Oppenheimer SteelPath Panoramic Fund

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N-CSRS 1 d385813dncsrs.htm OPPENHEIMER STEELPATH PANORAMIC FUND Oppenheimer SteelPath Panoramic Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23061

Oppenheimer SteelPath Panoramic Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: October 31

Date of reporting period: 4/30/2017

Item 1. Reports to Stockholders.

LOGO

Semiannual Report 4/30/2017 Oppenheimer SteelPath Panoramic Fund

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			13

Statement of Operations			15

Statement of Changes in Nets Assets			16

Financial Highlights			17

Notes to Financial Statements			22

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			35

Trustees and Officers			36

Privacy Policy Notice			37

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/17


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	S&P 500 Energy Index
6-Month	0.79%	-5.01%	0.13%
1-Year	8.12	1.91	2.08
Since Inception (11/18/15)	1.72	-2.35	2.37

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2 OPPENHEIMER STEELPATH PANORAMIC FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 0.79% over the six month period ended April 30, 2017. In comparison, the Fund outperformed the S&P 500 Energy Index (the “Index”), which returned 0.13% during the same period.

The Fund is positioned to provide exposure across the energy value chain to the expected “call” on North American hydrocarbons over the next several years through investments in exploration and production companies, oilfield service providers, midstream logistics operators, refining and chemical companies, as well as other energy beneficiaries. Longer-term, the Fund intends to adapt its positioning in order to take advantage of ongoing structural and thematic shifts within the global energy landscape.

MARKET REVIEW

After rising sharply in the final two months of 2016, the energy sector slid back gradually to end the six month period essentially where it started. Energy equities and commodity prices initially moved higher following the agreement from the members of OPEC (Organization of Petroleum Exporting Countries), along with key non-OPEC members such as Russia, to cut crude oil production. This action was intended to accelerate the reduction in global crude inventories back to more normal levels and consequently stabilize the price of oil.

However, after peaking in December, energy equities began to give back some of those gains as the initial exuberance around the

OPEC deal faded. This reversal can largely be attributed to two issues: a slower than expected drawdown in crude inventories, and a faster than expected ramp up in U.S. drilling rigs. The former issue spooked investors expecting decisive inventory draws early in the year, while the latter issue raised questions as to whether U.S. producers would produce too much too soon, impeding the market rebalance.

From our vantage point, we believe the market may have been overly excited on the pace of the oil price recovery. Oil inventories take time to work their way through the global system, and are notoriously difficult to track accurately, with most participants relying principally on weekly U.S. figures published by the Department of Energy. Furthermore, the seasonality of refinery maintenance meant that spring was likely a low period for oil consumption, and should improve as we enter the higher demand of summer driving season.

Performance by energy subsector over the full period was as follows: the exploration and production index reflected a -1.73% return; the oilfield services index reflected a 2.57% return; the midstream index reflected a 9.54% return; and the refining index reflected a 6.97% return.

3 OPPENHEIMER STEELPATH PANORAMIC FUND

FUND REVIEW

Fund performance benefited from outperformance in the storage & transportation sub-sector, driven primarily by our midstream investments, which stand to benefit from rising levels of oil & gas production. The equipment & services sub-sector was a detractor, as this group generally has the highest exposure to changes in commodity price expectations and levels of drilling activity.

Key individual contributors to the Fund’s performance were Oasis Petroleum Inc. (OAS) and Ardmore Shipping Corp. (ASC).

OAS shares outperformed during the period as positive results from the utilization of new enhanced well completion designs led to a stronger near-term production trajectory and gains in capital efficiency. Against the backdrop of volatile but still subdued oil prices, we suspect that investors have begun placing a higher value on the company’s existing acreage position in the Bakken shale, with room to run in adding to its prospective drilling inventory as this new technology is applied outside of its core area.

Despite typical seasonal headwinds to product tanker rates during this period, ASC benefited from the combination of an improved economic growth backdrop and the resulting gains to refined product consumption trends. Furthermore, we suspect that the market is beginning to recognize the potential tightness within the global product tanker fleet into 2018, and the consequently higher likelihood

of a cyclical upturn for tanker rates.

Key detractors from the Fund’s performance were Gulfport Energy Corp. (GPOR) and Nabors Industries Ltd. (NBR).

GPOR’s underperformance over the period was in part influenced by another subdued winter for natural gas prices as mild weather conditions kept natural gas storage levels above the historical norms. Additionally, the market may have been cautious around near-term growing pains that could accompany its $1.85 billion acquisition of SCOOP (South Central Oklahoma Oil Province) producer Vitruvian, which marks a step-out from its core Utica asset base.

Despite robust gains to the U.S. rig count, NBR’s underperformance can be partly attributed to its higher relative exposure to the still subdued oilfield activity levels abroad as well as above average debt.

OUTLOOK

While near-term energy price volatility will likely remain for some time, our fundamental analysis of the energy markets suggests a high probability that energy prices, capital investment, and volumes will increase over the coming years in order to satisfy growing global demand and offset declining legacy production. Thus we believe the oil and gas sector is primed to provide healthy returns to investors over a multi-year period.

4 OPPENHEIMER STEELPATH PANORAMIC FUND

Specifically, we believe that U.S. shale will play a dominant role in the re-emergence of the energy markets from one of the harshest down-cycles in history. Beyond the resultant tailwind for certain producers, we foresee opportunities spanning across U.S. midstream operators, oil and gas service providers, as well as feedstock consumers such as refineries and chemical companies. The Fund is currently positioned to exploit these trends by investing across the panorama of the energy value chain. While most energy focused indices carry outsized exposure to mega-cap companies that appear less competitively advantaged versus prior energy cycles, the Fund’s broader focus aims to better capture the beneficiaries of these and other long-term energy trends.

LOGO

Brian Watson, CFA

Portfolio Manager

5 OPPENHEIMER STEELPATH PANORAMIC FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


Newfield Exploration Co.	3.9	%
Cimarex Energy Co.	3.6
Halliburton Co.	3.6
ConocoPhillips	3.5
Concho Resources, Inc.	3.4
Laredo Petroleum, Inc.	3.3
Pioneer Natural Resources Co.	3.2
Oasis Petroleum, Inc.	3.1
Anadarko Petroleum Corp.	3.1
Sunoco Logistics Partners LP	3.1

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds. com.

TOP COMMON STOCK INDUSTRIES


Oil, Gas & Consumable Fuels	77.3	%
Energy Equipment & Services	12.8
Chemicals	8.2

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2017, and are based on total market value of common stock.

6 OPPENHEIMER STEELPATH PANORAMIC FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/17


	Inception Date	6-Month			1-Year			Since Inception
Class A (EESAX)	11/18/15		0.79	%		8.12	%		1.72	%
Class C (EESCX)	11/18/15		0.40			7.41			1.03
Class I (EESIX)	11/18/15		0.98			8.64			2.17
Class R (EESRX)	11/18/15		0.59			7.91			1.58
Class Y (EESYX)	11/18/15		0.88			8.43			2.02

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/17


	Inception Date	6-Month			1-Year			Since Inception
Class A (EESAX)	11/18/15		-5.01	%		1.91	%		-2.35	%
Class C (EESCX)	11/18/15		-0.60			6.41			1.03
Class I (EESIX)	11/18/15		0.98			8.64			2.17
Class R (EESRX)	11/18/15		0.59			7.91			1.58
Class Y (EESYX)	11/18/15		0.88			8.43			2.02

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75% and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. There is no sales charge for Class I, Class R and Y shares. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the S&P 500 Energy Index, which comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

7 OPPENHEIMER STEELPATH PANORAMIC FUND

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8 OPPENHEIMER STEELPATH PANORAMIC FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2017.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2017” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9 OPPENHEIMER STEELPATH PANORAMIC FUND


Actual	Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Expenses Paid During 6 Months Ended April 30, 2017
Class A	$	1,000.00	$	1,007.90	$	7.75
Class C		1,000.00		1,004.00		11.49
Class I		1,000.00		1,009.80		5.50
Class R		1,000.00		1,005.90		8.99
Class Y		1,000.00		1,008.80		6.50

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,017.11		7.78
Class C		1,000.00		1,013.39		11.55
Class I		1,000.00		1,019.34		5.52
Class R		1,000.00		1,015.87		9.04
Class Y		1,000.00		1,018.35		6.53

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2017 are as follows:


Class	Expense Ratios
Class A		1.55	%
Class C		2.30
Class I		1.10
Class R		1.80
Class Y		1.30

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 OPPENHEIMER STEELPATH PANORAMIC FUND



STATEMENT OF INVESTMENTS April 30, 2017 Unaudited


	Shares		Value
Common Stocks—98.3%
Energy—90.1%
Energy Equipment & Services—12.8%
Archrock Partners LP¹		24,650	$	403,027
Baker Hughes, Inc.		7,734		459,168
Basic Energy Services, Inc.²		5,300		144,001
Halliburton Co.		16,092		738,301
Nabors Industries Ltd.		25,750		266,255
TETRA Technologies, Inc.²		54,100		180,153
US Silica Holdings, Inc.		10,345		429,317
				2,620,222


Oil, Gas & Consumable Fuels—77.3%
American Midstream Partners LP¹		17,300		256,905
Anadarko Petroleum Corp.		11,150		635,773
Apache Corp.		3,036		147,671
ARC Resources Ltd.		11,200		147,031
Ardmore Shipping Corp.		59,032		457,498
Cabot Oil & Gas Corp.		18,149		421,783
Chevron Corp.		3,618		386,041
Cimarex Energy Co.		6,346		740,451
Concho Resources, Inc.²		5,587		707,649
ConocoPhillips		15,171		726,843
Energy Transfer Equity LP¹		12,000		223,920
Enterprise Products Partners LP¹		7,841		214,216
EOG Resources, Inc.		5,263		486,827
Genesis Energy LP¹		12,653		396,545
Golar LNG Ltd.		20,785		530,225
Gulfport Energy Corp.²		16,352		259,670
Hess Midstream Partners LP²		1,490		38,114
Laredo Petroleum, Inc.²		53,209		684,268
Newfield Exploration Co.²		23,140		801,107
Oasis Petroleum, Inc.²		53,800		642,372


	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Parsley Energy, Inc., Cl. A²		10,500	$	312,795
PDC Energy, Inc.²		6,900		381,087
Pioneer Natural Resources Co.		3,820		660,822
Range Resources Corp.		12,002		317,933
Rice Midstream Partners LP¹		12,974		327,204
RSP Permian, Inc.²		10,596		403,178
Scorpio Tankers, Inc.		58,784		258,650
Seven Generations Energy Ltd., Cl. A²		9,050		160,242
Summit Midstream Partners LP¹		12,600		296,730
Sunoco Logistics Partners LP¹		26,400		632,016
Tallgrass Energy GP LP, Cl. A		11,500		309,925
Targa Resources Corp.		4,700		259,111
Teekay LNG Partners LP¹		25,900		432,530
Tesoro Corp.		7,793		621,180
Valero Energy Corp.		7,774		502,278
Williams Cos., Inc. (The)		17,000		520,710
WPX Energy, Inc.²		48,950		583,973
				15,885,273


Materials—8.2%
Chemicals—8.2%
Dow Chemical Co. (The)		8,215		515,902
LyondellBasell Industries NV, Cl. A		5,338		452,449
W.R. Grace & Co.		7,600		529,872
Westlake Chemical Corp.		3,100		192,975
				1,691,198
Total Common Stocks (Cost $19,499,808)				20,196,693

Total Investments, at Value (Cost $19,499,808)		98.3%		20,196,693
Net Other Assets (Liabilities)		1.7		346,078

Net Assets		100.0%	$	20,542,771

11 OPPENHEIMER STEELPATH PANORAMIC FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Non-income producing security.

Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares October 31, 2016		Gross Additions		Gross Reductions		Shares April 30, 2017
Oppenheimer Institutional
Government Money Market Fund, Cl. E		159,123		5,912,129		6,071,252		—

							Income
Oppenheimer Institutional Government Money Market Fund, Cl. E							$	917

See accompanying Notes to Financial Statements.

12 OPPENHEIMER STEELPATH PANORAMIC FUND



STATEMENT OF ASSETS AND LIABILITIES April 30, 2017 Unaudited


Assets
Investments, at value (cost $19,499,808)—see accompanying statement of investments	$	20,196,693

Receivables and other assets:
Investments sold		333,314
Dividends		21,059
Shares of beneficial interest sold		18,441
Other		44,849

Total assets		20,614,356


Liabilities
Bank overdraft		39,769

Payables and other liabilities:
Shares of beneficial interest redeemed		7,789
Distribution and service plan fees		4,205
Trustees’ compensation		1,831
Shareholder communications		290
Other		17,701

Total liabilities		71,585


Net Assets	$	20,542,771



Composition of Net Assets
Par value of shares of beneficial interest	$	2,006

Additional paid-in capital		20,266,413

Accumulated net investment loss		(74,920)

Accumulated net realized loss on investments and foreign currency transactions		(347,610)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		696,882

Net Assets	$	20,542,771

13 OPPENHEIMER STEELPATH PANORAMIC FUND



STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $16,433,494 and 1,603,354 shares of beneficial interest outstanding)			$10.25
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)			$10.88


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,833,488 and 180,643 shares of beneficial interest outstanding)			$10.15


Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $10,310 and 1,000 shares of beneficial interest outstanding)			$10.31


Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,326,539 and 129,658 shares of beneficial interest outstanding)			$10.23


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $938,940 and 91,266 shares of beneficial interest outstanding)			$10.29

See accompanying Notes to Financial Statements.

14 OPPENHEIMER STEELPATH PANORAMIC FUND



STATEMENT OF OPERATIONS For the Six Months Ended April 30, 2017 Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $438)	$	87,614
Affiliated companies		917

Interest		170

Total investment income		88,701


Expenses
Management fees		103,738

Distribution and service plan fees:
Class A		7,663
Class C		8,140
Class R		2,527

Transfer and shareholder servicing agent fees:
Class A		18,989
Class C		1,795
Class I		2
Class R		1,119
Class Y		907

Shareholder communications:
Class A		3,180
Class C		1,297
Class R		1,096
Class Y		53

Legal, auditing and other professional fees		33,893

Trustees’ compensation		4,028

Custodian fees and expenses		1,278

Other		905

Total expenses		190,610
Less waivers and reimbursements of expenses		(23,480)

Net expenses		167,130


Net Investment Loss		(78,429)


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		175,874
Foreign currency transactions		(4,722)

Net realized gain		171,152

Net change in unrealized appreciation/depreciation on:
Investment transactions		(492,372)
Translation of assets and liabilities denominated in foreign currencies		(3)

Net change in unrealized appreciation/depreciation		(492,375)

Net Decrease in Net Assets Resulting from Operations	$	(399,652)

See accompanying Notes to Financial Statements.

15 OPPENHEIMER STEELPATH PANORAMIC FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2017 (Unaudited)		Year Ended October 31, 2016¹

Operations
Net investment loss	$	(78,429)	$	(24,745)

Net realized gain (loss)		171,152		(491,438)

Net change in unrealized appreciation/depreciation		(492,375)		1,189,257

Net increase (decrease) in net assets resulting from operations		(399,652)		673,074


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		—		(700)
Class C		—		—
Class I		—		(5)
Class R		—		—
Class Y		—		(103)

		—		(808)


Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		2,830,855		13,229,224
Class C		1,181,202		701,918
Class I		—		—
Class R		738,275		575,226
Class Y		456,630		456,827

		5,206,962		14,963,195


Net Assets
Total increase		4,807,310		15,635,461

Beginning of period		15,735,461		100,000²

End of period (including accumulated net investment income (loss) of $(74,920) and $3,509, respectively)	$	20,542,771	$	15,735,461

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Reflects the value of the Manager’s seed money invested on June 24, 2015.

See accompanying Notes to Financial Statements.

16 OPPENHEIMER STEELPATH PANORAMIC FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended April 30, 2017 (Unaudited)		Period Ended October 31, 2016¹

Per Share Operating Data
Net asset value, beginning of period		$10.17		$10.00

Income (loss) from investment operations:
Net investment loss²		(0.04)		(0.02)
Net realized and unrealized gain		0.12		0.19

Total from investment operations		0.08		0.17

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.00)³

Net asset value, end of period		$10.25		$10.17



Total Return, at Net Asset Value⁴		0.79%		1.71%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$16,434		$13,821

Average net assets (in thousands)		$17,419		$10,936

Ratios to average net assets:⁵
Net investment loss		(0.69)%		(0.20)%
Total expenses⁶		1.73%		2.19%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.55%		1.55%

Portfolio turnover rate		19%		35%

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended April 30, 2017		1.73%
		Period Ended October 31, 2016		2.20%

See accompanying Notes to Financial Statements.

17 OPPENHEIMER STEELPATH PANORAMIC FUND



FINANCIAL HIGHLIGHTS Continued


Class C	Six Months Ended April 30, 2017 (Unaudited)		Period Ended October 31, 2016¹

Per Share Operating Data
Net asset value, beginning of period		$10.11		$10.00

Income (loss) from investment operations:
Net investment loss²		(0.08)		(0.08)
Net realized and unrealized gain		0.12		0.19

Total from investment operations		0.04		0.11

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00

Net asset value, end of period		$10.15		$10.11



Total Return, at Net Asset Value³		0.40%		1.10%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,833		$777

Average net assets (in thousands)		$1,652		$362

Ratios to average net assets:⁴
Net investment loss		(1.42)%		(0.90)%
Total expenses⁵		2.76%		3.32%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.30%		2.30%

Portfolio turnover rate		19%		35%

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended April 30, 2017		2.76%
		Period Ended October 31, 2016		3.33%

See accompanying Notes to Financial Statements.

18 OPPENHEIMER STEELPATH PANORAMIC FUND


Class I	Six Months Ended April 30, 2017 (Unaudited)		Period Ended October 31, 2016¹

Per Share Operating Data
Net asset value, beginning of period		$10.21		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		(0.01)		0.02
Net realized and unrealized gain		0.11		0.20

Total from investment operations		0.10		0.22

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.01)

Net asset value, end of period		$10.31		$10.21



Total Return, at Net Asset Value³		0.98%		2.16%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$10

Average net assets (in thousands)		$11		$9

Ratios to average net assets:⁴
Net investment income (loss)		(0.22)%		0.24%
Total expenses⁵		1.40%		1.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10%		1.10%

Portfolio turnover rate		19%		35%

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended April 30, 2017		1.40%
		Period Ended October 31, 2016		1.90%

See accompanying Notes to Financial Statements.

19 OPPENHEIMER STEELPATH PANORAMIC FUND



FINANCIAL HIGHLIGHTS Continued


Class R	Six Months Ended April 30, 2017 (Unaudited)		Period Ended October 31, 2016¹

Per Share Operating Data
Net asset value, beginning of period		$10.17		$10.00

Income (loss) from investment operations:
Net investment loss²		(0.05)		(0.03)
Net realized and unrealized gain		0.11		0.20

Total from investment operations		0.06		0.17

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00

Net asset value, end of period		$10.23		$10.17



Total Return, at Net Asset Value³		0.59%		1.70%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,327		$638

Average net assets (in thousands)		$1,031		$272

Ratios to average net assets:⁴
Net investment loss		(0.93)%		(0.30)%
Total expenses⁵		2.33%		2.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.80%		1.80%

Portfolio turnover rate		19%		35%

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Six Months Ended April 30, 2017		2.33%
		Period Ended October 31, 2016		2.90%

See accompanying Notes to Financial Statements.

20 OPPENHEIMER STEELPATH PANORAMIC FUND


Class Y	Six Months Ended April 30, 2017 (Unaudited)		Period Ended October 31, 2016¹

Per Share Operating Data
Net asset value, beginning of period		$10.20		$10.00

Income (loss) from investment operations:
Net investment income (loss)²		(0.03)		0.01
Net realized and unrealized gain		0.12		0.19

Total from investment operations		0.09		0.20

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.00)³

Net asset value, end of period		$10.29		$10.20


Total Return, at Net Asset Value⁴		0.88%		2.05%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$939		$489

Average net assets (in thousands)		$835		$328

Ratios to average net assets:⁵
Net investment income (loss)		(0.62)%		0.06%
Total expenses⁶		1.64%		2.18%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.30%		1.30%

Portfolio turnover rate		19%		35%

1. For the period from November 18, 2015 (commencement of operations) to October 31, 2016.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended April 30, 2017	1.64	%
Period Ended October 31, 2016	2.19	%

See accompanying Notes to Financial Statements.

21 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS April 30, 2017 Unaudited

1. Organization

Oppenheimer SteelPath Panoramic Fund (the “Fund”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a non-diversified open-end management investment company. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI SteelPath, Inc. (the “Adviser” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI”). The Fund commenced operations on November 18, 2015.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a CDSC. Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

22 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder

23 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. This rate increased to 2.00% effective January 1, 2017. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended October 31, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended October 31, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended October 31, 2016 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
No expiration	$	421,792

At period end, it is estimated that the capital loss carryforwards would be $250,640, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $171,152 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal

24 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	19,528,237

Gross unrealized appreciation	$	2,160,884
Gross unrealized depreciation		(1,492,431)

Net unrealized appreciation	$	668,453

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily

25 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities,

26 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are measured using net asset value and are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Energy	$	18,505,495	$	—	$	—	$	18,505,495
Materials		1,691,198		—		—		1,691,198

Total Assets	$	20,196,693	$	—	$	—	$	20,196,693

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

27 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/ or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”) which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds. At period end, the Fund had no holdings in IGMMF.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

28 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Concentration Risk. Concentration risk is the risk that the Fund’s investments in securities of companies in one industry may cause it to be more exposed to changes in that industry or market sector as compared to a more broadly diversified fund.

Because the Fund invests primarily in securities of issuers in the energy industry or sector, it could experience greater volatility or may perform poorly during a downturn in that industry or sector because it is more susceptible to the economic, environmental and regulatory risks associated with that industry or sector than a Fund that invests more broadly.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 50% of the Fund’s total outstanding shares at period end.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an

29 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended April 30, 2017				Period Ended October 31, 2016^1,2
	Shares		Amount		Shares		Amount
Class A
Sold		584,450	$	6,595,120		1,465,134	$	14,324,638
Dividends and/or distributions reinvested		—		—		—		2
Redeemed		(339,582)		(3,764,265)		(112,648)		(1,095,416)

Net increase		244,868	$	2,830,855		1,352,486	$	13,229,224



Class C
Sold		143,853	$	1,618,190		108,704	$	1,015,721
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		(40,077)		(436,988)		(32,837)		(313,803)

Net increase		103,776	$	1,181,202		75,867	$	701,918



Class I
Sold		—	$	—		—	$	—
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		—		—		—		—

Net increase		—	$	—		—	$	—



Class R
Sold		77,544	$	858,827		92,614	$	854,623
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		(10,662)		(120,552)		(30,838)		(279,397)

Net increase		66,882	$	738,275		61,776	$	575,226

30 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Shares of Beneficial Interest (Continued)


	Six Months Ended April 30, 2017				Period Ended October 31, 2016^1,2
	Shares		Amount		Shares		Amount
Class Y
Sold		135,827	$	1,520,414		48,122	$	467,806
Dividends and/or distributions reinvested		—		—		12		100
Redeemed		(92,535)		(1,063,784)		(1,160)		(11,079)

Net increase		43,292	$	456,630		46,974	$	456,827

1. For the period November 18, 2015 (commencement of operations) to October 31, 2016.

2. The Fund sold 6,000 shares of Class A at a value of $60,000 and 1,000 shares of Class C, Class I, Class R and

Class Y at a value of $10,000, respectively, to the Manager upon seeding of the Fund on June 24, 2015. These amounts are not reflected in the table above.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:


	Purchases		Sales
Investment securities	$	9,087,492	$	3,859,458

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

The Fund’s effective management fee for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid

31 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

by the Transfer Agent, not by the Fund.

Offering and Organizational Costs. The Manager paid all initial offering and organizational costs associated with the registration and seeding of the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed

32 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended

Class A

Front-End
Sales Charges
Retained by
Distributor

Class A
Contingent
Deferred
Sales Charges
Retained by
Distributor

Class C
Contingent
Deferred
Sales Charges
Retained by
Distributor

Class R
Contingent
Deferred
Sales Charges
Retained by
Distributor

April 30, 2017

$9,441

$375

$32

$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding expenses incurred directly or indirectly by the Fund as a result of investments in (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principals; (ii) wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other unusual and infrequent expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business, will not exceed 1.55% for Class A shares, 2.30% for Class C shares, 1.10% for Class I shares, 1.80% for Class R shares and 1.30% for Class Y shares.

During the reporting period, the Manager reimbursed the Fund as follows:


Class A	$	14,391
Class C		3,708
Class I		16
Class R		2,659
Class Y		1,389

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Effective January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:

33 OPPENHEIMER STEELPATH PANORAMIC FUND


NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)


Class A	$	893
Class C		96
Class R		58
Class Y		45

This fee waiver and/or reimbursement may be terminated at any time.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $225 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

34 OPPENHEIMER STEELPATH PANORAMIC FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

35 OPPENHEIMER STEELPATH PANORAMIC FUND

OPPENHEIMER STEELPATH PANORAMIC FUND


Trustee and Officers		Robert J. Malone, Chairman of the Board of Trustees and Trustee
		Jon S. Fossel, Trustee
		Richard F. Grabish, Trustee
		Beverly L. Hamilton, Trustee
		Victoria J. Herget, Trustee
		F. William Marshall, Jr., Trustee
		Karen L. Stuckey, Trustee
		James D. Vaughn, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Brian Watson, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Foxson, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI SteelPath, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

36 OPPENHEIMER STEELPATH PANORAMIC FUND

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

●	Applications or other forms

●	When you create a user ID and password for online account access

●	When you enroll in eDocs Direct^SM, our electronic document delivery service

●	Your transactions with us, our affiliates or others

●	Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

37 OPPENHEIMER STEELPATH PANORAMIC FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

●	All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

●

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

●	You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

38 OPPENHEIMER STEELPATH PANORAMIC FUND

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39 OPPENHEIMER STEELPATH PANORAMIC FUND




				Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com

Call Us 800 225 5677

				Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RS2437.001.0417 June 23, 2017

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 4/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time

periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b)	Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer SteelPath Panoramic Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		6/16/2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		6/16/2017


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		6/16/2017