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Alternative

The Strategy typically invests primarily in midstream MLPs.
Cumulative Total Returns

as of 8/31/16

Since Inception 6/28/13
-8%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      1.05%

    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.

    Cumulative Returns
    • A

    Compare to Indices

    SteelPath MLP Income Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/27/16
      2014 2015 YTD
    • C
    SteelPath MLP Income Fund 3.35 -28.76 19.86
    Alerian MLP Index Total Return 4.80 -32.59
    Capital Gains Distributions ($ per share)
    Data as of 9/27/16
      2011 2012 2013 2014 2015
    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 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.

    Average Annual Total Returns
    • A

    as of 8/31/16

    as of 6/30/16

    • A
    YTD (as of 9/27/16)
    • C
    19.86%
    1 Year -4.43%
    3 Year -2.68%
    Since Inception -2.74%
    YTD (as of 9/27/16)
    • C
    19.86%
    1 Year -4.43%
    3 Year -2.68%
    Since Inception -2.74%
    YTD (as of 9/27/16)
    • C
    19.86%
    1 Year -12.16%
    3 Year -3.55%
    Since Inception -3.54%
    YTD (as of 9/27/16)
    • C
    19.86%
    1 Year -12.16%
    3 Year -3.55%
    Since Inception -3.54%
    Gross Expense Ratio
    1.05%
    NAV
    • D
    as of 9/27/16
    $7.83
    Distribution Rate

    monthly as of 8/31/16

    Distribution 7.88%
    Adjusted Distribution -0.99%

    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.

    "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

    (53.8% of assets) as of 8/31/16

    Energy Transfer Partners LP
    7.8%
    NuStar Energy LP
    6.5%
    Enbridge Energy Partners LLC
    6.0%
    Williams Partners LP
    5.7%
    Enlink Midstream Partners LP
    5.4%
    Sunoco LP
    5.1%
    Buckeye Partners LP
    4.7%
    Targa Resources Corp.
    4.6%
    NGL Energy Partners LP
    4.2%
    DCP Midstream Partners LP
    3.8%
    ×
    • 7.8 %
      Energy Transfer Partners LP
    • Produces and sells propane and natural gas
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 6.5 %
      NuStar Energy LP
    • Operates crude oil terminals and storage facilities
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 6.0 %
      Enbridge Energy Partners LLC
    • Transports crude oil and natural gas liquids
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 5.7 %
      Williams Partners LP
    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 5.4 %
      Enlink Midstream Partners LP
    • Operates pipelines, processing plants and other gas related operations
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 5.1 %
      Sunoco LP
    • Provides wholesale distribution of motor fuels
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 4.7 %
      Buckeye Partners LP
    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.6 %
      Targa Resources Corp.
    • Provides midstream natural gas and natural gas liquid services
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.2 %
      NGL Energy Partners LP
    • Owns and operates propane and other natural gas businesses
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 3.8 %
      DCP Midstream Partners LP
    • Processes natural gas and natural gas liquids
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Small
    Holdings Breakdown

    as of 8/31/16

    38.6%

    Petroleum Transportation

    26.2%

    Gathering & Processing

    11.4%

    Natural Gas Pipelines

    9.4%

    Diversified

    5.0%

    Propane

    No Top Holdings
    in
    Propane
    3.9%

    Shipping

    No Top Holdings
    in
    Shipping
    94.6%

    5.4%

    No Top Holdings
    in
    Net Cash and Equivalents
    14.3%

    Large

    28.8%

    Mid

    55.5%

    Small

    Morningstar
    • E

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 69
    Category Energy Limited Partnership
    Risk Measurements

    as of 8/31/16

    Alpha 1.92%
    Beta 0.92
    R-Squared
    80.40
    Sharpe Ratio
    -0.04
    Standard Deviation
    20.6%
    Equity Style
    • F
    Total Assets (all classes)
    as of 8/31/16
    $3.6 BN
    Portfolio Statistics

    as of 8/31/16

    Turnover Ratio
    18.0%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • 6
    • B
    Est Frequency Monthly
    Last Pay Date 9/9/16
    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

    (53.8% of assets) as of 8/31/16

    Energy Transfer...
    7.8%
    NuStar Energy L...
    6.5%
    Enbridge Energy...
    6.0%
    Williams Partne...
    5.7%
    Enlink Midstrea...
    5.4%
    Sunoco LP
    5.1%
    Buckeye Partner...
    4.7%
    Targa Resources...
    4.6%
    NGL Energy Part...
    4.2%
    DCP Midstream P...
    3.8%
    Holdings Breakdown

    as of 8/31/16

    Reset
    38.6%

    Petroleum Transportation

    26.2%

    Gathering & Processing

    11.4%

    Natural Gas Pipelines

    9.4%

    Diversified

    5.0%

    Propane

    No Top Holdings
    in
    Propane
    3.9%

    Shipping

    No Top Holdings
    in
    Shipping
    94.6%

    5.4%

    No Top Holdings
    in
    Net Cash and Equivalents
    14.3%

    Large

    28.8%

    Mid

    55.5%

    Small

    ×
    • 7.8 %
      Energy Transfer Partners LP
    • Produces and sells propane and natural gas
      Source: FactSet
    SECTOR Natural Gas Pipelines
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 6.5 %
      NuStar Energy LP
    • Operates crude oil terminals and storage facilities
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 6.0 %
      Enbridge Energy Partners LLC
    • Transports crude oil and natural gas liquids
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 5.7 %
      Williams Partners LP
    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    SECTOR Diversified
    ASSET CLASS Equity
    MARKET CAP Large
    ×
    • 5.4 %
      Enlink Midstream Partners LP
    • Operates pipelines, processing plants and other gas related operations
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 5.1 %
      Sunoco LP
    • Provides wholesale distribution of motor fuels
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 4.7 %
      Buckeye Partners LP
    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.6 %
      Targa Resources Corp.
    • Provides midstream natural gas and natural gas liquid services
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Mid
    ×
    • 4.2 %
      NGL Energy Partners LP
    • Owns and operates propane and other natural gas businesses
      Source: FactSet
    SECTOR Petroleum Transportation
    ASSET CLASS Equity
    MARKET CAP Small
    ×
    • 3.8 %
      DCP Midstream Partners LP
    • Processes natural gas and natural gas liquids
      Source: FactSet
    SECTOR Gathering & Processing
    ASSET CLASS Equity
    MARKET CAP Small

    Management

    Stuart Cartner

    Managed Fund since 3/10

    Brian Watson, CFA

    Managed Fund since 3/10

    Investment Approach

    The portfolio managers use the OFI 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. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    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. Risk Management Overview

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

    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. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    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. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

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

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

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

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

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×

    Tools

    1. 1. 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. 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 tax benefit of investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution which could result in a reduction of the fund’s value. MLP funds 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 of 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.
    2. 2. 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.
    3. 3. Access index definitions.
    4. 4. 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.
    5. 5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
    6. 6. The monthly distribution rate and monthly adjusted distribution rate are based on the NAV calculated immediately preceding the nearest month-end date. The monthly distribution rate 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 distribution rate 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 distribution rate. 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. A. 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.
    8. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    9. C. "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.
    10. D. 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.
    11. E. Class I shares rated 3 stars overall by Morningstar among  69  Energy Limited Partnership funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    12. F. 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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