497 1 supp.htm SAI SUPPLEMENT

Limited Term New York Municipal Fund

Oppenheimer Portfolio Series Fixed Income Active Allocation Fund

Oppenheimer Absolute Return Fund

Oppenheimer Quest International Value Fund

Oppenheimer AMT-Free Municipals

Oppenheimer Quest Opportunity Value Fund

Oppenheimer AMT-Free New York Municipals

Oppenheimer Real Estate Fund

Oppenheimer Baring SMA International Fund

Oppenheimer Rising Dividends Fund

Oppenheimer Balanced Fund

Oppenheimer Rochester Arizona Municipal Fund

Oppenheimer California Municipal Fund

Oppenheimer Rochester Maryland Municipal Fund

Oppenheimer Capital Appreciation Fund

Oppenheimer Rochester Massachusetts Municipal Fund

Oppenheimer Capital Income Fund

Oppenheimer Rochester Michigan Municipal Fund

Oppenheimer Champion Income Fund

Oppenheimer Rochester Minnesota Municipal Fund

Oppenheimer Commodity Strategy Total Return Fund

Oppenheimer Rochester National Municipals

Oppenheimer Core Bond Fund

Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Corporate Bond Fund

Oppenheimer Rochester Ohio Municipal Fund

Oppenheimer Currency Opportunities Fund

Oppenheimer Rochester Virginia Municipal Fund

Oppenheimer Developing Markets Fund

Oppenheimer Select Value Fund

Oppenheimer Discovery Fund

Oppenheimer Senior Floating Rate Fund

Oppenheimer Emerging Markets Debt Fund

Oppenheimer Small- & Mid-Cap Growth Fund

Oppenheimer Equity Fund, Inc.

Oppenheimer Small- & Mid-Cap Value Fund

Oppenheimer Equity Income Fund, Inc.

Oppenheimer Transition 2010 Fund

Oppenheimer Global Fund

Oppenheimer Transition 2050 Fund

Oppenheimer Global Allocation Fund

Oppenheimer Transition 2020 Fund

Oppenheimer Global Opportunities Fund

Oppenheimer Transition 2025 Fund

Oppenheimer Global Strategic Income Fund

Oppenheimer Transition 2030 Fund

Oppenheimer Global Value Fund

Oppenheimer Transition 2040 Fund

Oppenheimer Gold & Special Minerals Fund

Oppenheimer Transition 2050 Fund

Oppenheimer International Bond Fund

Oppenheimer U.S. Government Trust

Oppenheimer International Diversified Fund

Oppenheimer Value Fund

Oppenheimer International Growth Fund

Rochester Fund Municipals

Oppenheimer International Small Company Fund

Oppenheimer Balanced Fund/VA

Oppenheimer Limited Term California Municipal Fund

Oppenheimer Capital Appreciation Fund/VA

Oppenheimer Limited-Term Government Fund

Oppenheimer Core Bond Fund/VA

Oppenheimer Limited Term Municipal Fund

Oppenheimer Global Securities Fund/VA

Oppenheimer Main Street Fund®

Oppenheimer Global Strategic Income Fund/VA

Oppenheimer Main Street Select Fund®

Oppenheimer High Income Fund/VA

Oppenheimer Main Street Small- & Mid-Cap Fund®

Oppenheimer Main Street Fund®/VA

Oppenheimer New Jersey Municipal Fund

Oppenheimer Main Street Small Cap Fund®/VA

Oppenheimer Pennsylvania Municipal Fund

Oppenheimer Small- & Mid-Cap Growth Fund/VA

Oppenheimer Portfolio Series

Oppenheimer Value Fund/VA

 

Panorama Series Fund, Inc.:

Growth Portfolio
Oppenheimer International Growth Fund/VA

Total Return Portfolio

Statement of Additional Information Supplement dated December 3, 2010

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):

1.     

In addition to the Fund's portfolio holdings being made publicly available no later than 60 days after the close of each of the Fund's fiscal quarters in the manner described in the SAI, the Fund's portfolio holdings information, as of the end of each calendar month, may be posted and available on the Fund's website (www.oppenheimerfunds.com) no sooner than 30 days after the end of each calendar month.


2.     

Although the top 20 month-end securities holdings, listed by security or by issuer, may be posted on the OppenheimerFunds' website with a 15-day delay, the Fund may delay posting its holdings (or post a smaller list of holdings or may not post any holdings, as described in the SAI) if the Manager believes that doing so would be in the best interests of the Fund and its shareholders.


3.     

The following is added to the list of entities to which the Fund’s complete portfolio holdings positions may be released, provided certain requirements are met:


·     

Insurance companies that have separate accounts invested in Oppenheimer Variable Account Funds or Panorama Series Fund, Inc. (to prepare their financial statements and analysis).


 

December 3, 2010                                                                                                                                                                PX0000.044