Liberty Street Advisors And Capital Innovations Launch Global Agri, Timber, Infrastructure Fund

NEW YORK, Nov. 8, 2012 /PRNewswire/ -- Liberty Street Advisors, Inc. announced the launch of the Capital Innovations Global Agri, Timber and Infrastructure Fund ("the Fund") (INNAX, INNCX, INNNX), the second in its series of Funds focused on income production and inflation protection. The first fund, the Center Coast MLP Focus Fund (CCCAX, CCCCX, CCCNX), was launched in 2011 and has raised $1 billion in assets as of September 30, 2012.  The new Capital Innovations Fund's investments focus primarily on  global stocks in agribusiness, timber and infrastructure, where long-term demand for their products may exceed supply due to secular and demographic growth trends.  These investments tend to seek strong yields overall, while also providing a potential hedge against the threat of inflation.

Capital Innovations, the Sub-Advisor to the Fund, is a boutique investment manager specializing in investing in listed real asset strategies for institutional clients. The newly launched Fund is co-managed by Michael Underhill and Susan Dambekaln. Both Michael and Susan have spent over 20 years working with institutions to identify their specific investment needs.  Mr. Underhill is the author of "The Handbook on Infrastructure Investing," published by Wiley Finance in 2010, and chairs the Real Asset Committee of the Chartered Alternative Investment Analyst Association (CAIA). Capital Innovations has previously offered individual exposure to these sectors through other investment vehicles.

"Our investment process is robust, disciplined and repeatable and we are proud to offer investors first-of-its-kind, broad exposure to several growth industries within a single mutual fund," Mr. Underhill said.

The Fund's investment process is based on a top-down, global thematic approach. The investment team analyzes countries, currencies and GDP figures, and then considers the demand outlook for global commodities, geo-political considerations, agricultural and timber products, consumption growth and monetary policies.

"Institutional investors have long experienced the potential benefits of exposures to real assets beyond the traditional 'hard commodities'.  Global demand for agribusiness, timber and infrastructure have historically demonstrated the ability to provide institutions consistent yield backed by real cash flows along with the ability to thrive in inflationary environments," said Tim Reick, Founder and Chief Executive Officer, Liberty Street Advisors. "Our goal in launching this fund was to provide investors the ability to include exposure to equities within these asset classes managed by an institutional manager dedicated to these specific sectors."

For more information, please contact Chris Moon at 973-850-7304 or [email protected].

About Liberty Street Advisors

Liberty Street Advisors is an SEC Registered Investment Advisor for mutual funds sub-advised by third party asset managers. Liberty Street represents a carefully selected group of money managers across the asset allocation spectrum, and specializes in distributing investment products that provide solutions to meet advisor demands. With $1 Billion in assets under management as of September 30, 2012, Liberty Street is the Advisor to both the Center Coast MLP Focus Fund and the Liberty Street Horizon Fund.

About Capital Innovations

Capital Innovations was founded in 2007 by partners Michael Underhill and Susan Dambekaln with decades of experience working with institutional investors worldwide. Capital Innovations is a Real Assets Manager investing in Infrastructure, Timber and Agribusiness focused investments.  Located in Pewaukee, Wisconsin, Capital Innovations offers uniquely focused strategies through both individual and combined investment vehicles as well as through the Fund. The investment approach takes the long view, believing that doing business the right way over time will present opportunity for future growth. Macroeconomic forecasting, sector and security analysis and rigorous risk management controls address the challenges of investing volatile global markets. For more information, visit www.capinnovations.com.

Before investing you should carefully consider the Capital Innovations Global Agri, Timber, Infrastructure Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling 888-990-9950 or by visiting the Fund's website at www.capinnovationsfund.com.  Please read the prospectus carefully before investing.

RISK AND OTHER DISCLOSURES:

An investment in the Capital Innovations Global Agri, Timber, Infrastructure Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus:

• The market value of a security or instrument held by the Fund may decline due to general market and economic conditions, and due to factors that may affect a particular industry.
• The Fund's concentration in the infrastructure, timber, and agribusiness industries may present more risks than if the portfolio were broadly diversified over numerous industries, and the factors affecting the companies in each industry may have a significant effect on the Fund's performance. Specifically, companies in the infrastructure industry may be affected by the risks associated with market price movements, or economic conditions, or regulatory or technological changes. Companies in the timber industry may be affected by the risks associated with natural disasters, international politics, periods of poor logging conditions, rising interest rates, and environmental, health and safety laws and regulations. Companies in the agribusiness industry may be affected by the risks associated with economic forces, energy and financial markets, as well as government policies and regulations.
• The Fund invests in foreign securities, which may be more volatile than the securities of U.S. issuers because of economic and social conditions abroad, political developments, changes in the regulatory environment of foreign countries, changes in exchange rates and global interest rates. Foreign companies are generally subject to different legal, regulatory and accounting standards than U.S. companies, and may be subject to less regulation.  Depository receipts are also subject to these risks. 
• The Fund invests in the securities of small- and mid-capitalization companies, which may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies.
• The Fund invests in preferred stock, which is subject to issuer-specific and market risks and is sensitive to changes in the issuer's creditworthiness and to changes in interest rates.
• The Fund invests in Master Limited Partnerships (MLPs), which involve additional risks including, but not limited to, cash flow risk, tax risk, and risks associated with limited voting rights.
• The Fund invests in Real Estate Investment Trusts (REITs), which generally may not be diversified; and are subject to cash flow dependency, defaults by borrowers, self-liquidation, and tax risks.
• The Fund currently anticipates distributing substantially all of its net investment income, as well as any return of capital distributions it receives, on a monthly basis. Such monthly distributions shall be paid at a rate that is approximately equal to the dividend and/or distribution rate that the Fund expects to receive from its underlying investments, after offset for the expenses of the Fund.  The amount of such monthly dividends and distributions is not guaranteed.

The Fund may not be suitable for all investors.  We encourage you to read the Fund's prospectus carefully and consult with appropriate financial professionals before considering an investment in the Fund.

Before investing you should carefully consider the Center Coast MLP Focus Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling 877‐766‐0066 or by visiting the Fund's website at www.cccmlpfocusfund.com. Please read the prospectus and summary prospectus carefully before investing.

An investment in the Center Coast MLP Focus Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus:

• The Fund concentrates its investments in master limited partnerships (MLPs), which involve additional risks compared to those from investments in common stock, including, but not limited to, cash flow risk, tax risk, and risks associated with limited voting rights.
• Unlike most other open‐end mutual funds, the Fund will be taxable as a regular corporation, or "C" corporation.  Consequently, the Fund will accrue and pay federal, state and local income taxes on its taxable income, if any, at the Fund level, which will ultimately reduce the returns that the shareholder would have otherwise received.  Additionally, because the Fund is taxable as a "C" corporation, the Fund's net asset value per share ("NAV") will include a deferred tax expense or asset, which is reflected in the Fund's NAV on a daily basis.  The Fund's deferred tax expense or asset is based on estimates that could vary dramatically from the Fund's actual tax liability/benefit and, therefore, could have a material impact on the Fund's NAV.
• The Fund, unlike the MLPs in which it invests which are treated as partnerships for U.S. federal income tax purposes, is not a pass‐through entity. Consequently, the tax characterization of the distributions paid by the Fund, such as dividend income or return of capital, may differ greatly from those of its MLP investments.
• The Fund currently anticipates paying cash distributions at a rate (as a percentage of net assets) that is approximately equal to the distribution rate it receives from the MLPs in which it invests (that is, at approximately the same rate as the distributions paid by the MLPs in the Fund's portfolio, including returns of capital, as a percentage of the aggregate value of the MLPs in the Fund's portfolio), without offset for the expenses of the Fund. In doing so, the Fund may have to maintain cash reserves, borrow or sell certain investments at less desirable prices in order to pay the expenses of the Fund.
• The Fund is not required to make distributions and in the future could decide not to make such distributions or not to make distributions that are approximately equal to the distribution rate it receives from the MLPs in which it invests.
• The MLPs owned by the Fund are subject to regulatory and tax risks, including but not limited to changes in current tax law which could result in MLPs being treated as corporations for U.S. federal income tax purposes or the elimination or reduction of MLPs tax deductions, which could result in a material decrease in the Fund's NAV and/or lower after-tax distributions to Fund shareholders. 
• As a non-diversified fund, the Fund may focus its assets in the securities of fewer issuers, which exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers.
• Equity securities issued by MLPs may trade less frequently than larger companies due to their smaller capitalizations, which may result in erratic price movement or difficulty in buying or selling.
• A substantial portion of the MLPs within the Fund are primarily engaged in the energy sector. As a result, any negative development affecting that sector, such as regulatory, environmental, commodity pricing or extreme weather risk, will have a greater impact on the Fund than a fund that is not over-weighted in that sector.

The Fund may not be suitable for all investors. We encourage you to read the Fund's prospectus carefully and consult with appropriate tax and accounting professionals before considering an investment in the Fund.

Distributed by Foreside Fund Services, LLC www.foreside.com

CONTACT: Chris Moon
JCPR
973-850-7304
[email protected]

SOURCE Liberty Street Advisors, Inc.