Liberty Street Advisors
125 Maiden Ln.
New York, NY 10038
Center Coast Capital Advisors, LP
Houston, TX 77002
Center Coast MLP Focus Fund
c/o UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, WI 53212
Information as of 12/31/2014 unless otherwise indicated.
*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.
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.
Holdings are as of 12/31/2014 and are subject to change.
Fund Assets are are as of 12/31/2014.
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.