INFIX Fees and Costs — Tortoise Energy Infrastructure and Income Fund, Institutional Class
Data updated: 2025-07-24
The net expense ratio is 1.12%: a 1.00% management fee plus 0.12% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $32K in broker commissions, 0.0061% of average net assets, and portfolio turnover was 18%.
INFIX Fees and Expenses
Annual operating expenses and sales charges of INFIX. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.12% |
| Fee waiver | — |
| Net expense ratio | 1.12% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
INFIX Costs Over Time
On $10,000 invested in INFIX, assuming 5% a year before costs, total costs come to $703 over 5 years, cutting the return by 1.18% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.12%) | $118 | $366 | $635 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $118 | $387 | $703 |
| Value after costs | $10,382 | $11,190 | $12,060 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
INFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0061%
- Total broker commissions: $32K
- Bought from dealers (principal trades, not a cost): $53.9M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
INFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET CLEARING SERVICES INC | $6K | 20.41% |
| BARCLAY INVESTMENTS, LLC | $5K | 18.74% |
| J.P. MORGAN SECURITIES LLC | $4K | 13.66% |
| Piper Sandler & Co | $4K | 12.75% |
| RBC CAPITAL MARKETS, LLC | $3K | 8.86% |
| UBS FINANCIAL SERVICES INC. | $2K | 6.22% |
| WELLS FARGO SECURITIES, LLC | $2K | 5.59% |
| JONESTRADING INSTITUTIONAL SERVICES, LLC | $1K | 5.00% |
| MERRILL LYNCH INC. | $1K | 4.96% |
| GOLDMAN SACHS & CO | $1K | 3.81% |
INFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| HILLTOP SECURITIES INC. | $51.1M | 94.83% |
| CITIBANK GROUP MARKETS | $2.8M | 5.17% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.