Form N-CSR - Certified Shareholder Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22106

Tortoise Power and Energy Infrastructure Fund, Inc.
(Exact name of registrant as specified in charter)

6363 College Boulevard, Suite 100A, Overland Park, KS 66211
(Address of principal executive offices) (Zip code)

P. Bradley Adams

Diane Bono

6363 College Boulevard, Suite 100A, Overland Park, KS 66211
(Name and address of agent for service)

913-981-1020

Registrant's telephone number, including area code

Date of fiscal year end: November 30

Date of reporting period: November 30, 2023

Table of Contents

Item 1. Report to Stockholders.

(a) The report to Shareholders is attached herewith.

Annual Report | November 30, 2023

2023 Annual Report

Closed-End Funds

Table of Contents

Tortoise

2023 Annual Report to Stockholders

This combined report provides you with a comprehensive review of our funds that span essential assets.


Closed-end Fund Comparison	1
Letter to Stockholders	2
TYG: Fund Focus	7
NTG: Fund Focus	10
TTP: Fund Focus	13
NDP: Fund Focus	16
TPZ: Fund Focus	19
TEAF: Fund Focus	22
Financial Statements	28
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	84
Company Officers and Directors	85
Additional Information	87

TTP and TPZ distribution policies

Tortoise Pipeline & Energy Fund, Inc. (“TTP”) and Tortoise Power and Energy Infrastructure Fund, Inc. (“TPZ”) are relying on exemptive relief permitting them to make long-term capital gain distributions throughout the year. Each of TTP and TPZ, with approval of its Board of Directors (the “Board”), has adopted a managed distribution policy (the “Policy”). Annual distribution amounts are expected to fall in the range of 7% to 10% of the average week-ending net asset value (“NAV”) per share for the prior fiscal semi-annual period. In accordance with its Policy, TTP distributes a fixed amount per common share, currently $0.59, each quarter to its common shareholders. TPZ distributes a fixed amount per common share, currently $0.105, each month to its common shareholders. These amounts are subject to change from time to time at the discretion of the Board. Although the level of distributions is independent of TTP’s and TPZ’s performance, TTP and TPZ expect such distributions to correlate with its performance over time. Each quarterly and monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions in light of TTP’s and TPZ’s performance for the entire calendar year and to enable TTP and TPZ to comply with the distribution requirements imposed by the Internal Revenue Code. The Board may amend, suspend or terminate the Policy without prior notice to shareholders if it deems such action to be in the best interests of TTP, TPZ and their respective shareholders. For example, the Board might take such action if the Policy had the effect of shrinking TTP’s or TPZ’s assets to a level that was determined to be detrimental to TTP or TPZ shareholders. The suspension or termination of the Policy could have the effect of creating a trading discount (if TTP’s or TPZ’s stock is trading at or above net asset value), widening an existing trading discount, or decreasing an existing premium. You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of the distribution or from the terms of TTP’s or TPZ’s distribution policy. Each of TTP and TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP or TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s or TPZ’s investment performance and should not be confused with “yield” or “income.” The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during their fiscal year and may be subject to changes based on tax regulations. TTP and TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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2023 Annual Report | November 30, 2023

Closed-end Fund Comparison
	Name/Ticker	Primary focus	Structure	Total investments ($ millions)⁽¹⁾	Portfolio mix by asset type⁽¹⁾	Portfolio mix by structure⁽¹⁾

Midstream focused	Tortoise Energy Infrastructure Corp. NYSE: TYG Inception: 2/2004	Energy Infrastructure	Regulated investment company	$491.4
	Tortoise Midstream Energy Fund, Inc. NYSE: NTG Inception: 7/2010	Natural Gas Infrastructure	Regulated investment company	$271.9
	Tortoise Pipeline & Energy Fund, Inc. NYSE: TTP Inception: 10/2011	North American pipeline companies	Regulated investment company	$85.6
Upstream focused	Tortoise Energy Independence Fund, Inc. NYSE: NDP Inception: 7/2012	North American oil & gas producers	Regulated investment company	$67.9
Energy value chain	Tortoise Power and Energy Infrastructure Fund, Inc. NYSE: TPZ Inception: 7/2009	Power & energy infrastructure companies (Fixed income & equity)	Regulated investment company	$119.6
Multi strategy focused	Ecofin Sustainable and Social Impact Term Fund NYSE: TEAF Inception: 3/2019	Essential assets	Regulated investment company	$223.2

(1) As of 11/30/2023

(unaudited)

Tortoise

Table of Contents

Tortoise

2023 Annual Report to closed-end fund stockholders

Dear stockholder,

The 2023 fiscal year offered energy investors significant opportunity with record levels of production, growing export demand, along with some regulatory clarity. Overall, performance ended the year mixed with midstream higher and both broader energy and utilities lower. Higher interest rates clearly impacted relative performance. And cash flow proved to be king. Notable events influencing performance included geopolitical tensions in Ukraine and Israel and OPEC+ decisions around crude oil supply and demand. Effects of the Inflation Reduction Act also started to surface. Finally, the U.S. energy complex remained ever important to supporting the global economy. Sustainable infrastructure continued to face significant headwinds over the fiscal year due to a variety of factors including inflation, elevated interest rates, and natural gas prices. Despite the difficult market environment in the education sector, there was an increase in both the volume and credit quality of education investment opportunities throughout 2023. The senior living industry experienced a continued rebound in the wake of COVID. Demand for senior living facilities continued to outpace the bed supply which boded well for the sector.

Energy and power infrastructure

The broad energy sector returned -4.3% for the annual fiscal period (as measured by the S&P 500 Energy Index). Energy was generally rangebound during the year, bottoming down 15% in March following the regional banking crisis, and peaking higher by 5% in September following the Organization of Petroleum Exporting Countries plus Russia’s (OPEC+) announcement to curtail crude oil supplies to the global market. The war between Russian and Ukraine remained in focus and geopolitically was magnified when the Israel and Hamas conflict intensified in October. That raised concerns about a broader Middle East conflict. The allocation for free cash flow remained an energy investor focus with lower debt, dividend growth, and share buybacks being a cornerstone of management’s playbook. These policies, along with disciplined mergers & acquisitions (M&A), were favored in the higher interest environment and in front of concerns about a slowing economy in 2024.

Global crude oil supply and demand led energy market sentiment. In the first quarter the Organization for Economic Cooperation and Development (OECD) commercial inventories built up marginally partly due to slower Chinese demand than expected coming out of COVID lockdowns. This resulted in a decision by Saudi Arabia in the summer to voluntarily reduce its oil output by 1 million barrels per day (bpd) for the month of July, with the potential for this cut to be extended. Consequently, oil stocks declined, and crude oil prices rallied in the third quarter. Though Saudi Arabia consistently extended their cuts in the second half, concerns about a global economic slowdown along with growing production in the United States and Guyana weighed on prices late in the year. To better balance the market, in November OPEC+ agreed to 2 million bpd of cuts to start 2024, leaving the oil market in a constructive position on supply and demand.

U.S. crude oil production growth exceeded expectations, growing nearly 1 million bpd in 2023 to 13.2 million bpd. That level eclipsed the previous record high of 13.0 million bpd achieved in November of 2019. The growth resulted despite rig counts and well completions falling as the year progressed. Simply, producers did more with less. Drilling laterals lengthened, completion times shortened and even the application of artificial intelligence positively impacted efficiencies. The Permian basin, the largest U.S. oilfield, remained the primary driver of growth reaching six million bpd. Aiding producer returns, oilfield service and material costs declined, resulting in lower break-even costs. The Energy Information Agency (EIA) forecasts production in 2024 to remain steady, partly due to the lower rig count and completion activity trend transpiring in 2023.

U.S. natural gas production grew as well in 2023 as the U.S. exported more liquefied natural gas (LNG) than any other country in the first half. U.S. LNG production reached nearly 12 billion cubic feet per day (bcf/d). The war in Ukraine continued to present a long-term opportunity for U.S. liquefied natural gas. LNG exports to Europe accelerated in 2022 and remained elevated in 2023. These exports, lower industrial demand, and a relatively warm winter in 2022/23 kept European natural gas storage inventories full throughout 2023 and well positioned to keep Europe adequately supplied for the 2024 winter. U.S. natural gas storage inventories also entered year-end 2023 well supplied at just above the five-year average partly due to a warm winter a year ago. Also helping inventories is growing U.S. production, that improved from 102 bcf/d to 105 bcf/d over the year. That production will help supply LNG export facilities set to come on-line starting in the second half of 2024 through year-end 2027. In that short timeframe U.S. LNG export capacity will nearly double to 25 bcf/d. The EIA forecasts natural gas production to be mostly flat in 2024 due partly to limited visibility to near-term demand improvement and, like the drilling cadence for oil, declining service activity.

Natural gas liquids (NGLs) do not receive as much attention as crude oil or natural gas because they are less visible to consumers. Nonetheless, that does not diminish their importance as NGLs are the key components in making plastics along with being a source of heat. And, at 6.8 million bpd, the U.S. is the world’s largest producer of NGLs. Growth in 2023 surpassed 600 thousand bpd with most marginal production exported to meet growing Asian petrochemical demand. The EIA forecasts NGL production to be stable in 2024.

(unaudited)

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2023 Annual Report | November 30, 2023

Cash flow improved for midstream companies in 2023 following volumes and tariff increases and cost and capital expenditure discipline. Management teams targeted cash flow increasingly toward shareholders in the form of debt paydown, dividend and distribution growth, and share repurchases. Leverage targets are now generally between 3.0x – 4.0x earnings before interest, taxes, depreciation and amortization (EBITDA) with leverage being a full “turn” lower versus levels prior to 2020. And in addition to dividend and distribution growth, companies opportunistically repurchased shares, as buybacks topped $4 billion from the fourth quarter of 2022 through the third quarter of 2023. With leverage targets now largely achieved, 2024 sets up for incrementally more cash flow earmarked for dividends and buybacks.

Following hawkish interest rate actions from the Federal Reserve, the prospects of an economic recession weighed on investor psyche during much of the fiscal year. While multiple recessions occurred in the last 40 years, energy demand still increased in 38 out of the last 41 years (2008 and 2020 decreased). Due to actions taken during the recent 2020 recession that reduced capital expenditures and focused on debt paydown, we believe the energy sector, and specifically midstream, is well prepared to deal with another potential recession. With the world remaining undersupplied energy over the long-term and sector balance sheets now less levered than in past recent recessions (2001, 2008 and 2020), we believe energy is well positioned should lower economic growth materialize.

Broader market concerns about higher interest rates boosted midstream’s relative attractiveness. As higher rates due to inflation were passed through, companies generated significant free cash flow that led to little to no debt or equity capital market access requirements even for maturing debt. Additionally, the good economic growth resulted in higher energy demand. Looking at history, good performance in a higher rate environment is not surprising. In the 18 time periods when the 10-year Treasury yield increased by 50 basis points or more since 2001, midstream energy, represented by the Tortoise North American Pipeline Index, returned an average of 7.4%, compared to a S&P 500 Index average return of 5.9%, and bond returns of -2.6% represented by the Bloomberg U.S. Aggregate Bond Index.

With inflation continuing to increase in 2023, midstream provided investors inflation protection. Pipelines typically benefit from long-term contracts with inflation protection from regulated tariff escalators. Additionally, tariffs on regulated liquid pipelines include an inflation escalator aligned with the Producer Price Index (PPI). Federal Energy Regulatory Commission (FERC) indexing allowed for a tariff increase of over 13% beginning on July 1, 2023. In fact, we estimate that the cumulative total allowable tariff increase since 2020 through year-end 2024 will eclipse 26%. This contract feature serves as protection against higher operating costs.

Midstream companies remained active in M&A with many discrete assets changing hands along with a handful of corporate transactions. The commonality among all the transactions was buyer discipline. The buyers only purchased complementary assets to existing footprints where synergies were obvious and paid a price that made the transaction immediately accretive. Even in the corporate transactions, premiums paid were constructive. In the largest corporate transaction, ONEOK acquired Magellan Midstream Partners at a 22% premium. Synergies and diversification drove the rationale as both Tulsa companies transport petroleum products, with ONEOK mostly natural gas liquids and Magellan refined products and crude oil. ONEOK also estimated a tax benefit of $1.5 billion.

One major new pipeline received regulatory help with the signing of the Fiscal Responsibility Act (FRA) that resolved the mid-summer debt ceiling scuffle. That Act approved all construction and operational permits and authorizations required for the Mountain Valley Pipeline (MVP). MVP would transport 2 bcf/d of natural gas from the Marcellus through West Virginia and into Virginia. Equitrans Midstream (ETRN), MVP’s operator, now estimates pipeline completion in the first quarter of 2024. In addition, the FRA reformed the way the National Environmental Policy Act (NEPA) interacts with agencies to approve energy projects so that project developers have more confidence in permitting processes. Now, when two or more agencies are involved in review, one will be designated lead agency to reduce delays. Further, the timeframe for an Environmental Impact Statement is limited to two years and an Environmental Assessment to one year, and there are limits on the number of pages for each. Despite the improved regulatory efficiency, attaining project approvals remained challenging. For example, Navigator CO2 Ventures cancelled its proposed $3.5 billion, 1,300-mile carbon capture pipeline due to an unpredictable regulatory and government process. The pipeline concept involved transporting carbon dioxide emissions from ethanol plants to sites where the greenhouse gas would be sequestered deep underground.

Sustainable infrastructure

From a macro perspective the first half of the period was generally characterised by influences stemming from stubborn inflation, elevated interest rates, and declining energy prices, in particular natural gas. In China, the magnitude of economic recovery following the post-COVID reopening ultimately did not come to fruition.

Elevated borrowing costs were concerning for businesses which ‘borrow to grow,’ as were higher equipment costs, trade issues, permitting and transmission constraints. The period also saw banking turmoil triggered primarily by Silicon Valley Bank in early March. As such, some companies in our investment universe could not escape these varying impulses even if their secular growth remained intact.

The second half of the period opened with continued upward pressure on interest rates across the OECD and declining power prices in Europe. In response, our capital-intensive sector saw challenges amidst these elevated interest rates, notably on existing asset cash flows due to higher costs of capital, and on balance sheets due to the increased total capital needed to finance growth. Amidst such a context, the sector derated while broader market multiples expanded.

(unaudited)

Tortoise

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The third calendar quarter saw a further steady increase in longer-term interest rates, which created a larger headwind to valuations and spreads of capital formation for new projects, and overshadowed other drivers as the market reduced the present value of actual cash flows and questioned the value of growth for companies in the sector. Within that context, purer renewables companies that do not have other businesses have been most impacted. We therefore saw both U.S. and European valuations continue to compress. Amidst such a context the sector struggled during the quarter.

The close of the period saw a welcome improvement in performance, as interest rates began to stabilise and hopeful sentiment on potential future rate cuts for 2024 arose.

Looking Ahead:

In 2024, if interest rates stabilize and then decline, we believe that would be very supportive for the sector in the future. Stability in interest rates should help reduce volatility by offering more consistent net present values of operating cash flows and growth. This is unfortunately an exogenous factor, but equally is not fundamental to operating earnings before interest and taxes (EBIT).

We maintain conviction looking ahead; electrification trends remain robust as fundamentally demand is strong, and we predict strong policy support (from the U.S.’ IRA, across to Europe). Further, valuations for the stocks in the investment universe have come down relative to history and relative to the broader market. We believe doubts surrounding growth are likely overly pessimistic, and that the mean-reverting aspects of utilities and infrastructure have been historically compelling. Over-time, in our sector, share prices will tend to correlate with earnings, and we anticipate these dynamics in 2024.

Notably, through 2023 many companies have reset priorities among growth, credit rating, and dividend. The sector will therefore enter 2024 offering a clearer picture with potentially less volatility and a focus on execution.

Moving into 2024 and considering valuations, strength in demand, attractive renewables development returns and where we are in the inflation and interest rate cycles, we believe that we are approaching an inflection point and are in an attractive spot. This sector captures structural growth in a slowing global economic environment. Companies typically deliver more stable, and more predictable non-cyclical earnings, and are positioned to protect better in falling markets while also participating in rebounds.

Waste Transition

The trend of growth in the number of new facilities being planned or constructed in the United States to transform waste into energy and other beneficial resources continued in Q4 2023. However, the full growth potential of the sector was negatively impacted by certain macro economic and environmental, social and governance (ESG) concerns.

From a macro economic standpoint, persistently high levels of project cost inflation and market interest rates continued to cause higher capital and debt service costs, putting downward pressure on the economic viability of new projects. As uncertainty increased, the availability of capital decreased, and that adversely impacted the funding of new projects. As reported by ImpactAlpha, a new report from Sightline Climate indicated that private capital provided for new first-of-a-kind climate-tech projects, including demonstration units and first-time commercializations, declined by more than 50% in 2023. The marginal abatement of inflation and interest rates during the fourth quarter is expected to provide tailwinds for improved capital inflows into the sector in 2024.

From an ESG standpoint, the rush in recent years to invest in projects and companies that exhibit positive ESG attributes was diminished by significant headwinds in 2023, both politically and in terms of verifying whether ESG claims were being achieved. The relative ESG discomfort was exhibited most prominently within the sustainability-linked bond market, where companies can achieve lower borrowing costs by achieving ESG goals. Per Bloomberg, global sales of sustainably-linked bonds fell by 22% in 2023, the sharpest annual decline on record. Green bond sales, however, without the political or verification concerns of ESG-related bonds, achieved their second-highest issuance year on record in 2023 per Bloomberg, evidencing strong investor demand generally for sustainable bonds.

The fourth calendar quarter also saw significant updates regarding fuel credits and tax credits, which provide substantial economic underpinnings for biogas and biofuel projects in the U.S.

The California Air Resources Board, known as CARB, released its proposed rulemaking changes to its Low Carbon Fuel Standard or “LCFS” program. While subject to public comment and final approval, the CARB proposal significantly increases carbon intensity reduction targets, from a current 20% by 2030 to a new target of 30% by 2030, while adding a 90% reduction target by 2045. Market expectation is that the more stringent targets will lead to higher LCFS credit pricing, which would improve project cash flows on a go-forward basis.

Separately, the Treasury Department and the Internal Revenue Service (IRS) released proposed regulations regarding Section 48 Investment Tax Credits, with emphasis on clarifying what capital costs are eligible under the definition of Biogas Facilities. Market participants view such facilities as consisting of three primary components — gas generation or collection, gas upgrading to natural gas specs, and pipeline interconnect. However, the proposed regs exclude both gas upgrade systems and pipeline interconnections, which would sharply reduce the potential value of related investment tax credits. A significant industry push is underway to encourage a more-broad determination of eligible project costs, prior to final rule-making.

Finally, a growing voluntary market for biogas and biofuels continues to lessen the sector’s reliance on fuel and tax credits, which is a net positive for sector fundamentals. Of note, the

(unaudited)

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2023 Annual Report | November 30, 2023

largest voluntary renewable natural gas agreement on record was established between Vanguard Renewables and AstraZeneca. As publicly announced, Vanguard will supply renewable natural gas (RNG) from three of its dairy manure anaerobic digester facilities over a 15-year term, and AstraZeneca will purchase at least 650,000 million British thermal units of RNG annually, which is the equivalent energy necessary to heat approximately 18,000 homes per year. Similarly, Anaergia announced a voluntary agreement to sell RNG to Toyota. Although these direct, voluntary purchases reduce cashflow upside for projects that would otherwise rely on volatile spot-market pricing, they do provide enhanced cash flow stability and enable a more bankable sector.

Social impact

Education

The public market for issuance of new K-12 charter school and private school revenue bonds in Q4 2023 saw a significant rebound with 32 new issues at a par value of $1,650,427,114, an 85% increase over the same period in 2022. For all of 2023 however, there were only 98 total issues with par value totaling $3,376,240,114, a 26.67% decrease in par value from 2022.¹In 2023, the specialty investor portion of the K-12 market totaled 28 new issues with a par value of $755,350,114, of which our firm accounted for 14.6%.

It is our continued assessment that outflows from municipal bond funds played a major role in 2023’s reduced K-12 charter and private school bond issuance. Q4 outflows were $7,420,010,000 and cumulative outflows for 2023 totaled more than $11 billion.²The interest rate roller coaster that defined 2023 was also a significant factor. The 30-year municipal market data (MMD) daily rate, benchmark for K-12 bond offerings, began the year at 3.50% and dropped to its low of 3.13% by early February. It then went on a steady climb through October, reaching a high of 4.57% (an increase of 144 bps) before dropping to 3.40% to end the year.³This volatility forced may schools to put plans to finance or refinance facilities on hold.

A highlight for Q4 2023 was the National Alliance for Public Charter Schools’ (NAPCS) Charter School Data Digest report. For the 2021-2022 school year (the most recent for which data was available), public charter schools served approximately 3.7 million students in 7,996 schools throughout the nation. Charter school enrollment accounted for 7.4% of all public school students, up from 6.8% in 2019-2020. Across the nation, charter schools continued to serve a higher proportion of low-income students (59%) and students of color (70.1%) when compared to their district public school counterparts (50.3% and 53.8% respectively). Additionally, with Montana’s passage of new legislation in 2023, charter school laws were on the books in 46 states, Washington DC, Puerto Rico and Guam. This is a significant milestone in the hard-fought battle to make more education opportunities available to all children that began 32 years ago with Minnesota’s first in the nation charter school law.⁴

The NAPCS report also provided a snapshot as to the management structures employed in charter schools throughout the nation. While all charter schools are governed by a not-for-profit board, they are divided into one of three categories, depending upon their structure for day-to-day management of the school. The first, and most common (57.4% of all charter schools), were “independent,” charter schools that are run by a de novo management team, unique to that individual school. The second are those operating under the network of a not-for-profit charter management organization (CMO) that establish common goals, educational models and curriculum. CMO’s accounted for 31.7% of all charter schools, and are often amongst the most well-known and successful (e.g. KIPP, Success Academy, IDEA Schools). Finally, 10.9% of charter schools were led by a for-profit education management organization (EMO).⁴Charter school boards contract with an EMO to run the day-to-day operations of the schools and often additional services such as back-office support, hosting web platforms, or staffing assistance. While EMOs are often the target of those opposed to charter schools, there are many high performing EMO-run charter schools, including the several in the Top 25 high schools in America.⁵While Ecofin has primarily worked with independent charter schools, our team has significant past experience working with CMO and EMO led schools as well.

Despite market headwinds, we saw increases in both the volume and credit quality of education investment opportunities throughout 2023. While it is too early to know whether the Q4 bond market rebound is a sign of things to come, there should continue to be a robust number of private credit financing opportunities for K-12 charter school and private schools that offer solid returns for investors.

Senior Living

This past year was a year of continued rebound for the senior living industry. Occupancy continued to improve in the wake of COVID, and our senior population was one step closer to outpacing the current bed supply. In fact, we are just one year away from the first baby boomer turning 80 years old. Given the current pace of new senior living development, our country will only supply 40% of the projected demand by 2030. That is an extraordinary shortfall, and catching up to the projected demand will require more than $400 billion of investment over the next few years.⁶

As of this printing, Q4 2023 occupancy statistics were not yet available. The for-profit senior living sector recorded its ninth quarter in a row of occupancy gains in Q3 2023. Statistically, nationwide occupancy for independent living and assisted living is 86.1% and 82.6%, respectively. Recovery has been stronger in the higher acuity and needs based assisted living setting; however, independent living is not far behind. As of the third quarter, assisted living occupancy had recovered 8.7%, while independent living had recovered almost half as much, up 4.6% since the pandemic lows of 2021. Based on the past two years of absorption, senior living occupancy is projected to reach pre-pandemic levels in 2024.⁶

(unaudited)

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Non-profit senior living has fared better than their for-profit brethren since the pandemic hit. As of Q3 2023, non-profit continuing care retirement communities (CCRC’s) were 90.5% occupied. Additionally, asking rents have increased more in non-profit communities, up 5.3% and 5.8% in the assisted and memory care spaces, respectively.⁶Based on conversations with our operating partners, communities continue to pass along outsized rent increases to catch up with inflation but are nearing a point of equilibrium.

Occupancy recovery has been fueled by almost four years of slowing construction starts. In fact, 2023 recorded the lowest primary market inventory growth since 2005, when National Investment Center for Seniors Housing & Care (NIC) started recording the data. Rising interest rates, elevated construction costs and tight lending conditions will continue to propel occupancy in the months to come. Given the incredibly low number of units under construction, the market is setting up for a severe supply and demand imbalance just as the baby boomer population is knocking on the doorstep.

From now until 2030, an average of 10,000 baby boomers will turn 65 every day.⁸With the combination of increased population and a slower pace of new senior living inventory supply, we remain confident in the senior living industry’s resilience and ability to prepare for the upcoming “Silver Tsunami” as our population continues to age.

Concluding thoughts

Energy infrastructure remains essential for the U.S. to continue as the leading global energy producer and to meet the energy demands of consumers, both domestically and abroad. Geopolitical events further highlighted this reality. We believe that indispensable nature offers compelling opportunities for 2024 and beyond. We hope for improved performance of sustainable infrastructure and climate action investments. With strong demand for renewable energy sources, we believe the sector is well positioned heading into 2024. Opportunities for investing in social impact education and senior living projects have continued to expand. The projects help broaden educational options for families and strive to meet the increasing housing demand for the U.S. aging demographic.

The S&P Energy Select Sector^®Index is a capitalization-weighted index of S&P 500^®Index companies in the energy sector involved in the development or production of energy products. The Tortoise North American Pipeline Index^SMis a float adjusted, capitalization-weighted index of energy pipeline companies domiciled in the United States and Canada. The Tortoise MLP Index^®is a float-adjusted, capitalization-weighted index of energy master limited partnerships.

The Tortoise indices are the exclusive property of Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index^®and Tortoise North American Pipeline Index^SM(the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices LLC”). S&P Dow Jones Indices will not be liable for any errors or omission in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. S&P^®is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^®is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

It is not possible to invest directly in an index.

Electronic Municipal Market Access https://emma.msrb.org/ & MuniOS https://www.munios.com/

Refinitiv Lipper US Fund Flows https://www.lipperusfundflows.com/

Bloomberg

https://data.publiccharters.org/digest/charter-school-data-digest/how-many-charter-schools-and-students-are-there/

https://www.usnews.com/education/best-high-schools/national-rankings

NIC

norc.org

census.gov

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2023 Annual Report | November 30, 2023

Tortoise

Energy Infrastructure Corp. (TYG)

Fund description

Tortoise Energy Infrastructure Corp. (TYG) seeks a high level of total return with an emphasis on current distributions paid to stockholders. TYG invests primarily in equity securities in energy infrastructure companies. The fund is positioned to benefit from growing energy demand and accelerated efforts to reduce global CO2 emissions in energy production. Energy infrastructure companies generate, transport and distribute electricity, as well as process, store, distribute and market natural gas, natural gas liquids, refined products and crude oil.

Fund performance

The midstream energy sector returned 7.6% for the fiscal year (as measured by the Alerian Midstream Energy Index or AMNA), topping broader energy. Growing production volumes and inflation passed through via higher tariff rates benefitted revenues. Further, the sector’s elevated and higher free cash flow, declining leverage, attractive valuation, and share buybacks supported performance. Finally, disciplined M&A activity with synergies largely accruing to buyers offered a favorable environment for those seeking acquisition led growth. The fund’s market-based and NAV-based returns (including the reinvestment of distributions) for the fiscal year were -7.8% and -1.3%, respectively. The Tortoise MLP Index^®returned 20.8% during the same period.

2023 fiscal year summary
Quarterly distributions paid per share	$0.7100
Distribution rate (as of 11/30/2023)	10.1%
Year-over-year distribution increase (decrease)	0.0%
Cumulative distributions paid per share to stockholders since inception in February 2004	$43.8475
Market-based total return	(7.77)%
NAV-based total return	(1.29)%
Premium (discount) to NAV (as of 11/30/2023)	(20.5)%

Key asset performance drivers

Top five contributors	Company type
Targa Resources Corp.	Natural gas pipeline
The Williams Companies, Inc.	Natural gas pipeline
Energy Transfer LP	Natural gas pipeline
Magellan Midstream Partners, LP	Refined products pipeline
Enterprise Products Partners LP	Natural gas pipeline
Bottom five contributors	Company type
NextEra Energy Partners LP	Diversified infrastructure
AES Corp.	Power
Clearway Energy, Inc.	Diversified infrastructure
NextEra Energy, Inc.	Diversified infrastructure
Atlantica Sustainable Infrastructure PLC	Power

Unlike the fund return, index return is pre-expenses and taxes..

Performance data quoted represent past performance; past performance does not guarantee future results. Like any other stock, total return and market value will fluctuate so that an investment, when sold, may be worth more or less than its original cost. Portfolio composition is subject to change due to ongoing management of the fund. References to specific securities or sectors should not be construed as a recommendation by the fund or its adviser. See Schedule of Investments for portfolio weighting at the end of the fiscal quarter.

(unaudited)

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Tortoise

Energy Infrastructure Corp. (TYG) (continued)

Value of $10,000 vs. Tortoise Energy Infrastructure Fund – Market (unaudited)

From November 30, 2013 through November 30, 2023

The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-362-9331. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annualized Rates of Return as of November 30, 2023

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Energy Infrastructure Fund - NAV	-1.29%	21.35%	-10.50%	-7.31%	2.49%
Tortoise Energy Infrastructure Fund - Market	-7.77%	22.86%	-13.83%	-10.64%	1.08%
Tortoise MLP Index^®	20.76%	33.85%	11.27%	3.58%	9.17%
Tortoise Decarbonization Infrastructure Index^{SM (2)}	-4.35%	N/A	N/A	N/A	N/A

(1)

Inception date of the Fund was Feburary 25, 2004.

(2)

The Tortoise Decarbonization Infrastructure Index was added to reflect the inclusion of a broader scope of energy infrastructure equities including midstream, utilities, and renewables in TYG effective November 30, 2021.

Fund structure and distribution policy

The fund is structured to qualify as a Regulated Investment Company (RIC) allowing it to pass-through to shareholders income and capital gains earned, thus avoiding double-taxation. To qualify as a RIC, the fund must meet specific income, diversification and distribution requirements. Regarding income, at least 90 percent of the fund’s gross income must be from dividends, interest and capital gains. The fund must meet quarterly diversification requirements including the requirement that at least 50 percent of the assets be in cash, cash equivalents or other securities with each single issuer of other securities not greater than 5 percent of total assets. No more than 25 percent of total assets can be invested in any one issuer other than government securities or other RIC’s. The fund must also distribute at least 90 percent of its investment company income. RIC’s are also subject to excise tax rules which require RIC’s to distribute approximately 98 percent of net income and net capital gains to avoid a 4 percent excise tax.

The fund has adopted a managed distribution policy (“MDP”). Annual distribution amounts are expected to fall in the range of 7% to 10% of the average week-ending net asset value (“NAV”) per share for the prior fiscal semi-annual period. Distribution amounts will be reset both up and down to provide a consistent return on trailing NAV. Under the MDP, distribution amounts will normally be reset in February and August, with no changes in distribution amounts in May and November.

Leverage

The fund’s leverage utilization decreased $6.9 million during the six months ended Q4 2023, compared to the six months ended Q2 2023, and represented 21.9% of total assets at November 30, 2023. At year-end, the fund was in compliance with applicable coverage ratios, 93.2% of the leverage cost was fixed, the weighted-average maturity was 2.1 years and the weighted-average annual rate on leverage was 3.69%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage matures or is redeemed. During the six month period ended November 30, 2023, $7.1 million of Senior Notes were paid in full upon maturity.

Please see the Financial Statements and Notes to Financial Statements for additional detail regarding critical accounting policies, results of operations, leverage, taxes and other important fund information.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

8	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

TYG Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

The information presented below is supplemental non-GAAP financial information, is not inclusive of required financial disclosures (e.g. Total Expense Ratio), and should be read in conjunction with the full financial statements.

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	8,469		$	8,045		$	8,045		$	8,046		$	8,045		$	7,643
Distributions paid on common stock per share⁽²⁾		0.7100			0.7100			0.7100			0.7100			0.7100			0.7100
Total assets, end of period⁽³⁾		638,068			623,319			577,524			504,066			527,003			492,651
Average total assets during period⁽³⁾⁽⁴⁾		621,364			607,430			595,508			547,380			526,517			503,464
Leverage⁽⁵⁾		144,587			147,993			146,213			114,713			120,413			107,814
Leverage as a percent of total assets		22.7	%		23.7	%		25.3	%		22.8	%		22.8	%		21.9	%
Operating expenses before leverage costs and current taxes⁽⁶⁾		1.05	%		1.16	%		1.13	%		1.22	%		1.26	%		1.73	%
Net unrealized depreciation, end of period		(270,982	)		9,330			(34,286	)		(65,512	)		(34,940	)		(58,511	)
Net assets, end of period		467,109			446,618			416,799			380,323			403,510			380,497
Average net assets during period⁽⁷⁾		442,939			435,678			429,315			409,946			406,929			384,850
Net asset value per common share⁽²⁾		39.16			39.41			36.78			33.56			35.61			35.35
Market value per share⁽²⁾		34.14			33.54			30.89			26.95			30.13			28.11
Shares outstanding (000’s)		11,928			11,332			11,332			11,332			11,332			10,765

(1)

Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.

(2)

Adjusted to reflect 1 for 4 reverse stock split effective May 1, 2020.

(3)

Includes deferred issuance and offering costs on senior notes and preferred stock.

(4)

Computed by averaging month-end values within each period.

(5)

Leverage consists of senior notes, preferred stock and outstanding borrowings under credit facilities.

(6)	As a percent of total assets
(7)	Computed by averaging daily net assets within each period.

Tortoise

Table of Contents

Tortoise

Midstream Energy Fund, Inc. (NTG)

Fund description

The Tortoise Midstream Energy Fund (NTG) seeks to provide stockholders with a high level of total return with an emphasis on current distributions. NTG invests primarily in midstream energy equities that own and operate a network of pipeline and energy related logistical infrastructure assets with an emphasis on those that transport, gather, process and store natural gas and natural gas liquids (NGLs). NTG targets midstream energy equities, including MLPs benefiting from U.S. natural gas production and consumption expansion, with minimal direct commodity exposure.

Fund performance

The midstream energy sector returned 7.6% for the fiscal year (as measured by the Alerian Midstream Energy Index or AMNA), topping broader energy. Growing production volumes and inflation passed through via higher tariff rates benefitted revenues. Further, the sector’s elevated and higher free cash flow, declining leverage, attractive valuation, and share buybacks supported performance. Finally, disciplined M&A activity with synergies largely accruing to buyers offered a favorable environment for those seeking acquisition led growth. The fund’s market-based and NAV-based returns (including the reinvestment of distributions) for the fiscal year were -0.8% and 5.3%, respectively. The Tortoise MLP Index^®returned 20.8% during the same period.

2023 fiscal year summary
Quarterly distributions paid per share	$0.7700
Distribution rate (as of 11/30/2023)	9.0%
Year-over-year distribution increase (decrease)	0.0%
Cumulative distributions paid per share to stockholders since inception in July 2010	$24.1200
Market-based total return	(0.83)%
NAV-based total return	5.30%
Premium (discount) to NAV (as of 11/30/2023)	(19.7)%

Key asset performance drivers

Top five contributors	Company type
Targa Resources Corp.	Natural gas pipeline
Plains GP Holdings, L.P.	Crude oil pipeline
The Williams Companies, Inc.	Natural gas pipeline
Energy Transfer LP	Natural gas pipeline
Magellan Midstream Partners, LP	Refined products pipeline
Bottom five contributors	Company type
NextEra Energy Partners	Diversified infrastructure
Clearway Energy, Inc.	Diversified infrastructure
Atlantica Sustainable Infrastructure PLC	Power
Enbridge Inc.	Crude oil pipeline
Kinder Morgan Inc.	Natural gas pipeline

Unlike the fund return, index return is pre-expenses and taxes.

(unaudited)

10	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

Tortoise

Midstream Energy Fund, Inc. (NTG) (continued)

Value of $10,000 vs. Tortoise Midstream Energy Fund – Market (unaudited)

From November 30, 2013 through November 30, 2023

Annualized Rates of Return as of November 30, 2023

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Midstream Energy Fund – NAV	5.30%	27.84%	-14.56%	-9.63%	-4.72%
Tortoise Midstream Energy Fund – Market	-0.83%	30.20%	-17.34%	-11.34%	-6.59%
Tortoise MLP Index^®	20.76%	33.85%	11.27%	3.58%	7.05%

(1)	Inception date of the Fund was July 27, 2010.

Fund structure and distribution policy

Leverage

The fund’s leverage utilization decreased $3.4 million during the six months ended Q4 2023 compared to the six months ended Q2 2023, and represented 19.6% of total assets at November 30, 2023. At year-end, the fund was in compliance with applicable coverage ratios, 80.2% of the leverage cost was fixed, the weighted-average maturity was 3.7 years and the weighted-average annual rate on leverage was 3.78%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage matures or is redeemed. During the six month period ended November 30, 2023, $2.1 million of MRP shares and $3.0 million of Senior Notes were paid in full upon maturity.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

Tortoise

Table of Contents

NTG Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	4,345		$	4,128		$	4,128		$	4,128		$	4,128		$	3,921
Distributions paid on common stock per share⁽²⁾		0.7700			0.7700			0.7700			0.7700			0.7700			0.7700
Total assets, end of period⁽³⁾		316,411			323,122			296,682			261,858			287,287			272,818
Average total assets during period⁽³⁾⁽⁴⁾		312,932			308,008			304,884			281,520			280,548			276,916
Leverage⁽⁵⁾		64,169			62,369			66,120			56,920			60,720			53,524
Leverage as a percent of total assets		20.3	%		19.3	%		22.3	%		21.7	%		21.1	%		19.6	%
Operating expenses before leverage costs and current taxes⁽⁶⁾		1.11	%		1.29	%		1.19	%		1.36	%		1.43	%		2.15	%
Net unrealized appreciation (depreciation), end of period		145,148			27,611			6,856			(11,572)			17,267			5,003
Net assets, end of period		240,864			237,022			221,555			200,046			225,096			217,066
Average net assets during period⁽⁷⁾		231,908			230,297			226,098			215,743			220,209			217,415
Net asset value per common share⁽²⁾		42.68			44.21			41.33			37.32			41.99			42.62
Market value per common share⁽²⁾		36.79			37.69			35.28			31.53			35.40			34.22
Shares outstanding (000’s)		5,643			5,361			5,361			5,361			5,361			5,093

(1)

Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.

(2)

Adjusted to reflect 1 for 10 reverse stock split effective May 1, 2020.

(3)

Includes deferred issuance and offering costs on senior notes and preferred stock.

(4)

Computed by averaging month-end values within each period.

(5)

Leverage consists of senior notes, preferred stock and outstanding borrowings under the credit facility.

(6)

Computed as a percent of total assets.

(7)

Computed by averaging daily net assets within each period.

12	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

Tortoise

Pipeline & Energy Fund, Inc. (TTP)

Fund description

The Tortoise Pipeline & Energy Fund (TTP) seeks a high level of total return with an emphasis on current distributions paid to stockholders. TTP invests primarily in equity securities of North American pipeline companies that transport natural gas, natural gas liquids (NGLs), crude oil and refined products and, to a lesser extent, in other energy infrastructure companies.

Fund performance

The midstream energy sector returned 7.6% for the fiscal year (as measured by the Alerian Midstream Energy Index or AMNA), topping broader energy. Growing production volumes and inflation passed through via higher tariff rates benefitted revenues. Further, the sector’s elevated and higher free cash flow, declining leverage, attractive valuation, and share buybacks supported performance. Finally, disciplined M&A activity with synergies largely accruing to buyers offered a favorable environment for those seeking acquisition led growth. The fund’s market-based and NAV-based returns (including the reinvestment of distributions) for the fiscal year were 6.7% and 8.4%, respectively. The Tortoise North American Pipeline Index^SMreturned 4.9% for the same period.

2023 fiscal year summary
Quarterly distributions paid per share	$0.5900
Distribution rate (as of 11/30/2023)	8.4%
Year-over-year distribution increase (decrease)	0.0%
Cumulative distributions paid per share to stockholders since inception in October 2011	$19.6575
Market-based total return	6.72%
NAV-based total return	8.38%
Premium (discount) to NAV (as of 11/30/2023)	(19.0)%

Please refer to the inside front cover of the report for important information about the fund’s distribution policy.

Key asset performance drivers

Top five contributors	Company type
Plains GP Holdings, L.P.	Crude oil pipeline
Magellan Midstream Partners, LP	Refined products pipeline
The Williams Companies, Inc.	Natural gas pipeline
Targa Resources Corp.	Natural gas pipeline
Energy Transfer LP	Natural gas pipeline
Bottom five contributors	Company type
NextEra Energy Partners LP	Diversified Infrastructure
Enbridge Inc.	Crude oil pipeline
TC Energy Corp.	Natural gas pipeline
Sempra Energy	Diversified Infrastructure
Clearway Energy, Inc.	Diversified Infrastructure

Unlike the fund return, index return is pre-expenses.

(unaudited)

Tortoise

Table of Contents

Tortoise

Pipeline & Energy Fund, Inc. (TTP) (continued)

Value of $10,000 vs. Tortoise Pipeline and Energy Fund – Market (unaudited)

From November 30, 2013 through November 30, 2023

Annualized Rates of Return as of November 30, 2023

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Pipeline and Energy Fund NAV	8.38%	28.87%	-4.86%	-4.48%	-0.77%
Tortoise Pipeline and Energy Fund Market	6.72%	31.75%	-6.42%	-5.76%	-2.86%
Tortoise North American Pipeline Index	4.92%	21.01%	9.57%	6.20%	7.86%

(1) Inception date of the Fund was October 26, 2011.

Fund structure and distribution policy

The fund has adopted a distribution policy which is included on the inside front cover of this report. To summarize, the fund has adopted a managed distribution policy (“MDP”). Annual distribution amounts are expected to fall in the range of 7% to 10% of the average week-ending net asset value (“NAV”) per share for the prior fiscal semi-annual period. Distribution amounts will be reset both up and down to provide a consistent return on trailing NAV. Under the MDP, distribution amounts will normally be reset in February and August, with no changes in distribution amounts in May and November. The fund may designate a portion of its distributions as capital gains and may also distribute additional capital gains in the last quarter of the year to meet annual excise distribution requirements. Distribution amounts are subject to change from time to time at the discretion of the Board.

Leverage

The fund’s leverage utilization decreased $1.5 million during the six months ended Q4 2023, compared to the six months ended Q2 2023, and represented 18.5% of total assets at November 30, 2023. At year-end, the fund was in compliance with applicable coverage ratios, 63.0% of the leverage cost was fixed, the weighted-average maturity was 0.7 years and the weighted-average annual rate on leverage was 5.31%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage matures or is redeemed.

Please see the Financial Statements and Notes to Financial Statements for additional detail regarding critical accounting policies, results of operations, leverage and other important fund information.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

14	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

TTP Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	1,314		$	1,249		$	1,248		$	1,249		$	1,249		$	1,186
Distributions paid on common stock per share⁽²⁾		0.5900			0.5900			0.5900			0.5900			0.5900			0.5900
Total assets, end of period⁽³⁾		97,010			93,907			87,895			81,736			88,301			86,167
Average total assets during period⁽³⁾⁽⁴⁾		96,086			93,079			90,503			86,135			86,853			86,272
Leverage⁽⁵⁾		21,343			19,843			20,143			17,443			17,343			15,943
Leverage as a percent of total assets		22.0	%		21.1	%		22.9	%		21.3	%		19.6	%		18.5	%
Operating expenses before leverage costs⁽⁶⁾		1.05	%		1.32	%		1.31	%		1.37	%		1.39	%		1.30	%
Net unrealized depreciation, end of period		17,286			19,117			13,950			9,483			17,306			17,779
Net assets, end of period		75,181			73,509			67,264			63,730			70,447			69,525
Average net assets during period⁽⁷⁾		73,287			71,609			69,939			66,399			69,717			69,161
Net asset value per common share⁽²⁾		33.75			34.73			31.78			30.11			33.29			34.58
Market value per common share⁽²⁾		29.18			28.58			27.09			24.81			28.36			28.02
Shares outstanding (000s)		2,228			2,116			2,116			2,116			2,116			2,011

(1)

Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.

(2)

Adjusted to reflect 1 for 4 reverse stock split effective May 1, 2020.

(3)

Includes deferred issuance and offering costs on senior notes and preferred stock.

(4)

Computed by averaging month-end values within each period.

(5)

Leverage consists of senior notes, preferred stock and outstanding borrowings under the revolving credit facility.

(6)

Computed as a percent of total assets.

(7)

Computed by averaging daily net assets within each period.

Tortoise

Table of Contents

Tortoise

Energy Independence Fund, Inc. (NDP)

Fund description

The Tortoise Energy Independence Fund (NDP) seeks a high level of total return with an emphasis on current distributions paid to stockholders. NDP invests primarily in equity securities of upstream North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a significant presence in North American oil and gas fields, including shale reservoirs.

Fund performance

2023 fiscal year summary
Quarterly distributions paid per share	$0.6300
Distribution rate (as of 11/30/2023)	8.7%
Year-over-year distribution increase (decrease)	12.5%
Cumulative distributions paid per share to stockholders since inception in July 2012	$17.3325
Market-based total return	(2.80)%
NAV-based total return	0.87%
Premium (discount) to NAV (as of 11/30/2023)	(18.3)%

Key asset performance drivers

Top five contributors	Company type
Plain All American Pipeline, L.P.	Crude oil pipeline
Energy Transfer LP	Natural gas pipeline
Targa Resources Corp.	Natural gas pipeline
Diamondback Energy, Inc.	Oil & gas production
Pioneer Natural Resources Co.	Oil & gas production

Bottom five contributors	Company type
Devon Energy Corp.	Oil & gas production
Chevron Corp.	Oil & gas production
Occidental Petroleum Corp.	Oil & gas production
Marathon Oil Corp.	Oil & gas production
EOG Resources, Inc.	Oil & gas production

Unlike the fund return, index return is pre-expenses.

Performance data quoted represent past performance: past performance does not guarantee future results. Like any other stock, total return and market value will fluctuate so that an investment, when sold, may be worth more or less than its original cost. Portfolio composition is subject to change due to ongoing management of the fund. References to specific securities or sectors should not be construed as a recommendation by the fund or its adviser. See Schedule of Investments for portfolio weighting at the end of the fiscal quarter.

(unaudited)

16	Tortoise

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2023 Annual Report | November 30, 2023

Tortoise

Energy Independence Fund, Inc. (NDP) (continued)

Value of $10,000 vs. Tortoise Energy Independence Fund – Market (unaudited)

From November 30, 2013 through November 30, 2023

Annualized Rates of Return as of November 30, 2023

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Energy Independence Fund − NAV	0.87%	37.27%	-6.33%	-7.84%	-5.32%
Tortoise Energy Independence Fund − Market	-2.80%	40.01%	-10.01%	-8.82%	-7.38%
S&P 500 Energy Select Sector Index	-3.70%	37.85%	10.55%	3.79%	5.57%

(1) Inception date of the Fund was July 26, 2012.

Fund structure and distribution policy

Leverage

The fund’s leverage utilization has remained flat, at $8.8 million, during the six months ended Q4 2023 as compared to the six months ended Q2 2023. The fund utilizes all floating rate leverage that had an interest rate of 6.69% and represented 12.9% of total assets at year-end. During the period, the fund maintained compliance with its applicable coverage ratios. The interest rate on the fund’s leverage will vary in the future along with changing floating rates.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

Tortoise

Table of Contents

NDP Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	1,034		$	982		$	1,105		$	1,105		$	1,105		$	1,049
Distributions paid on common stock per share⁽²⁾		0.5600			0.5600			0.6300			0.6300			0.6300			0.6300
Total assets, end of period		72,928			71,059			68,060			64,422			72,535			68,156
Average total assets during period⁽³⁾		69,811			71,651			69,055			67,241			69,136			71,088
Leverage⁽⁴⁾		4,000			3,700			8,400			8,800			8,600			8,800
Leverage as a percent of total assets		5.5	%		5.2	%		12.3	%		13.7	%		11.9	%		12.9	%
Operating expenses before leverage costs as a percent of total assets		1.24	%		1.34	%		1.31	%		1.35	%		1.34	%		1.35	%
Net unrealized depreciation, end of period		29,531			30,806			23,977			20,571			29,184			24,611
Net assets, end of period		67,884			67,067			59,361			55,288			63,590			59,053
Average net assets during period⁽⁵⁾		63,623			67,687			62,487			58,619			60,016			62,520
Net asset value per common share⁽²⁾		36.77			38.24			33.85			31.53			36.26			35.45
Market value per common share⁽²⁾		32.37			32.41			29.46			27.08			31.15			28.95
Shares outstanding (000’s)		1,846			1,754			1,754			1,754			1,754			1,666

(1)

Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.

(2)

Adjusted to reflect 1 for 8 reverse stock split effective May 1, 2020.

(3)

Computed by averaging month-end values within each period.

(4)

Leverage consists of outstanding borrowings under the revolving credit facility.

(5)

Computed by averaging daily net assets within each period.

18	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

Tortoise

Power and Energy Infrastructure Fund, Inc. (TPZ)

Fund description

The Tortoise Power and Energy Infrastructure Fund (TPZ) seeks to provide a high level of current income to stockholders, with a secondary objective of capital appreciation. TPZ seeks to invest primarily in fixed income and dividend-paying equity securities of power and energy infrastructure companies that provide stable and defensive characteristics throughout economic cycles.

Fund performance

The midstream energy sector returned 7.6% for the fiscal year (as measured by the Alerian Midstream Energy Index or AMNA), topping broader energy. Growing production volumes and inflation passed through via higher tariff rates benefitted revenues. Further, the sector’s elevated and higher free cash flow, declining leverage, attractive valuation, and share buybacks supported performance. Finally, disciplined M&A activity with synergies largely accruing to buyers offered a favorable environment for those seeking acquisition led growth. The utilities sector underperformed the broader market. The fund’s market-based and NAV-based returns (including the reinvestment of distributions) for the fiscal year were 9.4% and 12.7%, respectively. Comparatively, the TPZ Benchmark Composite* returned 8.6% for the same period. The fund’s equity holdings outperformed its fixed income holdings for the fiscal year on a total return basis.

2023 fiscal year summary
Monthly distributions paid per share	$0.105
Distribution rate (as of 11/30/2023)	9.3%
Year-over-year distribution increase (decrease)	0.0%
Cumulative distribution to stockholders since inception in July 2009	$20.8950
Market-based total return	9.43%
NAV-based total return	12.69%
Premium (discount) to NAV (as of 11/30/2023)	(16.5)%

The TPZ Benchmark Composite includes the BofA Merrill Lynch U.S. Energy Index (CIEN), the BofA Merrill Lynch U.S. Electricity Index (CUEL) and the Tortoise MLP Index^®(TMLP). It is comprised of a blend of 70% fixed income and 30% equity securities issued by companies in the power and energy infrastructure sectors.

Please refer to the inside front cover of the report for important information about the fund’s distribution policy.

Key asset performance drivers
Top five contributors	Company type
Plains GP Holdings, L.P.	Crude oil pipeline
Magellan Midstream Partners, LP	Refined products pipeline
Targa Resources Corp.	Natural gas pipeline
MPLX LP	Refined products pipeline
Energy Transfer LP	Natural gas pipeline

Bottom five contributors	Company type
NextEra Energy Partners LP	Diversified Infrastructure
PBF Logistics LP	Crude oil pipeline
Sempra Energy	Diversified Infrastructure
Enbridge, Inc.	Crude oil pipeline
TC Energy Corp.	Natural gas pipeline

Unlike the fund return, index return is pre-expenses.

(unaudited)

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Tortoise

Power and Energy Infrastructure Fund, Inc. (TPZ) (continued)

Value of $10,000 vs. Tortoise Power and Energy Infrastructure Fund – Market (unaudited)
From November 30, 2013 through November 30, 2023

Annualized Rates of Return as of November 30, 2023
	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Power and Energy Infrastructure Fund – NAV	12.69%	16.27%	4.42%	2.70%	6.29%
Tortoise Power and Energy Infrastructure Fund – Market	9.43%	19.57%	3.59%	2.17%	4.96%
TPZ Benchmark Composite⁽¹⁾	8.58%	6.09%	5.80%	3.52%	6.00%

(1) Inception date of the Fund was July 29, 2009.

Fund structure and distribution policy

The fund is structured to qualify as a Regulated Investment Company (RIC) allowing it to pass-through to shareholders income and capital gains earned, thus avoiding double-taxation. To qualify as a RIC, the fund must meet specific income, diversification and distribution requirements. Regarding income, at least 90 percent of the fund gross income must be from dividends, interest and capital gains. The fund must meet quarterly diversification requirements including the requirement that at least 50 percent of the assets be in cash, cash equivalents or other securities with each single issuer of other securities not greater than 5 percent of total assets. No more than 25 percent of total assets can be invested in any one issuer other than government securities or other RIC’s. The fund must also distribute at least 90 percent of its investment company income. RIC’s are also subject to excise tax rules which require RIC’s to distribute approximately 98 percent of net income and net capital gains to avoid a 4 percent excise tax.

Leverage

The fund’s leverage utilization decreased $0.7 million during the six months ended Q4 2023 as compared to the six months ended Q2 2023, and represented 20.4% of total assets at November 30, 2023. During the period, the fund maintained compliance with its applicable coverage ratios. At year-end, 61.0% of the leverage cost was fixed, the weighted-average maturity was 0.4 years and the weighted-average annual rate on leverage was 4.64%. These rates will vary in the future as a result of changing floating rates.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

20	Tortoise

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2023 Annual Report | November 30, 2023

TPZ Key Financial Data (supplemental unaudited information)
(dollar amounts in thousands unless otherwise indicated)

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	2,056		$	2,021		$	1,953		$	1,953		$	1,953		$	1,921
Distributions paid on common stock per share		0.3150			0.3150			0.3150			0.3150			0.3150			0.3150
Total assets, end of period		128,405			124,715			120,791			118,705			124,656			120,802
Average total assets during period⁽²⁾		127,458			125,149			122,422			120,322			122,556			122,039
Leverage⁽³⁾		25,800			25,900			24,900			25,300			25,400			24,600
Leverage as a percent of total assets		20.1	%		20.8	%		20.6	%		21.3	%		20.4	%		20.4	%
Operating expenses before leverage costs as a percent of total assets		1.37	%		1.65	%		1.45	%		1.42	%		1.40	%		0.93	%
Net unrealized depreciation, end of period		11,392			12,878			10,915			9,116			15,511			14,867
Net assets, end of period		102,077			98,245			95,368			92,800			98,570			95,724
Average net assets during period⁽⁴⁾		99,912			98,208			96,730			94,512			97,132			96,174
Net asset value per common share		15.64			15.85			15.38			14.97			15.90			16.25
Market value per common share		13.66			13.63			13.00			12.47			13.76			13.57
Shares outstanding (000’s)		6,526			6,200			6,200			6,200			6,200			5,890

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.

(2)	Computed by averaging month-end values within each period.

(3)	Leverage consists of outstanding borrowings under the revolving credit facility.

(4)	Computed by averaging daily net assets within each period.

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Ecofin

Sustainable and Social Impact Term Fund (TEAF)

Fund description

The Ecofin Sustainable and Social Impact Term Fund (TEAF) seeks to provide a high level of total return with an emphasis on current distributions. TEAF provides investors access to a combination of public and direct investments in essential assets that are making an impact on clients and communities.

Fund performance

TEAF generated negative NAV performance in fiscal year 2023.

●	Listed sustainable infrastructure underperformed the S&P Global Infrastructure Index, with companies facing some headwinds with interest rates continuing to move higher, sometimes very quickly.

●	Listed energy infrastructure companies performed well during the period, driven by an increased transport volumes and constructive commodity pricing.

●	Private social infrastructure investments performed in line with expectations, and we continue to see momentum in our deal backlog to increase our allocation to senior living, waste transition, and education projects in the near-term.

●	Private sustainable infrastructure investments have had mixed performance with some assets suffering from age related and interconnection issues which are all being worked on to reenergize. Other private sustainable assets continued to perform well and as expected during the quarter.

Looking ahead to 2024, we continue to have a constructive outlook for the underlying assets in the TEAF portfolio. We expect that listed sustainable infrastructure equities, TEAF’s largest allocation, may continue to navigate a difficult environment caused by interest rate policy as well as global growth uncertainty. Nevertheless, decarbonization and electrification trends have strong momentum with key drivers such as increasing renewables, manufacturing re-shoring and energy efficiency driving investment. Corporates and consumers will continue to replace carbon-emitting energy sources with renewables, ensuring renewables growth at a reasonable rate of return. We maintain a positive outlook for energy infrastructure equities in 2024 driven by favorable fundamentals and a focus on capital return to equity owners. TEAF’s social infrastructure assets have performed well and we expect that performance to continue as new investment opportunities accelerate in key segments such as education and healthcare. We continue to progress on transitioning the portfolio to the targeted allocation of 60% direct investments. As of November 30, 2023, TEAF’s total direct investment commitments were approximately $118 million or approximately 53% of the portfolio.

Listed sustainable infrastructure

From a macro perspective, the first half of the period was generally characterized by stubborn inflation, elevated interest rates, and declining energy prices, in particular natural gas. We saw a mean-reversion with last year’s underperformers rallying. Similarly, pan-European utility and other infrastructure stocks provided positive returns whereas U.S. utilities declined, lagging significantly. TEAF’s sustainable listed sleeve responded similarly with the top contributors largely comprised of European names, while the bottom contributors generally were North American domiciled names during the first half of the period. As the period progressed August and September proved especially challenging. A 50 basis points (bps) increase in longer term bond yields placed severe pressure on renewables (higher interest rates reduce the present value of growth and, for some developers, re-orders the amount of equity they may require) and utility share prices, above all in the U.S. Orsted (not held) warnings about supply chain pressures and the lack of inflation indexation in the U.S. (unlike in Europe) causing impairment on U.S. offshore wind projects hit its share price hard and brought fears of read-across to others. A steepening of yield curves (with a further 50 bps move higher in longer term bond yields) accelerated in late September at the same time as NextEra Energy Partners (NEP) shocked the market by halving its target dividend growth rate from 12-15% to 5-8% p.a. over the next few years to eliminate the need to raise equity and reduce the need for debt. This set off a sharp slide in its own shares and those of its parent NextEra Energy (NextEra), well beyond the direct mechanical impact, and reverberated around the sector into October. October saw a stabilization in nerves and the NAV; bond yields held their recent highs but a first sight of Q3 earnings was reassuring. November’s strong rally in global bonds (further to evidence of lower rates of inflation) and equities included listed infrastructure where a stream of strong earnings reports from U.S. and pan-European portfolio holdings with, in many cases, raised guidance, growth rates and capex plans, drew attention.

Decarbonization and electrification trends have strong momentum with key drivers such as increasing renewables, manufacturing re-shoring and energy efficiency driving investment. Corporates and consumers will continue to replace carbon-emitting energy sources with renewables, ensuring renewables growth at a reasonable rate of return. Power purchase agreement (PPA) prices have been increasing to reflect, and more than offset, higher capital expenditure and financing costs. This implies better pricing power and higher internal rates of return today than in 2020. In summary, we continue to look to identify high quality companies with growth prospects and to keep a balance in the portfolio in terms of risk profiles and are positive about the underlying drivers for the space moving into 2024.

(unaudited)

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2023 Annual Report | November 30, 2023

Ecofin

Sustainable and Social Impact Term Fund (TEAF) (continued)

Listed energy infrastructure

Listed energy infrastructure equities were strong drivers of performance in the TEAF portfolio in fiscal year 2023. We saw higher equity performance during the period that was driven by a strong free cash flow generation that was increasingly allocated toward debt paydown and dividend growth, along with opportunistic share repurchases. The energy infrastructure equities also benefitted from increased hydrocarbon production in the U.S. across all of crude oil, natural gas, and natural gas liquids. In particular, the ability to export these energy products led to outsized performance. Mergers & acquisitions activity remained elevated in Q3. Oneok closed their acquisition of Magellan which has created one of the largest pro-forma energy infrastructure entities. Additionally, Energy Transfer announced a deal to acquire Crestwood and Enbridge announced a $14B deal to acquire Dominion’s U.S. gas utilities. The ramifications of these transactions are wide-ranging, as exemplified through the diversion of market cap between MLPs and C-Corps that continues to widen through simplifications and consolidations of MLPs. Overall, disciplined allocation of capital toward shareholders, increased transport volumes, and constructive commodity pricing has built confidence in energy infrastructure company growth, and we expect this environment to continue to be supportive of valuation into 2024.

Social infrastructure

●	TEAF completed ten direct investments in the social impact portfolio during the period.

●

In December, the team completed a debt investment in a to-be-constructed senior living community located in Albuquerque, New Mexico, an area that has a demonstrated need for additional senior housing with existing occupancy levels exceeding 90%. The facility will offer 142 market rate units consisting of 45 independent living units, 75 assisted living units and 22 memory care units. Four of the memory care units will be shared, thus there will be 148 beds in the facility. Construction is scheduled to begin in January 2023 and be completed in the Fall of 2024.

●

The team completed another debt investment in December, this one for a waste-to-energy project located in Bethel, Pennsylvania, that will gasify wastewater biosolids and poultry waste, while using energy produced through the gasification process to help circularly power the facility. These waste products would have otherwise been dumped in landfills or land applied, both of which are known to have negative effects on the environment due to the generation of methane gas as well as the leeching of other contaminants into surrounding areas and farm fields. The project will also produce biochar, which can be sold for various uses—including environmental remediation.

●	In January, the team completed a debt investment in an existing classical charter school in Toledo, Ohio that currently has students in grades K-11. This expansion will allow the charter school to grow from its current capacity of 500 students to 750, and to expand its program offerings, including adding 12th grade.

●

In February, the team completed a debt investment in an existing private school located near Fort Lauderdale, Florida that allowed the school to execute on a succession plan to continue its operations under new management while expanding its capacity. The school currently serves 526 students in grades PK-12, with over 90% of its students using State scholarships for underserved and marginalized students to attend the school at minimal cost. With the investment, the school expects to serve up to 750 students within a few years.

●	In March, the team completed a debt investment in an existing charter school in Maryland (Washington, DC area) that offers an International Baccalaureate program to an economically disadvantaged population in grades K-8. The school currently serves 348 students, but with this investment providing funds for a new facility, the school expects to be able to educate up to 600 students within 3 years.

●

The team completed another debt investment in March, this one for a waste-to-energy project located in North Carolina that uses anaerobic digestion to convert animal byproducts and food waste into renewable natural gas. The State of North Carolina has mandated that a portion of all energy in the State come from swine and poultry processing waste to help reduce soil and water contamination. The company has a contract with the regional utility to sell all the gas that is produced.

●

In April, the team completed a debt investment in a new charter school near Spartanburg, South Carolina. The school will open with temporary modulars on the site next door in the fall of 2023, serving 600 children in grades K-6. The school will move next door to its permanent facility in the following school year serving the same grades, and is expected to eventually expand to its full capacity of 900 students in grades K-8 by the 2024-2025 school year. There are no other charter schools within five miles of the school’s site, and the district schools are at or near capacity in this growing area. This will be the third school in South Carolina for this successful operator and developer partnering together.

●

The team completed another debt investment in April to an existing charter school in Belton, South Carolina, that has been operating since 2018 in a temporary location while it seeks its permanent home. The school offers a classical education curriculum to an underserved population, with great success — as it was recognized as the top academic Title 1 school in the state of South Carolina. The school currently serves approximately 250 students in grades K-6 and is expected to expand to serve K-8 while increasing enrollment over the next 4 years to reach nearly 700 students enrolled.

(unaudited)

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Ecofin

Sustainable and Social Impact Term Fund (TEAF) (continued)

●

In September, the last of three scheduled investments was completed in a new charter school in Boiling Springs, South Carolina, a suburb 15 minutes outside of Spartanburg. The school opened with temporary modulars classrooms on the site next door in the fall of 2023, serving 600 children in grades K-6. The school will move next door to its permanent facility in the following school year serving the same grades, and is expected to expand to its full capacity of 900 students in grades K-8 by the 2024-2025 school year. There are no other charter schools within five miles of the school’s site, and the district schools are at or near capacity in this growing area. This will be is the third school in South Carolina for this successful operator and developer partnering together. The investment is being used for senior secured bond financing which will allow the school to continue constructing and equipping a new 65,000 square foot school building.

●

The last debt investment of this period also occurred in September to an existing charter school in Belton, South Carolina, that has been operating since 2018 in a temporary location while it seeks its permanent home. The school offers a classical education curriculum to an underserved population, with great success — as it was recognized as the top academic Title 1 school in the state of South Carolina. The school currently serves approximately 250 students in grades K-6 and is expected to expand to serve K-8 while increasing enrollment over the next 4 years to reach nearly 700 students enrolled. The investment is being used to continue construction and equipping of the building. This was the second of three scheduled investments.

Finally, the fund had three realizations in Fiscal Year 2023.

●

The first was in January from a school that was able to successfully refinance into a new debt transaction with a third party under more favorable terms. The original investment was made in October 2019 to allow the school to acquire a larger campus with significantly better amenities than its previous facility. The school was able to grow and, as a result, found less expensive financing. The investment was eligible to be called at par starting October 1, 2022.

●

The second realization was in April from a waste-to-energy project that was able to attract additional equity investment to support and grow the project, but a condition of that equity injection was the retirement of all subordinated debt. Although this investment was made in April 2021 and was not eligible to be called until 2026, the team negotiated a $108 price in exchange for the ability to retire this debt.

●

The third realization was in November from a senior living project that raised additional equity to pay off a tranche of subordinated debt. The original investment was made in September 2020 to acquire an existing senior living facility as part of a capital stack that included senior bank debt and two tranches of subordinated bonds. The sponsor determined that the property would be better served with additional equity rather than the Series B subordinated debt which had a 16% coupon. In return for allowing the Series B debt to be paid off, the fund received all accrued and capitalized interest as well as a price of $103. The fund still holds Series A subordinated debt and received a consent fee for allowing the Series B payoff. The facility continues to perform as expected.

Private energy infrastructure

No deals were completed in the Private Energy Infrastructure portfolio during the period. We continue to have conviction behind greenfield liquefied natural gas (LNG) development projects in North America given the geopolitical landscape for natural gas and favorable pricing spread between domestic supply and the global markets. The fund also remains invested in MPL, a 15 million metric tonnes per annum (mmtpa) LNG development project focused on bringing Permian sourced gas to the west coast of Mexico and alleviating the additional transportation costs and time it takes to bring LNG to Asian markets while avoiding Panama Canal congestion.

(unaudited)

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2023 Annual Report | November 30, 2023

Private sustainable infrastructure

TEAF completed one direct investment in the Private Sustainable Infrastructure portfolio during the period. In April, the team completed a debt investment in One Energy, based in Findlay, Ohio who develops, builds, owns, and operates capital-intensive, on-site power solutions for large industrial power users. This investment will enable the company to commence the land and equipment purchase required for recently signed NetZero projects which will represent the largest industrial microgrid in the U.S. The preferred equity investment is in One Energy Enterprises, Inc.

TEAF’s investment in EF WWW Holdings, LLC, the debt funding of World Water Works Holdings, Inc., continues to pay its annualized interest rate of 10.5% and report strong credit covenants. The company has exceeded its operating budget in every year since the investment, driven by strong backlog and revenue growth.

For TEAFs solar asset, Saturn Solar Bermuda 1, Ltd., the construction note continues to pay its annualized interest rate of 10.0% on time. The payments are supported by cash flow of the now operational solar project since the project completed construction and began full operations in November 2021. The note has remained in place as the owner of the solar facility is seeking to sell the solar project to a new long-term owner/operator. Energy production at various operating distributed generation (“DG”) solar assets in the Renewable Holdco I, LLC portfolio have underperformed expectations, primarily caused by inverter issues, certain communications equipment failures (inherent in the age of the assets) and have required corrective maintenance attention. Five small rooftop projects in Puerto Rico within this portfolio are expected to be reenergized in Q1 2024 after experiencing downtime related to required corrective maintenance. Various third-party inspections and off taker approval are required for these to be reenergized. As such, the internal asset management team is taking an active role in monitoring efforts to restore full energy production and returning the portfolio to stable cash flow generation. Energy production at the operating DG solar assets in the Renewable Holdco II, LLC portfolio continue to generate stable cash flow as expected. The final solar project under construction, held in Renewable Holdco, LLC, continues to experience delays due to interconnection redesign, additional permitting and road construction caused by the utility and is expected to be ready for commissioning and commercial operation in H1 2024.

2023 fiscal year summary
Monthly distributions paid per share	$0.0900
Distribution rate (as of 11/30/2023)	9.0%
Year-over-year distribution increase (decrease)	0.0%
Cumulative distribution to stockholders since inception in July 2009	$4.8905
Market-based total return	(5.48)%
NAV-based total return	(1.22)%
Premium (discount) to NAV (as of 11/30/2023)	(19.1)%

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Ecofin

Sustainable and Social Impact Term Fund (TEAF) (continued)

Value of $10,000 vs. Ecofin Sustainable and Social Impact Term Fund – Market (unaudited)
Since inception on March 29, 2019 through November 30, 2023

Annualized Rates of Return as of November 30, 2023
	1-Year	3-Year	Since Inception⁽¹⁾
Ecofin Sustainable and Social Impact Term Fund – NAV	-1.22%	5.17%	1.20%
Ecofin Sustainable and Social Impact Term Fund – Market	-5.48%	4.74%	-3.27%
S&P Global Infrastructure Index	0.19%	5.62%	3.98%

(1) Inception date of the Fund was March 29, 2019.

Fund structure and distribution policy

The fund is structured to qualify as a Regulated Investment Company (RIC) allowing it to pass-through to shareholders income and capital gains earned, thus avoiding double-taxation. To qualify as a RIC, the fund must meet specific income, diversification and distribution requirements. Regarding income, at least 90 percent of the fund gross income must be from dividends, interest and capital gains. The fund must meet quarterly diversification requirements including the requirement that at least 50 percent of the assets be in cash, cash equivalents or other securities with each single issuer of other securities not greater than 5 percent of total assets. No more than 25 percent of total assets can be invested in any one issuer other than government securities or other RIC’s. The fund must also distribute at least 90 percent of its investment company income. RIC’s are also subject to excise tax rules which require RIC’s to distribute approximately 98 percent of net income and net capital gains to avoid a 4 percent excise tax.

The fund has adopted a distribution policy which is included on the inside front cover of this report. To summarize, the fund has adopted a managed distribution policy (“MDP”). Annual distribution amounts are expected to fall in the range of 6% to 8% of the average week-ending net asset value (“NAV”) per share for the prior fiscal semi-annual period. Distribution amounts will be reset both up and down to provide a consistent return on trailing NAV. Under the MDP, distribution amounts will normally be reset in February and August, with no changes in distribution amounts in May and November. The fund may designate a portion of its distributions as capital gains and may also distribute additional capital gains in the last quarter of the year to meet annual excise distribution requirements. Distribution amounts are subject to change from time to time at the discretion of the Board.

Leverage

The fund’s leverage utilization decreased $5.5 million during the six months ended Q4 2023, as compared to the six months ended Q2 2023. The fund utilizes all floating rate leverage that had an interest rate of 6.46% and represented 10.7% of total assets at year-end. During the period, the fund maintained compliance with its applicable coverage ratios. The interest rate on the fund’s leverage will vary in the future along with changing floating rates.

For further information regarding the fund’s leverage and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

26	Tortoise

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2023 Annual Report | November 30, 2023

TEAF Key Financial Data (supplemental unaudited information)
(dollar amounts in thousands unless otherwise indicated)

	2022						2023
	Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	3,643		$	3,643		$	3,642		$	3,643		$	3,643		$	3,643
Distributions paid on common stock per share		0.2700			0.2700			0.2700			0.2700			0.2700			0.2700
Total assets, end of period		254,726			251,239			246,004			240,640			239,671			225,072
Average total assets during period⁽²⁾		256,749			246,494			248,950			246,215			241,187			231,121
Leverage⁽³⁾		28,800			29,500			30,800			29,500			30,600			24,000
Leverage as a percent of total assets		11.3	%		11.7	%		12.5	%		12.3	%		12.8	%		10.7	%
Operating expenses before leverage costs as a percent of total assets		1.56	%		1.85	%		1.61	%		1.63	%		1.60	%		1.58	%
Net unrealized appreciation (depreciation), end of period		993			824			(912	)		(1,269	)		(1,168	)		(6,150	)
Net assets, end of period		225,064			220,798			214,163			210,062			208,057			200,258
Average net assets during period⁽⁴⁾		225,251			214,321			218,352			214,413			210,656			201,953
Net asset value per common share		16.68			16.38			15.87			15.57			15.42			14.84
Market value per common share		14.74			13.85			12.97			12.28			12.62			12.01
Shares outstanding (000’s)		13,491			13,491			13,491			13,491			13,491			13,491

(1)	Q1 represents the period from December through February. Q2 represents the period from March through May. Q3 represents the period from June through August. Q4 represents the period from September through November.

(2)	Computed by averaging month-end values within each period.

(3)	Leverage consists of outstanding borrowings under the margin loan facility.

(4)	Computed by averaging daily net assets within each period.

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TYG Consolidated Schedule of Investments

November 30, 2023

	Shares/Units		Fair Value

Common Stock — 101.1%⁽¹⁾
United States Crude Oil Pipelines — 2.5%⁽¹⁾
Plains GP Holdings LP		581,526	$	9,397,460
United States Natural Gas Gathering/Processing — 5.1%⁽¹⁾
EnLink Midstream LLC		520,687		7,117,791
Hess Midstream Partners LP		321,257		10,453,703
Kinetik Holdings, Inc.		54,924		1,997,037
				19,568,531
United States Natural Gas/Natural Gas Liquids Pipelines — 47.7%⁽¹⁾
Cheniere Energy, Inc.		134,722		24,539,612
Excelerate Energy, Inc.		57,737		965,363
Kinder Morgan, Inc.		1,236,603		21,727,115
New Fortress Energy, Inc.		176,000		6,772,480
NextDecade Corp.⁽²⁾		443,864		2,214,881
ONEOK, Inc.		537,611		37,014,517
Targa Resources Corp.		476,974		43,142,298
The Williams Companies, Inc.		1,224,511		45,049,760
				181,426,026
United States Renewables and Power Infrastructure — 45.8%⁽¹⁾
AES Corp.		708,155		12,187,348
Ameren Corp.		188,059		14,591,498
American Electric Power Co., Inc.		190,815		15,179,333
Atlantica Sustainable Infrastructure Plc		473,463		9,005,266
Clearway Energy, Inc.		827,649		20,666,396
Constellation Energy Corp.		69,230		8,379,599
DTE Energy Co.		174,848		18,203,425
NextEra Energy Partners LP		512,107		12,054,999
NextEra Energy, Inc.		254,977		14,918,704
Sempra Energy		429,511		31,298,467
Xcel Energy, Inc.		292,105		17,771,668
				174,256,703
Total Common Stock
(Cost $441,085,503)				384,648,720
Master Limited Partnerships — 22.9%⁽¹⁾
United States Natural Gas Gathering/Processing — 4.6%(1)
Western Midstream Partners LP		583,326		17,394,781
United States Natural Gas/Natural Gas Liquids Pipelines — 12.0%(1)
Energy Transfer LP		1,879,085		26,100,491
Enterprise Products Partners LP		729,194		19,527,815
				45,628,306
United States Refined Product Pipelines — 6.3%⁽¹⁾
MPLX LP		662,040		24,137,979
Total Master Limited Partnerships
(Cost $53,131,230)				87,161,066

Private Investment — 3.8%⁽¹⁾
United States Renewables — 3.8%⁽¹⁾
TK NYS Solar Holdco LLC^(3)(4)(5)
(Cost $50,141,470)		N/A	$	14,550,615
Preferred Stock — 1.2%⁽¹⁾
United States Natural Gas Gathering/Processing — 1.2%(1)
EnLink Midstream Partners
(Cost $5,100,000)		5,100		4,588,448
Money Market Fund — 0.1%⁽¹⁾
United States Investment Company — 0.1%⁽¹⁾
Invesco Government & Agency Portfolio — Institutional Class,
5.282%⁽⁶⁾(Cost $408,099)		408,099		408,099

Total Investments — 129.1%⁽¹⁾
(Cost $549,866,302)				491,356,948
Liabilities in Excess of Other Assets — (0.8%)⁽¹⁾				(3,046,493	)
Line of Credit — (1.9)%⁽¹⁾				(7,300,000	)
Senior Notes — (17.0)%⁽¹⁾				(64,853,333	)
Mandatory Redeemable Preferred Stock at Liquidation Value — (9.4)%⁽¹⁾				(35,660,610	)
Total Net Assets Applicable to Common Stockholders — 100.0%⁽¹⁾			$	380,496,512

(1)	Calculated as a percentage of net assets.

(2)	Non-income producing security.

(3)	Restricted securities have a total fair value of $14,550,615 which represents 3.8% of net assets. See Note 6 to 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.

(5)	Deemed to be an affiliate of the fund. See Note 7 to financial statements for further disclosure.

(6)	Rate indicated is the current yield as of November 30, 2023.

See accompanying Notes to Financial Statements.

28	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

NTG Schedule of Investments

November 30, 2023

	Shares		Fair Value

Common Stock — 100.5%⁽¹⁾

Canada Crude Oil Pipelines — 10.2%⁽¹⁾
Enbridge, Inc.		294,443	$	10,267,228
Pembina Pipeline Corp.		357,431		11,948,918
				22,216,146

Canada Natural Gas/Natural Gas Liquids Pipelines — 3.0%⁽¹⁾
TC Energy Corp.		171,139		6,421,135
United States Crude Oil Pipelines — 9.8%⁽¹⁾
Plains GP Holdings LP		1,315,066		21,251,466

United States Natural Gas Gathering/Processing — 8.0%⁽¹⁾
EnLink Midstream LLC		640,292		8,752,792
Hess Midstream Partners LP		234,934		7,644,752
Kinetik Holdings, Inc.		27,692		1,006,881
				17,404,425

United States Natural Gas/Natural Gas Liquids Pipelines — 59.5%⁽¹⁾
Cheniere Energy, Inc.		71,192		12,967,623
DT Midstream, Inc.		220,700		12,643,903
Excelerate Energy, Inc.		70,562		1,179,796
Kinder Morgan, Inc.		1,095,982		19,256,404
New Fortress Energy, Inc.		109,719		4,221,987
NextDecade Corp.⁽²⁾		228,576		1,140,594
ONEOK, Inc.		327,155		22,524,622
Targa Resources Corp.		305,475		27,630,214
The Williams Companies, Inc.		748,768		27,547,175
				129,112,318

United States Renewables and Power Infrastructure — 10.0%⁽¹⁾
Atlantica Sustainable Infrastructure Plc		236,182		4,492,182
Clearway Energy, Inc.		378,968		9,462,831
NextEra Energy Partners LP		258,632		6,088,197
NextEra Energy, Inc.		26,725		1,563,680
				21,606,890
Total Common Stock (Cost $229,908,440)				218,012,380

	Shares/Units			Fair Value

Master Limited Partnerships — 21.6%⁽¹⁾

United States Natural Gas Gathering/Processing — 4.2%⁽¹⁾
Western Midstream Partners LP		307,481		$	9,169,083

United States Natural Gas/Natural Gas Liquids Pipelines — 12.2%⁽¹⁾
Energy Transfer LP		962,003			13,362,222
Enterprise Products Partners LP		489,300			13,103,454
					26,465,676

United States Refined Product Pipelines — 5.2%⁽¹⁾
MPLX LP		310,766			11,330,528
Total Master Limited Partnerships
(Cost $29,715,799)					46,965,287

Preferred Stock — 1.4%⁽¹⁾

United States Natural Gas Gathering/Processing — 1.4%⁽¹⁾
EnLink Midstream Partners
(Cost $3,400,000)		34,000			3,058,966

Money Market Fund — 1.8%⁽¹⁾

United States Investment Company — 1.8%⁽¹⁾
First American Government Obligations Fund, Class X, 5.285%⁽³⁾(Cost $3,898,807)		3,898,807			3,898,807

Total Investments — 125.3%⁽¹⁾
(Cost $266,923,046)					271,935,440
Liabilities in Excess of Other Assets — (0.6)%⁽¹⁾		(1,344,656	)
Credit Facility Borrowings — (4.9)%⁽¹⁾					(10,600,000	)
Senior Notes — (13.5)%⁽¹⁾					(29,170,677	)
Mandatory Redeemable Preferred Stock at Liquidation Value — (6.3)%⁽¹⁾					(13,753,775	)

Total Net Assets Applicable to Common Stockholders — 100.0%⁽¹⁾				$	217,066,332

(1)

Calculated as a percentage of net assets.

(2)

Non-income producing security.

(3)

Rate indicated is the current yield as of November 30, 2023.

See accompanying Notes to Financial Statements.

Tortoise

Table of Contents

TTP Schedule of Investments

November 30, 2023

	Shares		Fair Value

Common Stock — 100.1%⁽¹⁾

Canada Crude Oil Pipelines — 15.8%⁽¹⁾
Enbridge, Inc.		172,836	$	6,026,791
Gibson Energy, Inc.		50,815		766,934
Pembina Pipeline Corp.		124,957		4,179,814
				10,973,539

Canada Natural Gas/Natural Gas Liquids Pipelines — 8.1%⁽¹⁾
Keyera Corp.		78,735		1,982,663
TC Energy Corp.		98,117		3,681,350
				5,664,013

United States Crude Oil Pipelines — 11.8%⁽¹⁾
Plains GP Holdings LP		508,250		8,213,320

United States Natural Gas Gathering/Processing — 11.6%⁽¹⁾
Antero Midstream Corp.		141,044		1,878,706
Equitrans Midstream Corp.		307,343		2,882,878
Hess Midstream Partners LP		91,698		2,983,853
Kinetik Holdings, Inc.		8,934		324,840
				8,070,277

United States Natural Gas/Natural Gas Liquids Pipelines — 47.6%⁽¹⁾
Cheniere Energy, Inc.		22,822		4,157,027
DT Midstream, Inc.		15,694		899,109
Excelerate Energy, Inc.		8,917		149,092
Kinder Morgan, Inc.		389,508		6,843,656
NextDecade Corp.⁽²⁾		70,953		354,056
ONEOK, Inc.		116,871		8,046,568
Targa Resources Corp.		46,463		4,202,578
The Williams Companies, Inc.		230,187		8,468,580
				33,120,666

United States Renewables and Power Infrastructure — 5.2%⁽¹⁾
Clearway Energy, Inc.		22,000		549,340
NextEra Energy Partners LP		29,030		683,366
Sempra Energy		32,242		2,349,475
				3,582,181
Total Common Stock (Cost $59,433,168)				69,623,996

	Shares/Units		Fair Value

Master Limited Partnerships — 22.4%⁽¹⁾

United States Crude Oil Pipelines — 1.3%⁽¹⁾
NuStar Energy LP		48,386	$	921,270

United States Natural Gas Gathering/Processing — 3.5%⁽¹⁾
Western Midstream Partners LP		82,032		2,446,194

United States Natural Gas/Natural Gas Liquids Pipelines — 11.6%⁽¹⁾
Energy Transfer LP		292,468		4,062,381
Enterprise Products Partners LP		148,325		3,972,143
				8,034,524

United States Other — 0.2%⁽¹⁾
Westlake Chemical Partners LP		4,940		111,891

United States Refined Product Pipelines — 5.8%⁽¹⁾
MPLX LP		111,185		4,053,805
Total Master Limited Partnerships (Cost $7,979,237)				15,567,684

Money Market Fund — 0.7%⁽¹⁾

United States Investment Company — 0.7%⁽¹⁾
Invesco Government & Agency Portfolio — Institutional Class, 5.282%⁽³⁾(Cost $457,549)		457,549		457,549

Total Investments — 123.2%⁽¹⁾
(Cost $67,869,954)				85,649,229
Liabilities in Excess of Other Assets — (0.2)%⁽¹⁾				(181,672	)
Credit Facility Borrowings — (8.5)%⁽¹⁾				(5,900,000	)
Senior Notes — (5.7)%⁽¹⁾				(3,942,857	)
Mandatory Redeemable Preferred Stock at Liquidation Value — (8.8)%⁽¹⁾				(6,100,000	)

Total Net Assets Applicable to Common Stockholders — 100.0%⁽¹⁾			$	69,524,700

(1)

Calculated as a percentage of net assets.

(2)

Non-income producing security.

(3)

Rate indicated is the current yield as of November 30, 2023.

See accompanying Notes to Financial Statements.

30	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

NDP Schedule of Investments

November 30, 2023

	Shares		Fair Value

Common Stock — 93.4%⁽¹⁾

Canada Crude Oil Pipelines — 1.4%⁽¹⁾
Enbridge, Inc.		23,865	$	832,173

Canada Natural Gas/Natural Gas Liquids Pipelines — 1.3%⁽¹⁾
TC Energy Corp.		19,745		740,832

Canada Oil and Gas Production — 2.3%⁽¹⁾
Suncor Energy, Inc.		40,528		1,337,019

United States Natural Gas Gathering/Processing — 2.7%⁽¹⁾
Kinetik Holdings, Inc.		5,678		206,452
Kodiak Gas Services, Inc.		79,293		1,397,936
				1,604,388

United States Natural Gas/Natural Gas Liquids Pipelines — 22.9%⁽¹⁾
Cheniere Energy, Inc.		37,456		6,822,610
Excelerate Energy, Inc.		6,209		103,815
Kinder Morgan, Inc.		56,165		986,819
NextDecade Corp.⁽²⁾		55,204		275,468
ONEOK, Inc.		8,500		585,225
Targa Resources Corp.		37,880		3,426,246
The Williams Companies, Inc.		36,175		1,330,878
				13,531,061

United States Oil and Gas Production — 58.4%⁽¹⁾
Chevron Corp.		18,828		2,703,701
ConocoPhillips		21,747		2,513,301
Coterra Energy, Inc.		50,396		1,322,895
Devon Energy Corp.		90,404		4,065,468
Diamondback Energy, Inc.		37,179		5,740,809
EOG Resources, Inc.		23,070		2,839,225
EQT Corp.		117,402		4,691,384
Exxon Mobil Corp.		43,043		4,422,238
Marathon Oil Corp.		81,694		2,077,478
Occidental Petroleum Corp.		43,302		2,561,313
Pioneer Natural Resources Co.		6,795		1,573,994
				34,511,806

United States Other — 2.4%⁽¹⁾
Baker Hughes Co.		38,763		1,308,251
Darling Ingredients, Inc.⁽²⁾		1,957		85,854
				1,394,105

United States Renewables and Power Infrastructure — 2.0%⁽¹⁾
American Electric Power Co., Inc.		2,921		232,365
Constellation Energy Corp.		8,071		976,914
				1,209,279
Total Common Stock (Cost $33,372,368)				55,160,663


	Shares/Units		Fair Value

Master Limited Partnerships — 21.0%⁽¹⁾

United States Natural Gas Gathering/Processing — 3.7%⁽¹⁾
Western Midstream Partners LP		72,535	$	2,162,993

United States Natural Gas/Natural Gas Liquids Pipelines — 10.9%⁽¹⁾
Energy Transfer LP		293,256		4,073,326
Enterprise Products Partners LP		89,274		2,390,758
				6,464,084

United States Oil and Gas Production — 2.3%⁽¹⁾
Mach Natural Resources LP⁽²⁾		26,315		466,302
TXO Partners LP		50,000		913,000
				1,379,302

United States Refined Product Pipelines — 4.1%⁽¹⁾
MPLX LP		66,440		2,422,402
Total Master Limited Partnerships (Cost $9,605,884)				12,428,781

Money Market Fund — 0.6%⁽¹⁾

United States Investment Company — 0.6%⁽¹⁾
Invesco Government & Agency Portfolio — Institutional Class, 5.282%⁽³⁾(Cost $336,952)		336,952		336,952

Total Investments — 115.0%⁽¹⁾ (Cost $43,315,204)				67,926,396
Liabilities in Excess of Other Assets — (0.1)%⁽¹⁾				(73,287	)
Credit Facility Borrowings — (14.9)%⁽¹⁾				(8,800,000	)

Total Net Assets Applicable to Common Stockholders — 100.0%⁽¹⁾			$	59,053,109

(1)

Calculated as a percentage of net assets.

(2)

Non-income producing security.

(3)

Rate indicated is the current yield as of November 30, 2023.

See accompanying Notes to Financial Statements.

Tortoise

Table of Contents

TPZ Schedule of Investments

November 30, 2023

	Principal Amount		Fair Value

Corporate Bonds — 61.8%⁽¹⁾

Canada Crude Oil Pipelines — 6.5%⁽¹⁾
Enbridge, Inc. 5.500%, 07/15/2077	$	7,042,000	$	6,190,669
United States Natural Gas Gathering/Processing — 21.4%⁽¹⁾
Antero Midstream Partners LP 5.750%, 03/01/2027⁽²⁾		3,800,000		3,715,144
Blue Racer Midstream LLC 6.625%, 07/15/2026⁽²⁾		5,900,000		5,808,848
EnLink Midstream LLC 5.375%, 06/01/2029		4,000,000		3,859,876
Hess Corp. 5.625%, 02/15/2026⁽²⁾		4,160,000		4,108,000
The Williams Companies, Inc. 4.550%, 06/24/2024		3,000,000		2,977,887
				20,469,755

United States Natural Gas/Natural Gas Liquids Pipelines — 23.4%⁽¹⁾
Cheniere Corp. 5.875%, 03/31/2025		2,000,000		2,000,278
Cheniere Energy, Inc. 4.625%, 10/15/2028		3,100,000		2,958,074
DT Midstream, Inc. 4.375%, 06/15/2031⁽²⁾		2,000,000		1,756,175
NGPL PipeCo LLC 3.250%, 07/15/2031⁽²⁾		3,500,000		2,889,469
ONEOK, Inc. 6.350%, 01/15/2031		3,000,000		3,090,447
Rockies Express Pipeline LLC 4.950%, 07/15/2029⁽²⁾		3,000,000		2,767,489
Tallgrass Energy LP 5.500%, 01/15/2028⁽²⁾		3,250,000		2,998,275
Targa Resources Corp. 5.200%, 07/01/2027		4,000,000		3,967,039
				22,427,246

United States Other — 4.9%⁽¹⁾
New Fortress Energy, Inc. 6.500%, 09/30/2026⁽²⁾		5,000,000		4,751,877
United States Refined Product Pipelines — 1.6%⁽¹⁾
Buckeye Partners LP 5.850%, 11/15/2043		2,000,000		1,511,290
United States Renewables and Power Infrastructure — 4.0%⁽¹⁾
NextEra Energy, Inc. 4.800%, 12/01/2077		4,500,000		3,829,940
Total Corporate Bonds (Cost $62,538,121)				59,180,777

	Shares		Fair Value

Common Stock — 39.1%⁽¹⁾

Canada Crude Oil Pipelines — 1.4%⁽¹⁾
Enbridge, Inc.		39,056	$	1,361,883

Canada Natural Gas/Natural Gas Liquids Pipelines — 1.9%⁽¹⁾
TC Energy Corp.		48,667		1,825,986

United States Crude Oil Pipelines — 6.1%⁽¹⁾
Plains GP Holdings LP		358,745		5,797,319

United States Natural Gas Gathering/Processing — 5.1%⁽¹⁾
EnLink Midstream LLC		90,965		1,243,492
Equitrans Midstream Corp.		108,596		1,018,630
Hess Midstream Partners LP		66,901		2,176,959
Kinetik Holdings, Inc.		11,954		434,647
				4,873,728

United States Natural Gas/Natural Gas Liquids Pipelines — 21.1%⁽¹⁾
DT Midstream, Inc.		24,885		1,425,662
Excelerate Energy, Inc.		11,787		197,079
Kinder Morgan, Inc.		160,775		2,824,817
NextDecade Corp.⁽³⁾		98,612		492,074
ONEOK, Inc.		73,551		5,063,986
Targa Resources Corp.		63,653		5,757,414
The Williams Companies, Inc.		121,546		4,471,677
				20,232,709

United States Refining — 0.4%⁽¹⁾
PBF Energy, Inc.		8,275		367,410

United States Renewables and Power Infrastructure — 3.1%⁽¹⁾
Atlantica Sustainable Infrastructure Plc		16,523		314,267
NextEra Energy Partners LP		8,013		188,626
Sempra Energy		33,854		2,466,941
				2,969,834

Total Common Stock (Cost $29,186,696)				37,428,869

See accompanying Notes to Financial Statements.

32	Tortoise

Table of Contents

2023 Annual Report | November 30, 2023

TPZ Schedule of Investments (continued)

November 30, 2023

	Shares/Units		Fair Value

Master Limited Partnerships — 23.6%⁽¹⁾

United States Crude Oil Pipelines — 1.8%⁽¹⁾
NuStar Energy LP		90,687	$	1,726,680
United States Natural Gas Gathering/Processing — 4.2%⁽¹⁾
Western Midstream Partners LP		135,715		4,047,021
United States Natural Gas/Natural Gas Liquids Pipelines — 10.5%⁽¹⁾
Energy Transfer LP		370,881		5,151,537
Enterprise Products Partners LP		184,023		4,928,136
				10,079,673
United States Refined Product Pipelines — 7.1%⁽¹⁾
Holly Energy Partners LP		30,993		633,807
MPLX LP		167,813		6,118,462
				6,752,269
Total Master Limited Partnerships (Cost $12,627,406)				22,605,643

	Shares		Fair Value

Money Market Fund — 0.4%⁽¹⁾

United States Investment Company — 0.4%⁽¹⁾
Invesco Government & Agency Portfolio — Institutional Class, 5.282%⁽⁴⁾(Cost $340,564)		340,564	$	340,564

Total Investments — 124.9%⁽¹⁾ (Cost $104,692,787)				119,555,853
Other Assets in Excess of Liabilities — 0.8%⁽¹⁾				768,550
Credit Facility Borrowings — (25.7)%⁽¹⁾				(24,600,000	)

Total Net Assets Applicable to Common Stockholders — 100.0%⁽¹⁾			$	95,724,403

(1)

Calculated as a percentage of net assets.

(2)

Restricted securities have a total fair value of $28,795,277, which represents 30.1% of total net assets. See Note 6 to financial statements for further disclosure.

(3)

Non-income producing security.

(4)

Rate indicated is the current yield as of November 30, 2023.

See accompanying Notes to Financial Statements.

Tortoise

Table of Contents

TEAF Consolidated Schedule of Investments

November 30, 2023

	Shares		Fair Value

Common Stock — 45.0%⁽¹⁾

Australia Natural Gas/Natural Gas Liquids Pipelines — 1.3%⁽¹⁾
APA Group		442,606	$	2,494,618
Australila Other — 1.9%⁽¹⁾
Atlas Arteria Ltd.		992,726		3,804,478
Canada Renewables — 1.0%⁽¹⁾
Innergex Renewable Energy, Inc.⁽²⁾		294,405		2,084,993
France Other — 0.9%⁽¹⁾
Vinci SA		13,906		1,699,841
France Power — 0.6%⁽¹⁾
Engie SA		70,301		1,218,081
Germany Power — 1.5%⁽¹⁾
RWE AG⁽²⁾		68,204		2,922,816
Hong Kong Solar — 0.4%⁽¹⁾
Xinyi Energy Holdings Ltd.		4,755,664		797,552
Hong Kong Transportation/Storage — 0.6%⁽¹⁾
China Suntien Green Energy Corp. Ltd.		3,704,242		1,232,961
Italy Power — 6.1%⁽¹⁾
ENAV SpA⁽²⁾		649,850		2,317,306
Enel SpA		512,946		3,621,386
Iren SpA		1,215,003		2,695,304
Terna SpA		447,937		3,606,120
				12,240,116
Portugal Power — 2.9%⁽¹⁾
EDP — Energias de Portugal SA⁽²⁾		1,209,999		5,778,018
Spain Other — 1.6%⁽¹⁾
Ferrovial SE⁽²⁾		93,777		3,241,926
Spain Power — 2.3%⁽¹⁾
Iberdrola SA⁽²⁾		371,053		4,582,123
United Kingdom Power — 5.5%⁽¹⁾
National Grid Plc		300,253		3,894,787
SSE Plc⁽²⁾		309,113		7,151,148
				11,045,935
United Kingdom Renewable Infrastructure — 0.9%⁽¹⁾
Greencoat UK Wind Plc⁽²⁾		1,005,074		1,825,885

	Shares		Fair Value

United States Natural Gas/Natural Gas Liquids Pipelines — 8.1%⁽¹⁾

Cheniere Energy, Inc.⁽²⁾		30,700	$	5,592,005
NextDecade Corp.⁽³⁾		75,000		374,250
Targa Resources Corp.⁽²⁾		61,158		5,531,741
The Williams Companies, Inc.⁽²⁾		125,859		4,630,353
				16,128,349

United States Power — 5.3%⁽¹⁾
Ameren Corp.⁽²⁾		20,040		1,554,904
American Electric Power Co, Inc.⁽²⁾		63,582		5,057,948
Atlantica Sustainable Infrastructure Plc⁽²⁾		75,263		1,431,502
Edison International		22,360		1,497,896
Exelon Corp.		28,739		1,106,739
				10,648,989

United States Renewables — 3.0%⁽¹⁾
Dominion Energy, Inc.⁽²⁾		48,224		2,186,476
NextEra Energy, Inc.⁽²⁾		47,543		1,119,162
NextEra Energy Partners LP⁽²⁾		45,491		2,661,679
				5,967,317

United States Solar — 0.1%⁽¹⁾

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