Oppenheimer Discovery Mid Cap Growth Fund

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1 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 Bergagnini, CFA Portfolio Inception November 1, 2000 Portfolio Assets $1.1 Billion Morningstar Category Mid-Cap Growth Morningstar Rating * Class A Shares rated 4 stars overall by Morningstar among 549 Mid-Cap Growth funds for the 3-, 5- and 10-year periods ended 3/31/18 based on riskadjusted performance. Morningstar Analyst Rating: * Performance Summary During the first quarter of 2018, (Class A shares w/o Sales Charge) outperformed the Russell Mid Cap Growth Index, +2.31% vs +2.17%. Top individual stock contributors to 's performance included Abiomed, Inc., ServiceNow, Inc., and Red Hat, Inc. Bottom individual stock detractors from the 's performance included D.R. Horton, Inc., Exelixis, Inc., Inc., and RPC, Inc. Looking forward, we expect the U.S. economy to expand at a rate of 2.7%-3.0% in 2018, faster than the trajectory of the last several years. Annual s (%) As of March 31, 2018 (Class A Shares w/o Sales Charge) (Class A Shares w/ Sales Charge) (Class Y Shares) (Class I Shares) Russell Midcap Growth Index (Linked Index)¹ Morningstar Percentile Rank and Ranking: Mid-Cap Growth Category² (Class A Shares based on total return) Q Year 3-Year 5-Year 10-Year Inception th #205/ rd #182/ th #134/ st #110/352 s for periods of less than one year are cumulative and not annualized. Class A share inception date is 11/1/2000 Class Y share inception date is 11/1/2000 Class I share inception date is 2/28/2013 Annual Expense Ratios: Class A shares: Gross: 1.13%. Class Y shares: Gross: 0.87%. Class I shares: Gross: 0.71%. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the 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 ( ). 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. For additional information, please visit our website at oppenheimerfunds.com 1

2 Market Overview Volatility came back with a vengeance this quarter, after many years of below-average levels. Geopolitical concerns stemming from tariff and trade wars with China, North Korea, and Russia fueled recent volatility. Company fundamentals continue to be solid domestically as a result of tax cuts, spending increases and international strength, although there was renewed fears of inflation and anticipated future Federal Reserve Bank action. The domestic broad market took a breathier this quarter, ending slightly in negative territory (S&P 500 index -0.76%). Information Technology sector was the best performing sector despite market darlings, Facebook and Tesla, experiencing price weakness on growth concerns. Growth continued its outperformance across all cap segments with small-cap growth generating the best performance (2.28%). In this growth-oriented environment, the Russell Midcap Growth Index was up 2.17%, with strong performance in Information Technology, Health Care and Financials. Portfolio Review During the first quarter of 2018, (Class A shares w/o Sales Charge) outperformed the Russell Mid Cap Growth Index, +2.31% vs % (net of fees). Our focus on well-established, higher-quality growth companies is designed to provide investors with limited downside risks. Analysis Relative to the benchmark, Health Care, Industrials and Information Technology were the best performing sectors. Outperformance in all three sectors came mainly from stock selection. Relative to the Index, Energy and small cash position (less than 2%) detracted over the first quarter. Individual Holdings Driving Results Top individual stock contributors to performance included Abiomed, Inc., ServiceNow, Inc. and Red Hat, Inc. Abiomed, Inc. is a manufacturer of medical devices used to support heart function during cardiac procedures. The company reported another strong quarter of financial results during period and increased their outlook. They also received two new approvals from the FDA for their heart pump that could meaningfully increase their market opportunity. ServiceNow, Inc. provides software to help enterprises manage and automate IT operations and services. ServiceNow reported its "best quarter ever" highlighted by $3.9B in total backlog that was +39% as the company signed over $1B in total contract value in Q4/17. Red Hat, Inc. is a provider of open source software for enterprises. Red Hat delivered strong 4th quarter results that exceeded consensus estimates for revenue, billings, operating margins, and EPS, while providing FY2019 guidance ahead of consensus expectations. The company posted billings growth of 25% (22% in c/c), way above the Street consensus of about 13%-14%. The largest detractors from the s performance included D.R. Horton, Inc., Exelixis, Inc., Inc. and RPC, Inc. D.R. Horton, Inc. is one of the largest homebuilders in the United States. The stock underperformed due to 2018 s rise in interest rates. Exelixis, Inc. is a biotech company focused on oncology, specifically drugs that treat liver and kidney cancers. The company underperformed due to somewhat disappointing 4Q financial results and overall weakness in the biotech sector. RPC, Inc. is an oil services company that works with energy companies around the U.S. RPC reported surprisingly weak 4Q financial results that caused the stock to underperformed. 2

3 Performance Analysis by Issuer - Top 5 Q1 2018³ (%) Active ABIOMED, Inc Health Care ServiceNow, Inc Info Tech Red Hat, Inc Info Tech IDEXX Laboratories, Inc Health Care Copart, Inc Industrials Performance Analysis by Issuer - Bottom 5 Q1 2018³ (%) Active D.R. Horton, Inc Cons Disc Exelixis, Inc Health Care RPC, Inc Energy Dollar Tree, Inc Cons Disc Rockwell Automation, Inc Industrials 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 or Oppenheimers, Inc. Past performance does not guarantee future results. 3

4 Performance Analysis - Q1 2018³ (%) Avg. Avg. Active Strategy Index Attribution Analysis Avg. Allocation Stock Selection Effect Health Care Industrials Information Technology Real Estate Consumer Discretionary Telecom Services Utilities Materials Financials Consumer Staples Energy 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 is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual 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 or Oppenheimers, Inc. Past performance does not guarantee future results. 4

5 Outlook and Positioning Our long-term investment process remains the same. We seek dynamic companies with above-average, 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 U.S. economy to expand at a rate of 2.7%-3.0% in 2018, faster than the trajectory of the last several years. The most important drivers of this improvement are fiscal stimulus in the form of both tax cuts and spending increases and the additional benefits from better growth outside the U.S. Although interest rates remain very low in a historical context, the Federal Reserve will continue to normalize monetary policy by gradually raising short term rates. Meanwhile, corporate profits are growing at a robust pace and cash flows are being directed to capital expenditures, dividends, buybacks and acquisitions. Equity valuations remain high but have moderated due to favorable earnings revisions and the recent market correction. Market volatility has increased from unusually low levels, partly due to political and policy turmoil in Washington D.C. Technology driven disruption remains abundant across the economy and is at the forefront of our fundamental research. 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 25% in Discovery Mid Cap Growth. Special Risks Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Investments in securities of growth companies may be volatile. Mid-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 mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss. 5

6 DISCLOSURES Past performance does not guarantee future results. 1. The index returns are made up of the returns of (i) the Russell 2500 Growth Index from November, 1, 2000 through June 30, 2013, and (ii) the Russell Midcap Growth Index from July 1, 2013 to present. Index performance includes total returns from when first available. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-tobook ratios and higher forecasted growth values. The indices are 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. Past performance does not guarantee future results. 2. Source: 2018 Morningstar, Inc., 3/31/18. 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. Ranking is based on total return as of 3/31/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. rankings are subject to change monthly. The fund's total-return percentile rank is relative to all funds that are in the Mid-Cap Growth s 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 Oppenheimers, 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 Mid-Cap Growth funds over the following time periods: For the 3-,5- and 10- year periods, respectively, the was rated 4, 4 and 4 stars among 549 funds in the last three years, 485 funds in the last five years, and 352 funds in the last ten years. Morningstar Rating is for the A 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 Oppenheimers, 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. Oppenheimers 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 Oppenheimers, 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 March 31, 2018, and are subject to change based on subsequent developments. The 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 or any gains realized if the investor sells his/her shares. Visit Us oppenheimerfunds.com Call Us Follow Us The discussion and data quoted are based upon the results, holdings and characteristics of the similarly managed Oppenheimer Discovery Mid Cap Growth. Such data may vary for the due to asset size, investment guidelines, expenses and other factors. We believe the mutual fund most closely reflects the portfolio management style for this strategy. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund s investment objectives, risks, charges, and expenses. 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 Oppenheimers Distributor, Inc. 225 Liberty Street, New York, NY Oppenheimers Distributor, Inc. All rights reserved. CO March 31,

Oppenheimer Discovery Fund

Oppenheimer Discovery Fund 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