OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated August 5, 1998 to the
Statement of Additional Information dated November 24, 1997
This Supplement to the Statement of Additional Information replaces the
supplement dated May 15, 1998 and changes the Statment of Additional Information
as follows:
The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" on page 46 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).
Appendix B beginning on page B-1 is deleted and replaced with the text
appearing on the reverse side of this page:
(continued)
<PAGE>
APPENDIX B
Tax-Equivalent Yields
The equivalent yield tables below compare tax-free income with taxable income
under Federal individual income tax rates, and California state individual
income tax rates effective January 1, 1998. "Combined Taxable Income" refers to
the net amount subject to Federal and California income taxes after deductions
and exemptions. The tables assume that an investor's highest tax bracket applies
to the change in taxable income resulting from a switch between taxable and
non-taxable investments, and that state tax payments are currently deductible
for Federal tax purposes and that the investor is not subject to Federal or
state alternative minimum tax. The income tax brackets are subject to indexing
in future years to reflect changes in the Consumer Price Index. The brackets do
not reflect the phaseout of itemized deductions and personal exemptions at
higher income levels, resulting in higher effective tax rates (and tax
equivalent yields).
Federal Effective Oppenheimer California Municipal Fund
Yield of:
Taxable Combined Tax
Income Bracket 2.00% 3.00% 4.00% 5.00% 6.00% 7.00%
JOINT RETURN
Over Not over Is Approximately Equivalent To a Taxable
Yield:
$ 23,776 $ 37,522 18.40% 2.45% 3.68% 4.90% 6.13% 7.35% 8.58%
$ 37,522 $ 42,350 20.10% 2.50% 3.75% 5.01% 6.26% 7.51% 8.76%
$ 42,350 $ 52,090 32.32% 2.96% 4.43% 5.91% 7.39% 8.87% 10.34%
$ 52,090 $ 65,832 33.76% 3.02% 4.53% 6.04% 7.55% 9.06% 10.57%
$ 65,832 $102,300 34.70% 3.06% 4.59% 6.13% 7.66% 9.19% 10.72%
$102,300 $155,950 37.42% 3.20% 4.79% 6.39% 7.99% 9.59% 11.19%
$155,950 $278,450 41.95% 3.45% 5.17% 6.89% 8.61% 10.34% 12.06%
$278,450 45.22% 3.65% 5.48% 7.30% 9.13% 10.95% 12.78%
Oppenheimer California Municipal Fund
Yield of:
2.00% 3.00% 4.00% 5.00% 6.00% 7.00%
SINGLE RETURN
Over Not over Is Approximately Equivalent To a Taxable
Yield:
18,761 25,350 20.10% 2.50% 3.75% 5.01% 6.26% 7.51% 8.76%
25,350 26,045 32.32% 2.96% 4.43% 5.91% 7.39% 8.87% 10.34%
26,045 32,916 33.76% 3.02% 4.53% 6.04% 7.55% 9.06% 10.57%
32,916 61,400 34.70% 3.06% 4.59% 6.13% 7.66% 9.19% 10.72%
61,400 128,100 37.42% 3.20% 4.79% 6.39% 7.99% 9.59% 11.19%
128,100 278,450 41.95% 3.45% 5.17% 6.89% 8.61% 10.34% 12.06%
278,450 45.22% 3.65% 5.48% 7.30% 9.13% 10.95% 12.78%
B-1
August 5, 1998 PXO790.005
