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Tortoise Power and Energy Infrastructure Fund
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Schedule of Investments
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August 31, 2024 (Unaudited)
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CORPORATE BONDS - 54.0%
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Par
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Value
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Canada Crude Oil Pipelines - 6.1%
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Enbridge, Inc., 5.50% to 07/15/2027 then 3 mo. Term SOFR + 3.68%, 07/15/2077 (a)
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$
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7,042,000
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$
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6,785,658
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United States Natural Gas Gathering/Processing - 18.4%
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Antero Midstream Partners LP, 5.75%, 03/01/2027 (b)
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3,800,000
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3,785,242
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Blue Racer Midstream LLC, 6.63%, 07/15/2026 (b)
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2,950,000
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2,949,185
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EnLink Midstream LLC, 6.50%, 09/01/2030 (b)
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4,900,000
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5,247,474
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Hess Corp., 5.63%, 02/15/2026 (b)
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4,160,000
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4,148,474
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Kodiak Gas Services LLC, 7.25%, 02/15/2029 (b)
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4,000,000
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4,142,804
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20,273,179
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United States Natural Gas/Natural Gas Liquids Pipelines - 18.5%
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Cheniere Energy, Inc., 4.63%, 10/15/2028 (a)
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3,100,000
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3,065,961
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NGPL PipeCo LLC, 3.25%, 07/15/2031 (b)
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3,500,000
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3,067,135
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ONEOK, Inc., 6.35%, 01/15/2031 (a)
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3,000,000
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3,220,650
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Tallgrass Energy LP, 5.50%, 01/15/2028 (b)
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3,250,000
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3,134,791
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Targa Resources Corp., 5.20%, 07/01/2027 (a)
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4,000,000
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4,058,429
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Venture Global LNG, Inc., 9.88%, 02/01/2032 (b)
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3,500,000
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3,888,451
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20,435,417
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United States Other - 3.9%
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New Fortress Energy, Inc., 6.50%, 09/30/2026 (b)
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5,000,000
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4,329,686
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United States Refined Product Pipelines - 1.6%
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Buckeye Partners LP, 5.85%, 11/15/2043 (a)
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2,000,000
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1,808,517
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United States Renewables and Power Infrastructure - 5.4%
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NextEra Energy, Inc., 4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077 (a)
(c)
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4,500,000
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4,171,765
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Vistra Corp., 7.75%, 10/15/2031 (b)
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1,700,000
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1,808,778
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5,980,543
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TOTAL CORPORATE BONDS (Cost
$60,066,882)
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59,613,000
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COMMON STOCKS - 43.2%
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Shares
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Value
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Canada Crude Oil Pipelines - 1.4%
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Enbridge, Inc. (a)
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39,056
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1,569,270
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Canada Natural Gas/Natural Gas Liquids Pipelines - 2.0%
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TC Energy Corp.
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48,667
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2,255,229
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United States Crude Oil Pipelines - 6.2%
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Plains GP Holdings LP (a)
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358,745
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6,887,905
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United States Natural Gas Gathering/Processing – 4.0%
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EnLink Midstream LLC (a)
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90,965
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1,306,258
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Hess Midstream Partners LP - Class A
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66,901
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2,498,752
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Kinetik Holdings, Inc. (a)
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11,954
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528,845
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4,333,855
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United States Natural Gas/Natural Gas Liquids Pipelines - 26.5%
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DT Midstream, Inc. (a)
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24,885
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1,955,712
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Excelerate Energy, Inc. - Class A
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11,787
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214,877
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Kinder Morgan, Inc. (a)
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160,775
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3,467,917
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NextDecade Corp. (a) (d)
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98,612
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459,532
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ONEOK, Inc. (a)
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73,551
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6,793,170
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Targa Resources Corp. (a)
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63,653
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9,350,626
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The Williams Companies, Inc. (a)
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152,520
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6,980,840
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29,222,674
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United States Refining - 0.3%
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PBF Energy, Inc. - Class A
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8,275
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281,846
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United States Renewables and Power Infrastructure - 2.8%
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Clearway Energy, Inc. - Class C
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13,342
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386,384
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Sempra Energy
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33,854
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2,782,122
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3,168,506
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TOTAL COMMON STOCKS (Cost $27,890,947)
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47,719,285
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MASTER LIMITED PARTNERSHIPS - 24.3%
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Units
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Value
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United States Natural Gas Gathering/Processing - 4.8%
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Western Midstream Partners LP
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135,715
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5,235,885
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United States Natural Gas/Natural Gas Liquids Pipelines - 11.1%
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Energy Transfer LP (a)
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425,604
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6,852,224
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Enterprise Products Partners LP
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184,023
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5,399,235
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12,251,459
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United States Refined Product Pipelines - 8.4%
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MPLX LP (a)
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170,962
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7,330,850
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Sunoco LP (a)
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36,274
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1,964,963
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9,295,813
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TOTAL MASTER LIMITED PARTNERSHIPS (Cost $11,593,973)
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26,783,157
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SHORT-TERM INVESTMENTS - 0.3%
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Money Market Funds - 0.3%
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Shares
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Invesco Government & Agency Portfolio - Class Institutional, 5.19% (e)
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332,853
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332,853
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TOTAL SHORT-TERM INVESTMENTS
(Cost $332,853)
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332,853
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TOTAL INVESTMENTS - 121.8% (Cost
$99,884,655)
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134,448,295
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Other Assets in Excess of Liabilities – 0.4%
Credit Facility Borrowings – (22.2)%
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485,296
(24,500,000
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TOTAL NET ASSETS - 100.0%
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$
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110,433,591
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Percentages are stated as a percent of net assets.
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Tortoise Power and Energy Infrastructure 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:
