Other equity investment vehicles. First, let's take a look at SMAs. SMA stands for separately managed accounts. And they are individually managed accounts managed for individuals or institutions by a professional money manager. You may also hear them referred to as managed accounts or wrapped account or individually managed accounts. Now, SMAs can be very similar in strategy to a mutual fund or even a hedge fund. But the assets aren't held in a pool. They're held in a segregated account for each investor. And who uses SMAs? Well, institutions and individuals both use SMAs. But it's limited to those who have substantial assets. Now, the key difference between an SMA and a mutual fund, again, is that assets are owned directly by that individual or institution, not held by a fund or a trust structure. So therefore, unlike a mutual fund, the investor has control over which assets are bought and sold in the timing of those transactions. Another key difference between the two is the minimums. Generally, mutual funds have low minimums. But for SMAs, the minimum can be as high as a hundred thousand to $500,000, if not more. And lastly, SMAs are a lot more tax efficient than mutual funds. And that's because in a mutual fund, there's no consideration given to the tax position of the individual assets or the individual investors within the pool. In an SMA, the transactions can take into account the specific tax needs of every investor. Moving on next to REITs. And REIT stands for real estate investment trust. And a REIT is a company that owns or finances real estate, more specifically, income producing real estate. Now, REITs were first introduced in the US in the 1960s as a means to provide retail investors access to larger and more diversified portfolios of commercial real estate and residential real estate, similar to the way mutual funds do. Also like mutual funds, originally, REITs were designed as passive investment vehicles. But over time, REITs have transitioned to more actively managing and operating their portfolios. Now, REITs can be private or trade on a major stock exchange. And one of the key advantages of a REIT is that it advises taxes at the corporate level. And it does so by passing along 90% or more of its taxable income to shareholders as required by the IRS to qualify for that corporate tax exemption. So unlike a typical equity holding where both a company and an investor pay taxes on income, in a REIT, only the shareholders pay the taxes. Next, REITs tend to be a high yielding investment, because they're passing out along 90% of the income and not reinvesting in any of that income. Over 60% of the total return historically from REITs has been from dividends. And broadly, there are two different types of REITs. There's an equity REIT and a mortgage REIT. Equity REITs generally own and operate real estate, while mortgage REITs acquire real estate debt and mortgages backed by that real estate. Equity REITs are more common and make up approximately 90% of the REIT universe. Next, we'll take a look at MLPs. MLPs stands for master limited partnership. And they are structures that invest in energy infrastructure, so think pipelines, storage tanks and processors. Now, unlike most partnerships, MLPs are public companies. They trade on major stock exchanges and file documents like 10Ks and 10Qs and report on material changes with the SEC. Now, similar to REITs, MLPs also benefit from favorable tax rules. And they avoid paying taxes at the corporate level by passing on income to investors. Now, in theory, MLPs do not have direct exposure to the commodity within their platform. They act more as a toll booth where the volume that is going through their hands matters a lot more than the price of the underlying commodity. But in reality, of course, dramatic moves in commodity prices can influence the supply and demand of the underlying commodity affecting MLP valuations. Now, just like REITs, MLPs are considered high yielding investments. In the downside, of course, is that it makes them very sensitive to interest rate levels. And there are generally four categories within the MLP universe. First, transportation. Just like it sounds, transportation MLPs move energy, commodities like oil and natural gas, from one place to another. Next, processing which includes any business that transforms the raw product into a usable form. And then next, storage which involves the storing of the underlying commodity. And then lastly, production and mining, which is less common. And this includes both the exploration, which is searching for the energy, and the production, bringing it to the surface, like crude oil, natural gas, coal, et cetera.