Center Coast Capital Advisors LP

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.

Center	Coast	Capital	Advisors,	LP		      								   		Amended	Firm	Brochure		       	       															October	19,	2017
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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
...

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.

Center	Coast	Capital	Advisors,	LP		       								   		Amended	Firm	Brochure		         	        															October	19,	2017
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