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MLPOX

SteelPath MLP Alpha Fund

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Overview

The Strategy typically invests primarily in midstream MLPs.

Inception Date
March 31, 2010
Investment Style
MLP - Concentrated
Fund Index
Alerian MLP Total Return Index
CUSIP
858268501
NAV
  • A
(as of 11/16/2017)
$7.96
Total Assets
(as of 10/31/2017)
$2.91 BN
Gross Expense Ratio
(as of 10/31/2017)
3.93%
Net Expense Ratio
(as of 10/31/2017)
3.82%
Other Investment Options

For a suite of investment vehicles beyond mutual funds, please visit OFIglobal.com. OFI Global Asset Management™, an OppenheimerFunds company, delivers the firm’s investment expertise and solutions to institutional and high-net worth investors.

Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2017
  • C
as of 09/30/2017
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2017-09-30
  • D
1 yr 3 yr 5 yr since inception
SteelPath MLP Alpha Fund (NAV)
-1.54% - -2.39% -8.41% 1.91% 4.59%
Cumulative
Annualized
3 mo ytd as of 2017-10-31
  • D
1 yr 3 yr 5 yr since inception
SteelPath MLP Alpha Fund (NAV)
-6.91% - -3.03% -8.40% 1.09% 3.96%
Gross Expense Ratio: 3.93% | Net Expense Ratio: 3.82%

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 Alpha Fund Alerian MLP Total Return Index
2011 6.19% 13.88%
2012 4.62% 4.80%
2013 23.35% 27.58%
2014 7.07% 4.80%
2015 -25.52% -32.59%
2016 18.20% 18.31%

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 Alpha Fund Alerian MLP Index Total Return S&P 500
10/31/2012 0.00 0.00 0.00
11/30/2012 0.95 -0.80 0.58
12/31/2012 -0.73 -3.89 1.50
1/31/2013 7.42 8.24 6.75
2/28/2013 9.82 9.21 8.20
3/31/2013 13.81 15.08 12.26
4/30/2013 13.91 16.14 14.42
5/31/2013 13.05 13.76 17.10
6/30/2013 17.19 17.32 15.53
7/31/2013 17.77 16.74 21.41
8/31/2013 15.94 13.82 17.89
9/30/2013 18.19 16.46 21.59
10/31/2013 19.75 19.60 27.18
11/30/2013 20.86 20.64 31.05
12/31/2013 22.45 22.62 34.37
1/31/2014 23.94 23.34 29.72
2/28/2014 25.67 23.12 35.66
3/31/2014 28.29 24.91 36.80
4/30/2014 31.51 30.24 37.81
5/31/2014 35.29 34.65 41.04
6/30/2014 40.89 42.62 43.96
7/31/2014 37.32 37.56 41.97
8/31/2014 44.69 48.83 47.65
9/30/2014 43.34 46.51 45.58
10/31/2014 37.35 39.77 49.14
11/30/2014 35.92 36.17 53.15
12/31/2014 31.10 28.51 52.76
1/31/2015 28.70 24.59 48.18
2/28/2015 31.33 27.18 56.69
3/31/2015 28.15 21.79 54.22
4/30/2015 33.35 29.32 55.69
5/31/2015 31.34 24.69 57.70
6/30/2015 25.32 14.37 54.64
7/31/2015 23.27 10.65 57.88
8/31/2015 18.72 5.16 48.36
9/30/2015 5.93 -10.91 44.69
10/31/2015 11.07 -2.27 56.89
11/30/2015 5.55 -10.17 57.36
12/31/2015 -2.35 -13.37 54.88
1/31/2016 -15.65 -22.99 47.19
2/29/2016 -15.53 -23.36 46.99
3/31/2016 -8.55 -16.98 56.96
4/30/2016 5.40 -7.82 57.57
5/31/2016 7.34 -5.48 60.40
6/30/2016 9.85 -0.63 60.82
7/31/2016 10.64 -0.08 66.75
8/31/2016 11.55 -1.39 66.98
9/30/2016 12.81 0.44 67.01
10/31/2016 8.87 -4.03 63.97
11/30/2016 11.34 -1.83 70.04
12/31/2016 15.43 2.48 73.40
1/31/2017 18.05 7.50 76.69
2/28/2017 18.74 7.93 83.70
3/31/2017 18.21 6.53 83.92
4/30/2017 16.92 5.17 85.81
5/31/2017 12.65 0.41 88.42
6/30/2017 11.84 -0.24 89.60
7/31/2017 13.40 1.05 93.50
8/31/2017 9.05 -3.94 94.09
9/30/2017 10.12 -3.28 98.09
10/31/2017 5.57 -7.28 102.72
Date Dividends
2/6/2013 0.1723
5/8/2013 0.1723
8/7/2013 0.1723
11/6/2013 0.1723
2/6/2014 0.1723
5/6/2014 0.1723
8/7/2014 0.1723
11/6/2014 0.1723
2/6/2015 0.1723
5/6/2015 0.1723
8/7/2015 0.1723
11/6/2015 0.1723
1/8/2016 0.0574
2/5/2016 0.0574
3/4/2016 0.0574
4/8/2016 0.0574
5/6/2016 0.0574
6/10/2016 0.0574
7/8/2016 0.0574
8/5/2016 0.0574
9/9/2016 0.0574
10/7/2016 0.0574
11/4/2016 0.0574
11/25/2016 0.0574
1/6/2017 0.0574
2/7/2017 0.0574
3/7/2017 0.0574
4/5/2017 0.0545
5/5/2017 0.0545
6/7/2017 0.0545
7/7/2017 0.0545
8/4/2017 0.0545
9/7/2017 0.0545
10/6/2017 0.0545
11/3/2017 0.0545

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 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 11/16/2017

Date 2012 2013 2014 2015 2016
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

(70.8% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

Equity Sector 5
Asset Allocation 5
Market Cap 6
Equity Sector SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Petroleum Transportation 39.1% 53.5% -14.5%
Natural Gas Pipelines 26.5% 11.8% 14.7%
Diversified 16.4% 17.4% -1.0%
Gathering & Processing 10.5% 11.5% -1.1%
Other Energy 2.3% - -
Asset Allocation SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Equity 94.7% 100.0% -5.3%
Market Cap SteelPath MLP Alpha Fund Alerian MLP Total Return Index Overweight / Underweight
Mid 54.7% 61.1% -6.4%
Small 23.6% 22.6% 1.0%
Large 16.4% 16.3% 0.1%
Analytics
(As of 10/31/2017)

Morningstar 10/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
85
Category
Energy Limited Partnership
Performance Statistics
3Y
5Y
Alpha
2.47
2.11
Beta
0.83
0.79
Information Ratio
0.61
0.40
R-Squared
86.17
87.04
Sharpe Ratio
-0.44
0.13
Standard Deviation
17.31
14.91
Upside Capture
83.74
80.58
Downside Capture
76.32
71.63
Sortino Ratio
-0.17
0.05
Tracking Error
7.19
6.53
Dividends
  • 7
  • E
Est. Frequency
Monthly
Last Pay Date
11/3/2017
Per Share ($)
$0.05
Net Income
0.00%
Net Profit from Sale
0.00%
Other Capital Sources
100.00%
12-Month Distribution ($)
$0.67
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
19.21
20.80
P/E Ratio (NTM)
17.09
16.75
Price/Book
2.03
1.66
Return on Equity
10.08%
10.43%
Turnover Ratio
35.00%
-
Documents
  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. 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.
  3. 3. The Fund's net expense ratio net of deferred income tax expense is 1.27%
  4. 4. Access index definitions.
  5. 5. 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.
  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. 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.
  8. 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.
  9. B. Excludes the deferred income tax
  10. C. 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.
  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. There is no guarantee of the payment of any dividend or other distributions at any level.
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