BPCFA is a Delaware limited liability company that was formed on June 19th, 2013 for the purpose of providing discretionary and non-discretionary portfolio management and investment advisory services to registered investment vehicles and separately managed accounts. BPCFA and its affiliates are headquartered in Dallas, Texas. Since August 22nd, 2013, BPCFA has been registered with the SEC pursuant to the Advisers Act. Registration of an investment adviser does not imply any level of skill or training. The primary owners of BPCFA are the Loftin Group, LLC, a Texas limited liability company and TBP MLP Advisors Holdings, LLC, a Delaware limited liability company (which is a holding company controlled by the estate of T. Boone Pickens). Advisory Services BPCFA’s portfolio management and investment advisory services are offered (directly or indirectly through a sub-advisory arrangement with the client's primary investment adviser) to registered investment companies and High Net Worth investors through separate account management. BPCFA’s investment strategies employ an energy sector focus by primarily investing in publicly-traded equity and debt securities of U.S. energy companies involved in the extraction, processing, distribution or use of natural gas, oil and coal. Additionally, BPCFA focuses its investments on energy infrastructure master limited partnerships (“MLPs”), which own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services. BPCFA’s advisory services consist of managing each of its Client’s portfolios, including sourcing, selecting, determining investments in, and monitoring investments in and the execution of transactions on behalf of its Clients. BPCFA generally is responsible for investing and re-investing the assets of each Client account in accordance with the investment objectives, policies and guidelines set forth in the Client’s governing documents. With respect to any Client, this Brochure is qualified in its entirety by the Clients’ offering memorandum, prospectus, statement of additional information or other similar disclosures and governing documents (collectively, the “governing documents”).

BPCFA tailors its investment advice to the specific needs of its Clients and is subject to applicable investment restrictions set forth in the governing documents for the applicable Clients. BPCFA works with Clients to formulate appropriate and agreed-upon investment guidelines. BPCFA works with Clients to determine the feasibility of monitoring proposed restrictions and limitations. Clients who restrict their investment portfolios may experience potentially worse performance results than Clients with unrestricted portfolios even for Clients with similar objectives. BPCFA reserves the right to reject or terminate any Client that seeks restrictions which BPCFA is unable to implement or which may fundamentally alter the investment objective of the strategy selected by the Client. Investors who participate in pooled investment vehicles, such as U.S. registered investment companies, may generally not tailor investment guidelines. When BPCFA serves as investment adviser, it enters into a written investment management agreement with each of its advisory Clients. Investors in pooled investment vehicles are not considered as BPCFA’s advisory Clients and do not enter into investment management agreements with BPCFA. Investment management agreements include provisions related to each Client’s management fees, investment strategy, investment guidelines, termination rights, proxy voting and sub-adviser, if applicable. BPCFA’s standard investment management contract generally permits either party to terminate the contract at the upon 30 days’ written notice. Upon termination, Clients are billed only for the pro-rata portion of the management period. Clients do not pay a termination fee. Wrap Fee Programs We do not currently have a Wrap-Fee Program. Regulatory Assets Under Management As of December 31, 2022, BPCFA managed approximately $15 million of advisory assets, all of which were on a discretionary basis. The SEC has adopted a uniform method for advisers to calculate assets under management for regulatory purposes which it refers to as an adviser’s “regulatory assets under management.” Regulatory assets under management are generally an adviser’s gross assets, i.e., assets under management without deduction for outstanding indebtedness or other accrued but unpaid liabilities. BPCFA reports its regulatory assets under management in Item 5 of Part 1 of Form ADV which you can find at www.adviserinfo.sec.gov.