UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22843
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, 2021
Item 1. Reports to Shareholders.
Portfolio Characteristics (Unaudited)
PORTFOLIO STATISTICS | |
Percentage of leveraged assets | 20.31% |
Total number of holdings | 25 |
Asset Allocation by Sector | Percent of Total Investments |
Master Limited Partnerships | |
Pipeline Transportation | Petroleum | 14.6% |
Pipeline Transportation | Natural Gas | 7.7% |
Gathering & Processing | 2.7% |
Renewables | 1.0% |
Total Master Limited Partnerships | 26.0% |
Common Stocks | |
Gathering & Processing | 14.4% |
Pipeline Transportation | Natural Gas | 6.3% |
Pipeline Transportation | Petroleum | 6.0% |
Liquefaction | 3.6% |
Renewables | 0.9% |
Total Common Stocks | 31.2% |
Private Investment | |
Gathering & Processing | 42.5% |
Money Market Funds | 0.3% |
Total | 100.0% |
TOP TEN HOLDINGS | Percent of Total Investments |
KKR Eagle Co-Invest LP | 42.5% |
The Williams Companies, Inc. | 4.3% |
Enterprise Products Partners LP | 4.2% |
Plains All American Pipeline LP | 4.2% |
MPLX LP | 4.0% |
Cheniere Energy, Inc. | 3.6% |
Kinder Morgan, Inc. | 3.6% |
Enbridge, Inc. | 3.6% |
Targa Resources Corp. | 3.5% |
Energy Transfer LP | 3.5% |
Schedule of Investments (Unaudited)
Shares | Value | |||||
MASTER LIMITED PARTNERSHIPS – 32.7% | ||||||
Gathering & Processing – 3.4% | ||||||
DCP Midstream LP (c) | 53,771 | $ 1,164,680 | ||||
Western Midstream Partners LP (c) | 74,281 | 1,380,884 | ||||
Total Gathering & Processing | 2,545,564 | |||||
Pipeline Transportation | Natural Gas – 9.7% | ||||||
Energy Transfer LP (c) | 423,549 | 3,252,856 | ||||
Enterprise Products Partners LP (c) | 179,695 | 3,956,884 | ||||
Total Pipeline Transportation | Natural Gas | 7,209,740 | |||||
Pipeline Transportation | Petroleum – 18.4% | ||||||
Holly Energy Partners LP (c) | 26,596 | 508,250 | ||||
Magellan Midstream Partners LP (c) | 62,421 | 2,706,574 | ||||
MPLX LP (c) | 145,014 | 3,716,709 | ||||
NuStar Energy LP (c) | 58,422 | 998,432 | ||||
Phillips 66 Partners LP (c) | 58,288 | 1,845,981 | ||||
Plains All American Pipeline LP (c) | 428,368 | 3,898,149 | ||||
Total Pipeline Transportation | Petroleum | 13,674,095 | |||||
Renewables – 1.2% | ||||||
Enviva Partners LP (c) | 18,374 | 888,015 | ||||
Total MASTER LIMITED PARTNERSHIPS (Cost $18,037,794) | 24,317,414 | |||||
COMMON STOCKS – 39.2% | ||||||
Gathering & Processing – 18.1% | ||||||
Equitrans Midstream Corp. (c) | 323,208 | 2,637,377 | ||||
HESS Midstream LP (c) | 118,836 | 2,664,303 | ||||
Rattler Midstream LP (c) | 84,501 | 898,246 | ||||
Targa Resources Corp. (c) | 103,039 | 3,271,488 | ||||
The Williams Companies, Inc. (c) | 168,903 | 4,001,312 | ||||
Total Gathering & Processing | 13,472,726 | |||||
Liquefaction – 4.5% | ||||||
Cheniere Energy, Inc. (c),(n) | 46,791 | 3,369,420 | ||||
Pipeline Transportation | Natural Gas – 7.9% | ||||||
Kinder Morgan, Inc. (c) | 201,093 | 3,348,198 | ||||
TC Energy Corp. (c),(u) | 55,932 | 2,558,889 | ||||
Total Pipeline Transportation | Natural Gas | 5,907,087 | |||||
Pipeline Transportation | Petroleum – 7.5% | ||||||
Enbridge, Inc. (c),(u) | 91,359 | 3,325,468 | ||||
Pembina Pipeline Corp. (c),(u) | 77,563 | 2,236,917 | ||||
Total Pipeline Transportation | Petroleum | 5,562,385 | |||||
Renewables – 1.2% | ||||||
Nextera Energy Partners LP (c) | 12,119 | 883,233 | ||||
Total COMMON STOCKS (Cost $22,756,387) | 29,194,851 |
Schedule of Investments (Unaudited) (continued)
Shares | Value | |||||
PRIVATE INVESTMENT – 53.5% | ||||||
Gathering & Processing – 53.5% | ||||||
KKR Eagle Co-Invest LP (f) | $ 39,800,000 | |||||
Total PRIVATE INVESTMENT (Cost $34,472,095) | 39,800,000 | |||||
MONEY MARKET FUNDS – 0.4% | ||||||
First American Treasury Obligations Fund, Class X, 0.03% (y) | 284,126 | 284,126 | ||||
GS Financial Square Treasury Solutions Fund, Capital Class, 0.00% (y) | 24,801 | 24,801 | ||||
Total MONEY MARKET FUNDS (Cost $308,927) | 308,927 | |||||
Total Investments – 125.8% (Cost $75,575,203) | 93,621,192 | |||||
Liabilities in Excess of Other Assets – (25.8)% | (19,185,761) | |||||
TOTAL NET ASSETS – 100.0% | $ 74,435,431 |
LP— Limited Partnership |
(c) | — All or a portion of this security is pledged as collateral for credit facility. As of March 31, 2021, the total value of the collateral was $50,321,803. |
(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, 2021, the total value of all such securities was $39,800,000 or 53.5% 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 and invests solely in Veresen Midstream Limited Partnership. This security is characterized as a Level 3 security within the disclosure hierarchy. |
(n) | — Non-income producing security. |
(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, 2021. |
Statement of Assets and Liabilities (Unaudited)
Assets: | |
Investments in securities, at value (cost $75,575,203) | $ 93,621,192 |
Deferred offering costs (Note 8) | 192,853 |
Dividends and interest receivable | 94,540 |
Prepaid expenses | 143,213 |
Total assets | 94,051,798 |
Liabilities: | |
Payable for credit facility (Note 10) | 19,100,000 |
Payable for credit facility interest | 17,392 |
Payable for current income taxes (Note 4) | 155,202 |
Investment advisory fees payable (Note 5) | 77,171 |
Administration fees payable (Note 5) | 11,575 |
Trustees' fees payable | 13,898 |
Accrued expenses | 241,129 |
Total liabilities | 19,616,367 |
Commitments and contingencies (Note 11) | |
Net Assets | $ 74,435,431 |
Composition of Net Assets: | |
Paid-in capital | 425,793,809 |
Accumulated losses | (351,358,378) |
Net Assets | $ 74,435,431 |
Shares Outstanding and Net Asset Value Per Share: | |
Common shares outstanding | 4,929,945 |
Net asset value per share | $ 15.10 |
Statement of Operations (Unaudited)
Investment Income (Note 2): | |
Dividends and distributions (net of foreign witholding tax of $34,644) | $ 4,676,566 |
Interest | 145 |
Less return of capital distributions | (2,085,358) |
Total income | 2,591,353 |
Expenses: | |
Investment advisory fees (Note 5) | 408,410 |
Administration fees (Note 5) | 61,261 |
Audit and tax services | 130,056 |
Trustees' fees | 85,063 |
Legal fees | 63,648 |
Reports to shareholders | 51,940 |
Registration fees | 47,439 |
Miscellaneous | 25,225 |
Transfer agent fees | 11,719 |
Insurance | 8,501 |
Custodian fees | 4,110 |
Fund accounting fees | 3,755 |
Total operating expenses | 901,127 |
Interest expense on credit facility | 60,180 |
Amortization of preferred shares issuance costs | 250,587 |
Dividends to Mandatory Redeemable Preferred shareholders | 641,631 |
Total expenses | 1,853,525 |
Net investment income | 737,828 |
Net realized gain on: | |
Investments | 3,430,528 |
Foreign currency transactions | 983 |
Net realized gain | 3,431,511 |
Net change in unrealized appreciation on: | |
Investments | 21,878,403 |
Foreign currency translations | 2,171 |
Net change in unrealized appreciation | 21,880,574 |
Net realized and unrealized gain | 25,312,085 |
Net increase in net assets resulting from operations | $26,049,913 |
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2021 (Unaudited) | For the Fiscal Year Ended September 30, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations: | |||
Net investment income (loss) | $ 737,828 | $ (5,473,462) | |
Net realized gain (loss) | 3,431,511 | (230,128,104) | |
Net change in unrealized appreciation (depreciation) | 21,880,574 | (29,474,774) | |
Net increase (decrease) in net assets resulting from operations | 26,049,913 | (265,076,340) | |
Distributions to Common Shareholders: | |||
Return of capital | (2,218,475) | (32,742,603) | |
Total distributions paid | (2,218,475) | (32,742,603) | |
Capital Share Transactions: | |||
Proceeds from shares sold, net of offering costs (Note 8) | — | 39,672,977 | |
Reinvestment of distributions | — | 636,330 | |
Net increase in net assets from capital stock transactions | — | 40,309,307 | |
Total increase (decrease) in net assets | 23,831,438 | (257,509,636) | |
Net Assets: | |||
Beginning of period | 50,603,993 | 308,113,629 | |
End of period | $74,435,431 | $ 50,603,993 | |
Share Transactions: | |||
Shares sold (Note 8) | — | 6,317,604 | |
Shares reinvested (Note 8) | — | 233,437 | |
Shares reduced due to reverse share split (Note 7) | — | (44,369,508) * | |
Net increase (decrease) in shares outstanding | — | (37,818,467) |
* | The Fund effected a 1:10 reverse share split after market close on July 2, 2020. |
Statement of Cash Flows (Unaudited)
Increase (Decrease) in Cash: | |
Cash flows provided by (used for) operating activities: | |
Net increase in net assets resulting from operations | $ 26,049,913 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |
Purchases of long-term portfolio investments | (15,790,204) |
Proceeds from disposition of long-term portfolio investments | 14,902,442 |
Net purchases of short-term portfolio investments | 242,883 |
Return of capital distributions | 2,085,358 |
Decrease in dividends and interest receivable | (25,265) |
Increase in deferred offering costs | 14,790 |
Increase in prepaid expenses | 7,949 |
Increase in payable for credit facility interest | 17,392 |
Increase in dividends payable to Mandatory Redeemable Preferred Shareholders | (35,257) |
Increase in payable for current income taxes | (705,075) |
Decrease in investment advisory fee payable | 16,941 |
Decrease in administration fee payable | 2,541 |
Increase in trustees' fee payable | (72) |
Decrease in accrued expenses | 6,483 |
Amortization of preferred shares issuance costs | 250,587 |
Net change in unrealized appreciation on investments | (21,878,403) |
Net realized gain on investments | (3,430,528) |
Net cash provided by operating activities | 1,732,475 |
Cash flows used for financing activities: | |
Net cash provided by credit facility | 19,100,000 |
Net cash used for Mandatory Redeemable Preferred Shareholders redemptions | (18,650,000) |
Distributions paid to common shareholders, net of reinvestments | (2,218,475) |
Net cash used for financing activities | (1,768,475) |
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, 2021 totaled $684,419 |
Financial Highlights
2021 14 | 2020 11 | 2019 11 | 2018 *,12 | 2017 13 | 2016 13 | 2015 13 | |||||||
Per Share Operating Performance:10 | |||||||||||||
Net asset value, beginning of period | $ 10.26 | $ 72.10 | $ 94.90 | $ 93.40 | $ 112.20 | $ 109.30 | $ 201.10 | ||||||
Net investment income1 | 0.15 | (1.14) | (1.30) | (2.50) | (3.70) | (2.40) | (3.00) | ||||||
Return of capital1 | 0.42 | 3.28 | 7.30 | 7.50 | 11.90 | 11.00 | 11.70 | ||||||
Net realized and unrealized gain (loss)1,4 | 4.72 | (56.98) | (16.30) | 5.90 | (14.50) | 6.80 | (88.00) | ||||||
Net increase (decrease) in net asset value resulting from operations | 5.29 | (54.84) | (10.30) | 10.90 | (6.30) | 15.40 | (79.30) | ||||||
Distributions to Common Shareholders: | |||||||||||||
Dividends from distributable earnings | — | — | — | (3.30) | — | — | — | ||||||
Return of capital distributions | (0.45) | (7.00) | (12.50) | (6.10) | (12.50) | (12.50) | (12.50) | ||||||
Total dividends and distributions paid^ | (0.45) | (7.00) | (12.50) | (9.40) | (12.50) | (12.50) | (12.50) | ||||||
Net asset value, end of period | $ 15.10 | $ 10.26 | $ 72.10 | $ 94.90 | $ 93.40 | $ 112.20 | $ 109.30 | ||||||
Market price, end of period | $ 10.95 | $ 7.45 | $ 71.20 | $ 94.20 | $ 92.00 | $ 115.80 | $ 110.90 | ||||||
Total Investment Return based on Net asset value# | 46.95% 8 | -81.70% | -10.92% | 12.33% 8 | -6.59% | 15.62% | -40.75% 5 | ||||||
Total Investment Return based on Market price† | 48.29% 8 | -86.71% | -11.32% | 13.20% 8 | -10.85% | 17.61% | -37.97% 5 | ||||||
Ratios to Average Net Assets/ Supplementary Data: | |||||||||||||
Net assets, end of period (000s) | $74,435 | $50,604 | $308,114 | $287,150 | $229,811 | $233,119 | $215,962 | ||||||
Ratio of expenses (benefit) to average net assets2 | 5.89% 9 | 6.95% | 3.62% | 3.68% 9 | 3.51% | 2.90% | (4.96)% | ||||||
Ratio of expenses to average net assets (excluding current and deferred tax benefit) | 5.89% 9 | 4.49% | 3.62% | 3.68% 9 | 3.51% | 2.83% | 2.53% | ||||||
Ratio of expenses to average net assets (excluding current and deferred tax benefit and interest expense) | 2.86% 9 | 2.28% | 1.89% | 2.03% 9 | 2.04% | 2.06% | 2.00% | ||||||
Ratio of net investment gain (loss) to average net assets2 | 2.34% | (3.44)% | (1.66)% | (3.22)% 9 | (3.33)% | (2.32)% | (1.82)% | ||||||
Ratio of expenses (benefit) to average managed assets3 | 4.52% | 4.83% | 2.49% | 2.51% 9 | 2.31% | 2.06% | (3.46)% | ||||||
Portfolio turnover rate | 19% 8 | 75% | 56% | 33% 8 | 36% | 62% | 91% | ||||||
Credit facility, end of period (000's) | $19,100 | N/A | $ 82,500 | $ 79,100 | $ 66,500 | $ 81,700 | $ 79,600 | ||||||
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 | $ 4,897 | $ 3,713 | $ 3,325 | $ 3,224 | $ 2,973 | $ 2,770 | $ 3,949 | ||||||
Asset coverage per preferred shares7 | $ — | $92,834 | $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 | The Fund had a 1:10 reverse share split effective after market close on July 2, 2020. Prior year net asset values and per share amounts have been restated to reflect the impact of the reverse share split. |
11 | For the Fiscal Years Ended September 30, |
12 | For the Ten Month Period Ended September 30, 2018. |
13 | For the Fiscal Years Ended November 30, |
14 | For the Six Months Ended March 31, 2021 (Unaudited). |
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 | $ 24,317,414 | $ — | $ — | $ 24,317,414 | |||
Common Stocks | 29,194,851 | — | — | 29,194,851 | |||
Private Investment | — | — | 39,800,000 | 39,800,000 | |||
Money Market Funds | 308,927 | — | — | 308,927 | |||
Total Investments | $ 53,821,192 | $ — | $ 39,800,000 | $ 93,621,192 |
Notes to Financial Statements (Unaudited) (continued)
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Type of Security | Value as of March 31, 2021 | Valuation Approach | Valuation Technique | Unobservable Input | Amount | Impact to Valuation from an Increase in Input(1) |
Private Investment | $39,800,000 | 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 | 11.4x 15.0% | Increase Decrease |
Private Investment | |
Balance as of September 30, 2020 | $33,200,000 |
Accrued discounts (premiums) | — |
Realized gain (loss) | — |
Change in unrealized appreciation (depreciation) | 6,600,000 |
Purchases at cost | — |
Sales proceeds | — |
Balance as of March 31, 2021 | $39,800,000 |
Change in unrealized gains or losses relating to assets still held at the reporting date | $ 6,600,000 |
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Deferred tax expense (benefit) | |
Federal | $ 5,575,463 |
State | 474,779 |
Change in valuation allowance | (6,050,242) |
Total deferred tax expense | $ — |
Amount | |
Application of statutory income tax rate | $ 5,469,117 |
State income taxes net of federal benefit | 419,528 |
Effect of permanent & temporary differences | 161,597 |
Change in valuation allowance | (6,050,242) |
Total income tax expense | $ — |
Amount | |
Deferred tax assets: | |
Net operating loss carryforward (tax basis) | $ 734,788 |
Capital loss carryforward (tax basis) | 81,253,316 |
Net unrealized losses on investment securities (tax basis) | — |
Valuation Allowance | (77,539,109) |
Total deferred tax assets | 4,448,995 |
Deferred tax liabilities: | |
Net unrealized gains on investment securiteis (tax basis) | (4,448,995) |
Total net deferred tax liability | $ — |
Notes to Financial Statements (Unaudited) (continued)
Expiration Date: | Amount |
Unlimited | $3,249,708 |
Notes to Financial Statements (Unaudited) (continued)
Expiration Date: | Amount |
9/30/2021 | $ 67,516,783 |
9/30/2024 | 23,430,056 |
9/30/2025 | 268,408,109 |
Total | $359,354,948 |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
$71,517,855 | $22,113,507 | $(10,170) | $22,103,337 |
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Compliance Certification (Unaudited)
Proxy Results (Unaudited)
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. | To elect to the Fund’s Board of Trustees William H. Wright II, Class I Independent Trustee nominee | 3,421,589 | 230,743 | 162,225 |
2. | To elect to the Fund’s Board of Trustees David W. Levi, Class I Interested Trustee nominee | 3,405,317 | 245,919 | 163,318 |
Additional Information Regarding the Fund (Unaudited)
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Additional Information Regarding the Fund (Unaudited) (continued)
• | dependence on the Adviser’s ability to predict correctly movements in the direction of interest rates and securities prices; |
• | imperfect correlation between the price of the derivative instrument and movements in the prices of the reference instrument; |
• | the fact that skills needed to use these strategies are different from those needed to select portfolio securities; |
• | the possible absence of a liquid secondary market for any particular instrument at any time; |
• | the possible need to defer closing out certain positions to avoid adverse tax consequences; |
• | the possible inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for it to do so, or the possible need for the Fund to sell a security at a disadvantageous time due to a need for the Fund to maintain “cover” or to segregate securities in connection with the hedging techniques; |
• | the creditworthiness of counterparties; |
Additional Information Regarding the Fund (Unaudited) (continued)
• | if used for hedging purposes, the duration of the derivative instrument may be significantly different than the duration of the related liability or asset; and |
• | volatility of interest rates and price of the reference instrument. |
Additional Information Regarding the Fund (Unaudited) (continued)
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Additional Information Regarding the Fund (Unaudited) (continued)
Additional Information Regarding the Fund (Unaudited) (continued)
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 |
William H. Wright II | Trustee |
David W. Levi | Trustee (Interested) |
Officers of the Fund | |
Brian F. Hurley | President |
Casey P. Tushaus | Treasurer |
Mohamed S. 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 for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-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 Regulation S-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 Form N-CSR.
(b) As of the date of filing this Form N-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 for Closed-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: May 27, 2021
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: May 27, 2021
By: | /s/ Casey P. Tushaus | |
Casey P. Tushaus Treasurer and Principal Financial Officer |
Date: May 27, 2021