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, 2019
Item 1. Reports to Shareholders.
Portfolio Characteristics (Unaudited)
PORTFOLIO STATISTICS | |
Annualized distribution rate1 | 15.01% |
Percentage of leveraged assets | 30.13% |
Total number of holdings | 29 |
Asset Allocation by Sector | Percent of Net Assets |
Master Limited Partnerships | |
Pipeline Transportation | Petroleum | 33.6% |
Pipeline Transportation | Natural Gas | 30.7% |
Gathering + Processing | Natural Gas | 18.5% |
Services | Midstream | 0.2% |
Total Master Limited Partnerships | 83.0% |
Common Stocks | |
Gathering + Processing | Natural Gas | 28.7% |
Pipeline Transportation | Petroleum | 11.0% |
Pipeline Transportation | Natural Gas | 3.7% |
Total Common Stocks | 43.4% |
Private Investment | 15.4% |
Money Market Funds | 0.9% |
Liabilities in Excess of Other Assets | (42.7)% |
Net Assets | 100.0% |
TOP TEN HOLDINGS | |
KKR Eagle Co-Invest LP | 15.4% |
Energy Transfer LP | 11.6% |
Enterprise Products Partners LP | 11.4% |
Plains All American Pipeline LP | 10.9% |
Williams Companies, Inc. | 9.5% |
EnLink Midstream LLC | 7.6% |
NuStar Energy LP | 7.1% |
MPLX LP | 6.2% |
ONEOK, Inc. | 5.8% |
Targa Resources Corp. | 5.7% |
Schedule of Investments (Unaudited)
Shares | Value | |||||
MASTER LIMITED PARTNERSHIPS – 83.0% | ||||||
Gathering + Processing | Natural Gas – 18.5% | ||||||
Crestwood Equity Partners LP1 | 120,285 | $4,232,829 | ||||
DCP Midstream LP1 | 337,890 | 11,167,264 | ||||
Enable Midstream Partners LP | 282,695 | 4,048,192 | ||||
MPLX LP1 | 533,322 | 17,540,961 | ||||
Oasis Midstream Partners LP | 40,926 | 831,616 | ||||
Summit Midstream Partners LP1 | 415,835 | 4,046,075 | ||||
Western Midstream Partners LP1 | 338,313 | 10,609,499 | ||||
Total Gathering + Processing | Natural Gas | 52,476,436 | |||||
Services | Midstream – 0.2% | ||||||
USA Compression Partners LP | 36,066 | 562,990 | ||||
Pipeline Transportation | Natural Gas – 30.7% | ||||||
Energy Transfer LP | 2,144,762 | 32,964,992 | ||||
Enterprise Products Partners LP1 | 1,113,205 | 32,394,266 | ||||
EQT Midstream Partners LP | 237,926 | 10,985,043 | ||||
TC Pipelines LP | 289,693 | 10,822,931 | ||||
Total Pipeline Transportation | Natural Gas | 87,167,232 | |||||
Pipeline Transportation | Petroleum – 33.6% | ||||||
Andeavor Logistics LP1 | 417,254 | 14,712,376 | ||||
Buckeye Partners LP1 | 303,170 | 10,313,843 | ||||
Magellan Midstream Partners LP1 | 255,416 | 15,485,872 | ||||
NuStar Energy LP1 | 747,571 | 20,102,184 | ||||
Phillips 66 Partners LP1 | 76,822 | 4,021,632 | ||||
Plains All American Pipeline LP1 | 1,259,415 | 30,868,262 | ||||
Total Pipeline Transportation | Petroleum | 95,504,169 | |||||
Total MASTER LIMITED PARTNERSHIPS (Cost $213,104,447) | 235,710,827 | |||||
COMMON STOCKS – 43.4% | ||||||
Gathering + Processing | Natural Gas – 21.1% | ||||||
ONEOK, Inc.1 | 235,821 | 16,469,739 | ||||
Targa Resources Corp.1 | 391,588 | 16,270,481 | ||||
Williams Companies, Inc.1 | 942,315 | 27,063,287 | ||||
Total Gathering + Processing | Natural Gas | 59,803,507 | |||||
Pipeline Transportation | Natural Gas – 11.3% | ||||||
EnLink Midstream LLC1 | 1,692,000 | 21,623,760 | ||||
Kinder Morgan, Inc.1 | 524,937 | 10,503,989 | ||||
Total Pipeline Transportation | Natural Gas | 32,127,749 | |||||
Pipeline Transportation | Petroleum – 11.0% | ||||||
Enbridge, Inc.1 | 448,426 | 16,259,927 | ||||
SemGroup Corp. | 735,351 | 10,839,074 | ||||
Tallgrass Energy LP | 170,000 | 4,273,800 | ||||
Total Pipeline Transportation | Petroleum | 31,372,801 | |||||
Total COMMON STOCKS (Cost $111,754,772) | 123,304,057 |
Schedule of Investments (Unaudited) (continued)
Shares | Value | |||||
PRIVATE INVESTMENT – 15.4% | ||||||
KKR Eagle Co-Invest LP2 | $43,600,000 | |||||
Total PRIVATE INVESTMENT (Cost $34,472,094) | 43,600,000 | |||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||
Money Market Funds – 0.9% | ||||||
First American Treasury Obligations Fund, Class X, 2.37%3 | 2,392,213 | 2,392,212 | ||||
GS Financial Square Treasury Solutions Fund, Capital Class, 2.12%3 | 209,471 | 209,471 | ||||
Total SHORT-TERM INVESTMENTS (Cost $2,601,684) | 2,601,683 | |||||
Total Investments – 142.7% (Cost $361,932,997) | 405,216,567 | |||||
Liabilities in Excess of Other Assets – (42.7)% | (121,244,691) | |||||
TOTAL NET ASSETS – 100.0% | $283,971,876 |
The following notes should be read in conjunction with the accompanying Schedule of Investments. |
LP— Limited Partnership |
LLC— Limited Liability Company |
1 | — All or a portion of this security is pledged as collateral for credit facility. As of March 31, 2019, the total value of the collateral was $179,999,828. |
2 | — 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, 2019, the total value of all such securities was $43,600,000 or 15.4% of net assets. The security is in a non-unitized private investment fund that has commitments of $40,000,000, unfunded commitments of approximately $2,300,000, does not permit redemptions, has expected life of 3.9 years, and invests solely in Veresen Midstream Limited Partnership. This security is characterized as a Level 3 security within the disclosure hierarchy. |
3 | — The rate quoted is the annualized seven-day yield as of March 31, 2019. |
Statement of Assets and Liabilities (Unaudited)
Assets: | |
Investments in securities, at value (cost $361,932,997) | $405,216,567 |
Receivable for investments sold | 1,099,587 |
Deferred offering costs (Note 7) | 113,188 |
Dividends and interest receivable | 46,162 |
Prepaid expenses | 130,010 |
Total assets | 406,605,514 |
Liabilities: | |
Payable for credit facility (Note 9) | 72,500,000 |
Payable for credit facility interest | 214,903 |
Mandatory Redeemable Preferred shares ($0.01 par value, 2,000 shares isssued with liquidation preference of $25,000 per share, net of debt issuance cost $840,854) (Note 8) | 49,159,146 |
Dividends payable to Mandatory Redeemable Preferred shareholders | 44,073 |
Payable for investments purchased | 136,276 |
Investment advisory fee payable (Note 5) | 336,958 |
Administration fee payable (Note 5) | 50,544 |
Trustees' fee payable | 9,776 |
Accrued expenses | 181,962 |
Total liabilities | 122,633,638 |
Commitments and contingencies (Note 11) | |
Net Assets | $283,971,876 |
Composition of Net Assets: | |
Paid-in capital | 373,331,863 |
Accumulated losses | (89,359,987) |
Net assets applicable to capital stock outstanding | $283,971,876 |
Shares Outstanding and Net Asset Value Per Share: | |
Common shares outstanding | 33,707,106 |
Net asset value per share | $8.42 |
Statement of Operations (Unaudited)
Investment Income (Note 2): | |
Distributions from master limited partnerships | $10,364,819 |
Dividends (net of foreign witholding tax of $57,745) | 5,579,844 |
Total dividends and distributions | 15,944,663 |
Less return of capital distributions | (11,981,625) |
Dividends from money market funds | 19,810 |
Interest | 15,043 |
Total income | 3,997,891 |
Expenses: | |
Investment advisory fees (Note 5) | 1,920,948 |
Administration fees (Note 5) | 288,143 |
Trustees' fees | 57,896 |
Audit and tax services | 54,317 |
Legal fees | 45,578 |
Reports to shareholders | 35,508 |
Registration fees | 21,347 |
Miscellaneous | 16,669 |
Rating agency fees | 14,500 |
Fund accounting fees | 13,167 |
Transfer agent fees | 13,155 |
Custodian fees | 10,693 |
Insurance | 7,056 |
Franchise taxes | 4,561 |
Total operating expenses | 2,503,538 |
Interest expense on credit facility | 1,274,401 |
Amortization of preferred shares issuance costs | 56,038 |
Dividends to Mandatory Redeemable Preferred shareholders | 1,069,561 |
Total expenses | 4,903,538 |
Net investment loss | (905,647) |
Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on: | |
Investments | (11,339,832) |
Option contracts | 77,434 |
Foreign currency transactions | 1,982 |
Net realized loss | (11,260,416) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 1,340,501 |
Option contracts | (21,322) |
Foreign currency translations | (23) |
Net change in unrealized appreciation | 1,319,156 |
Net realized and unrealized loss | (9,941,260) |
Net decrease in net assets resulting from operations | $(10,846,907) |
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2019 (Unaudited) | For the Ten Months Ended September 30, 20181 | For the Fiscal Year Ended November 30, 2017 | |||
Increase (Decrease) in Net Assets Resulting from Operations: | |||||
Net investment loss | $(905,647) | $(7,131,651) | $(8,300,458) | ||
Net realized gain (loss) | (11,260,416) | 3,575,892 | 7,794,483 | ||
Net change in unrealized appreciation (depreciation) | 1,319,156 | 32,803,424 | (15,676,839) | ||
Net increase (decrease) in net assets resulting from operations | (10,846,907) | 29,247,424 | (16,182,814) | ||
Distributions to Common Shareholders: | |||||
Distributable earnings | — | (9,432,436) | — | ||
Return of capital | (19,911,589) | (17,227,927) | (28,115,028) | ||
Total distributions paid | (19,911,589) | (26,660,363) | (28,115,028) | ||
Capital Share Transactions: | |||||
Proceeds from shares sold, net of offering costs (Note 7) | 26,993,851 | 53,952,269 | 39,801,416 | ||
Reinvestment of distributions | 586,903 | 799,452 | 1,188,289 | ||
Net increase in net assets from capital share transactions | 27,580,754 | 54,751,721 | 40,989,705 | ||
Total increase (decrease) in net assets | (3,177,742) | 57,339,023 | (3,308,137) | ||
Net Assets: | |||||
Beginning of period | 287,149,618 | 229,810,595 | 233,118,732 | ||
End of period | $283,971,876 | $287,149,618 | $229,810,5952 | ||
Share Transactions: | |||||
Shares sold (Note 7) | 3,380,736 | 5,571,911 | 3,711,880 | ||
Shares reinvested | 14,625 | 22,388 | 8,033 | ||
Shares reinvested on the open market | (14,625) | (22,388) | (8,033) | ||
Shares reinvested at net asset value | 59,373 | 87,353 | 112,141 | ||
Net increase in shares outstanding | 3,454,734 | 5,659,264 | 3,824,021 |
1 | The Fund changed its fiscal year end from November 30 to September 30. |
2 | The The Securities and Exchange Commission ("SEC") eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. For the fiscal year ended November 30, 2017, the distributions in excess of net investment income was $(40,109,801). |
Statements of Cash Flows (Unaudited)
Increase (Decrease) in Cash: | |
Cash flows provided by (used for) operating activities: | |
Net decrease in net assets resulting from operations | $(10,846,907) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | |
Purchases of long-term portfolio investments | (116,600,912) |
Proceeds from disposition of long-term portfolio investments | 106,958,832 |
Net purchases of short-term portfolio investments | (2,601,683) |
Return of capital distributions | 11,981,625 |
Increase dividends and interest receivable | (46,162) |
Increase in deferred offering costs | (113,188) |
Increase in prepaid expenses | (17,755) |
Increase in payable for credit facility interest | 177,137 |
Decrease in dividends payable to Mandatory Redeemable Preferred shareholders | (2,939) |
Decrease in investment advisory fee payable | (1,176) |
Decrease in administration fee payable | (1,436) |
Increase in trustees' fee payable | 298 |
Decrease in accrued expenses | (156,240) |
Amortization of preferred shares issuance costs | 56,038 |
Net change in unrealized appreciation on investments and option contracts | (1,319,179) |
Net realized gain on investments | 11,262,398 |
Net cash used for operating activities | (1,271,249) |
Cash flows provided by financing activities: | |
Net cash provided by credit facility | (6,600,000) |
Net cash provided by proceeds from shares sold | 26,993,851 |
Distributions paid to common shareholders, net of reinvestments | (19,324,686) |
Net cash provided by financing activities | 1,061,165 |
Net decrease in cash | (202,084) |
Cash at beginning of period | 202,084 |
Cash at end of period | $— |
Supplemental Disclosure of Cash Flow Information: | |
Interest payments on the credit facility for the six months ended March 31, 2019, totaled $2,091,293. | |
Non-cash financing activities included reinvestment of distributions of $586,903. |
Financial Highlights
For the Six Months Ended March 31, | For the Ten Month Period Ended September 30, | For the Fiscal Years Ended November 30, | For the Period September 26, 20131 through November 30, | ||||||
2019 (Unaudited) | 2018* | 2017 | 2016 | 2015 | 2014 | 2013 | |||
Per Share Operating Performance: | |||||||||
Net asset value, beginning of period | $9.49 | $9.34 | $11.22 | $10.93 | $20.11 | $19.31 | $19.062 | ||
Net investment loss3 | (0.03) | (0.25) | (0.37) | (0.24) | (0.30) | (0.24) | (0.04) | ||
Return of capital3 | 0.38 | 0.75 | 1.19 | 1.10 | 1.17 | 0.81 | 0.24 | ||
Net realized and unrealized gain (loss) on investments3,6 | (0.79) | 0.59 | (1.45) | 0.68 | (8.80) | 1.58 | 0.15 | ||
Net increase (decrease) in net asset value resulting from operations | (0.44) | 1.09 | (0.63) | 1.54 | (7.93) | 2.15 | 0.35 | ||
Distributions to Common Shareholders: | |||||||||
Dividends from net investment income | — | (0.33) | — | — | — | (1.18) | — | ||
Return of capital distributions | (0.63) | (0.61) | (1.25) | (1.25) | (1.25) | (0.17) | (0.10) | ||
Total dividends and distributions paid | (0.63) | (0.94) | (1.25) | (1.25) | (1.25) | (1.35) | (0.10) | ||
Net asset value, end of period | $8.42 | $9.49 | $9.34 | $11.22 | $10.93 | $20.11 | $19.31 | ||
Market price, end of period | $8.33 | $9.42 | $9.20 | $11.58 | $11.09 | $19.49 | $18.46 | ||
Total Investment Return based on Net asset value# | -3.95%10 | 12.33%10 | -6.59% | 15.62% | -40.75%7 | 11.94% | 1.88%10 | ||
Total Investment Return based on Market price† | -4.34%10 | 13.20%10 | -10.85% | 17.61% | -37.97%7 | 13.49% | -7.18%10 | ||
Ratios to Average Net Assets/ Supplementary Data: | |||||||||
Net assets, end of period (000s) | $283,972 | $287,150 | $229,811 | $233,119 | $215,962 | $297,927 | $286,009 | ||
Ratio of expenses (benefit) to average net assets4 | 3.78%11 | 3.68%11 | 3.51% | 2.90% | (4.96)% | 8.55% | 8.25%11 | ||
Ratio of expenses to average net assets (excluding deferred tax benefit) | 3.78%11 | 3.68%11 | 3.51% | 2.83% | 2.53% | 2.26% | 2.08%11 | ||
Ratio of expenses to average net assets (excluding deferred tax benefit and interest expense) | 1.93%11 | 2.03%11 | 2.04% | 2.06% | 2.00% | 1.85% | 1.84%11 | ||
Ratio of net investment loss to average net assets4 | (0.70)%11 | (3.22)%11 | (3.33)% | (2.32)% | (1.82)% | (1.18)% | (1.31)%11 | ||
Ratio of expenses (benefit) to average managed assets5 | 2.55%11 | 2.51%11 | 2.31% | 2.06% | (3.46)% | 6.08% | 6.34%11 | ||
Portfolio turnover rate | 28%10 | 33%10 | 36% | 62% | 91% | 105% | 18%10 | ||
Credit facility, end of period (000's) | $72,500 | $79,100 | $66,500 | $81,700 | $79,600 | $129,000 | $100,500 | ||
Total amount of preferred shares outstanding (000's) | $50,000 | $50,000 | $50,000 | $50,000 | $— | $— | $— | ||
Asset coverage per $1,000 unit of senior indebtedness8 | $3,318 | $3,224 | $2,973 | $2,770 | $3,949 | $3,310 | $3,846 | ||
Asset coverage per preferred shares9 | $166,986 | $168,575 | $139,905 | $141,559 | $— | $— | $— | ||
Liquidating preference for preferred shares | $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. |
* | 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 | Commencement of operations. |
2 | Initial public offering price of $20.00 per share less underwriting discounts of $0.90 per share and offering costs of $0.04 per share. |
3 | Per share amounts presented are based on average shares outstanding throughout the period indicated. |
4 | 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). |
5 | 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. |
6 | 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. |
7 | 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. |
8 | 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. |
9 | Represents the total value of total assets less liabilities, not including preferred shares divided by the total number of preferred shares. |
10 | Not annualized. |
11 | Annualized. |
Notes to Financial Statements (Unaudited)
Notes to Financial Statements (Unaudited) (continued)
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) |
Description | Level 1 | Level 2 | Level 3 | Total | |||
Master Limited Partnerships | $235,710,827 | $— | $— | $235,710,827 | |||
Common Stocks | 123,304,057 | — | — | 123,304,057 | |||
Private Investment | — | — | 43,600,000 | 43,600,000 | |||
Money Market Funds | 2,601,683 | — | — | 2,601,683 | |||
Total Investments | $361,616,567 | $— | $43,600,000 | $405,216,567 |
Notes to Financial Statements (Unaudited) (continued)
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Type of Security | Value as of March 31, 2019 | Valuation Approach | Valuation Technique | Unobservable Input | Amount | Impact to Valuation from an Increase in Input(1) |
Private Investment | $43,600,000 | Market Approach | Guideline Public Company | EBITDA Multiple Liquidity Discount | 11.0x 12.5% | Increase Decrease |
Income Approach | Discounted Cash Flow | Discount Rate | 10.5% | Decrease | ||
Exit EBITDA Multiple | 12.0x | Increase | ||||
Liquidity Discount | 12.5% | Decrease |
Notes to Financial Statements (Unaudited) (continued)
Private Investment | |
Balance as of September 30, 2018 | $45,800,000 |
Change in unrealized depreciation | (2,200,000) |
Balance as of March 31, 2019 | $43,600,000 |
Change in unrealized gains or losses relating to assets still held at the reporting date | $(2,200,000) |
Notes to Financial Statements (Unaudited) (continued)
Notes to Financial Statements (Unaudited) (continued)
Derivatives | Location of Gains (Losses) on Derivatives Recognized in Income | Net Realized Gain | Net Change in Unrealized Depreciation |
Equity option contracts | Option contracts | $77,434 | $(21,322) |
Deferred tax expense (benefit) | |
Federal | $(2,231,569) |
State | (164,541) |
Change in valuation allowance | 2,396,110 |
Total deferred tax expense | $— |
Notes to Financial Statements (Unaudited) (continued)
Amount | |
Application of statutory income tax rate | $(2,277,851) |
State income taxes net of federal benefit | (238,282) |
Effect of permanent & temporary differences | 12,186 |
Tax expense (benefit) due to change in effective state rates | 107,837 |
Change in valution allowance | 2,396,110 |
Total income tax expenes | $— |
Amount | |
Deferred tax assets: | |
Net operating loss carryforward (tax basis) | $9,194,759 |
Capital loss carryforward (tax basis) | 19,042,456 |
Other future deductible difference | 697,225 |
Valuation Allowance | (14,734,980) |
Total deferred tax assets | 14,199,460 |
Deferred tax liabilities: | |
Net unrealized gains on investment securiteis (tax basis) | (14,199,460) |
Total net deferred tax liability | $— |
Notes to Financial Statements (Unaudited) (continued)
Amount | |
Expiration Date: | |
9/30/2035 | $13,600,121 |
9/30/2036 | 7,495,732 |
9/30/2037 | 7,197,063 |
Unlimited | 5,396,398 |
Unlimited | 5,948,777 |
Total | $39,638,091 |
Notes to Financial Statements (Unaudited) (continued)
Amount | |
Expiration Date: | |
9/30/2021 | $73,809,799 |
9/30/2023 | 8,281,161 |
Total | $82,090,960 |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
$344,003,495 | $68,482,353 | $(7,269,281) | $61,213,072 |
Notes to Financial Statements (Unaudited) (continued)
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 |
$0.1042 | April 17, 2019 | April 25, 2019 |
$0.1042 | May 15, 2019 | May 23, 2019 |
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 Edward A. Kuczmarski | 32,142,901 | 150,930 | 200,020 |
2. | To elect to the Fund's Board of Trustees Stuart A. McFarland | 32,119,890 | 171,402 | 202,559 |
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. | To elect to the Fund's Board of Trustees Edward A. Kuczmarski | 1,560 | — | — |
2. | To elect to the Fund's Board of Trustees Stuart A. McFarland | 1,560 | — | — |
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 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 CFR240.14a- 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.
(2) A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule30a-2(a) under the Investment Company Act of 1940 is attached as an exhibit to this FormN-CSR.
(3) Not applicable.
(b) A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule30a-2(b) under the Investment Company Act of 1940 is attached as an exhibit to this FormN-CSR.
(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 4, 2019
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 4, 2019
By: | /s/ Angela W. Ghantous | |
Angela W. Ghantous Treasurer and Principal Financial Officer |
Date: June 4, 2019