ROCHESTER FUND MUNICIPALS
                                     SUPPLEMENT DATED AUGUST 31, 2007
                                TO THE PROSPECTUS DATED FEBRUARY 21, 2007

This supplement amends the Prospectus dated February 21, 2007, and is in
addition to the supplement dated July 6, 2007.

The Prospectus is revised by deleting the section titled "Advisory Fees" on page
16 in its entirety and replacing it with the following:

         ADVISORY FEES. Under the Investment Advisory Agreement, the Fund pays
         the Manager an advisory fee, calculated on the daily net assets of the
         Fund at an annual rate that declines on additional assets as the Fund
         grows: 0.54% for the first $100 million of average daily net assets,
         0.52% on the next $150 million, 0.47% on the next $1.75 billion, 0.46%
         on the next $3 billion, 0.45% on the next $3 billion and 0.44% of
         average daily net assets over $8 billion. The Fund's advisory fee for
         the fiscal year ended December 31, 2006was 0.46% of average annual net
         assets for each class of shares

         Effective September 1, 2007 the Fund pays the Manager an advisory fee
         at the following annual rate that declines as the Fund's assets grow:
         0.54% of the first $100 million of average annual net assets of the
         Fund, 0.52% of the next $150 million, 0.47% of the next $1.75 billion,
         0.46% of the next $3 billion, 0.45% of the next $3 billion, 0.44% of
         the next $6 billion and 0.42% of average annual net assets over $14
         billion.

         A discussion regarding the basis for the Boards' approval of the Fund's
         investment advisory agreement with the Manager is available in the
         Fund's Annual Report to shareholders for the fiscal year ended December
         31, 2006.


August 31, 2007                         PS0365.016