0000777547 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019017Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019018Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019019Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019020Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019021Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000109901Member oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019017Member rr:AfterTaxesOnDistributionsMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:C000019017Member rr:AfterTaxesOnDistributionsAndSalesMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:Russ2kGrowthIndexAAAAMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:Russ2kIndexAAAAMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 0000777547 oppenheimer:S000006968Member oppenheimer:SandP500IndexAAAAMember oppenheimer:AAAAMember 2013-01-28 2013-01-28 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-09-30 OPPENHEIMER DISCOVERY FUND 0000777547 false 2013-01-28 2013-01-25 2013-01-28 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Investment Objective.</b> The Fund seeks capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Fees and Expenses of the Fund.</b> This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section &quot;About Your Account&quot; beginning on page 9 of the prospectus and in the sections &quot;How to Buy Shares&quot; beginning on page 53 and &quot;Appendix A&quot; in the Fund's Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example. </b>The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows: </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> If shares are redeemed</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> If shares are not redeemed </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 100% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Principal Investment Strategies.</b> The Fund mainly invests in common stocks of U.S. companies that the portfolio manager believes have favorable growth prospects. The Fund emphasizes stocks of small-capitalization (or &quot;small-cap&quot;) companies, which are defined as companies with a market capitalization of less than $3 billion when the Fund buys them. A company's &quot;market capitalization&quot; is the value of its outstanding common stock relative to that of other companies. Companies are generally classified as small-cap, mid-cap or large-cap. The Fund's target capitalization range may change over time. These stocks may be traded on stock exchanges or over-the-counter.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The portfolio manager looks for companies with high growth potential. This approach includes fundamental analysis of a company's financial statements and management structure and consideration of the company's operations and product development, as well as its position in its industry. The portfolio manager also evaluates research on particular industries, market trends and general economic conditions. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The portfolio manager currently seeks companies with proven management records that are able to handle rapid growth, companies with innovative products or services, and companies that have above average growth profiles and have what the portfolio manager believes are sustainable growth rates. These criteria can vary.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Principal Risks.</b> The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. <i>These risks mean that you can lose money by investing in the Fund.</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Investing in Stock.</b> The value of the Fund's portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company's sector or industry, or changes in government regulations affecting the company or its industry.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> At times, the Fund may emphasize investments in a particular industry or economic or market sector. To the extent that the Fund increases its emphasis on investments in a particular industry or sector, the value of its investments may fluctuate more in response to events affecting that industry or sector, such as changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Small-Cap Companies.</b> Small-cap companies may be either established or newer companies, including &quot;unseasoned&quot; companies that have typically been in operation for less than three years. While smaller companies might offer greater opportunities for gain than larger companies, they also involve greater risk of loss. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Small-cap companies may not have established markets for their products or services and may have fewer customers and product lines. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. Since small-cap companies typically reinvest a high proportion of their earnings in their business, they may lack liquidity in a declining market, particularly if they are newer companies. Small-cap companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. It may take a substantial period of time before the Fund realizes a gain on an investment in a small-sized company, if it realizes any gain at all.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i> <b> Price Arbitrage.</b> </i> Because the Fund may invest in smaller company stocks that might trade infrequently, investors might seek to trade fund shares based on their knowledge or understanding of the value of those securities (this is sometimes referred to as &quot;price arbitrage&quot;). If such price arbitrage were successful, it might interfere with the efficient management of the Fund's portfolio and the Fund may be required to sell securities at disadvantageous times or prices to satisfy the liquidity requirements created by that activity. Successful price arbitrage might also dilute the value of fund shares held by other shareholders.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Growth Investing.</b> If a growth company's earnings or stock price fails to increase as anticipated, or if its business plans do not produce the expected results, its securities may decline sharply. Growth companies may be newer or smaller companies that may experience greater stock price fluctuations and risks of loss than larger, more established companies. Newer growth companies tend to retain a large part of their earnings for research, development or investments in capital assets. Therefore, they may not pay any dividends for some time. Growth investing has gone in and out of favor during past market cycles and is likely to continue to do so. During periods when growth investing is out of favor or when markets are unstable, it may be more difficult to sell growth company securities at an acceptable price. Growth stocks may also be more volatile than other securities because of investor speculation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Who Is The Fund Designed For?</b> The Fund is designed primarily for investors seeking capital growth over the long term from small-cap stocks. Those investors should be willing to assume the risks of short-term share price fluctuations and losses that are typical for an aggressive growth fund focusing on stocks of small-cap issuers. Because of its focus on long-term growth, the Fund may be appropriate for investors with a higher risk tolerance and longer term investment goals. The Fund does not seek current income and the income from its investments will likely be small, so it is not designed for investors needing current income. The Fund is not a complete investment program and may not be appropriate for all investors. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </b> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's Past Performance.</b> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website: <u> https://www.oppenheimerfunds.com/fund/investors/overview/DiscoveryFund </u> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 21.41% (2nd Qtr 03) and the lowest return was -25.33% (4th Qtr 08). For the period from January 1, 2012 to December 31, 2012, the cumulative return before sales charges and taxes was 16.99%.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Performance information for Class I shares will be provided after those shares have one full calendar year of performance. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Average Annual Total Returns for the periods ended December 31, 2012</b></p> <div style="display:none">~http://oppenheimer/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 0.0575 0 0 0.05 0 0.01 0 0.01 0 0 0 0 <div style="display:none">~ http://oppenheimer/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 0.0066 0.0024 0.0039 0.0129 -0.0006 0.0123 0.0066 0.01 0.0064 0.023 -0.0023 0.0207 0.0066 0.01 0.0041 0.0207 -0.0003 0.0204 0.0066 0.005 0.0039 0.0155 -0.0001 0.0154 0.0066 0 0.0024 0.009 0 0.009 0.0066 0 0.0003 0.0069 0 0.0069 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 694 712 309 258 92 71 957 1004 652 492 288 221 1241 1423 1122 850 501 385 2046 2150 2422 1859 1113 861 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 694 212 209 158 92 71 957 704 652 492 288 221 1241 1223 1122 850 501 385 2046 2150 2422 1859 1113 861 <div style="display:none">~ http://oppenheimer/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 0.3898 0.0398 0.0134 0.0484 0.2581 -0.3859 0.2731 0.2775 0.0147 0.1699 <div style="display:none">~ http://oppenheimer/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000006968Member ~</div> 0.1027 0.0909 0.0819 0.1102 0.1509 0.1567 0.1741 0.1459 0.1635 0.16 0.0225 0.0181 0.0188 0.0229 0.0266 0.0319 0.0384 0.0349 0.0356 0.0166 0.08 0.0775 0.0706 0.0813 0.0779 0.0834 0.0898 0.098 0.0972 0.0364 You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. 25000 1.00 An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For the period from January 1, 2012 to December 31, 2012, the cumulative return before sales charges and taxes was 16.99%. 0.1699 2012-12-31 highest return for a calendar quarter was 21.41% (2nd Qtr 03) 0.2141 lowest return was -25.33% (4th Qtr 08) -0.2533 https://www.oppenheimerfunds.com/fund/investors/overview/DiscoveryFund After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary. 1986-09-11 1994-04-04 1995-10-02 2001-03-01 1994-06-01 The Fund's transfer agent has voluntarily agreed to limit its fees for Classes B, C, N and Y to 0.35% of average annual net assets per class per fiscal year, and to 0.30% of average net assets per fiscal year for Class A. These limitations may not be amended or withdrawn until one year after the date of this prospectus. Expenses for Class A have been restated to reflect current fees.