NEW YORK, Dec. 4, 2012 /PRNewswire/ — OppenheimerFunds, Inc., announced it has successfully completed its acquisition of SteelPath Capital Management and SteelPath Fund Advisors (“SteelPath”). An innovative and leading edge energy infrastructure investments company focused on the Master Limited Partnership (MLP) sector, SteelPath offers a family of MLP-focused mutual funds as well as privately available products. Financial terms of the transaction were not disclosed.

SteelPath is now named OFI SteelPath, Inc. OppenheimerFunds Distributor, Inc. is now the general distributor and principal underwriter for each series of The SteelPath MLP Funds Trust.

“Through their innovative product design, SteelPath has become a recognized leader in the energy infrastructure space in only eight years. We’re excited to bring their investment expertise and thought leadership to our clients,” said Bill Glavin, Chief Executive Officer, OppenheimerFunds, Inc. “SteelPath is a natural addition to OFI’s investment boutique structure and expansion of our alternative product lineup.”

Gabriel Hammond, Founder and Chief Executive Officer, SteelPath said: “We’re pleased it’s official and excited to be part of the OppenheimerFunds family. This important step bolsters our firm’s leading research efforts by leveraging the infrastructure and technology of OppenheimerFunds’ robust investment platform. Our investment team will remain in Dallas and will continue to be solely focused on energy infrastructure investment.”

With approximately $3.3 billion in assets under management as of November 30, 2012, SteelPath has a market leading position and eight-year track record in MLP investing, including an investment team with over 50 years of combined experience in investing and analyzing MLPs. The firm is a leading innovator in developing MLP investment products and was first to market with MLP-focused open-end mutual funds providing investors transparent access to this growing asset class.

The MLP structure has evolved to become the dominant form of organization used by energy infrastructure operators, similar to how real estate investment migrated to the REIT structure. Energy infrastructure assets include crude oil, petroleum products, and natural gas pipelines, tanks, terminals, and storage facilities characterized by their strategic importance and long useful lives. As the outlook for domestic oil and gas production has shifted from perpetual decline to strong and long-term growth, demand for energy infrastructure has been increasing and is expected to increase to meet these logistical needs creating a strong macro trend for this asset class.

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.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment management companies. As of September 30, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $186 billion in assets, including mutual funds having more than 12 million shareholder accounts, including sub-accounts. Known for its tagline The Right Way to Invest, OppenheimerFunds, Inc. has been helping investors reach their financial goals since 1960. The Company and its divisions and subsidiaries offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, qualified retirement plans and sub-advisory investment management services.

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 fund’s 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 1.800.525.7048. Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281

2012 OppenheimerFunds Distributor, Inc. All Rights Reserved.

SOURCE OppenheimerFunds, Inc.