Alternative

Fund Focus: The Fund typically invests primarily in midstream MLPs.

Cumulative Total Returns

as of 4/30/15

Since Inception 3/31/10
53%
Performance & Distributions
×

Alternative

Standardized Performance
Gross Expense Ratio:
      5.88%
    Net Expense Ratio:
    • 3
    • 4
    • A
      1.38%

    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.

    Cumulative Returns
    • B

    Compare to Indices

    SteelPath MLP Income Fund
    VALUE of $10,000.00

    Income Dividend History
    • C

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 5/21/15
      2011 2012 2013 2014 YTD
    • D
    SteelPath MLP Income Fund 0.88 0.89 23.47 3.01 2.65
    Alerian MLP Index 13.88 4.80 27.58 4.80
    Capital Gains Distributions ($ per share)
    Data as of 5/21/15
      2010 2011 2012 2013 2014
    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.

    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.

    Average Annual Total Returns
    • B

    as of 4/30/15

    as of 3/31/15

    • B
    YTD (as of 5/21/15)
    • D
    2.65%
    1 Year 2.82%
    3 Year 8.15%
    5 Year 8.56%
    Since Inception 8.69%
    YTD (as of 5/21/15)
    • D
    2.65%
    1 Year -3.13%
    3 Year 6.02%
    5 Year 7.28%
    Since Inception 7.43%
    YTD (as of 5/21/15)
    • D
    2.65%
    1 Year 1.71%
    3 Year 6.98%
    5 Year 8.04%
    Since Inception 8.04%
    YTD (as of 5/21/15)
    • D
    2.65%
    1 Year -4.12%
    3 Year 4.88%
    5 Year 6.77%
    Since Inception 6.77%
    Gross Expense Ratio
    5.88%
    Net Expense Ratio
    • 3
    • 4
    • A
    1.38%

    Share Price
    • E
    as of 5/21/15
    $10.59

    Distribution Rate

    monthly as of 4/30/15

    Distribution 5.89%
    Adjusted Distribution -1.24%

    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.

    "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.

    Top Holdings

    (61.5% of assets) as of 4/30/15

    Energy Transfer Partners LP
    9.8%
    NuStar Energy LP
    9.1%
    Enbridge Energy Partners LLC
    8.6%
    Williams Partners LP
    8.2%
    Teekay LNG Partners LP
    5.1%
    TC Pipelines LP
    4.6%
    Buckeye Partners LP
    4.6%
    Crestwood Midstream Ptnrs LP
    4.2%
    Targa Resources Partners LP
    3.7%
    ONEOK Partners LP
    3.6%
    ×
    • 9.8 %

      Energy Transfer Partners LP

    • Produces and sells propane and natural gas
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 9.1 %

      NuStar Energy LP

    • Operates crude oil terminals and storage facilities
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 8.6 %

      Enbridge Energy Partners LLC

    • Transports crude oil and natural gas liquids
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 8.2 %

      Williams Partners LP

    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 5.1 %

      Teekay LNG Partners LP

    • Provides crude oil marine transportation services
      Source: FactSet
    SECTOR Shipping
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 4.6 %

      TC Pipelines LP

    • Operates natural gas pipelines
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.6 %

      Buckeye Partners LP

    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.2 %

      Crestwood Midstream Ptnrs LP

    • Engages in natural gas gathering, compression, treating, processing, storage and transportation
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 3.7 %

      Targa Resources Partners LP

    • Acquires and operates midstream natural gas energy assets
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 3.6 %

      ONEOK Partners LP

    • Purchases, gathers, compresses, stores and transports natural gas
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Mid

    Holdings Breakdown

    as of 4/30/15

    34.5%

    Petroleum Transportation

    22.4%

    Gathering & Processing

    17.7%

    Natural Gas Pipelines

    11.9%

    Diversified

    9.8%

    Shipping

    7.1%

    Propane

    No Top Holdings
    in
    Propane
    0.4%

    Other Energy

    No Top Holdings
    in
    Other Energy
    0.1%

    Coal

    No Top Holdings
    in
    Coal
    103.8%

    -3.8%

    No Top Holdings
    in
    Net Cash and Equivalents
    19.5%

    Large

    40.5%

    Mid

    40.0%

    Small

    Morningstar
    • F

    as of 4/30/15

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 39
    Category Energy Limited Partnership

    Risk Measurements

    as of 4/30/15

    Alpha 1.44%
    Beta 0.61
    R-Squared
    92.81
    Sharpe Ratio
    0.91
    Standard Deviation
    9.0%

    Equity Style
    • G

    Total Assets (all classes)
    as of 4/30/15
    $4.6 BN

    Portfolio Statistics

    as of 4/30/15

    Turnover Ratio
    14.0%

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • C

    Est Frequency Monthly
    Last Pay Date 5/6/15
    Per Share ($) 0.0646
    12-Month Distribution ($) 0.7752

    Distribution Sources

    Net Income 0.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 100.00%

    Top Holdings

    (61.5% of assets) as of 4/30/15

    Energy Transfer...
    9.8%
    NuStar Energy L...
    9.1%
    Enbridge Energy...
    8.6%
    Williams Partne...
    8.2%
    Teekay LNG Part...
    5.1%
    TC Pipelines LP...
    4.6%
    Buckeye Partner...
    4.6%
    Crestwood Midst...
    4.2%
    Targa Resources...
    3.7%
    ONEOK Partners ...
    3.6%

    Holdings Breakdown

    as of 4/30/15

    Reset
    34.5%

    Petroleum Transportation

    22.4%

    Gathering & Processing

    17.7%

    Natural Gas Pipelines

    11.9%

    Diversified

    9.8%

    Shipping

    7.1%

    Propane

    No Top Holdings
    in
    Propane
    0.4%

    Other Energy

    No Top Holdings
    in
    Other Energy
    0.1%

    Coal

    No Top Holdings
    in
    Coal
    103.8%

    -3.8%

    No Top Holdings
    in
    Net Cash and Equivalents
    19.5%

    Large

    40.5%

    Mid

    40.0%

    Small

    ×
    • 9.8 %

      Energy Transfer Partners LP

    • Produces and sells propane and natural gas
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 9.1 %

      NuStar Energy LP

    • Operates crude oil terminals and storage facilities
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 8.6 %

      Enbridge Energy Partners LLC

    • Transports crude oil and natural gas liquids
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 8.2 %

      Williams Partners LP

    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 5.1 %

      Teekay LNG Partners LP

    • Provides crude oil marine transportation services
      Source: FactSet
    SECTOR Shipping
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 4.6 %

      TC Pipelines LP

    • Operates natural gas pipelines
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.6 %

      Buckeye Partners LP

    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.2 %

      Crestwood Midstream Ptnrs LP

    • Engages in natural gas gathering, compression, treating, processing, storage and transportation
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 3.7 %

      Targa Resources Partners LP

    • Acquires and operates midstream natural gas energy assets
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 3.6 %

      ONEOK Partners LP

    • Purchases, gathers, compresses, stores and transports natural gas
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Mid

    Management

    Stuart Cartner

    Managed Fund since 3/10

    Brian Watson, CFA

    Managed Fund since 3/10

    Investment Approach

    The portfolio managers use Oppenheimer SteelPath investment philosophy to focus on identifying primarily 30 high yielding midstream MLPs with a focus on differentiating risk to maximize the stability and safety of the cash distributions of the underlying portfolio.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Learn More

    We focus on investing in companies with attractive risk-reward profiles to construct portfolios that we believe can deliver long-term alpha while providing some downside protection. Learn More

    We utilize rigorous fundamental research to identify securities which have the potential to offer asymmetrical risk/return opportunities. Learn More

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Learn More

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Learn More

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Learn More

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Learn More

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Learn More

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Learn More

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Learn More

    The Commodity team monitors and manages risk at the commodity, sector and strategy levels. Learn More

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Learn More

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Learn More

    We emphasize capital preservation by avoiding MLPs that may cut distributions. We seek to build diversified portfolios comprised of MLPs with attractive risk-adjusted total return potential. Learn More

    ×

    Tools

    1. 1. Effective 12/12/14, the purchase and exchange of Fund shares will be restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
    2. 2. Special Risks 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's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by 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. 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. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter "C" Corporation and is 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 benefit of investing in MLPs generally is their treatment as partnerships for federal income tax. Many MLPs 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 on its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. 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. The net expense ratio may reflect that the Advisor has contractually agreed to limit fees and/or reimburse expenses (excluding certain expenses) until at least 3/29/16, however, the Fund's Board of Trustees may terminate or amend this arrangement prior to that date. The Manager can be reimbursed by the Fund within three years after the date the limitation an/or expense reimbursement has been made by the Manager, provided that such repayment does not cause the expenses of any class of the Fund to exceed the limits described in the notes to the fee table in the prospectus. The net expense ratio is also net of deferred income tax expense, which represents an estimate of the Fund's potential tax liability. This expense may vary from year to year. Because the Fund's deferred income tax expense is excluded from the expense cap, the Fund's net expenses are increased by the amount of this expense. A change in the estimate of deferred tax liability could result in a loss to net asset value.
    4. 4. The Fund's net expense ratio including deferred income tax expense is 5.76%.
    5. 5. Access index definitions.
    6. 6. The monthly yield and monthly adjusted yield are based on the NAV calculated immediately preceding the nearest month-end date. The monthly yield for each share class is calculated by annualizing the Fund's MLP distributions less expenses for the month for each class and dividing that figure by the class's net asset value on that month-end date. The result is compounded semiannually and annualized. The adjusted yield for each share class is based on the Fund's MLP distributions, less an estimate of the average return of capital based on historical ratios from the past three calendar years, less expenses for the month for each class and dividing that figure by the class's net asset value on that month-end date. The result is compounded semiannually and annualized. Falling share prices artificially increase yield. Please note that OppenheimerFunds, Inc. is not quoting a 30-day SEC yield. See the Fund’s link to the prospectus for more information.
    7. 7. Holdings are subject to change, and are dollar weighted based on total net 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.
    8. 8. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
    9. A. Excludes the deferred income tax
    10. B. 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. C. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.
    13. E. 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 p.m. ET daily.
    14. F. Class A shares rated 1 stars overall by Morningstar among  39  Energy Limited Partnership funds for the 3-, 5-, and 10 year period ended 4/30/15 based on risk-adjusted performance.
    15. G. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
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