0000728889-14-000846.txt : 20140729 0000728889-14-000846.hdr.sgml : 20140729 20140729150200 ACCESSION NUMBER: 0000728889-14-000846 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140729 DATE AS OF CHANGE: 20140729 EFFECTIVENESS DATE: 20140729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER AMT-FREE NEW YORK MUNICIPAL FUND CENTRAL INDEX KEY: 0000748009 IRS NUMBER: 133222130 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-91683 FILM NUMBER: 14999478 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER AMT FREE NEW YORK MUNICIPALS DATE OF NAME CHANGE: 20031112 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK MUNICIPAL FUND DATE OF NAME CHANGE: 19961031 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND CENTRAL INDEX KEY: 0000837441 IRS NUMBER: 133222131 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-23566 FILM NUMBER: 14999479 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: 3RD FLOOR CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER CALIFORNIA MUNICIPAL FUND DATE OF NAME CHANGE: 19961031 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER CALIFORNIA TAX EXEMPT FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MULTI-STATE MUNICIPAL TRUST CENTRAL INDEX KEY: 0000853593 IRS NUMBER: 133725974 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-30198 FILM NUMBER: 14999480 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER MULTI-STATE TAX-EXEMPT TRUST DATE OF NAME CHANGE: 19940330 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER PENNSYLVANIA TAX EXEMPT FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Rochester Portfolio Series CENTRAL INDEX KEY: 0000876409 IRS NUMBER: 161399853 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-41511 FILM NUMBER: 14999481 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER LIMITED TERM NEW YORK MUNICIPAL FUND DATE OF NAME CHANGE: 20020930 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER PORTFOLIO SERIES DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER Ltd TERM CALIFORNIA MUNICIPAL FUND CENTRAL INDEX KEY: 0001272949 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-111230 FILM NUMBER: 14999482 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUSCON WAY CITY: DENVER STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER LTD TERM CALIFORNIA MUNICIPAL FUND DATE OF NAME CHANGE: 20031212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-03692 FILM NUMBER: 14999483 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 DATE OF NAME CHANGE: 19920703 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 0000093621 S000008503 OPPENHEIMER ROCHESTER FUND MUNICIPALS C000023347 A C000023348 B C000023349 C C000023350 Y 0000748009 S000006958 OPPENHEIMER AMT-FREE NEW YORK MUNICIPAL FUND C000018979 A C000018980 B C000018981 C C000096823 Y 0000837441 S000008979 OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND C000024399 A C000024400 B C000024401 C C000096808 Y 0000853593 S000007294 Oppenheimer Rochester New Jersey Municipal Fund C000020044 A C000020045 B C000020046 C C000096811 Y 0000853593 S000007295 Oppenheimer Rochester Pennsylvania Municipal Fund C000020047 A C000020048 B C000020049 C C000096810 Y 0000876409 S000010049 OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND C000027833 A C000027834 B C000027835 C C000099311 Y 0001272949 S000008497 OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND C000023327 A C000023328 B C000023329 C C000096814 Y 497 1 sticker.htm

Oppenheimer Rochester® AMT-Free New York Municipal Fund

Oppenheimer Rochester® California Municipal Fund

Oppenheimer Rochester® Fund Municipals

Oppenheimer Rochester® Limited Term California Municipal Fund

Oppenheimer Rochester® Limited Term New York Municipal Fund

Oppenheimer Rochester® New Jersey Municipal Fund

Oppenheimer Rochester® Pennsylvania Municipal Fund

 

Supplement dated July 29, 2014 to the

Statement of Additional Information

 

This supplement amends the Statement of Additional Information (“SAI”) of each of the above referenced funds (each, a “Fund”) and is in addition to any other supplements to those Funds.

 

The tenth paragraph of the introduction to Appendix B of each Fund’s SAI is deleted and replaced in its entirety with:

 

An insolvent municipality may take steps to reorganize its debt, which might include extending debt maturities, reducing the amount of principal or interest, refinancing the debt or taking other measures that may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of a Fund’s investments in those securities. For example, pursuant to Chapter 9 of the U.S. Bankruptcy Code, certain municipalities that meet specific conditions may be provided protection from creditors while they develop and negotiate plans for reorganizing their debts.   In addition, the Puerto Rico Public Corporations Debt Enforcement and Recovery Act (the “Debt Enforcement Act”) permits certain public corporations in Puerto Rico to restructure their outstanding obligations.  The Debt Enforcement Act is currently being challenged in U.S. federal court. Although it is not presently possible to predict the ultimate outcome of these proceedings, if the Debt Enforcement Act withstands this challenge, permitted public corporations may seek to restructure certain of their outstanding obligations pursuant to that law. Any efforts by a municipality, or a public corporation in Puerto Rico, to restructure its outstanding obligations could have a negative impact on the marketability, liquidity or value of certain investments held by a fund, which could reduce a fund’s performance.

 

In Appendix B to each Fund’s SAI, the paragraph discussing “Debt” in the section on the Commonwealth of Puerto Rico is deleted and replaced in its entirety with the following:

 

Debt. As of December 31, 2013, the Commonwealth had approximately $71.9 billion in public sector debt outstanding, of which $21.02 billion was related to the Commonwealth’s General Fund. Based on the public sector debt outstanding, the Commonwealth is expected to incur debt service requirements of $1.28 billion in FY2014 and $1.37 billion in FY2015. These figures may not represent the amount appropriated for debt service by the Commonwealth in a given fiscal year.

 

In June 2014, the Governor of Puerto Rico signed into law the Puerto Rico Public Corporations Debt Enforcement and Recovery Act (“Debt Enforcement Act”). The Debt Enforcement Act establishes legal mechanisms through which certain public corporations in Puerto Rico may restructure their outstanding obligations. The Debt Enforcement Act is currently being challenged in U.S. federal court. Although it is not presently possible to predict the ultimate outcome of these proceedings, if the Debt Enforcement Act withstands this challenge, permitted public corporations may seek to restructure certain of their outstanding obligations pursuant to that law. Any efforts by a public corporation to restructure its outstanding obligations could have a negative impact on the marketability, liquidity or value of certain investments held by a fund, which could reduce a fund’s performance.

 

 

July 29, 2014 PX0000.068