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Page
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Letter to Shareholders
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1
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Schedules of Investments
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Select 40 Fund
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3
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Alpha Fund
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4
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Income Fund
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5
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Alpha Plus Fund
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6
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Statements of Assets and Liabilities
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7
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Statements of Operations
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8
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Statements of Changes in Net Assets
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9
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Statements of Cash Flows
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13
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Financial Highlights
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Select 40 Fund
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14
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Alpha Fund
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14
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Income Fund
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16
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Alpha Plus Fund
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16
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Notes to Financial Statements
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18
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Expense Example
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26
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Other Information
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28
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Approval of Investment Advisory Agreements
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29
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Privacy Policy
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33
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May 31, 2012
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1 |
1
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The Alerian MLP Index is a composite of the 50 most prominent energy Master Limited Partnerships that provides investors with an unbiased, comprehensive benchmark for this emerging asset class. The index, which is calculated using a float-adjusted, capitalization-weighted methodology, is disseminated real-time on a price-return basis (AMZ). It is not possible to invest directly in an index. Performance information provided for the Alerian MLP Index is not indicative of the performance of the SteelPath Funds.
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2
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Simple return reflects Index performance without including the impact of distributions/dividends. A simple return is also referred to as price return or price appreciation. Total return reflects Index performance including the impact of distributions/dividends.
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3
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The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance and typically does not include fees and expenses. It is not possible to invest directly in an index.
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4
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Equal-weighted basis refers to a type of weighting that gives the same weight, or importance, to each stock in an index. The smallest companies are given equal weight to the largest companies in an equal-weight index. This allows all of the companies to be considered on an even playing field.
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5
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Basis points refers to a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points, and 0.01% = 1 basis point.
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6
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Enterprise Value (EV) is a measure of a company’s value, often used as an alternative to straightforward market capitalization. Enterprise value is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company’s financial performance. EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back into the calculation. EBITDA can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
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7
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Distributable cash flow (DCF) is generally calculated as earnings before interest, taxes, depreciation and amortization (EBITDA) plus non-cash losses, minus interest expense, maintenance capital expenditures, and non-cash gains.
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8
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Capital Expenditure (capex) funds are used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. This type of outlay is made by companies to maintain or increase the scope of their operations.
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2 |
SteelPath MLP Funds Semi-Annual Report
|
Description
|
Shares
|
Fair Value
|
||||||
Master Limited Partnership Shares — 97.3%
|
||||||||
Coal — 4.4%
|
||||||||
Alliance Holdings GP LP
|
273,149 | $ | 11,354,804 | |||||
Alliance Resource Partners LP
|
266,805 | 15,210,553 | ||||||
Natural Resource Partners LP
|
390,726 | 8,963,255 | ||||||
Rhino Resource Partners LP
|
125,903 | 1,766,419 | ||||||
Total Coal
|
37,295,031 | |||||||
Exploration & Production — 1.4%
|
||||||||
EV Energy Partners LP
|
144,543 | 7,412,165 | ||||||
Linn Energy LLC
|
136,726 | 4,857,875 | ||||||
Total Exploration & Production
|
12,270,040 | |||||||
Gathering/Processing — 19.1%
|
||||||||
Chesapeake Midstream Partners LP
|
535,324 | 13,399,160 | ||||||
Compressco Partners LP
|
358,083 | 4,655,079 | ||||||
Copano Energy LLC
|
477,020 | 12,784,136 | ||||||
Crosstex Energy LP
|
388,784 | 6,061,142 | ||||||
DCP Midstream Partners LP
|
383,202 | 15,071,335 | ||||||
Exterran Partners LP
|
767,345 | 15,139,717 | ||||||
MarkWest Energy Partners LP
|
543,929 | 26,075,956 | ||||||
Regency Energy Partners LP
|
1,091,458 | 23,488,176 | ||||||
Targa Resources Partners LP
|
604,591 | 23,712,059 | ||||||
Western Gas Partners LP
|
487,056 | 21,474,299 | ||||||
Total Gathering/Processing
|
161,861,059 | |||||||
Natural Gas Pipelines — 29.1%
|
||||||||
Boardwalk Pipeline Partners LP
|
812,566 | 21,086,087 | ||||||
El Paso Pipeline Partners LP
|
859,638 | 28,204,723 | ||||||
Energy Transfer Equity LP
|
784,375 | 28,496,344 | ||||||
Energy Transfer Partners LP
|
399,702 | 17,343,070 | ||||||
Enterprise Products Partners LP
|
892,926 | 43,539,072 | ||||||
ONEOK Partners LP
|
548,580 | 29,952,468 | ||||||
Spectra Energy Partners LP
|
815,636 | 25,423,374 | ||||||
TC Pipelines LP
|
462,892 | 18,978,572 | ||||||
Williams Partners LP
|
619,845 | 32,789,800 | ||||||
Total Natural Gas Pipelines
|
245,813,510 | |||||||
Petroleum Transportation — 40.3%
|
||||||||
Buckeye Partners LP
|
734,668 | 34,911,423 | ||||||
Enbridge Energy Partners LP
|
1,282,217 | 37,492,025 | ||||||
Genesis Energy LP
|
1,032,427 | 29,702,925 | ||||||
Global Partners LP
|
910,658 | 19,715,746 | ||||||
Holly Energy Partners LP
|
587,626 | 33,242,003 | ||||||
Magellan Midstream Partners LP
|
495,747 | 34,112,351 | ||||||
Martin Midstream Partners LP
|
161,136 | 5,186,968 | ||||||
NuStar Energy LP
|
615,200 | 32,119,592 | ||||||
NuStar GP Holdings LLC
|
573,424 | 18,286,491 | ||||||
Oiltanking Partners LP
|
426,482 | 13,263,590 | ||||||
Plains All American Pipeline LP
|
549,322 | 43,138,257 | ||||||
Sunoco Logistics Partners LP
|
739,968 | 24,922,122 | ||||||
Tesoro Logistics LP
|
295,668 | 9,322,412 | ||||||
TransMontaigne Partners LP
|
180,292 | 5,686,410 | ||||||
Total Petroleum Transportation
|
341,102,315 | |||||||
Shipping — 3.0%
|
||||||||
Teekay LNG Partners LP
|
675,040 | $ | 25,185,742 | |||||
Total Master Limited Partnership Shares
|
||||||||
(identified cost $741,976,671)
|
823,527,697 | |||||||
Short-Term Investments — 4.5%
|
||||||||
Money Market — 4.5%
|
||||||||
Fidelity Treasury Portfolio, 0.010% (1)
|
38,111,760 | 38,111,760 | ||||||
Total Short-Term Investments
|
||||||||
(identified cost $38,111,760)
|
38,111,760 | |||||||
Total Investments — 101.8%
|
||||||||
(identified cost $780,088,431)
|
861,639,457 | |||||||
Liabilities In Excess of Other Assets — (1.8)%
|
(15,358,292 | ) | ||||||
Net Assets — 100.0%
|
$ | 846,281,165 |
(1)
|
Variable rate security; the coupon rate represents the rate at May 31, 2012.
|
May 31, 2012
|
3 |
Description
|
Shares
|
Fair Value
|
||||||
Master Limited Partnership Shares — 98.9%
|
||||||||
Gathering/Processing — 13.2%
|
||||||||
MarkWest Energy Partners LP
|
711,490 | $ | 34,108,831 | |||||
Regency Energy Partners LP
|
1,660,293 | 35,729,505 | ||||||
Western Gas Partners LP
|
332,579 | 14,663,408 | ||||||
Total Gathering/Processing
|
84,501,744 | |||||||
Natural Gas Pipelines — 40.3%
|
||||||||
El Paso Pipeline Partners LP
|
1,316,631 | 43,198,663 | ||||||
Energy Transfer Equity LP
|
989,289 | 35,940,869 | ||||||
Enterprise Products Partners LP
|
947,101 | 46,180,645 | ||||||
ONEOK Partners LP
|
766,003 | 41,823,764 | ||||||
Spectra Energy Partners LP
|
888,709 | 27,701,060 | ||||||
TC Pipelines LP
|
820,381 | 33,635,621 | ||||||
Williams Partners LP
|
560,299 | 29,639,817 | ||||||
Total Natural Gas Pipelines
|
258,120,439 | |||||||
Petroleum Transportation — 45.4%
|
||||||||
Buckeye Partners LP
|
536,617 | 25,500,040 | ||||||
Enbridge Energy Partners LP
|
1,129,424 | 33,024,358 | ||||||
Genesis Energy LP
|
968,581 | 27,866,075 | ||||||
Holly Energy Partners LP
|
719,977 | 40,729,099 | ||||||
Magellan Midstream Partners LP
|
457,440 | 31,476,446 | ||||||
NuStar Energy LP
|
619,265 | 32,331,826 | ||||||
Oiltanking Partners LP
|
115,614 | 3,595,595 | ||||||
Plains All American Pipeline LP
|
653,685 | 51,333,883 | ||||||
Sunoco Logistics Partners LP
|
929,795 | 31,315,496 | ||||||
TransMontaigne Partners LP
|
437,889 | 13,811,019 | ||||||
Total Petroleum Transportation
|
290,983,837 | |||||||
Total Master Limited Partnership Shares
|
||||||||
(identified cost $574,472,352)
|
633,606,020 | |||||||
Short-Term Investments — 3.0%
|
||||||||
Money Market — 3.0%
|
||||||||
Fidelity Treasury Portfolio, 0.010% (1)
|
19,329,320 | $ | 19,329,320 | |||||
Total Short-Term Investments
|
||||||||
(identified cost $19,329,320)
|
19,329,320 | |||||||
Total Investments — 101.9%
|
||||||||
(identified cost $593,801,672)
|
652,935,340 | |||||||
Liabilities In Excess of Other Assets — (1.9)%
|
(11,889,831 | ) | ||||||
Net Assets — 100.0%
|
$ | 641,045,509 |
LP — Limited Partnership
|
(1)
|
Variable rate security; the coupon rate represents the rate at May 31, 2012.
|
4 |
SteelPath MLP Funds Semi-Annual Report
|
Description
|
Shares
|
Fair Value
|
||||||
Master Limited Partnership Shares — 95.3%
|
||||||||
Gathering/Processing — 21.4%
|
||||||||
American Midstream Partners LP
|
377,713 | $ | 7,456,055 | |||||
Compressco Partners LP
|
399,251 | 5,190,263 | ||||||
Copano Energy LLC
|
229,237 | 6,143,552 | ||||||
Crosstex Energy LP
|
538,466 | 8,394,685 | ||||||
Exterran Partners LP
|
998,100 | 19,692,513 | ||||||
Regency Energy Partners LP
|
1,213,554 | 26,115,682 | ||||||
Targa Resources Partners LP
|
219,315 | 8,601,534 | ||||||
Total Gathering/Processing
|
81,594,284 | |||||||
Natural Gas Pipelines — 24.3%
|
||||||||
Boardwalk Pipeline Partners LP
|
524,647 | 13,614,590 | ||||||
Energy Transfer Equity LP
|
345,220 | 12,541,843 | ||||||
Energy Transfer Partners LP
|
581,890 | 25,248,207 | ||||||
Inergy Midstream LLC
|
1,367,343 | 28,509,101 | ||||||
TC Pipelines LP
|
325,380 | 13,340,580 | ||||||
Total Natural Gas Pipelines
|
93,254,321 | |||||||
Petroleum Transportation — 42.0%
|
||||||||
Buckeye Partners LP
|
451,357 | 21,448,485 | ||||||
Enbridge Energy Partners LP
|
859,427 | 25,129,645 | ||||||
Global Partners LP
|
986,236 | 21,352,009 | ||||||
Holly Energy Partners LP
|
412,197 | 23,317,984 | ||||||
Martin Midstream Partners LP
|
572,083 | 18,415,352 | ||||||
NuStar Energy LP
|
499,730 | 26,090,903 | ||||||
Plains All American Pipeline LP
|
149,919 | 11,773,139 | ||||||
TransMontaigne Partners LP
|
438,890 | 13,842,591 | ||||||
Total Petroleum Transportation
|
161,370,108 | |||||||
Shipping — 7.2%
|
||||||||
Teekay LNG Partners LP
|
737,137 | 27,502,581 | ||||||
Total Master Limited Partnership Shares
|
||||||||
(identified cost $361,091,771)
|
363,721,294 | |||||||
Short-Term Investments — 5.3%
|
||||||||
Money Market — 5.3%
|
||||||||
Fidelity Treasury Portfolio, 0.010% (1)
|
20,483,035 | $ | 20,483,035 | |||||
Total Short-Term Investments
|
||||||||
(identified cost $20,483,035)
|
20,483,035 | |||||||
Total Investments — 100.7%
|
||||||||
(identified cost $381,574,806)
|
384,204,329 | |||||||
Liabilities In Excess of Other Assets — (0.7)%
|
(2,538,028 | ) | ||||||
Net Assets — 100.0%
|
$ | 381,666,301 |
LLC — Limited Liability Company
|
LP — Limited Partnership
|
(1)
|
Variable rate security; the coupon rate represents the rate at May 31, 2012.
|
May 31, 2012
|
5 |
Description
|
Shares
|
Fair Value
|
||||||
Master Limited Partnership Shares — 114.7%
|
||||||||
Gathering/Processing — 15.4%
|
||||||||
MarkWest Energy Partners LP(1)
|
1,169 | $ | 56,042 | |||||
Regency Energy Partners LP(1)
|
2,634 | 56,683 | ||||||
Western Gas Partners LP(1)
|
534 | 23,544 | ||||||
Total Gathering/Processing
|
136,269 | |||||||
Natural Gas Pipelines — 46.6%
|
||||||||
El Paso Pipeline Partners LP(1)
|
2,096 | 68,770 | ||||||
Energy Transfer Equity LP(1)
|
1,586 | 57,620 | ||||||
Enterprise Products Partners LP(1)
|
1,511 | 73,676 | ||||||
ONEOK Partners LP(1)
|
1,225 | 66,885 | ||||||
Spectra Energy Partners LP(1)
|
1,418 | 44,199 | ||||||
TC Pipelines LP(1)
|
1,312 | 53,792 | ||||||
Williams Partners LP(1)
|
891 | 47,134 | ||||||
Total Natural Gas Pipelines
|
412,076 | |||||||
Petroleum Transportation — 52.7%
|
||||||||
Buckeye Partners LP(1)
|
862 | $ | 40,962 | |||||
Enbridge Energy Partners LP(1)
|
1,799 | 52,603 | ||||||
Genesis Energy LP(1)
|
1,555 | 44,737 | ||||||
Holly Energy Partners LP(1)
|
1,151 | 65,112 | ||||||
Magellan Midstream Partners LP(1)
|
730 | 50,231 | ||||||
NuStar Energy LP(1)
|
994 | 51,897 | ||||||
Oiltanking Partners LP
|
186 | 5,785 | ||||||
Plains All American Pipeline LP(1)
|
1,043 | 81,907 | ||||||
Sunoco Logistics Partners LP(1)
|
1,491 | 50,217 | ||||||
TransMontaigne Partners LP(1)
|
701 | 22,109 | ||||||
Total Petroleum Transportation
|
465,560 | |||||||
Total Master Limited Partnership Shares
|
||||||||
(identified cost $1,116,522)
|
1,013,905 | |||||||
Total Investments — 114.7%
|
||||||||
(identified cost $1,116,522)
|
1,013,905 | |||||||
Liabilities In Excess of Other Assets — (14.7)%
|
(130,042 | ) | ||||||
Net Assets — 100.0%
|
$ | 883,863 |
LLC — Limited Liability Company
|
LP — Limited Partnership
|
(1)
|
As of May 31, 2012, all or a portion of the security has been pledged as collateral for a Fund loan. The market value of the securities in the pledged account totaled $858,783 as of May 31, 2012. The loan agreement requires continuous collateral whether the loan has a balance or not. See Note 7 to the financial statements.
|
6 |
SteelPath MLP Funds Semi-Annual Report
|
SteelPath MLP
Select 40 Fund
|
SteelPath MLP
Alpha Fund
|
SteelPath MLP
Income Fund
|
SteelPath MLP
Alpha Plus Fund
|
|||||||||||||
Assets:
|
||||||||||||||||
Investment securities:
|
||||||||||||||||
At acquisition cost
|
$ | 780,088,431 | $ | 593,801,672 | $ | 381,574,806 | $ | 1,116,522 | ||||||||
At fair value
|
$ | 861,639,457 | $ | 652,935,340 | $ | 384,204,329 | $ | 1,013,905 | ||||||||
Dividends receivable
|
188 | 58 | 135 | — | ||||||||||||
Due from Advisor
|
— | — | — | 63,191 | ||||||||||||
Receivable for investments sold
|
4,634,015 | 940,479 | 1,165,773 | 53,058 | ||||||||||||
Receivable for capital stock sold
|
2,119,301 | 2,286,303 | 898,781 | 25,000 | ||||||||||||
Deferred tax asset
|
23,857,033 | 20,238,174 | 4,134,218 | 60,736 | ||||||||||||
Prepaid expenses
|
274,798 | 289,137 | 104,407 | 48,698 | ||||||||||||
Total assets
|
892,524,792 | 676,689,491 | 390,507,643 | 1,264,588 | ||||||||||||
Liabilities:
|
||||||||||||||||
Due to custodian
|
— | — | — | 52,348 | ||||||||||||
Interest Expense Payable
|
— | — | — | 436 | ||||||||||||
Payable for capital stock redeemed
|
485,999 | 203,518 | 1,176,979 | — | ||||||||||||
Payable for investments purchased
|
— | — | — | 12,263 | ||||||||||||
Deferred tax liability
|
45,020,902 | 34,679,605 | 7,109,770 | — | ||||||||||||
Payable to Advisor
|
494,381 | 579,124 | 268,299 | — | ||||||||||||
Payable for 12b-1 fees, Class A
|
78,486 | 71,650 | 171,581 | 109 | ||||||||||||
Payable for 12b-1 fees, Class C
|
21,600 | 7,356 | 28,080 | 4 | ||||||||||||
Line Of Credit
|
— | — | — | 264,050 | ||||||||||||
Other liabilities
|
142,259 | 102,729 | 86,633 | 51,515 | ||||||||||||
Total liabilities
|
46,243,627 | 35,643,982 | 3,841,342 | 380,725 | ||||||||||||
Total Net Assets
|
$ | 846,281,165 | $ | 641,045,509 | $ | 381,666,301 | $ | 883,863 | ||||||||
Net Assets Consist of:
|
||||||||||||||||
Paid-in capital
|
$ | 811,008,050 | $ | 616,976,456 | $ | 376,707,048 | $ | 985,091 | ||||||||
Undistributed net investment loss, net of deferred taxes
|
(5,451,340 | ) | (6,180,082 | ) | (3,254,157 | ) | (4,539 | ) | ||||||||
Accumulated undistributed net realized gains/(losses) on investments, net of deferred taxes
|
(10,244,937 | ) | (6,709,408 | ) | 6,569,958 | (32,553 | ) | |||||||||
Net unrealized appreciation/(depreciation) on investments, net of deferred taxes
|
50,969,392 | 36,958,543 | 1,643,452 | (64,136 | ) | |||||||||||
Total Net Assets
|
$ | 846,281,165 | $ | 641,045,509 | $ | 381,666,301 | $ | 883,863 | ||||||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share ($0.001 Par Value, Unlimited Shares Authorized)
|
||||||||||||||||
Class A Shares:
|
||||||||||||||||
Net asset value and redemption proceeds per share
|
$ | 10.21 | $ | 10.12 | $ | 9.82 | $ | 9.31 | ||||||||
Offering price per share*
|
$ | 10.83 | $ | 10.74 | $ | 10.42 | $ | 9.88 | ||||||||
Class C Shares:
|
||||||||||||||||
Net asset value, offering price and redemption proceeds per share
|
$ | 10.22 | $ | 10.11 | $ | 9.78 | $ | 9.32 | ||||||||
Class I Shares:
|
||||||||||||||||
Net asset value, offering price and redemption proceeds per share
|
$ | 10.29 | $ | 10.19 | $ | 9.87 | $ | 9.32 | ||||||||
Class Y Shares:
|
||||||||||||||||
Net asset value, offering price and redemption proceeds per share
|
$ | 10.29 | $ | — | $ | — | $ | — | ||||||||
Net Assets:
|
||||||||||||||||
Class A shares
|
$ | 174,215,663 | $ | 146,456,264 | $ | 251,332,311 | $ | 179,681 | ||||||||
Class C shares
|
10,296,739 | 3,822,664 | 14,095,924 | 37,341 | ||||||||||||
Class I shares
|
605,221,863 | 490,766,581 | 116,238,066 | 666,841 | ||||||||||||
Class Y shares
|
56,546,900 | — | — | — | ||||||||||||
Total Net Assets
|
$ | 846,281,165 | $ | 641,045,509 | $ | 381,666,301 | $ | 883,863 | ||||||||
Shares Outstanding:
|
||||||||||||||||
Class A shares
|
17,058,406 | 14,466,611 | 25,591,351 | 19,307 | ||||||||||||
Class C shares
|
1,007,535 | 378,138 | 1,441,285 | 4,007 | ||||||||||||
Class I shares
|
58,799,684 | 48,170,356 | 11,774,876 | 71,525 | ||||||||||||
Class Y shares
|
5,493,793 | — | — | — | ||||||||||||
Total Shares Outstanding
|
82,359,418 | 63,015,105 | 38,807,512 | 94,839 |
*
|
Computation of offering price per share 100/94.25 of net asset value.
|
May 31, 2012
|
7 |
|
SteelPath MLP
Select 40 Fund
|
SteelPath MLP
Alpha Fund
|
SteelPath MLP
Income Fund
|
SteelPath MLP
Alpha Plus Fund*
|
||||||||||||
Investment Income:
|
||||||||||||||||
Distributions from Master Limited Partnerships
|
$ | 26,379,225 | $ | 19,578,708 | $ | 13,109,747 | $ | 34,394 | ||||||||
Less return of capital on distributions
|
(26,379,225 | ) | (19,578,708 | ) | (13,109,747 | ) | (34,394 | ) | ||||||||
Dividend income
|
2,128 | 1,818 | 979 | — | ||||||||||||
Total investment income
|
2,128 | 1,818 | 979 | — | ||||||||||||
Expenses:
|
||||||||||||||||
Investment advisory fee
|
2,882,538 | 3,628,133 | 1,664,257 | 5,093 | ||||||||||||
Registration fees
|
76,863 | 54,535 | 51,288 | 22,947 | ||||||||||||
Administrative fees
|
347,714 | 307,431 | 223,128 | 24,593 | ||||||||||||
Transfer agent fees
|
84,809 | 66,300 | 107,192 | 14,279 | ||||||||||||
Directors' fees
|
26,836 | 25,659 | 26,836 | 10,286 | ||||||||||||
Insurance premiums
|
20,331 | 14,454 | 8,644 | 214 | ||||||||||||
Interest Expense
|
— | — | — | 832 | ||||||||||||
Auditing fees
|
20,682 | 21,040 | 21,040 | 7,601 | ||||||||||||
Custody fees
|
29,071 | 23,330 | 18,036 | 6,364 | ||||||||||||
CCO fees
|
8,838 | 8,837 | 8,838 | 6,584 | ||||||||||||
Legal fees
|
95,000 | 71,667 | 39,333 | 40,587 | ||||||||||||
Printing and postage
|
8,459 | 8,871 | 8,943 | 8,434 | ||||||||||||
12b-1 fees, Class A
|
210,404 | 175,852 | 292,354 | 117 | ||||||||||||
12b-1 fees, Class C
|
34,854 | 9,999 | 40,758 | 5 | ||||||||||||
Miscellaneous
|
7,994 | 6,419 | 4,147 | 3,892 | ||||||||||||
Total expenses, before waivers and deferred taxes
|
3,854,393 | 4,422,527 | 2,514,794 | 151,828 | ||||||||||||
Less expense waivers
|
(108,909 | ) | (113,798 | ) | (254,647 | ) | (144,567 | ) | ||||||||
Net expenses, before deferred taxes
|
3,745,484 | 4,308,729 | 2,260,147 | 7,261 | ||||||||||||
Net investment loss, before deferred taxes
|
(3,743,356 | ) | (4,306,911 | ) | (2,259,168 | ) | (7,261 | ) | ||||||||
Deferred tax benefit
|
1,403,758 | 1,615,091 | 847,188 | 2,722 | ||||||||||||
Net investment loss, net of deferred taxes
|
(2,339,598 | ) | (2,691,820 | ) | (1,411,980 | ) | (4,539 | ) | ||||||||
Net Realized and Unrealized Gains/(Losses) on Investments:
|
||||||||||||||||
Net Realized Gains/(Losses)
|
||||||||||||||||
Investments
|
(14,420,547 | ) | (12,771,798 | ) | 10,921,693 | (52,085 | ) | |||||||||
Deferred tax benefit/(expense)
|
5,407,705 | 4,789,424 | (4,095,634 | ) | 19,532 | |||||||||||
Net realized gains/(losses), net of deferred taxes
|
(9,012,842 | ) | (7,982,374 | ) | 6,826,059 | (32,553 | ) | |||||||||
Net Change in Unrealized Appreciation/(Depreciation)
|
||||||||||||||||
Investments
|
7,105,505 | 22,502,605 | (15,071,486 | ) | (102,617 | ) | ||||||||||
Deferred tax benefit/(expense)
|
(2,664,564 | ) | (8,438,476 | ) | 5,651,807 | 38,481 | ||||||||||
Net change in unrealized appreciation/(depreciation),
net of deferred taxes
|
4,440,941 | 14,064,129 | (9,419,679 | ) | (64,136 | ) | ||||||||||
Net realized and unrealized gains/(losses) on investments, net of deferred taxes
|
(4,571,901 | ) | 6,081,755 | (2,593,620 | ) | (96,689 | ) | |||||||||
Change in net assets resulting from operations
|
$ | (6,911,499 | ) | $ | 3,389,935 | $ | (4,005,600 | ) | $ | (101,228 | ) |
*
|
Fund commenced operations at the close of business December 30, 2011.
|
8 |
SteelPath MLP Funds Semi-Annual Report
|
SteelPath MLP Select 40 Fund
|
SteelPath MLP Alpha Fund
|
|||||||||||||||
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
||||||||||||
Increase (Decrease) in Net Assets
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment loss, net of deferred taxes
|
$ | (2,339,598 | ) | $ | (2,802,108 | ) | $ | (2,691,820 | ) | $ | (3,101,216 | ) | ||||
Net realized gains/(losses) on investments, net of deferred taxes
|
(9,012,842 | ) | (1,359,063 | ) | (7,982,374 | ) | 1,416,368 | |||||||||
Net change in unrealized appreciation on investments, net of deferred taxes
|
4,440,941 | 24,191,728 | 14,064,129 | 8,895,045 | ||||||||||||
Change in net assets resulting from operations
|
(6,911,499 | ) | 20,030,557 | 3,389,935 | 7,210,197 | |||||||||||
Distributions to Shareholders:
|
||||||||||||||||
Distributions to shareholders from return of capital:
|
||||||||||||||||
Class A shares
|
(5,779,168 | ) | (5,094,158 | ) | (4,742,095 | ) | (3,992,751 | ) | ||||||||
Class C shares
|
(255,219 | ) | (31,821 | ) | (78,035 | ) | (3,466 | ) | ||||||||
Class I shares
|
(18,852,362 | ) | (22,839,711 | ) | (16,363,002 | ) | (22,703,858 | ) | ||||||||
Class Y shares
|
(2,429,776 | ) | (5,455,860 | ) | — | — | ||||||||||
Change in net assets resulting from distributions to shareholders
|
(27,316,525 | ) | (33,421,550 | ) | (21,183,132 | ) | (26,700,075 | ) | ||||||||
Capital Share Transactions:
|
||||||||||||||||
Class A
|
||||||||||||||||
Shares sold
|
106,538,443 | 88,843,761 | 72,344,011 | 102,233,663 | ||||||||||||
Shares issued for reinvestment of distributions
|
5,377,307 | 4,784,179 | 4,157,834 | 3,399,959 | ||||||||||||
Shares redeemed
|
(44,467,353 | ) | (21,890,675 | ) | (33,880,044 | ) | (27,710,127 | ) | ||||||||
Net increase
|
67,448,397 | 71,737,265 | 42,621,801 | 77,923,495 | ||||||||||||
Class C
|
||||||||||||||||
Shares sold
|
9,446,056 | 2,861,390 | 3,693,071 | 311,945 | ||||||||||||
Shares issued for reinvestment of distributions
|
177,367 | 16,178 | 57,248 | 1,676 | ||||||||||||
Shares redeemed
|
(1,638,646 | ) | (17,352 | ) | (30,329 | ) | — | |||||||||
Net increase
|
7,984,777 | 2,860,216 | 3,719,990 | 313,621 | ||||||||||||
Class I
|
||||||||||||||||
Shares sold
|
216,423,226 | 324,932,937 | 122,543,852 | 367,669,736 | ||||||||||||
Shares issued for reinvestment of distributions
|
17,214,986 | 18,189,109 | 14,539,725 | 21,187,525 | ||||||||||||
Shares redeemed
|
(59,164,196 | ) | (63,879,658 | ) | (85,478,199 | ) | (86,890,001 | ) | ||||||||
Net increase
|
174,474,016 | 279,242,388 | 51,605,378 | 301,967,260 | ||||||||||||
Class Y
|
||||||||||||||||
Shares sold
|
9,233,233 | 18,414,339 | — | — | ||||||||||||
Shares issued for reinvestment of distributions
|
2,199,449 | 5,286,443 | — | — | ||||||||||||
Shares redeemed
|
(43,220,313 | ) | (29,625,086 | ) | — | — | ||||||||||
Net increase/(decrease)
|
(31,787,631 | ) | (5,924,304 | ) | — | — | ||||||||||
Change in net assets resulting from capital share transactions
|
218,119,559 | 347,915,565 | 97,947,169 | 380,204,376 | ||||||||||||
Change in net assets
|
183,891,535 | 334,524,572 | 80,153,972 | 360,714,498 | ||||||||||||
Net Assets:
|
||||||||||||||||
Beginning of period
|
662,389,630 | 327,865,058 | 560,891,537 | 200,177,039 | ||||||||||||
End of period
|
$ | 846,281,165 | $ | 662,389,630 | $ | 641,045,509 | $ | 560,891,537 | ||||||||
Undistributed net investment loss, net of deferred taxes
|
$ | (5,451,340 | ) | $ | (3,335,528 | ) | $ | (6,180,082 | ) | $ | (3,634,763 | ) |
May 31, 2012
|
9 |
SteelPath MLP Select 40 Fund
|
SteelPath MLP Alpha Fund
|
|||||||||||||||
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
||||||||||||
Transactions in Shares:
|
||||||||||||||||
Class A
|
||||||||||||||||
Shares sold
|
9,777,685 | 8,249,610 | 6,813,491 | 9,809,925 | ||||||||||||
Shares reinvested
|
497,201 | 450,461 | 389,775 | 325,145 | ||||||||||||
Shares redeemed
|
(4,101,271 | ) | (2,056,342 | ) | (3,186,786 | ) | (2,629,370 | ) | ||||||||
Net increase
|
6,173,615 | 6,643,729 | 4,016,480 | 7,505,700 | ||||||||||||
Class C
|
||||||||||||||||
Shares sold
|
867,919 | 273,663 | 345,393 | 30,209 | ||||||||||||
Shares reinvested
|
16,419 | 1,526 | 5,380 | 161 | ||||||||||||
Shares redeemed
|
(150,345 | ) | (1,647 | ) | (3,005 | ) | — | |||||||||
Net Increase
|
733,993 | 273,542 | 347,768 | 30,370 | ||||||||||||
Class I
|
||||||||||||||||
Shares sold
|
19,809,515 | 29,909,699 | 11,408,080 | 34,004,107 | ||||||||||||
Shares reinvested
|
1,581,141 | 1,700,149 | 1,354,361 | 2,017,337 | ||||||||||||
Shares redeemed
|
(5,442,395 | ) | (6,034,881 | ) | (7,956,262 | ) | (8,374,618 | ) | ||||||||
Net increase
|
15,948,261 | 25,574,967 | 4,806,179 | 27,646,826 | ||||||||||||
Class Y
|
||||||||||||||||
Shares sold
|
840,117 | 1,711,481 | — | — | ||||||||||||
Shares reinvested
|
201,343 | 492,370 | — | — | ||||||||||||
Shares redeemed
|
(3,947,122 | ) | (2,711,194 | ) | — | — | ||||||||||
Net increase/(decrease)
|
(2,905,662 | ) | (507,343 | ) | — | — | ||||||||||
Net increase from transactions in shares
|
19,950,207 | 31,984,895 | 9,170,427 | 35,182,896 |
10 |
SteelPath MLP Funds Semi-Annual Report
|
SteelPath MLP Income Fund
|
SteelPath MLP Alpha Plus Fund
|
|||||||||||||||
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
For the
Period Ended May 31, 2012 (Unaudited)*
|
For the
Year Ended
November 30, 2011
|
||||||||||||
Increase (Decrease) in Net Assets
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment loss, net of deferred taxes
|
$ | (1,411,980 | ) | $ | (1,643,402 | ) | $ | (4,539 | ) | $ | — | |||||
Net realized gains/(losses) on investments, net of deferred taxes
|
6,826,059 | (514,420 | ) | (32,553 | ) | — | ||||||||||
Net change in unrealized appreciation on investments, net of deferred taxes
|
(9,419,679 | ) | 786,203 | (64,136 | ) | — | ||||||||||
Change in net assets resulting from operations
|
(4,005,600 | ) | (1,371,619 | ) | (101,228 | ) | — | |||||||||
Distributions to Shareholders:
|
||||||||||||||||
Distributions to shareholders from return of capital:
|
||||||||||||||||
Class A shares
|
(7,358,431 | ) | (9,881,870 | ) | (3,843 | ) | — | |||||||||
Class C shares
|
(262,060 | ) | (39,741 | ) | — | — | ||||||||||
Class I shares
|
(3,378,091 | ) | (6,593,570 | ) | (25,401 | ) | — | |||||||||
Class Y shares
|
— | — | — | — | ||||||||||||
Change in net assets resulting from distributions to shareholders
|
(10,998,582 | ) | (16,515,181 | ) | (29,244 | ) | — | |||||||||
Capital Share Transactions:
|
||||||||||||||||
Class A
|
||||||||||||||||
Shares sold
|
138,340,468 | 169,059,992 | 243,642 | — | ||||||||||||
Shares issued for reinvestment of distributions
|
5,216,812 | 7,320,977 | 2,371 | — | ||||||||||||
Shares redeemed
|
(54,002,720 | ) | (51,378,677 | ) | (48,808 | ) | — | |||||||||
Net increase
|
89,554,560 | 125,002,292 | 197,205 | — | ||||||||||||
Class C
|
||||||||||||||||
Shares sold
|
12,008,260 | 2,808,325 | 38,000 | — | ||||||||||||
Shares issued for reinvestment of distributions
|
169,658 | 27,791 | — | — | ||||||||||||
Shares redeemed
|
(142,868 | ) | — | — | — | |||||||||||
Net increase
|
12,035,050 | 2,836,116 | 38,000 | — | ||||||||||||
Class I
|
||||||||||||||||
Shares sold
|
64,050,930 | 54,673,813 | 1,646,502 | — | ||||||||||||
Shares issued for reinvestment of distributions
|
3,008,116 | 5,490,034 | 25,401 | — | ||||||||||||
Shares redeemed
|
(31,366,938 | ) | (37,558,617 | ) | (892,773 | ) | — | |||||||||
Net increase
|
35,692,108 | 22,605,230 | 779,130 | — | ||||||||||||
Class Y
|
||||||||||||||||
Shares sold
|
— | — | — | — | ||||||||||||
Shares issued for reinvestment of distributions
|
— | — | — | — | ||||||||||||
Shares redeemed
|
— | — | — | — | ||||||||||||
Net increase/(decrease)
|
— | — | — | — | ||||||||||||
Change in net assets resulting from capital share transactions
|
137,281,718 | 150,443,638 | 1,014,335 | — | ||||||||||||
Change in net assets
|
122,277,536 | 132,556,838 | 883,863 | — | ||||||||||||
Net Assets:
|
||||||||||||||||
Beginning of period
|
259,388,765 | 126,831,927 | — | — | ||||||||||||
End of period
|
$ | 381,666,301 | $ | 259,388,765 | $ | 883,863 | $ | — | ||||||||
Undistributed net investment loss, net of deferred taxes
|
$ | (3,254,157 | ) | $ | (1,936,598 | ) | $ | (4,539 | ) | $ | — |
*
|
Fund commenced operations at the close of business December 30, 2011.
|
May 31, 2012
|
11 |
SteelPath MLP Income Fund
|
SteelPath MLP Alpha Plus Fund
|
|||||||||||||||
|
For the Six Months Ended May 31, 2012 (Unaudited)
|
For the
Year Ended
November 30, 2011
|
For the
Period Ended May 31, 2012 (Unaudited)*
|
For the
Year Ended
November 30, 2011
|
||||||||||||
Transactions in Shares:
|
||||||||||||||||
Class A
|
||||||||||||||||
Shares sold
|
13,341,130 | 15,824,526 | 24,187 | — | ||||||||||||
Shares reinvested
|
500,265 | 699,339 | 242 | — | ||||||||||||
Shares redeemed
|
(5,225,109 | ) | (4,948,478 | ) | (5,122 | ) | — | |||||||||
Net increase
|
8,616,286 | 11,575,387 | 19,307 | — | ||||||||||||
Class C
|
||||||||||||||||
Shares sold
|
1,159,695 | 276,187 | 4,007 | — | ||||||||||||
Shares reinvested
|
16,324 | 2,751 | — | — | ||||||||||||
Shares redeemed
|
(13,672 | ) | — | — | — | |||||||||||
Net Increase
|
1,162,347 | 278,938 | 4,007 | — | ||||||||||||
Class I
|
||||||||||||||||
Shares sold
|
6,179,236 | 5,071,966 | 162,115 | — | ||||||||||||
Shares reinvested
|
287,295 | 518,056 | 2,589 | — | ||||||||||||
Shares redeemed
|
(2,998,419 | ) | (3,591,120 | ) | (93,179 | ) | — | |||||||||
Net increase
|
3,468,112 | 1,998,902 | 71,525 | — | ||||||||||||
Net increase from transactions in shares
|
13,246,745 | 13,853,227 | 94,839 | — |
*
|
Fund commenced operations at the close of business December 30, 2011.
|
12 |
SteelPath MLP Funds Semi-Annual Report
|
Cash flows from operating activities
|
||||
Net decrease in net assets resulting from operations
|
$ | (101,228 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
|
||||
Purchases of long-term portfolio investments
|
(2,558,629 | ) | ||
Sales of long-term portfolio investments
|
1,355,627 | |||
Return of capital on distributions
|
34,394 | |||
Increase in rec investments sold LT
|
(53,058 | ) | ||
Increase in due from advisor
|
(63,191 | ) | ||
Increase in prepaid (expenses)
|
(48,698 | ) | ||
Increase in taxes payable
|
(60,736 | ) | ||
Decrease in pay invest purch LT
|
12,263 | |||
Decrease in other liabilities
|
51,515 | |||
Decrease in 12b-1 fees payable Class A
|
109 | |||
Decrease in 12b-1 fees payable Class C
|
4 | |||
Decrease in interest expense payable
|
436 | |||
Net realized loss on investments
|
52,085 | |||
Net change in accumulated unrealized depreciation on investments
|
102,617 | |||
Net cash used in operating activities
|
(1,276,490 | ) | ||
Cash flows from financing activities
|
||||
Proceeds from sale of shares
|
1,903,144 | |||
Payment on shares redeemed
|
(941,581 | ) | ||
Dividends paid to shareholders, net of reinvestments
|
(1,471 | ) | ||
Net cash provided by loan payable
|
264,050 | |||
Net cash provided by financing activities
|
1,224,142 | |||
Net change in cash
|
(52,348 | ) | ||
Cash at beginning of period
|
— | |||
Cash at end of period
|
$ | (52,348 | ) |
May 31, 2012
|
13 |
Income From Investment Operations:
|
Distributions From:
|
|||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year/Period
|
Net investment gain/(loss)(1)
|
Return of Capital (1)
|
Net Realized and Unrealized Gains (losses)(3)
|
Increase (Decrease) from Investment Operations
|
Return of Capital
|
Total Distribution
|
Net Asset Value, End of Year
|
Total Return (2)
|
||||||||||||||||||||||||||||
SteelPath Select 40 Fund
|
||||||||||||||||||||||||||||||||||||
Class A Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.56 | (0.04 | ) | 0.22 | (0.18 | ) | — | (0.35 | ) | (0.35 | ) | $ | 10.21 | (0.43 | %)(11) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.74 | (0.07 | ) | 0.44 | 0.14 | 0.51 | (0.69 | ) | (0.69 | ) | $ | 10.56 | 4.85 | % | |||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.03 | ) | 0.30 | 0.96 | 1.23 | (0.49 | ) | (0.49 | ) | $ | 10.74 | 12.63 | %(9)(11) | |||||||||||||||||||||
Class C Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.58 | (0.06 | ) | 0.24 | (0.19 | ) | (0.01 | ) | (0.35 | ) | (0.35 | ) | $ | 10.22 | (0.62 | %)(11) | |||||||||||||||||||
For the period ended 11/30/2011 (7)
|
$ | 10.90 | (0.05 | ) | 0.22 | (0.14 | ) | 0.03 | (0.35 | ) | (0.35 | ) | $ | 10.58 | 0.33 | %(11) | ||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.63 | (0.03 | ) | 0.22 | (0.18 | ) | 0.01 | (0.35 | ) | (0.35 | ) | $ | 10.29 | (0.33 | %)(11) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.78 | (0.06 | ) | 0.43 | 0.17 | 0.54 | (0.69 | ) | (0.69 | ) | $ | 10.63 | 5.12 | % | |||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.02 | ) | 0.30 | 0.99 | 1.27 | (0.49 | ) | (0.49 | ) | $ | 10.78 | 13.04 | %(9)(11) | |||||||||||||||||||||
Class Y Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.62 | (0.03 | ) | 0.20 | (0.15 | ) | 0.02 | (0.35 | ) | (0.35 | ) | $ | 10.29 | (0.23 | %)(11) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.78 | (0.06 | ) | 0.41 | 0.18 | 0.53 | (0.69 | ) | (0.69 | ) | $ | 10.62 | 5.02 | % | |||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.02 | ) | 0.27 | 1.02 | 1.27 | (0.49 | ) | (0.49 | ) | $ | 10.78 | 13.04 | %(9)(11) | |||||||||||||||||||||
SteelPath Alpha Fund
|
||||||||||||||||||||||||||||||||||||
Class A Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.38 | (0.05 | ) | 0.20 | (0.07 | ) | 0.08 | (0.34 | ) | (0.34 | ) | $ | 10.12 | 0.67 | %(11) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.71 | (0.10 | ) | 0.43 | 0.02 | 0.35 | (0.68 | ) | (0.68 | ) | $ | 10.38 | 3.32 | % | |||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.05 | ) | 0.28 | 0.97 | 1.20 | (0.49 | ) | (0.49 | ) | $ | 10.71 | 12.24 | %(9)(11) | |||||||||||||||||||||
Class C Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.40 | (0.08 | ) | 0.22 | (0.09 | ) | 0.05 | (0.34 | ) | (0.34 | ) | $ | 10.11 | 0.38 | %(11) | ||||||||||||||||||||
For the period ended 11/30/2011 (8)
|
$ | 10.05 | (0.04 | ) | 0.14 | 0.42 | 0.52 | (0.17 | ) | (0.17 | ) | $ | 10.40 | 5.19 | %(11) | |||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.43 | (0.04 | ) | 0.19 | (0.05 | ) | 0.10 | (0.34 | ) | (0.34 | ) | $ | 10.19 | 0.86 | %(11) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.73 | (0.08 | ) | 0.42 | 0.04 | 0.38 | (0.68 | ) | (0.68 | ) | $ | 10.43 | 3.60 | % | |||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.04 | ) | 0.27 | 0.99 | 1.22 | (0.49 | ) | (0.49 | ) | $ | 10.73 | 12.44 | %(9)(11) |
(1)
|
Calculated based on average shares outstanding during the period.
|
(2)
|
Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of Fund distributions.
|
(3)
|
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share in the period. It does not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuation in share transactions this period.
|
(4)
|
Deferred tax expense/benefit estimate for the ratio calculation is derived from the net investment income/loss, and realized and unrealized gains/losses.
|
(5)
|
Deferred tax benefit/(expense) for the ratio calculation is derived from net investment income/loss only.
|
(6)
|
The net asset value for the beginning of the period close of business March 31, 2010 (Commencement of Operations) though November 30, 2010 represents the initial contribution per share of $10.
|
(7)
|
Class C Shares commenced operations at the close of business July 14, 2011.
|
(8)
|
Class C Shares commenced operations at the close of business August 25, 2011.
|
(9)
|
Represents performance beginning on the first day of security trading (close of business March 31, 2010).
|
(10)
|
Annualized
|
(11)
|
Not annualized
|
14 |
SteelPath MLP Funds Semi-Annual Report
|
Ratio of Expenses to Average Net Assets:
|
Ratio of Investment Loss to Average Net Assets:
|
|||||||||||||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s)
|
Before
Waivers and Income Tax Expense
|
Expense Waiver
|
Net of Waivers and Before Income Tax Expense
|
Deferred Tax (Benefit)/
Expense(4)
|
Total Expenses
|
Before Waivers and Income Tax Expense
|
Expense Waiver
|
Net of Waivers and Before Income Tax Expense
|
Deferred Tax Benefit(5)
|
Net Investment Loss
|
Portfolio turnover rate
|
|||||||||||||||||||||||||||||||||||
$ | 174,216 | 1.13 | %(10) | (0.03 | %)(10) | 1.10 | %(10) | (1.08 | %)(10) | 0.02 | %(10) | (1.13 | %)(10) | (0.03 | %)(10) | (1.10 | %)(10) | 0.41 | %(10) | (0.69 | %)(10) | 7 | %(11) | |||||||||||||||||||||||
$ | 114,930 | 1.23 | % | (0.13 | %) | 1.10 | % | 1.94 | % | 3.04 | % | (1.23 | %) | (0.13 | %) | (1.10 | %) | 0.41 | % | (0.69 | %) | 10 | % | |||||||||||||||||||||||
$ | 45,575 | 1.45 | %(10) | (0.35 | %)(10) | 1.10 | %(10) | 14.65 | %(10) | 15.75 | %(10) | (1.08 | %)(10) | (0.35 | %)(10) | (0.73 | %)(10) | 0.29 | %(10) | (0.44 | %)(10) | 15 | %(11) | |||||||||||||||||||||||
$ | 10,297 | 2.05 | %(10) | (0.20 | %)(10) | 1.85 | %(10) | (1.36 | %)(10) | 0.49 | %(10) | (2.04 | %)(10) | (0.20 | %)(10) | (1.84 | %)(10) | 0.69 | %(10) | (1.15 | %)(10) | 7 | %(11) | |||||||||||||||||||||||
$ | 2,895 | 4.29 | %(10) | (2.44 | %)(10) | 1.85 | %(10) | 0.82 | %(10) | 2.67 | %(10) | (4.29 | %)(10) | (2.44 | %)(10) | (1.85 | %)(10) | 0.69 | %(10) | (1.16 | %)(10) | 10 | %(11) | |||||||||||||||||||||||
$ | 605,222 | 0.87 | %(10) | (0.02 | %)(10) | 0.85 | %(10) | (0.98 | %)(10) | (0.13 | %)(10) | (0.87 | %)(10) | (0.02 | %)(10) | (0.85 | %)(10) | 0.32 | %(10) | (0.53 | %)(10) | 7 | %(11) | |||||||||||||||||||||||
$ | 455,321 | 0.97 | % | (0.12 | %) | 0.85 | % | 2.18 | % | 3.03 | % | (0.97 | %) | (0.12 | %) | (0.85 | %) | 0.31 | % | (0.54 | %) | 10 | % | |||||||||||||||||||||||
$ | 186,270 | 1.52 | %(10) | (0.71 | %)(10) | 0.81 | %(10) | 14.52 | %(10) | 15.33 | %(10) | (1.19 | %)(10) | (0.71 | %)(10) | (0.48 | %)(10) | 0.19 | %(10) | (0.29 | %)(10) | 15 | %(11) | |||||||||||||||||||||||
$ | 56,547 | 0.89 | %(10) | (0.04 | %)(10) | 0.85 | %(10) | (0.98 | %)(10) | (0.13 | %)(10) | (0.89 | %)(10) | (0.04 | %)(10) | (0.85 | %)(10) | 0.32 | %(10) | (0.53 | %)(10) | 7 | %(11) | |||||||||||||||||||||||
$ | 89,244 | 0.97 | % | (0.12 | %) | 0.85 | % | 1.88 | % | 2.73 | % | (0.96 | %) | (0.12 | %) | (0.84 | %) | 0.31 | % | (0.53 | %) | 10 | % | |||||||||||||||||||||||
$ | 96,020 | 1.11 | %(10) | (0.26 | %)(10) | 0.85 | %(10) | 15.06 | %(10) | 15.91 | %(10) | (0.76 | %)(10) | (0.26 | %)(10) | (0.50 | %)(10) | 0.20 | %(10) | (0.30 | %)(10) | 15 | %(11) | |||||||||||||||||||||||
$ | 146,456 | 1.56 | %(10) | (0.06 | %)(10) | 1.50 | %(10) | 0.55 | %(10) | 2.05 | %(10) | (1.55 | %)(10) | (0.06 | %)(10) | (1.49 | %)(10) | 0.56 | %(10) | (0.93 | %)(10) | 14 | %(11) | |||||||||||||||||||||||
$ | 108,422 | 1.67 | % | (0.17 | %) | 1.50 | % | 1.68 | % | 3.18 | % | (1.67 | %) | (0.17 | %) | (1.50 | %) | 0.56 | % | (0.94 | %) | 14 | % | |||||||||||||||||||||||
$ | 31,525 | 1.94 | %(10) | (0.44 | %)(10) | 1.50 | %(10) | 12.93 | %(10) | 14.43 | %(10) | (1.59 | %)(10) | (0.44 | %)(10) | (1.15 | %)(10) | 0.46 | %(10) | (0.69 | %)(10) | 7 | %(11) | |||||||||||||||||||||||
$ | 3,823 | 2.86 | %(10) | (0.61 | %)(10) | 2.25 | %(10) | 0.27 | %(10) | 2.52 | %(10) | (2.85 | %)(10) | (0.61 | %)(10) | (2.24 | %)(10) | 0.84 | %(10) | (1.40 | %)(10) | 14 | %(11) | |||||||||||||||||||||||
$ | 316 | 22.80 | %(10) | (20.55 | %)(10) | 2.25 | %(10) | 12.37 | %(10) | 14.62 | %(10) | (22.80 | %)(10) | (20.55 | %)(10) | (2.25 | %)(10) | 0.84 | %(10) | (1.41 | %)(10) | 14 | %(11) | |||||||||||||||||||||||
$ | 490,767 | 1.28 | %(10) | (0.03 | %)(10) | 1.25 | %(10) | 0.64 | %(10) | 1.89 | %(10) | (1.28 | %)(10) | (0.03 | %)(10) | (1.25 | %)(10) | 0.47 | %(10) | (0.78 | %)(10) | 14 | %(11) | |||||||||||||||||||||||
$ | 452,154 | 1.37 | % | (0.12 | %) | 1.25 | % | 0.75 | % | 2.00 | % | (1.37 | %) | (0.12 | %) | (1.25 | %) | 0.46 | % | (0.79 | %) | 14 | % | |||||||||||||||||||||||
$ | 168,652 | 1.54 | %(10) | (0.29 | %)(10) | 1.25 | %(10) | 13.14 | %(10) | 14.39 | %(10) | (1.20 | %)(10) | (0.29 | %)(10) | (0.91 | %)(10) | 0.36 | %(10) | (0.55 | %)(10) | 7 | %(11) |
May 31, 2012
|
15 |
Income From Investment Operations:
|
Distributions From:
|
|||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year/Period
|
Net investment gain/(loss)(1)
|
Return of Capital(1)
|
Net Realized and Unrealized Gains (losses)(3)
|
Increase (Decrease) from Investment Operations
|
Return of Capital
|
Total Distributions
|
Net Asset Value, End of Year
|
Total Return(2)
|
||||||||||||||||||||||||||||
SteelPath Income Fund
|
||||||||||||||||||||||||||||||||||||
Class A Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.14 | (0.04 | ) | 0.24 | (0.20 | ) | — | (0.32 | ) | (0.32 | ) | $ | 9.82 | (0.12 | %)(13) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.83 | (0.09 | ) | 0.47 | (0.24 | ) | 0.14 | (0.83 | ) | (0.83 | ) | $ | 10.14 | 1.27 | % | ||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.04 | ) | 0.31 | 1.00 | 1.27 | (0.44 | ) | (0.44 | ) | $ | 10.83 | 13.10 | %(8)(13) | |||||||||||||||||||||
Class C Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.13 | (0.07 | ) | 0.26 | (0.22 | ) | (0.03 | ) | (0.32 | ) | (0.32 | ) | $ | 9.78 | (0.42 | %)(13) | |||||||||||||||||||
For the period ended 11/30/2011 (7)
|
$ | 10.66 | (0.06 | ) | 0.26 | (0.34 | ) | (0.14 | ) | (0.39 | ) | (0.39 | ) | $ | 10.13 | (1.31 | %)(10)(13) | |||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||||||||||||||
For the six months ended 5/31/2012
|
$ | 10.17 | (0.04 | ) | 0.24 | (0.18 | ) | 0.02 | (0.32 | ) | (0.32 | ) | $ | 9.87 | 0.80 | %(13) | ||||||||||||||||||||
For the year ended 11/30/2011
|
$ | 10.84 | (0.08 | ) | 0.47 | (0.23 | ) | 0.16 | (0.83 | ) | (0.83 | ) | $ | 10.17 | 1.46 | % | ||||||||||||||||||||
For the period from 3/31/2010 - 11/30/2010 (6)
|
$ | 10.00 | (0.03 | ) | 0.29 | 1.02 | 1.28 | (0.44 | ) | (0.44 | ) | $ | 10.84 | 13.20 | %(8)(13) | |||||||||||||||||||||
SteelPath Alpha Plus Fund
|
||||||||||||||||||||||||||||||||||||
Class A Shares
|
||||||||||||||||||||||||||||||||||||
For the period from 2/7/2012 - 5/31/2012 (9)
|
$ | 10.14 | (0.04 | ) | 0.18 | (0.65 | ) | (0.51 | ) | (0.32 | ) | (0.32 | ) | $ | 9.31 | (5.16 | %)(13) | |||||||||||||||||||
Class C Shares
|
||||||||||||||||||||||||||||||||||||
For the period from 5/23/2012 - 5/31/2012 (10)
|
$ | 9.45 | — | 0.01 | (0.14 | ) | (0.13 | ) | — | — | $ | 9.32 | (1.38 | %)(13) | ||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||||||||||||||
For the period from 1/3/2012 - 5/31/2012 (11)
|
$ | 10.00 | (0.05 | ) | 0.21 | (0.52 | ) | (0.36 | ) | (0.32 | ) | (0.32 | ) | $ | 9.32 | (3.73 | %)(13) |
(1)
|
Calculated based on average shares outstanding during the period.
|
(2)
|
Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of Fund distributions.
|
(3)
|
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share in the period. It does not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuation in share transactions this period.
|
(4)
|
Deferred tax expense/benefit estimate for the ratio calculation is derived from the net investment income/loss, and realized and unrealized gains/losses.
|
(5)
|
Deferred tax benefit/(expense) for the ratio calculation is derived from net investment income/loss only.
|
(6)
|
The net asset value for the beginning of the period close of business March 31, 2010 (Commencement of Operations) though November 30, 2010 repreents the initial contribution per share of $10.
|
(7)
|
Class C Shares commenced operations at the close of business June 10, 2011.
|
(8)
|
Represents performance beginning on the first day of security trading (close of business March 31, 2010).
|
(9)
|
Class A Shares commenced operations at the close of business February 6, 2012.
|
(10)
|
Class C Shares commenced operations at the close of business May 22, 2012.
|
(11)
|
The net asset value for the beginning of the period close of business December 30, 2011 (Commencement of Operations) though May 31, 2012 represents the initial contribution per share of $10.
|
(12)
|
Annualized
|
(13)
|
Not annualized
|
16 |
SteelPath MLP Funds Semi-Annual Report
|
Ratio of Expenses to Average Net Assets:
|
Ratio of Investment Loss to Average Net Assets:
|
|||||||||||||||||||||||||||||||||||||||||||||
Net Assets, End of Year (000’s)
|
Before Waivers and Income Tax Expense
|
Expense Waiver
|
Net of Waivers and Before Income Tax Expense
|
Deferred
Tax (Benefit)/
Expense(4)
|
Total Expenses
|
Before Waivers and Income Tax Expense
|
Expense Waiver
|
Net of Waivers and Before Income Tax Expense
|
Deferred Tax Benefit(5)
|
Net Investment Loss
|
Portfolio turnover rate
|
|||||||||||||||||||||||||||||||||||
$ | 251,332 | 1.49 | %(12) | (0.14 | %)(12) | 1.35 | %(12) | (1.40 | %)(12) | (0.05 | %)(12) | (1.49 | %)(12) | (0.14 | %)(12) | (1.35 | %)(12) | 0.51 | %(12) | (0.84 | %)(12) | 29 | %(13) | |||||||||||||||||||||||
$ | 172,056 | 1.62 | % | (0.27 | %) | 1.35 | % | (0.77 | %) | 0.58 | % | (1.61 | %) | (0.27 | %) | (1.34 | %) | 0.50 | % | (0.84 | %) | 24 | % | |||||||||||||||||||||||
$ | 58,464 | 1.93 | %(12) | (0.58 | %)(12) | 1.35 | %(12) | 17.05 | %(12) | 18.40 | %(12) | (1.54 | %)(12) | (0.58 | %)(12) | (0.96 | %)(12) | 0.39 | %(12) | (0.57 | %)(12) | 15 | %(13) | |||||||||||||||||||||||
$ | 14,096 | 2.38 | %(12) | (0.28 | %)(12) | 2.10 | %(12) | (1.68 | %)(12) | 0.42 | %(12) | (2.38 | %)(12) | (0.28 | %)(12) | (2.10 | %)(12) | 0.79 | %(12) | (1.31 | %)(12) | 29 | %(13) | |||||||||||||||||||||||
$ | 2,826 | 4.44 | %(12) | (2.34 | %)(12) | 2.10 | %(12) | (1.31 | %)(12) | 0.79 | %(12) | (4.44 | %)(12) | (2.34 | %)(12) | (2.10 | %)(12) | 0.79 | %(12) | (1.31 | %)(12) | 24 | %(13) | |||||||||||||||||||||||
$ | 116,238 | 1.25 | %(12) | (0.15 | %)(12) | 1.10 | %(12) | (1.30 | %)(12) | (0.20 | %)(12) | (1.25 | %)(12) | (0.15 | %)(12) | (1.10 | %)(12) | 0.41 | %(12) | (0.69 | %)(12) | 29 | %(13) | |||||||||||||||||||||||
$ | 84,506 | 1.37 | % | (0.27 | %) | 1.10 | % | (0.65 | %) | 0.45 | % | (1.37 | %) | (0.27 | %) | (1.10 | %) | 0.41 | % | (0.69 | %) | 24 | % | |||||||||||||||||||||||
$ | 68,368 | 1.62 | %(12) | (0.52 | %)(12) | 1.10 | %(12) | 17.22 | %(12) | 18.32 | %(12) | (1.24 | %)(12) | (0.52 | %)(12) | (0.72 | %)(12) | 0.29 | %(12) | (0.43 | %)(12) | 15 | %(13) | |||||||||||||||||||||||
$ | 180 | 33.11 | %(12) | (31.11 | %)(12) | 2.00 | %(12) | (15.17 | %)(12) | (13.17 | %)(12) | (33.11 | %)(12) | (31.11 | %)(12) | (2.00 | %)(12) | 0.75 | %(12) | (1.25 | %)(12) | 109 | %(13) | |||||||||||||||||||||||
$ | 37 | 106.51 | %(12) | (103.76 | %)(12) | 2.75 | %(12) | 2,446.26 | %(12) | 2,449.01 | %(12) | (106.50 | %)(12) | (103.76 | %)(12) | (2.74 | %)(12) | 1.03 | %(12) | (1.71 | %)(12) | 109 | %(13) | |||||||||||||||||||||||
$ | 667 | 37.77 | %(12) | (36.02 | %)(12) | 1.75 | %(12) | (17.93 | %)(12) | (16.18 | %)(12) | (37.77 | %)(12) | (36.02 | %)(12) | (1.75 | %)(12) | 0.66 | %(12) | (1.09 | %)(12) | 109 | %(13) |
May 31, 2012
|
17 |
18 |
SteelPath MLP Funds Semi-Annual Report
|
|
•
|
Level 1 — quoted prices for active markets for identical securities;
|
|
•
|
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); or
|
|
•
|
Level 3 — significant unobservable inputs, including the Funds’ own assumptions in determining the fair value of investments.
|
Level 1 –
Quoted Prices
|
Level 2 –
Other Significant
Observable Inputs
|
Level 3 –
Significant
Unobservable Inputs
|
Total
|
|||||||||||||
Master Limited Partnership Shares*
|
$ | 823,527,697 | $ | — | $ | — | $ | 823,527,697 | ||||||||
Short-Term Investments
|
38,111,760 | — | — | 38,111,760 | ||||||||||||
Total
|
$ | 861,639,457 | $ | — | $ | — | $ | 861,639,457 |
May 31, 2012
|
19 |
Level 1 –
Quoted Prices
|
Level 2 –
Other Significant
Observable Inputs
|
Level 3 –
Significant
Unobservable Inputs
|
Total
|
|||||||||||||
Master Limited Partnership Shares*
|
$ | 633,606,020 | $ | — | $ | — | $ | 633,606,020 | ||||||||
Short-Term Investments
|
19,329,320 | — | — | 19,329,320 | ||||||||||||
Total
|
$ | 652,935,340 | $ | — | $ | — | $ | 652,935,340 |
Level 1 –
Quoted Prices
|
Level 2 –
Other Significant
Observable Inputs
|
Level 3 –
Significant
Unobservable Inputs
|
Total
|
|||||||||||||
Master Limited Partnership Shares*
|
$ | 363,721,294 | $ | — | $ | — | $ | 363,721,294 | ||||||||
Short-Term Investments
|
20,483,035 | — | — | 20,483,035 | ||||||||||||
Total
|
$ | 384,204,329 | $ | — | $ | — | $ | 384,204,329 |
Level 1 –
Quoted Prices
|
Level 2 –
Other Significant
Observable Inputs
|
Level 3 –
Significant
Unobservable Inputs
|
Total
|
|||||||||||||
Master Limited Partnership Shares*
|
$ | 1,013,905 | $ | — | $ | — | $ | 1,013,905 | ||||||||
Short-Term Investments
|
— | — | — | — | ||||||||||||
Total
|
$ | 1,013,905 | $ | — | $ | — | $ | 1,013,905 |
*
|
For a detailed break-out of Master Limited Partnerships by major industry classification, please refer to the Schedule of Investments.
|
20 |
SteelPath MLP Funds Semi-Annual Report
|
MLP
Select 40
|
MLP
Alpha
|
MLP
Income
|
MLP
Alpha Plus
|
|||||||||||||
Current tax expense (benefit)
|
||||||||||||||||
Federal
|
— | — | — | — | ||||||||||||
State
|
— | — | — | — | ||||||||||||
Total current tax expense
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Deferred tax expense (benefit)
|
||||||||||||||||
Federal
|
$ | (3,870,440 | ) | $ | 1,898,364 | $ | (2,243,136 | ) | $ | (56,687 | ) | |||||
State
|
(276,459 | ) | 135,597 | (160,225 | ) | (4,048 | ) | |||||||||
Total deferred tax expense (benefit)
|
$ | (4,146,899 | ) | $ | 2,033,961 | $ | (2,403,361 | ) | $ | (60,735 | ) |
MLP Select 40
|
MLP Alpha
|
MLP Income
|
MLP Alpha Plus
|
|||||||||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||||||||
Application of staturory income tax rate
|
$ | (3,870,440 | ) | 35.00 | % | $ | 1,898,364 | 35.00 | % | $ | (2,243,136 | ) | 35.00 | % | $ | (56,687 | ) | 35.00 | % | |||||||||||||
State income taxes net of federal benefit
|
(276,459 | ) | 2.50 | % | 135,597 | 2.50 | % | (160,225 | ) | 2.50 | % | (4,048 | ) | 2.50 | % | |||||||||||||||||
Total income tax expense (benefit)
|
(4,146,899 | ) | 37.50 | % | 2,033,961 | 37.50 | % | (2,403,361 | ) | 37.50 | % | (60,735 | ) | 37.50 | % |
May 31, 2012
|
21 |
MLP
Select 40
|
MLP
Alpha
|
MLP
Income
|
MLP
Alpha Plus
|
|||||||||||||
Deferred tax assets:
|
||||||||||||||||
Net operating loss carryforward (tax basis)
|
$ | 18,924,891 | $ | 16,596,981 | $ | 4,134,218 | $ | 2,723 | ||||||||
Capital loss carryforward (tax basis)
|
4,920,075 | 3,641,193 | — | 18,825 | ||||||||||||
Organization costs
|
12,067 | — | — | — | ||||||||||||
Deferred tax liabilities:
|
||||||||||||||||
Net unrealized gains on investment securities (tax basis)
|
(45,020,902 | ) | (34,679,605 | ) | (7,109,770 | ) | 39,188 | |||||||||
Total net deferred tax asset/(liability)
|
$ | (21,163,869 | ) | $ | (14,441,431 | ) | $ | (2,975,552 | ) | $ | 60,736 |
22 |
SteelPath MLP Funds Semi-Annual Report
|
MLP
Select 40
|
MLP
Alpha
|
MLP
Income
|
MLP
Alpha Plus
|
|||||||||||||
Expiration Date
|
||||||||||||||||
11/30/2030
|
$ | 525,993 | $ | 1,194,164 | $ | 3,877 | $ | — | ||||||||
11/30/2031
|
11,179,881 | 7,264,183 | 4,997,354 | — | ||||||||||||
11/30/2032
|
38,760,503 | 34,666,073 | 6,023,354 | 7,261 | ||||||||||||
Total
|
$ | 50,466,377 | $ | 43,124,420 | $ | 11,024,585 | $ | 7,261 |
MLP
Select 40
|
MLP
Alpha
|
MLP
Income
|
MLP
Alpha Plus
|
|||||||||||||
ExpirationDate
|
||||||||||||||||
11/30/2016
|
$ | 2,698,758 | $ | — | $ | — | $ | — | ||||||||
11/30/2017
|
10,421,442 | 10,844,042 | — | 50,200 | ||||||||||||
Total
|
$ | 13,120,200 | $ | 10,844,042 | $ | — | $ | 50,200 |
May 31, 2012
|
23 |
Eligible expense recoupments expiring:
|
Select 40
Fund
|
Alpha
Fund
|
Income
Fund
|
Alpha Plus
Fund
|
||||||||||||
November 30, 2013
|
$ | 274,676 | $ | 213,492 | $ | 216,936 | $ | — | ||||||||
November 30, 2014
|
570,608 | 505,009 | 574,482 | — | ||||||||||||
May 31, 2015
|
108,909 | 113,798 | 254,647 | 144,567 |
Select 40
Fund
|
Alpha
Fund
|
Income
Fund
|
Alpha Plus
Fund
|
|||||||||||||
Purchases
|
$ | 290,579,528 | $ | 217,220,604 | $ | 244,028,059 | $ | 2,558,629 | ||||||||
Sales
|
56,651,858 | 89,758,771 | 99,308,767 | 1,335,627 |
MLP
Select 40
|
MLP
Alpha
|
MLP
Income
|
MLP
Alpha Plus
|
|||||||||||||
Cost of Investments
|
$ | 742,579,482 | $ | 560,418,517 | $ | 365,307,841 | $ | 1,118,407 | ||||||||
Gross Unrealized Appreciation
|
$ | 145,937,386 | $ | 109,241,849 | $ | 36,016,571 | $ | 512 | ||||||||
Gross Unrealized Depreciation
|
(26,877,411 | ) | (16,725,026 | ) | (17,120,083 | ) | (105,014 | ) | ||||||||
Net Unrealized Appreciation (Depreciation) on Investments
|
$ | 119,059,975 | $ | 92,516,823 | $ | 18,896,488 | $ | (104,502 | ) |
24 |
SteelPath MLP Funds Semi-Annual Report
|
Weighted Average
Interest Rate
|
Weighted Average
Loan Balance
|
Number of Days
Outstanding
|
Interest Expense
Incurred
|
Maximum Amount
Borrowed During
the Period
|
||||||||
1.14% | $506,332 | 53 | $832 | $595,395 |
May 31, 2012
|
25 |
Beginning
Account Value
December 1, 2011
|
Ending
Account Value
May 31, 2012
|
Expenses Paid
During the
Six Month
Period Ended
May 31, 2012*
|
Net Expense
Ratio Annualized
May 31, 2012#
|
Total Return
Period Ended
May 31, 2012
|
|
Select 40 Fund
|
|||||
Class A Actual
|
$1,000.00
|
$995.70
|
$5.49
|
1.10%
|
(0.43)%
|
Class A Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.50
|
$5.55
|
1.10%
|
1.95%
|
Class C Actual
|
$1,000.00
|
$993.80
|
$9.22
|
1.85%
|
(0.62)%
|
Class C Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,015.75
|
$9.33
|
1.85%
|
1.57%
|
Class I Actual
|
$1,000.00
|
$996.70
|
$4.24
|
0.85%
|
(0.33)%
|
Class I Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.75
|
$4.29
|
0.85%
|
2.07%
|
Class Y Actual
|
$1,000.00
|
$997.70
|
$4.24
|
0.85%
|
(0.23)%
|
Class Y Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.75
|
$4.29
|
0.85%
|
2.08%
|
26 |
SteelPath MLP Funds Semi-Annual Report
|
Beginning
Account Value
December 1, 2011
|
Ending
Account Value
May 31, 2012
|
Expenses Paid
During the
Six Month
Period Ended
May 31, 2012*
|
Net Expense
Ratio Annualized
May 31, 2012#
|
Total Return
Period Ended
May 31, 2012
|
Alpha Fund
|
|||||
Class A Actual
|
$1,000.00
|
$1,006.70
|
$7.52
|
1.50%
|
0.67%
|
Class A Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,017.50
|
$7.57
|
1.50%
|
1.75%
|
Class C Actual
|
$1,000.00
|
$1,003.80
|
$11.27
|
2.25%
|
0.38%
|
Class C Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,013.75
|
$11.33
|
2.25%
|
1.38%
|
Class I Actual
|
$1,000.00
|
$1,008.60
|
$6.28
|
1.25%
|
0.86%
|
Class I Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.75
|
$6.31
|
1.25%
|
1.88%
|
Income Fund
|
|||||
Class A Actual
|
$1,000.00
|
$998.80
|
$6.75
|
1.35%
|
(0.12)%
|
Class A Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,018.25
|
$6.81
|
1.35%
|
1.83%
|
Class C Actual (b)
|
$1,000.00
|
$995.80
|
$10.48
|
2.10%
|
(0.42)%
|
Class C Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,014.50
|
$10.58
|
2.10%
|
1.45%
|
Class I Actual
|
$1,000.00
|
$1,000.80
|
$5.50
|
1.10%
|
0.08%
|
Class I Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.50
|
$5.55
|
1.10%
|
1.95%
|
Alpha Plus Fund
|
|||||
Class A Actual(a)
|
$1,000.00
|
$948.40
|
$9.74
|
2.00%
|
(5.16)%
|
Class A Hypothetical (5% return before expenses)(a)
|
$1,000.00
|
$1,015.00
|
$10.08
|
2.00%
|
1.50%
|
Class C Actual (b)
|
$1,000.00
|
$986.20
|
$13.66
|
2.75%
|
(1.38)%
|
Class C Hypothetical (5% return before expenses)(b)
|
$1,000.00
|
$1,011.25
|
$13.83
|
2.75%
|
1.13%
|
Class I Actual (c)
|
$1,000.00
|
$962.70
|
$8.59
|
1.75%
|
(3.73)%
|
Class I Hypothetical (5% return before expenses)(c)
|
$1,000.00
|
$1,016.25
|
$8.82
|
1.75%
|
1.63%
|
*
|
Expenses are equal to each Fund’s annualized expense ratio (based upon the last six months) as reflected in the fourth column above, multiplied by the average account value over the period, multiplied by (# of days in most recent fiscal half-year divided by # of days in current fiscal year (183/366) to reflect the one-half year period.
|
#
|
Deferred tax benefit/(expense) is not included in the ratio calculation.
|
(a)
|
Class inception date 2/7/2012.
|
(b)
|
Class inception date 5/23/2012.
|
(c)
|
Class inception date 1/3/2012.
|
May 31, 2012
|
27 |
28 |
SteelPath MLP Funds Semi-Annual Report
|
May 31, 2012
|
29 |
30 |
SteelPath MLP Funds Semi-Annual Report
|
May 31, 2012
|
31 |
32 |
SteelPath MLP Funds Semi-Annual Report
|
May 31, 2012
|
33 |
|
Page
|
Letter to Shareholders
|
2
|
Schedule of Investments
|
4
|
Statement of Assets and Liabilities
|
5
|
Statement of Operations
|
6
|
Statement of Changes in Net Assets.
|
7
|
Financial Highlights
|
8
|
Notes to Financial Statements
|
10
|
Expense Example
|
14
|
Other Information
|
15
|
Approval of Investment Advisory Agreement
|
16
|
Privacy Policy
|
18
|
2 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
1
|
The Alerian MLP Index is a composite of the 50 most prominent energy Master Limited Partnerships that provides investors with an unbiased, comprehensive benchmark for this emerging asset class. The index, which is calculated using a float-adjusted, capitalization-weighted methodology, is disseminated real-time on a price-return basis (AMZ). It is not possible to invest directly in an index. Performance information provided for the Alerian MLP Index is not indicative of the performance of the SteelPath Funds.
|
2
|
Simple return reflects Index performance without including the impact of distributions/dividends. A simple return is also referred to as price return or price appreciation. Total return reflects Index performance including the impact of distributions/dividends.
|
3
|
The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance and typically does not include fees and expenses. It is not possible to invest directly in an index.
|
4
|
Equal-weighted basis refers to a type of weighting that gives the same weight, or importance, to each stock in an index. The smallest companies are given equal weight to the largest companies in an equal-weight index. This allows all of the companies to be considered on an even playing field.
|
5
|
Basis points refers to a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points, and 0.01% = 1 basis point.
|
6
|
Enterprise Value (EV) is a measure of a company’s value, often used as an alternative to straightforward market capitalization. Enterprise value is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company’s financial performance. EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back into the calculation. EBITDA can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
|
7
|
Distributable cash flow (DCF) is generally calculated as earnings before interest, taxes, depreciation and amortization (EBITDA) plus non-cash losses, minus interest expense, maintenance capital expenditures, and non-cash gains.
|
8
|
Capital Expenditure (capex) funds are used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. This type of outlay is made by companies to maintain or increase the scope of their operations.
|
May 31, 2012
|
3 |
Description
|
Principal
|
Fair Value
|
||||||
Debt Investments — 41.7%
|
||||||||
Gathering/Processing — 9.3%
|
||||||||
Chesapeake Midstream Partners LP, 6.13%, 7/15/22, Callable 1/15/17
|
9,000 | $ | 8,595 | |||||
Copano Energy LLC 7.13%, 4/1/21, Callable 4/1/16 @ 103.56
|
16,000 | 16,560 | ||||||
DCP Midstream LLC, 9.75%, 3/15/19 (1)
|
4,000 | 5,227 | ||||||
DCP Midstream Operating LP, 3.25%, 10/1/15
|
8,000 | 8,094 | ||||||
MarkWest Energy Partners LP
|
||||||||
6.50%, 8/15/21, Callable 2/15/16
|
5,000 | 5,187 | ||||||
6.25%, 6/15/22, Callable 12/15/16
|
7,000 | 7,210 | ||||||
Regency Energy Partners LP
|
||||||||
6.88%, 12/1/18, Callable 12/1/14
|
8,000 | 8,400 | ||||||
6.50%, 7/15/21, Callable 7/15/16
|
8,000 | 8,280 | ||||||
Targa Resources Partners LP, 6.88%, 2/1/21, Callable 2/1/16 @ 103.44
|
4,000 | 4,140 | ||||||
Total Gathering/Processing
|
71,693 | |||||||
Natural Gas Pipelines — 18.3%
|
||||||||
Boardwalk Pipelines LP, 5.75%, 9/15/19
|
29,000 | 32,791 | ||||||
El Paso Pipeline Partners Operating Co. LLC
|
||||||||
5.00%, 10/1/21, Callable 7/1/21
|
8,000 | 8,605 | ||||||
7.50%, 11/15/40
|
6,000 | 7,625 | ||||||
Energy Transfer Equity LP, 7.50%, 10/15/20
|
11,000 | 11,935 | ||||||
Enterprise Products Operating LLC
|
||||||||
5.95%, 2/1/41
|
19,000 | 21,917 | ||||||
5.70%, 2/15/42
|
7,000 | 7,821 | ||||||
ONEOK, Inc., 6.88%, 9/30/28
|
8,000 | 9,469 | ||||||
Williams Cos., Inc.
|
||||||||
7.88%, 9/1/21
|
8,000 | 10,407 | ||||||
7.50%, 1/15/31
|
15,000 | 18,973 | ||||||
8.75%, 3/15/32
|
9,000 | 12,578 | ||||||
Total Natural Gas Pipelines
|
142,121 | |||||||
Petroleum Transportation — 14.1%
|
||||||||
Genesis Energy LP, 7.88%, 12/15/18, Callable 12/15/14
|
14,000 | 14,245 | ||||||
Kinder Morgan Finance Co. ULC, 5.70%, 1/5/16
|
11,000 | 11,577 | ||||||
NuStar Logistics LP, 7.65%, 4/15/18
|
3,000 | 3,515 | ||||||
Sunoco Logistics Partners Operations LP
|
||||||||
4.65%, 2/15/22
|
25,000 | 26,059 | ||||||
6.85%, 2/15/40
|
17,000 | 20,264 | ||||||
6.10%, 2/15/42
|
32,000 | 33,857 | ||||||
Total Petroleum Transportation
|
109,517 | |||||||
Total Debt Investments
|
||||||||
(identified cost $325,073)
|
323,331 | |||||||
Total Investments — 41.7%
|
||||||||
(identified cost $325,073)
|
323,331 | |||||||
Other Assets In Excess of Liabilities — 58.3%
|
452,822 | |||||||
Net Assets — 100.0%
|
$ | 776,153 |
LLC — Limited Liability Company
|
LP — Limited Partnership
|
ULC — Unlimited Liability Corporation
|
(1)
|
Represents a restricted security purchase under rule 144A which is exempt from registration under the Securities Act of 1933 as amended, these securities amounted to $5,227 and 0.7% of net assets.
|
4 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
|
SteelPath MLP and Infrastructure Debt Fund*
|
|||
Assets:
|
||||
Investment securities:
|
||||
At acquisition cost
|
$ | 325,073 | ||
At fair value
|
$ | 323,331 | ||
Cash
|
364,654 | |||
Due from Advisor
|
58,978 | |||
Interest receivable
|
5,386 | |||
Receivable for capital stock sold
|
195,500 | |||
Prepaid expenses
|
42,419 | |||
Total assets
|
990,268 | |||
Liabilities:
|
||||
Payable for investments purchased
|
169,108 | |||
Payable for 12b-1 fees, Class A
|
29 | |||
Other liabilities
|
44,978 | |||
Total liabilities
|
214,115 | |||
Total Net Assets
|
$ | 776,153 | ||
Net Assets Consist of:
|
||||
Paid-in capital
|
$ | 776,689 | ||
Undistributed net investment income
|
1,206 | |||
Net unrealized depreciation on investments
|
(1,742 | ) | ||
Total Net Assets
|
$ | 776,153 | ||
Net Asset Value, Offering Price and Redemption Proceeds Per Share ($0.001 Par Value, Unlimited Shares Authorized)
|
||||
Class A Shares:
|
||||
Net asset value and redemption proceeds per share
|
$ | 9.92 | ||
Offering price per share **
|
$ | 10.53 | ||
Class I Shares:
|
||||
Net asset value, offering price and redemption proceeds per share
|
$ | 9.92 | ||
Net Assets:
|
||||
Class A shares
|
$ | 493,545 | ||
Class I shares
|
282,608 | |||
Total Net Assets
|
$ | 776,153 | ||
Shares Outstanding:
|
||||
Class A shares
|
49,733 | |||
Class I shares
|
28,476 | |||
Total Shares Outstanding
|
78,209 |
*
|
Fund commenced operations on January 3, 2012.
|
**
|
Computation of offering price per share 100/94.25 of net asset value.
|
May 31, 2012
|
5 |
|
SteelPath MLP and Infrastructure Debt Fund*
|
|||
Investment Income:
|
||||
Interest income
|
$ | 2,064 | ||
Total investment income
|
2,064 | |||
Expenses:
|
||||
Investment advisory fee
|
709 | |||
Legal fees
|
34,960 | |||
Administrative fees
|
24,592 | |||
Registration fees
|
17,392 | |||
Transfer agent fees
|
14,279 | |||
Directors' fees
|
9,109 | |||
Printing and postage
|
8,164 | |||
Auditing fees
|
7,601 | |||
CCO fees
|
6,584 | |||
Custody fees
|
6,242 | |||
12b-1 fees, Class A
|
31 | |||
Miscellaneous
|
4,515 | |||
Total expenses, before waivers
|
134,178 | |||
Less expense waivers
|
(133,320 | ) | ||
Net expenses
|
858 | |||
Net investment income
|
1,206 | |||
Net Unrealized (Losses) on Investments:
|
||||
Investments
|
(1,742 | ) | ||
Net Unrealized losses on investments
|
(1,742 | ) | ||
Change in net assets resulting from operations
|
$ | (536 | ) |
*
|
For the period January 3, 2012 commencement of operations, through May 31, 2012.
|
6 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
SteelPath MLP
and Infrastructure Debt Fund
|
||||
|
For the Period Ended
May 31, 2012* (Unaudited)
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations:
|
||||
Net investment income
|
$ | 1,206 | ||
Net change in unrealized appreciation on investments
|
(1,742 | ) | ||
Change in net assets resulting from operations
|
(536 | ) | ||
Capital Share Transactions:
|
||||
Class A
|
||||
Shares sold
|
493,519 | |||
Shares redeemed
|
(19 | ) | ||
Net increase
|
493,500 | |||
Class I
|
||||
Shares sold
|
283,189 | |||
Net increase
|
283,189 | |||
Change in net assets resulting from capital share transactions
|
776,689 | |||
Change in net assets
|
776,153 | |||
Net Assets:
|
||||
Beginning of period
|
— | |||
End of period
|
$ | 776,153 | ||
Undistributed net investment income
|
$ | 1,206 | ||
Transactions in Shares:
|
||||
Class A
|
||||
Shares sold
|
49,735 | |||
Shares redeemed
|
(2 | ) | ||
Net increase
|
49,733 | |||
Class I
|
||||
Shares sold
|
28,476 | |||
Net increase
|
28,476 | |||
Net increase from transactions in shares
|
78,209 |
*
|
For the period January 3, 2012 commencement of operations, through May 31, 2012.
|
May 31, 2012
|
7 |
Income From Investment Operations:
|
Distributions From:
|
|||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year/Period
|
Net investment income/(loss)(1)
|
Net Realized and Unrealized Gains (losses)(2)
|
Increase (Decrease) from Investment Operations
|
Net investment income
|
Net
Realized gains
|
Total Distributions
|
Net Asset Value, End of Period
|
Total Return(3)(4)
|
||||||||||||||||||||||||||||
SteelPath MLP and Infrastructure Debt Fund
|
||||||||||||||||||||||||||||||||||||
Class A Shares
|
||||||||||||||||||||||||||||||||||||
For the period from 2/7/2012 - 5/31/2012 (8)
|
$ | 9.99 | 0.02 | (0.09 | ) | (0.07 | ) | — | — | — | $ | 9.92 | (0.70 | %) | ||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||||||||||||||
For the period from 1/3/2012 - 5/31/2012 (9)
|
$ | 10.00 | 0.07 | (0.15 | ) | (0.08 | ) | — | — | — | $ | 9.92 | (0.80 | %) |
(1)
|
Calculated based on average shares outstanding during the period.
|
(2)
|
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share in the period. It does not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuation in share transactions this period.
|
(3)
|
Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of Fund distributions.
|
(4)
|
Not annualized for periods less than one year
|
(5)
|
Annualized for periods less than one year
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between share classes issued.
|
(7)
|
Not annualized
|
(8)
|
Class A Shares commenced operations at the close of business February 6, 2012.
|
(9)
|
The net asset value for the beginning of the period close of business December 30, 2011 (Commencement of Operations) though May 31, 2012 represents the initial contribution per share of $10.
|
8 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
Ratios /Supplemental Data
|
||||||||||||||||||
Net Assets, End of Year (000’s)
|
Ratio of gross expenses to average net assets(5)
|
Ratio of net expenses to average net assets(5)
|
Ratio of net investment income (loss) to average net assets
|
Portfolio Turnover Rate(6)(7)
|
||||||||||||||
$ | 494 | 153.49 | % | 1.19 | % | 0.70 | % | 0 | % | |||||||||
$ | 283 | 165.71 | % | 1.02 | % | 1.62 | % | 0 | % |
May 31, 2012
|
9 |
10 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
|
•
|
Level 1 — quoted prices for active markets for identical securities;
|
|
•
|
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); or
|
|
•
|
Level 3 — significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.
|
Level 1 –
Quoted Prices
|
Level 2 –
Other Significant
Observable Inputs
|
Level 3 –
Significant
Unobservable Inputs
|
Total
|
|||||||||||||
Debt Investments*
|
$ | — | $ | 323,331 | $ | — | $ | 323,331 | ||||||||
Total
|
$ | — | $ | 323,331 | $ | — | $ | 323,331 |
*
|
For a detailed break-out of investments by major industry classification, please refer to the Schedule of Investments.
|
May 31, 2012
|
11 |
12 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
Debt Fund
|
||||
Purchases
|
$ | 325,383 | ||
Sales
|
0 |
Debt Fund
|
||||
Cost of Investments
|
$ | 325,073 | ||
Gross Unrealized Appreciation
|
$ | 2,939 | ||
Gross Unrealized Depreciation
|
(4,681 | ) | ||
Net Unrealized Appreciation (Depreciation) on Investments
|
$ | (1,742 | ) |
May 31, 2012
|
13 |
Beginning
Account Value
December 1, 2011
|
Ending
Account Value
May 31, 2012
|
Expenses Paid During the
Six Month
Period Ended
May 31, 2012
|
Net Expense
Ratio Annualized
May 31, 2012#
|
Total Return
Period Ended
May 31, 2012
|
|
Debt Fund
|
|||||
Class A Actual (a)
|
$1,000.00
|
$993.00
|
$5.90
|
1.19%
|
(0.70)%
|
Class A Hypothetical (5% return before expenses)(a)
|
$1,000.00
|
$1,019.08
|
$5.97
|
1.19%
|
1.91%
|
Class I Actual (b)
|
$1,000.00
|
$992.00
|
$5.05
|
1.02%
|
(0.80)%
|
Class I Hypothetical (5% return before expenses)(b)
|
$1,000.00
|
$1,019.93
|
$5.12
|
1.02%
|
1.99%
|
*
|
Expenses are equal to the Fund’s annualized expense ratio (based upon the last six months) as reflected in the fourth column above, multiplied by the average account value over the period, multiplied by (# of days in most recent fiscal half-year divided by # of days in current fiscal year (183/366) to reflect the one-half year period.
|
(a)
|
Class inception date 2/7/2012.
|
(b)
|
Class inception date 1/3/2012.
|
14 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
May 31, 2012
|
15 |
16 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
May 31, 2012
|
17 |
18 |
SteelPath MLP and Infrastructure Debt Fund Semi-Annual Report
|
(a)
|
The registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service providers.
|
(b)
|
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a)
|
(1)
|
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing exhibit.
|
|
(2)
|
A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
|
|
(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
|
/s/ Gabriel Hammond
|
||
By: Gabriel Hammond
|
||
President and Principal Executive Officer
|
||
Date
|
8/1/2012 |
/s/ Gabriel Hammond
|
||
By: Gabriel Hammond
|
||
President and Principal Executive Officer
|
||
Date
|
8/1/2012 | |
/s/ Stuart Cartner
|
||
By: Stuart Cartner
|
||
Vice President, Treasurer and Principal Financial Officer
|
||
Date
|
8/3/2012 |
1.
|
I have reviewed this report on Form N-CSR of SteelPath MLP Funds Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
8/1/2012 | |
/s/ Gabriel Hammond
|
||
Gabriel Hammond
|
||
President and Principal Executive Officer
|
1.
|
I have reviewed this report on Form N-CSR of SteelPath MLP Funds Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
|
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
8/3/2012 | ||
/s/ Stuart Cartner
|
|||
Stuart Cartner
|
|||
Vice President, Treasurer and Principal Financial Officer
|
1.
|
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the SteelPath MLP Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the SteelPath MLP Funds Trust for the period ended May 31, 2011, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the SteelPath MLP Funds Trust for the stated period.
|
/s/ Gabriel Hammond
|
/s/ Stuart Cartner
|
|||||
Gabriel Hammond
|
Stuart Cartner
|
|||||
President and Principal Executive Officer
|
Vice President, Treasurer and Principal Financial Officer
|
|||||
Date:
|
8/1/2012 |
Date:
|
8/3/2012 |