Today’s Update

Portfolio Managers

Toby Loftin

Toby Loftin

Managing Principal & PM
Ben Cook, CFA

Ben Cook, CFA

Portfolio Manager
43186416

BP Capital TwinLine MLP Fund

The BP Capital TwinLine MLP Fund (the “BP MLP Fund” or the “Fund”) seeks capital appreciation through distribution growth along with current income, and trades under the following symbols:

  • BP Capital TwinLine MLP Fund – Class A: BPMAX
  • BP Capital TwinLine MLP Fund – Class I: BPMIX

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in energy infrastructure master limited partnership investments.

Fund Characteristics

  • MLP exposure in form 1099 (No K-1s)
  • Daily liquidity at NAV
  • IRA/401(k) eligible (No UBTI)*
  • Asset class with low correlation to broader markets
  • Tax efficient as distributions largely return of capital

* MLPs and MLP investments have unique tax characteristics. In general, an investment in the Fund will not generate unrelated business taxable income (UBTI) for tax-exempt U.S. investors. Neither the Fund nor the investment adviser provide tax advice. Please consult your tax advisor before making an investment. The Fund does not receive the same tax benefits of a direct investment in an MLP.

Top Ten Holdings (as of 06/30/2018)

wdt_ID Company % Of Net Assets
1 Magellan Midstream Partners 6.19
2 Kinder Morgan Inc. 5.70
3 Enterprise Products Partners 8.77
4 Targa Resources Corp. 5.68
5 Energy Transfer Partners LP 6.49
6 Phillips 66 Partners LP 5.57
7 Shell Midstream Partners LP 5.43
8 Williams Partners LP 5.82
9 MPLX LP 4.89
10 Energy Transfer Equity LP 4.92

Sector Weightings (as of 06/30/2018)

Returns (as of 06/30/2018)

wdt_ID Fund QTD YTD 1 Year 3 Year Since Inception
1 TwinLine MLP Fund (BPMIX) 8.68 -6.75 -8.61 -7.60 -3.00
2 Alerian MLP Index (AMZ) 11.80 -0.63 -4.58 -5.93 -5.47
3 Lipper Energy MLP Funds 11.45 -1.25 -2.76 -5.58 -2.79

Calendar Year Performance (as of 06/30/2018)

wdt_ID Fund 2014 2015 2016 2017
1 TwinLine MLP Fund (BPMIX) 11.83 -27.97 21.87 -4.75
2 Alerian MLP Index (AMZX) 4.80 -32.59 18.31 -6.52
4 Lipper Energy MLP Funds 8.50 -31.03 27.12 -6.24
Inception Date December 31, 2013. Returns quoted represent past performance, which does not guarantee future results. Current returns may be lower or higher. Returns shown for more than 1-Year are annualized. Performance current to the most recent month-end may be obtained by calling 1-855-40-BPCAP (1-855-402-7227). Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The Fund’s total annual gross operating expenses for Class I is 1.67%. The Fund’s total annual expense ratio (net) is 1.53% and reflects a contractual agreement with the Advisor to waive its fees and/or pay for operating expenses at least through March 31, 2019. Returns for Class A are different due to different charges and expenses.

Please review the fund Prospectus, Fact Sheet, Summary Prospectus, SAI and Risks for more information. The Funds disclose their Top 10 holdings on their website within 30 days of the calendar quarter end.

 

The BP Capital TwinLine MLP Fund (“Fund”) is “C” corporation registered under the Investment Company Act of 1940 as an open-end management investment company, commonly known as a mutual fund. The Fund seeks capital appreciation through distribution growth along with current income, primarily by investing in energy infrastructure master limited partnerships. The Fund may invest in companies of any size and in initial public offerings. Up to 20% of the Fund’s assets may be invested in debt securities rated below investment-grade, commonly known as high-yield securities or junk bonds. The Fund also may also invest in derivatives (futures, options, swaps, forward contracts).

 

As with any mutual fund, it is possible to lose money by investing in the Fund. The Fund is new, with a limited operating history upon which to rely in determining whether to invest. The Fund may invest a large percentage of its assets in a small number of issuers, potentially exposing it to greater loss than a more diversified portfolio.

The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes.  Accordingly, unlike traditional open-end mutual funds, the Fund is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders.

Energy-related companies are subject to specific risks, including, among others, fluctuations in commodity prices and consumer demand, substantial government regulation, and depletion of reserves. Small-cap stocks and initial public offerings may be more volatile and less liquid than securities issued by large companies and seasoned issuers. High-yield bonds involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Derivatives can increase the Fund’s volatility because they can be highly illiquid, difficult to unwind or value, and subject to risk of counter-party default.

Master Limited Partnerships (“MLPs”) are publicly traded partnerships listed on a national securities exchange. The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for the Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. The Fund also may invest in MLPs that are taxed as “C” corporations.

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information and other information about the Fund on this website. You may also obtain this information at no cost by calling 1-855-40-BPCAP (1-855-402-7227) or by e-mail at info@bpcfunds.com. The Fund’s Prospectus and Statement of Additional Information, both dated December 31, 2013, are incorporated by reference into this Summary Prospectus.Download TwinLine MLP Fund Summary Prospectus
This Statement of Additional Information (“SAI”) is not a prospectus and it should be read in conjunction with the related Prospectus of the BP Capital TwinLine Energy Fund (a “Fund” or the “BP Energy Fund”) and the BP Capital TwinLine MLP Fund (a “Fund” or the “BP MLP Fund,” and together, the “Funds”), each a series of Professionally Managed Portfolios (the “Trust”). BP Capital Fund Advisors, LLC (the “Advisor”) is the advisor to the Funds. A copy of the Prospectus is available on this website or by calling 1-855-40-BPCAP (1-855-402-7227) or by e-mail at info@bpcfunds.com.Download TwinLine MLP Fund SAI
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BP Capital Funds - Breakpoints and Sales Loads

Today’s Update

Portfolio Managers

Toby Loftin

Toby Loftin

Managing Principal & PM
Ben Cook, CFA

Ben Cook, CFA

Portfolio Manager
43186416

Discover the merits of twinning with BP Capital Fund Advisors.

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