Shares | Value | |||||||||
COMMON STOCKS - 74.1% | ||||||||||
Canada Crude Oil Pipelines - 9.5% | ||||||||||
Enbridge, Inc. | 3,219,085 | $117,754,129 | ||||||||
Pembina Pipeline Corporation | 3,236,279 | 120,219,235 | ||||||||
237,973,364 | ||||||||||
Canada Natural Gas/Natural Gas Liquids Pipelines - 5.7% | ||||||||||
Keyera Corp. | 2,873,032 | 76,075,956 | ||||||||
TC Energy Corporation | 1,739,291 | 67,067,061 | ||||||||
143,143,017 | ||||||||||
United States Crude Oil Pipelines - 4.9% | ||||||||||
Plains GP Holdings L.P. | 6,704,273 | 120,743,957 | ||||||||
United States Natural Gas Gathering/Processing - 10.0% | ||||||||||
Antero Midstream Corporation | 2,610,185 | 38,239,210 | ||||||||
EnLink Midstream, LLC | 4,318,100 | 54,796,689 | ||||||||
Equitrans Midstream Corp. | 5,485,143 | 78,327,842 | ||||||||
Hess Midstream LP | 1,771,401 | 61,556,185 | ||||||||
Kinetik Holdings, Inc. | 210,428 | 8,625,443 | ||||||||
Kodiak Gas Services, Inc. | 270,976 | 7,465,389 | ||||||||
249,010,758 | ||||||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 41.9% | ||||||||||
Cheniere Energy, Inc. | 1,340,507 | 211,518,600 | ||||||||
DT Midstream, Inc. | 487,496 | 32,701,232 | ||||||||
Excelerate Energy, Inc. | 373,516 | 6,652,320 | ||||||||
Kinder Morgan, Inc. | 6,215,530 | 121,140,680 | ||||||||
NextDecade Corp.(a) | 1,909,915 | 13,674,991 | ||||||||
ONEOK, Inc. | 2,341,148 | 189,632,988 | ||||||||
Targa Resources Corp. | 2,343,850 | 277,113,385 | ||||||||
The Williams Companies, Inc. | 4,694,194 | 194,855,993 | ||||||||
1,047,290,189 | ||||||||||
United States Refined Product Pipelines - 1.3% | ||||||||||
Sunoco LP | 632,304 | 32,247,504 | ||||||||
United States Renewables and Power Infrastructure - 0.8% | ||||||||||
Clearway Energy, Inc. | 343,302 | 9,612,456 | ||||||||
Sempra Energy | 143,558 | 11,058,273 | ||||||||
20,670,729 | ||||||||||
TOTAL COMMON STOCKS (Cost $1,146,222,658) | 1,851,079,518 | |||||||||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Brian Wiedmeyer, President
Managed Portfolio Series
c/o U.S. Bank Global Fund Services
777 East Wisconsin Ave., 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1712
Registrant’s telephone number, including area code
Date of fiscal year end: 11/30/2024
Date of reporting period: 05/31/2024
Item 1. Reports to Stockholders.
(a) |
Tortoise Energy Infrastructure Total Return Fund | ||
Class A | TORTX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $63 | 1.18% |
Net Assets | $2,499,678,888 |
Number of Holdings | 29 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%)* |
Targa Resources Corp. | 11.1% |
Cheniere Energy, Inc. | 8.5% |
The Williams Companies, Inc. | 7.8% |
ONEOK, Inc. | 7.6% |
MPLX LP | 7.6% |
Energy Transfer LP | 7.2% |
Kinder Morgan, Inc. | 4.8% |
Plains GP Holdings L.P. | 4.9% |
Pembina Pipeline Corporation | 4.8% |
Enbridge, Inc. | 4.7% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure Total Return Fund | PAGE 1 | TSR_SAR_56166Y305 |
Tortoise Energy Infrastructure Total Return Fund | PAGE 2 | TSR_SAR_56166Y305 |
Tortoise Energy Infrastructure Total Return Fund | ||
Class C | TORCX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $102 | 1.92% |
Net Assets | $2,499,678,888 |
Number of Holdings | 29 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%)* |
Targa Resources Corp. | 11.1% |
Cheniere Energy, Inc. | 8.5% |
The Williams Companies, Inc. | 7.8% |
ONEOK, Inc. | 7.6% |
MPLX LP | 7.6% |
Energy Transfer LP | 7.2% |
Kinder Morgan, Inc. | 4.8% |
Plains GP Holdings L.P. | 4.9% |
Pembina Pipeline Corporation | 4.8% |
Enbridge, Inc. | 4.7% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure Total Return Fund | PAGE 1 | TSR_SAR_56166Y826 |
Tortoise Energy Infrastructure Total Return Fund | PAGE 2 | TSR_SAR_56166Y826 |
Tortoise Energy Infrastructure Total Return Fund | ||
Institutional Class | TORIX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $50 | 0.93% |
Net Assets | $2,499,678,888 |
Number of Holdings | 29 |
Portfolio Turnover | 10% |
Top 10 Issuers | (%)* |
Targa Resources Corp. | 11.1% |
Cheniere Energy, Inc. | 8.5% |
The Williams Companies, Inc. | 7.8% |
ONEOK, Inc. | 7.6% |
MPLX LP | 7.6% |
Energy Transfer LP | 7.2% |
Kinder Morgan, Inc. | 4.8% |
Plains GP Holdings L.P. | 4.9% |
Pembina Pipeline Corporation | 4.8% |
Enbridge, Inc. | 4.7% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure Total Return Fund | PAGE 1 | TSR_SAR_56166Y404 |
Tortoise Energy Infrastructure Total Return Fund | PAGE 2 | TSR_SAR_56166Y404 |
Tortoise Energy Infrastructure and Income Fund | ||
Class A | INFRX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $72 | 1.37% |
Net Assets | $524,659,321 |
Number of Holdings | 43 |
Portfolio Turnover | 11% |
Top 10 Issuers | (%)* |
MPLX LP | 7.2% |
Cheniere Energy, Inc. | 7.1% |
Targa Resources Corp. | 5.0% |
Energy Transfer LP | 4.9% |
ONEOK, Inc. | 4.9% |
Plains GP Holdings L.P. | 4.7% |
The Williams Companies, Inc. | 4.7% |
Enterprise Products Partners LP | 4.5% |
EQT Corporation | 3.7% |
ConocoPhillips | 3.6% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure and Income Fund | PAGE 1 | TSR_SAR_56167N530 |
Tortoise Energy Infrastructure and Income Fund | PAGE 2 | TSR_SAR_56167N530 |
Tortoise Energy Infrastructure and Income Fund | ||
Class C | INFFX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $111 | 2.12% |
Net Assets | $524,659,321 |
Number of Holdings | 43 |
Portfolio Turnover | 11% |
Top 10 Issuers | (%)* |
MPLX LP | 7.2% |
Cheniere Energy, Inc. | 7.1% |
Targa Resources Corp. | 5.0% |
Energy Transfer LP | 4.9% |
ONEOK, Inc. | 4.9% |
Plains GP Holdings L.P. | 4.7% |
The Williams Companies, Inc. | 4.7% |
Enterprise Products Partners LP | 4.5% |
EQT Corporation | 3.7% |
ConocoPhillips | 3.6% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure and Income Fund | PAGE 1 | TSR_SAR_56167N514 |
Tortoise Energy Infrastructure and Income Fund | PAGE 2 | TSR_SAR_56167N514 |
Tortoise Energy Infrastructure and Income Fund | ||
Institutional Class | INFIX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $59 | 1.12% |
Net Assets | $524,659,321 |
Number of Holdings | 43 |
Portfolio Turnover | 11% |
Top 10 Issuers | (%)* |
MPLX LP | 7.2% |
Cheniere Energy, Inc. | 7.1% |
Targa Resources Corp. | 5.0% |
Energy Transfer LP | 4.9% |
ONEOK, Inc. | 4.9% |
Plains GP Holdings L.P. | 4.7% |
The Williams Companies, Inc. | 4.7% |
Enterprise Products Partners LP | 4.5% |
EQT Corporation | 3.7% |
ConocoPhillips | 3.6% |
* | Percentages are listed as a % of net assets. |
Tortoise Energy Infrastructure and Income Fund | PAGE 1 | TSR_SAR_56167N522 |
Tortoise Energy Infrastructure and Income Fund | PAGE 2 | TSR_SAR_56167N522 |
Ecofin Global Renewables Infrastructure Fund | ||
Class A | ECOAX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $63 | 1.18% |
Net Assets | $272,591,946 |
Number of Holdings | 32 |
Portfolio Turnover | 25% |
Top 10 Issuers | (%)* |
Clearway Energy, Inc. | 5.9% |
ERG SpA | 5.7% |
NextEra Energy Partners LP | 5.4% |
Dominion Energy, Inc. | 5.3% |
NextEra Energy, Inc. | 5.2% |
Neoen SA | 5.1% |
ReNew Energy Global PLC | 5.0% |
Exelon Corp. | 5.0% |
Edison International | 4.9% |
Avista Corp. | 4.4% |
* | Percentages are listed as a % of net assets. |
Ecofin Global Renewables Infrastructure Fund | PAGE 1 | TSR_SAR_56167N480 |
Ecofin Global Renewables Infrastructure Fund | PAGE 2 | TSR_SAR_56167N480 |
Ecofin Global Renewables Infrastructure Fund | ||
Institutional Class | ECOIX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
1-913-981-1020 or info@tortoiseadvisors.com.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $50 | 0.93% |
Net Assets | $272,591,946 |
Number of Holdings | 32 |
Portfolio Turnover | 25% |
Top 10 Issuers | (%)* |
Clearway Energy, Inc. | 5.9% |
ERG SpA | 5.7% |
NextEra Energy Partners LP | 5.4% |
Dominion Energy, Inc. | 5.3% |
NextEra Energy, Inc. | 5.2% |
Neoen SA | 5.1% |
ReNew Energy Global PLC | 5.0% |
Exelon Corp. | 5.0% |
Edison International | 4.9% |
Avista Corp. | 4.4% |
* | Percentages are listed as a % of net assets. |
Ecofin Global Renewables Infrastructure Fund | PAGE 1 | TSR_SAR_56167N472 |
Ecofin Global Renewables Infrastructure Fund | PAGE 2 | TSR_SAR_56167N472 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this form. |
(b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page | |||
Schedule of Investments | |||
Units | Value | |||||
MASTER LIMITED PARTNERSHIPS - 23.2% | ||||||
United States Crude Oil Pipelines - 0.9% | ||||||
Plains All American Pipeline LP | 1,308,099 | $22,250,764 | ||||
United States Natural Gas Gathering/Processing - 3.3% | ||||||
Western Midstream Partners LP | 2,172,529 | 81,078,782 | ||||
United States Natural Gas/Natural Gas Liquids Pipelines - 11.4% | ||||||
Energy Transfer LP | 11,512,483 | 180,400,609 | ||||
Enterprise Products Partners LP | 3,695,576 | 105,323,916 | ||||
285,724,525 | ||||||
United States Other - 0.1% | ||||||
Westlake Chemical Partners LP | 127,871 | 2,988,345 | ||||
United States Refined Product Pipelines - 7.6% | ||||||
MPLX LP | 4,649,802 | 189,153,946 | ||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $363,231,004) | 581,196,362 | |||||
Shares | ||||||
SHORT-TERM INVESTMENTS - 2.5% | ||||||
Money Market Funds - 2.5% | ||||||
First American Government Obligations Fund - Class X, 5.24%(b) | 61,459,325 | 61,459,325 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $61,459,325) | 61,459,325 | |||||
TOTAL INVESTMENTS - 99.8% (Cost $1,570,912,987) | $2,493,735,205 | |||||
Other Assets in Excess of Liabilities - 0.2% | 5,943,683 | |||||
TOTAL NET ASSETS - 100.0% | $2,499,678,888 | |||||
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
1 |
Shares | Value | ||||||
COMMON STOCKS - 57.4% | |||||||
Canada Crude Oil Pipelines - 2.1% | |||||||
Enbridge, Inc. | 304,484 | $11,138,025 | |||||
Canada Oil & Gas Production - 1.9% | |||||||
Ovintiv, Inc. | 187,315 | 9,678,566 | |||||
United States Crude Oil Pipelines - 4.7% | |||||||
Plains GP Holdings L.P. | 1,370,563 | 24,683,840 | |||||
United States Natural Gas Gathering/Processing - 4.7% | |||||||
Equitrans Midstream Corp. | 661,408 | 9,444,906 | |||||
Hess Midstream LP - Class A | 276,274 | 9,600,522 | |||||
Kinetik Holdings, Inc. | 40,684 | 1,667,637 | |||||
Kodiak Gas Services, Inc. | 145,707 | 4,014,228 | |||||
24,727,293 | |||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 24.2% | |||||||
Cheniere Energy, Inc. | 235,544 | 37,166,488 | |||||
Kinder Morgan, Inc. | 670,842 | 13,074,711 | |||||
ONEOK, Inc. | 315,901 | 25,587,981 | |||||
Targa Resources Corp. | 222,480 | 26,303,810 | |||||
The Williams Companies, Inc. | 589,845 | 24,484,466 | |||||
126,617,456 | |||||||
United States Oil & Gas Production - 15.2% | |||||||
ConocoPhillips | 162,747 | 18,956,771 | |||||
Coterra Energy, Inc. | 432,396 | 12,331,934 | |||||
Devon Energy Corporation | 170,926 | 8,389,048 | |||||
Diamondback Energy, Inc. | 64,482 | 12,848,683 | |||||
EQT Corporation | 472,972 | 19,434,419 | |||||
Exxon Mobil Corp. | 67,539 | 7,919,623 | |||||
79,880,478 | |||||||
United States Refined Product Pipelines - 1.9% | |||||||
Phillips 66 | 71,185 | 10,116,100 | |||||
United States Renewables and Power Infrastructure - 2.7% | |||||||
Clearway Energy, Inc. - Class C | 154,878 | 4,336,584 | |||||
Vistra Corp. | 97,935 | 9,703,400 | |||||
14,039,984 | |||||||
TOTAL COMMON STOCKS (Cost $193,805,875) | 300,881,742 | ||||||
Units | ||||||
MASTER LIMITED PARTNERSHIPS - 22.2% | ||||||
United States Crude Oil Pipelines - 2.5% | ||||||
Plains All American Pipeline LP | 781,293 | 13,289,794 | ||||
United States Natural Gas Gathering/Processing - 3.1% | ||||||
Western Midstream Partners LP | 432,087 | 16,125,487 | ||||
United States Natural Gas Pipelines - 9.4% | ||||||
Energy Transfer LP | 1,639,077 | 25,684,337 | ||||
Enterprise Products Partners LP | 825,395 | 23,523,757 | ||||
49,208,094 | ||||||
Units | Value | |||||
United States Refined Product Pipelines - 7.2% | ||||||
MPLX LP | 936,118 | $38,081,280 | ||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $60,752,936) | 116,704,655 | |||||
Par | ||||||
CORPORATE BONDS - 18.4% | ||||||
Canada Crude Oil Pipelines - 0.7% | ||||||
Enbridge, Inc., 5.50% to 07/15/2027 then 3 mo. Term SOFR + 3.68%, 07/15/2077 | 4,000,000 | 3,768,644 | ||||
United States Natural Gas Gathering/Processing - 5.3% | ||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 03/01/2027(a) | 6,370,000 | 6,287,426 | ||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.63%, 07/15/2026(a) | 3,800,000 | 3,799,225 | ||||
EnLink Midstream, LLC, 5.38%, 06/01/2029 | 4,455,000 | 4,337,321 | ||||
Hess Midstream Operations LP, 5.63%, 02/15/2026(a) | 8,125,000 | 8,080,489 | ||||
Kodiak Gas Services LLC, 7.25%, 02/15/2029(a) | 5,000,000 | 5,081,343 | ||||
27,585,804 | ||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 6.5% | ||||||
DT Midstream, Inc., 4.38%, 06/15/2031(a) | 6,100,000 | 5,482,525 | ||||
EQM Midstream Partners LP, 5.50%, 07/15/2028 | 4,250,000 | 4,157,212 | ||||
NGPL PipeCo LLC, 7.77%, 12/15/2037(a) | 9,125,000 | 10,422,429 | ||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 01/15/2028(a) | 7,925,000 | 7,564,640 | ||||
Venture Global LNG, Inc., 9.88%, 02/01/2032 (a) | 6,000,000 | 6,437,338 | ||||
34,064,144 | ||||||
United States Oil & Gas Production - 0.9% | ||||||
Comstock Resources, Inc., 6.75%, 03/01/2029(a) | 5,000,000 | 4,835,945 | ||||
United States Oil Field Services - 1.2% | ||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027(a) | 6,575,000 | 6,597,342 | ||||
United States Other - 2.6% | ||||||
New Fortress Energy, Inc. | ||||||
6.75%, 09/15/2025(a) | 5,708,000 | 5,645,218 | ||||
6.50%, 09/30/2026(a) | 8,400,000 | 7,910,646 | ||||
13,555,864 | ||||||
2 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
United States Refining - 1.2% | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030(a) | 6,000,000 | $ 6,171,546 | ||||
TOTAL CORPORATE BONDS (Cost $96,572,160) | 96,579,289 | |||||
Shares | ||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||
Money Market Funds - 1.2% | ||||||
First American Government Obligations Fund - Class X, 5.24%(b) | 6,462,322 | 6,462,322 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,462,322) | 6,462,322 | |||||
TOTAL INVESTMENTS - 99.2% (Cost $357,593,293) | $520,628,008 | |||||
Other Assets in Excess of Liabilities - 0.8% | 4,031,313 | |||||
TOTAL NET ASSETS - 100.0% | $524,659,321 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $84,316,112 or 16.1% of the Fund’s net assets. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
3 |
Shares | Value | |||||
COMMON STOCKS - 95.3% | ||||||
Belgium Electricity Transmission Operators - 1.3% | ||||||
Elia Group SA/NV | 34,498 | $ 3,513,732 | ||||
Canada Renewable Power Producers - 4.2% | ||||||
Innergex Renewable Energy, Inc. | 1,588,895 | 11,377,978 | ||||
Denmark Infrastructure, Utilities and Renewables - 3.3% | ||||||
Orsted AS(a) | 144,630 | 8,871,138 | ||||
France Power - 5.1% | ||||||
Neoen SA | 335,648 | 13,844,305 | ||||
Hong Kong Renewable Power Producers - 5.4% | ||||||
China Longyuan Power Group Corp. Ltd. | 8,135,898 | 7,434,102 | ||||
China Suntien Green Energy Corp. Ltd. | 11,889,782 | 5,596,257 | ||||
Xinyi Energy Holdings Ltd. | 12,103,729 | 1,722,112 | ||||
14,752,471 | ||||||
India Power - 5.0% | ||||||
ReNew Energy Global PLC - Class A(a) | 2,279,867 | 13,656,403 | ||||
Italy Electricity Transmission Operators - 3.9% | ||||||
Terna - Rete Elettrica Nazionale SpA | 1,271,294 | 10,699,797 | ||||
Italy Power - 3.2% | ||||||
Enel SpA | 1,205,983 | 8,756,266 | ||||
Italy Renewable Power Producers - 5.7% | ||||||
ERG SpA | 558,853 | 15,659,484 | ||||
Japan Renewable Power Producers - 1.6% | ||||||
RENOVA, Inc.(a) | 677,792 | 4,420,810 | ||||
Portugal Electric Utilities - 3.7% | ||||||
EDP - Energias de Portugal, S.A. | 2,488,275 | 10,124,843 | ||||
Portugal Renewables Power Producer - 1.7% | ||||||
Greenvolt-Energias Renovaveis, S.A.(a) | 519,343 | 4,679,959 | ||||
Spain Integrated Utilities - 2.2% | ||||||
EDP Renovaveis SA | 379,947 | 6,105,887 | ||||
Switzerland Integrated Utilities - 2.2% | ||||||
BKW Energie AG | 38,075 | 5,999,943 | ||||
Thailand Renewable Power Producers - 0.9% | ||||||
Super Energy Corporation PLC(a) | 301,831,784 | 2,379,212 | ||||
Shares | Value | |||||
United Kingdom Renewable Power Producers - 6.9% | ||||||
Atlantica Sustainable Infrastructure PLC | 472,850 | $10,393,243 | ||||
Greencoat UK Wind PLC/Funds | 2,439,888 | 4,380,594 | ||||
National Grid PLC | 365,579 | 4,110,539 | ||||
18,884,376 | ||||||
United States Electric Utilities - 22.4% | ||||||
Avista Corp. | 324,134 | 11,986,475 | ||||
Constellation Energy Corp. | 11,303 | 2,455,577 | ||||
Edison International | 176,174 | 13,538,972 | ||||
Exelon Corp. | 362,666 | 13,618,108 | ||||
NextEra Energy, Inc. | 176,346 | 14,111,207 | ||||
Public Service Enterprise Group Incorporated | 71,566 | 5,421,840 | ||||
61,132,179 | ||||||
United States Renewable Power Producers - 16.6% | ||||||
Clearway Energy, Inc. | 578,010 | 16,184,280 | ||||
Dominion Energy, Inc. | 267,392 | 14,417,776 | ||||
NextEra Energy Partners LP | 431,715 | 14,553,113 | ||||
45,155,169 | ||||||
TOTAL COMMON STOCKS (Cost $268,306,069) | 260,013,952 | |||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||
Money Market Funds - 0.3% | ||||||
First American Government Obligations Fund - Class X, 5.24%(b) | 709,026 | 709,026 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $709,026) | 709,026 | |||||
TOTAL INVESTMENTS - 95.6% (Cost $269,015,095) | $ 260,722,978 | |||||
Other Assets in Excess of Liabilities - 4.4% | 11,868,968 | |||||
TOTAL NET ASSETS - 100.0% | $272,591,946 | |||||
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
4 |
Reference Entity | Counterparty | Long/ Short | Maturity Date | Financing Rate | Payment Frequency | Notional Amount | Upfront Payments (Receipts) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||||||
Drax Group LLC | Morgan Stanley | Long | 08/15/2024 | 0.21% | Month | $9,193,659 | $3,239,113 | $216,585 | ||||||||||||||||
$3,239,113 | $216,585 | |||||||||||||||||||||||
5 |
Tortoise Energy Infrastructure Total Return Fund | Tortoise Energy Infrastructure and Income Fund | Ecofin Global Renewables Infrastructure Fund | |||||||
Assets: | |||||||||
Investments, at fair value (cost $1,570,912,987, $357,593,293,and $269,015,095, respectively) | $ 2,493,735,205 | $520,628,008 | $ 260,722,978 | ||||||
Foreign Cash (cost $0, $0, and $77,659, respectively) | — | — | 77,725 | ||||||
Cash held as collateral | — | — | 10,009,146 | ||||||
Dividends & interest receivable | 1,917,095 | 2,825,772 | 1,232,927 | ||||||
Receivable for investment securities sold | 3,726,613 | 11,442,237 | 3,944,726 | ||||||
Receivable for swap contracts | — | — | 216,585 | ||||||
Receivable for capital shares sold | 3,379,921 | 89,835 | 1,224,537 | ||||||
Prepaid expenses and other assets | 68,078 | 35,360 | 20,136 | ||||||
Total assets | 2,502,826,912 | 535,021,212 | 277,526,424 | ||||||
Liabilities: | |||||||||
Payable for investment securities purchased | — | 9,679,464 | 4,112,759 | ||||||
Payable for capital shares redeemed | 700,345 | 87,031 | 525,626 | ||||||
Payable to Adviser | 1,777,042 | 444,665 | 169,297 | ||||||
Payable for fund administration & accounting fees | 76,251 | 23,254 | 9,206 | ||||||
Payable for compliance fees | 641 | 640 | 542 | ||||||
Payable for custody fees | 19,278 | 2,930 | 7,642 | ||||||
Payable for audit & tax | 26,898 | 15,915 | 15,635 | ||||||
Payable for transfer agent fees & expenses | 59,579 | 13,505 | 13,876 | ||||||
Accrued expenses | 133,860 | 29,251 | — | ||||||
Accrued distribution fees | 354,130 | 65,236 | 2,231 | ||||||
Total liabilities | 3,148,024 | 10,361,891 | 4,934,478 | ||||||
Net Assets | $ 2,499,678,888 | $524,659,321 | $ 272,591,946 | ||||||
Net Assets Consist of: | |||||||||
Capital Stock | $ 2,670,246,860 | $782,537,864 | $ 316,201,662 | ||||||
Total accumulated loss | (170,567,972) | (257,878,543) | (43,609,716) | ||||||
Net assets | $ 2,499,678,888 | $524,659,321 | $ 272,591,946 | ||||||
Institutional Class | |||||||||
Net assets | $ 2,257,483,132 | $454,557,442 | $ 271,382,976 | ||||||
Shares issued and outstanding(1) | 142,187,921 | 55,201,739 | 27,825,033 | ||||||
Net asset value, redemption price and minimum offering price per share | $15.88 | $8.23 | $9.75 | ||||||
A Class | |||||||||
Net assets | $223,208,298 | $51,852,696 | $1,208,970 | ||||||
Shares issued and outstanding(1) | 14,291,889 | 6,153,180 | 124,191 | ||||||
Net asset value, redemption price and minimum offering price per share | $15.62 | $8.43 | $9.73 | ||||||
Maximum offering price per share(2) | $16.53 | $8.92 | $10.30 | ||||||
6 |
Tortoise Energy Infrastructure Total Return Fund | Tortoise Energy Infrastructure and Income Fund | Ecofin Global Renewables Infrastructure Fund | |||||||
C Class | |||||||||
Net assets | $ 18,987,458 | $ 18,249,183 | $ — | ||||||
Shares issued and outstanding(1) | 1,249,270 | 2,188,573 | — | ||||||
Net asset value, redemption price and minimum offering price per share | $15.20 | $8.34 | $— | ||||||
(1) | Unlimited shares authorized. |
(2) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. |
7 |
Tortoise Energy Infrastructure Total Return Fund | Tortoise Energy Infrastructure and Income Fund | Ecofin Global Renewables Infrastructure Fund | |||||||
Investment Income: | |||||||||
Dividends income | $32,274,786 | $4,954,396 | $2,945,051 | ||||||
Less: foreign taxes withheld | (1,892,536) | (6,1410) | (412,464) | ||||||
Interest income | 1,161,496 | 3,241,352 | 374,040 | ||||||
Total investment income | 31,543,746 | 8,134,338 | 2,906,627 | ||||||
Expenses: | |||||||||
Advisory fees (See Note 6) | 9,657,159 | 2,529,251 | 942,563 | ||||||
Fund administration & accounting fees (See Note 6) | 438,261 | 153,824 | 94,486 | ||||||
Transfer agent fees & expenses (See Note 6) | 137,693 | 55,032 | 36,714 | ||||||
Shareholder communication fees | 103,950 | 21,384 | 9,849 | ||||||
Custody fees (See Note 6) | 58,058 | 9,907 | 19,628 | ||||||
Registration fees | 39,250 | 28,328 | 20,017 | ||||||
Audit & tax fees | 26,901 | 15,911 | 15,639 | ||||||
Trustee fees | 11,341 | 10,515 | 10,428 | ||||||
Other | 12,538 | 4,886 | 3,480 | ||||||
Legal fees | 9,053 | 6,321 | 6,385 | ||||||
Insurance fees | 8,222 | 2,301 | 1,652 | ||||||
Compliance fees (See Note 6) | 5,227 | 5,225 | 5,225 | ||||||
Distribution fees (See Note 7): | |||||||||
A Class | 258,112 | 61,953 | 1,828 | ||||||
C Class | 93,030 | 90,492 | — | ||||||
Total expenses before interest expense | 10,858,795 | 2,995,330 | 1,167,894 | ||||||
Interest expense on line of credit (See Note 11) | 7,932 | 132 | 7,792 | ||||||
Total expenses | 10,866,727 | 2,995,462 | 1,175,686 | ||||||
Net Investment Income | 20,677,019 | 5,138,876 | 1,730,941 | ||||||
Realized and Unrealized Gain (Loss) on Investments and Translations of Foreign Currency | |||||||||
Net realized gain (loss) on: | |||||||||
Unaffiliated Investments, including foreign currency gain (loss) | 72,887,191 | 9,787,708 | (7,883,574) | ||||||
Swap contracts | — | — | 1,785,198 | ||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||
Unaffiliated investments and translations of foreign currency | 193,049,018 | 36,231,918 | 36,054,109 | ||||||
Swap contracts | — | — | 5,292 | ||||||
Net realized and unrealized gain on investments and translations of foreign currency | 265,936,209 | 46,019,626 | 29,961,025 | ||||||
Net increase in net assets resulting from operations | $286,613,228 | $51,158,502 | $31,691,966 | ||||||
8 |
Tortoise Energy Infrastructure Total Return Fund | Tortoise Energy Infrastructure and Income Fund | |||||||||||
For the Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | For the Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||||||
Operations | ||||||||||||
Net investment income | $20,677,019 | $39,541,790 | $5,138,876 | $10,445,969 | ||||||||
Net realized gain on unaffiliated investments and foreign currency | 72,887,191 | 273,202,779 | 9,787,708 | 36,995,944 | ||||||||
Net change in unrealized appreciation (depreciation) of unaffiliated investments and translations of foreign currency | 193,049,018 | (140,489,303) | 36,231,918 | (19,344,072) | ||||||||
Net increase in net assets resulting from operations | 286,613,228 | 172,255,266 | 51,158,502 | 28,097,841 | ||||||||
Capital Share Transactions | ||||||||||||
Institutional Class: | ||||||||||||
Proceeds from shares sold | 286,204,321 | 390,902,199 | 22,345,920 | 61,090,754 | ||||||||
Proceeds from reinvestment of distributions | 54,706,268 | 67,615,673 | 7,186,059 | 14,174,851 | ||||||||
Payments for shares redeemed | (254,794,517) | (767,963,098) | (37,309,246) | (99,940,873) | ||||||||
Increase (decrease) in net assets from Institutional Class transactions | 86,116,072 | (309,445,226) | (7,777,267) | (24,675,268) | ||||||||
A Class: | ||||||||||||
Proceeds from shares sold(1) | 7,321,809 | 15,773,373 | 4,651,628 | 10,535,192 | ||||||||
Proceeds from reinvestment of distributions | 7,426,435 | 7,537,237 | 426,540 | 764,939 | ||||||||
Payments for shares redeemed | (8,045,866) | (22,963,720) | (5,309,383) | (8,409,091) | ||||||||
Increase (decrease) in net assets from A Class transactions | 6,702,378 | 346,890 | (231,215) | 2,891,040 | ||||||||
C Class: | ||||||||||||
Proceeds from shares sold | 415,803 | 1,234,184 | 597,061 | 1,342,526 | ||||||||
Proceeds from reinvestment of distributions | 575,871 | 712,895 | 224,827 | 539,456 | ||||||||
Payments for shares redeemed(1) | (3,068,469) | (5,286,444) | (2,923,976) | (6,664,453) | ||||||||
Decrease in net assets from C Class transactions | (2,076,795) | (3,339,365) | (2,102,088) | (4,782,471) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 90,741,655 | (312,437,701) | (10,110,570) | (26,566,699) | ||||||||
9 |
Tortoise Energy Infrastructure Total Return Fund | Tortoise Energy Infrastructure and Income Fund | |||||||||||
For the Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | For the Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||||||
Distributions to Shareholders | ||||||||||||
From distributable earnings | ||||||||||||
Institutional Class | (21,830,037) | (56,646,159) | (555,812) | (10,850,004) | ||||||||
A Class | (2,167,549) | (4,969,028) | (51,112) | (1,120,812) | ||||||||
C Class | (197,664) | (545,949) | (7,484) | (474,534) | ||||||||
From tax return of capital | | | ||||||||||
Institutional Class | (54,578,191) | (32,455,237) | (12,921,374) | (16,282,380) | ||||||||
A Class | (5,567,101) | (2,885,841) | (1,424,493) | (1,681,978) | ||||||||
C Class | (499,333) | (313,735) | (494,560) | (712,126) | ||||||||
Total distributions to shareholders | (84,839,875) | (97,815,949) | (15,454,835) | (31,121,834) | ||||||||
Total Increase (Decrease) in Net Assets | 292,515,008 | (237,998,384) | 25,593,097 | (29,590,692) | ||||||||
Net Assets | ||||||||||||
Beginning of period | 2,207,163,880 | 2,445,162,264 | 499,066,224 | 528,656,916 | ||||||||
End of period | $2,499,678,888 | $2,207,163,880 | $ 524,659,321 | $ 499,066,224 | ||||||||
Transactions in Shares: | ||||||||||||
Institutional Class: | ||||||||||||
Shares sold | 18,862,212 | 29,251,670 | 2,837,855 | 8,342,522 | ||||||||
Shares issued to holders in reinvestment of dividends | 3,681,211 | 5,084,727 | 907,572 | 1,946,926 | ||||||||
Shares redeemed | (17,187,982) | (57,258,977) | (4,735,495) | (13,667,360) | ||||||||
Increase (Decrease) in Institutional Class shares outstanding | 5,355,441 | (22,922,580) | (990,068) | (3,377,912) | ||||||||
A Class: | ||||||||||||
Shares sold(1) | 502,940 | 1,180,887 | 577,967 | 1,402,538 | ||||||||
Shares issued to holders in reinvestment of dividends | 507,820 | 572,589 | 52,554 | 102,478 | ||||||||
Shares redeemed | (553,204) | (1,792,412) | (664,014) | (1,121,693) | ||||||||
Increase (Decrease) in A Class shares outstanding | 457,556 | (38,936) | (33,493) | 383,323 | ||||||||
C Class: | ||||||||||||
Shares sold | 27,932 | 96,653 | 74,856 | 179,078 | ||||||||
Shares issued to holders in reinvestment of dividends | 40,392 | 55,315 | 27,954 | 72,782 | ||||||||
Shares redeemed(1) | (215,589) | (402,800) | (370,285) | (890,571) | ||||||||
Decrease in C Class shares outstanding | (147,265) | (250,832) | (267,475) | (638,711) | ||||||||
Net Increase (Decrease) in shares outstanding | 5,665,732 | (23,212,348) | (1,291,036) | (3,633,300) | ||||||||
(1) | Includes exchanges between share classes of the fund. |
10 |
Ecofin Global Renewables Infrastructure Fund | ||||||
For the Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||
Operations | ||||||
Net investment income | $1,730,941 | $5,849,574 | ||||
Net realized gain (loss) on investments, swaps contracts and foreign currency | (6,098,376) | (28,153,809) | ||||
Net change in unrealized depreciation of investments, swap contracts and translations of foreign currency | 36,059,401 | (38,913,093) | ||||
Net Increase (Decrease) in net assets resulting from operations | 31,691,966 | (61,217,328) | ||||
Capital Share Transactions | ||||||
Institutional Class: | ||||||
Proceeds from shares sold | 66,194,208 | 132,111,089 | ||||
Proceeds from reinvestment of distributions | 4,445,795 | 7,277,724 | ||||
Payments for shares redeemed | (54,677,851) | (191,448,918) | ||||
Increase (Decrease) in net assets from Institutional Class transactions | 15,962,152 | (52,060,105) | ||||
A Class: | ||||||
Proceeds from shares sold | 82,079 | 624,487 | ||||
Proceeds from reinvestment of distributions | 34,599 | 64,558 | ||||
Payments for shares redeemed | (870,047) | (662,108) | ||||
Increase (Decrease) in net assets from A Class transactions | (753,369) | 26,937 | ||||
Net Increase (Decrease) in net assets resulting from capital share transactions | 15,208,783 | (52,033,168) | ||||
Distributions to Shareholders | ||||||
From distributable earnings | ||||||
Institutional Class | (2,163,672) | (1,792,623) | ||||
A Class | (15,497) | (11,439) | ||||
From tax return of capital | ||||||
Institutional Class | (3,982,424) | (8,054,111) | ||||
A Class | (19,163) | (53,174) | ||||
Total distributions to shareholders | (6,180,756) | (9,911,347) | ||||
Total Increase (Decrease) in Net Assets | 40,719,993 | (123,161,843) | ||||
Net Assets | ||||||
Beginning of period | 231,871,953 | 355,033,796 | ||||
End of period | $272,591,946 | 231,871,953 | ||||
Transactions in Shares: | ||||||
Institutional Class: | ||||||
Shares sold | 7,431,949 | 13,550,530 | ||||
Shares issued to holders in reinvestment of dividends | 472,689 | 745,840 | ||||
Shares redeemed | (6,156,198) | (19,329,343) | ||||
Increase (Decrease) in Institutional Class shares outstanding | 1,748,440 | (5,032,973) | ||||
11 |
Ecofin Global Renewables Infrastructure Fund | ||||||
For the Six Months Ended May 31, 2024 | Year Ended November 30, 2023 | |||||
A Class: | ||||||
Shares sold | $9,227 | $62,638 | ||||
Shares issued to holders in reinvestment of dividends | 3,679 | 6,694 | ||||
Shares redeemed | (96,172) | (65,349) | ||||
Increase (Decrease) in A Class shares outstanding | (83,266) | 3,983 | ||||
Net Increase (Decrease) in shares outstanding | 1,665,174 | (5,028,990) | ||||
12 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $14.54 | $13.97 | $11.20 | $8.33 | $11.61 | $12.29 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(2) | 0.15 | 0.19 | 0.02 | 0.06 | 0.12 | 0.14 | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency(2) | 1.74 | 0.97 | 3.31 | 3.27 | (2.96) | (0.26) | ||||||||||||
Total from investment operations | 1.89 | 1.16 | 3.33 | 3.33 | (2.84) | (0.12) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.15) | (0.37) | (0.10) | (0.16) | (0.14) | (0.20) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.40) | (0.22) | (0.46) | (0.30) | (0.30) | (0.36) | ||||||||||||
Total distributions | (0.55) | (0.59) | (0.56) | (0.46) | (0.44) | (0.56) | ||||||||||||
Net asset value, end of period | $15.88 | $14.54 | $13.97 | $11.20 | $8.33 | $11.61 | ||||||||||||
Total Return(3) | 13.35% | 8.73% | 31.52% | 40.51% | (24.70)% | (1.09)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 2,257,483 | $ 1,989,434 | $ 2,231,400 | $ 1,680,834 | $ 1,493,621 | $ 3,226,450 | ||||||||||||
Ratio of expenses to average net assets(4) | 0.92% | 0.93% | 0.93% | 0.94% | 0.94% | 0.93% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(4) | 0.92% | 0.93% | 0.93% | 0.93% | 0.94% | 0.93% | ||||||||||||
Ratio of net investment income to average net assets(4) | 1.85% | 1.78% | 1.10% | 0.92% | 1.64% | 1.01% | ||||||||||||
Portfolio turnover rate(3) | 10% | 7% | 20% | 32% | 39% | 19% | ||||||||||||
(1) | For an Institutional Class Share outstanding for the entire period. |
(2) | The per common share data for the years ended November 30, 2023, 2022, 2021, 2020, and 2019 do not reflect the change in estimate of investment income and return of capital. See Note 2 to the financial statements for further disclosure. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
13 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $14.33 | $13.80 | $11.07 | $8.25 | $11.50 | $12.18 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income (loss)(2) | 0.13 | 0.21 | (0.03) | 0.08 | 0.16 | 0.11 | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency(2) | 1.71 | 0.90 | 3.30 | 3.19 | (3.01) | (0.26) | ||||||||||||
Total from investment operations | 1.84 | 1.11 | 3.27 | 3.27 | (2.85) | (0.15) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.15) | (0.37) | (0.10) | (0.16) | (0.11) | (0.18) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.40) | (0.21) | (0.44) | (0.29) | (0.29) | (0.35) | ||||||||||||
Total distributions | (0.55) | (0.58) | (0.54) | (0.45) | (0.40) | (0.53) | ||||||||||||
Net asset value, end of period | $15.62 | $14.33 | $13.80 | $11.07 | $8.25 | $11.50 | ||||||||||||
Total Return(3)(4) | 13.17% | 8.48% | 31.26% | 40.12% | (24.94)% | (1.38)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 223,208 | $ 198,181 | $ 191,407 | $ 168,259 | $ 132,882 | $ 469,882 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.17% | 1.18% | 1.18% | 1.19% | 1.19% | 1.18% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(5) | 1.17% | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | ||||||||||||
Ratio of net investment income to average net assets(5) | 1.60% | 1.53% | 0.85% | 0.67% | 1.40% | 0.76% | ||||||||||||
Portfolio turnover rate(4) | 10% | 7% | 20% | 32% | 39% | 19% | ||||||||||||
(1) | For an A Class Share outstanding for the entire period. Prior to March 30, 2019, A Class Shares were known as Investor Class Shares. |
(2) | The per common share data for the years ended November 30, 2023, 2022, 2021, 2020, and 2019 do not reflect the change in estimate of investment income and return of capital. See Note 2 to the financial statements for further disclosure. |
(3) | Total return does not reflect sales charges. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
14 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $14.00 | $13.57 | $10.92 | $8.18 | $11.39 | $12.05 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income (loss)(2) | — | 0.01 | (0.15) | (0.07) | 0.05 | (0.01) | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency(2) | 1.74 | 0.98 | 3.28 | 3.23 | (2.94) | (0.23) | ||||||||||||
Total from investment operations | 1.74 | 0.99 | 3.13 | 3.16 | (2.89) | (0.24) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.14) | (0.35) | (0.08) | (0.16) | (0.11) | (0.15) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.40) | (0.21) | (0.40) | (0.26) | (0.21) | (0.27) | ||||||||||||
Total distributions | (0.54) | (0.56) | (0.48) | (0.42) | (0.32) | (0.42) | ||||||||||||
Net asset value, end of period | $15.20 | $14.00 | $13.57 | $10.92 | $8.18 | $11.39 | ||||||||||||
Total Return(3)(4) | 12.76% | 7.68% | 30.22% | 39.00% | (25.41)% | (2.13)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 18,987 | $ 19,548 | $ 22,356 | $ 20,625 | $ 19,530 | $ 37,888 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.92% | 1.93% | 1.93% | 1.94% | 1.94% | 1.93% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(5) | 1.92% | 1.93% | 1.93% | 1.93% | 1.94% | 1.93% | ||||||||||||
Ratio of net investment income (loss) to average net assets(5) | 0.85% | 0.78% | 0.11% | (0.08)% | 0.64% | 0.01% | ||||||||||||
Portfolio turnover rate(4) | 10% | 7% | 20% | 32% | 39% | 19% | ||||||||||||
(1) | For a C Class Share outstanding for the entire period. |
(2) | The per common share data for the years ended November 30, 2023, 2022, 2021, 2020, and 2019 do not reflect the change in estimate of investment income and return of capital. See Note 2 to the financial statements for further disclosure. |
(3) | Total return does not reflect sales charges. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
15 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $7.68 | $7.70 | $6.45 | $5.44 | $6.74 | $7.43 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income | 0.07 | 0.16(2) | 0.22 | 0.10 | 0.11(2) | 0.81 | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency | 0.72 | 0.29 | 1.50 | 1.38 | (0.91) | (0.82) | ||||||||||||
Total from investment operations | 0.79 | 0.45 | 1.72 | 1.48 | (0.80) | (0.01) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.03) | (0.19) | (0.14) | (0.07) | (0.08) | (0.01) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.21) | (0.28) | (0.33) | (0.40) | (0.42) | (0.67) | ||||||||||||
Total distributions | (0.24) | (0.47) | (0.47) | (0.47) | (0.50) | (0.68) | ||||||||||||
Redemption fee proceeds | — | — | — | — | — | —(3) | ||||||||||||
Net asset value, end of period | $8.23 | $7.68 | $7.70 | $6.45 | $5.44 | $6.74 | ||||||||||||
Total Return(4) | 10.50% | 6.32% | 27.03% | 27.63% | (11.83)% | (0.29)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 454,557 | $ 431,332 | $ 458,578 | $ 353,595 | $ 291,420 | $ 628,295 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.12% | 1.13% | 1.13% | 1.16% | 1.14% | 1.17% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(5) | 1.12% | 1.13% | 1.13% | 1.16% | 1.13% | 1.17% | ||||||||||||
Ratio of net investment income to average net assets(5) | 2.09% | 2.17% | 1.83% | 1.00% | 2.02% | 1.68% | ||||||||||||
Portfolio turnover rate(4) | 11% | 6% | 10% | 22% | 43% | 48% | ||||||||||||
(1) | For an Institutional Class Share outstanding for the entire period. |
(2) | Per share amounts calculated using average shares method. |
(3) | Amount per share is less than $0.01. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for periods less than one year. |
16 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $7.86 | $7.88 | $6.60 | $5.56 | $6.87 | $7.56 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income | 0.07 | 0.14(2) | 0.13 | 0.05 | 0.10(2) | 0.79 | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency | 0.74 | 0.30 | 1.61 | 1.44 | (0.93) | (0.80) | ||||||||||||
Total from investment operations | 0.81 | 0.44 | 1.74 | 1.49 | (0.83) | (0.01) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.03) | (0.18) | (0.14) | (0.06) | (0.07) | (0.01) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.21) | (0.28) | (0.32) | (0.39) | (0.41) | (0.67) | ||||||||||||
Total distributions | (0.24) | (0.46) | (0.46) | (0.45) | (0.48) | (0.68) | ||||||||||||
Redemption fee proceeds | — | — | — | — | — | —(3) | ||||||||||||
Net asset value, end of period | $8.43 | $7.86 | $7.88 | $6.60 | $5.56 | $6.87 | ||||||||||||
Total Return(4)(5) | 10.45% | 6.10% | 26.67% | 27.19% | (11.96)% | (0.41)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $51,853 | $48,599 | $45,741 | $38,146 | $32,256 | $45,492 | ||||||||||||
Ratio of expenses to average net assets(6) | 1.37% | 1.38% | 1.38% | 1.41% | 1.39% | 1.42% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(6) | 1.37% | 1.38% | 1.38% | 1.41% | 1.38% | 1.42% | ||||||||||||
Ratio of net investment income to average net assets(6) | 1.84% | 1.92% | 1.58% | 0.75% | 1.76% | 1.43% | ||||||||||||
Portfolio turnover rate(5) | 11% | 6% | 10% | 22% | 43% | 48% | ||||||||||||
(1) | For an A Class Share outstanding for the entire period. |
(2) | Per share amounts calculated using average shares method. |
(3) | Amount per share is less than $0.01. |
(4) | Total return does not reflect sales charges. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for periods less than one year. |
17 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Common Share Data(1) | ||||||||||||||||||
Net asset value, beginning of period | $7.79 | $7.86 | $6.60 | $5.57 | $6.89 | $7.59 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income (loss) | (0.14) | 0.09(3) | (0.11) | (0.18) | 0.06(3) | 0.67 | ||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency | 0.92 | 0.29 | 1.79 | 1.63 | (0.94) | (0.75) | ||||||||||||
Total from investment operations | 0.78 | 0.38 | 1.68 | 1.45 | (0.88) | (0.08) | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.02) | (0.18) | (0.12) | (0.06) | (0.07) | (0.01) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||
Return of capital | (0.21) | (0.27) | (0.30) | (0.36) | (0.37) | (0.61) | ||||||||||||
Total distributions | (0.23) | (0.45) | 0.42 | 0.42 | (0.44) | (0.62) | ||||||||||||
Redemption fee proceeds | — | — | — | — | — | —(2) | ||||||||||||
Net asset value, end of period | $8.34 | $7.79 | $7.86 | $6.60 | $5.57 | $6.89 | ||||||||||||
Total Return(4)(5) | 10.10% | 5.27% | 25.76% | 26.35% | (12.72)% | (1.30)% | ||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 18,249 | $ 19,135 | $ 24,339 | $ 23,303 | $ 23,650 | $ 46,979 | ||||||||||||
Ratio of expenses to average net assets(6) | 2.12% | 2.13% | 2.13% | 2.16% | 2.14% | 2.17% | ||||||||||||
Ratio of expenses excluding interest expense to average net assets(6) | 2.12% | 2.13% | 2.13% | 2.16% | 2.13% | 2.17% | ||||||||||||
Ratio of net investment income to average net assets(6) | 1.09% | 1.17% | 0.83% | (0.00)% | 1.02% | 0.68% | ||||||||||||
Portfolio turnover rate(5) | 11% | 6% | 10% | 22% | 43% | 48% | ||||||||||||
(1) | For a C Class Share outstanding for the entire period. |
(2) | Amount per share is less than $0.01. |
(3) | Per share amounts calculated using the average shares method. |
(4) | Total return does not reflect sales charges. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for periods less than one year. |
18 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | Period from Inception(1) to November 30, 2020 | |||||||||||||
2023 | 2022 | 2021 | |||||||||||||
Per Common Share Data(2) | |||||||||||||||
Net asset value, beginning of period | $8.82 | $11.34 | $12.64 | $11.42 | $10.00 | ||||||||||
Investment operations: | |||||||||||||||
Net investment income | 0.07 | 0.19 | 0.11 | 0.15(3) | 0.04 | ||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency | 1.09 | (2.37) | (0.84) | 1.43 | 1.40 | ||||||||||
Total from investment operations | 1.16 | (2.18) | (0.73) | 1.58 | 1.44 | ||||||||||
Less distributions from: | |||||||||||||||
Net investment income | (0.09) | (0.12) | (0.24) | (0.31) | (0.02) | ||||||||||
Net realized gains | — | — | (0.21) | (0.05) | — | ||||||||||
Return of capital | (0.14) | (0.22) | (0.12) | — | — | ||||||||||
Total distributions | (0.23) | (0.34) | (0.57) | (0.36) | (0.02) | ||||||||||
Net asset value, end of period | $9.75 | $8.82 | $11.34 | $12.64 | $11.42 | ||||||||||
Total Return(4) | 13.22% | (19.47)% | (5.97)% | 14.02% | 14.43% | ||||||||||
Supplemental Data and Ratios | |||||||||||||||
Net assets, end of period (in 000’s) | $271,383 | $230,043 | $352,726 | $368,864 | $108,048 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver/recoupment(5) | 0.93% | 0.93% | 0.90% | 0.96% | 1.46% | ||||||||||
After expense waiver/recoupment(5) | 0.93% | 0.93% | 0.91% | 1.00% | 1.00% | ||||||||||
Ratio of expenses excluding interest expenses to average net assets: | |||||||||||||||
Before expense waiver/recoupment(5) | 0.93% | 0.92% | 0.90% | 0.96% | 1.46% | ||||||||||
After expense waiver/recoupment(5) | 0.93% | 0.92% | 0.91% | 1.00% | 1.00% | ||||||||||
Ratio of net investment income to average net assets: | |||||||||||||||
Before expense waiver/recoupment(5) | 1.37% | 1.95% | 0.88% | 1.30% | 1.05% | ||||||||||
After expense waiver/recoupment(5) | 1.37% | 1.95% | 0.87% | 1.26% | 1.51% | ||||||||||
Portfolio turnover rate(4) | 25% | 61% | 40% | 41% | 20% | ||||||||||
(1) | August 7, 2020. |
(2) | For an Institutional Class Share outstanding for the entire period. |
(3) | Per share amounts calculated using average shares method. |
(4) | Not annualized for periods less than one year. |
(5) | Annualized for period less than one year. |
19 |
For the Six Months Ended May 31, 2024 (unaudited) | Year Ended November 30, | Period from Inception(1) to November 30, 2020 | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||
Per Common Share Data(2) | ||||||||||||||||||||||
Net asset value, beginning of period | $8.81 | $11.34 | $ 12.65 | $11.44 | $9.72 | |||||||||||||||||
Investment operations: | ||||||||||||||||||||||
Net investment income | 0.21 | 0.17 | 0.16 | 0.13(3) | 0.03 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and translations of foreign currency | 0.93 | (2.37) | (0.92) | 1.44 | 1.70 | |||||||||||||||||
Total from investment operations | 1.14 | (2.20) | (0.76) | 1.57 | 1.73 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | (0.08) | (0.12) | (0.23) | (0.31) | (0.01) | |||||||||||||||||
Net realized gains | — | — | (0.21) | (0.05) | — | |||||||||||||||||
Return of capital | (0.14) | (0.21) | (0.11) | — | — | |||||||||||||||||
Total distributions | (0.22) | (0.33) | (0.55) | (0.36) | (0.01) | |||||||||||||||||
Net asset value, end of period | $9.73 | $8.81 | $11.34 | $ 12.65 | $11.44 | |||||||||||||||||
Total Return(4)(5) | 13.10% | (19.66)% | (6.21)% | 13.66% | 17.82% | |||||||||||||||||
Supplemental Data and Ratios | ||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ 1,209 | $1,829 | $ 2,308 | $ 4,983 | $ 1,338 | |||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||
Before expense waiver/recoupment(5) | 1.18% | 1.19% | 1.15% | 1.21% | 2.08% | |||||||||||||||||
After expense waiver/recoupment(5) | 1.18% | 1.19% | 1.16% | 1.25% | 1.25% | |||||||||||||||||
Ratio of expenses excluding interest expenses to average net assets: | ||||||||||||||||||||||
Before expense waiver | 1.17% | 1.18% | 1.15% | 1.21% | 2.08% | |||||||||||||||||
After expense waiver | 1.17% | 1.18% | 1.16% | 1.25% | 1.25% | |||||||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||||
Before expense waiver/recoupment(5) | 1.13% | 1.70% | 0.63% | 1.05% | 2.43% | |||||||||||||||||
After expense waiver/recoupment(5) | 1.13% | 1.70% | 0.62% | 1.01% | 3.26% | |||||||||||||||||
Portfolio turnover rate(4) | 25% | 61% | 40% | 41% | 20% | |||||||||||||||||
(1) | September 25, 2020. |
(2) | For an A Class Share outstanding for the entire period. |
(3) | Per share amounts calculated using average shares method. |
(4) | Total return does not reflect sales charges. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for period less than one year. |
20 |
21 |
22 |
Level 1 – | Quoted prices in active markets for identical assets or liabilities. |
Level 2 – | Observable inputs other than quoted prices included in Level 1. These inputs may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Significant unobservable inputs for the asset or liability, representing the Fund’s view of assumptions a market participant would use in valuing the asset or liability. |
23 |
Energy Infrastructure Total Return Fund | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common stock | $1,851,079,518 | $ — | $ — | $1,851,079,518 | ||||||||
Master limited partnerships | 581,196,362 | — | — | 581,196,362 | ||||||||
Short-term investment | 61,459,325 | — | — | 61,459,325 | ||||||||
Total investments in securities | $2,493,735,205 | $— | $— | $2,493,735,205 | ||||||||
Energy Infrastructure and Income Fund | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common stock | $300,881,742 | $— | $ — | $300,881,742 | ||||||||
Master limited partnerships | 116,704,655 | — | — | 116,704,655 | ||||||||
Corporate bonds | — | 96,579,289 | — | 96,579,289 | ||||||||
Short-term investment | 6,462,322 | — | — | 6,462,322 | ||||||||
Total investments in securities | $424,048,719 | $96,579,289 | $— | $520,628,008 | ||||||||
24 |
Global Renewables Infrastructure Fund | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common stock | ||||||||||||
Belgium | $— | $3,513,732 | $ — | $3,513,732 | ||||||||
Canada | 11,377,978 | — | — | 11,377,978 | ||||||||
Denmark | 8,871,138 | — | 8,871,138 | |||||||||
France | — | 13,844,305 | — | 13,844,305 | ||||||||
Hong Kong | — | 14,752,471 | — | 14,752,471 | ||||||||
India | 13,656,403 | — | — | 13,656,403 | ||||||||
Italy | — | 35,115,547 | — | 35,115,547 | ||||||||
Japan | — | 4,420,810 | — | 4,420,810 | ||||||||
Portugal | — | 14,804,802 | — | 14,804,802 | ||||||||
Spain | — | 6,105,887 | — | 6,105,887 | ||||||||
Switzerland | 5,999,943 | — | — | 5,999,943 | ||||||||
Thailand | 2,379,212 | — | — | 2,379,212 | ||||||||
United Kingdom | 18,884,376 | — | — | 18,884,376 | ||||||||
United States | 106,287,348 | — | — | 106,287,348 | ||||||||
Short-term investment | 709,026 | — | — | 709,026 | ||||||||
Total investments in securities | $159,294,286 | $101,428,692 | $— | $260,722,978 | ||||||||
Swap Contracts | $ — | $ 216,585 | $ — | $ 216,585 | ||||||||
Total Other Financial Instruments | $ — | $ 216,585 | $ — | $ 216,585 | ||||||||
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, swap contracts and written options. Swap contracts are presented at the unrealized appreciation (depreciation) on the instruments. |
Fund | Long Total Return Swap Contracts | ||
Global Renewables Infrastructure Fund | 9,939,332 | ||
25 |
Derivatives not accounted for as hedging instruments under ASC 815 | Assets | Liabilities | ||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
Equity Contracts – Swap Contracts | Net Assets – unrealized appreciation on swap contracts** | $216,585 | Net Assets – unrealized depreciation on swap contracts** | $ — | ||||||||
** | Includes cumulative appreciation/depreciation on swap contracts as reported in the Schedule of Open Swap Contracts. |
Global Renewables Infrastructure Fund | |||
Derivatives not accounted for as hedging instruments under ASC 815 | Swap Contracts | ||
Equity Contracts | $1,785,198 | ||
Global Renewables Infrastructure Fund | |||
Derivatives not accounted for as hedging instruments under ASC 815 | Swap Contracts | ||
Equity Contracts | $ 5,292 | ||
Global Renewables Infrastructure Fund | Gross Amounts Not Offset in Statements of Assets and Liabilities | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in Statements of Assets and Liabilities | Net Amounts of Assets Presented in Statements of Assets and Liabilities | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||||
Assets: | ||||||||||||||||||
Swap Contracts | $216,585 | $ — | $216,585 | $ — | $216,585 | $ — | ||||||||||||
Liabilities: | ||||||||||||||||||
Swap Contracts | $— | $— | $— | $— | $— | $— | ||||||||||||
26 |
27 |
Fund | A Class | C Class | ||||
Energy Infrastructure Total Return Fund | $ 258,112 | $ 93,030 | ||||
Energy Infrastructure and Income Fund | 61,953 | 90,492 | ||||
Global Renewables Infrastructure Fund | 1,828 | N/A | ||||
Fund | Purchases | Sales | ||||
Energy Infrastructure Total Return Fund | $ 304,592,656 | $ 225,364,303 | ||||
Energy Infrastructure and Income Fund | 56,305,183 | 75,206,467 | ||||
Global Renewables Infrastructure Fund | 75,727,701 | 58,632,901 | ||||
Energy Infrastructure Total Return Fund | Energy Infrastructure and Income Fund | Global Renewables Infrastructure Fund | |||||||
Cost of investments | $1,548,910,672 | $299,010,430 | $276,883,011 | ||||||
Gross unrealized appreciation | $853,270,738 | $220,995,244 | $8,043,920 | ||||||
Gross unrealized depreciation | (417,475,033) | (84,208,167) | (65,114,992) | ||||||
Net unrealized appreciation (depreciation) | 435,795,705 | 136,787,057 | (57,071,072) | ||||||
Undistributed ordinary income | — | — | — | ||||||
Undistributed long-term capital gain | — | — | — | ||||||
Total distributable earnings | — | — | — | ||||||
Other accumulated losses | (808,137,030) | (430,369,267) | (12,049,854) | ||||||
Total accumulated gain (loss) | $(372,341,325) | $(293,582,210) | $(69,120,926) | ||||||
28 |
Energy Infrastructure Total Return Fund | Energy Infrastructure and Income Fund | Global Renewables Infrastructure Fund | |||||||
Ordinary income* | $24,195,250 | $614,408 | $2,179,169 | ||||||
Long-term capital gains** | — | — | — | ||||||
Return of capital | 60,644,625 | 14,840,427 | 4,001,587 | ||||||
Total distributions | $84,839,875 | $15,454,835 | $6,180,756 | ||||||
Energy Infrastructure Total Return Fund | Energy Infrastructure and Income Fund | Global Renewables Infrastructure Fund | |||||||
Ordinary income* | $62,161,136 | $12,445,350 | $1,804,062 | ||||||
Long-term capital gains** | — | — | — | ||||||
Return of capital | 35,654,813 | 18,676,484 | 8,107,285 | ||||||
Total distributions | $97,815,949 | $31,121,834 | $9,911,347 | ||||||
* | For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions. |
** | The Funds designate as long-term capital gain distributions, pursuant to Internal Revenue Code Section 852(b)(3)(c). |
Fund | Average Borrowings | Weighted-Average Interest Rate | Amount Outstanding as of May 31, 2024 | ||||||
Energy Infrastructure and Income Fund | $3,049 | 8.50% | $ — | ||||||
Global Renewables Infrastructure Fund | 157,197 | 8.50% | $— | ||||||
29 |
Fund | Shareholder | Percent of Shares Held | ||||
Energy Infrastructure and Income Fund | Merrill Lynch, Pierce, Fenner & Smith Inc. | 37.71% | ||||
Global Renewables Infrastructure Fund | Charles Schwab & Co Inc. | 30.26% | ||||
Global Renewables Infrastructure Fund | JP Morgan Securities, LLC | 28.57% | ||||
Global Renewables Infrastructure Fund | National Financial Services, LLC | 28.17% | ||||
30 |
31 |
• | Tortoise Energy Infrastructure Total Return Fund. The Trustees noted that the Fund had outperformed its Category and Cohort averages over the ten-year period ended September 30, 2023, and its Category average over the five-year period ended September 30, 2023, but had underperformed its Category and Cohort averages for all other periods presented. The Trustees also noted that the Fund’s A Class and Institutional Class had outperformed its benchmark index over the three-year period ended September 30, 2023, but had underperformed for all other periods presented. The Trustees noted that the Fund’s C Class did not perform as well against the benchmark index, but that this class has a 12b-1 fee, which is not necessarily the case for the funds included in the Category and Cohort. The Trustees observed that the Fund’s performance was generally consistent with the performance of a composite of similar accounts managed by Tortoise over all relevant time periods. |
• | Tortoise Energy Infrastructure and Income Fund. The Trustees noted that the Fund had outperformed its Category and Cohort averages for the five-year and ten-year periods ended September 30, 2023, but had underperformed the Category and Cohort averages over all other periods presented. The Trustees also noted that the Fund’s A Class and Institutional Class had outperformed its benchmark index over the ten-year and since inception periods ended September 30, 2023, but had underperformed for all other periods presented. The Trustees noted that the Fund’s C Class did not perform as well against the benchmark index, but that this class has a 12b-1 fee, which is not necessarily the case for the funds included in the Category and Cohort. The Trustees observed that the Fund’s performance was generally consistent with the performance of a composite of similar accounts managed by Tortoise over all relevant time periods. The Trustees noted that the Fund’s performance included performance of a predecessor fund that was reorganized into to the Fund. |
• | Ecofin Global Renewables Infrastructure Fund. The Trustees noted that the Fund had underperformed the Category and Cohort averages for all periods presented as of September 30, 2023. The Trustees also noted that the Fund had outperformed its benchmark index for the five-year and since inception periods ended September 30, 2023, but had underperformed during more recent periods. The Trustees observed that the |
32 |
• | Tortoise Energy Infrastructure Total Return Fund. The Trustees noted that the Fund’s management fee and total expenses for A Class, T Class and Institutional Class were each lower than the Category and Cohort averages. The Trustees also noted that while the total expenses of the C Class were above the Category and Cohort averages, the C Class has a Rule 12b-1 fee, which is not necessarily the case for the funds included in the Category and Cohort. |
• | Tortoise Energy Infrastructure and Income Fund. The Trustee’s noted that the Fund’s management fee was lower than the Cohort average, although higher than the Category average. The Trustees also noted that the Fund’s total expenses for Institutional Class were lower than the Category and Cohort averages, but that the total expenses of the C Class were above the Category and Cohort averages and the total expenses of A Class were above the Cohort average but below the Category average. The Trustees further noted that A Class and C Class each have a Rule 12b-1 fee, which is not necessarily the case for the funds included in the Category and Cohort |
• | Ecofin Global Renewables Infrastructure Fund. The Trustees noted that the Fund’s management fee and total expenses for Institutional Class were each less than or equal to the Category and Cohort averages. The Trustees also noted that while the total expenses of the A Class were above the Category and Cohort averages, the A Class has a Rule 12b-1 fee, which is not necessarily the case for the funds included in the Category and Cohort. |
33 |
34 |
35 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Managed Portfolio Series |
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 8/6/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 8/6/2024 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Treasurer |
Date | 8/6/2024 |
* Print the name and title of each signing officer under his or her signature.