Address And Details

30 Hudson Street , Jersey City, NJ 07302
Fund Manager Jerry Swank
Manager Tenure 10 Years 11 Months

Strategy And Objective

The Fund seeks current income and capital appreciation. In seeking current income, the Fund intends to pay current cash distributions to shareholders, regardless of the character of such distributions for tax or accounting purposes. The Fund, under normal market conditions, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of master limited partnerships ( MLPs ) and MLP-related investments (together, MLP Investments ). The Fund s MLP Investments may include, but are not limited to, investments that offer economic exposure to MLPs in the form of common or subordinated units issued by MLPs, securities of entities holding primarily general partner or managing member interests in MLPs, debt securities of MLPs, securities that are derivatives of interests in MLPs, including indirect ownership interests in an MLP issued by an MLP affiliate ( I-Shares ) and businesses that operate like MLP Investments and have the economic characteristics of MLP Investments but are organized and taxed as C corporations or as limited liability companies. The Fund is non-diversified, which means it may invest a greater percentage of its assets in a limited number of issuers than a diversified fund, and it may invest in companies of any market capitalization size. The Fund focuses primarily on midstream MLP Investments ( Midstream MLPs ) whose business models are often referred to as toll road businesses. Midstream MLPs collect, gather, transport and store natural resources and their byproducts (primarily crude oil, natural gas and refined petroleum products), generally without taking ownership of the physical commodity. Midstream MLPs may also operate ancillary businesses including the marketing of the products and logistical services. The Fund may also invest in MLPs involved in other segments of the natural resources sector, including propane, coal and shipping MLPs, as well as upstream MLPs focused on exploration and production of natural resources. Cushing Asset Management, LP, the Fund s Subadvisor, seeks MLP Investments that have distributions that, in the Subadvisor s view, are attractive relative to comparable MLP Investments and available unit pricing. The Subadvisor also focuses on MLP Investments with operations in the development, production, processing, refining, transportation, storage and marketing of natural resources. Among other things, the Subadvisor uses fundamental, proprietary research to seek to identify the most attractive MLP Investments with favorable distribution yields and distribution growth prospects. Distributions made by the Fund to shareholders may be considered dividend income, non-taxable returns of capital, capital gain or a combination thereof. MLPs are generally treated as partnerships for U.S. federal income tax purposes and are generally organized under state law as limited partnerships or limited liability companies. To be treated as a partnership for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources, including natural resources-based activities such as the exploration, development, mining, production, processing, refining, transportation, storage and certain marketing of mineral or natural resources. Currently, most MLPs operate in the natural resources, shipping or real estate sectors. Therefore, the Fund will, in normal circumstances, invest more than 25% of its assets (or concentrate its investments) in the natural resources industry, including MLPs operating in such industry. Because of the Fund s concentration in MLPs, the Fund is not eligible to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ). Accordingly, the Fund is subject to U.S. federal income tax as a regular corporation, or C corporation, on its taxable income at the rate applicable to corporations (currently 21%) as well as state, local and foreign income taxes. Because the Fund is taxed as a C corporation for U.S. federal income tax purposes, the Fund will incur tax expenses. In calculating the Fund s daily net asset value ( NAV ) in accordance with generally accepted accounting principles, the Fund will, among other things, account for its current and deferred tax liability and/or asset balances. The Fund will accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce the Fund s NAV and/or increase the Fund s annual operating expenses. The Fund will accrue a deferred tax asset balance, which reflects an estimate of the Fund s future tax benefit associated with net operating losses and unrealized losses. Any current or deferred tax asset balance will increase the Fund s NAV. To the extent the Fund has a deferred tax asset balance, consideration is given as to whether or not a valuation allowance, which would offset the value of some or all of the deferred tax asset balance, is required. The Fund will principally rely on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate the Fund s current and deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund s deferred tax liability and/or asset balances used to calculate the Fund s NAV could vary dramatically from the Fund s actual tax liability, and, as a result, the determination of the Fund s actual tax liability may have a material impact on the Fund s NAV. From time to time, the Fund may modify its estimates or assumptions regarding its current and deferred tax liability and/or asset balances as new information becomes available, and such modifications may have a material impact on the Fund s NAV.

Net Asset Value

as of 6:09 PM ET 09/20/2021


  • 1 Week
  • -2.99%
  • 1 Month
  • +1.71%
  • 3 Months
  • -6.54%
  • 1 Yr Return
  • +28.88%
  • 5 Yr Return
  • -48.67%

Equity Sector Breakdown

Utilities 31.12%
IndustrialCyclical 16.32%
Energy 9.36%
RetailTrade 8.65%
Services 4.86%
ConsumerDurables n/a
Finance n/a
Health n/a
NonDurables n/a
Technology n/a

Asset Allocation

Asset Type % Of Allocation
Stocks 94.85%
ForeignStocks 15.56%
Convertible 1.16%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Other 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 230.41 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -25.00 -23.51 -17.77
Beta 1.80 1.77 1.41
R Squared 0.65 0.62 0.50
Std Deviation 41.60 33.67 26.70
Sharpe Ratio 0.07 0.09 n/a

Purchase Information

as of 6:07 PM ET 09/17/2021
Minimum Initial $15000
Minimum Additional $0
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 06/30/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 06/30/2021
1 Year
  • +41.44%
  • +47.63%
+41.44% +47.63%
3 Year
  • -5.28%
  • -1.61%
-5.28% -1.61%
10 Year
  • -0.74%
  • -0.60%
-0.74% -0.60%
Life Of Fund
  • -0.36%
  • +0.04%
-0.36% +0.04%

Top 10 Holdings

Symbol Company Name % Of Assets

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