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Tortoise Capital Advisors introduces first open-end mutual fund

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Tortoise Capital Advisors has introduced Tortoise MLP & Pipeline Fund, its first open-end mutual fund. The fund will invest primarily in equity securities of MLP and pipeline companies that own and operate essential North American energy infrastructure assets, with an investment objective of total return.

“We continue to see a need for substantial growth capital as pipeline and related infrastructure projects are expected to facilitate the transportation of natural gas and oil from new supply areas to growing population destinations across North America,” says Tortoise Senior Advisor, Jeffrey Fulmer. “We believe this creates a compelling investment opportunity in the coming decades.”

The fund is structured as a traditional mutual fund providing daily liquidity at NAV, with flow-through tax treatment and no fund level taxation. Simplified tax reporting is provided to investors through a single 1099. Investor and Institutional Class shares are available under the symbols TORTX and TORIX, respectively.

“We at Tortoise are pleased to launch our first open-end mutual fund,” says Tortoise Senior Managing Director, Kevin Birzer. “We believe the Tortoise MLP & Pipeline Fund’s traditional flow-through structure, combined with its investment focus on essential energy infrastructure pipeline companies, makes it a differentiated and efficient open-end fund.”

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