Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Tortoise Midstream Energy Fund
Schedule of Investments
August 31, 2024 (Unaudited)
COMMON STOCKS - 93.8%		Shares				Value
Canada Crude Oil Pipelines - 7.9%
Enbridge, Inc.			256,103			$	10,290,218
Pembina Pipeline Corp.			278,903				11,234,213
							21,524,431
Canada Natural Gas/Natural Gas Liquids Pipelines - 3.8%
TC Energy Corp.			224,613				10,408,567
United States Crude Oil Pipelines - 9.3%
Plains GP Holdings LP			1,315,066				25,249,267
United States Natural Gas Gathering/Processing - 10.8%
EnLink Midstream LLC			800,186				11,490,671
Hess Midstream Partners LP - Class A			420,939				15,722,072
Kinetik Holdings, Inc.			46,011				2,035,526
							29,248,269
United States Natural Gas/Natural Gas Liquids Pipelines - 53.1%
Cheniere Energy, Inc.			71,192				13,189,030
DT Midstream, Inc.			199,939				15,713,206
Excelerate Energy, Inc. - Class A			70,562				1,286,345
Kinder Morgan, Inc.			641,386				13,834,696
New Fortress Energy, Inc.			109,719				1,351,738
NextDecade Corp. (a)			228,576				1,065,164
ONEOK, Inc.			327,155				30,216,036
Targa Resources Corp.			234,259				34,412,647
The Williams Companies, Inc.			710,249				32,508,097
							143,576,959
United States Renewables and Power Infrastructure – 8.9%
Clearway Energy, Inc. - Class C			406,177				11,762,886
NextEra Energy, Inc.			26,725				2,151,630
Vistra Corp.			121,875				10,411,781
							24,326,297
TOTAL COMMON STOCKS (Cost $251,855,753)							254,333,790
MASTER LIMITED PARTNERSHIPS - 26.0%		Units				Value
United States Natural Gas Gathering/Processing - 5.0%
Western Midstream Partners LP			352,572				13,602,228
United States Natural Gas/Natural Gas Liquids Pipelines - 11.0%
Energy Transfer LP			962,003				15,488,248
Enterprise Products Partners LP			489,300				14,356,062
							29,844,310
United States Refined Product Pipelines - 10.0%
MPLX LP			630,996				27,057,109
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $39,310,839)							70,503,647
PREFERRED STOCK - 1.3%		Units				Value
United States Natural Gas Gathering/Processing - 1.3%
EnLink Midstream Partners 9.72% (3 mo. Term SOFR + 4.37%), Perpetual			3,400				3,391,125
TOTAL PREFERRED STOCK (Cost $3,400,000)							3,391,125
SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%		Shares
First American Government Obligations Fund - Class X, 5.22% (b)			490,844				490,844
TOTAL SHORT-TERM INVESTMENTS (Cost $490,844)							490,844
TOTAL INVESTMENTS - 121.3% (Cost $295,057,436)							328,719,406
Other Assets in Excess of Liabilities - 0.3%							714,415
Credit Facility Borrowings - (5.7)%							(15,600,000	)
Senior Notes - (10.8)%							(29,170,677	)
Mandatory Redeemable Preferred Stock at Liquidation Value - (5.1)%							(13,753,775	)
TOTAL NET ASSETS - 100.0%						$	270,909,369
Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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Summary of Fair Value Disclosure as of August 31, 2024 (Unaudited)

 

Tortoise Midstream Energy 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:
Common Stocks		$	254,333,790			$	–			$	–			$	254,333,790
Master Limited Partnerships			70,503,647				–				–				70,503,647
Preferred Stock			–				3,391,125				–				3,391,125
Money Market Funds			490,844				–				–				490,844
Total Investments		$	325,328,281			$	3,391,125			$	–			$	328,719,406
Refer to the Schedule of Investments for further disaggregation of investment categories.

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