N-Q 1 v463738_nq.htm N-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-22565

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Center Coast Core MLP Fund I, LLC

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(Exact name of registrant as specified in charter)

 

Center Coast Capital Advisors, LP

1600 Smith Street

Suite 3800

Houston, TX 77002

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(Address of principal executive offices) (Zip code)

 

Dan C. Tutcher

Center Coast Capital Advisors, LP

1600 Smith Street

Suite 3800

Houston, TX 77002

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(Name and address of agent for service)

 

Registrant's telephone number, including area code: (713) 759-1400

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Date of fiscal year end: November 30

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Date of reporting period: February 28, 2017

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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

 

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

The Schedule(s) of Investments is attached herewith.

 

Center Coast Core MLP Fund I, LLC
(a Delaware Limited Liability Company)
Schedule of Investments - February 28, 2017 (Unaudited)

 

Number of
Shares		      Fair Value 
         
     COMMON STOCK - 3.8%     
     Midstream C-corps - 3.8%     
 3,471   Targa Resources Corp.  $196,111 
     Total Midstream C-corps   196,111 
           
     Total Common Stock     
     (Cost $85,244)  $196,111 
           
     MASTER LIMITED PARTNERSHIP SHARES - 99.3%     
     Diversified Midstream - 31.4%     
 4,040   Energy Transfer Partners LP  $152,752 
 17,029   Enterprise Products Partners LP   477,323 
 11,245   MPLX LP   418,426 
 2,929   ONEOK Partners LP   153,421 
 7,418   Tesoro Logistics LP   417,708 
     Total Diversified Midstream   1,619,630 
           
     E&P-sponsored Gathering and Processing - 6.8%     
 11,143   EnLink Midstream Partners LP   208,597 
 2,267   Western Gas Partners LP   140,939 
     Total E&P-sponsored Gathering and Processing   349,536 
           
     General Partner (K-1) - 6.6%     
 4,424   NuStar GP Holdings LLC   127,854 
 4,597   Western Gas Equity Partners LP   210,772 
     Total General Partner (K-1)   338,626 
           
     Large-cap Petroleum Transportation & Storage - 21.7%     
 5,082   Buckeye Partners LP   350,251 
 2,702   Magellan Midstream Partners LP   209,432 
 8,811   Plains All American Pipeline LP   282,657 
 11,032   Sunoco Logistics Partners LP   279,441 
     Total Large-cap Petroleum Transportation & Storage   1,121,781 

 

 

 

 

Center Coast Core MLP Fund I, LLC
(a Delaware Limited Liability Company)
Schedule of Investments - February 28, 2017 (Unaudited) (Continued)

 

Number of
Shares		      Fair Value 
     MASTER LIMITED PARTNERSHIP SHARES (continued)     
     Natural Gas Transportation & Storage - 14.3%     
 4,415   Dominion Midstream Partners LP  $136,645 
 5,700   Spectra Energy Partners LP   254,961 
 5,720   TC Pipelines LP   349,263 
     Total Natural Gas Transportation & Storage   740,869 
           
     Sponsored Petroleum Transportation & Storage - 18.5%     
 8,048   Phillips 66 Partners LP   447,710 
 11,149   Shell Midstream Partners LP   365,241 
 2,940   Valero Energy Partners LP   143,943 
     Total Sponsored Petroleum Transportation & Storage   956,894 
           
     Total Master Limited Partnership Shares     
     (Cost $4,477,585)  $5,127,336 
           
     Total Long-Term Investments - 103.1%  $5,323,447 
     (Cost $4,562,829)     

 

Principal        
Amount      Fair Value 
     Short-Term Investment - 3.1%     
$160,305   UMB Money Market Fiduciary, 0.01% 1  $160,305 
     Total Short-Term Investment   160,305 
     (Cost $160,305)     
           
     Total Investments * - 106.2%     
     (Cost $4,723,134)   5,483,752 
     Liabilities in excess of Other Assets - (6.2)%   (319,212)
     Total Members' Equity - 100%  $5,164,540 

 

LP - Limited Partnership

 

1 The rate quoted is the annualized seven-day yield of the Fund at the period end.

* All investments are domiciled in the United States.

 

 

 

 

Fair Value Measurements and Disclosures, issued by the Financial Accounting Standards Board, defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

 

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as described below:

 

•Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

 

•Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

•Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

 

 

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of February 28, 2017, in valuing the Fund’s assets carried at fair value:

 

Investments, at fair value  Level 1
(Quoted Price)		  

Level 2*
(Observable

Inputs)

   Level 3*
(Unobservable
Inputs)		   Total 
Common Stock1  $196,111   $-   $-   $196,111 
Master Limited Partnership Shares1   5,127,336    -    -    5,127,336 
Short-Term Investment   160,305    -    -    160,305 
Total Investments, at fair value  $5,483,752   $-   $-   $5,483,752 

 

1 All Common Stock and Master Limited Partnership Shares held in the Fund are Level 1 securities. For a detailed break-out of Common Stock and Master Limited Partnership Shares by major industry classification, please refer to the Schedule of Investments.

 

*The Fund did not hold any Level 2 & 3 securities as of February 28, 2017.

 

There were no transfers between Levels during the period ended February 28, 2017.

 

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 3. EXHIBITS.

 

Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), for the Principal Executive Officer and Principal Financial Officer, are attached hereto.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)     Center Coast Core MLP Fund I, LLC

 

By (Signature and Title)*

 

/s/ Dan C. Tutcher                                              

Dan C. Tutcher, President

(Principal Executive Officer)

 

Date      April 25, 2017

   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  

By (Signature and Title)*

 

/s/ Dan C. Tutcher                                                 

Dan C. Tutcher, President

(Principal Executive Officer)

 

Date      April 25, 2017

 

By (Signature and Title)*

 

/s/ William H. Bauch                                           

William H. Bauch, Treasurer

(Principal Financial Officer)

 

Date      April 25, 2017

   

* Print the name and title of each signing officer under his or her signature.