The Fund has been created to provide exposure to the performance of an actively managed, diversified portfolio of energy infrastructure master limited partnerships (MLPs).
The Fund will seek to:
(i) provide Shareholders with quarterly tax-advantaged cash distributions, initially targeted to be $0.1375 per quarter, to yield 5.5% on the initial subscription price of a Unit; and
(ii) provide Shareholders with long-term capital appreciation.
To learn more about MLPs, visit our new Understanding MLP Investing resource page, which includes video and a downloadable PDF guide.
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The graph above shows the six-year performance commencing August 1, 2004 of US$1,000 invested with SteelPath and managed as part of the SteelPath Long-Only Managed Account Portfolio(1), compared to the performance of the S&P/TSX Income Trust Index, the S&P/TSX Composite Total Return Index and the Alerian MLP Index (2), over the same period.View Fund Notes
The Fund, through its exposure to the MLP Portfolio, will seek to achieve the following objectives:
(i) to provide Shareholders with quarterly tax-advantaged cash distributions, initially targeted to be $0.1375 per quarter, to yield 5.5% on the initial subscription price of a Unit; and
(ii) to provide Shareholders with long-term capital appreciation.
It is expected that quarterly distributions received by Shareholders will consist primarily of returns of capital (which are not immediately taxable, but which reduce the adjusted cost base of a Shareholder’s Equity Shares) and that the balance will consist of capital gains dividends. See “Income Tax Considerations”. Commencing in November, 2011, the Fund will determine and announce, at least annually, the expected distribution amount for the following 12 months based upon an estimate of the distributions to be made by the MLPs in the MLP Portfolio and expenses of the Fund. There can be no assurance that the Fund will be able to achieve its distribution objectives. See “Distribution Policy”.
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