# EDGAR Filing Document

**Accession Number:** 0002034406
**File Stem:** 0001213900-25-070532
**Filing Date:** 2025-8
**Character Count:** 33460
**Document Hash:** 18220ed8f5ec46e193cdfffa0eee0b40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-070532.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001213900-25-070532

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tortoise Capital Series Trust
- **CENTRAL INDEX KEY:** 0002034406

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285068
- **FILM NUMBER:** 251175555

**BUSINESS ADDRESS:**
- **STREET 1:** 6363 COLLEGE BOULEVARD
- **STREET 2:** SUITE 100A
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211
- **BUSINESS PHONE:** 866-362-9331

**MAIL ADDRESS:**
- **STREET 1:** 6363 COLLEGE BOULEVARD
- **STREET 2:** SUITE 100A
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66211

**As filed with the Securities and Exchange Commission on August 1, 2025** 

**Registration No. 333-285068**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-14**

**REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

☐ Pre-Effective Amendment No. 🗹 Post-Effective Amendment No. 1 ___

**<u>TORTOISE CAPITAL SERIES TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

**5901 College Boulevard, Suite 400<br> <u>Overland Park, Kansas 66211</u>**

(Address of Principal Executive Offices) (Zip Code)

**<u>(913) 981-1020</u>**

(Registrant's Area Code and Telephone Number)

**Tom Florence**

**5901 College Boulevard, Suite 400<br> <u>Overland Park, Kansas 66211</u>**

(Name and Address of Agent for Service)

**With copies to:**

**Deborah Bielicke Eades**

**Vedder Price P.C.**

**222 N. LaSalle Street**

**Chicago, Illinois 60601**

**EXPLANATORY NOTE**

The [Proxy Statement/Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/2034406/000101376225002918/ea0230440-03_497.htm), each in the form filed on March 27, 2025, pursuant to Rule 497 of the General Rules and Regulations under the Securities Act of 1933, as amended (File No. 333-285068), are incorporated herein by reference.

This amendment is being filed for the sole purpose of adding the following to Part C of the Registration Statement: the executed opinion and consent of Vedder Price P.C., supporting the tax matters discussed regarding the Reorganization in the Proxy Statement/Prospectus.

**PART C: OTHER INFORMATION**

**ITEM 15: INDEMNIFICATION**

Maryland law permits a statutory trust, except as provided in its governing instrument, (1) to indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any trustee, officer, employee, or agent from and against any and all claims and demands whatsoever; and (2) to pay or reimburse in advance of final disposition of a proceeding (as defined in § 2-418 of the Maryland Statutory Trust Act) reasonable expenses incurred in connection with the proceeding.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("1933 Act"), may be provided to trustees, officers and controlling persons of the Registrant, pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in connection with the successful defense of any action, suit or proceeding or payment pursuant to any insurance policy) is asserted against the Registrant by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**ITEM 16: EXHIBITS**

The following exhibits are filed herewith as part of this Registration Statement, incorporated herein by reference or to be filed by pre-effective amendment.

(1) (a) [Certificate of Trust of Tortoise Capital Series Trust. <sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2034406/000121390024072220/ea021185901_ex1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Fourth Amended and Restated Declaration of Trust of the Registrant.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99a2.htm)

(2) [By-Laws of the Registrant.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390024087855/ea021701501_ex99-2.htm)

(3) Not applicable.

(4) Form of Agreement and Plan of
Reorganization is filed as Exhibit A to the [Proxy Statement/Prospectus](https://www.sec.gov/Archives/edgar/data/2034406/000101376225002918/ea0230440-03_497.htm) constituting Part A of the Registration Statement.

(5) Not applicable.

(6) [Form of Investment Advisory Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99d1.htm)

(7) [Form of ETF Distribution Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99e.htm)

(8) Not applicable.

(9) [Form of ETF Custody Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99g.htm)

(10) [12b-1 Plan.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390024087855/ea021701501_ex99-10.htm)

(11) [Opinion and Consent of Venable LLP.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025015352/ea023044002_ex99-11.htm)

(12) [Opinion and Consent of Vedder Price P.C. supporting the tax matters discussed regarding the Reorganization in the Proxy Statement/Prospectus. <sup>(\*)</sup>](ea025091001_ex99-12.htm)

(13) (a) [Form of ETF Administration Servicing Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Form of ETF Fund Accounting Services Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Form of Transfer Agent Servicing Agreement.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Form of Services Agreement with PINE Advisors LLC.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025014233/ea023027601-ex99h4.htm)

(14) (a) [Consent of Independent Registered Public Accounting firm of the Acquiring Fund.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025015352/ea023044002_ex99-14a.htm)

(14) (b) [Consent of Independent Registered Public Accounting firm of the Target Fund.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025015352/ea023044002_ex99-14b.htm)

(15) Not applicable.

(16) [Powers of Attorney.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025015352/ea023044002_ex99-16.htm)

(17) Not applicable.

(18) [Form of Proxy Card. <sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/2034406/000121390025015352/ea023044002_ex99-18.htm)

(1) Incorporated by reference to the
Registrant's Registration Statement on Form N-14 (File No. 333-281752) filed on August 23, 2024.

(2) Incorporated by reference to the
Registrant's Registration Statement on Form N-14 (File No. 333-281752) filed on October 15, 2024.

(3) Incorporated by reference to Post-Effective
Amendment No. 1 to the Registrant's Registration Statement on Form N-1A (File Nos. 811-23997 and 333-281744) filed on February 14, 2025.

(4) Incorporated by reference to the
Registrant's Registration Statement on Form N-14 (File No. 333-285068) filed on February 19,
2025. (\*) Filed herewith.

**ITEM 17: UNDERTAKINGS**

(1) The undersigned Registrant agrees
that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration
Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c],
the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who
may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees
that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and
will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment
shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time
shall be deemed to be the initial bona fide offering of them.

**SIGNATURES**

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the city of Overland Park and state of Kansas, on the 1st day of August, 2025.

---

| | |
|:---|:---|
| Tortoise Capital Series Trust | Tortoise Capital Series Trust |
| By: | /s/ Tom Florence |
|  | Tom Florence<br> President and Chief Executive Officer |

---

As required by the Securities Act of 1933, this Registration Statement has been signed by the following person in the capacity and on the date indicated:

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Tom Florence | Principal Executive Officer and Trustee | August 1, 2025 |
| Tom Florence | Principal Executive Officer and Trustee |  |
| /s/ Peter Sattelmair | Principal Financial Officer and | August 1, 2025 |
| Peter Sattelmair | Principal Accounting Officer |  |
| \* | Trustee | August 1, 2025 |
| Andrew J. Iseman |  |  |
| \* | Trustee | August 1, 2025 |
| John C. Maxwell |  |  |
| \* | Trustee | August 1, 2025 |
| Carrie Ramirez Schoffman |  |  |
| \* | Trustee | August 1, 2025 |
| Keith A. Fletcher |  |  |
| /s/ Jeffrey Kruske |  |  |
| Jeffrey Kruske |  | August 1, 2025 |
| Attorney-In-Fact |  |  |

---

\* An original power of attorney authorizing Jeffrey Kruske to execute this registration statement, and amendments thereto, for each of the persons on whose behalf this registration statement is signed is incorporated by reference to the Registrant's Registration Statement on Form N-14 (File No. 333-285068) filed on February 19, 2025.

**EXHIBIT INDEX**

(12) [Opinion and Consent of Vedder Price P.C. supporting the tax matters discussed regarding the Reorganization in the Proxy Statement/Prospectus.](ea025091001_ex99-12.htm)

## Ex-99.(12)

**Exhibit (12**)

---

| | |
|:---|:---|
| ![](ex99-12_001.jpg) | Chicago<br> New York<br> Washington, DC<br> London<br> San Francisco<br> Los Angeles<br> Singapore<br> Dallas<br> Miami<br> vedderprice.com |

---

June 13, 2025

Tortoise Energy Fund<br> 5901 College Boulevard, Suite 400 Overland Park, Kansas 66211 <br> Tortoise Energy Infrastructure and Income Fund<br> 615 East Michigan Street Milwaukee, Wisconsin 53202

---

| | |
|:---|:---|
| **Re:** | **Reorganization of Tortoise Energy Infrastructure and Income Fund into Tortoise Energy Fund** |

---

Ladies and Gentlemen:

You have requested our opinion regarding certain U.S. federal income tax consequences of certain transactions undertaken pursuant to the Agreement and Plan of Reorganization, dated as of March 21, 2025 (the "Plan"), by and among Tortoise Capital Series Trust, a Maryland statutory trust (the "Successor Company"), on behalf of itself and its series Tortoise Energy Fund (the "Successor Fund"); Managed Portfolio Series, a Delaware statutory trust (the "Predecessor Company"), on behalf of itself and its series Tortoise Energy Infrastructure and Income Fund (the "Predecessor Fund" and together with the Successor Fund, the "Funds") and Tortoise Capital Advisors, L.L.C., an investment advisor to the Funds.

The Plan contemplates that (i) the Successor Fund will acquire all of the assets and liabilities of the Predecessor Fund in exchange solely for shares of the Successor Fund ("New Shares") having an aggregate net asset value equal to the value of the Predecessor Fund's net assets being acquired and (ii) the Predecessor Fund will distribute all the New Shares, and cash in lieu of fractional shares, if any, to shareholders of the Predecessor Fund, in complete liquidation of the Predecessor Fund (collectively, the "Reorganization"). The New Shares will consist solely of newly issued voting shares of beneficial interest of the Successor Fund.

Prior to the Closing Date (as defined in the Plan), the Predecessor Fund (i) shall recapitalize so that it has a single class of shares outstanding and so that each holder of that single class of shares holds shares of that single class immediately after the recapitalization with an aggregate net asset value equal to the aggregate net asset value of any shares of the Predecessor Fund held prior to the recapitalization, and (ii) following the recapitalization (but, for the avoidance of doubt, prior to the Closing Date), shall redeem all fractional shares of the Predecessor Fund outstanding on the records of the Predecessor Fund's transfer agent ("Fractional Share Redemption").

Prior to the Effective Time (as defined below), with respect to shareholders of the Predecessor Fund that hold their shares through accounts that are not permitted to hold New Shares (each, a "Non-Qualifying Account"), such shareholders will receive a cash distribution equal to the net asset value of their shares of the Predecessor Fund from the Predecessor Fund in full redemption of their shares ("Non-Qualifying Account Redemption").

222 North LaSalle Street \| Chicago, Illinois 60601 \| T +1 312 609 7500 \| F +1 312 609 5005

Vedder Price P.C. is affiliated with Vedder Price LLP, which operates in England and Wales, Vedder Price (CA), LLP, which operates in California, Vedder Price Pte. Ltd., which operates in Singapore, and Vedder Price (FL) LLP, which operates in Florida.

Tortoise Energy Fund<br> Tortoise Energy Infrastructure and Income Fund

June 13, 2025

In rendering this opinion, we have examined the Plan and have reviewed and relied upon representations made to us by duly authorized officers of the and the Predecessor Company, on behalf of itself and the Predecessor Fund, and the Successor Company, on behalf of itself and the Successor Fund, in letters dated June 13, 2025 (collectively, the "Representation Letters"). We have also examined such other agreements, documents, corporate records and other materials as we have deemed necessary in order for us to render the opinions referred to in this letter. In such review and examination, we have assumed the genuineness of all signatures, the legal capacity and authority of the parties who executed such documents, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies and the authenticity of the originals of such latter documents.

Our opinion is based, in part, on the assumptions that (i) the Reorganization described herein will occur in accordance with the terms of the Plan (without the waiver or modification of any terms or conditions thereof and without taking into account any amendment thereof that we have not approved) and the facts and representations set forth or referred to in this letter, and that such facts and representations, as well as the facts and representations set forth in the Plan, are true, correct and complete as of the date hereof and will be true, correct and complete as of the date and time of the closing of the Reorganization (as determined under the Plan) (the "Effective Time"), (ii) any representation set forth in the Representation Letters qualified by knowledge, intention, belief, disclaimer of responsibility or any similar qualification is, and will be as of the Effective Time, true, correct and complete without such qualification, and (iii) the Successor Fund will be treated as a corporation for federal income tax purposes effective as of the Effective Time. You have not requested that we undertake, and we have not undertaken, any independent investigation of the accuracy of the facts, representations and assumptions set forth or referred to herein.

For the purposes indicated above, and based upon the facts, assumptions and representations set forth or referred to herein, it is our opinion that for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Successor Fund and the Predecessor Fund will each be a "party to a reorganization," within the meaning of Section 368(b) of the Code, with respect to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by the Successor Fund upon the receipt of the assets of the Predecessor Fund solely in exchange for New Shares, plus cash in lieu of fractional shares, if any, and the assumption by the Successor Fund of the Predecessor Fund's liabilities. (Section 1032(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Predecessor Fund upon the Reorganization. (Sections 361(a) and (c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by the Predecessor Fund's shareholders upon the exchange, pursuant to the Reorganization, of all their shares of the Predecessor Fund solely for New Shares, except to the extent the holders of the Predecessor Fund shares receive cash in lieu of a fractional New Share. (Section 354(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The aggregate basis of the New Shares received by each Predecessor Fund shareholder pursuant to the Reorganization (including any fractional New Share to which such shareholder would be entitled) will be the same as the aggregate basis of the Predecessor Fund shares that were exchanged for such New Shares. (Section 358(a)(1) of the Code).

Tortoise Energy Fund<br> Tortoise Energy Infrastructure and Income Fund

June 13, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holding period of the New Shares received by each Predecessor Fund shareholder in the Reorganization (including any fractional New Share to which such shareholder would be entitled) will include the period during which the shares of the Predecessor Fund that were exchanged for such New Shares were held by such shareholder, provided such Predecessor Fund shares were held by such shareholder as capital assets at the Effective Time. (Section 1223(1) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The basis of the assets of the Predecessor Fund received by the Successor Fund in the Reorganization will be the same as the basis of such assets in the hands of the Predecessor Fund immediately before the Effective Time. (Section 362(b) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The holding period of the assets of the Predecessor Fund received by the Successor Fund in the Reorganization will include the period during which such assets were held by the Predecessor Fund. (Section 1223(2) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The payment of cash to the holders of the Predecessor Fund shares in lieu of fractional New Shares will be treated as though such fractional shares were distributed as part of the Reorganization and then redeemed by the Successor Fund with the result that the holder of the Predecessor Fund shares will generally have a capital gain or loss to the extent the cash distribution differs from such holder's basis allocable to the fractional New Shares.

Notwithstanding anything to the contrary herein, we express no opinion as to the effect of the Reorganization (i) on shareholders receiving cash in the Fractional Share Redemption or the Non-Qualifying Account Redemption, (ii) on the Predecessor Fund, the Successor Fund, or any Predecessor Fund shareholder with respect to any asset (including without limitation any stock held in a passive foreign investment company as defined in section 1297(a) of the Code) as to which any gain or loss is required to be recognized under U.S. federal income tax principles (a) at the end of a taxable year or upon the termination thereof, or (b) upon the transfer of such asset regardless of whether such transfer would otherwise be a non-taxable transaction under the Code, (iii) under the alternative minimum tax imposed under section 55 of the Code on any direct or indirect shareholder of the Predecessor Fund that is a corporation, and (iv) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax issues of any kind.

**<u>Facts</u>**

Our opinion is based upon the facts, representations and assumptions set forth or referred to above and the following facts and assumptions, any alteration of which could adversely affect our conclusions.

The Predecessor Company has been registered and operated, since it commenced operations, as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Predecessor Fund is a separate series of the Successor Company that is treated for U.S. federal income tax purposes as a separate corporation pursuant to section 851(g) of the Code. Immediately prior to the Effective Time, the Predecessor Fund has no shares outstanding other than common shares. The Predecessor Fund is treated as a corporation for U.S. federal income tax purposes, has elected to be taxed as a regulated investment company under section 851 of the Code for all its taxable years, including without limitation the taxable year in which the Reorganization occurs, and has qualified and will continue to qualify for the tax treatment afforded regulated investment companies under the Code for each of its taxable years, including without limitation the taxable year in which the Reorganization occurs. All the outstanding shares of the Predecessor Fund are treated as equity for federal income tax purposes.

Tortoise Energy Fund<br> Tortoise Energy Infrastructure and Income Fund

June 13, 2025

The Successor Company has been registered and operated, since it commenced operations, as an open-end management investment company under the 1940 Act. The Successor Fund is a newly created separate series of the Successor Company that is treated for U.S. federal income tax purposes as a separate corporation pursuant to section 851(g) of the Code. The Successor Fund was newly formed for the purpose of engaging in the Reorganization. Prior to the Effective Time, the Successor Fund will not conduct any business, except as required in connection with its organization and to consummate the Reorganization. The only outstanding shares of the Successor Fund prior to the Effective Time will consist of a single share issued to the sole shareholder of the Successor Fund to permit the sole shareholder to approve certain items related to the organization of the Successor Fund (the "Initial Share"). Such Initial Share will be redeemed and cancelled prior the Effective Time. Prior to the Effective Time, the Successor Fund will not have, and will not have had, any assets other than the consideration received for the Initial Share, which will be paid to the sole shareholder in redemption of the Initial Share prior to the Effective Time. The Successor Fund will be taxed (including without limitation through the filing of such elections as are necessary to be so treated) as a regulated investment company under section 851 of the Code and will qualify for the tax treatment afforded regulated investment companies under the Code for each of its taxable years, including, without limitation, the taxable year that includes the Closing Date. All New Shares issued in the Reorganization will be treated as equity for federal income tax purposes.

Upon satisfaction of certain terms and conditions set forth in the Plan at the Effective Time, Successor Fund will acquire all of the assets and liabilities of the Predecessor Fund in exchange solely for New Shares having an aggregate net asset value equal to the value of the Predecessor Fund's net assets being acquired. The aggregate net asset value as of the Effective Time of the New Shares to be received by each Predecessor Fund shareholder (including for this purpose any fractional New Share to which such shareholder would be entitled), in each instance, will be equal to the aggregate net asset value as of the Effective Time of the Predecessor Fund shares surrendered by such shareholder in the Reorganization. Immediately after the Reorganization, (i) the former shareholders of the Predecessor Fund will own all the issued and outstanding shares of the Successor Fund and will own such shares solely by reason of their ownership of shares of the Predecessor Fund immediately prior to the Effective Time and (ii) the Successor Fund will own all the assets that had been held by the Predecessor Fund immediately prior to the Effective Time, and such assets shall be subject to all the liabilities of the Predecessor Fund as existed immediately prior to the Effective Time. No fractional New Share will be issued to Predecessor Fund shareholders in connection with the Reorganization. In lieu thereof, the Successor Fund's transfer agent, on behalf of the shareholders entitled to receive fractional New Shares, will aggregate all fractional New Shares and sell the resulting whole shares for the account of all shareholders of fractional interests, and each such shareholder will be entitled to a pro rata share of the proceeds from such sale.

There will be no dissenters' rights of appraisal with respect to the Reorganization under the applicable provisions of state law. Thus, no shareholder of the Predecessor Fund will receive any cash or property in the Reorganization other than New Shares as a result of the exchange of his, her or its shares of the Predecessor Fund and any cash in lieu of fractional New Shares.

Tortoise Energy Fund<br> Tortoise Energy Infrastructure and Income Fund

June 13, 2025

Following the Reorganization, the Successor Fund will continue the Predecessor Fund's historic business in that it will have an investment objective and investment strategies, policies, risks and restrictions substantially similar to those of the Predecessor Fund. In addition, the Successor Fund will use a significant portion of the Predecessor Fund's historic business assets in its business. At least thirty-four percent (34%) of the total fair market value of the Predecessor Fund's portfolio assets (i) will meet, as of the Effective Time, and (ii) met, at all times beginning two years prior to the date the Board of Trustees of the Predecessor Company approved the Reorganization and at all times thereafter, the investment objective, strategies, policies, risks and restrictions of the Successor Fund. The Predecessor Fund did not alter, and will not alter, its portfolio in connection with the Reorganization to meet this thirty-four percent (34%) threshold. No Fund modified any of its investment objective, strategies, policies, risks or restrictions to permit the Predecessor Fund to meet this thirty-four percent (34%) threshold or in connection with the Reorganization and the Successor Fund has no plan or intention to change any of its investment objective, strategies, policies, risks or restrictions after the Reorganization.

The Successor Fund's investment objective will be substantially identical to the investment objective of the Predecessor Fund and the Successor Fund's principal investment strategies will be substantially similar to the principal investment strategies of the Predecessor Fund. The Successor Fund will not dispose of any assets received from the Predecessor Fund except in the ordinary course of its business as an investment company.

In approving the Reorganization, the Board of Trustees of the Predecessor Company determined that the Plan and the transactions contemplated thereunder are in the best interests of the Predecessor Fund and the Board of Trustees of the Predecessor Company determined that the interests of the shareholders of the Predecessor Fund will not be diluted as a result of the Reorganization. In making such determinations, the Board of Trustees of the Predecessor Company considered a number of factors as set forth under the heading "Board Considerations of the Reorganization" in the Proxy Statement and Prospectus dated March 26, 2025 (the "Proxy Statement") relating to the Registration Statement (as defined below).

**<u>Conclusion</u>**

Based on the foregoing, it is our opinion (subject to the conditions and limitations set forth above) that the Reorganization, in accordance with the terms of the Plan, will qualify as a reorganization under section 368(a) of the Code.

The opinions set forth above (subject to the conditions and limitations set forth above) with respect to (i) the nonrecognition of gain or loss by the Predecessor Fund and the Successor Fund, (ii) the basis and holding period of the assets received by the Successor Fund, (iii) the nonrecognition of gain or loss by the Predecessor Fund's shareholders upon the receipt of the New Shares, except with respect to cash received in lieu of a fractional New Share, and (iv) the basis and holding period of the New Shares received by the Predecessor Fund's shareholders follow as a matter of law from the opinion that the transfers under the Plan will qualify as a reorganization under section 368(a) of the Code.

Tortoise Energy Fund<br> Tortoise Energy Infrastructure and Income Fund

June 13, 2025

The opinions expressed in this letter are based on the Code, the Income Tax Regulations promulgated by the Treasury Department thereunder and judicial authority reported as of the date hereof. We have also considered the positions of the Internal Revenue Service (the "Service") reflected in published and private rulings. Although we are not aware of any pending changes to these authorities that would alter our opinions, there can be no assurances that future legislative or administrative changes, court decisions or Service interpretations will not significantly modify the statements or opinions expressed herein. We do not undertake to make any continuing analysis of the facts or relevant law following the date of this letter or to notify you of any changes to such facts or law.

Our opinion is limited to those U.S. federal income tax issues specifically considered herein. We do not express any opinion as to any other U.S. federal tax issues, or any state, local or foreign tax law issues, arising from or related to the transactions contemplated by the Plan. Although the discussion herein is based upon our best interpretation of existing sources of law and expresses what we believe a court would properly conclude if presented with these issues, our opinion is not binding on the courts or the Service and no assurance can be given that such interpretations would be followed by the courts or the Service if they were to become the subject of judicial or administrative proceedings.

This opinion is furnished to each Fund solely for its benefit in connection with the Reorganization and is not to be relied upon, for any other purpose, in whole or in part, without our express prior written consent. Shareholders of the Funds may rely on this opinion, it being understood that we are not establishing any attorney-client relationship with any shareholder of either Fund. This letter is not to be relied upon for the benefit of any other person.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form N-14 (File No. 333-285068) relating to the Reorganization filed by the Successor Company with the Securities and Exchange Commission (the "Registration Statement"), to the discussion of this opinion in the Proxy Statement relating to the Registration Statement and to the use of our name and to any reference to our firm in the Registration Statement and the Proxy Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

/s/ Vedder Price P.C.

VEDDER PRICE P.C.