Oppenheimer Discovery Fund

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1 Ticker Symbols: OPOCX (Class A shares), ODIYX (Class Y shares), ODIIX (Class I shares) Performance Summary Portfolio Managers Ronald Zibelli, CFA Since 6/06 Ash Shah, CFA, CPA Since 2/14 Client Portfolio Manager Emanuele Bergagnini, CFA Portfolio Inception September 11, 1986 Portfolio Assets $2.1 Billion Morningstar Category Small Growth Morningstar Rating * Class Y Shares rated 4 stars overall by Morningstar among 583 Small Growth funds for the 3-, 5- and 10-year periods ended 12/31/18 based on risk-adjusted performance. During the fourth quarter of 2018, (Class A shares without sales charge) marginally outperformed the Russell 2000 Growth Index, % vs %. Top individual stock contributors to the Fund's performance included SendGrid, Inc., Aerojet Rocketdyne Holdings, Inc., and WD-40 Company. Over the quarter, the largest detractors from performance were Ligand Pharmaceuticals, Inc. Inogen, Inc., and Matador Resources Company. Looking forward, we expect the growth rate of the U.S. economy to moderate from a solid 2018 while remaining stronger than many other economies around the world. Annual s (%) As of December 31, 2018 (Class A Shares w/o Sales Charge) (Class A Shares w/ Sales Charge) (Class Y Shares) (Class I Shares) Q Year 3-Year 5-Year 10-Year Inception Russell 2000 Growth Index¹ Morningstar Percentile Rank and Ranking: Small Growth Category² (Class A Shares based on total return) 33 rd #219/ st #234/ th #247/ th #173/391 Morningstar Analyst Rating: * s for periods of less than one year are cumulative and not annualized. Class A share inception date is 9/11/1986 Class Y share inception date is 6/1/1994 Class I share inception date is 1/27/2012 Annual Expense Ratios: Class A shares: Gross: 1.08%. Class Y shares: Gross: 0.84%. Class I shares: Gross: 0.67%. 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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call CALL OPP ( ). Fund returns include changes in net asset value with dividends and capital gains reinvested. Class A shares include the 5.75% maximum sales charge except where indicated. Class Y and Class I shares are not subject to a sales charge. s do not consider capital gains or income taxes on an individual s investment. Generally, I shares are only available to institutional investors and can only be purchased with a $1 million initial investment. Generally, Y shares are only available to certain investors, including those in wrap-fee based programs or commissionable brokerage platforms that charge sales commission. As of 6/28/13, the purchase and exchange of Fund shares are restricted, subject to certain exceptions. Please see the prospectus for further information. For additional information, please visit our website at oppenheimerfunds.com 1

2 Market Overview During the fourth quarter of 2018, (Class A shares without sales charge) marginally outperformed the Russell 2000 Growth Index, % vs %. Our focus on well-established, higher-quality growth companies is designed to provide investors with both upside participation and a degree of downside protection. Analysis Relative to the benchmark, Industrials, Information Technology, Financials, and Materials were the best-performing sectors, as a result of positive stock selection. Relative to the benchmark, Heath Care and Communication Services sector detracted from performance. Portfolio Review Top individual stock contributors to the Fund's performance included SendGrid, Inc., Aerojet Rocketdyne Holdings, Inc., and WD-40 Company. SendGrid, Inc. is the leading provider of transactional services and an emerging player in the marketing space. Twilio announced plans to acquire SendGrid in an all-stock transaction and Sendgrid reported a strong 3Q18 that was above consensus estimates. Aerojet Rocketdyne Holdings, Inc. is a designer, developer, and manufacturer of propulsion systems for aerospace and defense applications. The company reported a very strong 3Q18 driven by an acceleration in two of their key product lines. WD-40 Company produces lubricants, rust preventatives, cleaners, and moisture replacement. The stock outperformed due to investors searching for a recession-resistant, high quality growth company that benefits from an oil price collapse. Over the quarter, the largest detractors from performance were Ligand Pharmaceuticals, Inc., Inogen, Inc., and Matador Resources Company. Ligand Pharmaceuticals Inc. develops drugs which regulates hormone activated intracellular receptors. The stock sold off with the broader biotech sector despite reporting solid Q3 financial results. Inogen, Inc. is a leader in the portable oxygen concentrator segment of the $3 billion domestic home oxygen therapy market. They reported strong revenue growth but accelerated hiring of new salespeople, which hurt profitability. Matador Resources Company is an independent oil and natural gas exploration and production company. The stock sold off with a sharp drop in oil prices. They reported strong financial results during the period. 2

3 Performance Analysis by Issuer - Top 5 Q4 2018³ (%) Active SendGrid, Inc Info Tech Aerojet Rocketdyne Holdings, Inc Industrials WD-40 Company Cons Staples Okta, Inc Info Tech MongoDB, Inc Info Tech Performance Analysis by Issuer - Bottom 5 Q4 2018³ (%) Active Ligand Pharmaceuticals Incorporated Health Care Inogen, Inc Health Care Matador Resources Company Energy HealthEquity, Inc Health Care Roku, Inc Cons Disc Holdings are subject to change, and are dollar-weighted based on net assets. The mention of specific sectors or securities is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 3

4 Performance Analysis - Q4 2018³ (%) Avg. Avg. Active Strategy Index Attribution Analysis Avg. Allocation Stock Selection Effect Industrials Information Technology Financials Materials Energy Consumer Discretionary Utilities Consumer Staples Comm Services Real Estate Health Care Other Cash Holdings are subject to change, and are dollar-weighted based on net assets. Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. to measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. The mention of specific sectors or securities is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. Outlook and Positioning Our long-term investment process remains the same. We seek dynamic companies with above-average and sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of performance. Looking forward, we expect the growth rate of the U.S. economy to moderate from a solid 2018 while remaining stronger than many other economies around the world. Tighter monetary policy, waning benefit from fiscal stimulus and trade war fallout are the primary reasons for this slowdown. Moderating economic growth and the anniversary of corporate tax cuts will combine to materially slow the pace of earnings growth. The equity markets have started to reflect this scenario with lower valuations and that process could continue in 2019, along with elevated market volatility. We believe that companies with strong secular growth profiles will outperform those in cyclical industries over the intermediate future. Our opportunity set remains compelling and we expect stock selection to continue to drive our relative performance. Our holdings growth trajectory remains superior to the current corporate profit environment, with EPS growth in the most recent quarter of more than 41.6% in the Discovery Fund. Special Risks Small-sized company stock is typically more volatile than that of larger company stock. 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. 4

DISCLOSURES Past performance does not guarantee future results. 1. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe.

5 DISCLOSURES Past performance does not guarantee future results. 1. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results. 2. Source: 2018 Morningstar, Inc., 12/31/18. Morningstar ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 12/31/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The fund's total-return percentile rank is relative to all funds that are in the Small Growth Funds Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of Holdings and sector allocations are subject to change, do not constitute recommendations by OppenheimerFunds, Inc., and are dollar-weighted based on total net assets. Top Holdings exclude cash and cash equivalents. Attribution analysis is a process used to analyze the absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The total effect measures both the allocation effect to a sector as well as stock selection within a sector. 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. * The Morningstar Rating TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. was rated against the following number of Small Growth funds over the following time periods: For the 3-,5- and 10- year periods, respectively, the Fund was rated 3, 3 and 4 stars among 583 funds in the last three years, 516 funds in the last five years, and 391 funds in the last ten years. Morningstar Rating is for the Y share class only; other classes may have different performance characteristics. Ratings do not consider sales charges and are subject to change monthly. * The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar.) Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar s analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weighting of each pillar may vary. The Analyst Rating reflects an overall assessment and is overseen by Morningstar s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral Rating and a Negative Rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar s current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar s expectations not to occur or to differ significantly. The mention of specific companies does not constitute a recommendation by any particular fund or by OppenheimerFunds, Inc. 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. This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation. These views represent the opinions of the portfolio managers at OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2018, and are subject to change based on subsequent developments. The Fund s portfolio and strategies are subject to change. returns do not show the effects of income taxes on an individual s investment. Taxes may reduce an investor s actual investment returns on income or gains paid by the Fund or any gains realized if the investor sells his/her shares. Visit Us oppenheimerfunds.com Call Us Follow Us 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 CALL OPP ( ). Read prospectuses and summary prospectuses carefully before investing. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY OppenheimerFunds Distributor, Inc. All rights reserved. CO December 31,

Oppenheimer Discovery Mid Cap Growth Fund

Oppenheimer Discovery Mid Cap Growth Fund Ticker Symbols: OEGAX (Class A shares), OEGYX (Class Y shares), OEGIX (Class I shares) Portfolio Managers Ronald Zibelli, CFA Since 6/07 Justin Livengood, CFA Since 2/14 Client Portfolio Manager Emanuele