0001193125-18-347338.txt : 20181212 0001193125-18-347338.hdr.sgml : 20181212 20181212080112 ACCESSION NUMBER: 0001193125-18-347338 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20181212 DATE AS OF CHANGE: 20181212 EFFECTIVENESS DATE: 20181212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER DISCOVERY FUND CENTRAL INDEX KEY: 0000777547 IRS NUMBER: 222725700 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-00371 FILM NUMBER: 181230040 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER OTC FUND DATE OF NAME CHANGE: 19891210 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EXPLORER FUND DATE OF NAME CHANGE: 19860710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER DISCOVERY FUND CENTRAL INDEX KEY: 0000777547 IRS NUMBER: 222725700 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04410 FILM NUMBER: 181230039 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER OTC FUND DATE OF NAME CHANGE: 19891210 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EXPLORER FUND DATE OF NAME CHANGE: 19860710 0000777547 S000006968 OPPENHEIMER DISCOVERY FUND C000019017 A C000019019 C C000019020 R C000019021 Y C000109901 I 485BPOS 1 d650422d485bpos.htm DISCOVERY FUND Discovery Fund
Registration No. 33-00371
File No. 811-04410
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre­Effective Amendment No.
Post­Effective Amendment No. 58
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 60
Oppenheimer Discovery Fund
(Exact Name of Registrant as Specified in Charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of Principal Executive Offices) (Zip Code)
(303) 768-3200
(Registrant’s Telephone Number, including Area Code)
Cynthia Lo Bessette, Esq.
OFI Global Asset Management, Inc.
225 Liberty Street, New York, New York 10281-1008
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box):
☒ immediately upon filing pursuant to paragraph (b)
□ on                                        pursuant to paragraph (b)
□ 60 days after filing pursuant to paragraph (a)(1)
□ on                                       pursuant to paragraph (a)(1)
□ 75 days after filing pursuant to paragraph (a)(2)
□ on                                       pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
□ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 


SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 12th day of December, 2018.
  Oppenheimer Discovery Fund
 
By: Arthur P. Steinmetz*
  Arthur P. Steinmetz
Trustee, President and Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on the dates indicated:
Signatures   Title   Date
Brian F. Wruble*
Brian F. Wruble
  Chairman of the Board of Trustees   December 12, 2018
Arthur P. Steinmetz*
Arthur P. Steinmetz
  Trustee, President and Principal Executive Officer   December 12, 2018
Brian S. Petersen*
Brian S. Petersen
  Treasurer, Principal Financial & Accounting Officer   December 12, 2018
Beth Ann Brown*
Beth Ann Brown
  Trustee   December 12, 2018
Edmund P. Giambastiani, Jr.*
Edmund P. Giambastiani, Jr.
  Trustee   December 12, 2018
Elizabeth Krentzman*
Elizabeth Krentzman
  Trustee   December 12, 2018
Mary F. Miller*
Mary F. Miller
  Trustee   December 12, 2018
Joel W. Motley*
Joel W. Motley
  Trustee   December 12, 2018
Joanne Pace*
Joanne Pace
  Trustee   December 12, 2018
Daniel S. Vandivort*
Daniel S. Vandivort
  Trustee   December 12, 2018
*By: /s/ Taylor V. Edwards
Taylor V. Edwards, Attorney-in-Fact
       

 


EXHIBIT INDEX
Exhibit No.   Description
     
Ex-101.INS   XBRL Instance Document
Ex-101.SCH   XBRL Taxonomy Extension Schema Document
Ex-101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
Ex-101.DEF   XBRL Taxonomy Extension Definition Linkbase
Ex-101.LAB   XBRL Taxonomy Extension Labels Linkbase
Ex-101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
EX-101.INS 2 odf-20181127.xml XBRL INSTANCE DOCUMENT 0000777547 2018-11-28 2018-11-28 0000777547 odf:S000006968Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019017Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019019Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019020Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019021Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000109901Member 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019017Member rr:AfterTaxesOnDistributionsMember 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:C000019017Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:RussellTwoThousandGrowthIndexMember 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:RussellTwoThousandIndexMember 2018-11-28 2018-11-28 0000777547 odf:S000006968Member odf:SAndPFiveHundredIndexMember 2018-11-28 2018-11-28 pure iso4217:USD 2018-11-28 485BPOS 2018-09-30 OPPENHEIMER DISCOVERY FUND 0000777547 false 2018-11-27 2018-11-28 <b>The Fund Summary </b> <b>Investment Objective.</b> The Fund seeks capital appreciation. <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 and sales charge waivers is available from your financial professional and in the section &#8220;About Your Account&#8221; beginning on page 12 of the prospectus, in the appendix to the prospectus titled &#8220;Special Sales Charge Arrangements and Waivers&#8221; and in the section &#8220;How to Buy Shares&#8221; beginning on page 44 in the Fund&#8217;s Statement of Additional Information. <b>Shareholder Fees </b><br/> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <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 and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the first year only. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows: <b>If shares are redeemed</b> <b>If shares are not redeemed</b> <b>Portfolio Turnover. </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 91% of the average value of its portfolio. <b>Principal Investment Strategies.</b> The Fund mainly invests in common stocks of U.S. companies that the portfolio managers believe have favorable growth prospects. The Fund emphasizes stocks of small-capitalization (or &#8220;small-cap&#8221;) companies, which are defined as those issuers that are at the time of purchase within the range of market capitalizations of the Russell 2000 Growth Index. A company&#8217;s &#8220;market capitalization&#8221; is the value of its outstanding common stock and the determination whether the company is small- , mid- or large-cap is based on the company&#8217;s market capitalization relative to that of other companies.<br/><br/>The portfolio managers look for companies with high growth potential. This approach includes fundamental analysis of a company&#8217;s financial statements and management structure and consideration of the company&#8217;s operations and product development, as well as its position in its industry. The portfolio managers also evaluate research on particular industries, market trends and general economic conditions. <br/><br/>The portfolio managers currently seek 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. <b>Principal Risks.</b> The price of the Fund&#8217;s shares can go up and down substantially. The value of the Fund&#8217;s investments may fall due to adverse 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. <i>These risks mean that you can lose money by investing in the Fund.</i> <br/><br/> <b>Risks of Investing in Stocks.</b> The value of the Fund&#8217;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. <br/><br/> The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors can negatively affect the price of a particular company&#8217;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&#8217;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. <br/><br/> <b>Industry and Sector Focus.</b> 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&#8217;s policy of not concentrating its investments in any one industry. <br/><br/> <b>Risks of Small- and Mid-Cap Companies.</b> Small-cap companies may be either established or newer companies, including &#8220;unseasoned&#8221; companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may involve greater risk of loss. They may be more sensitive to changes in a company&#8217;s earnings expectations and may experience more abrupt and erratic price movements. Small- and mid-cap companies&#8217; securities may 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- and mid-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- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Small- and mid-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- or mid-cap company, if it realizes any gain at all. <br/><br/> <b>Risks of Growth Investing.</b> If a growth company&#8217;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. <br/><br/> <b>Cyclical Opportunities.</b> At times, the Fund might seek to take advantage of short-term market movements or changes in the business cycle by investing in companies or industries that are sensitive to those changes. For example, when the economy is expanding, companies in consumer durables and the technology sector might benefit. There is a risk that, if a cyclical event does not have the anticipated effect or when the issuer or industry is out of phase in the business cycle, the value of the Fund&#8217;s investment could fall. <br/><br/> <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. <br/><br/> <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> <b>The Fund&#8217;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&#8217;s performance (for Class A Shares) from calendar year to calendar year and by showing how the Fund&#8217;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&#8217;s past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund&#8217;s website: <i>https://www.oppenheimerfunds.com/fund/DiscoveryFund</i> 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 18.32% (4th Qtr 10) and the lowest return for a calendar quarter was -25.33% (4th Qtr 08). For the period from January 1, 2018 to September 30, 2018 the return before sales charges and taxes was 22.24%. The following table shows the average annual total returns for each class of the Fund&#8217;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. <b>Average Annual Total Returns </b>for the periods ended December 31, 2017 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. Expenses have been restated to reflect current fees. <i>These risks mean that you can lose money by investing in the Fund.</i> <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> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance (for Class A Shares) from calendar year to calendar year and by showing how the Fund&#8217;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&#8217;s past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown. <i>https://www.oppenheimerfunds.com/fund/DiscoveryFund</i> 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. 0.0575 0 0 0 0 0 0.01 0 0 0 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.01 0.005 0 0 0.002 0.0021 0.002 0.0021 0.0004 0.0108 0.0184 0.0133 0.0084 0.0067 679 900 1139 1823 289 584 1005 2178 136 424 734 1612 86 269 468 1041 69 215 374 837 679 900 1139 1823 189 584 1005 2178 136 424 734 1612 86 269 468 1041 69 215 374 837 -0.3859 0.2731 0.2775 0.0147 0.1699 0.4612 -0.0219 0.0198 0.0423 0.2912 1986-09-11 0.2169 0.1307 0.0816 1986-09-11 0.184 0.1102 0.0695 1986-09-11 0.1486 0.1015 0.0647 1995-10-02 0.2713 0.1355 0.0797 2001-03-01 0.2878 0.1411 0.0852 1994-06-01 0.294 0.1471 0.0914 2012-01-27 0.2964 0.1493 0.1434 0.2217 0.1521 0.0919 0.1375 0.1465 0.1412 0.0871 0.1322 0.2183 0.1579 0.085 0.1512 25000 0.91 highest return 0.1832 2010-12-31 lowest return -0.2533 2008-12-31 For the period from January 1, 2018 to September 30, 2018 2018-09-30 0.2224 <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposed000015 column period compact * ~</div> <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> <div style="display:none">~ http://www.oppenheimerfunds.com/role/ScheduleShareholderFees000012 column period compact * ~</div> N-1A Expenses have been restated to reflect current fees. 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OPPENHEIMER DISCOVERY FUND
<b>The Fund Summary </b>
<b>Investment Objective.</b>
The Fund seeks capital appreciation.
<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 and sales charge waivers is available from your financial professional and in the section “About Your Account” beginning on page 12 of the prospectus, in the appendix to the prospectus titled “Special Sales Charge Arrangements and Waivers” and in the section “How to Buy Shares” beginning on page 44 in the Fund’s Statement of Additional Information.
<b>Shareholder Fees </b><br/> (fees paid directly from your investment)
Shareholder Fees - OPPENHEIMER DISCOVERY FUND
Class A
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
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) none 1.00% none none none
<b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - OPPENHEIMER DISCOVERY FUND
Class A
Class C
Class R
Class Y
Class I
Management Fees [1] 0.63% 0.63% 0.63% 0.63% 0.63%
Distribution and/or Service (12b-1) Fees [1] 0.25% 1.00% 0.50% none none
Other Expenses [1] 0.20% 0.21% 0.20% 0.21% 0.04%
Total Annual Fund Operating Expenses [1] 1.08% 1.84% 1.33% 0.84% 0.67%
[1] Expenses have been restated to reflect current fees.
<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 $10,000 in a class of shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements are reflected in the below examples for the first year only. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:
<b>If shares are redeemed</b>
Expense Example - OPPENHEIMER DISCOVERY FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 679 900 1,139 1,823
Class C 289 584 1,005 2,178
Class R 136 424 734 1,612
Class Y 86 269 468 1,041
Class I 69 215 374 837
<b>If shares are not redeemed</b>
Expense Example, No Redemption - OPPENHEIMER DISCOVERY FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 679 900 1,139 1,823
Class C 189 584 1,005 2,178
Class R 136 424 734 1,612
Class Y 86 269 468 1,041
Class I 69 215 374 837
<b>Portfolio Turnover. </b>
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 91% of the average value of its portfolio.
<b>Principal Investment Strategies.</b>
The Fund mainly invests in common stocks of U.S. companies that the portfolio managers believe have favorable growth prospects. The Fund emphasizes stocks of small-capitalization (or “small-cap”) companies, which are defined as those issuers that are at the time of purchase within the range of market capitalizations of the Russell 2000 Growth Index. A company’s “market capitalization” is the value of its outstanding common stock and the determination whether the company is small- , mid- or large-cap is based on the company’s market capitalization relative to that of other companies.

The portfolio managers look 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 managers also evaluate research on particular industries, market trends and general economic conditions.

The portfolio managers currently seek 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.
<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 fall due to adverse 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. A variety of factors can negatively 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 Small- and Mid-Cap Companies. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may 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. Small- and mid-cap companies’ securities may 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- and mid-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- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Small- and mid-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- or mid-cap company, if it realizes any gain at all.

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 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.

Cyclical Opportunities. At times, the Fund might seek to take advantage of short-term market movements or changes in the business cycle by investing in companies or industries that are sensitive to those changes. For example, when the economy is expanding, companies in consumer durables and the technology sector might benefit. There is a risk that, if a cyclical event does not have the anticipated effect or when the issuer or industry is out of phase in the business cycle, the value of the Fund’s investment could fall.

Who is the Fund Designed For? 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.

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>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 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. Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown. 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/DiscoveryFund
Bar Chart
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 18.32% (4th Qtr 10) and the lowest return for a calendar quarter was -25.33% (4th Qtr 08). For the period from January 1, 2018 to September 30, 2018 the return before sales charges and taxes was 22.24%.
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.
<b>Average Annual Total Returns </b>for the periods ended December 31, 2017
Average Annual Total Returns - OPPENHEIMER DISCOVERY FUND
1 Year
5 Years
10 Years
(or life of class, if less)
Inception Date
Class A Shares 21.69% 13.07% 8.16%   Sep. 11, 1986
Class A Shares | Return After Taxes on Distributions 18.40% 11.02% 6.95%   Sep. 11, 1986
Class A Shares | Return After Taxes on Distributions and Sale of Fund Shares 14.86% 10.15% 6.47%   Sep. 11, 1986
Class C Shares 27.13% 13.55% 7.97%   Oct. 02, 1995
Class R Shares 28.78% 14.11% 8.52%   Mar. 01, 2001
Class Y Shares 29.40% 14.71% 9.14%   Jun. 01, 1994
Class I Shares 29.64% 14.93%   14.34% Jan. 27, 2012
Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes) 22.17% 15.21% 9.19% 13.75% [1]  
Russell 2000 Index (reflects no deduction for fees, expenses, or taxes) 14.65% 14.12% 8.71% 13.22% [1]  
S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50% 15.12% [1]  
[1] From 01/27/2012
XML 12 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName OPPENHEIMER DISCOVERY FUND
Prospectus Date rr_ProspectusDate Nov. 28, 2018
OPPENHEIMER DISCOVERY FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>The Fund Summary </b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective.</b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund.</b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 and sales charge waivers is available from your financial professional and in the section “About Your Account” beginning on page 12 of the prospectus, in the appendix to the prospectus titled “Special Sales Charge Arrangements and Waivers” and in the section “How to Buy Shares” beginning on page 44 in the Fund’s Statement of Additional Information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption <b>Shareholder Fees </b><br/> (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover. </b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 91% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 91.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Expenses have been restated to reflect current fees.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Example.</b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 and then redeem all of your shares at the end of those periods. 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 first year only. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption <b>If shares are redeemed</b>
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption <b>If shares are not redeemed</b>
Strategy [Heading] rr_StrategyHeading <b>Principal Investment Strategies.</b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund mainly invests in common stocks of U.S. companies that the portfolio managers believe have favorable growth prospects. The Fund emphasizes stocks of small-capitalization (or “small-cap”) companies, which are defined as those issuers that are at the time of purchase within the range of market capitalizations of the Russell 2000 Growth Index. A company’s “market capitalization” is the value of its outstanding common stock and the determination whether the company is small- , mid- or large-cap is based on the company’s market capitalization relative to that of other companies.

The portfolio managers look 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 managers also evaluate research on particular industries, market trends and general economic conditions.

The portfolio managers currently seek 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.
Risk [Heading] rr_RiskHeading <b>Principal Risks.</b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The price of the Fund’s shares can go up and down substantially. The value of the Fund’s investments may fall due to adverse 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. A variety of factors can negatively 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 Small- and Mid-Cap Companies. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may 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. Small- and mid-cap companies’ securities may 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- and mid-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- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Small- and mid-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- or mid-cap company, if it realizes any gain at all.

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 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.

Cyclical Opportunities. At times, the Fund might seek to take advantage of short-term market movements or changes in the business cycle by investing in companies or industries that are sensitive to those changes. For example, when the economy is expanding, companies in consumer durables and the technology sector might benefit. There is a risk that, if a cyclical event does not have the anticipated effect or when the issuer or industry is out of phase in the business cycle, the value of the Fund’s investment could fall.

Who is the Fund Designed For? 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.

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.
Risk Lose Money [Text] rr_RiskLoseMoney <i>These risks mean that you can lose money by investing in the Fund.</i>
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution <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>
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>The Fund’s Past Performance.</b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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. Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown. 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/DiscoveryFund
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress <i>https://www.oppenheimerfunds.com/fund/DiscoveryFund</i>
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock 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 18.32% (4th Qtr 10) and the lowest return for a calendar quarter was -25.33% (4th Qtr 08). For the period from January 1, 2018 to September 30, 2018 the return before sales charges and taxes was 22.24%.
Performance Table Heading rr_PerformanceTableHeading <b>Average Annual Total Returns </b>for the periods ended December 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for only one class and after-tax returns for other classes will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
OPPENHEIMER DISCOVERY FUND | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.63% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.08% [1]
1 Year rr_ExpenseExampleYear01 $ 679
3 Years rr_ExpenseExampleYear03 900
5 Years rr_ExpenseExampleYear05 1,139
10 Years rr_ExpenseExampleYear10 1,823
1 Year rr_ExpenseExampleNoRedemptionYear01 679
3 Years rr_ExpenseExampleNoRedemptionYear03 900
5 Years rr_ExpenseExampleNoRedemptionYear05 1,139
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,823
2008 rr_AnnualReturn2008 (38.59%)
2009 rr_AnnualReturn2009 27.31%
2010 rr_AnnualReturn2010 27.75%
2011 rr_AnnualReturn2011 1.47%
2012 rr_AnnualReturn2012 16.99%
2013 rr_AnnualReturn2013 46.12%
2014 rr_AnnualReturn2014 (2.19%)
2015 rr_AnnualReturn2015 1.98%
2016 rr_AnnualReturn2016 4.23%
2017 rr_AnnualReturn2017 29.12%
Year to Date Return, Label rr_YearToDateReturnLabel For the period from January 1, 2018 to September 30, 2018
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 22.24%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.32%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.33%)
1 Year rr_AverageAnnualReturnYear01 21.69%
5 Years rr_AverageAnnualReturnYear05 13.07%
10 Years rr_AverageAnnualReturnYear10 8.16%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 11, 1986
OPPENHEIMER DISCOVERY FUND | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Management Fees rr_ManagementFeesOverAssets 0.63% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% [1]
Other Expenses rr_OtherExpensesOverAssets 0.21% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.84% [1]
1 Year rr_ExpenseExampleYear01 $ 289
3 Years rr_ExpenseExampleYear03 584
5 Years rr_ExpenseExampleYear05 1,005
10 Years rr_ExpenseExampleYear10 2,178
1 Year rr_ExpenseExampleNoRedemptionYear01 189
3 Years rr_ExpenseExampleNoRedemptionYear03 584
5 Years rr_ExpenseExampleNoRedemptionYear05 1,005
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,178
1 Year rr_AverageAnnualReturnYear01 27.13%
5 Years rr_AverageAnnualReturnYear05 13.55%
10 Years rr_AverageAnnualReturnYear10 7.97%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 02, 1995
OPPENHEIMER DISCOVERY FUND | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.63% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50% [1]
Other Expenses rr_OtherExpensesOverAssets 0.20% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33% [1]
1 Year rr_ExpenseExampleYear01 $ 136
3 Years rr_ExpenseExampleYear03 424
5 Years rr_ExpenseExampleYear05 734
10 Years rr_ExpenseExampleYear10 1,612
1 Year rr_ExpenseExampleNoRedemptionYear01 136
3 Years rr_ExpenseExampleNoRedemptionYear03 424
5 Years rr_ExpenseExampleNoRedemptionYear05 734
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,612
1 Year rr_AverageAnnualReturnYear01 28.78%
5 Years rr_AverageAnnualReturnYear05 14.11%
10 Years rr_AverageAnnualReturnYear10 8.52%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 01, 2001
OPPENHEIMER DISCOVERY FUND | Class Y  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.63% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.21% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.84% [1]
1 Year rr_ExpenseExampleYear01 $ 86
3 Years rr_ExpenseExampleYear03 269
5 Years rr_ExpenseExampleYear05 468
10 Years rr_ExpenseExampleYear10 1,041
1 Year rr_ExpenseExampleNoRedemptionYear01 86
3 Years rr_ExpenseExampleNoRedemptionYear03 269
5 Years rr_ExpenseExampleNoRedemptionYear05 468
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,041
1 Year rr_AverageAnnualReturnYear01 29.40%
5 Years rr_AverageAnnualReturnYear05 14.71%
10 Years rr_AverageAnnualReturnYear10 9.14%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 01, 1994
OPPENHEIMER DISCOVERY FUND | Class I  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.63% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.67% [1]
1 Year rr_ExpenseExampleYear01 $ 69
3 Years rr_ExpenseExampleYear03 215
5 Years rr_ExpenseExampleYear05 374
10 Years rr_ExpenseExampleYear10 837
1 Year rr_ExpenseExampleNoRedemptionYear01 69
3 Years rr_ExpenseExampleNoRedemptionYear03 215
5 Years rr_ExpenseExampleNoRedemptionYear05 374
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 837
1 Year rr_AverageAnnualReturnYear01 29.64%
5 Years rr_AverageAnnualReturnYear05 14.93%
(or life of class, if less) rr_AverageAnnualReturnSinceInception 14.34%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2012
OPPENHEIMER DISCOVERY FUND | Return After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.40%
5 Years rr_AverageAnnualReturnYear05 11.02%
10 Years rr_AverageAnnualReturnYear10 6.95%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 11, 1986
OPPENHEIMER DISCOVERY FUND | Return After Taxes on Distributions and Sale of Fund Shares | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.86%
5 Years rr_AverageAnnualReturnYear05 10.15%
10 Years rr_AverageAnnualReturnYear10 6.47%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 11, 1986
OPPENHEIMER DISCOVERY FUND | Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 22.17%
5 Years rr_AverageAnnualReturnYear05 15.21%
10 Years rr_AverageAnnualReturnYear10 9.19%
(or life of class, if less) rr_AverageAnnualReturnSinceInception 13.75% [2]
OPPENHEIMER DISCOVERY FUND | Russell 2000 Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.65%
5 Years rr_AverageAnnualReturnYear05 14.12%
10 Years rr_AverageAnnualReturnYear10 8.71%
(or life of class, if less) rr_AverageAnnualReturnSinceInception 13.22% [2]
OPPENHEIMER DISCOVERY FUND | S&P 500 Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 21.83%
5 Years rr_AverageAnnualReturnYear05 15.79%
10 Years rr_AverageAnnualReturnYear10 8.50%
(or life of class, if less) rr_AverageAnnualReturnSinceInception 15.12% [2]
[1] Expenses have been restated to reflect current fees.
[2] From 01/27/2012
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Prospectus Date rr_ProspectusDate Nov. 28, 2018
Document Creation Date dei_DocumentCreationDate Nov. 27, 2018
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