1. Recommendation: Buy Alerian MLP ETF (AMLP)

2. Alerian Alerian is an independent company that is a leader of MLP-market intelligence, providing benchmarks, data sets, and analytics that are used extensively by a wide range of stakeholders. The Alerian MLP ETF seeks investment results that correspond to the Alerian MLP Infrastructure index.

3. MLP Refresher MLPs are midstream transportation, storage, and processing companies of energy commodities. Because of the steady stream of income which is largely independent of swings in commodity prices, MLPs are able to qualify for special tax treatment, avoiding corporate taxes at the federal and state levels. MLPs pay regular cash distributions on the order of 5-8% of share price with healthy yearly growth rates. We are interested in MLPs for their steady payouts and performance in a low interest rate environment and an overhanging threat of deflation.

4. MLP ETF/ETN Comparison TickerMkt. Cap.Div. Yield1yr. Std. Dev.BetaETF Index Basis AMLP1.34B6.450.020.80Alerian MLP Infrastructure AMJ2.39B5.410.030.94Alerian MLP MLPN187.28M5.510.040.91Cushing 30 MLP MLPL76.86M11.820.051.59Alerian MLP Infrastructure (2x) MLPG14.08M5.280.040.94Alerian MLP Natural Gas MLPI176.67M5.190.030.96Alerian MLP Infrastructure

5. AMLP ETF Valuation Risk-Free Rate (Est.) BetaExp. Market Ret. (Est.) Dividend (1yr) Yearly Div. Growth (Est.) * Share Price WACC of Top 10 AMLP 4%0.808.8%$0.992.5%$15.587.3% Required Return AMLP Value Capital Gains Upside WACC7.3%$20.4931.48% Beta7.8%$18.7420.26% * Actual weighted average 3yr dividend growth was 11% per year. Forecasts have the growth rate at approximately 5%.

6. Prev Close:15.58 1y Target Est:18.74 52wk Range:13.10-16.79 Avg Vol (3m):827,022 Market Cap:1.34B P/E (ttm):n/a EPS (ttm):n/a Div & Yield:0.99 (6.45%) Forward P/E: n/a Investment Information

7. SWOT Analysis Strengths  Steady performance.  High distribution yield.  Low standard deviation. Weaknesses  Will trail market in bullish scenario. Opportunities  Money flows seeking yield.  Smoothing out market turbulence. Threats  Capital markets freeze.  Alterations in tax rules.  Increase in interest rates.

8. Investment Thesis Uncertainty in the American economy and markets paired with historically low interest rates calls for a steadily- performing stock with a strong dividend yield that can be expected to attract more investors.

9.  Sector : Energy  Industry Group: Midstream Oil/Gas  Current Holdings: FEN, HES, PXJ, SU  Target Sector Allocation: 8.54%, $37,325  Current Sector Allocation: 7.15%, $31,234  Remaining Allocation: 1.39%, $6,091  BUY 350 shares of AMLP at Limit of $15.50 ($5,425)  BUY 100 shares of AMLP at Limit of $14.10 ($1,410; 7.1% yield)  Holding Period/Exit Strategy: 2-5 years. Sell if fundamentals change substantially (e.g. tax treatment, rate increases). Portfolio Placement / Recommendation