Tortoise Announces Fund Reorganizations into Tortoise Capital Series Trust
Tortoise Capital Advisors announced key fund reorganizations to streamline operations and enhance shareholder flexibility. The reorganization includes:
- Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) and Tortoise North American Pipeline Fund (TPYP) have moved to the Tortoise Capital Series Trust
- Tortoise Energy Infrastructure and Income Fund will reorganize into the Trust and convert from a mutual fund to an actively managed ETF (expected June 2025). The fund will consolidate all share classes into the institutional class, convert to an ETF under ticker TNGY, and be renamed to Tortoise Energy Fund
Additionally, Tortoise North American Pipeline Fund's investment advisor has changed from Tortoise Index Solutions to Tortoise Capital Advisors, with Exchange Traded Concepts as sub-advisor.
Tortoise Capital Advisors ha annunciato importanti riorganizzazioni dei fondi per semplificare le operazioni e aumentare la flessibilità per gli azionisti. La riorganizzazione prevede:
- Il Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) e il Tortoise North American Pipeline Fund (TPYP) sono stati trasferiti al Tortoise Capital Series Trust
- Il Tortoise Energy Infrastructure and Income Fund sarà riorganizzato all'interno del Trust e convertirà la sua struttura da fondo comune a ETF gestito attivamente (previsto per giugno 2025). Il fondo consoliderà tutte le classi di azioni nella classe istituzionale, si trasformerà in un ETF con il ticker TNGY e sarà rinominato Tortoise Energy Fund
Inoltre, il gestore degli investimenti del Tortoise North American Pipeline Fund è passato da Tortoise Index Solutions a Tortoise Capital Advisors, con Exchange Traded Concepts come sub-consulente.
Tortoise Capital Advisors anunció reorganizaciones clave de fondos para optimizar las operaciones y mejorar la flexibilidad para los accionistas. La reorganización incluye:
- El Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) y el Tortoise North American Pipeline Fund (TPYP) se han trasladado al Tortoise Capital Series Trust
- El Tortoise Energy Infrastructure and Income Fund se reorganizará dentro del Trust y se convertirá de un fondo mutuo a un ETF gestionado activamente (previsto para junio de 2025). El fondo consolidará todas las clases de acciones en la clase institucional, se convertirá en un ETF bajo el ticker TNGY y cambiará su nombre a Tortoise Energy Fund
Además, el asesor de inversiones del Tortoise North American Pipeline Fund cambió de Tortoise Index Solutions a Tortoise Capital Advisors, con Exchange Traded Concepts como subasesor.
Tortoise Capital Advisors는 운영 효율성을 높이고 주주 유연성을 강화하기 위해 주요 펀드 재조직을 발표했습니다. 재조직 내용은 다음과 같습니다:
- Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX)와 Tortoise North American Pipeline Fund (TPYP)가 Tortoise Capital Series Trust로 이전되었습니다
- Tortoise Energy Infrastructure and Income Fund는 Trust 내에서 재조직되며, 뮤추얼 펀드에서 적극적으로 운용되는 ETF로 전환될 예정입니다(2025년 6월 예정). 이 펀드는 모든 주식 클래스를 기관 투자자용 클래스로 통합하고, 티커 TNGY로 ETF로 전환되며, 이름은 Tortoise Energy Fund로 변경됩니다
또한, Tortoise North American Pipeline Fund의 투자 자문사는 Tortoise Index Solutions에서 Tortoise Capital Advisors로 변경되었으며, Exchange Traded Concepts가 서브 자문사로 참여합니다.
Tortoise Capital Advisors a annoncé des réorganisations clés de fonds afin de simplifier les opérations et d'améliorer la flexibilité pour les actionnaires. La réorganisation comprend :
- Le Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) et le Tortoise North American Pipeline Fund (TPYP) ont été transférés au Tortoise Capital Series Trust
- Le Tortoise Energy Infrastructure and Income Fund sera réorganisé au sein du Trust et converti d'un fonds commun de placement en un ETF activement géré (prévu pour juin 2025). Le fonds consolidera toutes les catégories d'actions en une classe institutionnelle, se convertira en ETF sous le ticker TNGY et sera renommé Tortoise Energy Fund
De plus, le conseiller en investissement du Tortoise North American Pipeline Fund est passé de Tortoise Index Solutions à Tortoise Capital Advisors, avec Exchange Traded Concepts en tant que sous-conseiller.
Tortoise Capital Advisors hat wichtige Fondsrestrukturierungen angekündigt, um die Abläufe zu optimieren und die Flexibilität für Aktionäre zu erhöhen. Die Reorganisation umfasst:
- Der Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) und der Tortoise North American Pipeline Fund (TPYP) wurden in den Tortoise Capital Series Trust überführt
- Der Tortoise Energy Infrastructure and Income Fund wird in den Trust reorganisiert und von einem Mutual Fund in einen aktiv verwalteten ETF umgewandelt (voraussichtlich Juni 2025). Der Fonds wird alle Anteilsklassen in die institutionelle Klasse zusammenlegen, in einen ETF mit dem Ticker TNGY umwandeln und in Tortoise Energy Fund umbenannt
Zusätzlich hat sich der Investmentberater des Tortoise North American Pipeline Fund von Tortoise Index Solutions zu Tortoise Capital Advisors geändert, wobei Exchange Traded Concepts als Subberater fungiert.
- Streamlined operations through fund consolidation may lead to improved efficiency
- Enhanced flexibility for shareholders through ETF conversion
- Alignment of investment management under Tortoise Capital Advisors may provide better strategic oversight
- None.
Insights
Tortoise's fund reorganization streamlines operations but maintains underlying investment exposure, creating a more efficient structure for existing shareholders.
Tortoise Capital is executing a significant structural reorganization of several energy-focused funds, with multiple funds transitioning into the Tortoise Capital Series Trust framework. The most notable change involves the Tortoise Energy Infrastructure and Income Fund converting from a mutual fund structure to an actively managed ETF (ticker: TNGY), with completion expected in June 2025.
This reorganization represents a strategic shift in how Tortoise delivers its energy investment expertise to the market. The conversion from mutual fund to ETF structure typically offers several potential benefits to shareholders:
- Improved tax efficiency through the ETF's in-kind creation/redemption mechanism
- Greater intraday liquidity compared to mutual funds' end-of-day pricing
- Typically lower expense ratios in ETF structures
- Simplified share structure by consolidating multiple share classes
The move also shifts advisory responsibility for the Tortoise North American Pipeline Fund from Tortoise Index Solutions to Tortoise Capital Advisors, centralizing management under the main Tortoise investment platform while maintaining Exchange Traded Concepts as sub-advisor.
This reorganization follows industry trends where asset managers are consolidating fund offerings and converting mutual funds to ETFs to meet evolving investor preferences. While the underlying investment strategies appear unchanged, the structural evolution demonstrates Tortoise's adaptation to market demand for more efficient, transparent investment vehicles in the energy sector.
OVERLAND PARK, KS / ACCESS Newswire / May 12, 2025 / Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced a series of approved fund reorganizations designed to streamline operations and enhance flexibility for shareholders.
As part of the reorganization:
The Tortoise Energy Infrastructure Total Return Fund (TORIX, TORTX, TORCX) and the Tortoise North American Pipeline Fund (TPYP) have transitioned into the Tortoise Capital Series Trust.
In conjunction with this transition, the Tortoise North American Pipeline Fund's investment advisor has changed from Tortoise Index Solutions, LLC to Tortoise Capital Advisors, L.L.C., aligning the fund with Tortoise Capital's broader investment platform. Exchange Traded Concepts, LLC is the fund's sub-advisor.
The Tortoise Energy Infrastructure and Income Fund (INFIX, INFRX, INFFX) will also reorganize into the Tortoise Capital Series Trust and convert from a mutual fund to an actively managed exchange-traded fund (ETF). The following changes are expected to be completed in June 2025, subject to customary closing conditions.
All existing share classes will consolidate into the institutional share class.
The surviving share class will convert to an ETF with a new ticker symbol, TNGY.
The fund will be renamed the Tortoise Energy Fund.
"This reorganization is a strategic step in aligning our fund structures with the evolving needs of investors," said Tom Florence, CEO of Tortoise Capital. "By simplifying our platform and increasing efficiency, we're making it easier for clients to access the energy opportunities we believe in-and reinforcing our commitment to innovation, transparency, and long-term value."
These changes mark an important milestone in our commitment to delivering investor value through thoughtful structure and strategy. Please visit www.tortoisecapital.com for updates.
About Tortoise Capital
With approximately
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Important Information
This press release is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
Tortoise Capital Advisors, L.L.C. is the investment adviser to Tortoise Energy Infrastructure Total Return Fund, the Tortoise North American Pipeline Fund and the Tortoise Energy Infrastructure and Income Fund.
Each fund's investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by visiting www.tortoisecapital.com. Read it carefully before investing.
Investing involves risk. Principal loss is possible. Mutual fund investing involves risk. Principal loss is possible. Shares of exchange-traded funds (ETFs) are not individually redeemable and owners of the shares may acquire those shares from the ETF and tender those shares for redemption to the ETF in Creation Units only, see the ETF prospectus for additional information regarding Creation Units. Investors may purchase or sell ETF shares throughout the day through any brokerage account, which will result in typical brokerage commissions.
The funds are non-diversified, meaning they may concentrate their assets in fewer individual holdings than a diversified fund. Therefore, the funds are more exposed to individual stock volatility than diversified funds. Investing in specific sectors such as North American energy or energy infrastructure and renewable energy infrastructure may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with energy investments, including upstream energy companies, midstream companies, downstream companies, energy company beneficiaries, MLPs, MLP affiliates, commodity price volatility, supply and demand, regulatory, environmental, operating, capital markets, terrorism, natural disaster and climate change risks. The tax benefits received by an investor investing in the funds differ from that of a direct investment in an MLP by an investor. The value of the funds' investments in an MLP will depend largely on the MLP's treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the funds which could result in a reduction of the funds' values. If for any taxable year the Fund fails to qualify as a RIC, the Fund's taxable income will be subject to federal income tax at regular corporate rates. The resulting increase to the Fund's expenses will reduce its performance and its income available for distribution to shareholders. Investments in foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. These risks are greater for investments in emerging markets. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. The funds invest in large, small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The funds may also write call options which may limit the funds' abilities to profit from increases in the market value of a security, but cause it to retain the risk of loss should the price of the security decline. Some funds may invest in other derivatives including options, futures and swap agreements, which can be highly volatile, illiquid and difficult to value, and changes in the value of a derivative held by the funds may not correlate with the underlying instrument or the fund's other investments and can include additional risks such as liquidity risk, leverage risk and counterparty risk that are possibly greater than risks associated with investing directly in the underlying investments. Some funds may engage in short sales and in doing so are subject to the risk that they may not always be able to borrow a security, or close out a short position at a particular time or at an acceptable price.
The Tortoise Energy Infrastructure and Income Fund has filed a registration statement with the Securities and Exchange Commission but it is not yet effective. An investment in the fund cannot be made, nor money accepted, until the registration statement is effective. An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A preliminary prospectus which contains this and other information about the fund may be obtained here: https://www.sec.gov/Archives/edgar/data/2034406/000101376225002918/ea0230440-03_497.htm. The information in the preliminary prospectus is not complete and may be changed. The final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell fund shares and is not soliciting an offer to buy fund shares in any state where the offer or sale is not permitted.
Quasar Distributors, LLC, distributor.
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE
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SOURCE: Tortoise Capital Advisors, L.L.C.
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FAQ
What changes are happening to Tortoise funds in June 2025?
What is the new ticker symbol for the converted Tortoise Energy Infrastructure and Income Fund?
Which Tortoise funds are moving to the Tortoise Capital Series Trust?
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