Investment Objective: To provide investors with a portfolio of 10-15 energy infrastructure Master Limited Partnerships, of which the majority of revenues are generated from fee-based operations. DeWitt Capital Management aims for this portfolio to provide substantial long-term capital appreciation through distribution growth and an attractive level of current income.

As the universe of Master Limited Partnerships has expanded over the last 5 years, the investment choices facing the manager have required a rigorous investment selection process to find those MLPs that will outperform on a total return and income growth basis.

The majority of MLPs invested in by DeWitt Capital Management derive most of their revenue from fee based services as opposed to dependence on commodity prices. The majority of these MLPs are referred to as "Midstream". Midstream is a broad term that encompasses the gathering and processing, transportation, and/or storage of crude oil, natural gas, natural gas liquids, and/or refined petroleum products. The fee-based MLPs allow DeWitt Capital Management to project future growth in distributions (dividends to the investor). The characteristics of such revenue streams, and associated cash flows, are stable and resistant to commodity price movements. As seen in the chart above, the majority of revenues generated by the MLPs in the portfolio rely on fee-based operations.

To identify those MLPs with the greatest chance for outperformance, DeWitt Capital Management employs a fundamental, bottom-up selection process.

The MLP Core Portfolio was built to withstand a turbulent stock market. All of the MLPs included in the Value Portfolio increased their distributions to unit-holders at some point during the 2008 Credit Crisis. They were able to accomplish this due to the reliability of the fee-based revenue model.