Oppenheimer Equity Income Fund Oppenheimer Global Focus Fund Oppenheimer Global Opportunities Fund Oppenheimer Gold & Special Minerals Fund Oppenheimer Government Cash Reserves Oppenheimer Intermediate Term Municipal Fund Oppenheimer International Diversified Fund Oppenheimer Main Street Mid Cap Fund^® Oppenheimer Mid Cap Value Fund Oppenheimer Municipal 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 Short Term Municipal Fund Oppenheimer SteelPath MLP Alpha Fund Oppenheimer SteelPath MLP Income Fund Oppenheimer SteelPath MLP Select 40 Fund

Supplement dated May 17, 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).

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.

Although each Acquiring Fund will be managed by Invesco Advisers, Inc., each Acquiring Fund will, as of the closing date, have the same 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, 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.

As of 5 p.m. Eastern Standard Time on May 17, 2019, each Reorganization has been approved by shareholders of record of each Fund as of January 14, 2019. Accordingly, if certain other closing conditions are satisfied or waived, each Reorganization is currently expected to close on or about May 24, 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.

May 17, 2019 PS0000.203.0519