Publicly Traded Master Limited Partnerships

Our first AIM outside speaker was Keith Hanson (MU '86 & a track and cross-country All-American), mid-cap equity portoflio manager of the State Teachers Retirement System of Ohio. The fund has 174 securities and has a market value of several billion. Keith's fund also wrote $22 million of options premiums on their holdings the past year. In his presentation he mentioned why he thought Master Limited Partnerships (MLPs) were attractive, and currently holds Kinder Morgan via I-Shares in his fund as one of his largest holdings. Keith liked MLPs for their yield. He believes that they should be treated as a separate asset class, almost like an income generating security, and may take the place of REITs or Utilities because of their yield, currently around the 5-7% range. In his presentation he cited that yields may come down as M&A activity slows, but should still look relatively attractive. Peter Lynch also wrote about MLPs in his book Beating The Street (see his discussion on Cedar Fair) suggesting that these companies go unnoticed by the Wall Street and the investing public due to their "guilt by association" with MLPs whose only purpose was as a money losing tax shield. In addition, with MLPs, shareholders have to fill out some extra paper work due to the special tax treatment these companies receive which asks about how many shares you own, and is bothersome enough to keep many institutional and retail investors away. Finally, Peter mentions that these companies usually are simple enough to understand and involved in "down-to-earth" activities like oil and gas production. What follows is a list of publicly traded MLPs in the United States.Energy: Oil and Gas ProductsAmeriGas Partners L.P NYSE APUAtlas Energy Resources, LLC* NYSE ATNAtlas Pipeline Partners, L.P.* AMEX APLAtlas Pipeline Holdings, L.P.* AMEX AHDBoardwalk Pipeline Partners, L.P.* NYSE BWPBreitBurn Energy Partners, L.P.* NASDAQ BBEPBuckeye Partners, L.P.* NYSE BPLBuckeye GP Holdings, L.P.* NYSE BGHCalumet Specialty Products Partners, L.P* NASDAQ CLMTCapital Product Partners, L.P. [1]* NASDAQ GM CPLPCheniere Energy Partners, L.P.* AMEX CQPConstellation Energy Partners LLC * NYSE CEPCopano Energy, L.L.C.* NASDAQ CPNOCrosstex Energy, L.P.* NASDAQ XTEXDCP Midstream Partners, L.P.* NYSE DPMDorchester Minerals, L.P.* NASDAQ DMLPDuncan Energy Partners, L.P.* NYSE DEPEagle Rock Energy Partners, L.P.* NASDAQ EROCEnbridge Energy Partners, L.P.* NYSE EEPEnergy Transfer Partners, L.P.* NYSE ETPEnergy Transfer Equity, L.P.* NYSE ETEEnterprise GP Holdings, L.P.* NYSE EPEEnterprise Products Partners, L.P.* NYSE EPDEV Energy Partners, L.P.* NASDAQ EVEPFerrellgas Partners, L.P. NYSE FGPGenesis Energy, L.P. * AMEX GELGlobal Partners, L.P.* NYSE GLPHiland Partners, L.P.* NASDAQ HLNDHiland Holdings GP, L.P. * NASDAQ HPGPHolly Energy Partners, L.P.* NYSE HEPInergy, L.P.* NASDAQ NRGYInergy Holdings, L.P.* NASDAQ NRGPK-Sea Transportation Partners, L.P.* NYSE KSPKinder Morgan Energy Partners, L.P.* NYSE KMPLegacy Reserves, L.P.* NASDAQ LGCYLinn Energy, LLC* NASDAQ LINEMagellan Midstream Partners, L.P.* NYSE MMPMagellan Midstream Holdings, L.P.* NYSE MGGMarkWest Energy Partners, L.P.* AMEX MWEMartin Midstream Partners, L.P.* NASDAQ MMLPNuStar Energy, L.P.* NYSE NSNuStar GP Holdings, L.P.* NYSE NSHONEOK Partners, L.P.* NYSE OKSPlains All American Pipeline, L.P.* NYSE PAAQuicksilver Gas Service, L.P. NYSE KGSRegency Energy Partners, LP* NASDAQ RGNCRio Vista Energy Partners, L.P.* NASDAQ RVEPSemGroup Energy Partners, L.P. NASDAQ SGLPSpectra Energy Partners, L.P. NYSE SEPStar Gas Partners, L.P. NYSE SGUSuburban Propane NYSE SPHSunoco Logistics Partners, L.P.* NYSE SXLTarga Resources Partners, L.P.* NASDAQ NGLSTC Pipelines, L.P.* NASDAQ TCLPTeekay LNG Partners, L.P.* NYSE TGPTeekay Offshore Partners, L.P.[1]* NYSE TOOTEPPCO Partners, L.P.* NYSE TPPTransMontaigne Partners, L.P.* NYSE TLPU.S. Shipping Partners, L.P.* NYSE USSUniversal Compression Partners* NASDAQ UCLPWilliams Partners, L.P.* NYSE WPZEnergy: CoalAlliance Resource Partners, L.P.* NASDAQ ARLPAlliance Holdings GP, L.P.* NASDAQ AHGPNatural Resource Partners, L.P.* NYSE NRPPenn Virginia Resource Partners, L.P.* NYSE PVRPenn Virginia GP Holdings, L.P.* NYSE PVG Energy: Other Minerals & TimberPope Resources* NASDAQ POPEZTerra Nitrogen Company, L.P. NYSE TNH Real EstateAmerican Real Estate Partners NYSE ACPNew England Reality Associates, L.P. AMEX NENW.P. Carey & Co. LLP* NYSE WPC Mortgage SecuritiesAmerican First Tax Exempt Investors NASDAQ ATAXZCenterline Holding Company (formerly CharterMac) NYSE CHCMunicipal Mortgage & Equity, LLC NYSE MMA MiscellaneousAlliance Bernstein Holding L.P. NYSE ABThe Blackstone Group L.P. NYSE BXCedar Fair, L.P. NYSE FUNFortress Investment Group LLC NYSE FIGML Macadamia Orchards, L.P.* NYSE NUTStoneMor Partners, L.P. NASDAQ STON MLP Indexes Alerian MLP Index NYSE AMZ (Price Return) NYSE AMZX (Total Return)Citigroup ® MLP Index DJI CITIMLP (Price Return) DJI CITIMLPT (Total Return) Closed-End MLP Funds Energy Income and Growth Fund AMEX FENFiduciary/Claymore MLP Opportunity Fund NYSE FMOKayne Anderson Energy Total Return Fund+ NYSE KYEKayne Anderson MLP Investment Company NYSE KYNTortoise Energy Capital NYSE TYYTortoise Energy Infrastructure NYSE TYGTortoise North American Energy+ NYSE TYN