Alternatives

Open-End MLP
Mutual Fund Lineup
Oppenheimer SteelPath Funds
Q1 2015 as of 3/31/15
Targeted
Targeted
Distribution
Frequency

Standard
Deviation1,2

Beta1,3

Oppenheimer
SteelPath Funds

Share
Class

Ticker
Symbols

Oppenheimer SteelPath MLP

Alpha Fund

A
Y
C
I

MLPAX
MLPOX
MLPGX
OSPAX

Quarterly

9.29

0.65

Oppenheimer SteelPath MLP

Alpha Plus Fund

A
Y
C
I

MLPLX
MLPNX
MLPMX
OSPPX

Quarterly

12.01

0.83

Oppenheimer SteelPath MLP

Income Fund*

A
Y
C
I

MLPDX
MLPZX
MLPRX
OSPMX

Monthly

8.74

0.61

Oppenheimer SteelPath MLP

Select 40 Fund

A
Y
C
I

MLPFX
MLPTX
MLPEX
OSPSX

Quarterly

9.38

0.66

Strategy

Concentrated portfolio of ~20 MLPs

Total return focus
Seeks MLPs with best total return potential

Concentrated portfolio of ~20 MLPs

Total return focus
Tactical leverage of ~25%

Concentrated portfolio of ~30

high yielding midstream MLPs
Seeks to pay monthly distribution
Historically highest distribution paying
Oppenheimer SteelPath fund

Diversified portfolio of ~40 MLPs

Blend of growth and income-oriented MLPs
5% maximum position size

**Effective 12/15/14, the purchase and exchange of Fund shares was restricted, subject to certain exceptions. Please see the prospectus supplement for further information.

Not FDIC Insured

May Lose Value
Not Bank Guaranteed

OppenheimerFunds

Investment Strategy and RiskManagement

MLP Value Proposition

The OFI SteelPath team employs a private-equity

approach to investing with an emphasis on business
risk assessment and bottom-up valuations. The teams
investment style is designed with the intent to uncover
Master Limited Partnerships (MLPs) that offer low underlying business risk and attractive total return potential in
order to focus on those entities that we believe have the
most attractive risk/rewardbalance.

 Historically low correlation to the broader market,

strong historical returns and compelling potential
distributions.
Infrastructure MLPs have minimal exposure to commodity pricevolatility.
Potential to benefit from robust domestic production
growth expectations.
 Distributions on energy infrastructure companies have
risen every year for over a decade.4

Employs a bottom-up approach to selecting MLP

securities.
Utilizes rigorous proprietary modeling and analytical
techniques to understand MLP valuations and risks.
Seeks to invest in MLPs with proven management
teams and asset footprints positioned to result in
future attractive growth opportunities.

Master Limited Partnerships (MLPs)

Why Advisors Are MakingAllocations
U.S. energy infrastructure investments represent an
attractive risk/reward proposition and the majority of
these entities are structured as MLPs. Energy infrastructure MLPs generally operate toll-road business models
that transport, store and process hydrocarbons such as
oil, natural gas, natural gas liquids and refined products.
Infrastructure MLPs operate low risk businesses that
have historically provided consistent distribution growth
resulting in meaningful investment income and strong
total returns. We believe energy infrastructure MLPs are
positioned to continue to benefit from the tremendous
and varied opportunities to grow theirbusinesses.

The Right Way to Invest

New Technologies New Reserves New Infrastructure Demand

Lower 48 States Shale Plays

Niobrara*
Montana
Thrust Belt
Heath**

BAKKEN**
Williston
Basin

Cody
Big Horn
Basin

Powder River
Basin

Gammon

Mowry

HilliardBaxter-Mancos

Michigan
Basin

Greater Green
River Basin
Uinta Basin
Manning
Canyon
Mancos
San Joaquin
Basin
MontereyTemblor

Piceance
Basin

Pierre

Lewis

Basins

SHALE PLAYS

Current Plays

San Juan
Basin

Raton
Basin
Palo Duro
Basin

AvalonBone Spring

Antrim
Appalachian
Basin

Forest
City Basin
Illinois
Basin

Denver
Basin

Hermosa
Paradox Basin

Monterey
Santa Maria, Ventura,
Los Angeles Basins

Niobrara*

Park
Basin

ExcelloMulky Cherokee Platform

WOODFORD
Anadarko
Basin

FAYETTEVILLE

Ardm

ore
Bas
in
Bend

Arkoma Basin

Permian Ft. Worth

Basin
Basin
Marfa
Barnett- Basin
Woodford

EAGLE
FORD
Pearsall

Western
Gulf

Black Warrior
Basin

FloydNeal
TX-LA-MS
Salt Basin

BARNETT

MARCELLUS

New
Albany

Utica
Devonian (Ohio)
Chattanooga
Conasauga

Valley & Ridge

Province
Tuscaloosa

MILES
0

100

HAYNESVILLEBOSSIER

Prospective Plays

STACKED PLAYS

Shallowest/Youngest
Intermediate Depth/Age
Deepest/Oldest

* Mixed shale and chalk play

** Mixed shale and limestone play

Source: Energy Information Administration based on data from various published studies. Updated May 9, 2011.

MLP Supply Chain Economics

Toll Road Business Model

Midstream MLP collects revenue based on the transportation of commodities between

producers and consumers.

Historical Income Generator4

Compelling distribution growth potential.5

Thematic Opportunities

Historically growing valuations, opportunistic investment in U.S. energy infrastructure and

new techniques to harvest oil and gas.

200

300

400

1. Risk metrics are calculated for the 3-year period for Oppenheimer SteelPath MLP Alpha, Income and Select 40 Funds. Risk metrics are
benchmarked versus the S&P 500 Index. Dataas of March 31, 2015.
2. Standard deviation is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a
specified period. The higher the standard deviation, the greater the volatility of the portfolios performance returns relative to its average return.
Pastperformance does not guarantee future results.
3. Beta is a measure of the risk of a security or portfolio in relation to an independent variable (i.e., the general market or other specified
benchmark). The independent variable has a beta of 1.00 by definition. Any security or portfolio with a beta greater than 1.00 is considered more
volatile, while a beta of less than 1.00 would be less volatile. Also known as the measure of systematic risk of a security. Past performance does
not guarantee future results.
4. Source: OFI SteelPath research. The majority of distributions have been classified as return of capital which reduces the investors adjusted
costbasis.
5. Based on the historical performance of the ~110 partnerships in the MLP asset class. Past performance does not guarantee future results.

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Risks of Investing: Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to
cash flow, dilution and voting rights. Each Funds investments are concentrated in the energy infrastructure industry with an emphasis on securities
issuedby MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in
commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the
regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may
result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLP
funds. The Oppenheimer SteelPath MLP Funds are subject to certain MLP tax risks. An investment in an Oppenheimer SteelPath MLP Fund does not
offer the same tax benefits of a direct investment in an MLP. The Funds are organized as Subchapter C Corporations and are subject to U.S. federal
income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential tax benefit
of investing in MLPs depends on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its
income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution which could result in a reduction
of the funds value. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered
to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is
reflected in the daily NAV and as a result an MLP funds after-tax performance could differ significantly from the underlying assets even if the pretax
performance is closelytracked.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC
or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a funds investment
objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this
and other information about the funds, and may be obtained by asking your financial advisor, visiting
oppenheimerfunds.com or calling 1 800 CALL OPP (225 5677). Read prospectuses and summary
prospectuses carefully before investing.
Oppenheimer SteelPath funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
2015 OppenheimerFunds Distributor, Inc. All rights reserved.
OSP0000.017.0315 April 15, 2015