First Quarter PRODUCERS 2014 END USERS INFRASTRUCTURE Introducing The TwinLine™ MLP Fund At A Glance Ticker Symbols: Class A: BPMAX Class I : BPMIX BP Capital TwinLine™ MLP Fund is a concentrated portfolio of energy infrastructure Master Limited Partnerships (MLPs) and their affiliates that build, own and operate pipeline and energy infrastructure assets with an emphasis on “core midstream”—transportation, gathering & processing and storage. The Fund seeks total return comprised of long-term capital appreciation through potential distribution growth along with current income. CUSIP: Class A: 74316J 276 Class I : 74316J 268 Investment Team: Mark Easterbrook, CFA Toby Loftin Mark Laskin, CFA David Meaney Brian Bradshaw Billy Bailey Tim Dumois Target Characteristics of Portfolio Holdings: Total Years of Investment Experience: 101 Years • • • • • Relatively stable cash flows derived from toll-road style business models and visible distribution growth Contracts with inflation-linked tariff and fee escalation as a hedge against inflation Strong balance sheet and healthy coverage ratios Superior asset footprint acts as “moat” to competitors Well-capitalized sponsors or general partners Strategy AUM: $5.4 Million Why BP Capital Fund Advisors? Strategy Inception: Dec 31, 2013 BP Capital LP was founded in 1997 by T. Boone Pickens whose name is synonymous with energy investing. The BP Capital team has managed billions of dollars in public and private energy investments since the 1950’s, leveraging in-house research, extensive on-the-ground operating experience, and deep relationships within the energy industry that offer access to industry management teams and experts. BP Capital Fund Advisors was formed in June 2013 to, for the first time, offer the investing public a fund vehicle to invest alongside Boone Pickens and his team. The BP Capital TwinLine™ MLP Fund offers exposure to our highest conviction energy infrastructure investments related to the American energy and industrial renaissance. Benchmark: Lipper Equity Income Funds Index Number of Holdings Range: Approximately 20-30 Top Ten Holdings: Access Midstream Partners LP EnLink Midstream Partners LLC Enterprise Product Partners LP NGL Energy Partners LP ONEOK Inc. Phillips 66 Partners LP Plains GP Holdings LP Sunoco Logistics Partners LP Valero Energy Partners LP Western Gas Equity Partners LP Top ten holdings represent 57.7% of the portfolio Fund Characteristics: • Form 1099 [No K-1s] • Daily liquidity at NAV • IRA/401(k) eligibility [No UBTI]* • Asset class with low correlation to broader markets • Tax conscious investment via significant return of capital and low turnover Style Map: Large Cap Mid Cap Small Cap Value Boone Pickens The team launched the BP Capital TwinLine™ Funds as a mark of “twinning” alongside the legacy of T. Boone Pickens. Much like the practice of midstream companies who lay new pipe alongside an existing pipeline in an effort to leverage existing infrastructure (a practice known as “twinning” pipe), the BP Capital TwinLine™ Funds will continue to leverage the industry knowledge, investment experience, deep relationships and trust earned over the past 60 years. YTD Fund Performance (as of 3/31/14) BP Capital TwinLine™ MLP Portfolio Sub-Sector Weightings: 6.00% 5.00% 10.0% 4.90% 9.0% 4.00% 3.00% 1.87% 2.00% 39.0% 42.0% 1.00% 0.00% BP Capital TwinLine MLP Fund Alerian MLP Index Natural Gas/NGL Crude Oil/Refined Product Gathering/Processing Other/Cash Blend Growth Equity style box is based on the portfolio’s overall targeted capitalization range and relative valuation as determined by BP Capital Fund Advisors. Returns quoted represent past performance, which does not guarantee future results. Current returns may be lower or higher. Performance current to the most recent month-end may be obtained by calling 1-855-40-BPCAP (1-855-402-7227). Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fund returns shown are cumulative total return for Class I and reflect an expense limitation in effect through 12/31/2015. Returns would have been lower without the expense limitation. Total annual operating expenses for Class I, prior to the expense limitation, are estimated at 1.85%. Class A returns are different due to different charges and expenses. Page 1 First Quarter PRODUCERS END USERS 2014 INFRASTRUCTURE Benefits As Unique As Our Founder Having established an understanding of how supply and demand patterns could shift over time and their implications for energy infrastructure, we undertake detailed bottom-up analysis of individual companies with exposure to the trends identified. This process helps identify companies with potential for above-average distribution growth over multiple years and also helps avoid potential trouble spots. Specifically, We: • Identify specific catalysts expected to drive cash flow growth which are used to measure upside potential and downside risk • Employ multiple valuation methodologies including discounted cash flow analysis, yield-based valuation, and sum-of-the-parts (SOTP) NAV • Monitor the strength of target balance sheets, liquidity, access to capital markets, cost of capital, management team incentives and governance Our Investment Process Is Driven. We construct the portfolio based on both topdown analysis of the global energy landscape and bottom-up company/partnership specific analysis to find those investments best suited for inclusion. We begin with an evaluation of the broader energy markets and trends. We then establish the implications across the energy value chain, specifically, energy infrastructure— gathering & processing, pipelines, and storage. Finally, we discern among the companies/ partnerships who meet the investment criteria and select those which build the optimal return vs risk combinations. IDEA GENERATION & RESEARCH Idea Sourcing INVESTMENT SELECTION Portfolio Management • Macroeconomic & energy commodity research • Intimate knowledge of the energy value chain • Cash flow and credit analysis • Evaluation of contracts (type, counterparties, & duration) • Measuring key risks • Communication with C-level management and industry contacts • Identifiable, catalyst-driven growth • Bottom-up, asset specific sum-of-the-parts NAV analysis • Sensitivity analysis and stress testing of models • Evaluation of expected returns versus risk— upside/downside MONITORING Evaluation • Establish parameters on upside return/downside risk and disciplined execution • Changes in balance sheet, leverage, liquidity, cost of capital, distribution coverage • Commodity, basin, geography, industry/sector • Changes in story or management * MLPs and MLP investments have unique tax characteristics. In general, an investment in the Fund will not generate unrelated business taxable income (UBTI) for tax-exempt U.S. investors. Neither the Fund nor the investment adviser provide tax advice. Please consult your tax advisor before making an investment. The Fund does not receive the same tax benefits of a direct investment in an MLP The BP Capital TwinLine™ MLP Fund (“Fund”) is “C” corporation registered under the Investment Company Act of 1940 as an open-end management investment company, commonly known as a mutual fund. The Fund seeks capital appreciation through distribution growth along with current income, primarily by investing in energy infrastructure master limited partnerships. The Fund may invest in companies of any size and in initial public offerings. Up to 20% of the Fund’s assets may be invested in debt securities rated below investment-grade, commonly known as high-yield securities or junk bonds. The Fund also may also invest in derivatives (futures, options, swaps, forward contracts). As with any mutual fund, it is possible to lose money by investing in the Fund. The Fund is new, with a limited operating history upon which to rely in determining whether to invest. The Fund may invest a large percentage of its assets in a small number of issuers, potentially exposing it to greater loss than a more diversified portfolio. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Accordingly, unlike traditional open-end mutual funds, the Fund is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 35%) as well as state and local income taxes. The Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. Energy-related companies are subject to specific risks, including, among others, fluctuations in commodity prices and consumer demand, substantial government regulation, and depletion of reserves. Small-cap stocks and initial public offerings may be more volatile and less liquid than securities issued by large companies and seasoned issuers. High-yield bonds involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Derivatives can increase the Fund’s volatility because they can be highly illiquid, difficult to unwind or value, and subject to risk of counter-party default. Master Limited Partnerships (“MLPs”) are publicly traded partnerships listed on a national securities exchange. The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for the Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. The Fund also may invest in MLPs that are taxed as “C” corporations. Investors should consider the investment objective, risks, charges, and expenses of the BP Capital TwinLine™ MLP Fund carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling 1-855-40-BPCAP (1-855-402-7227). Read the prospectus carefully before investing. Shares of the BP Capital TwinLine™ MLP Fund are distributed by Foreside Fund Services, LLC, not affiliated with BP Capital. This material shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of securities in any jurisdiction in which such offer of sale is not permitted. Unlike a mutual fund, index performance is not affected by operating expenses, transaction costs, and taxes. It is impossible to invest directly in an index. Page 2