TORIX Fees and Costs — Tortoise Energy Infrastructure Total Return Fund, Institutional Class
Data updated: 2026-07-29
The net expense ratio is 0.91%: a 0.85% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $317K in broker commissions, 0.0099% of average net assets, and portfolio turnover was 18%.
TORIX Fees and Expenses
Annual operating expenses and sales charges of TORIX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.91% |
| Fee waiver | — |
| Net expense ratio | 0.91% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
TORIX Costs Over Time
On $10,000 invested in TORIX, assuming 5% a year before costs, total costs come to $576 over 5 years, cutting the return by 0.97% 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 0.91%) | $96 | $298 | $518 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $97 | $317 | $576 |
| Value after costs | $10,403 | $11,260 | $12,186 |
| Impact on return, per year | 0.97% | 0.97% | 0.97% |
TORIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0099%
- Total broker commissions: $317K
- Bought from dealers (principal trades, not a cost): $105.8M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
TORIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $45K | 18.61% |
| RAYMOND JAMES & ASSOCIATES INC | $33K | 13.72% |
| WELLS FARGO SECURITIES, LLC | $25K | 10.42% |
| CITIBANK GROUP MARKETS | $22K | 9.10% |
| JONESTRADING INSTITUTIONAL SERVICES, LLC | $22K | 9.04% |
| MORGAN STANLEY & CO. LLC | $21K | 8.74% |
| PIPER SANDLER & CO. | $21K | 8.51% |
| JEFFERIES LLC | $19K | 7.93% |
| MERRILL LYNCH INC. | $17K | 7.21% |
| GTS SECURITIES LLC | $16K | 6.72% |
TORIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $60.5M | 57.12% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $25.1M | 23.75% |
| BARCLAYS CAPITAL INC. | $15.4M | 14.50% |
| RBC CAPITAL MARKETS LLC | $4.9M | 4.62% |
Tortoise Energy Infrastructure Total Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TORIX | Institutional Class | 0.91% | none |
| TORTX | A Class | 1.16% | 5.50% |
| TORCX | C Class | 1.91% | none |
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.