Tortoise Energy Independence Fund (NDP) NPORT-P Tortoise Energy Independence Fund (Aug 2020 report)

Tortoise Energy Independence Fund, Inc.
SCHEDULE OF INVESTMENTS (Unaudited)
	August 31, 2020
Common Stock - 96.4%(1)	Shares		Fair Value
Crude Oil Pipelines - 5.2%(1)
Canada - 5.2%(1)
Enbridge Inc.		47,200		1,511,344
Natural Gas/Natural Gas Liquids Pipelines - 24.0%(1)
United States - 24.0%(1)
Cheniere Energy, Inc.(2)		38,900		2,024,745
Kinder Morgan Inc.		104,400		1,442,808
TC Energy Corporation		28,748		1,341,382
The Williams Companies, Inc.		105,500		2,190,180
				6,999,115
Oil and Gas Production - 60.4%(1)
United States - 60.4%(1)
BP PLC		39,283		822,193
Cabot Oil & Gas Corporation		125,700		2,384,527
Chevron Corporation		27,300		2,291,289
Concho Resources Inc.		26,566		1,380,901
ConocoPhillips		35,594		1,348,657
Diamondback Energy, Inc.		39,717		1,547,374
EOG Resources, Inc.		33,000		1,496,220
EQT Corporation(2)		123,800		1,964,706
Parsley Energy, Inc.		67,606		726,765
Pioneer Natural Resources Company		18,700		1,943,491
Royal Dutch Shell PLC		56,700		1,682,856
				17,588,979
Diversified Infrastructure - 6.8%(1)
United States - 6.8%(1)
NextEra Energy, Inc.(2)		3,800		1,060,846
Sempra Energy		7,500		927,375
				1,988,221
Total Common Stock (Cost $31,387,629)				28,087,659
Master Limited Partnerships - 9.5%(1)
Natural Gas/Natural Gas Liquids Pipelines - 6.9%(1)
United States - 6.9%(1)
Energy Transfer LP		116,900		750,498
Enterprise Products Partners L.P.		71,100		1,248,516
				1,999,014
Natural Gas Gathering/Processing - 1.1%(1)
United States - 1.1%(1)
Noble Midstream Partners LP		37,208		333,384
Refined Product Pipelines - 1.5%(1)
United States - 1.5%(1)
Magellan Midstream Partners, L.P.		11,423		434,188
Total Master Limited Partnerships (Cost $4,447,733)				2,766,586
Preferred Stock - 6.7%(1)
Natural Gas Gathering/Processing - 6.7%(1)
United States - 6.7%(1)
Targa Resources Corp., 9.500%(3)(4) (Cost $1,688,542)		1,997		1,936,691
Special Purpose Acquisition Companies - 2.3%(1)
Other - 2.3%(1)
United States - 2.3%(1)
Northern Genesis Acquisition Corp		34,000		337,280
Star Peak Energy Transition Corp		34,600		344,616
Total Special Purpose Acquisition Companies (Cost $685,916)				681,896
Short-Term Investment - 0.4%(1)
United States Investment Company - 0.4%(1)
Invesco Government & Agency Portfolio - Institutional Class, 0.03%(5) (Cost $117,592)		117,592		117,592
Total Investments - 115.3%(1) (Cost $38,327,412)				33,590,424
Other Assets and Liabilities - (0.2)%(1)				(53,002	)
Credit Facility Borrowings - (15.1)%(1)				(4,400,000	)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)			$	29,137,422

(1)	Calculated as a percentage of net assets applicable to common stockholders.
(2)	Non-income producing security.
(3)	Restricted securities have a total fair value of $1,936,691, which represents 6.7% of net assets. See Note 6 to the financial statements for further disclosure.
(4)	Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments, as more fully described in Note 2 to the financial statements.
(5)	Rate indicated is the current yield as of August 31, 2020.

Various inputs are used in determining the fair value of the Funds’ investments and financial instruments.  These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.)

Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables provide the fair value measurements of applicable assets and liabilities by level within the fair value hierarchy as of August 31, 2020.  These assets and liabilities are measured on a recurring basis.

NDP:
Description	Level 1		Level 2		Level 3		Total
Assets
Investments:
Common Stock(a)	$	28,087,659	$	-	$	-	$	28,087,659
Master Limited Partnerships(a)		2,766,586		-		-		2,766,586
Preferred Stock(a)		-		-		1,936,691		1,936,691
Special Purpose Acquisition Companies		681,896		-		-		681,896
Short-Term Investment(b)		117,592		-		-		117,592
Total Assets	$	31,653,733	$	-	$	1,936,691	$	33,590,424

(a) All other industry classifications are identified in the Schedule of Investments.

(b) Short-term investment is a sweep investment for cash balances.

The following tables present each Fund’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period ended August 31, 2020:

Preferred Stock	NDP
Balance – beginning of period	$	2,133,275
Purchases		-
Return of capital		-
Sales		-
Total realized gain/loss		-
Change in unrealized gain/loss		(196,584)
Balance – end of period	$	1,936,691

	NDP
Change in unrealized gain/loss on investments still held at August 31, 2020	$	(196,585)