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Main Street Small Cap Fund^®

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Commentary Fact Sheet

Overview

The Strategy typically invests in small-cap U.S. company stocks

Inception Date: May 17, 2013

Investment Style: Small Cap Core

Fund Index: Russell 2000® Index

CUSIP: 68385H500

NAV: (as of 05/22/2019); $14.27

Total Assets: (as of 04/30/2019); $666.93 MM

Gross Expense Ratio: (as of 04/30/2019); 0.77%

Net Expense Ratio

(as of 04/30/2019)

0.77%

Other Investment Options: Separate Account

Commingled Vehicle

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Performance

Average Annual Total Returns

Cumulative Returns

Calendar Year Returns

Capital Gains Distributions

Domestic Equity

Main Street Small Cap Fund®

CLASS I: OSSIX

Average Annual Returns as of 03/31/2019

Average Annual Returns as of 04/30/2019

as of 04/30/2019

as of 03/31/2019

Sales charges are not applicable to Y & I Share Classes.

	Cumulative			Annualized
	3 mo	ytd as of 2019-03-31 ^D	1 yr	3 yr	5 yr	since inception
Main Street Small Cap Fund® (NAV) As of Quarter end 03/31/2019	11.92%	11.92%	0.89%	10.61%	6.51%	8.98%
Russell 2000® Index As of Quarter end 03/31/2019	14.58%	14.58%	2.05%	12.92%	7.05%	9.18%

	Cumulative			Annualized
	3 mo	ytd as of 2019-04-30 ^D	1 yr	3 yr	5 yr	since inception
Main Street Small Cap Fund® (NAV) As of month end 04/30/2019	4.84%	17.01%	4.85%	11.82%	8.21%	9.66%
Russell 2000® Index As of month end 04/30/2019	6.50%	18.48%	4.61%	13.60%	8.63%	9.67%

Gross Expense Ratio: 0.77% | Net Expense Ratio: 0.77%

The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

Calendar Year Returns as of 04/30/2019

as of 04/30/2019

View Table Graph Print

Year	Main Street Small Cap Fund®	Russell 2000® Index 3
2014	11.84%	4.89%
2015	-5.65%	-4.41%
2016	18.19%	21.31%
2017	14.06%	14.65%
2018	-10.39%	-11.01%

Cumulative Returns & Income Dividends

View Table Graph Print

Time Period

YTD

INCEPTION

Date	Main Street Small Cap Fund®	Russell 2000® Index 3	MSCI World 3
4/30/2014	0.00	0.00	0.00
5/31/2014	0.52	0.80	1.97
6/30/2014	3.88	6.16	3.79
7/31/2014	-0.52	-0.26	2.14
8/31/2014	5.26	4.68	4.39
9/30/2014	-0.86	-1.65	1.55
10/31/2014	7.08	4.83	2.21
11/30/2014	8.89	4.93	4.26
12/31/2014	11.13	7.92	2.58
1/31/2015	6.80	4.45	0.72
2/28/2015	13.47	10.65	6.62
3/31/2015	14.51	12.58	4.95
4/30/2015	11.05	9.71	7.41
5/31/2015	13.82	12.21	7.78
6/30/2015	14.95	13.05	5.28
7/31/2015	13.30	11.74	7.16
8/31/2015	6.80	4.71	0.07
9/30/2015	1.42	-0.42	-3.62
10/31/2015	6.45	5.19	4.02
11/30/2015	9.66	8.61	3.50
12/31/2015	4.68	3.16	1.68
1/31/2016	-3.00	-5.92	-4.40
2/29/2016	-2.48	-5.92	-5.11
3/31/2016	4.59	1.59	1.33
4/30/2016	5.81	3.18	2.93
5/31/2016	8.60	5.51	3.51
6/30/2016	7.82	5.44	2.35
7/31/2016	12.96	11.74	6.67
8/31/2016	13.22	13.71	6.76
9/30/2016	12.79	14.98	7.33
10/31/2016	9.91	9.51	5.25
11/30/2016	19.85	21.73	6.77
12/31/2016	23.60	25.14	9.32
1/31/2017	25.09	25.63	11.96
2/28/2017	28.07	28.05	15.06
3/31/2017	28.59	28.22	16.29
4/30/2017	31.05	29.63	18.01
5/31/2017	28.24	26.99	20.51
6/30/2017	32.19	31.38	20.97
7/31/2017	32.27	32.36	23.87
8/31/2017	30.70	30.67	24.04
9/30/2017	38.41	38.83	26.83
10/31/2017	39.64	40.01	29.22
11/30/2017	40.69	44.05	32.02
12/31/2017	40.77	43.46	33.81
1/31/2018	43.83	47.21	40.87
2/28/2018	36.41	41.51	35.04
3/31/2018	39.93	43.34	32.09
4/30/2018	40.68	44.58	33.61
5/31/2018	49.58	53.36	34.45
6/30/2018	51.81	54.46	34.38
7/31/2018	53.76	57.15	38.58
8/31/2018	62.76	63.93	40.30
9/30/2018	57.19	59.98	41.08
10/31/2018	41.88	42.61	30.72
11/30/2018	44.02	44.87	32.20
12/31/2018	26.07	27.66	22.15
1/31/2019	40.61	42.03	31.66
2/28/2019	45.72	49.41	35.61
3/31/2019	41.01	46.28	37.40
4/30/2019	47.33	51.25	42.27

Capital Gains and Distributions ($ per share) as of 05/22/2019

$ per share as of 05/22/2019

Date	2014	2015	2016	2017	2018
Short Term	0.0415	—	—	0.2565	0.1584
Long Term	—	—	—	0.5487	0.8923
Total Amount of Distribution	0.0415	—	—	0.8052	1.0507
Record Date	12/10/14	—	—	12/7/17	12/6/18
Ex Div Date	12/11/14	—	—	12/8/17	12/7/18
Pay Date	12/11/14	—	—	12/8/17	12/7/18

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Issuers

4

(34.3% of assets as of 04/30/2019)

Domestic Equity

Main Street Small Cap Fund®

CLASS I: OSSIX

Portfolio Holdings Breakdown as of 04/30/2019

Portfolio Holdings Breakdown

4

Country

Developed Markets

Equity Sector

Industry

Asset Allocation

Market Cap ⁵

Country	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
United States	99.1%	99.9%	-0.8%

Developed Markets	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
Americas	99.1%	100.0%	-0.9%

Equity Sector	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
Industrials	19.8%	15.0%	4.8%
Financials	16.5%	17.7%	-1.2%
Information Technology	13.2%	15.7%	-2.5%
Consumer Discretionary	12.7%	12.1%	0.6%
Health Care	11.8%	15.0%	-3.2%
Real Estate	6.9%	7.5%	-0.6%
Utilities	5.5%	3.7%	1.8%
Materials	4.7%	3.8%	0.9%
Consumer Staples	2.9%	2.8%	0.1%
Energy	2.9%	3.6%	-0.7%
Communication Services	2.3%	3.3%	-1.0%

Industry	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
Banks	9.3%	9.2%	0.0%
Equity Real Estate Investment Trusts (REITs)	6.9%	6.8%	0.0%
Software	6.6%	6.0%	0.6%
Machinery	5.5%	3.9%	1.6%
Professional Services	4.2%	1.6%	2.7%
Hotels Restaurants & Leisure	4.0%	2.9%	1.1%
IT Services	3.6%	2.0%	1.6%
Metals & Mining	3.6%	1.1%	2.5%
Health Care Equipment & Supplies	3.3%	3.3%	0.0%
Biotechnology	3.2%	6.4%	-3.2%
Semiconductors & Semiconductor Equipment	3.0%	2.8%	0.2%
Oil Gas & Consumable Fuels	2.9%	2.3%	0.6%
Specialty Retail	2.9%	3.0%	-0.1%
Gas Utilities	2.8%	1.2%	1.6%
Thrifts & Mortgage Finance	2.8%	2.4%	0.4%
Multi-Utilities	2.7%	0.5%	2.1%
Capital Markets	2.7%	1.3%	1.4%
Auto Components	2.6%	1.0%	1.6%
Electrical Equipment	2.3%	0.7%	1.6%
Health Care Providers & Services	2.3%	1.7%	0.6%

Asset Allocation	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
Equity	99.1%	100.0%	-0.9%

Market Cap	Main Street Small Cap Fund®	Russell 2000® Index	Overweight / Underweight
Small	68.2%	75.6%	-7.4%
Mid	31.0%	24.4%	6.6%

Analytics

Domestic Equity

Main Street Small Cap Fund®

CLASS I: OSSIX

Analytics as of 04/30/2019

(As of 04/30/2019)

Morningstar 04/30/2019 (based on risk adjusted performance)

Overall Rating

Number of Funds

629

Matthew Ziehl, CFA

Portfolio Manager

Matthew Ziehl, CFA, serves as lead portfolio manager of the Small Cap Core strategy and co-portfolio manager of the Mid Cap Core strategy. He is also a sector manager for the REITs, lodging, and business services sectors across all of the Core Equity Team’s strategies. Prior to joining the Firm, Mr. Ziehl managed the RS Small Cap Core Alpha product at RS Investments.

Adam Weiner

Portfolio Manager

Adam Weiner serves as co-portfolio manager of the Small Cap Core strategy. He also serves as sector manager for industrials and materials across all of the Core Equity Team’s strategies. Prior to joining the Firm, Mr. Weiner was a sector manager for industrials and materials at RS Investments. Previously, he was a director and senior equity analyst at Credit Suisse Asset Management.

Raymond Anello, CFA

Portfolio Manager

Raymond Anello, CFA, serves as lead portfolio manager of the Mid Cap Core strategy and is a co-portfolio manager of the Small Cap Core strategy. He is also sector manager for energy and utilities across all of the Core Equity Team’s strategies.

Raman Vardharaj, CFA

Portfolio Manager

Raman Vardharaj, CFA, serves as co-portfolio manager of the Small Cap Core, Mid Cap Core, and Dividend Growth strategies. He also serves as leader of quantitative research across all of the Core Equity Team’s strategies.

Magnus Krantz

Portfolio Manager

Magnus Krantz serves as co-portfolio manager of the Small Cap Core strategy, Mid Cap Core Strategy and Oppenheimer Main Street All Cap Fund Fund®. He also serves as sector manager for technology across all of the Core Equity Team’s strategies. Prior to joining the Firm, he was a sector manager for technology at RS Investments, which was acquired by Guardian Life Insurance Company.

Kristin Ketner

Portfolio Manager

Kristin Ketner serves as a co-portfolio manager of the Small Cap Core strategy and the Mid Cap Core strategy. She also serves as sector manager for consumer discretionary and consumer staples across all of the Core Equity Team’s strategies.

Joy Budzinski

Portfolio Manager

Joy Budzinski serves as co-portfolio manager of the Small Cap Core strategy, the Mid Cap Core strategy and Oppenheimer Main Street All Cap Fund Fund.® She also serves as sector manager for healthcare across all of the Core Equity Team’s strategies.

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Documents

1. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
3. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
4. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
6. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.
A. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. Past performance is no guarantee of future results ↩
B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily. ↩
C. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions. ↩
E. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
F. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment. ↩
G. The performance data quoted represents past performance, which does not guarantee future results. The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩

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