EESCX

SteelPath Panoramic Fund

1

Overview

The Strategy typically invests across the upstream, midstream, and downstream sectors of the energy industry as well as other beneficiaries of North America’s energy renaissance.

Inception Date: November 18, 2015

Investment Style: Small-Mid Cap Growth & Income

Fund Index: S&P 500 Energy (Sector) Index

CUSIP: 68385Q203

NAV: (as of 10/12/2018); $10.05

Total Assets: (as of 09/30/2018); $22.45 MM

Gross Expense Ratio: (as of 09/30/2018); 3.26%

Net Expense Ratio: (as of 09/30/2018); 2.30%

Performance

Average Annual Total Returns

Cumulative Returns

Calendar Year Returns

Capital Gains Distributions

Domestic Equity

SteelPath Panoramic Fund

CLASS C: EESCX

Average Annual Returns as of 09/30/2018

as of 09/30/2018

Include Sales Charge

	Cumulative				Annualized
	1 mo	3 mo	ytd as of 2018-09-30 ^C	1 yr	since inception
SteelPath Panoramic Fund (NAV) As of Quarter end 09/30/2018	1.65%	0.67%	3.05%	8.15%	1.68%
S&P 500 Energy (Sector) Index As of Quarter end 09/30/2018	2.59%	0.61%	7.46%	13.94%	7.01%

	Cumulative				Annualized
	1 mo	3 mo	ytd as of 2018-09-30 ^C	1 yr	since inception
SteelPath Panoramic Fund (with sales charge) As of Quarter end 09/30/2018	0.65%	-0.33%	2.05%	7.15%	1.68%
S&P 500 Energy (Sector) Index As of Quarter end 09/30/2018	2.59%	0.61%	7.46%	13.94%	7.01%

	Cumulative				Annualized
	1 mo	3 mo	ytd as of 2018-09-30 ^C	1 yr	since inception
SteelPath Panoramic Fund (NAV) As of month end 09/30/2018	1.65%	0.67%	3.05%	8.15%	1.68%
S&P 500 Energy (Sector) Index As of month end 09/30/2018	2.59%	0.61%	7.46%	13.94%	7.01%

	Cumulative				Annualized
	1 mo	3 mo	ytd as of 2018-09-30 ^C	1 yr	since inception
SteelPath Panoramic Fund (with sales charge) As of month end 09/30/2018	0.65%	-0.33%	2.05%	7.15%	1.68%
S&P 500 Energy (Sector) Index As of month end 09/30/2018	2.59%	0.61%	7.46%	13.94%	7.01%

Gross Expense Ratio: 3.26% | Net Expense Ratio: 2.30%

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.

Calendar Year Returns as of 09/30/2018

as of 09/30/2018

View Table Graph Print

Year	SteelPath Panoramic Fund	S&P 500 Energy (Sector) Index 2
2016	26.29%	27.36%
2017	-9.43%	-1.01%

Cumulative Returns & Income Dividends

View Table Graph Print

Time Period

YTD

INCEPTION

Date	SteelPath Panoramic Fund	S&P 500 Energy (Sector) Index 2
10/2/2017	0.52	-0.02
10/3/2017	0.52	-0.10
10/4/2017	0.21	-0.16
10/5/2017	1.03	0.24
10/6/2017	-0.21	-0.58
10/9/2017	-0.31	-0.33
10/10/2017	-0.31	-0.23
10/11/2017	0.10	0.01
10/12/2017	-0.62	-0.36
10/13/2017	-1.03	-0.41
10/16/2017	-1.03	-0.19
10/17/2017	-1.24	-0.10
10/18/2017	-2.27	-0.80
10/19/2017	-2.89	-1.11
10/20/2017	-2.68	-0.84
10/23/2017	-4.54	-1.42
10/24/2017	-4.74	-1.15
10/25/2017	-5.77	-1.83
10/26/2017	-5.26	-1.59
10/27/2017	-3.20	-1.39
10/30/2017	-2.58	-1.02
10/31/2017	-1.75	-0.66
11/1/2017	0.31	0.42
11/2/2017	-1.13	0.11
11/3/2017	-0.10	0.37
11/6/2017	3.20	2.58
11/7/2017	3.20	2.40
11/8/2017	2.06	1.99
11/9/2017	2.47	2.29
11/10/2017	2.27	1.72
11/13/2017	0.72	1.17
11/14/2017	-2.37	-0.39
11/15/2017	-3.09	-1.54
11/16/2017	-3.09	-1.94
11/17/2017	-1.86	-1.52
11/20/2017	-2.27	-1.69
11/21/2017	-2.47	-1.47
11/22/2017	-1.65	-1.04
11/24/2017	-1.24	-0.77
11/27/2017	-2.99	-1.79
11/28/2017	-2.68	-0.98
11/29/2017	-2.47	-0.45
11/30/2017	-0.93	1.09
12/1/2017	0.31	1.89
12/4/2017	-0.31	1.86
12/5/2017	-1.24	1.38
12/6/2017	-3.30	0.08
12/7/2017	-2.37	0.42
12/8/2017	-1.34	1.32
12/11/2017	-0.10	2.04
12/12/2017	-0.62	1.71
12/13/2017	-1.13	1.57
12/14/2017	-1.44	1.24
12/15/2017	-1.65	1.22
12/18/2017	-0.10	1.92
12/19/2017	0.00	2.03
12/20/2017	1.65	3.44
12/21/2017	3.40	5.59
12/22/2017	3.92	5.82
12/26/2017	5.36	6.69
12/27/2017	4.85	6.35
12/28/2017	5.36	6.44
12/29/2017	4.95	6.02
1/2/2018	7.11	7.92
1/3/2018	8.45	9.57
1/4/2018	9.18	10.22
1/5/2018	8.56	10.20
1/8/2018	9.07	10.84
1/9/2018	9.07	10.49
1/10/2018	8.66	10.38
1/11/2018	11.13	12.61
1/12/2018	11.86	13.70
1/16/2018	10.00	12.30
1/17/2018	10.31	13.26
1/18/2018	9.18	12.36
1/19/2018	9.48	12.25
1/22/2018	11.75	14.61
1/23/2018	12.16	14.44
1/24/2018	11.65	14.15
1/25/2018	10.10	13.27
1/26/2018	10.52	13.98
1/29/2018	8.66	12.22
1/30/2018	5.77	9.97
1/31/2018	5.46	10.07
2/1/2018	5.98	11.28
2/2/2018	2.16	6.69
2/5/2018	-0.82	2.04
2/6/2018	0.62	2.78
2/7/2018	-0.93	1.07
2/8/2018	-5.15	-1.94
2/9/2018	-5.57	-2.00
2/12/2018	-3.09	-0.36
2/13/2018	-3.81	-0.80
2/14/2018	-1.24	0.59
2/15/2018	-1.44	0.33
2/16/2018	-1.96	0.10
2/20/2018	-2.06	-0.44
2/21/2018	-3.71	-2.09
2/22/2018	-1.96	-1.04
2/23/2018	0.52	1.14
2/26/2018	0.52	1.80
2/27/2018	-1.03	0.45
2/28/2018	-3.51	-1.84
3/1/2018	-3.20	-2.00
3/2/2018	-2.27	-1.60
3/5/2018	-0.52	-0.55
3/6/2018	-0.82	-0.50
3/7/2018	-1.75	-1.33
3/8/2018	-1.96	-1.38
3/9/2018	0.00	0.54
3/12/2018	0.31	0.48
3/13/2018	-0.41	-0.23
3/14/2018	-1.03	-0.88
3/15/2018	-2.89	-1.29
3/16/2018	-1.75	-0.29
3/19/2018	-4.12	-1.97
3/20/2018	-3.51	-1.15
3/21/2018	-0.31	1.45
3/22/2018	-2.37	-0.62
3/23/2018	-3.09	-1.21
3/26/2018	-1.75	0.54
3/27/2018	-3.61	-0.34
3/28/2018	-4.54	-2.32
3/29/2018	-2.58	-0.21
4/2/2018	-5.67	-2.20
4/3/2018	-4.02	-0.11
4/4/2018	-4.23	-0.25
4/5/2018	-2.37	1.56
4/6/2018	-4.74	-0.31
4/9/2018	-4.74	0.16
4/10/2018	-0.62	3.48
4/11/2018	1.24	4.56
4/12/2018	1.34	4.55
4/13/2018	2.27	5.70
4/16/2018	3.51	6.77
4/17/2018	4.43	7.19
4/18/2018	6.39	8.85
4/19/2018	6.29	9.00
4/20/2018	6.08	8.45
4/23/2018	6.91	9.12
4/24/2018	5.36	7.94
4/25/2018	6.60	8.82
4/26/2018	7.73	10.46
4/27/2018	6.91	9.17
4/30/2018	7.63	9.13
5/1/2018	7.32	8.52
5/2/2018	7.73	8.95
5/3/2018	6.39	8.70
5/4/2018	7.53	9.19
5/7/2018	8.35	9.39
5/8/2018	9.18	10.24
5/9/2018	10.62	12.48
5/10/2018	10.72	13.40
5/11/2018	10.10	13.58
5/14/2018	10.62	14.30
5/15/2018	10.93	14.33
5/16/2018	11.75	14.78
5/17/2018	13.71	16.46
5/18/2018	12.89	15.55
5/21/2018	14.02	16.68
5/22/2018	12.16	15.18
5/23/2018	11.34	15.18
5/24/2018	10.00	13.26
5/25/2018	7.42	10.31
5/29/2018	7.11	9.95
5/30/2018	10.00	13.38
5/31/2018	8.14	12.44
6/1/2018	8.04	13.05
6/4/2018	6.39	12.01
6/5/2018	6.49	11.69
6/6/2018	6.60	12.32
6/7/2018	8.25	14.13
6/8/2018	7.42	13.92
6/11/2018	7.84	14.33
6/12/2018	7.53	13.48
6/13/2018	6.91	13.02
6/14/2018	6.19	12.78
6/15/2018	3.61	10.41
6/18/2018	5.26	11.65
6/19/2018	5.15	11.35
6/20/2018	6.19	11.82
6/21/2018	4.02	9.67
6/22/2018	7.32	12.09
6/25/2018	4.85	9.62
6/26/2018	6.60	11.15
6/27/2018	7.73	12.64
6/28/2018	7.32	12.51
6/29/2018	7.42	13.24
7/2/2018	5.88	11.49
7/3/2018	6.91	12.29
7/5/2018	7.01	12.12
7/6/2018	8.45	12.86
7/9/2018	10.31	14.53
7/10/2018	10.21	15.38
7/11/2018	7.94	12.90
7/12/2018	8.14	13.12
7/13/2018	8.56	13.75
7/16/2018	6.70	12.42
7/17/2018	6.70	11.99
7/18/2018	7.22	12.02
7/19/2018	7.94	12.01
7/20/2018	7.22	11.64
7/23/2018	6.70	11.20
7/24/2018	7.32	12.67
7/25/2018	8.04	13.68
7/26/2018	9.38	14.81
7/27/2018	7.94	14.23
7/30/2018	9.18	15.22
7/31/2018	9.18	14.85
8/1/2018	7.63	13.32
8/2/2018	8.45	12.73
8/3/2018	7.42	12.24
8/6/2018	8.35	12.64
8/7/2018	8.25	13.45
8/8/2018	7.22	12.59
8/9/2018	7.11	11.59
8/10/2018	7.53	12.15
8/13/2018	5.36	10.80
8/14/2018	5.98	11.09
8/15/2018	1.86	7.20
8/16/2018	2.58	8.03
8/17/2018	3.30	8.32
8/20/2018	4.33	9.07
8/21/2018	5.15	9.61
8/22/2018	6.70	10.92
8/23/2018	6.39	10.34
8/24/2018	7.42	11.22
8/27/2018	7.73	12.04
8/28/2018	7.01	11.54
8/29/2018	7.84	12.23
8/30/2018	7.32	11.88
8/31/2018	6.39	11.06
9/4/2018	5.57	10.81
9/5/2018	4.64	10.72
9/6/2018	2.16	8.62
9/7/2018	1.96	8.64
9/10/2018	2.06	8.62
9/11/2018	3.40	9.69
9/12/2018	4.12	10.25
9/13/2018	4.02	10.26
9/14/2018	4.33	10.88
9/17/2018	4.12	11.06
9/18/2018	5.46	11.84
9/19/2018	6.08	12.26
9/20/2018	5.98	12.20
9/21/2018	6.70	13.01
9/24/2018	8.04	14.67
9/25/2018	8.76	15.32
9/26/2018	7.11	14.18
9/27/2018	7.63	14.23
9/28/2018	8.14	13.94

Capital Gains and Distributions ($ per share) as of 10/12/2018

$ per share as of 10/12/2018

Date	2013	2014	2015	2016	2017
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

3

(26.1% of assets as of 09/30/2018)

Domestic Equity

SteelPath Panoramic Fund

CLASS C: EESCX

Portfolio Holdings Breakdown as of 09/30/2018

Portfolio Holdings Breakdown

3

Equity Sector

Asset Allocation

Market Cap ⁴

Equity Sector	SteelPath Panoramic Fund	S&P 500 Energy (Sector) Index	Overweight / Underweight
Exploration & Production	50.0%	30.5%	19.6%
Equipment & Services	15.3%	11.6%	3.6%
Midstream	13.5%	6.4%	7.1%
Refining	9.9%	11.2%	-1.3%
Transportation & Industrial	5.7%	-	-
Chemicals	5.3%	-	-

Asset Allocation	SteelPath Panoramic Fund	S&P 500 Energy (Sector) Index	Overweight / Underweight
Equity	99.7%	100.0%	-0.3%

Market Cap	SteelPath Panoramic Fund	S&P 500 Energy (Sector) Index	Overweight / Underweight
Large	47.5%	92.3%	-44.8%
Mid	31.9%	7.7%	24.1%
Small	20.4%	-	-

Analytics

Domestic Equity

SteelPath Panoramic Fund

CLASS C: EESCX

Analytics as of 09/30/2018

(As of 09/30/2018)

Portfolio Characteristics

Fund

Fund Index

Average Market Cap (weighted)

$25.08 B

$152.96 B

Median Market Cap (weighted)

$12.70 B

$84.32 B

P/E Ratio (LTM)

67.22

27.20

P/E Ratio (NTM)

17.09

16.41

Price/Book

2.17

2.06

Return on Equity

2.01%

8.13%

Turnover Ratio

38%

Active Share

71.91%

Insights

Team

Brian Watson, CFA

Senior Portfolio Manager, Director of Research

Brian Watson, CFA serves as Director of Research and is a senior portfolio manager on the SteelPath Team. Prior to joining the Firm in 2009, Mr. Watson was a portfolio manager and led the MLP research effort at Swank Capital LLC, in Dallas, Texas. He also covered the MLP and diversified energy sectors for RBC Capital Markets in the firm’s Equity Research Division. Prior to this, Mr. Watson worked for Prudential Capital Group.

Cory Garcia

Portfolio Manager, Senior Research Analyst

Cory Garcia serves as a portfolio manager for the SteelPath Panoramic strategy and as a senior research analyst on the SteelPath investments team for the suite of MLP strategies. He joined OFI SteelPath in 2015, coinciding with the launch of the SteelPath Panoramic strategy. Prior to joining SteelPath, he was an Equity Research Analyst at Raymond James & Associates with principal coverage of the independent refiners and midstream MLPs.

Documents

1. Small-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 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.
2. The S&P 500® Energy (Sector) Index comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector. 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.
3. 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.
4. 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.
A. 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. ↩
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 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. ↩
C. "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. ↩

Spoof Access

SteelPath Panoramic Fund

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