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SteelPath MLP Select 40 Fund

Overview

The Strategy typically invests primarily in midstream MLPs.

Inception Date
June 28, 2013
Investment Style
MLP - Diversified
Fund Index
Alerian MLP Total Return Index
CUSIP
858268790
NAV
  • A
(as of 05/18/2018)
$8.29
Total Assets
(as of 04/30/2018)
$3.18 BN
Gross Expense Ratio
(as of 04/30/2018)
0.79%
Net Expense Ratio
(as of 04/30/2018)
0.79%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2018
  • C
as of 03/31/2018
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • D
1 yr 3 yr since inception
SteelPath MLP Select 40 Fund (NAV)
-5.29% -9.60% -9.60% -15.24% -6.92% -2.79%
Alerian MLP Total Return Index
-6.94% -11.12% -11.12% -20.07% -11.24% 3.60%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-04-30
  • D
1 yr 3 yr since inception
SteelPath MLP Select 40 Fund (NAV)
5.98% -7.88% -4.19% -9.23% -6.43% -1.57%
Alerian MLP Total Return Index
8.09% -9.16% -3.92% -12.48% -10.72% 4.56%
Gross Expense Ratio: 0.79% | Net Expense Ratio: 0.79%

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 SteelPath MLP Select 40 Fund Alerian MLP Total Return Index
2014 6.68% 4.80%
2015 -20.92% -32.59%
2016 14.78% 18.31%
2017 -3.59% -6.52%

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.


Date SteelPath MLP Select 40 Fund Alerian MLP Index Total Return S&P 500
4/30/2015 0.00 0.00 0.00
5/31/2015 -1.48 -3.58 1.29
6/30/2015 -6.27 -11.56 -0.67
7/31/2015 -8.70 -14.43 1.41
8/31/2015 -11.61 -18.68 -4.71
9/30/2015 -21.27 -31.11 -7.07
10/31/2015 -16.23 -24.43 0.77
11/30/2015 -19.87 -30.53 1.07
12/31/2015 -22.72 -33.01 -0.53
1/31/2016 -30.49 -40.45 -5.46
2/29/2016 -29.96 -40.74 -5.59
3/31/2016 -25.19 -35.80 0.82
4/30/2016 -19.07 -28.71 1.21
5/31/2016 -17.86 -26.91 3.02
6/30/2016 -15.86 -23.16 3.29
7/31/2016 -15.34 -22.73 7.10
8/31/2016 -14.82 -23.75 7.25
9/30/2016 -13.50 -22.33 7.27
10/31/2016 -16.10 -25.79 5.31
11/30/2016 -14.39 -24.08 9.21
12/31/2016 -11.31 -20.75 11.37
1/31/2017 -8.59 -16.87 13.48
2/28/2017 -8.33 -16.54 17.99
3/31/2017 -8.80 -17.62 18.13
4/30/2017 -9.74 -18.68 19.34
5/31/2017 -12.74 -22.35 21.02
6/30/2017 -13.21 -22.85 21.78
7/31/2017 -11.90 -21.86 24.28
8/31/2017 -14.38 -25.72 24.66
9/30/2017 -13.82 -25.21 27.23
10/31/2017 -16.25 -28.30 30.20
11/30/2017 -17.62 -29.27 34.19
12/31/2017 -14.49 -25.92 35.69
1/31/2018 -11.07 -21.65 43.45
2/28/2018 -18.39 -29.24 38.17
3/31/2018 -22.70 0.00 34.66
4/30/2018 -18.08 -28.82 35.17
Date Dividends
8/7/2015 0.1765
11/6/2015 0.1765
1/8/2016 0.0588
2/5/2016 0.0588
3/4/2016 0.0588
4/8/2016 0.0588
5/6/2016 0.0588
6/10/2016 0.0588
7/8/2016 0.0588
8/5/2016 0.0588
9/9/2016 0.0588
10/7/2016 0.0588
11/4/2016 0.0588
11/25/2016 0.0588
1/6/2017 0.0588
2/7/2017 0.0588
3/7/2017 0.0588
4/5/2017 0.0588
5/5/2017 0.0588
6/7/2017 0.0588
7/7/2017 0.0588
8/4/2017 0.0588
9/7/2017 0.0588
10/6/2017 0.0588
11/3/2017 0.0588
11/28/2017 0.0588
1/5/2018 0.0588
2/9/2018 0.0588
3/9/2018 0.0588
4/6/2018 0.0588
5/4/2018 0.0588

There is no guarantee of the payment of any dividend or other distributions at any level.Effective January 2016, the dividend frequency changed from quarterly to monthly.

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.

$ per share as of 05/18/2018

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

(25.4% of assets as of 04/30/2018)


Portfolio Holdings Breakdown

Equity Sector
Asset Allocation
Market Cap 8
Equity Sector SteelPath MLP Select 40 Fund Alerian MLP Total Return Index Overweight / Underweight
Petroleum Transportation 47.0% 53.0% -6.1%
Natural Gas Pipelines 19.8% 9.9% 10.0%
Gathering & Processing 16.2% 12.5% 3.6%
Diversified 11.9% 17.6% -5.7%
Shipping 2.7% 1.9% 0.8%
Other Energy 1.2% 0.7% 0.5%
Coal 0.2% 0.5% -0.3%
Asset Allocation SteelPath MLP Select 40 Fund Alerian MLP Total Return Index Overweight / Underweight
Equity 98.9% 100.0% -1.1%
Market Cap SteelPath MLP Select 40 Fund Alerian MLP Total Return Index Overweight / Underweight
Small 42.7% 18.9% 23.7%
Large 28.2% 43.1% -14.9%
Mid 26.8% 38.0% -11.2%
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
94
Category
Energy Limited Partnership
Performance Statistics
3Y
Alpha
1.02
Beta
0.73
Information Ratio
0.69
R-Squared
97.04
Sharpe Ratio
-0.40
Standard Deviation
15.32
Upside Capture
73.38
Downside Capture
69.37
Sortino Ratio
-0.15
Tracking Error
6.23
Dividends
  • 9
  • E
Est. Frequency
Monthly
Last Pay Date
5/4/2018
Per Share ($)
$0.0588
12-Month Distribution ($)
$0.7056
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
24.17
20.79
P/E Ratio (NTM)
15.06
15.70
Price/Book
1.87
1.71
Return on Equity
10.51%
12.42%
Turnover Ratio
13.00%
-
Distribution Sources
  • 9
  • E
Net Income
0.00%
Net Profit from Sale
0.00%
Other Capital Sources
100.00%
Documents
  1. 1. As a result of the Tax Cuts and Jobs Act of 2017, which was signed into law on December 22, 2017, the Oppenheimer SteelPath MLP Select 40 Fund (the “Fund”) incurred a one-time increase in the Fund’s net asset value (NAV) of 0.2%, due to a reduction in the net deferred tax liability of the Fund.
  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. 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.
  3. 3. 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.
  4. 4. 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 3/30/2018, 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 and/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 also includes deferred income tax expense, if applicable, 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.
  5. 5. The Fund's net expense ratio net of deferred income tax expense is 0.79%.
  6. 6. Access index definitions.
  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. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
  9. 9. 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.
  10. 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.
  11. B. Includes the deferred income tax
  12. C. 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.
  13. 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.
  14. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  15. The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds may invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the Rochester municipal funds that hold them.The views represented herein are the opinions of the Portfolio Managers at Macquarie Capital Investment Management LLC and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the date indicated, and are subject to change based on subsequent developments.Funds returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternate weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Funds are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performanceOn April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.On April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

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