personal identification number ("PIN") by calling OppenheimerFunds
PhoneLink at 1-800-533-3310. If you do not wish to have Internet account
transactions capability for your account, please call our customer service
representatives at 1-800-525-7048. To find out more information about
Internet transactions and procedures, please visit the Web Site.
May 15, 1998 PS0725.010
<PAGE>
OPPENHEIMER MAIN STREET CALIFORNIA MUNICIPAL FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated December 8, 1997
The Statement of Additional Information is changed as follows effective June 1,
1998:
The sixth sentence of the third paragraph in the section entitled "How To
Exchange Shares" on pages 44 and 45 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998.)
May 15, 1998 PX0725.004
