OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated August 28, 2000 to the
Prospectus dated November 22, 1999
This Prospectus Supplement replaces the prior Prospectus Supplement dated July
10, 2000 and hereby amends the Prospectus dated November 22, 1999 as follows:
1. The paragraph beneath 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:
Expenses may vary in future years. "Other expenses" include transfer agent fees,
custodial fees, and accounting and legal expenses the Fund pays. Effective
January 1, 2000, the Manager has voluntarily undertaken 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 that waiver at any time.
2. The second paragraph of the section entitled "How the Fund is Managed" on
page 10 is replaced with the following:
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 from 1997, and was a teaching
assistant, instructor and research assistant at the University of Minnesota from
1991 to 1998.
3. All references in the Prospectus to the "portfolio manager" are hereby
changed to read "portfolio managers."
August 28, 2000 PSO790.007
<PAGE>
OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement dated August 28, 2000 to the
Statement of Additional Information dated November 22, 1999
The Statement of Additional Information is changed as follows:
1. The section entitled "Trustees and Officers of the Fund" has the following
change on page 28. Delete Christian Smith and add the following biographies for
Jerry A. Webman and Merrell Hora.
Jerry A. Webman, Vice President and Portfolio Manager, Age: 50. Two World Trade
Center, New York, New York 10048-0203 Senior Vice President, Senior Investment
Officer and Director of the Fixed Income Department of the Manager (since
February 1996) and Senior Vice President 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 Investment
Corporation from November 1990.
Merrell Hora, Vice President and 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.
2. All references in the Statement of Additional Information to the "portfolio
manager" are hereby changed to read "portfolio managers".
August 28, 2000 PXO790.006
