UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22843
CENTER COAST BROOKFIELD MLP & ENERGY INFRASTRUCTURE FUND
(Exact name of registrant as specified in charter)
BROOKFIELD PLACE
250 VESEY STREET, 15th Floor
NEW YORK, NEW YORK 10281-1023
(Address of principal executive offices) (Zip code)
BRIAN F. HURLEY, PRESIDENT
CENTER COAST BROOKFIELD MLP & ENERGY INFRASTRUCTURE FUND
BROOKFIELD PLACE
250 VESEY STREET 15th Floor
NEW YORK, NEW YORK 10281-1023
(Name and address of agent for service)
Registrant’s telephone number, including area code: (855)777-8001
Date of fiscal year end: September 30
Date of reporting period: March 31, 2020
Item 1. Reports to Shareholders.
• | The shutdown of global activity should pass at some point |
• | We believe current oil prices are unsustainable for producers over the long run |
• | U.S. production may decline; when demand normalizes, U.S. production may eventually rebound |
• | Some E&P companies may go bankrupt, however; |
• | We believe our portfolio companies have cash flow and balance sheet profiles that help mitigate the risk of insolvency. |
• | Demand for refined products has been decreasing dramatically, pressuring refiner economics |
• | Refiners have started cutting utilization3 |
• | As demand outlets have dwindled, crude prices have been pressured, and producers have dramatically scaled back drilling programs. Already, independent U.S. producers have cut 2020 budgets by at least $20 billion in the aggregate, with the supermajors cutting more than an additional $20 billion, globally4 |
• | The natural decline of wells may not be fast enough to match the speed of refinery run cuts, which may lead to well shut-ins. We are starting to see early signs of shut-ins already5 |
• | It is our hope that at some point, economic activity may resume and demand may begin to recover |
• | As demand recovers, refinery utilization may increase |
• | Any future increase in refinery demand may incentivize an increase in crude oil production, including possibly in the U.S. |
Portfolio Characteristics (Unaudited)
PORTFOLIO STATISTICS | |
Percentage of leveraged assets | 24.39% |
Total number of holdings | 16 |
Asset Allocation by Sector1 | |
Master Limited Partnerships | |
Pipeline Transportation | Petroleum | 7.6% |
Pipeline Transportation | Natural Gas | 7.0% |
Gathering + Processing | 0.4% |
Total Master Limited Partnerships | 15.0% |
Common Stocks | |
Pipeline Transportation | Natural Gas | 10.6% |
Pipeline Transportation | Petroleum | 6.8% |
Gathering + Processing | 4.2% |
Total Common Stocks | 21.6% |
Private Investment | |
Gathering + Processing | 41.1% |
Money Market Funds | 22.3% |
Total | 100.0% |
TOP TEN HOLDINGS1 | |
KKR Eagle Co-Invest LP | 41.1% |
First American Treasury Obligations Fund, Class X, 0.32% | 22.2% |
Magellan Midstream Partners LP | 3.8% |
Phillips 66 Partners LP | 3.8% |
Kinder Morgan, Inc. | 3.7% |
The Williams Companies, Inc. | 3.6% |
Pembina Pipeline Corp. | 3.6% |
Enterprise Products Partners LP | 3.6% |
ONEOK, Inc. | 3.5% |
TC Pipelines LP | 3.4% |
Schedule of Investments (Unaudited)
Shares | Value | |||||
MASTER LIMITED PARTNERSHIPS – 21.3% | ||||||
Gathering + Processing – 0.6% | ||||||
Crestwood Equity Partners LP | 49,919 | $211,157 | ||||
Summit Midstream Partners LP | 129,839 | 79,202 | ||||
Total Gathering + Processing | 290,359 | |||||
Pipeline Transportation | Natural Gas – 9.9% | ||||||
Enterprise Products Partners LP | 180,832 | 2,585,898 | ||||
TC Pipelines LP | 89,898 | 2,470,397 | ||||
Total Pipeline Transportation | Natural Gas | 5,056,295 | |||||
Pipeline Transportation | Petroleum – 10.8% | ||||||
Magellan Midstream Partners LP | 76,442 | 2,789,369 | ||||
Phillips 66 Partners LP | 76,140 | 2,773,780 | ||||
Total Pipeline Transportation | Petroleum | 5,563,149 | |||||
Total MASTER LIMITED PARTNERSHIPS (Cost $13,477,697) | 10,909,803 | |||||
COMMON STOCKS – 30.6% | ||||||
Gathering + Processing – 6.0% | ||||||
EnLink Midstream LLC | 408,122 | 448,934 | ||||
The Williams Companies, Inc. | 186,273 | 2,635,763 | ||||
Total Gathering + Processing | 3,084,697 | |||||
Pipeline Transportation | Natural Gas – 15.0% | ||||||
Kinder Morgan, Inc. | 194,246 | 2,703,904 | ||||
ONEOK, Inc. | 117,665 | 2,566,274 | ||||
TC Energy Corp. (u) | 55,000 | 2,436,500 | ||||
Total Pipeline Transportation | Natural Gas | 7,706,678 | |||||
Pipeline Transportation | Petroleum – 9.6% | ||||||
Enbridge, Inc. (u) | 79,254 | 2,305,499 | ||||
Pembina Pipeline Corp. (u) | 139,360 | 2,621,361 | ||||
Total Pipeline Transportation | Petroleum | 4,926,860 | |||||
Total COMMON STOCKS (Cost $19,320,050) | 15,718,235 | |||||
PRIVATE INVESTMENT – 58.3% | ||||||
Gathering + Processing – 58.3% | ||||||
KKR Eagle Co-Invest LP (f) | 29,900,000 | |||||
Total PRIVATE INVESTMENT (Cost $34,472,094) | 29,900,000 | |||||
SHORT-TERM INVESTMENTS – 31.6% | ||||||
Money Market Fund – 31.6% | ||||||
First American Treasury Obligations Fund, Class X, 0.32% (y) | 16,169,949 | 16,169,949 | ||||
GS Financial Square Treasury Solutions Fund, Capital Class, 0.35% (y) | 24,640 | 24,640 | ||||
Total SHORT-TERM INVESTMENTS (Cost $16,194,589) | 16,194,589 | |||||
Total Investments – 141.8% (Cost $83,464,430) | 72,722,627 | |||||
Liabilities in Excess of Other Assets – (41.8)% | (21,423,316) | |||||
TOTAL NET ASSETS – 100.0% | $51,299,311 |
Schedule of Investments (Unaudited) (continued)
The following notes should be read in conjunction with the accompanying Schedule of Investments. |
LP— Limited Partnership |
LLC— Limited Liability Company |
(f) | — This security is fair valued in good faith pursuant to the fair value procedures adopted by the Board of Trustees (the “Board”). The security has been deemed illiquid by the Adviser pursuant to procedures adopted by the Fund's Board. As of March 31, 2020, the total value of all such securities was $29,900,000 or 58.3% of net assets. The security is in a non-unitized private investment fund that has commitments of $40,000,000, unfunded commitments of $2,300,000, does not permit redemptions, has expected remaining life of 2.75 years, and invests solely in Veresen Midstream Limited Partnership. This security is characterized as a Level 3 security within the disclosure hierarchy. |
(u) | — Foreign security or a U.S. security of a foreign company. |
(y) | — The rate quoted is the annualized seven-day yield as of March 31, 2020. |
Statement of Assets and Liabilities (Unaudited)
Assets: | |
Investments in securities, at value (cost $83,464,430) | $72,722,627 |
Receivable for investments sold | 3,397,009 |
Deferred offering costs (Note 7) | 182,974 |
Dividends and interest receivable | 61,231 |
Prepaid expenses | 86,602 |
Total assets | 76,450,443 |
Liabilities: | |
Payable for current income taxes (Note 4) | 1,646,962 |
Payable for credit facility interest | 53,896 |
Mandatory redeemable preferred shares ($0.01 par value, 746 shares isssued with liquidation preference of $25,000 per share, net of debt issuance cost $271,605) (Note 8) | 18,378,395 |
Dividends payable to Mandatory Redeemable Preferred shareholders | 35,257 |
Payable for investments purchased | 4,215,920 |
Investment advisory fee payable (Note 5) | 490,275 |
Administration fee payable (Note 5) | 73,541 |
Trustees' fee payable | 9,559 |
Accrued expenses | 247,327 |
Total liabilities | 25,151,132 |
Commitments and contingencies (Note 10) | |
Net Assets | $51,299,311 |
Composition of Net Assets: | |
Paid-in capital | 431,728,936 |
Accumulated losses | (380,429,625) |
Net Assets | $51,299,311 |
Shares Outstanding and Net Asset Value Per Share: | |
Common shares outstanding | 49,265,059 |
Net asset value per share | $1.04 |
Statement of Operations (Unaudited)
Investment Income (Note 2): | |
Dividends and distributions (net of foreign withholding tax of $54,103) | $19,811,170 |
Interest | 32,474 |
Less return of capital on distributions | (14,397,070) |
Total income | 5,446,574 |
Expenses: | |
Investment advisory fees (Note 5) | 1,903,683 |
Administration fees (Note 5) | 285,552 |
Audit and tax services | 74,756 |
Legal fees | 73,315 |
Trustees' fees | 60,138 |
Reports to shareholders | 45,636 |
Registration fees | 26,651 |
Miscellaneous | 16,169 |
Fund accounting fees | 15,374 |
Rating agency fees | 14,500 |
Custodian fees | 12,148 |
Transfer agent fees | 8,365 |
Insurance | 6,907 |
Franchise taxes | 4,586 |
Total operating expenses | 2,547,780 |
Interest expense on credit facility | 953,042 |
Amortization of preferred shares issuance costs | 512,903 |
Dividends to Mandatory Redeemable Preferred shareholders | 1,439,327 |
Total expenses | 5,453,052 |
Net investment loss before taxes | (6,478) |
Current income tax expense (Note 4) | (1,646,962) |
Net investment loss | (1,653,440) |
Net realized gain (loss) on: | |
Investments | (230,049,814) |
Written option contracts | (3,806) |
Foreign currency transactions | (4,398) |
Net realized loss | (230,058,018) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | (36,386,189) |
Written option contracts | 2,090 |
Foreign currency translations | (2,117) |
Net change in unrealized depreciation | (36,386,216) |
Net realized and unrealized loss | (266,444,234) |
Net decrease in net assets resulting from operations | $(268,097,674) |
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2020 (Unaudited) | For the Fiscal Year Ended September 30, 2019 | ||
Increase (Decrease) in Net Assets Resulting from Operations: | |||
Net investment loss | $(1,653,440) | $(4,633,970) | |
Net realized loss | (230,058,018) | (12,863,128) | |
Net change in unrealized depreciation | (36,386,216) | (16,321,773) | |
Net decrease in net assets resulting from operations | (268,097,674) | (33,818,871) | |
Distributions to Common Shareholders: | |||
Return of capital | (29,046,175) | (44,001,829) | |
Total distributions paid | (29,046,175) | (44,001,829) | |
Capital Share Transactions: | |||
Proceeds from shares sold, net of offering costs (Note 7) | 39,732,110 | 97,625,658 | |
Reinvestment of distributions | 597,421 | 1,159,053 | |
Net increase in net assets from capital stock transactions | 40,329,531 | 98,784,711 | |
Total increase (decrease) in net assets | (256,814,318) | 20,964,011 | |
Net Assets: | |||
Beginning of period | 308,113,629 | 287,149,618 | |
End of period | $51,299,311 | $308,113,629 | |
Share Transactions: | |||
Shares sold (Note 7) | 6,317,604 | 12,348,410 | |
Reinvested shares | 199,043 | 147,630 | |
Net increase in shares outstanding | 6,516,647 | 12,496,040 |
Statement of Cash Flows (Unaudited)
Increase (Decrease) in Cash: | |
Cash flows provided by (used for) operating activities: | |
Net decrease in net assets resulting from operations | $(268,097,674) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | |
Purchases of long-term portfolio investments | (125,460,135) |
Proceeds from disposition of long-term portfolio investments | 225,231,951 |
Net purchases of short-term portfolio investments | (12,091,519) |
Return of capital distributions | 14,397,070 |
Decrease in dividends and interest receivable | (1,703) |
Decrease in deferred offering costs | (58,071) |
Increase in prepaid expenses | (18,202) |
Increase in payable for current income taxes | 1,646,962 |
Increase in payable for credit facility interest | (151,847) |
Increase in dividends payable to Mandatory Redeemable Preferred Shareholders | (11,754) |
Increase in investment advisory fee payable | 130,238 |
Increase in administration fee payable | 19,535 |
Increase in trustees' fee payable | (327) |
Decrease in accrued expenses | 45,498 |
Amortization of preferred shares issuance costs | 512,903 |
Net change in unrealized depreciation on investments and written option contracts | 36,384,099 |
Net realized loss on investments | 230,053,620 |
Net cash provided by operating activities | 102,530,644 |
Cash flows used for financing activities: | |
Net cash used for mandatory redeemable preferred shareholders redemptions | (31,350,000) |
Net cash provided by credit facility | (82,500,000) |
Net cash provided by proceeds from shares sold | 39,732,110 |
Distributions paid to common shareholders, net of reinvestments | (28,448,754) |
Net cash used for financing activities | (102,566,644) |
Net decrease in cash | (36,000) |
Cash at beginning of period | 36,000 |
Cash at end of period | $— |
Supplemental Disclosure of Cash Flow Information: | |
Interest payments for the six months ended March 31, 2020 totaled $2,544,216. | |
Non-cash financing activities not included consist of reinvestments of dividends and distributions for the ended March 31, 2020 of $597,421. |
Financial Highlights
202010 | 201911 | 2018*,12 | 201713 | 201613 | 201513 | 201413 | |||||||
Per Share Operating Performance: | |||||||||||||
Net asset value, beginning of period | $7.21 | $9.49 | $9.34 | $11.22 | $10.93 | $20.11 | $19.31 | ||||||
Net investment loss1 | (0.04) | (0.13) | (0.25) | (0.37) | (0.24) | (0.30) | (0.24) | ||||||
Return of capital1 | 0.31 | 0.73 | 0.75 | 1.19 | 1.10 | 1.17 | 0.81 | ||||||
Net realized and unrealized gain (loss) on investments1,4 | (5.81) | (1.63) | 0.59 | (1.45) | 0.68 | (8.80) | 1.58 | ||||||
Net increase (decrease) in net asset value resulting from operations | (5.54) | (1.03) | 1.09 | (0.63) | 1.54 | (7.93) | 2.15 | ||||||
Distributions to Common Shareholders: | |||||||||||||
Dividends from distributable earnings | — | — | (0.33) | — | — | — | (1.18) | ||||||
Return of capital distributions | (0.63) | (1.25) | (0.61) | (1.25) | (1.25) | (1.25) | (0.17) | ||||||
Total dividends and distributions paid* | (0.63) | (1.25) | (0.94) | (1.25) | (1.25) | (1.25) | (1.35) | ||||||
Net asset value, end of period | $1.04 | $7.21 | $9.49 | $9.34 | $11.22 | $10.93 | $20.11 | ||||||
Market price, end of period | $0.93 | $7.12 | $9.42 | $9.20 | $11.58 | $11.09 | $19.49 | ||||||
Total Investment Return based on Net asset value# | -82.11%8 | -10.92% | 12.33%8 | -6.59% | 15.62% | -40.75%5 | 11.94% | ||||||
Total Investment Return based on Market price† | -84.65%8 | -11.32% | 13.20%8 | -10.85% | 17.61% | -37.97%5 | 13.49% | ||||||
Ratios to Average Net Assets/ Supplementary Data: | |||||||||||||
Net assets, end of period (000s) | $51,299 | $308,114 | $287,150 | $229,811 | $233,119 | $215,962 | $297,927 | ||||||
Ratio of expenses (benefit) to average net assets2 | 5.47%9 | 3.62% | 3.68%9 | 3.51% | 2.90% | (4.96)% | 8.55% | ||||||
Ratio of expenses to average net assets (excluding current and deferred income taxes) | 4.20%9 | 3.62% | 3.68%9 | 3.51% | 2.83% | 2.53% | 2.26% | ||||||
Ratio of expenses to average net assets (excluding current and deferred income taxes and interest expense) | 1.96%9 | 1.89% | 2.03%9 | 2.04% | 2.06% | 2.00% | 1.85% | ||||||
Ratio of net investment loss to average net assets2 | (1.27)%9 | (1.66)% | (3.22)%9 | (3.33)% | (2.32)% | (1.82)% | (1.18)% | ||||||
Ratio of expenses (benefit) to average managed assets3 | 3.74%9 | 2.49% | 2.51%9 | 2.31% | 2.06% | (3.46)% | 6.08% | ||||||
Portfolio turnover rate | 65%8 | 56% | 33%8 | 36% | 62% | 91% | 105% | ||||||
Credit facility, end of period (000's) | N/A | $82,500 | $79,100 | $66,500 | $81,700 | $79,600 | $129,000 | ||||||
Total amount of preferred shares outstanding (000's) | $18,650 | $50,000 | $50,000 | $50,000 | $50,000 | $— | $— | ||||||
Asset coverage per $1,000 unit of senior indebtedness6 | $3,751 | $3,325 | $3,224 | $2,973 | $2,770 | $3,949 | $3,310 | ||||||
Asset coverage per preferred shares7 | $93,766 | $179,057 | $168,575 | $139,905 | $141,559 | $— | $— | ||||||
Liquidating preference for preferred shares | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $— | $— |
# | Total investment return based on net asset value (“NAV”) is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV , if any. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total investment return excludes the effects of sales charges or contingent deferred sales charges, if applicable. |
† | Total investment return based on market price is the combination of changes in the New York Stock Exchange market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The actual reinvestment for the last dividend declared in the period may take place over several days as described in the Fund’s dividend reinvestment plan, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total investment return excludes the effect of broker commissions. |
^ | Distributions for annual periods determined in accordance with federal income tax regulations. |
* | Following the close of business on February 2, 2018, Brookfield Public Securities Group LLC, replaced Center Coast Capital Advisors, LP as the investment adviser to the Fund. Amounts shown are for the ten month period ended September 30, 2018 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from November 30 to September 30. |
1 | Per share amounts presented are based on average shares outstanding throughout the period indicated. |
2 | Includes the deferred tax benefit (expense) allocated to net investment income (loss) and the deferred tax benefit (expense) allocated to realized and unrealized gain (loss). Net investment income (loss) ratios exclude the deferred tax benefit (expense) allocated to realized and realized and unrealized gain (loss). |
3 | Average managed assets represent the total assets of the Fund, including the assets attributable to the proceeds from any forms of financial leverage, minus liabilities, other than liabilities related to any financial leverage. |
4 | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share in the period. It may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuation in share transactions this period. |
5 | Includes dilution (net of offering costs) of approximately $1.11 to NAV per share resulting from the Fund's transferrable rights offering, which expired on April 17, 2015. In connection with such offering, the Fund issued 4,938,969 additional common shares at the subscription price per share below the then-current NAV per share of the Fund. |
6 | Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
7 | Represents the total value of total assets less liabilities, not including preferred shares divided by the total number of preferred shares. |
8 | Not annualized. |
9 | Annualized. |
10 | For the Six Months Ended March 31, 2020 (Unaudited). |
11 | For the Fiscal Year Ended September 30, 2019. |
12 | For the Ten Month Period Ended September 30, 2018. |
13 | For the Fiscal Years Ended November 30, |
Notes to Financial Statements (Unaudited)
Notes to Financial Statements (Unaudited) (continued)
Level 1 - | quoted prices in active markets for identical assets or liabilities |
Level 2 - | quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed transactions, interest rates, credit risk, etc.) |
Level 3 - | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities) |
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |||
Master Limited Partnerships | $10,909,803 | $— | $— | $10,909,803 | |||
Common Stocks | 15,718,235 | — | — | 15,718,235 | |||
Private Investment | — | — | 29,900,000 | 29,900,000 | |||
Money Market Funds | 16,194,589 | — | — | 16,194,589 | |||
Total Investments | $42,822,627 | $— | $29,900,000 | $72,722,627 |
Notes to Financial Statements (Unaudited) (continued)
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Type of Security | Value as of March 31, 2020 | Valuation Approach | Valuation Technique | Unobservable Input | Amount/Range | Impact to Valuation from an Increase in Input(1) |
Private Investment | $29,900,000 | Income Approach | Discounted Cash Flow | Discount Rate Exit EBITDA Multiple Liquidity Discount | 10.0% 11.0x 15.0% | Decrease Increase Decrease |
Market Approach | Guideline Public Company | EBITDA Multiple Liquidity Discount | 8.5x - 10.0x 15.0% | Increase Decrease |
Private Investment | |
Balance as of September 30, 2019 | $45,400,000 |
Change in unrealized depreciation | (15,500,000) |
Balance as of March 31, 2020 | $29,900,000 |
Change in unrealized gains or losses relating to assets still held at the reporting date | $(15,500,000) |
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Derivatives | Location of Gains (Losses) on Derivatives | Net Realized Loss on Derivatives | Net Change in Unrealized Appreciation of Derivatives |
Written equity call options | Option contracts | $(3,806) | $2,090 |
Notes to Financial Statements (Unaudited) (continued)
Current tax expense | |
Federal | $1,506,959 |
State | 140,003 |
Total current tax expense | $1,646,962 |
Deferred tax expense (benefit) | |
Federal | $(57,832,893) |
State | (5,676,338) |
Change in valuation allowance | 63,509,231 |
Total deferred tax expense | $— |
Amount | |
Application of statutory income tax rate | $(56,352,008) |
State income taxes net of federal benefit | (5,235,634) |
Effect of permanent & temporary differences | (217,034) |
Tax expense (benefit) due to change in effective state rates | (57,593) |
Change in valuation allowance | 63,509,231 |
Total current income tax expense | $1,646,962 |
Notes to Financial Statements (Unaudited) (continued)
Amount | |
Deferred tax assets: | |
Net operating loss carryforward (tax basis) | $— |
Capital loss carryforward (tax basis) | 79,637,014 |
Net unrealized losses on investment securities (tax basis) | 3,318,360 |
Other future deductible difference | 471,193 |
Valuation Allowance | (83,426,567) |
Total deferred tax assets | $— |
Notes to Financial Statements (Unaudited) (continued)
Expiration Date: | Amount |
9/30/2021 | $71,186,003 |
9/30/2024 | 21,566,238 |
9/30/2025 | 260,555,729 |
Total | $353,307,970 |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Depreciation |
$83,358,984 | $257,280 | $(10,893,637) | $(10,636,357) |
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Distribution Per Share | Record Date | Payable Date |
$0.03 | April 15, 2020 | April 23, 2020 |
Compliance Certification (Unaudited)
Dividend Reinvestment Plan (Unaudited)
Joint Notice of Privacy Policy (Unaudited)
• | Information we receive from you in applications or other forms, correspondence or conversations, including but not limited to name, address, phone number, social security number, assets, income and date of birth. |
• | Information about transactions with us, our affiliates, or others, including but not limited to account number, balance and payment history, parties to transactions, cost basis information, and other financial information. |
• | Information we may receive from our due diligence, such as your creditworthiness and your credit history. |
• | Unaffiliated service providers (e.g. transfer agents, securities broker-dealers, administrators, investment advisors or other firms that assist us in maintaining and supporting financial products and services provided to you); |
• | Government agencies, other regulatory bodies and law enforcement officials (e.g. for reporting suspicious transactions); |
• | Other organizations, with your consent or as directed by you; and |
• | Other organizations, as permitted or required by law (e.g. for fraud protection) |
Trustees of the Fund | |
Edward A. Kuczmarski | Chairman |
Louis P. Salvatore | Audit Committee Chairman |
Heather S. Goldman | Trustee |
Stuart A. McFarland | Trustee |
David W. Levi | Trustee (Interested) |
Officers of the Fund | |
Brian F. Hurley | President |
Angela W. Ghantous | Treasurer |
Casey Tushaus | Assistant Treasurer |
Mohamed Rasul | Assistant Treasurer |
Thomas D. Peeney | Secretary |
Adam R. Sachs | Chief Compliance Officer |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of RegulationS-K (17 CFR 229.407) (as required by 22(b)(16)) of Schedule 14A (17 CFR 240.14a- 101), or this Item 10.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s Disclosure Controls and Procedures are effective, based on their evaluation of such Disclosure Controls and Procedures as of a date within 90 days of the filing of this report on FormN-CSR.
(b) As of the date of filing this FormN-CSR, the Registrant’s principal executive officer and principal financial officer are aware of no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) None.
(3) Not applicable.
(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CENTER COAST BROOKFIELD MLP & ENERGY INFRASTRUCTURE FUND |
By: | /s/ Brian F. Hurley | |
Brian F. Hurley President and Principal Executive Officer |
Date: June 5, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Brian F. Hurley | |
Brian F. Hurley President and Principal Executive Officer |
Date: June 5, 2020
By: | /s/ Angela W. Ghantous | |
Angela W. Ghantous Treasurer and Principal Financial Officer |
Date: June 5, 2020