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Oppenheimer
Small- & Mid-Cap Growth Fund
Summary Prospectus
February 28, 2013
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NYSE Ticker Symbols
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Class A
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OEGAX
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Class B
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OEGBX
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Class C
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OEGCX
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Class N
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OEGNX
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Class Y
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OEGYX
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Class I
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OEGIX
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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/SmallMidCapGrowthFund. 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 February 28, 2013, and through page 46 of its most recent Annual Report, dated October 31, 2012, are incorporated by reference into this Summary Prospectus. You can access the Fund's
prospectus
and
SAI
at https://www.oppenheimerfunds.com/fund/SmallMidCapGrowthFund
. The Fund's prospectus is also available from financial intermediaries who are authorized to sell Fund shares.
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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 52 and "Appendix A" in the Fund's Statement of Additional Information.
Shareholder Fees
(fees paid directly from your investment)
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Class A
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Class B
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Class C
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Class N
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Class Y
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Class I
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Maximum Sales Charge (Load) imposed on purchases (as % of offering price)
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5.75%
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None
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds)
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None
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5%
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1%
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1%
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Class A
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Class B
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Class C
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Class N
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Class Y
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Class I
1
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Management Fees
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0.88%
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0.88%
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0.88%
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0.88%
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0.88%
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0.88%
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Distribution and/or Service (12b-1) Fees
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0.24%
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0.99%
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1.00%
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0.50%
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None
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None
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Other Expenses
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0.39%
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0.67%
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0.43%
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0.44%
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0.14%
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0.05%
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Total Annual Fund Operating Expenses
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1.51%
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2.54%
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2.31%
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1.82%
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1.02%
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0.93%
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Fee Waiver and/or Expense Reimbursement
2
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(0.03%)
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(0.22%)
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(0.02%)
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(0.04%)
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0.00%
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0.00%
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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
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1.48%
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2.32%
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2.29%
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1.78%
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1.02%
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0.93%
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1. Estimated expenses for the first full fiscal year that Class I shares are offered. Class I shares will first be offered
on the date of this prospectus.
2. The Fund's transfer agent has voluntarily agreed to limit its fees for Classes B, C, N and Y shares to 0.35% of average
annual net assets per class per fiscal year, and to 0.30% of average annual net assets per fiscal year for Class A shares. This
fee waiver/and or expense limitation may not be amended or withdrawn until one year from the date of this prospectus.
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 $10,000 in a class of shares of the Fund for the time periods indicated.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the
same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:
If shares are redeemed
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If shares are not redeemed
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1 Year
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3 Years
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5 Years
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10 Years
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$
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718
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$
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1,025
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$
|
1,354
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$
|
2,283
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$
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718
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$
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1,025
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$
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1,354
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$
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2,283
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Class B
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$
|
738
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$
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1,079
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$
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1,547
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$
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2,398
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$
|
238
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$
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779
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$
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1,347
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$
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2,398
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Class C
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$
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335
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$
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728
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$
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1,247
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$
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2,674
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$
|
235
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$
|
728
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$
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1,247
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$
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2,674
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Class N
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$
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282
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$
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574
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$
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990
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$
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2,153
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$
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182
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$
|
574
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$
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990
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$
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2,153
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Class Y
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$
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105
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$
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326
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$
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566
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$
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1,254
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$
|
105
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$
|
326
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$
|
566
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$
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1,254
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Class I*
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$
|
95
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$
|
298
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$
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517
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$
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1,148
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$
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95
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$
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298
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$
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517
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$
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1,148
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* Based on estimated expenses for Class I shares for the first fiscal year.
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 76% of the average value of its portfolio.
Principal Investment Strategies.
The Fund mainly invests in common stocks of U.S. companies that the portfolio manager expects to have above-average growth
rates. The Fund seeks to invest in newer companies or in more established companies that are in the early growth phase of
their business cycle, which is typically marked by above-average growth rates. The Fund will invest at least 80% of its net
assets (plus any borrowings for investment purposes) in companies whose market capitalizations range from the company with
the smallest market capitalization in the Russell 2000® Growth Index, which measures the performance of the small-cap growth
segment of the U.S. equity universe, to the company with the largest market capitalization in the Russell Midcap® Growth Index,
which measures the performance of the mid-cap growth segment of the U.S. equity universe. The capitalization ranges of these
indices are subject to change at any time due to market activity or changes in the composition of the indices. The ranges
of the Russell 2000® Growth Index and the Russell Midcap® Growth Index are reconstituted annually to preserve their capitalization
characteristics. The Fund may invest up to 20% of its net assets in companies in other market capitalization ranges. The Fund
measures a company's capitalization at the time the Fund buys a security, and is not required to sell a security if the issuer's
capitalization moves outside of the Fund's definition of small- and mid-cap issuers.
The Fund invests primarily in U.S. companies but may also purchase securities of issuers in any country, including developed
countries and emerging markets. The Fund has no limits on the amount of its assets that can be invested in foreign securities.
In selecting investments for the Fund, the portfolio manager looks for companies with high growth potential using a
"bottom-up" stock selection process. The "bottom-up" approach focuses on fundamental analysis of individual issuers before
considering the impact of overall economic, market or industry trends. This approach includes analysis of a company's financial
statements and management structure and consideration of the company's operations, product development, and its industry position.
The portfolio manager currently focuses on high-growth companies that are characterized by industry leadership, market
share growth, high caliber management teams, sustainable competitive advantages, and strong growth themes or new innovative
products or services. The portfolio manager monitors individual issuers for changes in the factors above, which may trigger
a decision to sell a security, but does not require a decision 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 more or less than what you paid for them.
These risks mean that you can lose money by investing in the Fund.
Main Risks of Investing in Stock.
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.
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.
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.
Main Risks of Small- and Mid-Sized Companies.
The stock prices of small- and mid-sized companies may be more volatile and their securities may be more difficult to sell
than those of larger companies. They may not have established markets, may have fewer customers and product lines, may have
unseasoned management or less management depth and may have more limited access to financial resources. Smaller companies
may not pay dividends or provide capital gains for some time, if at all.
Price Arbitrage.
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 "price arbitrage").
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.
Main 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.
Main Risks of Foreign Investing.
Foreign securities are subject to special risks. Foreign issuers are usually not subject to the same accounting and disclosure
requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company's
operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change
in the U.S. dollar value of securities denominated in that foreign currency and in the value of any income or distributions
the Fund may receive on those securities. The value of foreign investments may be affected by exchange control regulations,
foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary
policy in the United States or abroad, expropriation or nationalization of a company's assets, or other political and economic
factors. These risks may be greater for investments in developing or emerging market countries.
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 and losses that are typical for an aggressive growth fund emphasizing
small- and mid-cap stock investments. The Fund does not seek current income and 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 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:
https://www.oppenheimerfunds.com/fund/SmallMidCapGrowthFund
Sales charges are not included and the returns would be lower if they were. During the period shown, the highest return for
a calendar quarter was 31.77% (2nd Qtr 03) and the lowest return was -25.50% (4th Qtr 08). For the period from January 1, 2012 through December 31, 2012, the cumulative return before sales charges and taxes was 15.52%.
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.
Performance information for Class I shares will be provided after those shares have one full calendar year of performance.
Average Annual Total Returns
for the periods ended December 31, 2012
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1 Year
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5 Years
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10 Years
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Class A Shares (inception 11/1/00)
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Return Before Taxes
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8.87%
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0.94%
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9.54%
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Return After Taxes on Distributions
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8.87%
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0.94%
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9.08%
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Return After Taxes on Distributions and Sale of Fund Shares
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5.77%
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0.80%
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8.30%
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Class B Shares (inception 11/1/00)
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9.54%
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0.94%
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9.68%
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Class C Shares (inception 11/1/00)
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13.68%
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1.37%
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9.34%
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Class N Shares (inception 3/1/01)
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14.17%
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1.88%
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9.91%
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Class Y Shares (inception 11/1/00)
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16.02%
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2.71%
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10.83%
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Russell 2500 Growth Index
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16.13%
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4.07%
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|
10.55%
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|
(reflects no deduction for fees, expenses or taxes)
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Russell 2000 Growth Index
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14.59%
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3.49%
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|
9.80%
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(reflects no deduction for fees, expenses or taxes)
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|
|
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Russell MidCap Growth Index
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15.81%
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3.23%
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10.32%
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|
(reflects no deduction for fees, expenses or taxes)
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Investment Adviser.
OFI Global Asset Management, Inc. (the "Manager") is the Fund's investment adviser. OppenheimerFunds, Inc. (the "Sub-Adviser")
is its sub-adviser.
Portfolio Manager.
Ronald J. Zibelli, Jr., CFA, has been Vice President and portfolio manager of the Fund since June 2007.
Purchase and Sale of Fund Shares.
You can buy most classes of Fund shares with a minimum initial investment of $1,000 and make additional investments with
as little as $50. For certain investment plans and retirement accounts, the minimum initial investment is $500 and, for some,
the minimum additional investment is $25. For certain fee based programs the minimum initial investment is $250. For Class
I shares, the minimum initial investment is $5 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.
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 Money Market Fund.
Taxes.
If your shares are not held in a tax-deferred account, 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.
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 Small- & Mid-Cap Growth Fund
You can access the Fund's
prospectus
and
SAI
at https://www.oppenheimerfunds.com/fund/SmallMidCapGrowthFund. You can also request additional information about the Fund or your account:
By Telephone:
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Call OppenheimerFunds Services toll-free:
1.800.CALL OPP (225.5677)
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By Mail:
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For requests by mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217-5270
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For courier or express mail requests:
OppenheimerFunds Services
12100 East Iliff Avenue, Suite 300
Aurora, Colorado 80014
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On the Internet:
|
You can read or download information on the OppenheimerFunds website at:
www.oppenheimerfunds.com
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PR0721.001.0213
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