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SteelPath MLP & Energy Infrastructure Fund

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Overview

The strategy typically invests in North American midstream energy infrastructure with a 25% maximum allocation to MLPs.

Inception Date
November 6, 2017
Investment Style
MLP - Diversified
Fund Index
Alerian MLP Total Return Index
CUSIP
67629B402
NAV
  • B
(as of 02/20/2019)
$9.77
Total Assets
(as of 01/31/2019)
$12.32 MM
Gross Expense Ratio
(as of 01/31/2019)
1.46%
Net Expense Ratio
(as of 01/31/2019)
1.12%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • I
as of 12/31/2018
  • I

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-12-31
  • D
1 yr since inception
SteelPath MLP & Energy Infrastructure Fund (NAV)
-9.58% -18.09% -15.54% -15.54% -11.00%
Alerian MLP Total Return Index
-9.36% -17.30% -12.42% -12.42% -9.66%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-01-31
  • D
1 yr since inception
SteelPath MLP & Energy Infrastructure Fund (NAV)
15.31% 2.60% 15.31% -3.45% 0.66%
Alerian MLP Total Return Index
12.64% 1.25% 12.64% -6.73% 0.17%
Gross Expense Ratio: 1.46% | Net Expense Ratio: 1.12%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year SteelPath MLP & Energy Infrastructure Fund Alerian MLP Total Return Index
2018 -15.54% -12.42%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date SteelPath MLP & Energy Infrastructure Fund Alerian MLP Index Total Return
1/31/2018 0.00 0.00
2/1/2018 0.29 0.73
2/2/2018 -2.59 -2.12
2/5/2018 -5.27 -3.79
2/6/2018 -3.55 -1.92
2/7/2018 -3.55 -2.35
2/8/2018 -6.62 -5.49
2/9/2018 -7.29 -6.42
2/12/2018 -4.99 -4.21
2/13/2018 -4.31 -3.42
2/14/2018 -3.74 -3.42
2/15/2018 -3.36 -4.15
2/16/2018 -4.70 -5.39
2/20/2018 -5.27 -5.62
2/21/2018 -6.62 -6.88
2/22/2018 -7.09 -7.68
2/23/2018 -5.66 -7.06
2/26/2018 -5.85 -6.99
2/27/2018 -7.29 -7.85
2/28/2018 -9.40 -9.69
3/1/2018 -9.20 -9.39
3/2/2018 -9.30 -9.54
3/5/2018 -8.82 -8.77
3/6/2018 -8.72 -9.22
3/7/2018 -9.78 -9.99
3/8/2018 -9.97 -10.22
3/9/2018 -8.53 -8.83
3/12/2018 -7.29 -7.19
3/13/2018 -7.67 -7.36
3/14/2018 -8.44 -8.69
3/15/2018 -10.83 -12.85
3/16/2018 -9.68 -11.51
3/19/2018 -12.27 -14.48
3/20/2018 -12.66 -15.18
3/21/2018 -10.74 -14.00
3/22/2018 -12.66 -15.75
3/23/2018 -13.66 -16.40
3/26/2018 -13.56 -16.00
3/27/2018 -13.95 -17.20
3/28/2018 -14.73 -17.19
3/29/2018 -13.27 -15.96
4/2/2018 -14.34 -16.64
4/3/2018 -14.05 -16.02
4/4/2018 -14.05 -16.28
4/5/2018 -12.10 -14.84
4/6/2018 -13.37 -16.01
4/9/2018 -13.37 -16.17
4/10/2018 -10.84 -13.60
4/11/2018 -10.25 -12.53
4/12/2018 -10.74 -13.08
4/13/2018 -10.54 -13.10
4/16/2018 -8.01 -9.66
4/17/2018 -6.84 -8.40
4/18/2018 -6.35 -8.90
4/19/2018 -7.43 -9.87
4/20/2018 -7.82 -10.04
4/23/2018 -6.94 -8.27
4/24/2018 -8.69 -10.16
4/25/2018 -8.40 -9.44
4/26/2018 -7.91 -9.56
4/27/2018 -7.72 -9.38
4/30/2018 -7.62 -9.16
5/1/2018 -7.33 -8.80
5/2/2018 -6.74 -9.63
5/3/2018 -7.52 -10.62
5/4/2018 -6.26 -9.57
5/7/2018 -5.28 -8.87
5/8/2018 -5.28 -8.19
5/9/2018 -4.40 -7.44
5/10/2018 -3.82 -6.95
5/11/2018 -3.43 -7.25
5/14/2018 -2.26 -5.60
5/15/2018 -2.85 -5.87
5/16/2018 -2.75 -5.27
5/17/2018 -2.36 -4.09
5/18/2018 -2.65 -4.37
5/21/2018 -1.97 -3.71
5/22/2018 -2.16 -3.77
5/23/2018 -2.26 -4.17
5/24/2018 -3.92 -5.89
5/25/2018 -4.50 -6.34
5/29/2018 -4.21 -6.27
5/30/2018 -1.68 -4.53
5/31/2018 -1.58 -4.57
6/1/2018 -1.09 -3.81
6/4/2018 -0.99 -3.19
6/5/2018 -1.09 -2.88
6/6/2018 -1.87 -3.54
6/7/2018 -0.90 -2.76
6/8/2018 -1.58 -3.70
6/11/2018 -0.02 -2.18
6/12/2018 -0.70 -2.27
6/13/2018 -1.97 -3.81
6/14/2018 -1.48 -3.84
6/15/2018 -3.53 -6.31
6/18/2018 -2.07 -5.10
6/19/2018 -2.07 -5.49
6/20/2018 -0.80 -4.71
6/21/2018 -1.77 -5.66
6/22/2018 -0.49 -4.73
6/25/2018 -2.46 -6.96
6/26/2018 -1.18 -5.42
6/27/2018 -1.77 -6.58
6/28/2018 -1.77 -6.70
6/29/2018 -1.28 -6.04
7/2/2018 -2.27 -6.93
7/3/2018 -1.38 -6.42
7/5/2018 -1.08 -6.15
7/6/2018 0.01 -5.69
7/9/2018 0.01 -5.42
7/10/2018 0.01 -5.41
7/11/2018 -0.88 -6.21
7/12/2018 -0.39 -5.22
7/13/2018 -0.29 -4.98
7/16/2018 -1.18 -5.29
7/17/2018 -1.77 -5.90
7/18/2018 -0.98 -4.46
7/19/2018 1.49 -2.06
7/20/2018 0.60 -3.16
7/23/2018 0.79 -2.66
7/24/2018 1.09 -2.24
7/25/2018 2.67 -0.71
7/26/2018 3.36 0.41
7/27/2018 1.78 -1.67
7/30/2018 2.87 -0.46
7/31/2018 3.16 0.14
8/1/2018 3.66 0.56
8/2/2018 4.94 3.23
8/3/2018 5.14 3.51
8/6/2018 5.93 4.42
8/7/2018 4.94 3.68
8/8/2018 5.43 4.78
8/9/2018 6.03 5.84
8/10/2018 6.13 5.75
8/13/2018 4.35 3.54
8/14/2018 4.94 4.21
8/15/2018 3.16 2.69
8/16/2018 3.76 3.36
8/17/2018 5.14 4.68
8/20/2018 5.83 5.63
8/21/2018 5.53 4.75
8/22/2018 6.62 5.81
8/23/2018 5.83 5.16
8/24/2018 6.13 5.37
8/27/2018 6.22 5.07
8/28/2018 5.04 3.56
8/29/2018 4.55 2.70
8/30/2018 3.95 2.28
8/31/2018 3.07 1.72
9/4/2018 2.77 2.63
9/5/2018 3.16 3.10
9/6/2018 1.98 2.04
9/7/2018 1.88 1.67
9/10/2018 1.68 2.13
9/11/2018 2.67 2.95
9/12/2018 3.16 3.06
9/13/2018 2.87 2.52
9/14/2018 2.37 2.04
9/17/2018 2.18 1.39
9/18/2018 3.07 1.72
9/19/2018 2.97 1.27
9/20/2018 2.87 1.49
9/21/2018 2.86 1.48
9/24/2018 2.26 0.41
9/25/2018 2.26 -0.25
9/26/2018 1.26 -1.19
9/27/2018 1.76 -0.63
9/28/2018 1.96 0.13
10/1/2018 4.36 2.40
10/2/2018 3.86 1.81
10/3/2018 4.56 2.59
10/4/2018 3.66 1.75
10/5/2018 3.66 1.95
10/8/2018 3.26 1.56
10/9/2018 3.86 2.63
10/10/2018 1.56 0.58
10/11/2018 -0.24 -0.98
10/12/2018 -0.04 -1.28
10/15/2018 0.06 -1.36
10/16/2018 1.96 0.63
10/17/2018 1.16 -0.65
10/18/2018 0.46 -1.31
10/19/2018 0.86 -1.10
10/22/2018 -0.14 -1.91
10/23/2018 -2.13 -3.25
10/24/2018 -5.33 -6.27
10/25/2018 -4.93 -5.83
10/26/2018 -6.33 -7.41
10/29/2018 -7.93 -8.76
10/30/2018 -7.33 -8.53
10/31/2018 -6.03 -7.87
11/1/2018 -4.43 -6.91
11/2/2018 -5.63 -7.69
11/5/2018 -4.23 -5.97
11/6/2018 -4.03 -5.58
11/7/2018 -2.93 -4.35
11/8/2018 -3.63 -4.32
11/9/2018 -4.73 -5.22
11/12/2018 -6.13 -6.60
11/13/2018 -7.83 -8.23
11/14/2018 -8.23 -8.37
11/15/2018 -7.33 -7.40
11/16/2018 -6.83 -7.02
11/19/2018 -7.13 -7.43
11/20/2018 -9.53 -10.00
11/21/2018 -7.93 -8.21
11/23/2018 -9.73 -10.01
11/26/2018 -9.13 -9.31
11/27/2018 -9.23 -10.02
11/28/2018 -8.43 -8.87
11/29/2018 -7.43 -7.93
11/30/2018 -7.63 -8.64
12/3/2018 -5.33 -6.25
12/4/2018 -7.92 -8.98
12/6/2018 -9.34 -9.58
12/7/2018 -9.44 -9.72
12/10/2018 -10.86 -11.17
12/11/2018 -10.66 -11.04
12/12/2018 -9.74 -10.50
12/13/2018 -8.63 -8.73
12/14/2018 -10.15 -9.63
12/17/2018 -12.68 -12.66
12/18/2018 -14.61 -14.78
12/19/2018 -14.00 -13.87
12/20/2018 -15.73 -16.23
12/21/2018 -17.45 -17.72
12/24/2018 -20.80 -21.08
12/26/2018 -16.74 -16.83
12/27/2018 -17.65 -18.12
12/28/2018 -17.86 -18.43
12/31/2018 -16.44 -17.19
1/2/2019 -15.12 -16.05
1/3/2019 -14.51 -15.31
1/4/2019 -10.96 -11.17
1/7/2019 -9.24 -9.61
1/8/2019 -7.21 -7.43
1/9/2019 -6.29 -6.39
1/10/2019 -6.60 -7.62
1/11/2019 -7.51 -8.72
1/14/2019 -7.92 -9.71
1/15/2019 -6.60 -8.07
1/16/2019 -6.40 -7.95
1/17/2019 -5.89 -8.00
1/18/2019 -4.77 -6.96
1/22/2019 -6.60 -9.17
1/23/2019 -7.41 -9.12
1/24/2019 -6.80 -8.59
1/25/2019 -5.48 -7.43
1/28/2019 -5.48 -8.00
1/29/2019 -4.47 -7.06
1/30/2019 -3.15 -5.71
1/31/2019 -3.66 -6.73
Date Dividends
3/23/2018 0.1503
6/22/2018 0.1373
9/21/2018 0.134
12/4/2018 0.138

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 02/19/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Holdings

(35.7% of assets as of 01/31/2019)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 6
Equity Sector SteelPath MLP & Energy Infrastructure Fund Alerian MLP Total Return Index Overweight / Underweight
Petroleum Pipeline Transportation 27.9% 43.5% -15.6%
Diversified 26.9% 10.0% 16.9%
Gathering & Processing 19.5% 28.3% -8.7%
Natural Gas Pipeline Transportation 12.0% 15.5% -3.5%
Other Energy 7.8% 1.7% 6.1%
Oil & Gas Refining & Marketing 2.8% - -
Oil & Gas Storage & Transportation 1.7% - -
Asset Allocation SteelPath MLP & Energy Infrastructure Fund Alerian MLP Total Return Index Overweight / Underweight
Equity 98.5% 100.0% -1.5%
Market Cap SteelPath MLP & Energy Infrastructure Fund Alerian MLP Total Return Index Overweight / Underweight
Large 58.3% 40.5% 17.8%
Mid 27.8% 42.9% -15.0%
Small 12.4% 16.6% -4.2%
Analytics
(As of 01/31/2019)

Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
24.57
19.07
P/E Ratio (NTM)
16.98
12.48
Price/Book
2.45
2.38
Return on Equity
11.38%
13.97%
Turnover Ratio
51%
-
Active Share
72.01%
-
Dividends
  • E,F
Est. Frequency
Quarterly
Last Pay Date
12/4/2018
Per Share ($)
$0.1380
12-Month Distribution ($)
$0.5596
Documents
  1. 1. This is a new fund with a limited operating history and an inception date of 11/06/17.
  2. 2. Small and mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized or mid-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. 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. The Fund may invest no more than 25% of total assets in MLPs. 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. Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer.
  3. 3. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  4. 4. The Alerian MLP Index is a float-adjusted, capitalization-weighted index measuring master limited partnerships, whose constituents represent approximately 85% of total float-adjusted market capitalization. The index is unmanaged and cannot be purchased directly by investors.   Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  5. 5. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  6. 6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  7. 7. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  8. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  9. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  10. C. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.
  11. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  12. E. Under U.S. tax accounting rules, the exact amount of taxable and nontaxable distributions paid during the fiscal year can only be determined following the close of the calendar year when applicable IRS tax rules are taken into account.  Because the Fund is actively managed, the relative amount of the Fund's total distributions derived from various sources over the calendar year may change.  Investors will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid during the tax year.  Please refer to the most recent Section 19 Sources of Distribution notice for additional information regarding the composition of distributions. The Section 19 Sources of Distribution information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution.
  13. F. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. G. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  15. H. The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  16. I. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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