Tortoise Energy Independence Fund
           
SCHEDULE OF INVESTMENTS (Unaudited)
           
             
   
August 31, 2023
 
             
   
Shares
   
Fair Value
 
Common Stock - 93.5% (1)
           
Canada Crude Oil Pipelines - 1.3% (1)
           
Enbridge, Inc.
   
23,865
   
$
837,184
 
Canada Natural Gas/Natural Gas Liquids Pipelines - 1.1% (1)
               
TC Energy Corp.
   
19,745
     
713,189
 
Canada Oil and Gas Production - 2.1% (1)
               
Suncor Energy, Inc.
   
40,528
     
1,373,089
 
United States Natural Gas Gathering/Processing - 2.6% (1)
               
Kinetik Holdings, Inc.
   
5,678
     
199,355
 
Kodiak Gas Services, Inc. (2)
   
79,293
     
1,450,269
 
             
1,649,624
 
United States Natural Gas/Natural Gas Liquids Pipelines - 18.9% (1)
               
Cheniere Energy, Inc.
   
37,456
     
6,112,819
 
Excelerate Energy, Inc.
   
6,209
     
115,488
 
Kinder Morgan, Inc.
   
56,165
     
967,161
 
NextDecade Corp. (2)
   
55,204
     
335,088
 
Targa Resources Corp.
   
37,880
     
3,267,150
 
The Williams Companies, Inc.
   
36,175
     
1,249,123
 
             
12,046,829
 
United States Oil and Gas Production - 61.2% (1)
               
Chevron Corp.
   
23,912
     
3,852,223
 
ConocoPhillips
   
21,747
     
2,588,545
 
Coterra Energy, Inc.
   
21,071
     
593,991
 
Devon Energy Corp.
   
90,404
     
4,618,740
 
Diamondback Energy, Inc.
   
37,179
     
5,643,029
 
EOG Resources, Inc.
   
23,070
     
2,967,263
 
EQT Corp.
   
117,402
     
5,074,114
 
Exxon Mobil Corp.
   
30,377
     
3,377,619
 
Marathon Oil Corp.
   
81,694
     
2,152,637
 
Occidental Petroleum Corp.
   
43,302
     
2,718,933
 
Pioneer Natural Resources Co.
   
22,350
     
5,317,736
 
             
38,904,830
 
United States Other - 4.6% (1)
               
Baker Hughes Co.
   
38,763
     
1,402,833
 
Darling Ingredients, Inc. (2)
   
1,957
     
120,864
 
Denbury, Inc. (2)
   
15,079
     
1,380,935
 
             
2,904,632
 
United States Renewables and Power Infrastructure - 1.7% (1)
               
American Electric Power Co., Inc.
   
2,921
     
229,007
 
Constellation Energy Corp.
   
8,071
     
840,675
 
             
1,069,682
 
Total Common Stock
               
(Cost $34,512,746)
           
59,499,059
 
                 
Master Limited Partnerships - 19.7% (1)
               
United States Crude Oil Pipelines - 4.6% (1)
               
Plains All American Pipeline LP
   
189,849
     
2,895,197
 
United States Natural Gas Gathering/Processing - 3.0% (1)
               
Western Midstream Partners LP
   
72,535
     
1,935,959
 
United States Natural Gas/Natural Gas Liquids Pipelines - 8.0% (1)
               
Energy Transfer LP
   
293,256
     
3,950,159
 
Enterprise Products Partners LP
   
43,433
     
1,155,752
 
             
5,105,911
 
United States Oil and Gas Production - 1.7% (1)
               
TXO Partners LP
   
50,000
     
1,063,000
 
United States Refined Product Pipelines - 2.4% (1)
               
Magellan Midstream Partners LP
   
12,744
     
846,456
 
MPLX LP
   
19,475
     
679,483
 
             
1,525,939
 
Total Master Limited Partnerships
               
(Cost $8,328,291)
           
12,526,006
 
                 
Money Market Fund - 0.5% (1)
               
United States Investment Company - 0.5% (1)
               
Invesco Government & Agency Portfolio - Institutional Class, 5.251% (3)
               
(Cost $291,026)
   
291,026
     
291,026
 
                 
Total Investments - 113.7%(1)
               
(Cost $43,132,063)
           
72,316,091
 
Liabilities in Excess of Other Assets - (0.2)%(1)
           
(126,209
)
Credit Facility Borrowings - (13.5)% (1)
           
(8,600,000
)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
         
$
63,589,882
 
   

(1)
Calculated as a percentage of net assets.
     
(2)
Non-income producing security.
     
(3)
Rate indicated is the current yield as of August 31, 2023.
     


 
Summary of Fair Value Exposure
         
 
The Fund has adopted 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 in 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:
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.
             
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at fair value.
             
Municipal Bonds —Municipal bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most municipal bonds are categorized in Level 2 of the fair value hierarchy.
             
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures established by the Advisor and the appointed Valuation Designee. The Valuation Designee is subject to board oversight and certain reporting and other requirements designed to facilitate the board’s ability to effectively oversee the Valuation Designee’s Fair Value determinations. The Advisor will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the Fund’s Valuation Designee.
             
When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the value realized upon the security’s sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be if the Fund were using market value pricing.
             
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
             
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of August 31, 2023:

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stock (a)
 
$
59,499,059
   
$
-
   
$
-
   
$
59,499,059
 
Master Limited Partnerships (a)
   
12,526,006
     
-
     
-
     
12,526,006
 
Money Market Fund (b)
   
291,026
     
-
     
-
     
291,026
 
Total Investments
 
$
72,316,091
   
$
-
   
$
-
   
$
72,316,091
 
                                 
(a) All other industry classifications are identified in the Schedule of Investments.
                 
(b) Short-term investment is a sweep investment for cash balances.
                         
                                 



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