Strategy. The Fund is a non -diversified series of Tortoise Capital Series Trust and is regulated as an investment company under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is actively managed and does not seek to track the performance of an index. The Funds investment objective to seek total return is non -fundamental . Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of energy infrastructure companies. Energy infrastructure companies are companies that process, store, transport and market natural gas, natural gas liquids, refined products and crude oil (i.e., midstream infrastructure) as well as generate, transport and distribute electricity … Show more… The Fund is a non -diversified series of Tortoise Capital Series Trust and is regulated as an investment company under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is actively managed and does not seek to track the performance of an index. The Funds investment objective to seek total return is non -fundamental . Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of energy infrastructure companies. Energy infrastructure companies are companies that process, store, transport and market natural gas, natural gas liquids, refined products and crude oil (i.e., midstream infrastructure) as well as generate, transport and distribute electricity (i.e., power & renewable infrastructure). The Fund intends to focus its investments primarily in equity securities of midstream infrastructure and also may invest in midstream master limited partnerships (MLPs) and power and renewable infrastructure. MLPs, also known as publicly traded partnerships, predominately operate, or directly or indirectly own, energy -related assets. For purposes of this strategy, energy infrastructure companies include investment companies that invest primarily in energy infrastructure companies. The Fund is non -diversified . The Fund seeks to achieve its investment objective by investing primarily in equity securities of any market capitalization that are publicly traded on an exchange or in the over -the-counter market, consisting of common stock, but also including, among others, MLP and limited liability company (LLC) common units; the equity securities issued by MLP affiliates, such as common shares of corporations that own, directly or indirectly, MLP general partner interests; and other investment companies that invest in energy infrastructure companies. MLP common units represent an equity ownership interest in an MLP. Some energy infrastructure companies in which the Fund may invest are organized as LLCs which are treated in the same manner as MLPs for federal income tax purposes. The Fund may invest in LLC common units which represent an ownership interest in the LLC. Interests in MLP and LLC common units entitle the holder to a share of the companys success through distributions and/or capital appreciation. Pursuant to tax regulations, the Fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships. In addition, the Fund may invest in preferred equity and convertible securities. Under normal circumstances, the Fund may invest up to: (i) 30% of its total assets in securities denominated in the currency of a non -North American country, which may include securities issued by energy companies organized and/or having securities traded on an exchange outside North America and/or securities of other non -North American companies that are denominated in the currency of a non -North American country; (ii) 20% of its total assets in debt securities of any issuer, including securities which may be rated below investment grade (junk bonds) by a nationally recognized statistical rating organization (NRSRO) or judged by Tortoise Capital Advisors, L.L.C., also doing business as TCA Advisors (TCA Advisors or the Adviser), to be of comparable credit quality; (iii) 15% of its net assets in illiquid investments; and (iv) 10% of its total assets in securities of any issuer. The Fund may invest in initial public offerings (IPOs). The Fund may invest in other investment companies to the extent permitted by the 1940 Act. The Fund may invest in permissible securities without regard to the market capitalization of the issuer of such security. The Fund will not have any duration or weighted average maturity restrictions. Except for investments in illiquid investments, the above investment restrictions apply at the time of purchase, and the Fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions. To the extent that market value fluctuations cause illiquid investments held by the Fund to exceed 15% of its net assets, the Fund will determine how to remediate the excess illiquid investments in accordance with the 1940 Act and the Funds policies and procedures. The Adviser seeks to invest the Fund in securities that offer a combination of yield, growth and quality, intended to result in attractive long -term total returns. The Advisers securities selection process includes a comparison of quantitative, qualitative and relative value factors. Primary emphasis will be placed on proprietary models constructed and maintained by the Advisers in -house investment team, although the Adviser may use research provided by broker -dealers and investment firms. To determine whether a company meets its criteria, the Adviser will generally look for long -lived energy infrastructure companies with essential assets with long economic lives (generally 20 years or more), high barriers to entry, total return potential, predictable revenue and stable operating structures, and experienced, operations -focused management teams. Show less