On February 29, 2000, the Board of Trustees approved the reorganization of
Oppenheimer Main Street California Municipal Fund with and into Oppenheimer
California Municipal Fund. Shareholders of Oppenheimer Main Street California
Municipal Fund will be asked to approve a reorganization whereby shareholders
would receive shares of Oppenheimer California Municipal Fund. If shareholder
approval is received, it is expected that the reorganization will occur during
the fourth quarter of calendar 2000.
