I’m not sure what happened with the two blank pages, but in general our automatic PDF creation program seems to have had trouble with the large graphics of performance tables for 2015. (Maybe it didn’t like the results either.) In all seriousness, apologies for the clumsy layout. I can confirm that all of the content is there, however, and I’ll ask our technical people to look into this.

Not sure why you’d want to pay a 2.7% expense ratio for a fund that has substantially underperformed the Alerian while holding mainly plain vanilla MLPs you’be be better off owning directly, especially in a taxable account.

Just No. Please do yourself a favor and stay away.

I’m sorry I’m catching up with this late. SUNE is the highest risk portfolio position here at this point. The upside, as you note, is great, but the downside of being the weakest party in every business negotiation is certainly weighing heavily on the stock right now. The company needs to start delivering the promised cash flow over the next year or it will have no future.

Sorry I’m late responding to this, Charles. Been under the weather lately and then needed some time to make sense of MPLX;s reduced dividend growth guidance. Units have obviously recovered a lot of their losses on that news, but while the yield is more attractive than it used to be I’m not sold on it right now. The MWE side has great growth prospects, but they reward for unitholders has been significantly diluted by MPLX share issuance to do the deal, and its effect on Marathon’s incentive distribution rights. The fact that Marathon now needs to support the MLP with lower-cost dropdowns for equity offsets some of the IDR leakage, but not enough for me to recommend it.

I was just scanning through to make sure no questions had slipped through the cracks, and saw this one. Hopefully you found the special reports, which are under the Resources tab above. The special report on solar is there: http://www.investingdaily.com/energy-strategist/special-reports/

ETE hasn’t issued preferred stock, and I would recommend that individual investors stay away from bonds other than in funds. You will not get a good price buying or selling, and liquidity is likely to be lacking when you need it most. I doubt ETE cuts its distribution, but in any case itsn’t not the distribution at any given point in time but rather the long-term business prospects that will define the partnership’s value in the long run. With 16%+ yielding equity, even if the distribution’s cut you have a stake in cash flow that should grow over the long haul. With bonds, there’s much less upside, and admittedly less downside as well.

You may well be right. However, I was interested in buying the bond for my mom´s portfolio. She is 86 (which is why she would object to buying MLPs and stocks anyway) and resident in Germany, where taxation makes MLP´s unattractive. So I thought ETE´s bond would suit her risk “appetite” as well as her tax situation better. If you advise against buying an individual bond, are there any funds focusing on MLP bonds or preferred stock?

I mentioned it in last week’s portfolio update: http://www.investingdaily.com/energy-strategist/articles/24749/why-oils-more-popular-than-ever/ The next day CNBC’s David Faber said his sources denied anyone ever considered paying WMB the $2 billion breakup fee. Like the prior trial balloon about ETE endorsing the original merger terms at any moment for a mont now, it seems like intramural posturing best ignored as we wait for a deal that’s very likely to go through despite everything, in my opinion.