OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated February 4, 1999 to the
Prospectus dated November 27, 1998
1. The Supplement to the Prospectus dated January 15, 1999 is replaced with this
supplement.
2. The third sentence in the paragraph titled "Illiquid Securities" under the
heading "Investment Strategies" on page 11 is replaced with the following:
The Fund will not invest more than 15% of its net assets in illiquid
securities.
3. The last sentence of the second paragraph of "Floating Rate/Variable Rate
Obligations" under the heading "Investment Strategies" on page 11 is replaced
with the following:
The Fund cannot invest more than 20% of its total assets in inverse
floaters.
4. The paragraph titled "Portfolio Manager" on page 13 is replaced in its
entirety with the following:
|X| Portfolio Manager. The Portfolio manager of the Fund is Caryn Halbrecht,
a Vice President of the Manager. She is the person principally
responsible for the day-to-day management of the Fund's portfolio, and
became the Fund's portfolio manager on January 1, 1999. Ms. Halbrecht
also serves as an officer and portfolio manager for other Oppenheimer
funds. Prior to joining OppenheimerFunds in 1994 she was Vice President
of Fixed Income Portfolio Management for Bankers Trust Company.
5. The last paragraph on page 15 is replaced in its entirety with the following:
|X| Class C Shares. If you buy Class C shares, you pay no sales charge at the
time of purchase, but you will pay an annual asset-based sales charge, and
if you sell your shares within 12 months of buying them, you will normally
pay a contingent deferred sales charge of 1%, as described in "How Can I
Buy Class C Shares?" below.
February 4, 1999 PS0790.003
