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as of 6:25pm on 3/27/2015

Advisor

Liberty Street Advisors
125 Maiden Ln.
Floor 6
New York, NY 10038

Sub Advisor

Center Coast Capital Advisors, LP
1100 Louisiana
Suite 5025
Houston, TX 77002

Transfer Agent

Center Coast MLP Focus Fund
c/o UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, WI 53212

Performance

Information as of 12/31/2014 unless otherwise indicated. 

SHARE CLASS INFORMATION
Class A SharesClass C SharesClass I Shares
SymbolCCCAXCCCCXCCCNX
Minimum$2,500$2,500$1,000,000
Maximum Sales Charge5.75%NoneNone
Management Fees1.00%1.00%1.00%
12b-1 Fees0.25%1.00%None
Other expenses0.21%0.21%0.21%
Deferred Income Tax Expense*7.49%7.49%7.49%
Gross Expense Ratio8.95%9.70%8.70%
Recoupment of Fees Waived and/or Expense Reimbursed0.03%0.03%0.03%
Total Fund Operating Expenses After Fee Waiver8.98%9.73%8.73%
Net Expense Ratio Before Deferred Income Taxes**1.50%2.25%1.25%

*Deferred income tax expense represented in the Fund’s prospectus stickered dated September 19, 2014 was an estimate of the Fund's potential tax expense if it were to recognize the unrealized gains in the portfolio, offset by the net tax effect of the investment loss of the Fund and the realized gains on investments. As represented in the Fund’s November 2014 annual report to shareholders, for the Fund’s fiscal year ended November 30, 2014, the actual deferred income tax expense of the Fund’s A, C and Institutional Share Classes was 5.62%. Additional information on the Fund's deferred income tax expense can be found in the section of the prospectus entitled "More About the Fund's Investment Strategies and Risks."

For futher information regarding the deferred income tax expense, please click here

**While the Fund’s investment advisor has contractually agreed, until March 31, 2015, to waive its fees or absorb expenses, excluding deferred income tax expenses (described below), so that the total annual fund operating expenses do not exceed 1.50%, 2.25% and 1.25% for the A, C and Institutional shares respectively, per the Fund’s November 2014 annual report to shareholders for the Fund’s fiscal year ended November 30, 2014, such fee waiver or expense absorption was not necessary as total annual fund expenses were 1.44%, 2.19% and 1.19% for the Fund’s A, C, and Institutional Shares, respectively.  

Sales Charge Schedule
Click here to see the Fund's Sales Charge Schedule.

 

PERFORMANCE
Q4 2014YTD 2014One YearThree YearCumulative ITDAnnualized ITD
Class A Shares-5.91%7.92%7.92%8.74%42.57%9.27%
Class A Shares w/ load-11.33%1.74%1.74%6.61%34.38%7.67%
Class C Shares-6.04%7.19%7.19%7.93%38.00%8.39%
Class I Shares-5.79%8.26%8.26%9.01%43.54%9.46%

 Inception Date: 12/31/2010 *ITD represents Inception-to-date data

Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains, and as the fund is taxable as a “C” corporation performance is net of federal, state and local taxes paid by the Fund. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (877) 766-0066. Returns showing less than one year are cumulative. Although the Fund’s estimated gross operating expense ratios for the Class A, C, and Institutional Shares were stated as 8.95%, 9.70% and 8.70%, respectively in the current prospectus, the Fund’s actual gross operating expense ratios for fiscal year ended November 30, 2014 as stated in the annual report were 7.06%, 7.81%, and 6.81% respectively. While the Fund’s investment advisor contractually agreed, until March 31, 2015, to waive its fees or absorb expenses so that the total annual fund operating expenses, excluding deferred income tax expenses, of the Class A, C and I Shares do not exceed 1.50%, 2.25% and 1.25%, respectively, such fee waiver or absorption was not necessary as the total annual fund operating expenses were below the caps at 1.44%, 2.19% and 1.19% for the Fund’s A, C, and Institutional Shares respectively for the Fund’s fiscal year ended November 30, 2014. Performance results with load reflect the deduction for Class A Shares of the 5.75% maximum front-end sales charge; Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance presented without the load would be lower if this charge was reflected. Because of ongoing market volatility, Fund performance may be subject to substantial short term changes.

TOP 5 HOLDINGS
Symbol% of Portfolio
Kinder Morgan Inc.KMI9.73%
Targa Resources Partners LPNGLS7.03%
Enterprise Products Partners LPEPD7.02%
Plains All American Pipeline LPPAA6.66%
Western Gas Partners LPWES6.48%

Holdings are as of 12/31/2014 and are subject to change.  

FUND ASSETS
Class A SharesCCCAX$ 556,704,600.99
Class C SharesCCCCX$ 1,043,672,190.28
Institutional SharesCCCNX$ 1,560,207,738.25
TOTAL$ 3,160,584,529.52

Fund Assets are are as of 12/31/2014.

PREVIOUS 12 MONTHS SCHEDULE OF DISTRIBUTIONS
Distribution DateCCCAXCCCCXCCCNX
February 25, 2015$0.0570$0.0570$0.0570
February 10, 2015$0.0040$0.0040$0.0040
January 28, 2015$0.0570$0.0570$0.0570
November 24, 2014$0.0570$0.0570$0.0570
November 11, 2014$0.0570$0.0570$0.0570
October 29, 2014$0.0570$0.0570$0.0570
September 26, 2014$0.0570$0.0570$0.0570
August 27, 2014$0.0570$0.0570$0.0570
July 29, 2014$0.0570$0.0570$0.0570
June 26, 2014$0.0570$0.0570$0.0570
May 28, 2014$0.0570$0.0570$0.0570
April 28, 2014$0.0570$0.0570$0.0570
March 27, 2014$0.0570$0.0570$0.0570
February 26, 2014 $0.0570$0.0570$0.0570
January 29, 2014$0.0570$0.0570$0.0570

Past distributions are not indicative of future results. Distributions, the amount of distributions, and the tax characterization of distributions are not guaranteed. It is expected that a portion of the distributions will be considered tax deferred return of capital (ROC). ROC is tax deferred and reduces the shareholder’s cost basis (until the cost basis reaches zero); and when the Fund shares are sold, if the result is a gain, it would then be taxable to the shareholder at the capital gains rate. Any portion of distributions that are not considered ROC are expected to be characterized as qualified dividends for tax purposes. Qualified dividends are taxable in the year received and do not serve to reduce the shareholder’s cost basis. The portion of the Fund’s distributions that may be classified as ROC is uncertain and can be materially impacted by events that are not subject to the control of the Fund’s advisor or sub-advisor (e.g. mergers, acquisitions, reorganizations and other capital transactions occurring at the individual MLP level, changes in the tax characterization of distributions received from the MLP investments held by the Fund, or change in tax laws). The ROC portion may also be impacted by the Fund’s strategy, which may recognize gains on its holdings. Because of these factors, the portion of the Fund’s distributions that are considered ROC may vary materially from year to year. Accordingly, there is no guarantee that future distributions will maintain the same classification for tax purposes as past distributions. Unlike open-end mutual funds that are structured as regulated investment companies, the Fund will be taxable as a regular corporation, or “C” corporation, and will pay federal, state and local income taxes at the Fund level on its taxable income. The Fund, unlike the MLPs in which it invests which are treated as partnerships for U.S. federal income tax purposes, is not a pass-through entity. Consequently, the tax characterization of the distributions paid by the Fund, such as dividend income or return of capital, may differ greatly from those of its MLP investments. The Fund currently anticipates paying monthly cash distributions to shareholders at a rate that over time is similar to the distribution rate the Fund receives from the MLPs in which it invests, without offset for the expenses of the Fund. The Fund may maintain cash reserves, borrow or sell certain investments at less desirable prices in order to pay the expenses of the Fund. Because the Fund’s distribution policy takes into consideration estimated future cash flows from its underlying holdings, and to permit the Fund to maintain a stable distribution rate, the Fund’s distributions may not represent yield or investment return on the Fund’s portfolio. To the extent that the distributions paid exceed the distributions the Fund has received, the distributions will reduce the Fund’s net assets. The Fund is not required to make distributions and in the future could decide not to make such distributions or not to make distributions at a rate that over time is similar to the distribution rate it receives from the MLPs in which it invests. For a further discussion on the tax treatment of Fund distributions to U.S. shareholders and risks and expenses of the Fund, please read the Fund's prospectus and summary prospectus. We encourage you to read the prospectus and summary prospectus carefully and consult with appropriate tax and accounting professionals before considering an investment in the Fund.

 

 

This Internet site is not an offer to sell or a solicitation of an offer to buy shares in any fund to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Furthermore, the Center Coast MLP Focus Fund is not available for sale outside of the United States. The information in this website represents past performance and is not predictive of future results. There is no guarantee that the Fund will achieve its investment objective. Other fees and expenses do apply to a continued investment in the Fund and are described in the Fund's current Prospectus and Summary Prospectus. Before you invest in the Fund, please carefully review the Prospectus and Summary Prospectus.

The Center Coast MLP Focus Fund is distributed by Foreside Fund Services, LLC