OPPENHEIMER DISCOVERY FUND
497, 1994-06-01
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                        OPPENHEIMER DISCOVERY FUND
                       Supplement dated June 1, 1994
                   to the Prospectus dated April 1, 1994

The Prospectus is amended as follows:

1.   The supplement dated April 12, 1994 is superseded hereby.

2.   To correct a printing error, the sales charge table appearing on page
     12 of the Prospectus is replaced in its entirety with the following:
                                                                           
<TABLE>
<CAPTION>
Amount of Purchase   Front-End      Front-End     Commission
                  Sales Charge   Sales Charge             as
                            as             as     Percentage
                    Percentage    Approximate    of Offering
                   of Offering     Percentage          Price
                         Price      Of Amount
                                     Invested
                         <C>            <C>            <C>
                                                                           
Less than $25,000        5.75%          6.10%          4.75%               
$25,000 or more but less                                                   
than $50,000             5.50%          5.82%          4.75%               
$50,000 or more but less
than $100,000            4.75%          4.99%          4.00%               
$100,000 or more but less
than $250,000            3.75%          3.90%          3.00%               
$250,000 or more but less
than $500,000            2.50%          2.56%          2.00%               
$500,000 or more but less
than $1 million          2.00%          2.04%          1.60%               
$1 million or more       None*          None*          None*               
*  See "Class A Contingent Deferred Sales Charge," below.
</TABLE>

3.   The maximum sales charge on purchases of Class A shares (as a
     percentage of offering price) set forth in the table captioned
     "Shareholder Transaction Expenses" on page 2 is 5.75%.

April 12, 1994                                                        PS502





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