Tortoise Pipeline & Energy Fund | | | | | | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | | | | | | |
| | | | | | |
| | February 28, 2022 | |
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| | Principal Amount/Shares | | | Fair Value | |
Common Stock - 94.1% (1) | | | | | | |
Crude Oil Pipelines - 27.0% (1) | | | | | | |
Canada - 19.5% (1) | | | | | | |
Enbridge Inc. | | | 197,300 | | | $ | 8,519,414 | |
Gibson Energy, Inc. | | | 50,815 | | | | 991,845 | |
Pembina Pipeline Corp. | | | 130,637 | | | | 4,442,173 | |
| | | | | | | 13,953,432 | |
United States - 7.5% (1) | | | | | | | | |
Plains GP Holdings LP | | | 476,656 | | | | 5,390,979 | |
Energy Technology - 0.2% (1) | | | | | | | | |
United States - 0.2% (1) | | | | | | | | |
ESS Tech, Inc. (2) | | | 20,820 | | | | 108,056 | |
Natural Gas Gathering/Processing - 9.3% (1) | | | | | | | | |
United States - 9.3% (1) | | | | | | | | |
Antero Midstream Corp. | | | 101,317 | | | | 1,017,223 | |
Equitrans Midstream Corp. | | | 307,343 | | | | 1,970,068 | |
Hess Midstream Partners LP | | | 78,784 | | | | 2,517,937 | |
Targa Resources Corp. | | | 18,106 | | | | 1,183,589 | |
| | | | | | | 6,688,817 | |
Natural Gas/Natural Gas Liquids Pipelines - 48.4% (1) | | | | | | | | |
Canada - 10.9% (1) | | | | | | | | |
Keyera Corp. | | | 73,152 | | | | 1,713,517 | |
TC Energy Corporation | | | 113,623 | | | | 6,102,691 | |
| | | | | | | 7,816,208 | |
United States - 37.5% (1) | | | | | | | | |
Cheniere Energy, Inc. | | | 14,920 | | | | 1,982,868 | |
Kinder Morgan Inc. | | | 389,508 | | | | 6,777,439 | |
ONEOK, Inc. | | | 125,406 | | | | 8,189,012 | |
The Williams Companies, Inc. | | | 317,849 | | | | 9,942,317 | |
| | | | | | | 26,891,636 | |
Renewables and Power Infrastructure - 9.2% (1) | | | | | | | | |
United States - 9.2% (1) | | | | | | | | |
Archaea Energy, Inc. (2) | | | 14,797 | | | | 271,377 | |
Clearway Energy Inc. | | | 22,000 | | | | 734,800 | |
NextEra Energy Partners, LP | | | 29,030 | | | | 2,264,630 | |
Sempra Energy | | | 23,017 | | | | 3,319,512 | |
| | | | | | | 6,590,319 | |
Total Common Stock | | | | | | | | |
(Cost $60,568,137) | | | | | | | 67,439,447 | |
| | | | | | | | |
Master Limited Partnerships - 31.8% (1) | | | | | | | | |
Crude Oil Pipelines - 3.4% (1) | | | | | | | | |
United States - 3.4% (1) | | | | | | | | |
NuStar Energy L.P. | | | 40,806 | | | | 651,264 | |
Shell Midstream Partners LP | | | 124,825 | | | | 1,746,302 | |
| | | | | | | 2,397,566 | |
Natural Gas Gathering/Processing - 2.9% (1) | | | | | | | | |
United States - 2.9% (1) | | | | | | | | |
Western Midstream Partners, LP | | | 79,732 | | | | 2,076,221 | |
Natural Gas/Natural Gas Liquids Pipelines - 14.0% (1) | | | | | | | | |
United States - 14.0% (1) | | | | | | | | |
DCP Midstream, LP | | | 64,274 | | | | 2,126,184 | |
Energy Transfer LP | | | 386,197 | | | | 3,916,038 | |
Enterprise Products Partners L.P. | | | 163,236 | | | | 3,986,223 | |
| | | | | | | 10,028,445 | |
Other - 0.2% (1) | | | | | | | | |
United States - 0.2% (1) | | | | | | | | |
Westlake Chemical Partners LP | | | 4,940 | | | | 129,971 | |
Refined Product Pipelines - 11.3% (1) | | | | | | | | |
United States - 11.3% (1) | | | | | | | | |
Holly Energy Partners LP | | | 17,374 | | | | 288,756 | |
Magellan Midstream Partners L.P. | | | 56,630 | | | | 2,747,688 | |
MPLX LP | | | 134,271 | | | | 4,401,403 | |
Phillips 66 Partners LP | | | 16,282 | | | | 686,612 | |
| | | | | | | 8,124,459 | |
Total Master Limited Partnerships | | | | | | | | |
(Cost $17,825,863) | | | | | | | 22,756,662 | |
| | | | | | | | |
Preferred Stock - 0.8% (1) | | | | | | | | |
Natural Gas/Natural Gas Liquids Pipelines - 0.8% (1) | | | | | | | | |
United States - 0.8% (1) | | | | | | | | |
Altus Midstream Company 7.000% (3)(4) | | | | | | | | |
(Cost $465,298) | | | 465,298 | | | | 589,588 | |
| | | | | | | | |
Short-Term Investment - 0.5% (1) | | | | | | | | |
United States Investment Company - 0.5% (1) | | | | | | | | |
Invesco Government & Agency Portfolio, Institutional Class, 0.03% (5) | | | | | | | | |
(Cost $346,961) | | | 346,961 | | | | 346,961 | |
| | | | | | | | |
Total Investments - 127.2% (1) | | | | | | | | |
(Cost $79,206,259) | | | | | | | 91,132,658.00 | |
Other Assets and Liabilities - 0.9% (1) | | | | | | | 662,871 | |
Credit Facility Borrowings - (14.1)% (1) | | | | | | | (10,100,000 | ) |
Senior Notes - (5.5)% (1) | | | | | | | (3,942,857 | ) |
Mandatory Redeemable Preferred Stock at Liquidation Value - (8.5)% (1) | | | | | | | (6,100,000 | ) |
Total Net Assets Applicable to Common Stockholders - 100.0% (1) | | | | | | $ | 71,652,672 | |