Center Coast Capital Advisors, LP PART 2A OF FORM ADV: FIRM BROCHURE

1600 Smith Street Suite 3800 Houston, TX 77002 713-759-1400

www.centercoastcap.com Amended as of October 17, 2017



This brochure provides information about the qualifications and business practices of Center Coast Capital Advisors, LP (“CCCA”). If you have any questions about the contents of this brochure, please contact CCCA at 713-759-1400. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Center Coast

Capital Advisors, LP is available on the SEC’s website at www.adviserinfo.sec.gov. Center Coast Capital Advisors, LP is an SEC registered investment adviser. This registration does not, however, imply any level of skill or training of any CCCA personnel.

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Item 2. Material Changes Potential Change in Control of Advisor. On October 9, 2017, Brookfield Investment Management Inc. (“BIM”) entered into a Membership Units Purchase Agreement (the “Purchase Agreement”) with Center Coast Capital Holdings, LLC (“Center Coast”) and the equity holders of Center Coast, pursuant to which BIM, through a wholly-owned subsidiary, would acquire Center Coast, the parent company of Center Coast Capital Advisors, LP (“CCCA” or the “Firm”). The transaction is expected to be completed by the first quarter of 2018, subject to customary closing conditions, including obtaining necessary fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction will be consummated as contemplated or that necessary conditions will be satisfied. The consummation of the transaction will result in a change in control of CCCA and therefore cause the automatic termination of the investment advisory agreement between the registered investment companies and certain other clients and CCCA, as required by the terms of the applicable advisory agreement. CCCA expects to seek client consents to continue these advisory agreements with BIM. The transaction is not expected to result in any material change in the portfolio management, investment objectives or policies of the funds, products and accounts that CCCA serves as the investment advisor. Additional information regarding the transaction as it relates to such funds and products can be found in the respective registration statements, proxy materials and offering documents for the respective funds and products. Recent Developments Regarding the Energy Sector. Prices of oil, natural gas and other energy commodities have declined significantly and experienced significant volatility over the past year. Oil prices have recently approached ten year lows. Companies engaged in crude oil and natural gas exploration, development or production, natural gas gathering and processing, crude oil refining and transportation and coal mining or sales may be directly affected by their respective natural resources commodity prices. The volatility of commodity prices may also indirectly affect certain master limited partnerships (“MLPs”) and companies engaged in the transportation, processing, storage or distribution of such commodities. Some companies that own the underlying commodities may be unable to effectively mitigate or manage direct margin exposure to commodity price levels. The energy sector as a whole may also be impacted by the perception that the performance of energy sector companies is directly linked to commodity prices. As a result, many MLPs and companies in CCCA may invest have been and may continue to be adversely impacted by declines in, and volatility of, prices of energy commodities. Continued low prices for energy commodities, or continued volatility of such prices, could further erode such MLPs’ and companies’ growth prospects and negatively impact such MLPs’ and companies’ ability to sustain attractive distribution levels, would could adversely impact the asset value of investments made by CCCA on behalf of its clients. Because the Firm is focused in MLP and energy infrastructure companies operating in the industry or group of industries that make up the energy sector of the economy, accounts managed by CCCA were significantly adversely affected in 2015 and may be more susceptible in the future to risks associated with energy commodity prices than an investment company that does not concentrate in such sector. CCCA expects that a substantial portion of the cash

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flow received by its clients’ investments will continue to be derived from its investments in equity securities of MLPs and energy infrastructure companies. Recently, a number of MLPs and energy infrastructure companies have reduced, suspended or eliminated their distributions. Such distribution reductions could adversely impact the value of such investments. Addition of Jeff Jorgensen as Portfolio Manager. The Firm is in the process of adding Jeff Jorgensen as a Portfolio Manager for its products. Mr. Jorgensen has served as the Firm’s Director of Research since March 2014, and in this role has been responsible for leading Center Coast’s research efforts across all of its investment products and providing the Firm’s portfolio managers with macro and micro investable analytics on energy infrastructure investments. He also plays a prominent role in presenting Center Coast’s investment views to clients and is an integral part of the Firm’s investment committee. Mr. Jorgensen previously served as an Executive Director in UBS’ Global Natural Resources Group focusing MLPs and other oil and gas sub-sectors. During his tenure at UBS, he worked on over $20 billion of MLP and energy equity offerings, $10 billion of M&A transactions and in excess of $20 billion of debt deals. Mr. Jorgensen previous experience includes playing outfield with the Houston Astros Organization, working as an attorney for Bracewell & Giuliani and as an associate with Morgan Stanley’s Global Energy Group. He received a J.D. from the University of Texas School of Law and a B.A. in Economics from Rice University.

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Item 3. Table of Contents

Firm Disclosure Brochure

Item 1. Item 2. Item 3. Item 4. Item 5. Item 6. Item 7. Item 8. Item 9. Item 10. Item 11. Item 12. Item 13. Item 14. Item 15. Item 16. Item 17. Item 18.

Cover Page .........................................................................................................................1 Material Changes ...............................................................................................................2 Table of Contents ...............................................................................................................3 Advisory Business ...............................................................................................................5 Fees and Compensation .....................................................................................................7 Performance-Based Fees and Side-by-Side Management .................................................9 Types of Clients.................................................................................................................10 Methods of Analysis, Investment Strategies and Risk of Loss..........................................11 Disciplinary Information ...................................................................................................17 Other Financial Industry Activities and Affiliations ..........................................................17 Code of Ethics ..................................................................................................................18 Brokerage Practices .........................................................................................................18 Review of Accounts ..........................................................................................................20 Client Referrals and Other Compensation .......................................................................21 Custody ............................................................................................................................21 Investment Discretion ......................................................................................................22 Voting Client Securities ....................................................................................................22 Financial Information .......................................................................................................23 Part 2B Supplement …………………………………………………………………………………………………….24



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Item 4. Advisory Business Center Coast Capital Advisors LP (“CCCA” or the “Firm”) is a Delaware limited partnership founded in 2007 with $3.11 billion in assets under management as of December 31, 2015. The Firm is an investment adviser headquartered in Houston, Texas focusing on energy-related master limited partnerships (MLPs) and infrastructure investments. Center Coast manages MLP/energy infrastructure assets with an investment process focused on due diligence from an owner-operator perspective. The goal of this process is to produce a “core” portfolio of the highest quality MLPs and energy infrastructure investments possessing the most durable cash flows, transparent growth prospects and quality management teams in order to generate a high level of risk-adjusted returns. Prior to engaging CCCA to provide any of the foregoing investment advisory services, the client is required to enter into one or more written agreements with CCCA setting forth the terms and conditions under which CCCA renders its services (collectively each is respectively referred to as the “Agreement”). CCCA is 100% owned by Center Coast Capital Holdings, LLC (“CCH” or “Center Coast Holdings”). Center Coast Holdings is 100% owned by certain principals and employees of the Firm and their related entities. Dan C. Tutcher, one of the founders of CCCA, retains certain rights to control the operations of Center Coast Holdings, and indirectly, CCCA through his affiliate. Green Square Group, LLC has an ownership stake in CCCA and its principals control three registered investment advisers, Green Square Capital, LLC, Atlantis Investment Advisors, LLC and Worthington Capital Management, LLC. As of December 31, 2015, CCCA had $3.11 billion of assets under management, of which $3.08 billion were managed on a discretionary basis and $27.57 million were managed on a non-discretionary basis. This Disclosure Brochure describes the business of CCCA. Certain sections will also describe the activities of Supervised Persons. Supervised Persons are any of CCCA’s officers, partners, principals, directors (or other persons occupying a similar status or performing similar functions), or employees, or any other person who provides investment advice on CCCA’s behalf and is subject to CCCA’s supervision or control. Investment Management Services

CCCA primarily allocates clients’ investment management assets among the marketable securities of issuers of energy-related MLPs, MLP affiliates, and other midstream or infrastructure energy companies, particularly those participating in the business of operating oil and gas pipelines, terminals and storage facilities and other infrastructure assets. CCCA may also invest clients’ assets in exchange traded funds (ETFs), options and derivatives including total return swaps.

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Management of Private Fund

CCCA’s affiliate, Center Coast Holdings is the general partner of a private hedge fund (“CCCP”), a Delaware limited partnership. CCCA serves as the investment manager of CCCP. Interests in CCCP are only offered pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). CCCP currently relies on the Section 3(c)(7) exemption from registration under the Investment Company Act of 1940, as amended (the “1940 Act”). Investment in CCCP is restricted to investors that are “qualified purchasers” as defined in the 1940 Act, qualified clients pursuant to the requirements under Rule 205-3 under the Investment Advisers Act of 1940 as amended (the “Advisers Act”), and “accredited investors” as defined in Rule 501 of the Securities Act. All relevant information, terms and conditions relative to CCCP, including the compensation received by CCCA or any affiliate as the general partner and/or investment manager, suitability, risk factors, and potential conflicts of interest, are set forth in the Confidential Private Offering Memorandum (the “Memorandum”), Limited Partnership Agreement (the “Partnership Agreement”), and Subscription Agreement (together, the “Private Placement Documents”), which each investor is required to receive and/or execute prior to being accepted as an investor in CCCP. CCCA will devote its best efforts with respect to its management of CCCP, its individual client accounts, and investment company clients (described below). Given the above discussion relative to the objectives, suitability, risk factors, and qualifications for participation in CCCP, CCCA may give advice or take action with respect to CCCP that differs from that for individual client accounts or the funds it manages. To the extent that a particular investment is suitable for both CCCP and certain individual client accounts and funds, such investments will be allocated between CCCP and the individual client accounts pro rata based on the assets under management or in some other manner which CCCA determines is fair and equitable under the circumstances to all of its clients and consistent with the Firm’s Compliance Manual and Code of Ethics. Management of Investment Companies

CCCA currently serves as the advisor to a privately offered registered closed-end fund (the “Core Fund”), and a publicly listed closed-end fund, Center Coast MLP & Infrastructure Fund (“CEN”), both nondiversified closed-end investment companies registered under the 1940 Act. In addition, CCCA is subadvisor to the Center Coast MLP Focus Fund (“Focus Fund”), an open-end management investment company, that is a separate series of the Investment Management Series Trust, an open-end investment company registered under the 1940 Act. UMB Fund Services, Inc. (“UMB”) acts as the administrator and custodian for the Core Funds, Focus Fund and CEN and receives fees for those services. UMB is not a related person of CCCA. CCCA also has a credit facility with one of UMB’s affiliates. Additional information regarding this relationship can be found in the respective offering documents, including the funds’ respective prospectus (collectively with the Private Placement Documents of CCCP, the “Offering Documents”).

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Management of Separately Managed Accounts

CCCA manages separately managed accounts (“SMAs”) under wrap programs sponsored by several major broker-dealer firms. The accounts are managed similarly to other SMAs managed by CCCA. Clients participating in these wrap programs may be charged various program fees by the broker-dealer firm that is in addition to the advisory fee charged by our Firm.

Item 5. Fees and Compensation CCCA generally receives management fees, carried interest allocation and/or performance fees in connection with the investment management services it provides to its clients (the term “Clients” includes individuals as well as funds in which the CCCA manages). CCCA offers its services on a fee basis, which includes fees based upon assets under management and the performance of the client’s portfolio. CCCA receives periodic management fees from the funds and other clients of up to 1.0% of the capital committed to, net asset value or managed assets of, or the remaining invested capital of, the relevant fund or client depending on the strategy, the amount of assets placed and other factors. Specific details of such compensation and its method of calculation are set out in the management agreement with the client, the Offering Documents, and/or governing documents of the relevant funds. The share of compensation earned by CCCA may be changed during the term of the relevant relationship and may vary pursuant to the governing documents, side letter agreements or other arrangements with specific investors or broker-dealer agreements. Performance Fee

CCCA may render investment management services to qualified clients for a performance-based fee in accordance with the requirements set forth in applicable laws, rules, and regulations. At present, CCCA’s only client that pays a performance fee is CCCP. With respect to CCCP, CCCA charges a fee based upon a percentage of the market value of the assets being managed by CCCA (“base fee”). In addition, Center Coast Holdings may also receive a carried interest of the net realized returns based on the performance of CCCP (“performance fee”) of up to twenty percent (20%) of the net performance subject to a high water mark. The performance fee for CCCP is charged annually, in arrears, based on the net gains of the client’s portfolio at the end of the calendar period. Investment Management Fee

For certain clients, CCCA may provide investment management services for an annual fee based upon a percentage of the market value of the assets being managed by CCCA without a performance fee. The annual fee varies depending upon the market value of the assets under management and the services to be rendered. CCCA’s annual fee is exclusive of, and in addition to brokerage commissions, transaction fees, and other related costs and expenses that shall be incurred by the client. However, CCCA does not receive any portion of these commissions, fees, and costs.

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In addition to the fees described above, CCCP, the Core Fund, Focus Fund, and CEN may pay additional fees and expenses. These fees are disclosed in the respective Offering Documents. CCCA, in its sole discretion, may negotiate to charge a lesser management fee based upon certain criteria (e.g., anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related accounts, account composition, pre-existing client, account retention, pro bono activities, etc.). Fees Charged by Financial Institutions

As further discussed in response to Item 12 (below), CCCA generally utilizes the prime brokerage services of Wells Fargo Prime Services and its affiliates (collectively referred to as “Wells Fargo Prime”). From time to time, CCCA may recommend that certain clients interested in a CCCA SMA to utilize the brokerage and clearing services of certain firms such as Charles Schwab & Co., Inc. (“Schwab”), Fidelity Investments, Wells Fargo and others depending on the circumstances. UMB acts as the administrator and custodian for the Core Fund, Focus Fund and CEN and receives fees for those services in line with industry norms. CCCA may only implement its investment management recommendations after the client has arranged for and furnished CCCA with all information and authorization regarding accounts with appropriate financial institutions. Financial institutions include, but are not limited to, Wells Fargo Prime, Schwab, any other broker-dealer recommended by CCCA, broker-dealer directed by the client, trust companies, banks etc. (collectively referred to herein as the “Financial Institutions”). Clients may incur certain charges imposed by the Financial Institutions and other third parties such as custodial fees, charges imposed directly by a mutual fund or ETF in the account, which are disclosed in the fund’s prospectus (e.g., fund management fees and other fund expenses), deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Additionally, for assets outside of any wrap fee programs, clients may incur brokerage commissions and transaction fees. Such charges, fees and commissions are exclusive of and in addition to CCCA’s fee. CCCA’s Agreement and the separate agreement with any Financial Institutions authorizes CCCA to debit the client’s account for the amount of CCCA’s fee and to directly remit that management fee to CCCA. Any Financial Institutions recommended by CCCA have agreed to send non-Private Fund clients a statement to the client, at least quarterly, indicating all amounts disbursed from the account including the amount of management fees paid directly to CCCA. CCCA’s Agreement with CCCP, Core Funds, Focus Funds and CEN describe how the firm receives its management fees. Additional information can also be found in the respective Offering Documents. Fees for Management During Partial Quarters of Service

For the initial period of investment management services, the fees are calculated on a pro rata basis.

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The Agreement between CCCA and the client will continue in effect until terminated by either party pursuant to the terms of the Agreement. CCCA’s fees are prorated through the date of termination and any remaining balance is charged or refunded to the client, as appropriate. Clients may make additions to and withdrawals from their account at any time, subject to CCCA’s right to terminate an account. Additions may be in cash or securities provided that CCCA reserves the right to liquidate any transferred securities or decline to accept particular securities into a client’s account. Clients may withdraw account assets on notice to CCCA, subject to the usual and customary securities settlement procedures. However, CCCA designs its portfolios as long-term investments and the withdrawal of assets may impair the achievement of a client’s investment objectives. CCCA may consult with its clients about the options and ramifications of transferring securities. However, clients are advised that when transferred securities are liquidated, they are subject to transaction fees, fees assessed at the fund level and/or tax ramifications. If assets are deposited into or withdrawn from an account after the inception of a quarter, the fee payable with respect to such assets will not be adjusted or prorated based on the number of days remaining in the quarter. Other Expenses

Each Fund managed by CCCA (and their underlying investors) or other Clients will typically pay or otherwise bear all legal, accounting, and filing expenses incurred in connection with organizing and establishing that fund and the related costs and expenses of capital raising including printing. In addition, specific Fund expenses may be allocated to the funds, and investment strategy and portfolio company expenses may also be allocated to the relevant fund or Client. From time to time, the cost of certain consultants may be allocated to certain funds or Clients. Additional information regarding the expenses permitted to be charged to a fund or Client can also be found in the respective Offering Documents.

Item 6. Performance-Based Fees and Side-by-Side Management As discussed in response to Item 5 above, with respect to CCCP, CCCA renders investment management services for a performance-based fee. This fee arrangement raises potential conflicts of interest. The performance fee may be an incentive for CCCA to make investments that are riskier or more speculative than would be the case absent a performance fee arrangement. In addition, where CCCA charges performance-based fees and also provides similar services to accounts not being charged performancebased fees, there is an incentive to favor accounts paying a performance-based fee. CCCA has in place policies and procedures to address these conflicts, including policies and procedures designed to ensure allocation of trades among all clients on a fair and equitable basis, taking into account the clients’ investment objectives and the objectives set forth in the Offering Documents. Generally all of CCCA’s investment strategies consist of a “core” energy MLP and infrastructure component. The Focus Fund, Core Fund and CCCA SMAs that utilize this core portfolio generally hold only these core MLP and infrastructure investments, while CEN and CCCP may also invest in 9

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“opportunistic” investments. Core investments are deemed to be longer term holdings in energy MLPs and infrastructure companies that meet certain fundamental, qualitative criteria established by the Firm’s Investment Committee. “Opportunistic” investments are generally expected to be shorter term holdings and represent technical valuation trading opportunities or the participation in initial public offerings (“IPOs”) or secondary offerings in MLPs or companies deemed not to meet the criteria of a “core” holding. The Focus Fund may participate in IPOs and secondary offerings only for core holdings. SMAs do not participate in any IPOs although they may participate in certain secondary offerings of core holdings where necessary to rebalance their holdings to the requisite model. The portfolio managers of CCCA determine which securities are deemed core and opportunistic and these decisions are reviewed with and confirmed by the CCCA Investment Committee. Additional information regarding fund and SMA investment objectives can also be found in their respective Offering Documents.

Item 7. Types of Clients CCCA provides investment management services to individuals, funds, investment companies, investment limited partnerships or other collective vehicles, corporations, pension and profit sharing plans and business entities or other institutions. As discussed below, certain CCCA products will have a specified minimum investment amount as set forth in their Offering Documents and/or governing documents. These minimum amounts are subject to the discretion on the part of CCCA to permit a smaller amount as to certain investors. Additionally, employees and other persons associated with CCCA and its affiliates may make investments in CCCA products including certain new strategies that are being “incubated” as potential to investments to be offered to public investors. Minimum Account Size

CCCP generally requires a minimum investment of $1,000,000. A description of the minimum investment CCCP and CCCA’s ability to waive such minimum is described in the Offering Documents. For SMAs, CCCA generally requires a minimum investment of $100,000. CCCA, in its sole discretion, may accept clients with smaller portfolios based upon certain criteria including anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related accounts, account composition, pre-existing client, recommendation of the client’s financial advisor, account retention, and pro bono activities. CCCA only accepts clients with less than the minimum portfolio size if, in the sole opinion of CCCA, the smaller portfolio size will not cause a substantial increase of investment risk beyond the client’s identified risk tolerance. CCCA may aggregate the portfolios of family members to meet the minimum portfolio size. A description of the minimum investment requirements of the Core Fund and the various classes of shares in the Focus Fund are fully described in their respective Offering Documents. CEN is traded publicly on the NYSE and thus there are no stated minimums.

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Item 8. Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis

CCCA’s primary methods of analysis are fundamental, technical and cyclical analysis. Fundamental analysis involves the fundamental financial condition and competitive position of a MLP or company. CCCA will analyze the financial condition, capabilities of management, earnings, cash flow, new assets, properties, products and services, as well as its markets and position amongst its competitors in order to determine the recommendations made to clients. The primary risk in using fundamental analysis is that while the overall health and position of a MLP or company may be good, market conditions may negatively impact the security. Technical analysis involves the analysis of past market data rather than specific MLP/company data in determining the recommendations made to clients. Technical analysis may involve the use of charts to identify market patterns and trends which may be based on investor sentiment rather than the fundamentals of the company. The primary risk in using technical analysis is that spotting historical trends may not help to predict such trends in the future. Even if the trend will eventually reoccur, there is no guarantee that CCCA will be able to accurately predict such a reoccurrence. Cyclical analysis is similar to technical analysis in that it involves the analysis of market conditions at a macro (entire market/economy) or micro (company specific) level, rather than the overall fundamental analysis of the health of the particular company that CCCA is recommending. The risks with cyclical analysis are similar to those of technical analysis. Investment Strategies

Firm Philosophy – The investment philosophy of CCCA is to combine energy midstream operational experience with financial market experience with the goal of investments in the highest quality MLP/infrastructure portfolio available by evaluating investments from an owner-operator perspective. The objective of Center Coast is to generate attractive, non-correlated returns in the form of capital appreciation and income through the application of a disciplined investment process focused on the energy logistics/infrastructure sector. To achieve this objective, Center Coast invests in energy related MLPs, their affiliates and energy infrastructure related investments, particularly those participating in the business of operating oil and gas pipelines, refined products, terminals and storage facilities. Center Coast’s “core” portfolio is generally consists of 20 to 35 MLPs (or MLP affiliates) that the CCCA investment committee believes possess the highest quality assets, asset mix, contract mix, strategic positioning, GP strength and management teams. Investment Process • Step 1: Analysis of the Energy MLP/Infrastructure Universe • Step 2: Construction of Center Coast Proprietary Models • Step 3: Portfolio Construction and Company Weightings • Step 4: Investment Committee Recommendations • Step 5: Investment Committee Voting • Step 6: Investment Implementation / Trading

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• Step 7: Ongoing Portfolio Review • Step 8: Portfolio Rebalancing • Step 9: Risk Management and Principal Risk Reports The weightings of the portfolio will be constantly monitored and adjusted according to the recommendations of the portfolio managers based on a ranking system, with the objective that the client’s portfolio is heavily weighted to the highest quality energy MLPs and infrastructure investments. Risks of Loss

Investment and Market Risks

The profitability of a significant portion of CCCA’s recommendations may depend to a great extent upon correctly assessing the future course of market price movements of MLP units, stocks and bonds. There can be no assurance that CCCA will be able to predict those price movements accurately and the value of those securities may fluctuate, sometimes rapidly and unpredictably. An investment in any of the Firm’s products is subject to investment risk, including the possible loss of the entire principal amount. Commodity Price Risk MLPs and other companies operating in the energy sector may be affected by fluctuations in the prices of energy commodities such as crude oil, natural gas, natural gas liquids, LNG and various petrochemicals. Fluctuations in energy commodity prices would directly impact companies that own such energy commodities and could indirectly impact MLP companies that engage in transportation, storage, processing, distribution or marketing of such energy commodities. Energy Sector Risks A substantial portion of the MLPs and other investments in which the CCCA invests are engaged primarily in the energy sector of the economy. As a result, these investments are susceptible to adverse economic or regulatory occurrences affecting the energy sector. Risks associated with investments in MLPs and other companies operating in the energy sector include but are not limited to the following risks. Recent Developments Regarding the Energy Sector Prices of oil, natural gas and other energy commodities have declined significantly and experienced significant volatility over the past year. Oil prices have recently approached ten year lows. Companies engaged in crude oil and natural gas exploration, development or production, natural gas gathering and processing, crude oil refining and transportation and coal mining or sales may be directly affected by their respective natural resources commodity prices. The volatility of commodity prices may also indirectly affect certain MLPs and companies engaged in the transportation, processing, storage or distribution of such commodities. Some companies that own the underlying commodities may be unable to effectively mitigate or manage direct margin exposure to commodity price levels. The energy sector as a whole may also be impacted by the perception that the performance of energy sector companies is

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directly linked to commodity prices. As a result, many MLPs and companies in which CCCA may invest have been and may continue to be adversely impacted by declines in, and volatility of, prices of energy commodities. Continued low prices for energy commodities, or continued volatility of such prices, could further erode such MLPs’ and companies’ growth prospects and negatively impact such MLPs’ and companies’ ability to sustain attractive distribution levels, would could adversely impact the asset value of investments made by CCCA on behalf of its clients. Because the Firm is focused in MLP and energy infrastructure companies operating in the industry or group of industries that make up the energy sector of the economy, accounts managed by CCCA were significantly adversely affected in 2015 and may be more susceptible in the future to risks associated with energy commodity prices than an investment company that does not concentrate in such sector. CCCA expects that a substantial portion of the cash flow received by its clients’ investments will continue to be derived from its investments in equity securities of MLPs and energy infrastructure companies. Recently, a number of MLPs and energy infrastructure companies have reduced, suspended or eliminated their distributions. Such distribution reductions could adversely impact the value of such investments. Supply and Demand Risk MLPs and other companies operating in the energy sector may be impacted by the levels of supply and demand for energy commodities. Regulatory Risk MLPs and other companies operating in the energy sector are subject to significant regulation of their operations by federal, state and local governmental agencies. Acquisition Risk MLPs and other companies may depend on their ability to make acquisitions that increase adjusted operating surplus per unit in order to increase distributions to unit holders. Interest Rate Risk Rising interest rates could increase the costs of capital thereby increasing operating costs and reducing the ability of MLPs and other companies operating in the energy sector to carry out acquisitions or expansions in a cost-effective manner. MLP Tax Risk

Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner of a partnership, in computing its U.S. federal income tax liability, must include its allocable share of the partnership’s income, gains, losses, deductions, expenses and credits. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP and could cause any such distributions received by the an investor to be taxed as dividend income.

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Master Limited Partnerships

An investment in MLP units involves risks that differ from a similar investment in equity securities, such as common stock of a corporation. As compared to common shareholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. Additional risks inherent to investments in MLP units include cash flow risk, tax risk, risk associated with a potential conflict of interest between unit holders and the MLP's general partner, and capital markets risk. Liquidity Risk CCCA may invest in MLPs or companies with limited trading volumes. The market movements of such securities may be more abrupt or erratic and CCCA may have greater difficulty in selling such securities at the time and price that it would like. In addition, CEN may invest up to 20% of its portfolio in unregistered or restricted securities (private equity investments) involve additional illiquid investment risks and for which no assurance can be made that such investments may be disposed at the price and time desired. Private companies are not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the CCCA may not have timely or accurate information about the business, financial condition and results of operations of private companies. Concentration Risk Because CCCA’s products are focused in MLP and infrastructure companies operating in the energy sector, these products may be more susceptible to risks associated with that sector. A downturn in the energy sector would have a larger impact on CCCA’s investment products and strategies than on an investment company that does not concentrate in the energy sector. Small Capitalization Risk Securities of MLPs and other issuers that have comparatively smaller capitalizations present unique investment risks. These companies often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent upon one or a few key people. The market movements of equity securities issued by MLPs and other companies with smaller capitalizations may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. In addition, equity securities of smaller capitalization companies generally are less liquid than those of larger companies. Options / Derivative Transactions

CCCA may use various derivative transactions in order to earn income or enhance total return, facilitate portfolio management and attempt to mitigate certain risks. Options allow investors to buy or sell a security at a contracted “strike” price (not necessarily the current market price) at or within a specific period of time. Clients may pay or collect a premium for buying or selling an option. Investors transact in options to either hedge (limit) losses in an attempt to reduce risk or to speculate on the performance of the underlying securities. Options transactions contain a number of inherent risks, including the

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partial or total loss of principal in the event that the value of the underlying security or index does not increase/decrease to the level of the respective strike price. Holders of options contracts are also subject to default by the option writer which may be unwilling or unable to perform its contractual obligations. The use of derivative transactions may be particularly speculative. Use of Margin

To the extent that a client authorizes the use of margin, and margin is thereafter employed by CCCA in the management of the client’s investment portfolio, the market value of the client’s account and corresponding fee payable by the client to CCCA will be increased. As a result, in addition to understanding and assuming the additional principal risks associated with the use of margin, clients authorizing margin are advised of the potential conflict of interest whereby the client’s decision to employ margin shall correspondingly increase the management fee payable to CCCA. Accordingly, the decision as to whether to employ margin is left totally to the discretion of the client. While the use of margin borrowing can substantially improve returns, such use may also increase the adverse impact to which a client’s portfolio may be subject. Borrowings will usually be from securities brokers and dealers and will typically be secured by the client’s securities and/or other assets. Under certain circumstances, such a broker-dealer may demand an increase in the collateral that secures the client’s obligations and if the client were unable to provide additional collateral, the broker-dealer could liquidate assets held in the account to satisfy the client’s obligations to the broker-dealer. Liquidation in that manner could have extremely adverse consequences. In addition, the amount of the client’s borrowings and the interest rates on those borrowings, which will fluctuate, will have a significant effect on the client’s profitability. Financial Leverage Risk CCCA uses financial leverage in two of its products: CCCP and CEN. Although the use of financial leverage by CCCP or CEN may create an opportunity for increased after-tax total return for those common shares, it also results in additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with financial leverage proceeds are greater than the cost of financial leverage, the respective fund’s return will be greater than if financial leverage had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of financial leverage, the return to the fund shareholders will be less than if financial leverage had not been used. Financial leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value, market price and dividends on the common shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any financial leverage that the fund must pay will reduce the return to investors; and the effect of financial leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the fund were not leveraged, which may result in a greater decline in the market price of the common shares. It is also possible that the fund will be required to sell assets, possibly at a loss (or at a gain which could give rise to corporate level tax), in order to redeem or meet payment obligations on any leverage. Such a sale would reduce the fund’s net asset value and also make it difficult for the net asset value to recover. The fund in its best judgment nevertheless may determine to continue to use financial leverage if it expects that the benefits to the

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fund’s shareholders of maintaining the leveraged position will outweigh the current reduced return. During the time in which the fund is utilizing financial leverage, the amount of the fees paid to CCCA for investment advisory services will be higher than if the fund did not utilize financial leverage because the fees paid will be calculated based on the fund’s total managed assets, which may create a conflict of interest between the CCCA and investors. Because the financial leverage costs will be borne by the fund at a specified rate, only the fund’s common shareholders will bear the cost associated with financial leverage. If the cost of leverage is no longer favorable, or if the fund is otherwise required to reduce its leverage, the fund may not be able to maintain distributions on common shares at historical levels and common shareholders will bear any costs associated with selling portfolio securities. General Risk of Loss

Investing in securities involves the risk of loss. Clients should be prepared to bear such loss. Investors in CCCA’s products are subject to management risk as CCCA’s products are actively managed. Investment Product Risks Additional disclosures regarding specific risks related to an investment in CCCP, Focus Fund, Core Fund or CEN can be found in the Offering Documents, registration statements and/or shareholder reports for those products.

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Item 9. Disciplinary Information CCCA is required to disclose the facts of any legal or disciplinary events that are material to a client’s evaluation of its advisory business or the integrity of management. Neither CCCA nor any of its executive officers, members of its investment committee or other “management persons” as defined in Form ADV has been subject to the legal or disciplinary events related to this Item or otherwise required to disclose any event required by this Item.

Item 10. Other Financial Industry Activities and Affiliations CCCA is required to disclose any relationship or arrangement that is material to its advisory business or to its clients with certain related persons. CCCA has described such relationships and arrangements below. Related Investment Adviser

Two of CCCA’s principals control three SEC registered investment advisers: Green Square Capital, LLC (SEC file number: 801-60517), Atlantis Investment Advisors, LLC (SEC file number: 801-71937) and Worthington Capital Management LLC (SEC file number: 801-79536). Certain Supervised Persons of CCCA also serve in the same or similar capacity for the affiliated advisers. There may be a conflict where CCCA or one of these affiliated advisers recommends the services of another affiliated adviser. Related Person Serving as Board Member

Dan C. Tutcher, a principal of the firm, presently serves on the board of Enbridge, Inc. (NYSE:ENB). Enbridge Inc. is the parent company of Enbridge Energy Partners, LP (NYSE:EEP) and Enbridge Energy Management LLC (NYSE:EEQ), each of which is a MLP. As a board member, Dan attends quarterly board meetings for Enbridge, Inc. CCCA has procedures in place that prohibit the Firm from making in investments in or trading any Enbridge, Inc. affiliates. Related Investment Funds

Liberty Street Advisors (“LSA”) is the advisor to the Focus Fund. CCCA is the sub-advisor to the Focus Fund and the Sub-advisory Agreement with CCCA describes the sharing between the advisor and subadvisor of the advisory fee and certain expenses related to the Focus Fund. LSA is responsible for supervising and monitoring the investment and trading activities of the sub-adviser. A complete description of the roles of LSA and CCCA with respect to the Focus Fund is provided in the Offering Documents for that fund. 17

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Item 11. Code of Ethics CCCA and persons associated with CCCA (“Associated Persons”) are permitted to buy or sell securities that it also recommends to clients consistent with CCCA’s policies and procedures. CCCA has adopted a code of ethics that sets forth the standards of conduct expected of its associated persons and requires compliance with applicable securities laws (“Code of Ethics”). In accordance with Section 204A of the Investment Advisers Act of 1940 (the “Advisers Act”), its Code of Ethics contains written policies reasonably designed to prevent the unlawful use of material non-public information by CCCA or any of its associated persons. The Code of Ethics also requires that certain of CCCA’s personnel (called “Access Persons”) report their personal securities holdings and transactions and obtain preapproval of certain investments such as initial public offerings and limited offerings. Unless specifically permitted in CCCA’s Code of Ethics, CCCA’s Access Persons may not effect for themselves or for their immediate family (i.e., spouse, minor children, and adults living in the same household as the Access Person) any transactions in a security which is being actively purchased or sold, or is being considered for purchase or sale, on behalf of any of CCCA’s clients. When CCCA is purchasing or considering for purchase any security on behalf of a client, no Access Person may effect a transaction in that security prior to the completion of the purchase or until a decision has been made not to purchase such security and such transaction is approved by CCCA’s Chief Compliance Officer. Similarly, when CCCA is selling or considering the sale of any security on behalf of a client, no Access Person may effect a transaction in that security prior to the completion of the sale or until a decision has been made not to sell such security and such transaction is approved by CCCA’s Chief Compliance Officer. These requirements are not applicable to: (i) direct obligations of the Government of the United States; (ii) money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by mutual funds or money market funds (except Center Coast funds); and (iv) shares issued by unit investment trusts that are invested exclusively in one or more mutual funds. Clients and prospective clients may contact CCCA to request a copy of its Code of Ethics.

Item 12. Brokerage Practices As discussed above, in Item 5, CCCA may recommend that clients utilize the brokerage and clearing services of certain firms. In the recent past, CCCA has recommended Wells Fargo and/or Schwab. Factors which CCCA considers in recommending Wells Fargo, Schwab or any other broker-dealer to clients include their respective financial strength, reputation, execution, compatibility with CCCA systems, pricing, research and service. The commissions and/or transaction fees charged by Wells Fargo and/or Schwab may be higher or lower than those charged by other Financial Institutions. The commissions paid by CCCA’s clients comply with CCCA’s duty to obtain “best execution.” Clients may pay commissions that are higher than another qualified Financial Institution might charge to effect the same transaction where CCCA determines that the commissions are reasonable in relation to the

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value of the brokerage and research services received. In seeking best execution, the determinative factor is not the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of a Financial Institution’s services, including among others, the value of research provided, execution capability, commission rates, and responsiveness. CCCA seeks competitive rates but may not necessarily obtain the lowest possible commission rates for client transactions. Transactions may be cleared through other Financial Institutions with whom CCCA and the Financial Institutions have entered into agreements for prime brokerage clearing services. CCCA periodically and systematically reviews its policies and procedures regarding its recommendation of Financial Institutions in light of its duty to obtain best execution. The client may direct CCCA in writing to use a particular Financial Institution to execute some or all transactions for the client. In that case, the client will negotiate terms and arrangements for the account with that Financial Institution, and CCCA will not seek better execution services or prices from other Financial Institutions or be able to “block” client transactions for execution through other Financial Institutions with orders for other accounts managed by CCCA (as described below). As a result, the client may pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case. Subject to its duty of best execution, CCCA may decline a client’s request to direct brokerage if, in CCCA’s sole discretion, such directed brokerage arrangements would result in additional operational difficulties. Transactions for each client generally will be effected independently, unless CCCA decides to purchase or sell the same securities for several clients at approximately the same time. CCCA may (but is not obligated to) combine or “batch” such orders to obtain best execution, to negotiate more favorable commission rates, or to allocate equitably among CCCA’s clients differences in prices and commissions or other transaction costs that might have been obtained had such orders been placed independently. Under this procedure, transactions will generally be averaged as to price and allocated among CCCA’s clients pro rata to the purchase and sale orders placed for each client on any given day. To the extent that CCCA determines to aggregate client orders for the purchase or sale of securities, CCCA generally does so in accordance with applicable rules promulgated under the Advisers Act and no-action guidance provided by the staff of the U.S. Securities and Exchange Commission. CCCA does not receive any additional compensation or remuneration as a result of the aggregation. In the event that CCCA determines that a prorated allocation is not appropriate under the particular circumstances, the allocation will be made based upon other relevant factors, which may include: (i) when only a small percentage of the order is executed, shares may be allocated to the account with the smallest order or the smallest position or to an account that is out of line with respect to security or sector weightings relative to other portfolios, with similar mandates; (ii) allocations may be given to one account when one account has limitations in its investment guidelines which prohibit it from purchasing other securities which are expected to produce similar investment results and can be purchased by other accounts; (iii) if an account reaches an investment guideline limit and cannot participate in an allocation, shares may be reallocated to other accounts (this may be due to unforeseen changes in an account’s assets after an order is placed); (iv) with respect to sale allocations, allocations may be given to accounts low in cash; (v) in cases when a pro rata allocation of a potential execution would result in a de minimis allocation in one or more accounts, CCCA may exclude the account(s) from the allocation; the transactions may be executed on a pro rata basis among the remaining accounts; or (vi) in cases where a small proportion of an order is executed in all accounts, shares may be allocated to one or more accounts on a random basis.

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Consistent with obtaining best execution, brokerage transactions may be directed to certain brokerdealers in return for investment research products and/or services which assist CCCA in its investment decision-making process. Such research generally will be used to service all of CCCA’s clients, but brokerage commissions paid by one client may be used to pay for research that is not used in managing that client’s portfolio. The receipt of investment research products and/or services as well as the allocation of the benefit of such investment research products and/or services poses a conflict of interest because CCCA does not have to produce or pay for the products or services. Software and Support Provided by Financial Institutions

CCCA may receive from Wells Fargo, Schwab, UBS Financial Services, Inc. and/or Bloomberg L.P. (“Bloomberg”), without cost (or at a reduced cost) to CCCA, computer software and related systems support, which allow CCCA to better monitor client accounts maintained at Wells Fargo and/or Schwab. CCCA may receive the software and related support at no cost because CCCA renders investment management services to clients that maintain assets at Wells Fargo and/or Schwab. In the case of Bloomberg, they provide a credit against the cost of Bloomberg providing data services for certain trading fees that are paid by CCCA to Bloomberg. The software and related systems support may benefit CCCA, but not its clients directly. In fulfilling its duties to its clients, CCCA endeavors at all times to put the interests of its clients first. Clients should be aware, however, that CCCA’s receipt of economic benefits from a broker-dealer creates a conflict of interest since these benefits may influence CCCA’s choice of a broker-dealer over another broker-dealer that does not furnish similar software, systems support, or services. Additionally, CCCA may receive the following benefits from Schwab through its Schwab Institutional division: receipt of duplicate client confirmations and bundled duplicate statements; access to a trading desk that exclusively services the Schwab Institutional participants; access to block trading which provides the ability to aggregate securities transactions and then allocate the appropriate shares to client accounts; and access to an electronic communication network for client order entry and account information.

Item 13. Review of Accounts For those clients to whom CCCA provides investment management services, CCCA monitors those portfolios as part of an ongoing process while regular account reviews are conducted on an “as needed” basis. All investment advisory clients are encouraged to discuss their needs, goals, and objectives with CCCA and/or their brokerage representative and to keep CCCA informed of any changes thereto. Unless otherwise agreed upon, clients are provided with transaction confirmation notices and regular summary account statements directly from the broker-dealer or custodian for the client accounts. Investors in CCCP shall receive a report from CCCA that may include such relevant account and/or market-related information such as CCCP performance and capital account value on a quarterly basis. In addition, all investors in CCCP, Focus Fund, CEN and Core Funds receive the audited financial statements within 120 days of the end of CCCP’s fiscal year.

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All SMA clients should compare the account statements they receive from their custodian with any they may receive from CCCA.

Item 14. Client Referrals and Other Compensation If a client is introduced to CCCA by either an unaffiliated or an affiliated solicitor, CCCA may pay that solicitor a referral fee in accordance with the requirements of Rule 206(4)-3 of the Advisers Act and any corresponding state securities law requirements. Any such referral fee is paid solely from CCCA’s investment management fee, and does not result in any additional charges to the client. CCCA has hired HRC Fund Associates, LLC ("HRC"), member FINRA/SIPC, to solicit for CCCA, on a nonexclusive basis, separately managed accounts primarily to national brokerage houses and financial professional intermediaries ("Intermediaries"). The Intermediaries in turn and at their discretion may recommend CCCA managed investment products or services to their clients. In consideration of such services, HRC receives from CCCA a portion of the fees that CCCA receives for the management of certain portfolios for the Intermediaries' clients. Investors are not charged by CCCA for the cost of obtaining their accounts through this process, nor is there any differential in the level of advisory fees charged by CCCA that is attributable to the solicitation arrangement between CCCA and HRC. HRC and CCCA do not share common ownership and therefore are not affiliated entities for purposes of these solicitation arrangements. HRC also serves as a private placement agent for certain privately offered funds managed by CCCA including CCCP and the Core Fund. CCCA also retained HRC to provide it with certain marketing support services in connection with the initial public offering of CEN and an affiliate of HRC has been retained by CEN to provide certain investor relations support services on an on-going basis as described in CEN’s Offering Documents. HRC is an affiliate of Liberty Street Advisors, Inc., the advisor to the Focus Fund. With regard to CCCP, CCCA may have relationships with other unaffiliated parties for the introduction of capital and provision of other services (“Services”). These relationships may compensate such unaffiliated parties for Services with a portion of the management and performance based fees, as well as by reducing the management and performance based fees on investments by the unaffiliated parties or their affiliates in CCCP. Any fees shall be paid solely from the fees that CCCA or its affiliates are otherwise entitled to, and shall not result in any additional charge to the investor.

Item 15. Custody CCCA’s Agreement and/or the separate agreement with any Financial Institution may authorize CCCA through such Financial Institution to debit the client’s account for the amount of CCCA’s fee and to directly remit that management fee to CCCA in accordance with applicable custody rules. The Financial Institutions recommended by CCCA have agreed to send a statement to the client, at least quarterly, indicating all amounts disbursed from the account including the amount of management fees paid directly to CCCA. Where clients receive supplemental reports from CCCA, they should carefully

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review the statements sent directly by the Financial Institutions and compare them to those received from CCCA. CEN, Core Fund and Focus Fund maintain their assets with a qualified custodian under the 1940 Act. Investors in CCCP receive a report from CCCA that may include such relevant account and/or marketrelated information such as CCCP performance and capital account value on a quarterly basis. In addition, all investors in CCCP receive the audited financial statements within 120 days of the end of CCCP’s fiscal year.

Item 16. Investment Discretion CCCA generally has discretionary authority based on its management agreements with each fund and the limited partnership agreement that govern to buy and sell securities or other investments on behalf of the funds and to determine the amount of such investments to be bought and sold. CCCA generally has the authority to exercise discretion on behalf of all its clients. CCCA is considered to exercise investment discretion over a client’s account if it can effect transactions for the client without first having to seek the client’s consent. In certain circumstances, CCCA may be given this authority through a power-of-attorney included in the agreement between CCCA and the client. Clients may request a limitation on this authority (such as certain securities not to be bought or sold). CCCA takes discretion over the following activities: • The securities to be purchased or sold; • The amount of securities to be purchased or sold; • When transactions are made; and • The Financial Institutions to be utilized.

Item 17. Voting Client Securities CCCA may vote client securities (proxies) on behalf of its clients and funds. When CCCA accepts such responsibility, it will only cast proxy votes in a manner consistent with the best interest of its clients. Absent special circumstances, which are fully described in CCCA’s Proxy Voting Policies and Procedures, all proxies will be voted consistent with guidelines established and described in CCCA’s Proxy Voting Policies and Procedures, as they may be amended from time-to-time. Clients may contact CCCA to request information about how CCCA voted proxies for that client’s securities or to get a copy of CCCA’s Proxy Voting Policies and Procedures. A brief summary of CCCA’s Proxy Voting Policies and Procedures is as follows: • CCCA has formed a Proxy Voting Committee that will be responsible for monitoring corporate actions, making voting decisions in the best interest of clients, and ensuring that proxies are submitted in a timely manner.

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• The Proxy Voting Committee will generally vote proxies according to CCCA’s then current Proxy Voting Guidelines. The Proxy Voting Guidelines include many specific examples of voting decisions for the types of proposals that are most frequently presented, including: composition of the board of directors; approval of independent auditors; management and director compensation; anti-takeover mechanisms and related issues; changes to capital structure; corporate and social policy issues; and issues involving mutual funds. • Although the Proxy Voting Guidelines are followed as a general policy, certain issues are considered on a case-by-case basis based on the relevant facts and circumstances. Since corporate governance issues are diverse and continually evolving, CCCA devotes an appropriate amount of time and resources to monitor these changes. • Clients cannot direct CCCA’s vote on a particular solicitation but can revoke CCCA’s authority to vote proxies. In situations where there may be a conflict of interest in the voting of proxies due to business or personal relationships that CCCA maintains with persons having an interest in the outcome of certain votes, CCCA takes appropriate steps to ensure that its proxy voting decisions are made in the best interest of its clients and are not the product of such conflict.

Item 18. Financial Information CCCA does not require or solicit the prepayment of management fees or other compensation six months or more in advance. There exists no financial condition of which CCCA is aware that would impair CCCA’s ability to meet contractual commitments to its clients.

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Center Coast Capital Advisors, LP PART 2B OF FORM ADV: Supplement

1600 Smith Street Suite 3800 Houston, TX 77002 713-759-1400

www.centercoastcap.com February 25, 2016

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Robert T. Chisholm Year of Birth:





Educational Background:











McCombs School of Business, University of Texas Austin, TX MBA Texas Christian University Fort Worth, TX BBA in Finance









Center Coast Capital, Principal & PM

Business Experience:



1976



2006 - 2007

Enbridge Energy Partners, LP, M & A



2002 - 2006

Koch Industries, Inc., Midstream group

1999 - 2002





Examinations:





N/A









Disciplinary Information:

2007 - Present

Morgan Keegan, Energy Investment Banking









Rob Chisholm has no disciplinary events.

Other Business Activities:

The investment management business is Rob Chisholm’s sole occupation.

Additional Compensation:

Rob Chisholm does not receive additional compensation or economic benefit from sources outside of Center Coast Capital for providing advisory services

Supervision:

Investment decisions are made by a four member Investment Committee, which meets weekly to establish and review investment criteria. All portfolios are invested per a model determined by the Investment Committee and are checked for variances daily. Written policies and procedures audit trading activity and portfolio management.

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Darrell L. Horn Year of Birth:





1965

Educational Background:







Business Experience:











Vanderbilt University Nashville, TN MA in Economics Mississippi State University Starkville, MS BS in Finance



Center Coast Capital, Founder



Green Square Capital, Founder & CEO 2001 - Present Goldman Sachs, VP Currencies & Commodities 1998 - 2001 Suntrust Bank, Investment Services 1997 - 1998 First American Bank, Capital Markets 1993 - 1997

2007 - Present

Disciplinary Information:

Darrell Horn has no disciplinary events.

Other Business Activities:

The investment management business is Darrell Horn’s occupation. Mr. Horn has partial ownership in two affiliates, Green Square Capital, and Atlantis Investment Advisors. Green Square Capital, located in Memphis, is an independent, boutique wealth management firm. Atlantis Investment Advisors manages institutional equity separately managed accounts.

Additional Compensation:

Darrell Horn does not receive additional compensation or economic benefit from sources outside Center Coast Capital for providing advisory services.

Supervision:

Investment decisions are made by a four member Investment Committee, which meets weekly to establish and review investment criteria. All portfolios are invested per a model determined by the Investment Committee and are checked for variances daily. Written policies and procedures audit trading activity and portfolio management.





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Jeffrey A. Jorgensen Year of Birth:





Educational Background:







Business Experience:







1981





University of Texas School of Law Austin, TX JD with Honors Rice University Houston, TX BA in Economics, Managerial Studies and Sports Management



Center Coast Capital, SVP, Director of Research 2014 - Present



UBS, Executive Director Donovan Capital, LLC, Vice President Morgan Stanley, Associate Bracewell & Giuliani LLP, Associate



2011 - 2014 2011- 2011 2010 - 2011 2008 - 2010

Disciplinary Information:

Jeff Jorgensen has no disciplinary events.

Other Business Activities:

The investment management business is Jeff Jorgensen’s sole occupation.

Additional Compensation:

Jeff Jorgensen does not receive additional compensation or economic benefit from sources outside Center Coast Capital for providing advisory services.

Supervision:

Investment decisions are made by a four member Investment Committee, which meets weekly to establish and review investment criteria. All portfolios are invested per a model determined by the Investment Committee and are checked for variances daily. Written policies and procedures audit trading activity and portfolio management.

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Steven W. Sansom Year of Birth:





1969



Educational Background:







Business Experience:











Millsaps College – Else School of Management Jackson, MS BBA with Honors in Finance 1991



Worthington Capital Mgmt.



Center Coast Capital, Founder Green Square Capital, Founder & CEO Goldman Sachs, Vice President Merrill Lynch Capital Markets

2007 - Present 2001 - Present 1993 - 2001 1991 – 1993

Disciplinary Information:

Steven Sansom has no disciplinary events.

Other Business Activities:

The investment management business is Steven Sansom’s occupation. Mr. Sansom has partial ownership in two affiliates, Green Square Capital, and Atlantis Investment Advisors. Green Square Capital, located in Memphis, is an independent, boutique wealth management firm. Atlantis Investment Advisors manages institutional equity separately managed accounts. Worthington Capital Management, an independent asset management firm headquartered in Memphis, offers innovative, performance-oriented solutions to investors and the Financial Advisors who serve them.

Additional Compensation:

Steve Sansom does not receive additional compensation or economic benefit from sources outside of Center Coast Capital for providing advisory services.

Supervision:

Investment decisions are made by a four member Investment Committee, which meets weekly to establish and review investment criteria. All portfolios are invested per a model determined by the Investment Committee and are checked for variances daily. Written policies and procedures audit trading activity and portfolio management.



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Dan C. Tutcher

Year of Birth:





1949



Educational Background:







Business Experience:







Examinations:



Washburn University Topeka, KS BS Center Coast Capital, Founder &PM



2007 - Present

Enbridge Energy Partners, LP, President

2001 - 2006

MidCoast Energy Resources, CEO

1992 - 2001











N/A





Disciplinary Information:

Dan Tutcher has no disciplinary events.

Other Business Activities:

The investment management business is Dan Tutcher’s sole occupation.

Additional Compensation:

Dan Tutcher does not receive additional compensation or economic benefit from sources outside of Center Coast Capital for providing advisory services.

Supervision:

Investment decisions are made by a four member Investment Committee, which meets weekly to establish and review investment criteria. All portfolios are invested per a model determined by the Investment Committee and are checked for variances daily. Written policies and procedures audit trading activity and portfolio management.



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PRIVACY POLICY NOTICE  CENTER COAST CAPITAL ADVISORS, LP 

  Center Coast Capital Advisors, LP has adopted this policy with recognition that protecting the privacy and  security of the personal information we obtain about our customers is an important responsibility. We  also know that you expect us to service you in an accurate and  efficient manner. To do so, we must  collect and maintain certain personal information about you. We want you to know what information we  collect and how we use and safeguard that information.       WHAT INFORMATION WE COLLECT     We collect certain nonpublic personal identifying information about you (such as your name, address,  social security number, etc.) from information that you provide on applications or other forms as well as  communications (electronic, telephone, written or in person) with you or your authorized representatives  (such as your attorney, accountant, etc.). We also collect information about your brokerage accounts and  transactions (such as purchases, sales, account balances, inquiries, etc.).       WHAT INFORMATION WE DISCLOSE     We do not disclose the nonpublic personal information we collect about our customers to anyone except:  (i) in furtherance of our business relationship with them and then only to those persons necessary to  effect the transactions and provide the services that they authorize (such as broker‐ dealers, custodians,  independent  managers  etc.);  (ii)  to  persons  assessing  our  compliance  with  industry  standards  (e.g.,  professional licensing authorities, etc.); (iii) our attorneys, accountants, and auditors; or (iv) as otherwise  provided by law.  We are permitted by law to disclose the nonpublic personal information about you to  governmental agencies and other third parties in certain circumstances (such as third parties that perform  administrative or marketing services on our behalf or for joint marketing programs). These third parties  are prohibited to use or share the information for any other purpose. If you decide at some point to either  terminate our services or become an inactive customer, we will continue to adhere to our privacy policy,  as may be amended from time to time.       SECURITY OF YOUR INFORMATION     We restrict access to your nonpublic personal information to those employees who need to know that  information to service your account. We maintain physical, electronic and procedural safeguards that  comply with applicable federal or state standards to protect your nonpublic personal information.       CHANGES TO OUR PRIVACY POLICY OR RELATIONSHIP WITH YOU     Our policy about obtaining and disclosing information may change from time to time. We will provide you  notice of any material change to this policy before we implement the change.  

Center Coast Capital Advisors LP 1600 Smith    Suite 3800     Houston, TX 77002     Phone 713.759.1400     Fax 713.759.1401     centercoastcap.com 

  Proxy Voting Policy for Separately Managed Account Clients    Policy  CCC will vote proxies as part of its authority to manage acquire and dispose of account assets if designated  by the client. CCC will, in a prudent and diligent manner, use its best efforts to vote proxies in the best  interests  of  separately  managed  account  clients,  including  beneficiaries  of  and  participants  in  client  benefit  plans  for  which  CCC  manages  assets,  consistent  with  the  objective  of  maximizing  long‐term  investment returns, and consistent with the Proxy Policy. The Proxy Policy is administered by the Director  of Operations, which also monitors and supervises the services provided by the proxy research providers  retained from time to time.    Background & Description  Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken  to ensure that such rights are properly and timely exercised.  The purpose of these proxy voting policies  and procedures are to set forth the principles, guidelines and procedures by which CCC votes the securities  owned  by  its  separately  managed  clients  for  whom  CCC  exercises  voting  authority  and  discretion  (the  “Proxies”). These policies and procedures have been designed to ensure that Proxies are voted in the best  interests of CCC’s separately managed account clients in accordance with CCC’s fiduciary duties and Rule  206(4)‐6 under the Advisers Act. Investment advisers registered with the SEC, and which exercise voting  authority with respect to client securities, are required by Rule 206(4)‐6 of the Advisers Act to (a) adopt  and  implement  written  policies  and  procedures  that  are  reasonably  designed  to  ensure  that  client  securities are voted in the best interests of clients, which must include how an adviser addresses material  conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients  how they may obtain information from the adviser with respect to the voting of proxies for their securities;  (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish  a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when  the  adviser  does  have  proxy  voting  authority.    Responsibility  for  voting  the  Proxies  is  established  by  investment  management  agreements  or  comparable  documents  with  CCC’s  clients,  and  CCC’s  proxy  voting guidelines have been tailored to reflect these specific contractual obligations. In addition, CCC’s  proxy  guidelines  reflect  the  fiduciary  standards  and  responsibilities  for  ERISA  accounts  set  out  in  Department  of  Labor  Bulletin  94‐2.  These  policies  and  procedures  do  not  apply  to  any  client  that  has  retained authority and discretion to vote its own proxies or delegated such authority and discretion to a  third party; CCC takes no responsibility for the voting of any proxies on behalf of any such client. For those  clients  that  have  delegated  such  authority  and  discretion  to  CCC,  these  policies  and  procedures  apply  equally to all accounts. These proxy voting policies and procedures are available to all clients of CCC upon  request, subject to the provision that these policies and procedures are subject to change at any time  without notice.    Responsibility  The Investment Committee is responsible for the implementation and monitoring of CCC’s Proxy Voting  Policies  and  Procedures,  including  associated  practices,  disclosures  and  recordkeeping,  as  well  as  oversight of the third party voting agent if CCC should hire a voting agent.  The Investment Committee  may delegate responsibility for the performance of these activities (provided that it maintains records 

Center Coast Capital Advisors LP 1600 Smith

Suite 3800

Houston, TX 77002

Phone 713.759.1400

Fax 713.759.1401

centercoastcap.com

evidencing individuals to whom authority has been delegated) but oversight and ultimate responsibility  remain with the Investment Committee.    Procedures  CCC has adopted various procedures to implement CCC’s Proxy Voting policy and reviews to monitor and  ensure that CCC’s policy is observed, implemented properly and amended or updated, as appropriate.     PROXY VOTING GUIDELINES   The guiding principle by which CCC votes on all matters submitted to security holders is the maximization  of the ultimate economic value of CCC’s clients’ holdings. Furthermore, CCC is mindful that for ERISA and  other covered person benefit plans, the focus on the realization of economic value is solely for the benefit  of plan participants and their beneficiaries. CCC does not permit voting decisions to be influenced in any  manner that is contrary to, or dilutive of, the guiding principle set forth above. It is CCC’s policy to avoid  situations where there is any conflict of interest or perceived conflict of interest affecting CCC’s voting  decisions.  Any  conflicts  of  interest,  regardless  of  whether  actual  or  perceived,  will  be  addressed  in  accordance with these policies and procedures.  It is the general policy of CCC to vote on all matters presented to security holders in any Proxy, and these  policies and procedures have been designed with that in mind. However, CCC reserves the right to abstain  on any particular vote or otherwise withhold its vote on any matter if in the judgment of CCC, the costs  associated with voting such Proxy outweigh the benefits to clients or if the circumstances make such an  abstention or withholding otherwise advisable and in the best interest of CCC’s clients, in the judgment  of CCC.  While the guidelines included in the procedures are intended to provide a benchmark for voting  standards, each vote is ultimately cast on a case‐by‐case basis, taking into consideration CCC’s contractual  obligations to CCC’s separately managed account clients and all other relevant facts and circumstances at  the  time  of  the  vote  (such  that  these  guidelines  may  be  overridden  to  the  extent  CCC  believes  appropriate).  CCC may vote proxies related to the same security differently for each client.  For clients that have delegated to CCC the discretionary power to vote the securities held in their account,  CCC does not generally accept any subsequent directions on specific matters presented to security holders  or particular securities held in the account, regardless of whether such subsequent directions are from  the client itself or a third party. CCC views the delegation of discretionary voting authority as an absolute  choice for its clients.  CCC’s clients shall be responsible for notifying their custodians of the name and  address of the person or entity with voting authority.   Absent any legal or regulatory requirement to the contrary, it is generally the policy of CCC to maintain  the confidentiality of the particular votes that it casts on behalf of its clients. Any registered investment  companies  managed  by  CCC  disclose  the  votes  cast  on  their  behalf  in  accordance  with  all  legal  and  regulatory requirements. Any client of CCC can obtain details of how CCC has voted the securities in its  account  by  contacting  a  service  representative  at  CCC.  CCC  does  not,  however,  generally  disclose  the  results of voting decisions to third parties.    CONFLICTS OF INTEREST IN CONNECTION WITH PROXY VOTING  The  Director  of  Operations  has  responsibility  to  monitor  proxy  voting  decisions  for  any  conflicts  of  interests, regardless of whether they are actual or perceived. In addition, all covered persons are expected  to perform their tasks relating to the voting of Proxies in accordance with the principles set forth above,  according the first priority to the economic interests of CCC’s clients. If at any time any covered person  becomes aware of any potential or actual conflict of interest or perceived conflict of interest regarding  the voting policies and procedures described herein or any particular vote on behalf of any client, he or  she should contact any member of the Director of Operations or CCC’s Chief Compliance officer (“CCO”).  If any covered person is pressured or lobbied either from within or outside of CCC with respect to any 

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particular voting decision, he or she should contact the Director of Operations or CCC’s CCO. The Director  of  Operations  will  use  its  best  judgment  to  address  any  such  conflict  of  interest  and  ensure  that  it  is  resolved in the best interest of the clients. The Director of Operations may cause any of the following  actions to be taken in that regard:   Vote the relevant Proxy in accordance with the vote indicated by the Guidelines   Vote the relevant Proxy as an Exception (as defined below), provided that the reasons behind the  voting decision are in the best interest of the Client, are reasonably documented and are approved  by the CCO   Direct the third party Proxy Voter to vote in accordance with its independent assessment of the  matter    MANAGEMENT COMMITTEE  The  administration  of  these  Proxy  Voting  policies  and  procedures  is  governed  by  the  Management  Committee  and    Management.  The  CCO  serves  as  a  back‐up  to  the  Director  of  Operations.  The  Management Committee has regular quarterly meetings. At each meeting, minutes will be taken and the  Management Committee will review the existing Proxy Voting Guidelines and recommend any changes to  those guidelines.  In addition, the Management Committee will review any “Exceptions” (as described  below), that have occurred since the previous meeting of the Management Committee.  On all matters,  the Management Committee will make its decisions by a vote of a majority of its members.  Any matter  for  which  there  is  no  majority  agreement  among  members  of  the  Management  Committee  and   Management shall be referred to MFAC, UMB and Cipperman Compliance Services.     PROXY VOTING PROCEDURES   CCC will utilize the proxy voting service ProxyEdge or similar service (the "Proxy Voter") to vote Proxies  for the relevant accounts of its Clients. The Proxy Voter provides voting services to institutions such as  CCC. The Proxy Voter receives a daily electronic feed of all holdings in CCC voting accounts, and trustees  and/or Broker‐Dealer/Custodians for those accounts have been instructed to deliver all proxy materials  that they receive directly to the Proxy Voter. The Proxy Voter monitors the accounts and their holdings to  be sure that all proxies are received and voted for CCC Client shares owned. As a result of CCC’s decision  to use the Proxy Voter, there is generally no physical handling of proxies by CCC personnel.  The above‐referenced Proxy Voting Guidelines  (the  “Guidelines”) state  the  general view and expected  vote  of  the  Proxy  Voter  under  the  majority  of  circumstances  with  respect  to  the  issues  listed  in  the  Guidelines.  The  indicated  vote  in  the  Guidelines  is  the  default  position  on  any  matter  specifically  addressed by the Guidelines, and for any such matter, absent prior instructions to the contrary from CCC,  the Proxy Voter will automatically vote in accordance with the Guidelines. However, the Guidelines are  just that—guidelines; they are not strict rules that must be obeyed in all cases, and Proxies may be voted  contrary to the vote indicated by the Guidelines if such a vote is in the Clients’ best interests as described  below with respect to “Exceptions.” CCC votes all securities based upon the guiding principle of seeking  the maximization of economic value to CCC’s Clients, and ultimately all votes are cast on a case‐by‐case  basis, taking into consideration the contractual obligations under the Advisory Agreements or comparable  documents, and all other relevant facts and circumstances at the time of the vote.  The Proxy Voter posts information regarding that vote on its secure web site. This information includes  the upcoming voting deadline, the vote indicated by the Guidelines, if any, whether such vote is with or  against management and any analysis that the Proxy Voter has prepared on the vote.  If at any time a portfolio manager becomes aware that he or she desires to vote on a specific matter in a  manner that is contrary to the vote that would be indicated based upon the Guidelines (an “Exception”),  regardless of whether such indicated vote is with or against management, then such individual should  contact the Chair of the Operations Department as soon as possible prior to the relevant voting deadline 

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for such matter. The Chair of the Operations Department must first make a general determination as to  whether any potential conflicts of interest exist.  In the event of a potential conflict, the Chair will convene  a  meeting  of  the  entire  Operations  Department  regarding  the  potential  conflict.    Once  any  potential  conflict is either determined not to exist, or resolved, the Chair of the Operations Department, along with  the relevant portfolio manager, will review the issue and collectively agree as to the appropriate vote.   They  may  make  their  decision  based  upon  any  of  the  information  and/or  research  available  to  them,  including any recommendation made by the Proxy Voter, in their discretion. If they are unable to arrive  at  an  agreement  as  to  how  to  vote,  then  the  Chair  may  call  a  special  meeting  of  the  Operations  Department. The full Operations Department will then review the issues and arrive at a decision based on  the  overriding  principle  of  seeking  the  maximization  of  the  ultimate  economic  value  of  CCC’s  Clients’  holdings. In all cases, regardless of whether the ultimate voting decision with respect to any vote is made  by the relevant portfolio manager, the Chair or the entire Operations Department, such decision must be  based on the overriding principle of seeking the maximization of the ultimate economic value of CCC’s  Clients’ holdings. If for any reason, no voting decision is made with respect to any particular vote, or if the  Chair has not otherwise received any direction in accordance with these policies and procedures as to  how  to  instruct  the  Proxy  Voter  to  vote  CCC’s  shares  prior  to  the  relevant  voting  deadline  for  any  Exception, the Chair will instruct the Proxy Voter to vote all of CCC’s shares in accordance with the Proxy  Voter’s independent assessment of the matter. 

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