Oppenheimer AMT-Free Municipals |
Oppenheimer Main Street Fund® |
Oppenheimer AMT-Free New York Municipals |
Oppenheimer Main Street Select Fund® |
Oppenheimer California Municipal Fund |
Oppenheimer Main Street Small- & Mid-Cap Fund® |
Oppenheimer Capital Appreciation Fund |
Oppenheimer New Jersey Municipal Fund |
Oppenheimer Capital Income Fund |
Oppenheimer Pennsylvania Fund |
Oppenheimer Champion Income Fund |
Oppenheimer Portfolio Series: |
Oppenheimer Commodity Strategy Total Return Fund |
Oppenheimer Portfolio Series Fixed Income Active Allocation Fund |
Oppenheimer Core Bond Fund |
Oppenheimer Quest International Value Fund |
Oppenheimer Corporate Bond Fund |
Oppenheimer Quest Opportunity Value Fund |
Oppenheimer Currency Opportunities Fund |
Oppenheimer Real Estate Fund |
Oppenheimer Developing Markets Fund |
Oppenheimer Rising Dividends Fund |
Oppenheimer Discovery Fund |
Oppenheimer Rochester Intermediate Term Municipal Fund |
Oppenheimer Emerging Markets Debt Fund |
Oppenheimer Rochester National Municipals |
Oppenheimer Equity Fund, Inc. |
Oppenheimer Rochester Short Term Municipal Fund |
Oppenheimer Equity Income Fund, Inc. |
Oppenheimer Select Value Fund |
Oppenheimer Global Fund |
Oppenheimer Senior Floating Rate Fund |
Oppenheimer Global Allocation Fund |
Oppenheimer Small- & Mid- Cap Value Fund |
Oppenheimer Global Opportunities Fund |
Oppenheimer Small- & Mid-Growth Fund |
Oppenheimer Global Strategic Income Fund |
Oppenheimer Transition 2010 Fund |
Oppenheimer Global Value Fund |
Oppenheimer Transition 2015 Fund |
Oppenheimer Gold & Special Minerals Fund |
Oppenheimer Transition 2020 Fund |
Oppenheimer International Bond Fund |
Oppenheimer Transition 2025 Fund |
Oppenheimer International Diversified Fund |
Oppenheimer Transition 2030 Fund |
Oppenheimer International Growth Fund |
Oppenheimer Transition 2040 Fund |
Oppenheimer International Small Company Fund |
Oppenheimer Transition 2050 Fund |
Oppenheimer Limited Term California Municipal Fund |
Oppenheimer U.S. Government Trust |
Oppenheimer Limited-Term Government Fund |
Oppenheimer Value Fund |
Oppenheimer Limited Term Municipal Fund |
Rochester Fund Municipals |
Statement of Additional Information Supplement dated March 24, 2011
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 supplement(s):
The section of the SAI titled “How the Fund is Managed – Classes of Shares – Class Y Share Availability” is deleted in its entirety and replaced with the following:
Class Y Share Availability.
· |
Class Y shares are offered to fee-based clients of dealers that have a special agreement with the Distributor to offer these shares, and to certain institutional investors who have a special agreement with the Distributor. Class Y shares are also offered to present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
· |
Class Y Voluntary Conversion. For shareholders who currently hold Class A, Class B, Class C and/or Class N shares but are authorized to purchase Class Y shares, those shareholders can convert eligible existing Class A, Class B, Class C and/or Class N shares to Class Y shares of the same fund either through their dealer who has a special agreement with the Distributor or by submitting written instructions to the Transfer Agent. Class A, Class B Class C and/or Class N shares subject to a CDSC are not eligible to convert to Class Y shares until the applicable CDSC period has expired. Under current interpretations of applicable federal income tax law by the Internal Revenue Service, this voluntary conversion to Class Y shares is not treated as a taxable event. If those laws or the IRS interpretation of those laws should change, this voluntary conversion feature may be suspended. |
March 24, 2011 PX0000.045