OFI Pictet Global Environmental Solutions Fund | Oppenheimer Main Street Fund®/VA |
Oppenheimer Capital Appreciation Fund | Oppenheimer Main Street Mid Cap Fund® |
Oppenheimer Capital Appreciation Fund/VA | Oppenheimer Main Street Small Cap Fund® |
Oppenheimer Capital Income Fund | Oppenheimer Main Street Small Cap Fund®/VA |
Oppenheimer Conservative Balanced Fund/VA | Oppenheimer Mid Cap Value Fund |
Oppenheimer Developing Markets Fund | Oppenheimer Municipal Fund |
Oppenheimer Discovery Fund | Oppenheimer Portfolio Series: Active Allocation Fund |
Oppenheimer Discovery Mid Cap Growth Fund |
Oppenheimer Portfolio Series: Conservative Investor Fund |
Oppenheimer Discovery Mid Cap Growth Fund/VA | Oppenheimer Portfolio Series: Equity Investor Fund |
Oppenheimer Dividend Opportunity Fund | Oppenheimer Portfolio Series: Moderate Investor Fund |
Oppenheimer Emerging Markets Innovators Fund | Oppenheimer Preferred Securities and Income Fund |
Oppenheimer Emerging Markets Local Debt Fund | Oppenheimer Real Estate Fund |
Oppenheimer Emerging Markets Revenue ETF | Oppenheimer Rising Dividends Fund |
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF | Oppenheimer Rochester® AMT-Free Municipal Fund |
Oppenheimer Equity Income Fund |
Oppenheimer Rochester® AMT-Free New York Municipal Fund |
Oppenheimer ESG Revenue ETF | Oppenheimer Rochester® California Municipal Fund |
Oppenheimer Fundamental Alternatives Fund | Oppenheimer Rochester® Fund Municipals |
Oppenheimer Global Allocation Fund | Oppenheimer Rochester® High Yield Municipal Fund |
Oppenheimer Global ESG Revenue ETF |
Oppenheimer Rochester® Limited Term California Municipal Fund |
Oppenheimer Global Focus Fund | Oppenheimer Rochester® Limited Term New York Municipal Fund |
Oppenheimer Global Fund | Oppenheimer Rochester® New Jersey Municipal Fund |
Oppenheimer Global Fund/VA | Oppenheimer Rochester® Pennsylvania Municipal Fund |
Oppenheimer Global High Yield Fund |
Oppenheimer Rochester® Short Duration High Yield Municipal Fund |
Oppenheimer Global Multi-Alternatives Fund/VA | Oppenheimer Russell 1000® Dynamic Multifactor ETF |
Oppenheimer Global Multi-Asset Growth Fund | Oppenheimer Russell 1000® Low Volatility Factor ETF |
Oppenheimer Global Multi-Asset Income Fund | Oppenheimer Russell 1000® Momentum Factor ETF |
Oppenheimer Global Opportunities Fund | Oppenheimer Russell 1000® Quality Factor ETF |
Oppenheimer Global Revenue ETF | Oppenheimer Russell 1000® Size Factor ETF |
Oppenheimer Global Strategic Income Fund | Oppenheimer Russell 1000® Value Factor ETF |
Oppenheimer Global Strategic Income Fund/VA | Oppenheimer Russell 1000® Yield Factor ETF |
Oppenheimer Global Unconstrained Bond Fund | Oppenheimer Russell 2000® Dynamic Multifactor ETF |
Oppenheimer Gold & Special Minerals Fund | Oppenheimer S&P 500 Revenue ETF |
Oppenheimer Government Cash Reserves | Oppenheimer S&P Financials Revenue ETF |
Oppenheimer Government Money Fund/VA | Oppenheimer S&P MidCap 400 Revenue ETF |
Oppenheimer Government Money Market Fund | Oppenheimer S&P SmallCap 600 Revenue ETF |
Oppenheimer Institutional Government Money Market Fund |
Oppenheimer S&P Ultra Dividend Revenue ETF |
Oppenheimer Senior Floating Rate Fund | |
Oppenheimer Intermediate Income Fund Oppenheimer Intermediate Term Municipal Fund | Oppenheimer Senior Floating Rate Plus Fund |
Oppenheimer International Bond Fund | Oppenheimer Short Term Municipal Fund |
Oppenheimer International Diversified Fund | Oppenheimer Small Cap Value Fund |
Oppenheimer International Equity Fund | Oppenheimer SteelPath MLP & Energy Infrastructure Fund |
Oppenheimer International Growth Fund | Oppenheimer SteelPath MLP Alpha Fund |
Oppenheimer International Growth Fund/VA | Oppenheimer SteelPath MLP Alpha Plus Fund |
Oppenheimer International Revenue ETF | Oppenheimer SteelPath MLP Income Fund |
Oppenheimer International Small-Mid Company Fund | Oppenheimer SteelPath MLP Select 40 Fund |
Oppenheimer International Ultra Dividend Revenue ETF | Oppenheimer SteelPath Panoramic Fund |
Oppenheimer Limited-Term Bond Fund | Oppenheimer Total Return Bond Fund |
Oppenheimer Limited-Term Government Fund | Oppenheimer Total Return Bond Fund/VA |
Oppenheimer Macquarie Global Infrastructure Fund | Oppenheimer Ultra-Short Duration Fund |
Oppenheimer Main Street All Cap Fund® | Oppenheimer Value Fund |
Oppenheimer Main Street Fund® |
Supplement dated January 18, 2019 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) except as indicated immediately below.
This supplement supersedes the supplement dated January 14, 2019 (the “January 14th Supplement”) and is intended to delete entirely the last paragraph of the January 14th Supplement regarding the anticipation that the Funds will close to new investors as soon as practicable following shareholder approval.
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. (“Invesco”), a global investment management company, will acquire OppenheimerFunds, Inc. (the “Transaction”). In connection with the Transaction, on January 11, 2019 the Board of Trustees of each trust (each, a “Trust”) governing the Trust’s respective Fund(s) unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund as of the close of business on the closing date, and with respect to those Funds that are exchange-traded funds (an “ETF”), shares of the corresponding Acquired Fund (and cash with respect to any fractional shares) of equal value to the value of the respective Fund as of the close of business on the closing date.
Although each Acquiring Fund will be managed by either Invesco Advisers, Inc. (for those Acquiring Funds that are not ETFs) or Invesco Capital Management, LLC (for those Acquiring Funds that are ETFs), each Acquiring Fund will, as of the closing date, have the same investment objective (or in the case of the Acquiring Funds that are ETFs, a substantially similar investment objective) and substantially similar principal investment strategies and risks as the corresponding Fund. After each Reorganization, Invesco Advisers, Inc. will be the investment adviser to each Acquiring Fund that is a mutual fund, and Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund that is an ETF, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. Each Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.
Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trusts’ Boards of Trustees considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.
If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.
You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.
January 18, 2019 | PS0000.201 |
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, Statement of Additional Information, Annual Report and other information about the Fund online at https://www.oppenheimerfunds.com/fund/GlobalUnconstrainedBondFund. You can also get this information at no cost by calling 1.800.225.5677 or by sending an email request to: info@oppenheimerfunds.com. |
Class A | Class Y | Class I | ||
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) | 4.75% | None | None | |
... | ||||
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) | None | None | None |
Class A | Class Y | Class I | ||
Management Fees | 0.60% | 0.60% | 0.60% | |
... | ||||
Distribution and/or Service (12b-1) Fees | 0.25% | None | None | |
... | ||||
Other Expenses | 10.05% | 3.67% | 1.46% | |
... | ||||
Acquired Fund Fees and Expenses | 0.11% | 0.11% | 0.11% | |
... | ||||
Total Annual Fund Operating Expenses | 11.01% | 4.38% | 2.17% | |
... | ||||
Fee Waiver and/or Expense Reimbursement2 | (9.90)% | (3.42)% | (1.31)% | |
... | ||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.11% | 0.96% | 0.86% |
1. | Expenses have been restated to reflect current fees. |
2. | After discussions with the Fund’s Board of Trustees, the Manager has contractually agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses) to annual rates of 1.00% for Class A shares, 0.85% for Class Y shares and 0.75% for Class I shares, as calculated on the daily net assets of the Fund. The Manager will also waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through |
1 Year | 3 Years | 5 Years | 10 Years | ||
Class A | $583 | $2,750 | $4,664 | $8,528 | |
... | |||||
Class Y | $98 | $1,035 | $1,984 | $4,408 | |
... | |||||
Class I | $88 | $558 | $1,055 | $2,425 |
Telephone: | Call OppenheimerFunds Services toll-free: (1.800.CALL OPP) (1.800.225.5677) | |
... | ||
Mail: | For requests by mail: OppenheimerFunds Services P.O. Box 5270 Denver, Colorado 80217-5270 | For requests by courier or express mail: OppenheimerFunds Services 6803 S. Tucson Way Centennial, CO 80112-3924 |
... | ||
Internet: | You may request documents, and read or download certain documents at www.oppenheimerfunds.com |
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