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The Tortoise Energy Infrastructure Total Return Fund focuses on the large and diverse North American pipeline universe.

Fund Stats as of 4/03/2025:

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NAV

$19.42

NAV Change

$-0.96

Overall Morningstar Rating

Tortoise Energy Infrastructure Total Return Fund (TORTX) received a Four-Star Overall Morningstar Rating™ among 94 Energy Limited Partnership Funds (based on a weighted average of the fund's three-, five-, and ten-year risk-adjusted return measure, if applicable) as of 12/31/2024.

Overview Portfolio Performance Distributions Literature Tax Information

The Tortoise Energy Infrastructure Total Return Fund focuses on the large and diverse North American pipeline universe. The fund invests primarily in equity securities of energy infrastructure 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 is designed to provide:

  • Access to the sizable pipeline network of one of the world's largest consumers of energy
  • 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 2/28/2025
Total Assets $3.3 billion
Investment Objective Total return
Fiscal Year End November 30
Structure Regulated investment company (RIC)

Portfolio

As of 2/28/2025

Created with Highstock 6.2.0Due to rounding, totals may not equal 100%Natural gasinfrastructure74%Liquidsinfrastructure25%Renewables andPowerInfrastructure1%Natural gas infrastructure 74%Liquids infrastructure 25%Renewables and Power Infrastructure 1%Sector BreakdownHighcharts.com
Created with Highstock 6.2.0Due to rounding, totals may not equal 100%C-corps/LLCs75%MLPs 25%C-corps/LLCs 75%MLPs 25%Security TypeHighcharts.com

Top 10 Holdings *

As of 2/28/2025
Company % of Total
Targa Resources Corp.
10.2%
Cheniere Energy, Inc.
10.1%
ONEOK, Inc.
8.7%
MPLX LP
7.8%
The Williams Companies, Inc.
7.8%
Company % of Total
Energy Transfer LP
7.4%
Plains GP Holdings, L.P.
5.0%
Kinder Morgan, Inc.
4.9%
Enbridge, Inc.
4.9%
TC Energy Corporation
4.8%

Top 10 Holdings as % of Investment Securities: 71.6%

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* Fund holdings are subject to change and are not recommendations to buy or sell any security.

 

Time Period

Expense Ratios

Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

Performance data shown reflecting the A Class (maximum load) reflect a sales charge of 5.50%. Performance data shown "excluding load" do not reflect the deduction of the maximum sales load. If reflected, the load would reduce the performance quoted. 

Performance data shown for the C Class (including CDSC) reflect a contingent deferred sales charge ("CDSC") of 1% for the first 12 months of investment. Performance data shown "excluding CDSC" do not reflect the deduction of the CDSC. If reflected, the CDSC would reduce the performance quoted.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

  1. Period from fund inception (5/31/2011) through 12/31/2023. The Institutional and A Class Share commenced operations on 5/31/2011 and C Class Shares commenced operations on 9/19/2012. Performance shown prior to inception of the C Class Shares is based on the performance of the Institutional Class Shares, adjusted for the higher expenses applicable to C Class Shares.

  2. Period from fund inception (5/31/2011) through 2/28/2025. The Institutional and A Class Share commenced operations on 5/31/2011 and C Class Shares commenced operations on 9/19/2012. Performance shown prior to inception of the C Class Shares is based on the performance of the Institutional Class Shares, adjusted for the higher expenses applicable to C Class Shares.

Note: For periods over one year, performance reflected is for the average annual returns.

The S&P 500® Index is an unmanaged market-value weighted index of stocks, which is widely regarded as the standard for measuring large-cap U.S. stock market performance. The Tortoise North American Pipeline Index℠ is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the U.S. and Canada. It is not possible to invest directly in an index.

Distribution Detail

See complete history

Section 19(a) Notifications

The fund will pay distributions quarterly in February, May, August and November with a possible distribution in December, if necessary.  All such distributions will be paid towards the end of these respective months.  The components of the distributions will vary, depending on the time of year, as summarized in the table below.

Distribution timing Timing rationale Distribution components
February Quarterly fiscal period Net investment income (as defined below*) for the first quarter of the fiscal year and a portion of the return of capital associated with its investments
May Quarterly fiscal period Net investment income (as defined below*) for the second quarter of the fiscal year and a portion of the return of capital associated with its investments
August Quarterly fiscal period Net investment income (as defined below*) for the third quarter of the fiscal year and a portion of the return of capital associated with its investments
November Quarterly fiscal period Net investment income for the fourth quarter of the fiscal year, a portion of the return of capital associated with its investments, and any short term or long-term capital gains realized for the fiscal year
December (possible) Calendar year end true-up True-up of any remaining net investment income and capital gains for the calendar year to avoid excise tax, pursuant to tax regulations of regulated investment companies (RIC)

*Net investment income includes interest and dividends from investments and taxable income from MLPs, if any, net of expenses.

Tortoise Energy Infrastructure Total Return Fund TORTX

Performance Fact Sheet Summary Prospectus Statutory Prospectus Statement of Additional Information Annual Report Semi-Annual Report
Semi-Annual Financial Statements Quarterly Commentary Section 19(a) Notifications Schedule of Investments 8/31/2024 Schedule of Investments 2/29/2025 Annual Financial Statements Other Information Required In Form N-CSR
Commentaries 12/31/2024

Tortoise Energy Infrastructure Total Return Fund Commentary

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Commentaries 2/09/2018

Structure matters

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Tax Information

Tortoise Energy Infrastructure Total Return Fund

Find distributions and other tax-related resources for Tortoise Capital mutual funds.

Tax forms, publications and instructions are available for download from the IRS Web site.

Annual 1099-DIV

  1. Ordinary dividends are taxed at ordinary income tax rates.

  2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding-period requirements.

  3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.

  4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Press Releases

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