Tortoise Energy Infrastructure and Income Fund - Institutional Class
INFIX
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- Tortoise Energy Infrastructure and Income Fund-Institutional Class (INFIX) is an open-end mutual fund that seeks current income and, secondarily, long-term capital appreciation by investing at least 80% of its total assets in equity and debt securities of master limited partnerships (MLPs) and other companies focused in the energy infrastructure sector; this includes MLP parent companies and affiliates that own interests in or assets held in common with MLPs, as well as firms engaged in exploration, production, gathering, processing, refining, transmission, marketing, storage and delivery of energy products such as natural gas, natural gas liquids, crude oil, refined petroleum products or coal; oilfield services including drilling, cementing and stimulations; generation, transmission and distribution of electricity; water and wastewater treatment; and alternative energy sources like biodiesel, ethanol, biomass, geothermal, hydroelectric, nuclear, solar or wind energy. The Fund offers Institutional Class shares (INFIX), alongside A Class (INFRX) and C Class (INFFX) shares, with investments spanning common and preferred stocks, investment-grade and high-yield debt securities (rated at least B3/B- or equivalent at purchase), American Depository Receipts, Yankee bonds, exchange-traded funds, exchange-traded notes, initial public offerings and up to 15% in restricted securities; it may employ hedging techniques such as covered call options and holds securities without regard to market capitalization, targeting a mix of yield, growth and quality across the energy infrastructure and natural resources sectors. Managed by Tortoise Capital Advisors, L.L.C., headquartered in Overland Park, Kansas, the Fund serves institutional and retail investors seeking exposure to U.S. and foreign energy infrastructure entities, with a portfolio turnover rate of 18% as of the fiscal year ended November 30, 2024. In a major strategic reorganization approved by shareholders, INFIX reorganized into the Tortoise Capital Series Trust and converted from a mutual fund structure to an actively managed exchange-traded fund (ETF) named Tortoise Energy Fund (TNGY), effective at the close of business on June 13, 2025; this shift broadens its investment scope across the energy sector, enables greater emphasis on debt securities, adopts a non-diversified approach concentrating assets in fewer issuers, and features a lower unitary management fee while maintaining the same investment adviser, portfolio managers and similar objectives and risks. The change followed board approval on February 5, 2025, and a special shareholder meeting on April 28, 2025, with the reorganization structured as a tax-free event under customary closing conditions.