Tortoise North American Pipeline Fund
Schedule of Investments
February 28, 2025 (Unaudited)

COMMON STOCKS - 82.7%	Shares		Value
Canada Crude Oil Pipelines - 12.8%
Enbridge, Inc.		1,269,454	$	54,243,769
Gibson Energy, Inc.		369,817		5,495,812
Pembina Pipeline Corporation		735,660		28,597,559
South Bow Corporation		247,754		6,597,689
				94,934,829

Canada Natural Gas/Natural Gas Liquids Pipelines - 11.0%
AltaGas Ltd.		676,010		16,564,406
Keyera Corp.		520,194		15,256,147
TC Energy Corporation		1,114,551		49,865,012
				81,685,565

United States Crude Oil Pipelines - 0.7%
Plains GP Holdings LP		235,695		5,091,012

United States Local Distribution Companies - 15.4%
Atmos Energy Corporation		204,708		31,142,228
Chesapeake Utilities Corporation		51,712		6,563,804
New Jersey Resources Corporation		225,118		10,891,209
NiSource Inc.		779,810		31,824,046
Northwest Natural Holding Co.		91,102		3,724,250
ONE Gas, Inc.		128,611		9,665,117
Southwest Gas Corporation		136,807		10,267,365
Spire Inc.		131,096		10,076,039
				114,154,058

United States Natural Gas Gathering/Processing - 4.9%
Antero Midstream Corporation		764,851		12,964,224
Archrock, Inc.		397,655		10,784,404
Hess Midstream LP - Class A		137,346		5,731,448
Kinetik Holdings, Inc.		85,455		4,985,445
Kodiak Gas Services, Inc.		46,802		2,012,486
				36,478,007

United States Natural Gas/Natural Gas Liquids Pipelines - 37.9%
Cheniere Energy, Inc.		237,730		54,335,569
DT Midstream, Inc.		115,963		11,142,885
Excelerate Energy, Inc. - Class A		19,688		604,028
Kinder Morgan, Inc.		1,994,383		54,047,779
National Fuel Gas Company		207,386		15,595,427
New Fortress Energy, Inc.		239,705		2,397,050
ONEOK, Inc.		547,148		54,928,188
Targa Resources Corp.		153,884		31,041,480
The Williams Companies, Inc.		970,367		56,455,952
				280,548,358
TOTAL COMMON STOCKS (Cost $463,756,309)				612,891,829

MASTER LIMITED PARTNERSHIPS - 16.4%	Units		Value
United States Crude Oil Pipelines - 1.9%
Delek Logistics Partners LP		19,654		845,515
Genesis Energy L.P.		132,970		1,707,335
Plains All American Pipeline L.P.		554,331		11,275,092
				13,827,942

United States Natural Gas Gathering/Processing - 1.6%
USA Compression Partners LP		93,584		2,528,640
Western Midstream Partners LP		231,656		9,400,600
				11,929,240

United States Natural Gas/Natural Gas Liquids Pipelines - 8.3%
Cheniere Energy Partners L.P.		45,581		3,086,290
Energy Transfer LP		1,494,574		28,830,332
Enterprise Products Partners L.P.		884,750		29,559,498
				61,476,120

United States Refined Product Pipelines - 4.6%
CrossAmerica Partners LP		21,793		506,034
Global Partners LP		33,269		1,910,639
MPLX LP		449,940		24,256,265
Sunoco LP		128,241		7,541,853
				34,214,791
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $75,225,014)				121,448,093

SHORT-TERM INVESTMENTS - 0.8%			Value
Money Market Funds - 0.8%	Shares
Invesco Government & Agency Portfolio - Class Institutional, 4.29% ^(a)		6,080,004		6,080,004
TOTAL SHORT-TERM INVESTMENTS (Cost $6,080,004)				6,080,004

TOTAL INVESTMENTS - 99.9% (Cost $545,061,327)				740,419,926
Other Assets in Excess of Liabilities - 0.1%				872,261
TOTAL NET ASSETS - 100.0%			$	741,292,187
two				–	%
Percentages are stated as a percent of net assets.				–	%

LP - Limited Partnership

(a)	The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

Summary of Fair Value Disclosure as of February 28, 2025 (Unaudited)

Tortoise North American Pipeline 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 February 28, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	612,891,829	$	–	$	–	$	612,891,829
Master Limited Partnerships		121,448,093		–		–		121,448,093
Money Market Funds		6,080,004		–		–		6,080,004
Total Investments	$	740,419,926	$	–	$	–	$	740,419,926

Refer to the Schedule of Investments for further disaggregation of investment categories.