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Dear Mr. Berko:

Dear H.E.:

I don’t know your risk profile, so I can’t determine if the following issues meet your requirements. And because an 8 percent yield plus dividend growth is hard to find, I’d like you to consider some publicly traded master limited partnerships (MLPs). Most MLPs are in the pipeline, storage and transportation businesses, which provides a modicum of protection from the price volatility of the energy business. Pipeline MLPs get paid for the volume of product that passes through the pipeline, so the cost of gas or oil doesn’t affect them.

The yields are extremely attractive, and because the MLP passes its depreciation to the investor, a large portion of the dividends is not taxable. MLPs are best held in taxable accounts, because you lose the tax advantage if they are owned in a retirement account. Most of the following MLPs have a good record of dividend growth.

ONEOK Partners LP (OKS-$53.20) has a $4.32 dividend, yielding 8.1 percent. Its natural gas pipeline is the largest in the nation and is superbly operated by a seasoned management team.

Penn Virginia GP Holdings LP (PVG-$12.80) has been doing business since 1882 and went public in December 2006 at $20. The $1.52 dividend, which has increased 50 percent since the initial public offering, yields 11.9 percent. PVG operates a midstream natural gas gathering and processing business and manages a number of coal and natural resource properties.

Calumet Specialty Products Partners LP (CLMT-$14.48) is a $1.8 billion producer of high-quality special hydrocarbon products. CMLT has been in business since 1916, and its $1.80 dividend, which yields 12.4 percent, has increased 50 percent since the company went public in late 2006.

Duncan Energy Partners LP (DEP-$19.07) is a $1.3 billion revenue company that gathers, transports, markets and stores natural gas liquids and petrochemicals via 9,500 miles of pipeline. Since going public at $22 in January 2007, the $1.74 dividend, which yields 9.1 percent, has nearly doubled.

DCP Midstream Partners LP (DPM-$23.98) is a $1.1 billion revenue LP that gathers, compresses, treats and sells natural gas, natural gas liquids and propane. The $2.40 dividend, yielding 10 percent, has nearly doubled since the company went public at $22 in December 2005.

Transmontaigne Partners LP (TLP-$27.24) pays a $2.36 dividend, which yields 8.7 percent and has grown 50 percent since the company went public at $25 in May 2005. TLP operates as a terminal and transportation company and provides storage for customers that sell various refined petroleum products.

Teekay LNG Partners LP (TGP-$23.85) pays a $2.28 dividend yielding 9.6 percent that has more than doubled since the company went public at $25 in May 2005. TLP provides marine transportation for natural gas and petroleum gases with a fleet of 18 tankers.

Please address your financial questions to Malcolm Berko, P.O. Box 1416, Boca Raton, Fla. 33429 or e-mail him at malber@adelphia.net. © Copley News Service