Tortoise Energy Independence Fund
  
Schedule of Investments
  
August 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 93.9%
  
Shares
    
Value
  
Canada Crude Oil Pipelines - 1.4%
        
Enbridge, Inc. (c)
    
23,865
    
$
958,896
  
                 
Canada Natural Gas/Natural Gas Liquids Pipelines - 1.4%
          
TC Energy Corp.
    
19,745
      
914,983
  
                 
Canada Oil and Gas Production - 2.5%
          
Suncor Energy, Inc.
    
40,528
      
1,643,005
  
                 
United States Natural Gas Gathering/Processing - 3.7%
          
Kinetik Holdings, Inc.  (c)
    
5,678
      
251,194
  
Kodiak Gas Services, Inc. (c)
    
79,293
      
2,200,381
  
             
2,451,575
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 26.4%
          
Cheniere Energy, Inc. (c)
    
37,456
      
6,939,098
  
Excelerate Energy, Inc. - Class A (c)
    
6,209
      
113,190
  
Kinder Morgan, Inc. (c)
    
56,165
      
1,211,479
  
NextDecade Corp. (a)
    
55,204
      
257,251
  
ONEOK, Inc.
    
19,585
      
1,808,871
  
Targa Resources Corp.
    
37,880
      
5,564,572
  
The Williams Companies, Inc.
    
36,175
      
1,655,730
  
             
17,550,191
  
                 
United States Oil and Gas Production - 53.5%
          
Chevron Corp. (c)
    
18,828
      
2,785,602
  
ConocoPhillips (c)
    
21,747
      
2,474,591
  
Coterra Energy, Inc. (c)
    
50,396
      
1,226,135
  
Devon Energy Corp. (c)
    
71,583
      
3,205,487
  
Diamondback Energy, Inc.
    
37,179
      
7,253,995
  
EOG Resources, Inc. (c)
    
23,070
      
2,971,877
  
EQT Corp. (c)
    
117,402
      
3,934,141
  
Exxon Mobil Corp. (c)
    
58,830
      
6,938,410
  
Marathon Oil Corp. (c)
    
81,694
      
2,340,533
  
Occidental Petroleum Corp.
    
43,302
      
2,467,348
  
             
35,598,119
  
                 
United States Other - 2.2%
          
Baker Hughes Co. (c)
    
38,763
      
1,363,295
  
Darling Ingredients, Inc. (a) (c)
    
1,957
      
81,665
  
             
1,444,960
  
                 
United States Renewables and Power Infrastructure - 2.8%
          
American Electric Power Co., Inc. (c)
    
2,921
      
292,918
  
Constellation Energy Corp. (c)
    
8,071
      
1,587,566
  
             
1,880,484
  
TOTAL COMMON STOCKS (Cost $33,502,712)
      
62,442,213
  
                 
MASTER LIMITED PARTNERSHIPS - 21.8%
  
Units
    
Value
  
United States Natural Gas Gathering/Processing - 4.2%
          
Western Midstream Partners LP
    
72,535
      
2,798,400
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 11.0%
          
Energy Transfer LP  (c)
    
293,256
      
4,721,422
  
Enterprise Products Partners LP (c)
    
89,274
      
2,619,299
  
             
7,340,721
  
                 
United States Oil and Gas Production - 2.3%
          
Mach Natural Resources LP (c)
    
26,315
      
508,406
  
TXO Partners LP
    
50,000
      
1,000,000
  
             
1,508,406
  
                 
United States Refined Product Pipelines - 4.3%
          
MPLX LP (c)
    
66,440
      
2,848,947
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $8,667,405)
      
14,496,474
  
                 
SHORT-TERM INVESTMENTS - 0.6%
                
Money Market Funds - 0.6%
  
Shares
          
Invesco Government & Agency Portfolio - Class Institutional, 5.19% (b)
    
370,650
      
370,650
  
TOTAL SHORT-TERM INVESTMENTS (Cost $370,650)
      
370,650
  
                 
TOTAL INVESTMENTS - 116.3% (Cost $42,540,767)
      
77,309,337
  
Other Assets in Excess of Liabilities - 0.1%
Credit Facility Borrowings – (16.4)%
      
43,849
(10,900,000
)
TOTAL NET ASSETS - 100.0%
          
$
66,453,186
  
               
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(b)
(c)
The rate shown represents the 7-day annualized effective yield as of August 31, 2024.
All or a portion of the security is segregated as collateral for the margin borrowing facility.


Summary of Fair Value Disclosure as of August 31, 2024 (Unaudited)
 
Tortoise Energy Independence 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
  
$
62,442,213
    
$
–
    
$
–
    
$
62,442,213
  
  Master Limited Partnerships
    
14,496,474
      
–
      
–
      
14,496,474
  
  Money Market Funds
    
370,650
      
–
      
–
      
370,650
  
Total Investments
  
$
77,309,337
    
$
–
    
$
–
    
$
77,309,337
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  


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