Tortoise Energy Infrastructure Total Return Fund (TORCX)
The Tortoise Energy Infrastructure Total Return Fund focuses on the large and diverse North American pipeline universe.
How to Invest
$18.20
Overview
TORCX 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 and renewable infrastructure).
The Tortoise Energy Infrastructure Total Return Fund focuses on the large and diverse North American pipeline universe.
The TORCX Advantage
Investing in the World’s Largest Infrastructure Network
The U.S. position as the world’s largest energy producer is expected to grow given rising demand for energy, energy exports, and growth in electricity. The fund invests in companies supporting this growth.
Real Asset Exposure with Inflation Alignment
By emphasizing investing in infrastructure generating cash flow from fee-based sources (often with inflation escalators), we believe the fund will be more resilient than commodity-driven peers through business and interest rate cycles.
Built for Total Return and Income
The fund targets higher current income than traditional energy funds by investing in cash-generative energy businesses.
Tax-Efficient Yield Delivery
Structured as a Regulated Investment Company (RIC), the fund distributes income via a 1099 (no K-1s) and avoids the double taxation that affects C-Corp funds.
Positioned for What’s Next
With a structural focus on natural gas, natural gas liquids (NGLs), and U.S. energy exports, the fund is aligned with long-term global trends in energy reliability, security, electrification, and industrial reshoring, not just oil prices.
Fund Details As of 01/12/26
| Total Assets (as of 11/30/2025) | $3.3 billion |
|---|---|
| Investment Objective | Total return |
| Fiscal Year End | November 30 |
| Structure | Regulated investment company (RIC) |
| NAV | $18.20 |
| Ticker | TORCX |
| 30-Day SEC Yield (as of 12/31/2025) | 3.11% |
| Minimum Investment | $2,500 |
|---|---|
| Max Front-End Sales Load | 1% |
| NAV Change | $0.04 |
| CUSIP | 890930605 |
| Redemption Fee | None |
| Max Deferred Sales Load | None |
| Distribution Rate (as of 12/31/25) | 4.32% |
Performance
Total Return
Time Period:
| Ticker | Class/Name | 1 Month | Calendar YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception1 |
|---|---|---|---|---|---|---|---|---|
| TORIX | Institutional | -0.44% | 4.94% | 4.94% | 19.64% | 24.11% | 11.36% | 8.84% |
| TORTX | A Class (excluding load) | -0.48% | 4.72% | 4.72% | 19.34% | 23.81% | 11.06% | 8.54% |
| TORTX | A Class (maximum load) | -5.95% | -1.04% | -1.04% | 17.11% | 22.41% | 10.44% | 8.12% |
| TORCX | C Class (excluding CDSC) | -0.54% | 3.86% | 3.86% | 18.43% | 22.85% | 10.26% | 6.64% |
| TORCX | C Class (including CDSC) | -1.54% | 2.87% | 2.87% | 18.43% | 22.85% | 10.26% | 6.64% |
| TNAPT | Tortoise North American Pipeline Index℠ | -1.27% | 8.22% | 8.22% | 18.69% | 21.57% | 12.76% | 9.95% |
| SPXT | S&P 500 Total Return Index | 0.06% | 17.88% | 17.88% | 23.01% | 14.42% | 14.82% | 13.90% |
| AMEIX | Alerian Midstream Energy Select Total Return Index | -0.17% | 6.58% | 6.58% | 20.88% | 24.26% | 12.70% | — |
Calendar Year Performance
| Class/Name | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Institutional | 4.94% | 42.91% | 14.19% | 22.13% | 40.81% | -29.51% | 19.39% | -15.14% | -1.03% | 42.12% | -35.80% | 11.66% | 28.60% | 6.58% | 16.12% |
Expense Ratios
| Ticker | Class/Name | Expense Ratio |
|---|---|---|
| TORIX | Institutional | 0.92% |
| TORTX | A Class | 1.17% |
| TORCX | C Class | 1.92% |
1 The Institutional and A Class Shares 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. 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. Returns include reinvested dividends. The Tortoise North American Pipeline IndexSM is a float-adjusted, capitalization-weighted index of pipeline companies headquartered in the U.S. and Canada. The Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMEI) and on a total-return basis (AMEIX). It is not possible to invest directly in an index.
For periods over one year, performance reflected is for the average annual returns.
Portfolio
Sector Breakdown
As of 12/31/2025
Due to rounding, totals may not equal 100%.
Security Type
As of 12/31/2025
Due to rounding, totals may not equal 100%.
Top 10 Holdings
As of 12/31/2025
| Company | % of Total |
|---|---|
| Targa Resources Corp. | 9.4% |
| The Williams Companies, Inc. | 8.5% |
| MPLX LP | 7.7% |
| Energy Transfer LP | 7.5% |
| Cheniere Energy, Inc. | 7.0% |
| Company | % of Total |
|---|---|
| TC Energy Corporation | 6.7% |
| DT Midstream, Inc. | 6.1% |
| Enbridge, Inc. | 5.3% |
| ONEOK, Inc. | 5.0% |
| Kinder Morgan, Inc. | 4.9% |
Top 10 Holdings as % of Investment Securities: 68.1%
Fund holdings are subject to change and are not recommendations to buy or sell any security.
Distributions
TORCX Distribution History
| Class/Name | Ticker | Ex-Date | Record Date | Payment Date | Amount |
|---|---|---|---|---|---|
| C Class | TORCX | 12/31/2025 | 12/30/2025 | 12/31/2025 | $0.0000 |
| C Class | TORCX | 11/25/2025 | 11/24/2025 | 11/25/2025 | $0.1980 |
| C Class | TORCX | 8/22/2025 | 8/21/2025 | 8/22/2025 | $0.1980 |
| C Class | TORCX | 5/23/2025 | 5/22/2025 | 5/23/2025 | $0.1980 |
| C Class | TORCX | 2/21/2025 | 2/20/2025 | 2/21/2025 | $0.1980 |
| 2025 Total: | $0.7920 | ||||
| C Class | TORCX | 12/30/2024 | 12/29/2024 | 12/30/2024 | $0.0000 |
| C Class | TORCX | 11/26/2024 | 11/25/2024 | 11/26/2024 | $0.1980 |
| C Class | TORCX | 8/22/2024 | 8/21/2024 | 8/22/2024 | $0.1980 |
| C Class | TORCX | 5/23/2024 | 5/22/2024 | 5/23/2024 | $0.1980 |
| C Class | TORCX | 2/22/2024 | 2/21/2024 | 2/22/2024 | $0.1980 |
| 2024 Total: | $0.7920 | ||||
| C Class | TORCX | 12/28/2023 | 12/27/2023 | 12/28/2023 | $0.1464 |
| C Class | TORCX | 11/28/2023 | 11/27/2023 | 11/28/2023 | $0.1150 |
| C Class | TORCX | 8/24/2023 | 8/23/2023 | 8/24/2023 | $0.1150 |
| C Class | TORCX | 5/25/2023 | 5/24/2023 | 5/25/2023 | $0.1150 |
| C Class | TORCX | 2/23/2023 | 2/22/2023 | 2/23/2023 | $0.0957 |
| 2023 Total: | $0.5871 | ||||
| C Class | TORCX | 12/29/2022 | 12/28/2022 | 12/29/2022 | $0.1143 |
| C Class | TORCX | 11/22/2022 | 11/21/2022 | 11/22/2022 | $0.1425 |
| C Class | TORCX | 8/25/2022 | 8/24/2022 | 8/25/2022 | $0.1155 |
| C Class | TORCX | 5/26/2022 | 5/25/2022 | 5/26/2022 | $0.1097 |
| C Class | TORCX | 2/24/2022 | 2/23/2022 | 2/24/2022 | $0.1172 |
| 2022 Total: | $0.5992 | ||||
| C Class | TORCX | 12/30/2021 | 12/29/2021 | 12/30/2021 | $0.1073 |
| C Class | TORCX | 11/23/2021 | 11/22/2021 | 11/23/2021 | $0.1700 |
| C Class | TORCX | 5/27/2021 | 5/26/2021 | 5/27/2021 | $0.1449 |
| 2021 Total: | $0.4222 | ||||
| C Class | TORCX | 12/30/2020 | 12/29/2020 | 12/30/2020 | $0.10099 |
| C Class | TORCX | 11/24/2020 | 11/23/2020 | 11/24/2020 | $0.18000 |
| C Class | TORCX | 5/21/2020 | 5/20/2020 | 5/21/2020 | $0.13995 |
| 2020 Total: | $0.4209 | ||||
| C Class | TORCX | 12/27/2019 | 12/26/2019 | 12/27/2019 | $0.00000 |
| C Class | TORCX | 11/27/2019 | 11/26/2019 | 11/27/2019 | $0.24000 |
| C Class | TORCX | 5/23/2019 | 5/22/2019 | 5/23/2019 | $0.17853 |
| 2019 Total: | $0.4185 | ||||
| C Class | TORCX | 12/27/2018 | 12/26/2018 | 12/27/2018 | $0.00156 |
| C Class | TORCX | 11/28/2018 | 11/27/2018 | 11/28/2018 | $0.20000 |
| C Class | TORCX | 5/24/2018 | 5/23/2018 | 5/24/2018 | $0.12406 |
| 2018 Total: | $0.3256 | ||||
| C Class | TORCX | 12/28/2017 | 12/27/2017 | 12/28/2017 | $0.00271 |
| C Class | TORCX | 11/28/2017 | 11/27/2017 | 11/28/2017 | $0.16000 |
| C Class | TORCX | 5/25/2017 | 5/24/2017 | 5/25/2017 | $0.09503 |
| 2017 Total: | $0.2577 | ||||
| C Class | TORCX | 12/29/2016 | 12/28/2016 | 12/29/2016 | $0.04032 |
| C Class | TORCX | 5/26/2016 | 5/25/2016 | 5/26/2016 | $0.10884 |
| 2016 Total: | $0.1492 | ||||
| C Class | TORCX | 12/30/2015 | 12/29/2015 | 12/30/2015 | $0.15490 |
| C Class | TORCX | 11/25/2015 | 11/24/2015 | 11/25/2015 | $0.21424 |
| C Class | TORCX | 5/28/2015 | 5/27/2015 | 5/28/2015 | $0.06518 |
| 2015 Total: | $0.4343 | ||||
| C Class | TORCX | 11/25/2014 | 11/24/2014 | 11/25/2014 | $0.84233 |
| C Class | TORCX | 5/29/2014 | 5/28/2014 | 5/29/2014 | $0.05935 |
| 2014 Total: | $0.9017 | ||||
| C Class | TORCX | 12/27/2013 | 12/26/2013 | 12/27/2013 | $0.21938595 |
| 2013 Total: | $0.2194 | ||||
| C Class | TORCX | 12/27/2012 | 12/26/2012 | 12/27/2012 | $0.21614064 |
| 2012 Total: | $0.2161 | ||||
Section 19(a) Notifications
A portion of the distribution includes a return of capital to the investor. For additional information, please see the Section 19(a) notice.
Distribution Strategy
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.
Literature
- Fact Sheet
- Summary Prospectus
- Statutory Prospectus
- Statement of Additional Information
- Annual Report
- Annual Financial Statements
- Semi-Annual Report
- Semi-Annual Financial Statements
- Form N-PX
- Quarterly Commentary
- Schedule of Investments 2/28/2025
- Schedule of Investments 8/31/2025
- Other Information Required In Form N-CSR
Tax Information
Find information and other tax-related resources for Tortoise Capital exchange-traded funds. Tax forms, publications and instructions are available for download from the IRS website.