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DOMESTIC EQUITY

Discovery Fund 1 a

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Focus: The Fund typically invests in small-cap U.S. growth stocks.
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b
b
c
d
2 
e
3 
4 5 
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Shares Ticker CUSIP Inception
Date
Pricef Price Change 12 Month High 12 Month
Low
A OPOCX 683921100 9/11/86 72.51 -0.72 84.07 63.71
Be ODIBX 683921209 4/4/94 57.53 -0.58 67.94 51.92
C ODICX 683921407 10/2/95 59.22 -0.59 69.75 53.27
I3  ODIIX 683921605 1/27/12 78.90 -0.79
N ODINX 683921506 3/1/01 69.26 -0.69 80.39 61.23
Y ODIYX 683921308 6/1/94 78.51 -0.79 91.00 68.42

as of 4/24/14

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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Peer Group

Morningstar Category

Small Growth

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Fund Management

Ronald Zibelli, Jr., CFA

Managed Fund since 6/06

Ash Shah, CFA, CPA

Managed Fund since 2/14

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Investment Minimums

Initial: $1,000

Total Assets

$2.4 billion

(all classes as of 3/31/14)

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Morningstar
Rating hi

as of 03/31/2014

star star star

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f
cf
e
3 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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e
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Risk Measurement j as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
A 0.84 2.25 87.35 0.90 15.7%
Be 0.83 1.42 87.32 0.85 15.7%
C 0.84 1.45 87.37 0.85 15.7%
I3  —%
N 0.84 1.96 87.35 0.88 15.7%
Y 0.84 2.59 87.38 0.92 15.7%
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Top Sectors 6  as of 3/31/14
  % Net Assets
1 Information Technology 31.2
2 Healthcare 19.8
3 Industrials 18.8
4 Consumer Discretionary 9.8
5 Financials 7.8
6 Materials 4.6
7 Energy 4.3
8 Consumer Staples 0.8
  Total 97.0
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Top Countries 6  as of 3/31/14
  % Net Assets
1 United States 94.4
2 Ireland 1.3
3 Israel 0.7
4 Canada 0.6
  Total 97.0
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Top Regions 6  as of 3/31/14
  % Net Assets
1 Americas - Developed 95.0
2 Europe - Developed 1.3
3 Middle East - Developed 0.7
  Total 97.0
—— —— —— Income Dividends ($ per share) 7 k
Dividend/Share ($) 12-Month Distribution ($)
A 0.0000 0.0000
Be 0.0000 0.0000
C 0.0000 0.0000
I3  0.0000 0.0000
N 0.0000 0.0000
Y 0.0000 0.0000

Frequency: Pay Date:

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e
3 
—— Capital Gains Distributions ($ per share)as of 4/24/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013 0.0000 5.9890 5.9890 12/3/13 12/4/13 12/5/13
2012 0.0000 4.3957 4.3957 12/4/12 12/5/12 12/6/12
2011 0.0000 3.1799 3.1799 12/2/11 12/5/11 12/6/11
2010
2009
2008 0.0000 0.5585 0.5585 12/2/08 12/3/08 12/4/08
2007 0.0000 0.5544 0.5544 12/4/07 12/5/07 12/6/07
2006
2005
2004

There is no guarantee of the payment of any dividend or other distributions at any level.

 

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Strategy

The portfolio managers rely on the OppenheimerFunds Growth team's philosophy, which focuses on high quality, attractively valued companies with sustainable earnings and solid management. Using thorough 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

» Access all commentaries

Title
Content Type
Date
Discovery Fund Commentary
Portfolio Commentary
04/17/2014

Special Risks: 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.

Access index definitions.

Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.

Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.

While the Dividend/Share column is updated the next business day after a dividend payment (as stated in the date below the table), the 12-Month Distribution ($) column is updated monthly. Therefore, there may be a time where the 12-Month Yield data is inconsistent with the Dividend/Share data.

As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.

For Class A Shares the starting value is $9,425 which takes into account the current maximum initial sales charge (unless 'no sales charge' option is chosen). For portions of this period, sales charges were higher and performance may have been less.

"Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

Index performance will be available approximately five days after each month-end.

Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.

Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.

OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star with some adjustments for multiple share class portfolios.   The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five and ten-year (if applicable) Morningstar Rating Metrics.  Oppenheimer Discovery Fund was rated against the following numbers of U.S.-domiciled Small Growth over the following time periods ended 3/31/14:  633 funds in the last three years, 555 funds in the last five years, and 373 in the last ten years.  With respect to these Small Growth funds, Oppenheimer Discovery Fund received a Morningstar Rating of 3 stars, 3 stars and 3 stars for the three-, five-, and ten-year periods, respectively.  Morningstar Rating is for the A share class only and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, performance characteristics and Morningstar ratings.  Past performance is no guarantee of future results.

Class A shares rated 3 stars overall by Morningstar among  633  Small Growth funds for the 3-, 5-, and 10 year period ended 3/31/14 based on risk-adjusted performance.

Beta (3-yr): is a measure of a fund's sensitivity to market movements. The beta of a market is 1.00 by definition.

Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.

R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.  

Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).

Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.

Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.

Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.

There is no guarantee of the payment of any dividend or other distributions at any level.

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.
225 Liberty Street, New York, NY 10281-1008