Limited Term New York Municipal Fund

Oppenheimer California Municipal Fund

Oppenheimer AMT-Free Municipals

Oppenheimer Pennsylvania Municipal Fund

Oppenheimer New Jersey Municipal Fund

Oppenheimer Rochester National Municipals

Oppenheimer Limited Term California Municipal Fund

Rochester Fund Municipals

              Prospectus Supplement dated January 19, 2007

     This   supplement   amends   the   current   Prospectus   of  each  of  the
above-referenced  Funds  (each a "Fund"  and  together  the  "Funds")  and is in
addition to any other supplement(s) to each Fund's current Prospectus.

     For each of the Funds,  the  Prospectus  is amended by adding the following
information:

     The  Manager  is  currently  reevaluating  the  presentation  of the Fund's
financial  statements  for the  application  of the  provisions  of Statement of
Financial  Accounting  Standards  No. 140 ("FAS  140"),  with respect to certain
types of derivative securities, commonly referred to as "inverse floaters," that
are held in the Fund's  portfolio.  The application of the provisions of FAS 140
entails  a  recharacterization  of a  transaction  in  which  the  Fund  sells a
municipal  bond  to a  trust  to  create  an  inverse  floater  as a  "financing
transaction" instead of a sale, for financial statement  presentation  purposes.
Although the Manager believes that the Fund's historical accounting treatment of
inverse  floaters  has been  consistent  with  prevailing  mutual fund  industry
accounting  practices,  it is  analyzing  the impact of applying  FAS 140 to the
reporting  and  presentation  of the Fund's  inverse  floaters in its  financial
statements, including the Fund's Financial Highlights, as well as other sections
of the  prospectus.  The Manager does not expect that the application of FAS 140
would result in any  material  changes in the Fund's  reported net income,  past
performance, average annual total returns or net asset values per share. However
it does anticipate that by treating such transactions  creating inverse floaters
as financing transactions, the Fund would gross up its assets and liabilities in
the  Statement  of Assets and  Liabilities  to reflect  the amount of the assets
transferred to such trusts and would include certain interest  payments to third
parties from the trust as the Fund's interest  expense.  That would increase the
Fund's stated Annual Fund  Operating  Expenses (and the Fund's stated income and
its expense ratios).


January 19, 2007                                              PS0000.026