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

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate

(a)
All or a portion of the security is segregated as collateral for the margin borrowing facility
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $36,502,020 or 33.1% of the Fund’s net assets.
(c)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)
Non-income producing security.
(e)
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 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:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Corporate Bonds
  
$
–
    
$
59,613,000
    
$
–
    
$
59,613,000
  
  Common Stocks
    
47,719,285
      
–
      
–
      
47,719,285
  
  Master Limited Partnerships
    
26,783,157
      
–
      
–
      
26,783,157
  
  Money Market Funds
    
332,853
      
–
      
–
      
332,853
  
Total Investments
  
$
74,835,295
    
$
59,613,000
    
$
–
    
$
134,448,295
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

Tortoise Power and Energ... (NYSE:TPZ)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Tortoise Power and Energ... Charts.
Tortoise Power and Energ... (NYSE:TPZ)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Tortoise Power and Energ... Charts.