MLP Mutual Funds – Master Limited Partnerships | SteelPath

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Performance information provided for the Alerian MLP Index and the Alerian Infrastructure Index is not indicative of the performance of the Oppenheimer SteelPath Funds. Performance data is calculated from the date of inception, 3/31/2010 for Oppenheimer SteelPath MLP Alpha Fund, Oppenheimer SteelPath MLP Income Fund and Oppenheimer SteelPath MLP Select 40 Fund. Performance data is calculated from the date of inception, 12/30/2011 for Oppenheimer SteelPath MLP Alpha Plus Fund and Oppenheimer SteelPath MLP and Infrastructure Debt Fund.

An investment in an Oppenheimer SteelPath MLP Fund does not offer the same tax benefits of a direct investment in an MLP.

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 Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by 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. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. 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. Except for the Oppenheimer SteelPath MLP and Infrastructure Debt Fund, risks associated with accounting for deferred tax liability could materially impact each Funds’ net asset value.

Except for the Oppenheimer SteelPath MLP and Infrastructure Debt Fund, all Oppenheimer SteelPath MLP Funds are organized as Subchapter “C” Corporations which means that it will pay federal, state and local income taxes at a corporate rate based on its taxable income. The potential benefit of investing in MLPs generally is their treatment as partnerships for federal income tax purposes. Since the Oppenheimer SteelPath MLP Funds, except for the Oppenheimer SteelPath MLP and Infrastructure Debt Fund, are corporations, they will be taxed at the fund level which in turn will reduce the Funds’ net asset value and the amount of cash available for distribution.

To the extent that a Fund obtains leverage through borrowings, there will be the potential for greater gains and the risk of magnified losses. Investing in debt securities involves additional risks including interest rate risk, credit risk, duration risk, and duplication of advisory fees and other expenses. High yield securities involve more risks than investment grade securities and tend to be more sensitive to economic conditions. Private equity investments may be subject to greater risks than investments in publicly traded companies due to limited public information and lack of regulatory oversight.

Deferred income taxes are accrued for future tax liabilities on MLP distributions considered to be a tax-deferred return of capital and for any net operating gains and capital appreciation of its investments and is reflected in the daily NAV. As a result, after-tax performance could differ significantly from the pretax performance of the underlying assets.

On December 3, 2012, OppenheimerFunds, Inc. acquired the assets of SteelPath Capital Management, LLC and SteelPath Fund Advisors, LLC. As of that date, OppenheimerFunds Distributor, Inc. became the general distributor and principal underwriter for each series of The SteelPath MLP Funds Trust.

You should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. For a prospectus, or summary prospectus, that contains this and other information about the Funds, call 800-255-2770 or visit the Fund’s website at www.steelpath.com. If you are a direct investor and would like to speak with a representative about your account, please call 888-614-6614. Please read the prospectus, or summary prospectus, carefully before investing.

Oppenheimer SteelPath funds are distributed by OppenheimerFunds Distributor, Inc.

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