Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in income-producing master limited partnership (MLP) investments and in derivatives and other instruments with similar economic characteristics. It normally invests substantially all net assets in MLP equity securities, including MLPs structured as LPs or LLCs, MLPs and similar businesses taxed as C corporations, and securities issued by MLP affiliates. It primarily invests in midstream MLP investments and also may invest in upstream and downstream MLP investments. The fund may invest in MLP investments of all market capitalization ranges. It is non-diversified, typically targets higher-yielding MLP investments, and concentrates in the energy sector. The adviser uses fundamental analysis and may sell if key characteristics change materially or returns no longer match risk.