Tortoise Energy Infrastructure Total Return Fund | ||||||||
Schedule of Investments | ||||||||
as of February 29, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 74.6% | Shares | Value | ||||||
Canada Crude Oil Pipelines - 9.5% | ||||||||
Enbridge, Inc. | 3,012,387 | $ | 103,686,361 | |||||
Pembina Pipeline Corporation | 3,066,622 | 106,721,112 | ||||||
210,407,473 | ||||||||
Canada Natural Gas/Natural Gas Liquids Pipelines - 6.3% | ||||||||
Keyera Corp. | 2,873,032 | 70,685,288 | ||||||
TC Energy Corporation | 1,739,291 | 68,788,959 | ||||||
139,474,247 | ||||||||
United States Crude Oil Pipelines - 4.9% | ||||||||
Plains GP Holdings L.P. | 6,244,726 | 107,409,287 | ||||||
United States Natural Gas Gathering/Processing - 9.3% | ||||||||
Antero Midstream Corporation | 2,351,910 | 31,515,594 | ||||||
EnLink Midstream, LLC | 4,048,162 | 49,913,837 | ||||||
Equitrans Midstream Corp. | 5,485,143 | 58,636,179 | ||||||
Hess Midstream LP – Class A | 1,509,357 | 51,453,980 | ||||||
Kinetik Holdings, Inc. | 210,428 | 7,432,317 | ||||||
Kodiak Gas Services, Inc. | 270,976 | 6,909,888 | ||||||
205,861,795 | ||||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 43.3% | ||||||||
Cheniere Energy, Inc. | 1,242,345 | 192,811,944 | ||||||
DT Midstream, Inc. | 449,197 | 25,887,223 | ||||||
Excelerate Energy, Inc. | 296,135 | 4,649,319 | ||||||
Kinder Morgan, Inc. | 8,999,133 | 156,494,923 | ||||||
NextDecade Corp.(a) | 1,909,915 | 8,766,510 | ||||||
ONEOK, Inc. | 2,189,822 | 164,499,429 | ||||||
Targa Resources Corp. | 2,396,649 | 235,446,798 | ||||||
The Williams Companies, Inc. | 4,594,384 | 165,122,161 | ||||||
953,678,307 | ||||||||
United States Renewables and Power Infrastructure - 1.3% | ||||||||
Clearway Energy, Inc. | 343,302 | 7,483,984 | ||||||
NextEra Energy Partners LP | 379,501 | 10,424,892 | ||||||
Sempra Energy | 143,558 | 10,135,195 | ||||||
28,044,071 | ||||||||
TOTAL COMMON STOCKS (Cost $1,111,964,748) | 1,644,875,180 | |||||||
MASTER LIMITED PARTNERSHIPS - 22.9% | Shares | Value | ||||||
United States Crude Oil Pipelines - 2.6% | ||||||||
NuStar Energy LP | 1,580,762 | 37,337,598 | ||||||
Plains All American Pipeline LP | 1,176,848 | 19,323,844 | ||||||
56,661,442 | ||||||||
United States Natural Gas Gathering/Processing - 3.3% | ||||||||
Western Midstream Partners LP | 2,171,435 | 72,634,501 | ||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 9.1% | ||||||||
Energy Transfer LP | 7,344,076 | 107,517,272 | ||||||
Enterprise Products Partners LP | 3,398,344 | 93,284,543 | ||||||
200,801,815 | ||||||||
United States Other - 0.1% | ||||||||
Westlake Chemical Partners LP | 127,871 | 2,843,851 | ||||||
United States Refined Product Pipelines - 7.8% | ||||||||
MPLX LP | 4,448,206 | 170,989,039 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $293,876,511) | 503,930,648 | |||||||
SHORT-TERM INVESTMENTS - 1.5% | ||||||||
Money Market Funds - 1.5% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(b) | 33,775,524 | 33,775,524 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $33,775,524) | 33,775,524 | |||||||
TOTAL INVESTMENTS - 99.0% (Cost $1,439,616,783) | $ | 2,182,581,352 | ||||||
Other Assets in Excess of Liabilities - 1.0% | 21,392,982 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 2,203,974,334 | ||||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. | |
(b) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: 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 inputs used to value the Fund's investments as of February 29, 2024. See the Schedule of Investments for an industry breakout. Tortoise Energy Infrastructure Total Return Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,644,875,179 | $ | – | $ | – | $ | 1,644,875,179 | ||||||||
Master Limited Partnerships | 503,930,649 | – | – | 503,930,649 | ||||||||||||
Money Market Funds | 33,775,524 | – | – | 33,775,524 | ||||||||||||
Total Assets | $ | 2,182,581,352 | $ | – | $ | – | $ | 2,182,581,352 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||