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Oppenheimer Discovery Fund Soft Close Effective June 28, 2013

Oppenheimer Discovery Fund, managed by Ron Zibelli, CFA, has provided investors access to outstanding growth opportunities in the U.S. small cap investment landscape since its inception in 1986.

In an effort to continue to provide our shareholders a long term strategy of success with Oppenheimer Discovery Fund, we have implemented limitations on certain investor purchases to the Fund.  We believe these new limitations will help position the Fund for continued sustainable long term growth. Effective as of the close of the New York Stock Exchange on June 28, 2013 the Fund no longer accepts purchase orders from new investors and existing Fund shareholders are no longer be able to purchase new shares or exchange shares of other funds into the Fund, subject to the following exceptions:

  • Existing shareholders can continue to purchase shares through dividend and capital gain reinvestments.
  • Existing shareholders in broker/dealer wrap-fee programs can continue to purchase shares and exchange into the Fund. Existing broker/dealer wrap-fee programs can add new shareholders.
  • Existing shareholders in certain types of retirement plans, including 401(k), can continue to purchase shares and exchange into the Fund. New participants in such plans can elect to purchase new shares of the Fund. New retirement plans that are authorized prior to the Closing Date will have until September 30, 2013 to fund the account.
  • Existing shareholders through an OppenheimerFunds Portfolio Builder account can continue to purchase shares and exchange into the Fund.
  • Existing registered investment advisor (RIA) and bank trust firms that have an investment allocation to the Fund in a fee-based, wrap or advisory account, can continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms.
  • Existing shareholders in private banks can continue to purchase shares and exchange into the Fund. Existing private banks that have an investment allocation to the Fund can add new clients. The Fund will not be available to private banks or private bank platforms that are not already invested in the Fund.   
  • Existing 529 Plans that currently include the Fund within one or more of their investment options can continue to purchase shares and exchange into the Fund. The Fund will not be available to new plans or existing plans that do not currently invest in the Fund.
  • Funds-of-funds, including those affiliated with the Fund’s investment adviser and non-affiliated funds-of-funds, that have an investment in the Fund as of the Closing Date can continue to purchase shares of the Fund.  The Fund will not be available to new funds-of-funds.

We will continue to monitor the Fund to determine if we need to further modify these restrictions on investment purchases. Please see the prospectus supplement for additional details on these and other changes to the purchase restrictions for the Fund.         

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Small-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations and tend to have lower trading volumes than large-cap securities, creating potential for more erratic price movements. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008