0000891804-13-000942.txt : 20130726 0000891804-13-000942.hdr.sgml : 20130726 20130726124353 ACCESSION NUMBER: 0000891804-13-000942 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130726 DATE AS OF CHANGE: 20130726 EFFECTIVENESS DATE: 20130726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Oppenheimer SteelPath MLP Funds Trust CENTRAL INDEX KEY: 0001478168 IRS NUMBER: 271423380 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-163614 FILM NUMBER: 13988721 BUSINESS ADDRESS: STREET 1: 6803 S. TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 S. TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: SteelPath MLP Funds Trust DATE OF NAME CHANGE: 20100303 FORMER COMPANY: FORMER CONFORMED NAME: Alerian MLP Funds Trust DATE OF NAME CHANGE: 20091207 0001478168 S000027983 Oppenheimer SteelPath MLP Select 40 Fund C000085055 Class A Shares MLPFX C000085056 Class Y Shares MLPTX C000085057 Class W Shares MLPYX C000101827 Class C Shares MLPEX C000128758 Class I Shares OSPSX 0001478168 S000027984 Oppenheimer SteelPath MLP Alpha Fund C000085058 Class A Shares MLPAX C000085059 Class Y Shares MLPOX C000101828 Class C Shares MLPGX C000128759 Class I Shares OSPAX 0001478168 S000027985 Oppenheimer SteelPath MLP Income Fund C000085060 Class A Shares MLPDX C000085061 Class Y Shares MLPZX C000101829 Class C Shares MLPRX C000128760 Class I Shares OSPMX 0001478168 S000033651 Oppenheimer SteelPath MLP Alpha Plus Fund C000103415 Class A Shares MLPLX C000103416 Class C Shares MLPMX C000103417 Class Y Shares MLPNX C000128761 Class I Shares OSPPX 0001478168 S000034824 Oppenheimer SteelPath MLP and Infrastructure Debt Fund C000107119 Class A Shares MLPUX C000107120 Class C Shares MLPVX C000107121 Class Y Shares MLPWX C000128762 Class I Shares OSPDX 497 1 opp57190-497xbrl.htm OPPENHEIMER STEELPATH MLP FUNDS TRUST opp57190-497xbrl.htm
July 26, 2013
 
VIA EDGAR
 
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
 
Re:     Oppenheimer SteelPath MLP Funds Trust (the “Trust”) (File Nos. 333-163614; 811-22363)
           CIK No. 0001478168
 
Ladies and Gentlemen:
 
Enclosed for filing pursuant to Rule 497(c) under the Securities Act of 1933, as amended (the “1933 Act”), are exhibits containing interactive data format risk/return summary information that reflects the risk/return summary information for each series of the Trust in the definitive filing for the Trust as filed pursuant to Rule 497(c) under the 1933 Act on July 3, 2013 (Accession Number 0000891804-13-000837).
 
Please direct any comments or questions to the undersigned at (212) 323-0310.
 
Very truly yours,

/s/      Taylor Edwards_________
Taylor Edwards
Assistant Secretary
Oppenheimer SteelPath MLP Funds Trust

 
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Fund</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Oppenheimer SteelPath MLP Alpha Plus Fund</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Oppenheimer SteelPath MLP and Infrastructure Debt Fund</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment Objectives/Goals</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment Objectives/Goals</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment Objectives/Goals</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investment Objectives/Goals</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt 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More information about these and other discounts is available from your financial professional and in &#147;The Funds&#146; Share Classes&#148; starting on page 67 of this Prospectus and in &#147;Additional Information Regarding Sales Charges&#148; starting on page 60 of the Fund&#146;s Statement of Additional Information.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for front-end sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Oppenheimer SteelPath Funds. More information about these and other discounts is available from your financial professional and in &#147;The Funds&#146; Share Classes&#148; starting on page&#160;67 of this Prospectus and in &#147;Additional Information Regarding Sales Charges&#148; starting on page 60 of the Fund&#146;s Statement of Additional Information.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for front-end sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the funds in the Oppenheimer SteelPath Funds. More information about these and other discounts is available from your financial professional and in &#147;The Funds&#146; Share Classes&#148; starting on page 67 of this Prospectus and in &#147;Additional Information Regarding Sales Charges&#148; starting on page 60 of the Fund&#146;s Statement of Additional Information.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for front-end sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the funds in the Oppenheimer SteelPath Funds. More information about these and other discounts is available from your financial professional and in &#147;The Funds&#146; Share Classes&#148; starting on page 67 of this Prospectus and in &#147;Additional Information Regarding Sales Charges&#148; starting on page 60 of the Fund&#146;s Statement of Additional Information.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholder Fees&#160;(fees paid directly from your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholder Fees&#160;(fees paid directly from your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholder Fees&#160;(fees paid directly from your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholder Fees&#160;(fees paid directly from your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholder Fees&#160;(fees paid directly from your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Example</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Example</b></font></p> <p style="font: 8pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Example</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Example</b></font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><b>Example</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the&#160;Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">You would pay the following expenses if you did not redeem your shares:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">You would pay the following expenses if you did not redeem your shares:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">You would pay the following expenses if you did not redeem your shares:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">You would pay the following expenses if you did not redeem your shares:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white">You would pay the following expenses if you did not redeem your shares:</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Portfolio Turnover</b></font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. During the fiscal year ended November 30, 2012, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio.&#160;</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance. 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Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer, or the effects of a single economic, political or regulatory event, may cause greater fluctuations in the value of the Fund&#146;s shares.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><i>Non-Diversification Risk.</i>&#160;&#160;The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;). Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. 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An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer, or the effects of a single economic, political or regulatory event, may cause greater fluctuations in the value of the Fund&#146;s shares.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; background-color: white"><i>Non-Diversification Risk.</i>&#160;&#160;The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;). Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer, or the effects of a single economic, political or regulatory event, may cause greater fluctuations in the value of the Fund&#146;s shares.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class A (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class C (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return before taxes</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions and sale of fund shares</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class W (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class C (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return before taxes</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions and sale of fund shares</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class A (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class C (Return before taxes only)</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return before taxes</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions and sale of fund shares</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return before taxes</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions and sale of fund shares</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return before taxes</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Return after taxes on distributions and sale of fund shares</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Class A (Return before taxes only)</p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Barclays Investment Grade Natural Gas and Pipeline Index (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500&#174; Index&#160;One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Lipper Equity Income Funds Index One (reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alerian MLP Index One (reflects no deduction for fees, expenses or taxes)</font></p> Prior to June 28, 2013, Class Y shares were named "Class I shares," and Class W shares were named "Class Y shares." Effective June 28, 2013, new Class I shares will be offered. Expenses for those Class I shares are estimated for the first full fiscal year that they are offered. The Fund is classified for federal income tax purposes as a taxable regular corporation or so-called Subchapter "C" corporation. As a "C" corporation, the Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of master limited partnerships considered to be a return of capital and for any net operating gains.The Fund's accrued deferred tax liability, if any, is reflected each day in the Fund's net asset value per share. The deferred income tax expense/(benefit) represents an estimate of the Fund's potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. An estimate of deferred income tax expense/(benefit) is dependent upon the Fund's net investment income/(loss) and realized and unrealized gains/(losses) on investments and such expenses may vary greatly from year to year and from day to day depending on the nature of the Fund's investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred income tax expense/(benefit) cannot be reliably predicted from year to year. For the fiscal year ended November 30, 2012, the Fund had net operating gains of $64,332,049 and accrued $37,246,636 in net deferred tax expense primarily related to unrealized appreciation on investments. After discussions with the Trust's Board, the Advisor has contractually agreed to limit fees and/or reimburse expenses of the Fund until at least March 29, 2015, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Class Y shares, and 0.85% for Class W shares. The Fund's Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement ("Net Expenses") will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund's deferred income tax expense is excluded from the expense cap, the Fund's Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may not be terminated or amended prior to March 29, 2015, unless approved by the Trust's Board of Trustees. Based on estimated expenses for Class I shares for the first full fiscal year. The Fund has changed its broad-based benchmark index from the Lipper Equity Income Funds Index to the S&P 500(R) Index, which it believes is a more appropriate measure of the Fund's performance. The Fund will not show performance for the Lipper Equity Income Funds Index after March 2014. From 3/31/10 From 6/30/11 Prior to June 28, 2013, Class Y shares were named "Class I shares." Effective June 28, 2013, new Class I shares will be offered. Expenses for those Class I shares are estimated for the first full fiscal year that they are offered. The Fund is classified for federal income tax purposes as a taxable regular corporation or so-called Subchapter "C" corporation. As a "C" corporation, the Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of master limited partnerships considered to be a return of capital and for any net operating gains. The Fund's accrued deferred tax liability, if any, is reflected each day in the Fund's net asset value per share. The deferred income tax expense/(benefit) represents an estimate of the Fund's potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. An estimate of deferred income tax expense/(benefit) is dependent upon the Fund's net investment income/(loss) and realized and unrealized gains/(losses) on investments and such expenses may vary greatly from year to year and from day to day depending on the nature of the Fund's investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred income tax expense/(benefit) cannot be reliably predicted from year to year. For the fiscal year ended November 30, 2012, the Fund had net operating gains of $67,004,892 and accrued $39,089,486 in net deferred tax expense primarily related to unrealized appreciation on investments. After discussions with the Trust's Board, the Advisor has contractually agreed to limit fees and/or reimburse expenses of the Fund until at least March 29, 2015, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.50% for Class A shares, 2.25% for Class C shares and 1.25% for Class Y shares. The Fund's Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement ("Net Expenses") will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund's deferred income tax expense is excluded from the expense cap, the Fund's Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may not be terminated or amended prior to March 29, 2015, unless approved by the Trust's Board of Trustees. From 8/31/11 The Fund is classified for federal income tax purposes as a taxable regular corporation or so-called Subchapter "C" corporation. As a "C" corporation, the Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of master limited partnerships considered to be a return of capital and for any net operating gains. The Fund's accrued deferred tax liability, if any, is reflected each day in the Fund's net asset value per share. The deferred income tax expense/(benefit) represents an estimate of the Fund's potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. An estimate of deferred income tax expense/(benefit) is dependent upon the Fund's net investment income/(loss) and realized and unrealized gains/(losses) on investments and such expenses may vary greatly from year to year and from day to day depending on the nature of the Fund's investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred income tax expense/(benefit) cannot be reliably predicted from year to year. For the fiscal year ended November 30, 2012, the Fund had net operating gains of $14,554,604 and accrued $8,257,173 in net deferred tax expense primarily related to unrealized appreciation on investment. After discussions with the Trust's Board, the Advisor has contractually agreed to limit fees and/or reimburse expenses of the Fund until at least March 29, 2015, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.35% for Class A shares, 2.10% for Class C shares and 1.10% for Class Y shares. The Fund's Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may not be terminated or amended prior to March 29, 2015, unless approved by the Trust's Board of Trustees. From 5/31/11 The Fund is classified for federal income tax purposes as a taxable regular corporation or so-called Subchapter "C" corporation. As a "C" corporation, the Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of master limited partnerships considered to be a return of capital and for any net operating gains. The Fund's accrued deferred tax liability, if any, is reflected each day in the Fund's net asset value per share. The deferred income tax expense/(benefit) represents an estimate of the Fund's potential tax expense/(benefit) if it were to recognize the unrealized gains/(losses) in the portfolio. An estimate of deferred income tax expense/(benefit) is dependent upon the Fund's net investment income/(loss) and realized and unrealized gains/(losses) on investments and such expenses may vary greatly from year to year and from day to day depending on the nature of the Fund's investments, the performance of those investments and general market conditions. Therefore, any estimate of deferred income tax expense/(benefit) cannot be reliably predicted from year to year. For the fiscal year ended November 30, 2012, the Fund had net operating gains of $83,737 and accrued $49,602 in net deferred tax expense primarily related to unrealized appreciation on investments. However, for Class Y there was a deferred tax benefit resulting from the timing differences of the class start dates. For Class Y shares, if the deferred tax benefit was included, the Fund's Total Annual Operating Expenses would be 21.94% and Total Annual Fund Operating Expenses After Fee Limitation and/or Expense Reimbursement would be (0.77%). After discussions with the Trust's Board, the Advisor has contractually agreed to limit fees and/or reimburse expenses of the Fund until at least March 29, 2015, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 2.00% for Class A shares, 2.75% for Class C shares and 1.75% for Class Y shares. The Fund's Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement ("Net Expenses") will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. Because the Fund's interest expenses related to borrowings are excluded from the expense cap, the Fund's Net Expenses for each class of shares is increased by the amount of this expense. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may not be terminated or amended prior to March 29, 2015, unless approved by the Trust's Board of Trustees. After discussions with the Trust's Board, the Advisor has contractually agreed to limit fees and/or reimburse expenses of the Fund until at least March 29, 2015, to the extent that Total Annual Fund Operating Expenses (exclusive of interest, taxes, such as deferred tax expenses, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) exceed 1.15% for Class A shares, 1.90% for Class C shares and 0.90% for Class Y shares. The Fund's Total Annual Operating Expenses After Fee Limitation and/or Expense Reimbursement will be higher than these amounts to the extent that the Fund incurs expenses excluded from the expense cap. The Advisor can be reimbursed by the Fund within three years after the date the fee limitation and/or expense reimbursement has been made by the Advisor, provided that such repayment does not cause the expenses of any class of the Fund to exceed the foregoing limits. The fee limitation and/or expense reimbursement may not be terminated or amended prior to March 29, 2015, unless approved by the Trust's Board of Trustees. Restated to reflect current expenses. The Fund has changed its broad-based benchmark indices from the Lipper Equity Income Funds Index and the S&P 500(R) Index to the Barclays Capital U.S. Aggregate Bond Index, which it believes is a more appropriate measure of the Fund's performance. The Fund will not show performance for the Lipper Equity Income Funds Index or the S&P 500(R) Index after March 2015. 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One (reflects no deduction for fees, expenses or taxes) Lipper Equity Income Funds Index One (reflects no deduction for fees, expenses or taxes) Alerian MLP Index One (reflects no deduction for fees, expenses or taxes) Document And Entity Information Elements Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Prospectus: [Table] Prospectus [Line Items] Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense 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Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sales proceeds) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee (Accounts With Less than $10,000) Shareholder Fee, Other Operating Expenses Column [Text] Management Fees Distribution and/or Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Other Expenses Deferred Income Tax Expense Interest Expense Related to Borrowings Component3 Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Fee Limitation and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Limitation and/or Expense Reimbursement Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Label 1 Year 5 Years 10 Years Since Inception Inception Date Component2 Other Expenses Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Risk/Return Detail [Table] S&P 500® Index One (reflects no deduction for fees, expenses or taxes) Custom Element. 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