497K 1 mainstreetselectfundsummary.htm

OPPENHEIMER

Main Street Select Fund®

Summary Prospectus

November 28, 2014

NYSE Ticker Symbols

Class A

OMSOX

Class B

OMOBX

Class C

OMSCX

Class R

OMSNX

Class Y

OMSYX

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/MainStreetSelectFund. 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 November 28, 2014, and through page 43 of its most recent Annual Report, dated July 31, 2014, are incorporated by reference into this Summary Prospectus. You can access the Fund's prospectus and SAI at https://www.oppenheimerfunds.com/fund/MainStreetSelectFund. The Fund's prospectus is also available from financial intermediaries who are authorized to sell Fund shares.

Investment Objective. The Fund seeks capital appreciation.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 12 of the prospectus and in the sections "How to Buy Shares" beginning on page 39 and "Appendix A" in the Fund's Statement of Additional Information.

Shareholder Fees

(fees paid directly from your investment)

Class A

Class B

Class C

Class R

Class Y

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

5%

1%

None

None

 

Annual Fund Operating Expenses 1

(expenses that you pay each year as a percentage of the value of your investment):

Class A

Class B

Class C

Class R

Class Y

Management Fees

0.65

%

0.65

%

0.65

%

0.65

%

0.65

%

Distribution and/or Service (12b-1) Fees

0.25

%

1.00

%

1.00

%

0.50

%

None

Other Expenses

0.23

%

0.23

%

0.23

%

0.23

%

0.23

%

Total Annual Fund Operating Expenses

1.13

%

1.88

%

1.88

%

1.38

%

0.88

%

1. Expenses have been restated to reflect current fees.

Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:

 

If shares are redeemed

If shares are not redeemed

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

Class A

$

684

$

915

$

1,165

$

1,878

$

684

$

915

$

1,165

$

1,878

Class B

$

693

$

896

$

1,226

$

1,840

$

193

$

596

$

1,026

$

1,840

Class C

$

293

$

596

$

1,026

$

2,221

$

193

$

596

$

1,026

$

2,221

Class R

$

141

$

440

$

760

$

1,669

$

141

$

440

$

760

$

1,669

Class Y

$

90

$

282

$

490

$

1,089

$

90

$

282

$

490

$

1,089

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 49% of the average value of its portfolio.

Principal Investment Strategies. The Fund invests primarily in common stock of a select group of U.S. companies. The Fund's portfolio will generally be invested in 35 or fewer issuers. It mainly focuses on "larger capitalization" issuers, which it considers to be companies



within the market capitalization range of the Russell 1000 Index. However it may invest in companies of any market capitalization and may invest in foreign issuers, including issuers in developing market countries.
     While the process may change over time or vary in particular cases, in general the selection process currently uses:

■

Fundamental analysis of issuers regarding factors such as financial performance, position in their industry, the strength of their business model and their management;

■

Quantitative models to rank securities within each sector to identify potential buy and sell candidates for further research. A number of company-specific factors are analyzed in constructing the models, including valuation, price momentum and company fundamentals; and

■

Consideration of market and industry trends and general economic conditions.

     The Fund aims to maintain a diversified portfolio across major economic sectors by applying investment parameters for both sector and position size. The portfolio also includes both growth and value stocks. The portfolio managers may sell a security if the stock price is approaching its target; if there has been a deterioration in the company's competitive position or poor execution by the company's management; or if more attractive alternative investment ideas have been identified.

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.

Main Risks of Focused Investing. Although the Fund is a diversified fund, it normally focuses its investments in a relatively small number of issuers, which may make the value of its shares more volatile than if it invested more widely. At times, the Fund may hold a significant portion of its assets in companies in a particular industry or market sector. As a result, events (such as changes in economic conditions, government regulations, market declines, or the availability of basic resources or supplies) that affect that particular industry or sector more than others may have a greater effect on the Fund's performance. It might also be more difficult for the Fund to sell portfolio securities at a price it considers appropriate if it holds larger blocks of stock because it invests in fewer issuers.

    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 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.

Who Is the Fund Designed For? The Fund is designed primarily for investors seeking capital appreciation. Those investors should be willing to assume the risks of short-term share price fluctuations that are typical for a fund that focuses on the common stock of a select group of companies. The Fund is not designed for investors needing current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Fund's Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A Shares) from calendar year to calendar year and by showing how the Fund's average annual returns for the periods of time shown in the table compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website:
 https://www.oppenheimerfunds.com/fund/MainStreetSelectFund

 

2



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 23.99% (2nd Qtr 09) and the lowest return was -22.24% (4th Qtr 08). For the period from January 1, 2014 to September 30, 2014 the cumulative return before sales charges and taxes was 5.29%. 

The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.

 

Average Annual Total Returns for the periods ended December 31, 2013

1 Year

5 Years

10 Years
(or life of class, if less)

Class A (inception 9/25/2000)

Return Before Taxes

21.77

%

16.13

%

6.39

%

Return After Taxes on Distributions

21.59

%

16.00

%

5.65

%

Return After Taxes on Distributions and Sale of Fund Shares

12.32

%

13.00

%

4.95

%

Class B (inception 9/25/2000)

23.08

%

16.29

%

6.51

%

Class C (inception 9/25/2000)

27.20

%

16.62

%

6.23

%

Class R (inception 3/1/2001)

27.83

%

17.17

%

6.68

%

Class Y (inception 9/25/2000)

29.57

%

17.90

%

7.41

%

Russell 3000 Index 1

33.55

%

18.71

%

7.88

%

(reflects no deduction for fees, expenses or taxes)

Russell 1000 Index

33.11

%

18.59

%

7.78

%

(reflects no deduction for fees, expenses or taxes)

S&P 500 Index

32.39

%

17.94

%

7.41

%

(reflects no deduction for fees, expenses or taxes)

1. The Fund has changed its benchmark from the S&P 500 Index to the Russell 3000 Index, which it believes is a more appropriate measure of the Fund's performance. The Fund will not show performance for the S&P 500 Index in its next annual update.

  

  

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. Magnus Krantz, Joy Budzinski, and Benjamin Ram have been Vice Presidents and portfolio managers of the Fund since November 2014.

Purchase and Sale of Fund Shares. You can buy most classes of Fund shares with a minimum initial investment of $1,000. Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. Once your account is open, subsequent purchases may be made in any amount.

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. Fund distributions are subject to Federal income tax as ordinary income or as capital gains and they may also be subject to state or local taxes, unless your shares are held in a tax-deferred account (in which case you may be taxed later, upon withdrawal of your investment from such account).

Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Sub-Adviser, or their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and

 

3

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 Main Street Select Fund

You can access the Fund's prospectus and SAI at https://www.oppenheimerfunds.com/fund/MainStreetSelectFund. You can also request additional information about the Fund or your account:

Telephone

Call OppenheimerFunds Services toll-free: 1.800.CALL OPP (1.800.225.5677)

Mail:

For requests by mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217-5270

For requests by courier or express mail:
OppenheimerFunds Services
12100 East Iliff Avenue Suite 300
Aurora, Colorado 80014

Internet:

You may request documents, and read or download certain documents at www.oppenheimerfunds.com

 

PR0731.001.1214