-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GpVlh8gYN728ux6KKw8eoCmjg/qc6eQjUgufYxlvUpFD2yyxsUL5b5bg7wso4lp2 0COjBcPM4ZPgjFKGWNFwyw== 0000728889-08-001907.txt : 20081222 0000728889-08-001907.hdr.sgml : 20081222 20081219181053 ACCESSION NUMBER: 0000728889-08-001907 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20081222 DATE AS OF CHANGE: 20081219 EFFECTIVENESS DATE: 20081222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-03692 FILM NUMBER: 081262291 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104 0000093621 S000008503 ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y 497 1 sticker.htm SAI SUPPLEMENT Oppenheimer AMT-Free Municipals

Oppenheimer AMT-Free Municipals

Oppenheimer Rochester Maryland Municipal Fund

Oppenheimer AMT-Free New York Municipals

Oppenheimer Rochester Massachusetts Municipal Fund

Oppenheimer California Municipal Fund

Oppenheimer Rochester Michigan Municipal Fund

Oppenheimer Limited Term California Municipal Fund

Oppenheimer Rochester Minnesota Municipal Fund

Oppenheimer Limited Term Municipal Fund

Oppenheimer Rochester National Municipals

Oppenheimer Limited Term New York Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer New Jersey Municipal Fund

Oppenheimer Rochester Ohio Municipal Fund

Oppenheimer Pennsylvania Municipal Fund

Oppenheimer Rochester Virginia Municipal Fund

Oppenheimer Rochester Arizona Municipal Fund

Rochester Fund Municipals

Statement of Additional Information Supplement dated December 22, 2008

This supplement amends the Statement of Additional Information of each of the above referenced funds (each a “Fund”) and is in addition to any other supplements. Each Statement of Additional Information is amended as follows:

The following paragraph is added to the section titled “Additional Information About the Fund’s Investment Policies and Risks – Other Investment Techniques and Strategies”:

The Fund can participate in a program offered by ReFlow, LLC (“ReFlow”) which provides additional liquidity to help the Fund meet shareholder redemptions without having to liquidate portfolio securities or borrow money, each of which imposes certain costs on the Fund. ReFlow is designed to provide an alternative source of funding to help meet shareholder redemptions while minimizing the Fund’s costs and cash flow disruptions (compared to selling portfolio securities or other liquidity facilities such as a line of credit) and allowing the Fund to remain more fully invested. ReFlow provides this liquidity by being prepared to purchase Fund shares, at the Fund’s closing net asset value, equal to the amount of the Fund’s net redemptions on any given day. On subsequent days when the Fund experiences net subscriptions, ReFlow redeems its holdings at the Fund’s net asset value on that day. When the Fund participates in the ReFlow program, it pays ReFlow a fee at a rate determined by a daily auction with other participating mutual funds in the ReFlow program. There is no assurance that ReFlow will have sufficient funds available to meet the Fund’s liquidity needs on a particular day and ReFlow is prohibited from acquiring more than 3% of the outstanding shares of the Fund.

December 22, 2008                                                                   PX0000.039

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