Tortoise Pipeline & Energy Fund
  
Schedule of Investments
  
August 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.9%
  
Shares
    
Value
  
Canada Crude Oil Pipelines - 14.7%
        
Enbridge, Inc.
    
172,836
    
$
6,944,551
  
Gibson Energy, Inc.
    
50,815
      
838,590
  
Pembina Pipeline Corp.
    
124,957
      
5,033,885
  
             
12,817,026
  
                 
Canada Natural Gas/Natural Gas Liquids Pipelines - 8.7%
          
Keyera Corp.
    
78,735
      
2,358,573
  
TC Energy Corp.
    
112,973
      
5,235,169
  
             
7,593,742
  
                 
United States Crude Oil Pipelines - 11.2%
          
Plains GP Holdings, L.P.
    
508,250
      
9,758,400
  
                 
United States Natural Gas Gathering/Processing - 8.2%
          
Antero Midstream Corp.
    
172,434
      
2,564,094
  
Hess Midstream Partners LP - Class A
    
112,695
      
4,209,158
  
Kinetik Holdings, Inc.
    
8,934
      
395,240
  
             
7,168,492
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 50.7%
          
Cheniere Energy, Inc.
    
27,120
      
5,024,251
  
DT Midstream, Inc.
    
27,432
      
2,155,881
  
Excelerate Energy, Inc. - Class A
    
8,917
      
162,557
  
Kinder Morgan, Inc.
    
389,508
      
8,401,687
  
NextDecade Corp. (a)
    
70,953
      
330,641
  
ONEOK, Inc.
    
116,871
      
10,794,206
  
Targa Resources Corp.
    
46,463
      
6,825,415
  
The Williams Companies, Inc.
    
230,187
      
10,535,659
  
             
44,230,297
  
                 
United States Renewables and Power Infrastructure - 4.5%
          
Clearway Energy, Inc. - Class C
    
22,000
      
637,120
  
Sempra Energy
    
40,198
      
3,303,472
  
             
3,940,592
  
TOTAL COMMON STOCKS (Cost $56,060,022)
      
85,508,549
  
                 
MASTER LIMITED PARTNERSHIPS - 21.4%
  
Units
    
Value
  
United States Natural Gas Gathering/Processing - 3.7%
          
Western Midstream Partners LP
    
84,289
      
3,251,870
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 10.8%
          
Energy Transfer LP
    
292,468
      
4,708,735
  
Enterprise Products Partners LP
    
161,766
      
4,746,214
  
             
9,454,949
  
                 
United States Other - 0.1%
          
Westlake Chemical Partners LP
    
4,940
      
112,336
  
                 
United States Refined Product Pipelines - 6.8%
          
MPLX LP
    
113,530
      
4,868,166
  
Sunoco LP
    
19,354
      
1,048,406
  
             
5,916,572
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $7,668,101)
      
18,735,727
  
                 
SHORT-TERM INVESTMENTS - 0.3%
                
Money Market Funds - 0.3%
  
Shares
          
Invesco Government & Agency Portfolio - Class Institutional, 5.19% (b)
    
282,235
      
282,235
  
TOTAL SHORT-TERM INVESTMENTS (Cost $282,235)
      
282,235
  
                 
TOTAL INVESTMENTS - 119.6% (Cost $64,010,358)
      
104,526,511
  
Liabilities in Excess of Other Assets - (0.1)%
      
(87,202
)
Credit Facility Borrowings – (8.0)%
      (7,000,000 )
Senior Notes – (4.5)%       (3,942,857 )
Mandatory Redeemable Preferred Stock at Liquidation Value – (7.0)%       (6,100,000 )
TOTAL NET ASSETS - 100.0%
          
$
87,396,452
  
               
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.


Summary of Fair Value Disclosure as of August 31, 2024 (Unaudited)
 
Tortoise Pipeline & Energy Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
85,508,549
    
$
–
    
$
–
    
$
85,508,549
  
  Master Limited Partnerships
    
18,735,727
      
–
      
–
      
18,735,727
  
  Money Market Funds
    
282,235
      
–
      
–
      
282,235
  
Total Investments
  
$
104,526,511
    
$
–
    
$
–
    
$
104,526,511
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

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