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DOMESTIC EQUITY

Discovery Mid Cap Growth Fund 1 2 

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Focus: The Strategy typically invests in mid-cap U.S. growth stocks.
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Management

Ronald Zibelli, Jr., CFA
Senior Portfolio Manager
Managed fund since 6/07
Justin Livengood, CFA
Portfolio Manager
Managed fund since 2/14
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Strategy

The portfolio managers rely on the OppenheimerFunds Growth team's philosophy, which focuses on attractively valued companies with sustainable earnings and solid management. Using bottom-up, or company-level fundamental research, they seek to identify companies with leading market positions and sustainable competitive advantages that are generating above-average growth. 
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Commentary

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Prior to June 28, 2013, the Fund's name was Oppenheimer Small- & Mid-Cap Growth Fund. The Fund will primarily invest in equity securities of "mid-cap" issuers. There will be no change to the Fund's investment objective.
Special Risks:  Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Investments in securities of growth companies may be volatile. Small and mid-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. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. 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