The Tortoise MLP & Energy Income Fund invests in securities across the capital structure of North American midstream energy infrastructure companies.

Fund Stats as of 10/18/2019:

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NAV

$7.03

NAV Change

$0.02

Investment Objective

Current income

Overall Morningstar Rating

Distribution Rate

9.91%

30-Day SEC Yield

3.27%

CUSIP

461418535

Minimum Investment

$2,500.00

Redemption Fee

2.00

Max Front-End Sales Load

None

Max Deferred Sales Load

None

The Board of Trustees of Investment Managers Series Trust has approved an Agreement and Plan of Reorganization providing for the reorganization of the Advisory Research MLP & Energy Income Fund into the Tortoise MLP & Energy Income Fund. The reorganization of each Acquired Fund is subject to approval by its shareholders. The Acquiring Fund has the same investment objectives, principal investment strategies, and investment policies as the Acquired Fund. See Prospectus for More Information

A special meeting of shareholders will be held on November 6, 2019. For more information or to cast your vote call (888) 665-1414 Read the Proxy Statement

Overview Portfolio Performance Distributions Literature
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The Tortoise MLP & Energy Income Fund invests in securities across the capital structure of North American midstream energy infrastructure companies; including MLPs, common equity, preferred equity, and bonds. The fund’s goal is to deliver strong risk-adjusted returns, greater liquidity, and lower volatility relative to the Alerian MLP Index over a market cycle. We believe these midstream assets have strong business fundamentals and expanded growth opportunities.

The Fund is designed to provide:

  • Access to an increased opportunity set by investing across the capital structure of midstream energy infrastructure companies
  • Seeks a high level of current income
  • Ability to opportunistically shift across the capital structure as market conditions and valuations change
  • Efficient tax flow-through structure
  • One 1099 (no K-1s)
  • No unrelated business taxable income (UBTI)
  • IRA and tax-exempt suitability

 

Fund Details

As of 9/30/2019

Total Assets

$846 million

Investment Objective

Current income

Structure

Regulated Investment Company (RIC)

Fiscal Year End

November 30

Portfolio

as of 9/30/2019

Top 10 Holdings

Company % of Total
Magellan Midstream Partners, L.P.
 5.6%
Plains GP Holdings, L.P.
 5.1%
Enterprise Products Partners L.P.
 5%
Enbridge Inc.
 4.9%
TC Energy Corporation
 4.9%
Company % of Total
Kinder Morgan, Inc.
 4.9%
ONEOK, Inc.
 4.8%
The Williams Companies, Inc.
 4.7%
PBF Holding Company LLC 7.25% 6/15/25
 4.5%
MPLX LP
 4.4%

Total 48.6%

View All Holdings

Holdings are subject to change. The Fund may have considerable cash balances for temporary periods and the potential benefit to the Fund of any market upswing during this time may be reduced adversely affecting the Fund’s performance.

Time Period

Ticker Class/Name

Total Return

QTD

Calendar YTD

1 Year

3 Year

5 year

Since Inception 1

 Expense Ratio Gross
INFIX Institutional

-2.12%

13.49%

-4.55%

-1.81%

-5.77%

3.30%

 1.16%
INFRX A Class (excluding load)

-2.23%

13.16%

-4.80%

-2.05%

-6.00%

3.06%

 1.41%
INFRX A Class (maximum load)

-7.66%

6.98%

-10.03%

-3.87%

-7.05%

2.40%

 1.41%
INFFX C Class (excluding CDSC)

-2.40%

12.65%

-5.51%

-2.82%

-6.72%

2.37%

 2.16%
INFFX C Class (including CDSC)

-3.36%

11.65%

-6.38%

-2.82%

-6.72%

2.37%

 2.16%
AMZX Alerian MLP Index

-5.02%

11.08%

-8.13%

-2.46%

-8.65%

1.89%

  1. Institutional Class: 12/27/2010; A Class: 05/18/2011; C Class: 4/2/2012

Ticker Class/Name

Total Return

1 Month

Calendar YTD

1 Year

3 Year

5 year

Since Inception 1

 Expense Ratio Gross
INFIX Institutional

13.49%

-4.55%

-1.81%

-5.77%

3.30%

 1.16%
INFRX A Class (excluding load)

13.16%

-4.80%

-2.05%

-6.00%

3.06%

 1.41%
INFRX A Class (maximum load)

6.98%

-10.03%

-3.87%

-7.05%

2.40%

 1.41%
INFFX C Class (excluding CDSC)

12.65%

-5.51%

-2.82%

-6.72%

2.37%

 2.16%
INFFX C Class (including CDSC)

11.65%

-6.38%

-2.82%

-6.72%

2.37%

 2.16%
AMZX Alerian MLP Index

11.08%

-8.13%

-2.46%

-8.65%

1.89%

  1. Institutional Class: 12/27/2010; A Class: 05/18/2011; C Class: 4/2/2012

Calendar Year Performance

Performance for periods over one year is annualized. The performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. A redemption fee of 2.00% will be imposed on redemptions or exchanges of shares you have owned for 90 days or less.

The Alerian MLP Index is a leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

Distribution Details

See complete history
Ticker Ex-Date Record Date Payment Date Amount
INFIX 11/27/2019 11/26/2019 11/27/2019 0.1421
INFIX 8/29/2019 08/28/2019 08/29/2019 0.1776
INFIX 5/30/2019 5/29/2019 5/30/2019 0.1776
INFIX 2/27/2019 2/26/2019 2/27/2019 0.1776
2019 Total $0.6749
2019 Total $0.6749

Tortoise MLP & Energy Income Fund INFIX

Performance Fact Sheet Statutory Prospectus Summary Prospectus
Statement of Additional Information Annual Report Semi-Annual Report
Commentaries Energy 6/30/2019

Tortoise MLP & Energy Income Fund Commentary 2Q19

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