Important notice about RMLPX dividend timing:
To streamline tax reporting and minimize the potential for unnecessary end-of-year capital gains distributions, the management of Recurrent MLP & Infrastructure Fund (RMLPX) is moving from fiscal quarterly dividends (paid at end of January, April, July, October) to a calendar quarter schedule (paid at end of March, June, September, December).
As we have paid a full dividend on April 30, 2020, our upcoming June 30, 2020 dividend will be prorated to reflect 2/3 of our normal ongoing dividend rate. In September 30, 2020, our dividend will again be paid at its normal quarterly rate.
We look forward to continuing to work with you as we seek to deliver a fund offering attractive total returns with meaningful current income. We would remind quarterly dividends are not guaranteed, and dividend policies may be changed at any time.
RECURRENT MLP & INFRASTRUCTURE FUND (RMLPX)
0.90% management fee; 1.25% total expense (after fee waiver)².
1.75% total expense (before fee waiver).
Objective: Total return and current income from MLP and pipeline infrastructure investments.
- Structure: Registered investment company (RIC); RMLPX is a 1099 issuer; does not issue K-1s.
- Dividends: Quarterly, typically taxable as qualified dividends (taxable at capital gain rates) or returns of capital (not taxable when received).
PORTFOLIO MANAGEMENT TEAM
- Lead Portfolio Manager: Brad Olsen
- Relevant Experience: Olsen offers 11 years of MLP & infrastructure investment experience, overseeing MLP investments at BPCFA, plus experience at Eagle Global, Millennium.
As head of midstream research at TPH, Olsen received several national awards for stock picking excellence from the Financial Times, WSJ and Starmine in 2013 and 2014.
- Co-Portfolio Manager: Mark Laskin
- Relevant Experience: Laskin offers 18 years of portfolio management experience, including overseeing energy investments at BP Capital Fund Advisors, Inveso, and Van Kampen.
As CIO of BPCFA, Laskin grew AUM from $45mm to nearly $400mm during 2013-16, as a result of strong risk-adjusted performance in BPCFA's energy and MLP investment strategies.
- 1. No-Load mutual funds are sold without a sales charge, however other fees and expenses do apply to an investment in the Fund.
- 2. The Fund's advisor has contractually agreed to reduce its fees until March 1, 2021. Without the waiver, total annual operating expenses would be 1.75% for RMLPX.
- Investors should carefully consider the investment objectives, risks, charges and expenses of the Recurrent Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 833-RECURRENT. The prospectus should be read carefully before investing. The Recurrent Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.
- Recurrent Investment Advisors is not affiliated with Northern Lights Distributors, LLC.
- Risk Disclosure (RMLPX)
- Mutual Funds involve risk including the potential loss of principal. Higher turnover and frequent trading may result in higher costs. Cash available for distribution by MLPs may vary and could be affected by the entity’s operations, including capital expenditures, operating, acquisition, construction, exploration and borrowing costs, reducing the amount of cash and MLP has available for distribution. The Fund may focus on one or more industries, sectors or geographic regions of the economy and the value of an investment may fluctuate more widely than if it were diversified. Tax risks associated with the Fund include fund structure risk, MLP tax risk, and tax estimation/NAV risk. Cyber-attacks or failures affecting the Fund or service providers may adversely impact the Fund or its shareholders.
- The Fund invests primarily in the energy sector and infrastructure industry and is susceptible to adverse economic, environmental, and regulatory concerns. Additional risks include acquisition, catastrophic event, commodity price, depletion, natural resource, supply/demand and weather risk. The purchase of IPO shares may involve high transaction cost, market and liquidity risks. The investment strategies employed by the Advisor may not result in an increase in value or performance. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Holders of MLPs have limited control and voting rights, additionally, there are certain tax risks and conflicts of interest between holders of MLPs and the general partner. The Fund is newly-formed and may not grow to or maintain economically viable size, not be successful implementing its investment strategy, which could result in the Fund being liquidated. (3683-NLD-6/22/2020)