Tortoise Energy Infrastructure and Income Fund - Class A
INFRX
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- Tortoise Energy Infrastructure and Income Fund - Class A (INFRX) is a 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 securities across the capital structure of MLP entities and affiliates engaged in the 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, and coal, as well as oilfield services, electricity generation and transmission, water and wastewater management, and alternative energy sources like biodiesel, ethanol, biomass, geothermal, hydroelectric, nuclear, solar, and wind energy. The fund also invests in the natural resources sector, comprising companies owning or developing non-energy natural resources or supplying related goods and services; it may employ hedging techniques such as covered call options, invest up to 15% in restricted securities, participate in initial public offerings, and hold exchange-traded funds (ETFs) and exchange-traded notes (ETNs) that align with its strategy, with a portfolio turnover rate of 18% as of the fiscal year ended November 30, 2024. Offerings include A Class shares (INFRX; CUSIP 56167N530) with a 5.50% front-end sales load, Institutional Class (INFIX), and C Class (INFFX) shares; the fund provides simplified tax reporting via Form 1099 and targets long-term investors seeking exposure to energy infrastructure through a traditional mutual fund structure with daily liquidity at net asset value. The fund operates as a series of Managed Portfolio Series, a registered open-end investment company, with investment advisory services provided by Tortoise Capital Advisors, L.L.C., headquartered in Overland Park, Kansas; it traces its performance history to the Advisory Research MLP & Energy Income Fund predecessor, with Institutional Class inception on December 27, 2010. Geographically, the fund invests primarily in U.S. and U.S. dollar-denominated foreign securities, including American Depositary Receipts (ADRs) and Yankee bonds, focusing on issuers without regard to market capitalization. In a major strategic shift announced in May 2025, the fund received shareholder approval for reorganization into the Tortoise Capital Series Trust, converting from a mutual fund to an actively managed exchange-traded fund (ETF) named Tortoise Energy Fund under new ticker TNGY, consolidating all share classes into an institutional class; this change, expected to complete in June 2025 subject to closing conditions, broadens investment flexibility across the energy sector, increases debt exposure potential, adopts a non-diversified structure, and lowers the unitary management fee from the current 1.00%. The reorganization aligns with Tortoise Capital's platform streamlining efforts, maintaining the same investment adviser, portfolio managers, and similar objectives and strategies while enhancing efficiency and investor access via exchange trading.