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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
A
Y
C
I
MLPAX
MLPOX
MLPGX
OSPAX
Quarterly
9.29
0.65
A
Y
C
I
MLPLX
MLPNX
MLPMX
OSPPX
Quarterly
12.01
0.83
A
Y
C
I
MLPDX
MLPZX
MLPRX
OSPMX
Monthly
8.74
0.61
A
Y
C
I
MLPFX
MLPTX
MLPEX
OSPSX
Quarterly
9.38
0.66
Strategy
**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.
OppenheimerFunds
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
WOODFORD
Anadarko
Basin
FAYETTEVILLE
Ardm
ore
Bas
in
Bend
Arkoma Basin
EAGLE
FORD
Pearsall
Western
Gulf
Black Warrior
Basin
FloydNeal
TX-LA-MS
Salt Basin
BARNETT
MARCELLUS
New
Albany
Utica
Devonian (Ohio)
Chattanooga
Conasauga
MILES
0
100
HAYNESVILLEBOSSIER
Prospective Plays
STACKED PLAYS
Shallowest/Youngest
Intermediate Depth/Age
Deepest/Oldest
Source: Energy Information Administration based on data from various published studies. Updated May 9, 2011.
Thematic Opportunities
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