497K 1 smuuaryprospectus-capapp.htm
Oppenheimer
Capital Appreciation Fund
NYSE Ticker Symbols
Class A OPTFX
Class B OTGBX
Class C OTFCX
Class R OTCNX
Class Y OTCYX
Class I OPTIX
Summary Prospectus        October 28, 2016
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, Statement of Additional Information, Annual Report and other information about the Fund online at https://www.oppenheimerfunds.com/fund/CapitalAppreciationFund. You can also get this information at no cost by calling 1.800.225.5677 or by sending an email request to: info@oppenheimerfunds.com.
The Fund’s prospectus and Statement of Additional Information (“SAI”), both dated October 28, 2016, and through page 47 of its most recent Annual Report, dated August 31, 2016, are incorporated by reference into this Summary Prospectus. You can access the Fund’s prospectus and Statement of Additional Information at https://www.oppenheimerfunds.com/fund/CapitalAppreciationFund. The Fund’s prospectus is also available from financial intermediaries who are authorized to sell Fund shares.
Investment Objective. The Fund seeks capital appreciation.
Fees and Expenses of the Fund. 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 “About Your Account” beginning on page 10 of the prospectus and in the sections “How to Buy Shares” beginning on page 48 and “Appendix A” in the Fund’s Statement of Additional Information.
Shareholder Fees
(fees paid directly from your investment)
  Class A Class B Class C Class R Class Y Class I  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 5.75% None None None None None  
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) None 5% 1% None None None  
Annual Fund Operating Expenses1
(expenses that you pay each year as a percentage of the value of your investment)
  Class A Class B Class C Class R Class Y Class I  
Management Fees 0.59% 0.59% 0.59% 0.59% 0.59% 0.59%  
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% 0.50% None None  
Other Expenses 0.23% 0.23% 0.23% 0.23% 0.23% 0.04%  
Total Annual Fund Operating Expenses 1.07% 1.82% 1.82% 1.32% 0.82% 0.63%  
1. Expenses have been restated to reflect current fees.
Example. 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. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the period during which such fee waivers and/or expense reimbursements are in effect. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

 

  If shares are redeemed If shares are not redeemed  
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years  
Class A $678 $897 $1,134 $1,812 $678 $897 $1,134 $1,812  
Class B $687 $878 $1,194 $1,774 $187 $578 $994 $1,774  
Class C $287 $578 $994 $2,156 $187 $578 $994 $2,156  
Class R $135 $421 $728 $1,601 $135 $421 $728 $1,601  
Class Y $84 $263 $457 $1,018 $84 $263 $457 $1,018  
Class I $65 $202 $352 $789 $65 $202 $352 $789  
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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 79% of the average value of its portfolio.
Principal Investment Strategies. The Fund mainly invests in common stocks of “growth companies.” Growth companies are companies whose earnings and stock prices are expected to increase at a faster rate than the overall market. These may be newer companies or established companies of any capitalization range that the portfolio manager believes may appreciate in value over the long term. Currently, the Fund primarily focuses on established companies that are similar in size to companies in the S&P 500 Index or the Russell 1000 Growth Index. The Fund primarily invests in securities of U.S. issuers but may also invest in foreign securities. The portfolio manager looks for growth companies with stock prices that he believes are reasonable in relation to overall stock market valuations. In seeking broad diversification of the Fund’s portfolio among industries and market sectors, the portfolio manager focuses on a number of factors that may vary in particular cases and over time. Currently, the portfolio manager looks for:
■ companies in business areas that have above-average growth potential
■ companies with growth rates that the portfolio manager believes are sustainable over time
■ stocks with reasonable valuations relative to their growth potential.
The Fund may sell the stocks of companies that the portfolio manager believes no longer meet the above criteria, but is not required to do so.
Principal Risks. 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 less than what you paid for them. These risks mean that you can lose money by investing in the Fund.
Risks of Investing in Stocks. 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. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. 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.
The prices of individual stocks generally do not all move in the same direction at the same time. For example, “growth” stocks may perform well under circumstances in which “value” stocks in general have fallen. 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. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities.
Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund’s policy of not concentrating its investments in any one industry.
Risks of Growth Investing. 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
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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.
Who is the Fund Designed For? The Fund is designed primarily for investors seeking capital appreciation over the long term. Those investors should be willing to assume the risks of short-term share price fluctuations that are typical for a fund focusing on stocks. Because of its focus on long-term growth, the Fund may be more appropriate for investors with longer term investment goals. The Fund is not designed for investors needing current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.
    
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 Fund’s Past Performance. 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 calendar year to calendar year and by showing how the Fund’s average annual returns for the periods of time shown in the table 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: https://www.oppenheimerfunds.com/fund/CapitalAppreciationFund
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 18.94% (2nd Qtr 09) and the lowest return and the lowest return for a calendar quarter was -28.10% (4th Qtr 08). For the period from January 1, 2016 to September 30, 2016 the cumulative return (not annualized) before sales charges and taxes was -0.85%.
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.
Average Annual Total Returns for the periods ending December 31, 2015
  1 Year 5 Years
(or life of class, if less) 		10 Years  
Class A Shares (inception 01/22/81)        
Return Before Taxes (2.72)% 10.11% 5.32%  
Return After Taxes on Distributions (5.59)% 8.37% 4.45%  
Return After Taxes on Distributions and Sale of Fund Shares 0.69% 7.85% 4.18%  
Class B Shares (inception 11/01/95) (1.94)% 10.26% 5.44%  
Class C Shares (inception 12/01/93) 1.56% 10.56% 5.13%  
Class R Shares (inception 03/01/01) 2.96% 11.14% 5.66%  
Class Y Shares (inception 11/03/97) 3.47% 11.79% 6.33%  
Class I Shares (inception 12/29/11) 3.66% 15.34% N/A  
S&P 500 Index 1.38% 12.57% 7.31%  
(reflects no deduction for fees, expenses, or taxes)   15.35%1    
Russell 1000 Growth Index 5.67% 13.53% 8.53%  
(reflects no deduction for fees, expenses, or taxes)   16.43%1    
1. As of 12/31/2011
Investment Adviser. OFI Global Asset Management, Inc. (the “Manager”) is the Fund’s investment adviser. OppenheimerFunds, Inc. (the “Sub-Adviser”) is its sub-adviser.
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Portfolio Manager. Paul Larson has been portfolio manager of the Fund since October 2016.
Purchase and Sale of Fund Shares. You can buy most classes of Fund shares with a minimum initial investment of $1,000. Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. Once your account is open, subsequent purchases may be made in any amount. For Class I shares, the minimum initial investment is $1 million per account. The Class I share minimum initial investment will be waived for retirement plan service provider platforms.
Shares may be purchased through a financial intermediary or the Distributor and redeemed through a financial intermediary or the Transfer Agent on days the New York Stock Exchange is open for trading. Shareholders may purchase or redeem shares by mail, through the website at www.oppenheimerfunds.com or by calling 1.800.225.5677 on any regular business day.
Share transactions may be paid by check, by Federal Funds wire or directly from or into your bank account.
Class B shares are no longer offered for new purchases. Any investments for existing Class B share accounts will be made in Class A shares of Oppenheimer Government Money Market Fund.
Taxes. Fund distributions are subject to Federal income tax as ordinary income or as capital gains and they may also be subject to state or local taxes, unless your shares are held in a tax-deferred account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Sub-Adviser, or their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
    
For More Information About Oppenheimer Capital Appreciation Fund
You can access the Fund’s prospectus and Statement of Additional Information at https://www.oppenheimerfunds.com/fund/CapitalAppreciationFund. You can also request additional information about the Fund or your account:
Telephone: Call OppenheimerFunds Services toll-free: 1.800.CALL OPP (1.800.225.5677)
Mail: For requests by mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217-5270 		For requests by courier or express mail:
OppenheimerFunds Services
12100 East Iliff Avenue Suite 300
Aurora, Colorado 80014
Internet: You may request documents, and read or download certain documents at www.oppenheimerfunds.com
    
PR0320.001.1016