Shareholder Report
May 31, 2025
USD ($)
$ / shares
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$56
|
1.16%
|
Visit https://oef.tortoiseadvisors.com/resource-center/fund-documents/ for more recent performance information.
Managed Distributions
The Fund may distribute more than its income and net realized capital gains; therefore, a portion of distributions may be a return of capital. A return of capital may occur, for example, when some or all of the money a shareholder has invested in the Fund is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
KEY FUND STATISTICS (as of May 31, 2025)
|
Net Assets
|
$519,046,646
|
|
Number of Holdings
|
42
|
|
Portfolio Turnover
|
9%
|
|
Top 10 Issuers
|
(%)
|
|
MPLX LP
|
7.9%
|
|
Cheniere Energy, Inc.
|
7.0%
|
|
EQT Corporation
|
6.2%
|
|
The Williams Companies, Inc.
|
5.3%
|
|
Energy Transfer LP
|
5.0%
|
|
Enterprise Products Partners LP
|
4.3%
|
|
ONEOK, Inc.
|
4.1%
|
|
Plains GP Holdings L.P.
|
4.0%
|
|
Targa Resources Corp.
|
4.0%
|
|
Exxon Mobil Corp.
|
3.3%
|
Fund Conversion, Name Change, and Reorganization
On May 30, 2025, Class A and Class C shares were exchanged for Institutional Class shares on a pro rata basis. Class A and Class C shares were subsequently closed. The Board of Trustees approved a reorganization plan for conversion of the Fund into an exchange traded fund, a reorganization into Tortoise Capital Series Trust and a change of the Fund’s name to Tortoise Energy Fund on February 5, 2025. These changes took effect on June 13, 2025.
Subsequent to the period ended May 31, 2025, on June 13, 2025, Ernst & Young LLP (“EY”) ceased to serve as the independent registered public accounting firm for the Fund, in connection with the reorganization of the Fund to Tortoise Capital Series Trust as Tortoise Capital Series Trust uses Tait, Weller, and Baker LLP as their independent registered public accounting firm. During the Fund’s fiscal years ended November 30, 2024 and November 30, 2023, and the interim period ended June 13, 2025, there were no disagreements with EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.