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OppenheimerFunds Completes Acquisition Of SteelPath, A Leading Edge MLP Investment Manager

Art Steinmetz, Chief Investment Officer, OppenheimerFunds, Inc. said: "SteelPath products have key attributes that investors are looking for – products that seek income with inflation-hedging, growth potential and unique tax advantages. SteelPath's actively managed, team driven research based products aligns with OppenheimerFunds' high conviction investing culture."

UBS Investment Bank acted as financial advisor to OppenheimerFunds, Inc. and Deutsche Bank Securities Inc. acted as financial advisor to SteelPath.  Willkie Farr & Gallagher LLP acted as legal advisor to OppenheimerFunds, Inc. and Ropes & Gray LLP acted as legal advisor to SteelPath.

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 price fluctuation. 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. Some Oppenheimer SteelPath Funds will be subject to certain MLP tax risks and risks associated with accounting for its deferred tax liability which could materially reduce the net asset value. An investment in the Fund does not offer tax benefits of a direct investment in an MLP The Fund is organized as a Subchapter "C" Corporation which means that it will pay federal, state and local income taxes at a corporate rate (currently as high as 35%) based on its taxable income. The potential benefit of investing in MLPs generally is the treatment of them as partnerships for federal income purposes. The Fund invests in MLPs, however, since the Fund is a corporation, it will be taxed at the Fund level which in turn will reduce the amount of cash available for distribution which would result in the reduction of the Fund's net asset value. 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.

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