Daily Fund Prices

Fund pricing and performance history

Current Yield as of 12/31/13 Current Yield* (%)
Oppenheimer SteelPath MLP Alpha Fund
Class A  5.64
Class Y  5.59
Class C  5.72
Class I  5.59
Oppenheimer SteelPath MLP Select 40
Class A 5.83
Class Y 5.75
Class C 5.89
Class I 5.75
Oppenheimer SteelPath MLP Alpha Plus Fund
Class A 5.49
Class Y 5.45
Class C 5.55
Class I 5.47
Current Yield as of 1/31/14 Current Yield* (%)
Oppenheimer SteelPath MLP Income Fund
Class A 7.00
Class Y 6.93
Class C 7.13
Class I 6.93

*Current Yield is computed as the annualized current dividend over NAV per share and reflects dividends and interest earned, including Return of Capital in the calculation. We are not showing SEC yield which does not include return of capital.

Additional information on fund fees and sales charges can be found in Prospectus & Reports.

Oppenheimer SteelPath MLP Alpha Plus Fund, Class I2.32%-0.15%2.17%–

Fund Gross Expense Ratio Fee Limitation and/or Expense Reimbursement6,7,8,9,10 Net Expense Ratio11 Deferred Income Tax Expense11 Net Expense Ratio Before Limitation or Reimbursement and Deferred Taxes
Oppenheimer SteelPath MLP Alpha Fund, Class A 3.35% -0.17% 3.18% 1.68% 1.50%
Oppenheimer SteelPath MLP Alpha Fund, Class Y 2.12% -0.12% 2.00% 0.75% 1.25%
Oppenheimer SteelPath MLP Alpha Fund, Class C 14.73% -0.11% 14.62% 12.37% 2.25%
Oppenheimer SteelPath MLP Alpha Fund, Class I
Oppenheimer SteelPath MLP Income Fund, Class A 1.62% -0.27% 1.35%
Oppenheimer SteelPath MLP Income Fund, Class Y 1.37% -0.27% 1.10%
Oppenheimer SteelPath MLP Income Fund, Class C 2.31% -0.21% 2.10%
Oppenheimer SteelPath MLP Income Fund, Class I
Oppenheimer SteelPath MLP Select 40 Fund, Class A 3.17% -0.13% 3.04% 1.94% 1.10%
Oppenheimer SteelPath MLP Select 40 Fund, Class Y 3.15% -0.12% 3.03% 2.18% 0.85%
Oppenheimer SteelPath MLP Select 40 Fund, Class C 2.78% -0.11% 2.67% 0.82% 1.85%
Oppenheimer SteelPath MLP Select 40 Fund, Class I
Oppenheimer SteelPath MLP Alpha Plus Fund, Class A 2.57% -0.15% 2.42%
Oppenheimer SteelPath MLP Alpha Plus Fund, Class Y 2.32% -0.15% 2.17%
Oppenheimer SteelPath MLP Alpha Plus Fund, Class C 3.32% -0.15% 3.17%
Oppenheimer SteelPath MLP Alpha Plus Fund, Class I

Additional information on fund fees and sales charges can be found in Prospectus & Reports.

Prior to 6/28/13 Class Y shares were named Class I shares

Effective 06/28/2013, the sales charge table for Class A shares of Oppenheimer SteelPath Funds will be revised.  Although there is no initial sales charge on Class A purchases of shares of one or more of the Funds totaling $1 million or more, those Class A shares may be subject to a 1.00% contingent deferred sales charge if they are redeemed within an 18-month “holding period” measured from the date of purchase.

 

The performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call 888.614.6614.

1Performance data shown does not reflect the maximum sales charge of 5.75%. If it had, returns would be reduced. For more information on applicable sales charges, please read the prospectus.

2Performance data shown reflects payment of the 5.75% maximum sales charge at the beginning of the stated periods.

3Oppenheimer SteelPath MLP Alpha Fund, Oppenheimer SteelPath MLP Income Fund and Oppenheimer SteelPath MLP Select 40 Fund: Class C shares were first offered on 5/31/2011. The returns prior to this date are those of class I shares that have been recalculated to apply the estimated fees and expenses of the class C shares as disclosed in the most recent prospectus.

4A redemption fee of 1.00% is assessed on shares redeemed within one year of purchase.

5Performance 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. Prior to 6/28/13 Class Y shares were named Class I shares.

6The advisor has agreed to limit fees and/or reimburse expenses of the Oppenheimer SteelPath MLP Alpha Fund until at least March 31, 2013, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.50% for Class A shares, 2.25% for Class C shares, and 1.25% for Class I shares. The Fund’s Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement (‘‘Net Expenses’’) will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund’s deferred income tax expense is excluded from the expense cap, the Fund’s Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may be terminated or amended prior to March 31, 2013 with the approval of the Trust’s Board of Trustees.

7The advisor has agreed to limit fees and/or reimburse expenses of the Oppenheimer SteelPath MLP Income Fund until at least March 31, 2013, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.35% for Class A shares, 2.10% for Class C shares, and 1.10% for Class I shares. The Fund’s Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may be terminated or amended prior to March 31, 2013 with the approval of the Trust’s Board of Trustees.

8The advisor has agreed to limit fees and/or reimburse expenses of the Oppenheimer SteelPath MLP Select 40 Fund until at least March 31, 2013, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Class I shares, and 0.85% for Class Y shares. The Fund’s Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement (‘‘Net Expenses’’) will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund’s deferred income tax expense is excluded from the expense cap, the Fund’s Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may be terminated or amended prior to March 31, 2013 with the approval of the Trust’s Board of Trustees.

9The advisor has agreed to limit fees and/or reimburse expenses of the Oppenheimer SteelPath Alpha Plus Fund until at least March 31, 2013, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 2.00% for Class A shares, 2.75% for Class C shares and 1.75% for Class I shares. The Fund’s Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement (‘‘Net Expenses’’) will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund’s interest expenses related to borrowings are excluded from the expense cap, the Fund’s Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may be terminated or amended prior to March 31, 2013 with the approval of the Trust’s Board of Trustees.

10Expenses include deferred income tax. Deferred income tax represents an estimate of the Fund’s potential tax liability if it were to be recognized in the portfolio. These estimates may not be reliably predicted and may vary greatly from year to year depending on the nature of the Fund’s investment, the performance of those investments and general market conditions. The deferred tax liability could result in a loss to the Fund’s net asset value and therefore an investment in the Fund could lose money.