OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated July 10, 2000 to the
Prospectus dated November 22, 1999
The Prospectus is supplemented as follows:
1. The table captioned "Annual Fund Operating Expenses" appearing in the section
"Fees and Expenses of the Fund" on page 6 of the Prospectus is revised to read
as follows:
Annual Fund Operating Expenses (deducted from Fund assets):
(% of average daily net assets)
Class A Class B Class C
Shares Shares Shares
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Management Fees 0.56% 0.56% 0.56%
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Distribution and/or Service
(12b-1) Fees 0.24% 1.00% 1.00%
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Other Expenses 0.12% 0.12% 0.12%
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Total Annual Operating Expenses 0.92% 1.68% 1.68%
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Expenses may vary in future years. "Other expenses" include transfer agent fees,
custodial fees, and accounting and legal expenses the Fund pays. The Management
Fees shown above are shown at the maximum rate under the investment advisory
agreement and do not reflect a voluntary waiver undertaken by the Manager to
limit its management fees to a maximum annual rate of 0.55% of average annual
net assets for each class of shares. With that waiver, the actual management fee
rate for all classes of shares during the current fiscal year was 0.55% and
actual total operating expenses were 0.91%, 1.67% and 1.67% of average annual
net assets for Class A, Class B and Class C shares, respectively. The Manager
can withdraw that waiver at any time.
July 10, 2000 PS0790.006
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OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated July 10, 2000 to the
Statement of Additional Information dated November 22, 1999
The Statement of Additional Information is supplemented as follows:
1. The following is added to the end of the second paragraph of the section
captioned "The Manager" - "The Investment Advisory Agreement" appearing on page
32 of the Statement of Additional Information:
Effective January 2000, the Manager voluntarily agreed to
limit its management fees to a maximum annual rate of 0.55% of
average annual net assets for each class of shares. The
Manager can withdraw this voluntary waiver at any time.
July 10, 2000 PX0790.005
