On June 26, 2025, the shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization (the “Plan”) providing for the acquisition of all of the assets of the Predecessor Fund, a series of Managed Portfolio Series Trust, by the Fund, a series of Tortoise Capital Series Trust (the “Reorganization”). As a result of the Reorganization, the Fund has assumed the financial and performance history of the Predecessor Fund.
The accompanying bar chart and table provide some indication of the risks of investing in the Predecessor Fund. The bar charts show the Predecessor Fund’s performance for the calendar years ended December 31. The table illustrates how the Predecessor Fund’s average annual returns for the 1-year, 5-year and since-inception periods compared with a broad measure of market performance and the Underlying Index. Prior to June 15, 2018, the Predecessor Fund
tracked a different underlying index. Performance shown prior to June 15, 2018 represents the performance of the Fund before the index change. The Underlying Index methodology will be modified to remove ESG screening criteria following the Reorganization and the Underlying Index will be rebalanced at the next regular rebalancing date to reflect these changes. The Predecessor Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund adopted the financial statements and the performance history of the Predecessor Fund. Updated performance information is also available on the Fund’s website at www.tortoisecapital.com or by calling toll-free (855) 994-4437.
(1) TBLU’s calendar year-to-date total return based on net asset value for the period January 1, 2025 to June 30, 2025 was 12.88%.
During the periods shown in the chart above:
| Best Quarter | Worst Quarter | |||||
| 16.06% | December 31, 2023 | -20.44% | March 31, 2020 | |||
| Average Annual Total Returns for the Periods | 1 Year | 5 Years | Since | |||
| Return Before Taxes (based on “NAV”) | 9.19% | 8.04% | 10.10% | |||
| Return After Taxes on Distributions | 8.84% | 7.66% | 9.71% | |||
| Return After Taxes on Distributions and Sale of Fund Shares | 5.68% | 6.31% | 8.15% | |||
| Index Performance | ||||||
| S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 14.39% | |||
| Tortoise Global Water Net Total Return IndexSM(1) | 9.53% | 8.27% | 10.71% |
(1) The Tortoise Global Water Net Total IndexSM (formerly known as Tortoise Global Water ESG Net Total Return Index) is a float-adjusted, capitalization weighted index of companies that are materially engaged in the water infrastructure or water management industries.
After-tax returns in the above table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement.