Outperformance on MLP CEF Fundraising & Capital Deployment

Wunderlich reports on TransMontaigne Partners L.P. (NYSE: TLP): "MLPs have outperformed the broader market year-to-date, with the Alerian MLP Total Return
Index (AMZ.X-$330.34), Tortoise MLP TR Index (TMLPT-$662.18), and Cushing 30 MLP TR Index (MLPXTR-$542.82) posting gains
of 19.8%, 18.2%, and 20.2%, respectively, versus a 1.8% total loss for the S&P 500. In our view, much of the outperformance lately is a
function of the money already raised ($8.0 billion YTD versus $7.9 billion in all of 2009) and ~$500 MM to $1 billion additional by
net-long, low-churn MLP closed end funds."

"While this short-run phenomenon should continue for several months as capital is deployed,
we fear mean reversion toward the S&P 500 in 4Q10 that could see MLPs give back ~5%. For investors, consider selling covered calls to
generate cash in reserve and averaging into new positions over time as long-term prospects for the group remain solid. For traders, expect
a pop and then a drop versus the S&P for the balance of the year."

TransMontaigne Partners L.P. closed yesterday at $34.97.