OFI Pictet Global Environmental Solutions Fund Oppenheimer Capital Appreciation Fund Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Income Fund Oppenheimer Conservative Balanced Fund/VA Oppenheimer Corporate Bond Fund Oppenheimer Developing Markets Fund Oppenheimer Discovery Fund Oppenheimer Discovery Mid Cap Growth Fund Oppenheimer Discovery Mid Cap Growth Fund/VA Oppenheimer Dividend Opportunity Fund Oppenheimer Emerging Markets Innovators Fund Oppenheimer Emerging Markets Local Debt Fund Oppenheimer Emerging Markets Revenue ETF Oppenheimer Emerging Markets Ultra Dividend Revenue ETF Oppenheimer Equity Income Fund Oppenheimer ESG Revenue ETF Oppenheimer Fundamental Alternatives Fund Oppenheimer Global Allocation Fund Oppenheimer Global ESG Revenue ETF Oppenheimer Global Focus Fund Oppenheimer Global Fund Oppenheimer Global Fund/VA Oppenheimer Global High Yield Fund Oppenheimer Global Multi-Alternatives Fund/VA Oppenheimer Global Multi-Asset Growth Fund Oppenheimer Global Multi-Asset Income Fund Oppenheimer Global Opportunities Fund Oppenheimer Global Revenue ETF Oppenheimer Global Strategic Income Fund Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Unconstrained Bond Fund Oppenheimer Gold & Special Minerals Fund Oppenheimer Government Cash Reserves Oppenheimer Government Money Fund/VA Oppenheimer Government Money Market Fund Oppenheimer Institutional Government Money Market Fund Oppenheimer Intermediate Term Municipal Fund Oppenheimer International Bond Fund Oppenheimer International Diversified Fund Oppenheimer International Equity Fund Oppenheimer International Growth and Income Fund Oppenheimer International Growth Fund Oppenheimer International Growth Fund/VA Oppenheimer International Revenue ETF Oppenheimer International Small-Mid Company Fund Oppenheimer International Ultra Dividend Revenue ETF Oppenheimer Limited-Term Bond Fund Oppenheimer Limited-Term Government Fund Oppenheimer Macquarie Global Infrastructure Fund Oppenheimer Main Street All Cap Fund^® Oppenheimer Main Street Fund^® Oppenheimer Main Street Fund^®/VA Oppenheimer Main Street Mid Cap Fund^® Oppenheimer Main Street Small Cap Fund^® Oppenheimer Main Street Small Cap Fund^®/VA Oppenheimer Mid Cap Value Fund Oppenheimer Municipal Fund Oppenheimer Portfolio Series: Active Allocation Fund Oppenheimer Portfolio Series: Conservative Investor Fund Oppenheimer Portfolio Series: Equity Investor Fund Oppenheimer Portfolio Series: Moderate Investor Fund Oppenheimer Preferred Securities and Income Fund Oppenheimer Real Estate Fund Oppenheimer Rising Dividends Fund Oppenheimer Rochester^® AMT-Free Municipal Fund Oppenheimer Rochester^® AMT-Free New York Municipal Fund Oppenheimer Rochester^® California Municipal Fund Oppenheimer Rochester^® Fund Municipals Oppenheimer Rochester^® High Yield Municipal Fund 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 Oppenheimer Rochester^® Short Duration High Yield Municipal Fund Oppenheimer Russell 1000^® Dynamic Multifactor ETF Oppenheimer Russell 1000^® Low Volatility Factor ETF Oppenheimer Russell 1000^® Momentum Factor ETF Oppenheimer Russell 1000^® Quality Factor ETF Oppenheimer Russell 1000^® Size Factor ETF Oppenheimer Russell 1000^® Value Factor ETF Oppenheimer Russell 1000^® Yield Factor ETF Oppenheimer Russell 2000^® Dynamic Multifactor ETF Oppenheimer S&P 500 Revenue ETF Oppenheimer S&P Financials Revenue ETF Oppenheimer S&P MidCap 400 Revenue ETF Oppenheimer S&P SmallCap 600 Revenue ETF Oppenheimer S&P Ultra Dividend Revenue ETF Oppenheimer Senior Floating Rate Fund Oppenheimer Senior Floating Rate Plus Fund Oppenheimer Short Term Municipal Fund Oppenheimer Small Cap Value Fund Oppenheimer SteelPath MLP & Energy Infrastructure Fund Oppenheimer SteelPath MLP Alpha Fund Oppenheimer SteelPath MLP Alpha Plus Fund Oppenheimer SteelPath MLP Income Fund Oppenheimer SteelPath MLP Select 40 Fund Oppenheimer SteelPath Panoramic Fund Oppenheimer Total Return Bond Fund Oppenheimer Total Return Bond Fund/VA Oppenheimer Ultra-Short Duration Fund Oppenheimer Value Fund

Supplement dated November 2, 2018 to the Summary Prospectus, Prospectus and Statement of Additional Information

This supplement amends the summary prospectus, prospectus and statement of additional information of the above referenced funds (each, a “Fund” and together, the “Funds”) and is in addition to any other supplement(s). You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this supplement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

November 2, 2018 PX0000.073