OPPENHEIMER MAIN STREET CALIFORNIA MUNICIPAL FUND
Supplement dated September 7, 2000 to the
Prospectus dated December 22, 1999
The Prospectus is changed as follows:
1. The supplement dated July 26, 2000 is replaced with this supplement.
2. The third paragraph under the heading: "How the Fund is Managed" on Page
11 of the prospectus is revised as follows.
Portfolio Managers. The Portfolio Managers of the Fund are Jerry
Webman and Merrell Hora. Mr. Webman is Senior Vice President, Senior
Investment Officer and Director of the Fixed Income Department of the
Manager. Mr. Hora is an Assistant Vice President and Portfolio Manager
of the Manager. They are the persons principally responsible for the
day-to-day management of the Fund's portfolio, and became the Fund's
Portfolio Managers on August 28, 2000.
Prior to joining the Manager in February 1996, Mr. Webman was a
Vice-President and portfolio manager at Prudential Investment Corporation
from November 1990. Mr. Hora became a Portfolio Manager of the Manager in
August 2000. He was Senior Quantitative Analyst for the Manager's Fixed
Income Department's Quantitative Analysis Team from July 1998 until August
2000. Before joining the Manager in July 1998, Mr. Hora was a quantitative
analyst for Access Financial, a subsidiary of Cargill Financial Services
Group, in 1997 and was a teaching assistant, instructor and research
assistant at the University of Minnesota from 1991 to 1998.
3. On February 29, 2000, the Board of Directors of Oppenheimer Main Street
Funds, Inc. on behalf of Main Street California Municipal Fund approved,
subject to the approval by shareholders of the Fund, an Agreement and Plan
of Reorganization (the "Plan") with Oppenheimer California Municipal Fund
pursuant to which the Fund would be reorganized with and into Oppenheimer
California Municipal Fund. A proxy statement will be sent to shareholders
of the Fund.
4. Effective April 1, 2000, the Manager withdrew its voluntary undertaking to
limit its management fees to a maximum annual rate of 0.40%. Accordingly,
the last three sentences in the paragraph under the table entitled "Annual
Fund Operating Expenses" on page 6 are removed.
Continued on next page
<PAGE>
5. The second sentence of the first paragraph in the section entitled "Class
A Contingent Deferred Sales Charge" on page 17 is revised to read as
follows:
The Distributor pays dealers of record commissions in an amount equal to
0.50% of purchases of $1 million or more (other than by retirement plans,
which are not permitted in the Fund).
September 7, 2000 PS0725.017
<PAGE>
OPPENHEIMER MAIN STREET CALIFORNIA MUNICIPAL FUND
Supplement dated September 7, 2000 to the
Statement of Additional Information dated December 22, 1999
The Statement of Additional Information is changed as follows:
1. The section entitled "Directors and Officers of the Fund" has the following
change on page 31. Delete Christian Smith and add the following biographies for
Jerry A. Webman and Merrell Hora.
Jerry A. Webman, Portfolio Manager, Age: 50.
Two World Trade Center, New York, New York 10048-0203
Senior Vice President and Senior Investment Officer of the Manager (since
February 1996) and of HarbourView Asset Management Corporation (since May
1999); before joining the Manager in February 1996, he was a Vice-President
and portfolio manager with Prudential Mutual Funds - Investment Management
Inc. (March 1986 - February 1996).
Merrell Hora, Portfolio Manager, Age: 32.
Two World Trade Center, New York, New York 10048-0203
Assistant Vice President of the Manager (since July 1998); Portfolio Manager of
the Manager since August 2000, Senior Quantitative Analyst for the Manager's
Fixed Income Department's Quantitative Analysis Team from July 1998 until
August 2000; prior to joining the Manager in July 1998 he was a quantitative
analyst with a subsidiary of the Cargill Financial Services Group (January
1997 - September 1997) and was a teaching assistant, instructor and research
assistant at the University of Minnesota from which he obtained his Ph.D. in
Economics.
September 7, 2000 PX0725.006
