Fund Description

The fund invests at least 80% of net assets (plus any borrowings for investment purposes) in master limited partnership (MLP) investments tied to the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources, and in derivatives and other instruments with similar economic characteristics. It normally invests substantially all assets in MLP equity securities, including LP- or LLC-structured MLPs, MLPs and MLP-like businesses taxed as C corporations, and securities of MLP affiliates. It primarily targets midstream MLPs, but may also invest in upstream and downstream MLPs, across all market caps. The fund is non-diversified, may hold fewer than 20 MLPs, and concentrates in the energy sector. The adviser performs detailed fundamental analysis and will sell investments if it determines that key characteristics have changed materially from its initial analysis or if it determines that an investment is no longer earning a return commensurate with its risk.