EIP Growth and Income Fund rated five stars overall by Morningstar based on risk adjusted performance among 90 Energy Limited Partnership funds for the 3- and 5-year periods ended 12/31/17

Seeks to preserve the tax-deferred benefits of MLP distributions

Focused on maintaining a low turnover ratio

No K-1s, one 1099, no unrelated business taxable income, IRA suitability

EIPIX/EIPFX Fund Objective

The Fund’s primary investment objective is to seek a high level of total shareholder return that is balanced between current income and growth. As a secondary objective, the Fund will seek low volatility.

Investment Strategy

The Fund focus the equity portion of the Fund’s portfolio on steady fee-for-service businesses in energy infrastructure such as pipelines, storage facilities and terminals and in regulated power transmission, distribution and generation. These infrastructure businesses receive fees and tariffs, which are generally not directly related to commodity prices and therefore tend to be less cyclical. EIP typically seeks to limit the Fund’s exposure to Energy Companies that derive a significant portion of their revenues from more cyclical businesses, and has the ability to hedge cyclical exposure through short positions. The Fund may also invest in a portfolio of obligations of the U.S. government and its agencies and investment-grade corporate bonds. The Fund typically uses leverage for any purpose consistent with its investment objective, including an attempt to enhance returns. Leverage may be achieved by taking a short position in above mentioned debt obligations of or through the use of swaps. The combination of this diversified portfolio of energy infrastructure equities and investment grade bonds along with the use of leverage through short positions and derivatives provides additional flexibility in portfolio construction.

Investing in mutual funds entails risk, including the loss of principal.  Please review the risks of investing in the EIP Growth and Income Fund.

Top Ten Holdings

Enterprise Products Partners LP 8.8%
Nextera Energy Partners LP 5.3%
Enbridge Energy Management LLC 4.9%
TC Pipelines LP 4.9%
Phillips 66 Partners LP 4.4%
Holly Energy Partners LP 4.4%
EQT Midstream Partners LP 4.2%
Magellan Midstream Partners LP 4.1%
TransCanada Corp. 3.9%
Spectra Energy Partners LP 3.9%

As of  12/31/17

Portfolio by Business Sector

  • Petroleum Trans
  • Nat Gas Trans
  • Terminals & Stor
  • Oth Midstream
  • Reg Power
  • Other

Portfolio by Asset Class

  • MLP-LP Units
  • GP MLP & C-Corp
  • YieldCo & Oth
  • Elec & Gas Util

Portfolio allocation charts represent the total equity exposure of the portfolio as a percentage of net assets (unaudited). Source: EIP calculations based upon Corporate Reports as of 9/30/17 for the EIP Growth and Income Fund. MLP – LP Units asset class allocation includes Pay-In-Kind shares from Enbridge Energy Partners. There is no guarantee that future Fund diversification metrics will be similar to those above.  EIP reserves the right to concentrate its investments in any combination that it deems appropriate and may change the concentration and weightings, at any time, at EIPs sole discretion. Charts exclude bond and cash positions. Top Ten Holdings are subject to change at any time.

Growth of $10,000

Performance Summary 12/31/2017

QTD YTD Trailing
1 Year
3 Year 5 Year Since Inception  8/22/2006
EIPIX -0.79% -0.68% -0.68% -3.27% 5.22% 9.89%
EIPFX -0.90%  -1.11%
SPTR* 6.64% 21.83% 21.83% 11.41% 15.79% 8.86%
AMZX* -0.95% -6.53% -6.53% -9.33% -0.06% 7.34%

The performance data quoted represents past performance and is no indication of future performance. Investment return and principal value will fluctuate so that investor shares when redeemed may be worth more or less than their original costs; and the current performance may be lower or higher than the performance quoted. Please call 1-844-766-8694 for the most recent month-end performance.

The Institutional Class Shares (EIPIX) commenced operations on 08/22/2006, performance shown of the Investor Class Shares (EIPFX) prior to inception, 10/18/16, is based on the performance of the EIPIX Shares, adjusted for the higher expenses applicable to Investor Class Shares including the 12b-1 fee and the administrative services fee. This performance has not been experienced by any Investor Class shareholder and there is no assurance that the Investor Class shareholder will experience this performance in the future.

* The Alerian MLP Total Return Index is a composite of the 50 most prominent energy MLPs calculated by Standards & Poor’s using a float-adjusted market capitalization methodology. Alerian MLP Index, Alerian MLP Total Return Index “AMZ” and “AMZX” are trademarks of Alerian. The S&P 500 Total Return Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

Institutional Class

Ticker EIPIX
CUSIP 268529203
Minimum Investment  $1,000,000
Redemption fee None
Maximum front-end sales load None
Maximum deferred-end sales load None
Expense Ratio (Gross) 3.63%
Expense Ratio (Net) 1.54%
Ex-Date 3/29/17
Record Date 3/28/17
Payment Date 3/29/17
Amount $0.08

Investor Class

Ticker EIPFX
CUSIP 268529104
Minimum Investment  $2,500
12b-1 fee 0.25%
Redemption fee None
Maximum front-end sales load None
Maximum deferred-end sales load None
Expense Ratio (Gross) 4.37%
Expense Ratio (Net) 1.94%
Ex-Date 3/29/17
Record Date 3/28/17
Payment Date 3/29/17
Amount $0.08

Details

Objective Total Return
Total Assets $61.5 million
Fiscal Year-end December
Structure Regulated Investment Company (RIC)

Quarterly Fact Sheet

EIPIX (PDF)
EIPFX (PDF)

The Fund was registered under the Investment Company Act of 1940 on August 22, 2006 and offered through a confidential private placement memorandum. On October 14, 2016, Fund shares were registered under the Securities Act of 1933. The Fund performance is net of actual fees and expenses incurred by the Fund. The net expense ratio for EIPIX is 2.00% (4.28% gross). The net expense ratio for EIPFX is 2.40% (4.95% gross). The net ratios reflect the expense limitation and reimbursement agreement between the Adviser and the Fund that is effective until April 30, 2018. If such agreement were not in place, the Fund’s performance would have been reduced.

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How to Invest

Morningstar Rating

© 2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The EIP Growth and Income fund was rated against the following numbers of U.S.-domiciled Energy Limited Partnership category funds over the following time periods: 90 funds in the last three years, 43 funds in the last five years, and 1 fund in the last 10 years for the period ending 12/31/2017.  With respect to this category, the Energy Income and Growth  fund received a Morningstar Rating of 5-stars  for the three-, five-year periods, and had no competition for the 10 year period. Past performance is no guarantee of future results.

See EIPIX/EIPFX on the Morningstar Website