TWST: Please start with an overview of your coverage universe.

Mr. Bellamy: We have 22 names under coverage. What's changed since we last spoke is that I have expanded our coverage in the royalty trust sector, and we've dropped coverage of the MLP closed-end funds in order to focus more directly on the MLP space. That's really just to manage bandwidth, not for any major change that has gone on with the closed-end funds.

We have, as a percentage of the instruments that are outstanding, most of the upstream MLPs covered - that is, the MLPs that produce oil and gas. And then we have select small- and mid-cap midstream names under coverage. These are the transportation providers, gatherers and processors of oil and gas.

And then, we have royalty trusts under coverage. We have five right now. Most of these are the new vintage trusts that have recently gone public, and these royalty trusts, I think, are an important component of the broader energy landscape right now.

TWST: What's your overall sentiment or outlook on the space right now and why? How does it differ among those three segments?