This year marks the 10th anniversary of Ron Zibelli, CFA, and his Small- and Mid-Cap Growth team at OppenheimerFunds. Throughout their tenure on the Oppenheimer Discovery and Discovery Mid Cap Growth Funds, the team has employed a consistent approach: a focus on high quality growth companies and proactive risk management.

The team has delivered consistent outperformance1 during this decade in both Oppenheimer Discovery Fund and Oppenheimer Discovery Mid Cap Growth Fund. They have also delivered historically lower volatility and better risk-adjusted returns than their benchmarks and their peers.2

Oppenheimer Discovery Fund Class Y shares has been rated 4 stars by Morningstar among 655 Small Growth funds for the 3-, 5- and 10-year periods ended 6/30/16 based on risk-adjusted performance.3

Oppenheimer Discovery Mid Cap Growth Fund Class Y shares has been rated 4 stars by Morningstar among 650 Mid-Cap Growth funds for the 3-, 5- and 10-year periods ended 6/30/16 based on risk-adjusted performance.3

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1 Source: Morningstar Direct. The Morningstar U.S. Small Growth Funds Category Average is the average return of the mutual funds within the investment category as defined by Morningstar. Returns include the reinvestment of distributions but do not consider sales charges. The Morningstar U.S. Small Growth Funds Category Average performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. The Morningstar U.S. Mid-Cap Growth Funds Category Average is the average return of the mutual funds within the investment category as defined by Morningstar. Fund returns include the reinvestment of distributions but do not consider sales charges. If sales charge was considered performance would be lower. The Morningstar U.S. Mid-Cap Growth Funds Category Average performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. Past performance does not guarantee future results.

2 Standard deviation for Discovery Mid Cap Growth Fund is measured from 7/1/07, the team’s first full month of managing the Fund, to 5/31/16. Standard Deviation: A statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specialized period. The higher the standard deviation, the greater the volatility of the portfolio’s performance returns relative to its average return.

3 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For the 3-, 5- and 10-year periods, respectively, Oppenheimer Discovery Fund was rated 3, 4 and 4 stars among 658, 588 and 423 funds in the U.S.-domiciled Small Growth Category for the time period ended 3/31/16. For the 3-, 5- and 10-year periods, respectively, Oppenheimer Discovery Mid Cap Growth Fund was rated 4, 4 and 4 stars among 640, 574 and 428 funds in the Mid-Cap Growth category for the time period ended 3/31/16. Morningstar rating is for Class Y shares and rating may include more than one share class of funds in the category, including other share classes of these Funds. Different share classes may have different expenses, eligibility requirements, performance characteristics and Morningstar ratings. Class Y shares are not available for purchase by all investors. See prospectus for details.