N-CSR 1 tortoise4150311-ncsr.htm 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 811-22525

Managed Portfolio Series
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Brian R. Wiedmeyer, President

Managed Portfolio Series

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Ave, 5th Fl

Milwaukee, WI 53202
(Name and address of agent for service)

(414) 765-6844

Registrant’s telephone number, including area code

Date of fiscal year end: November 30, 2022

Date of reporting period: November 30, 2022

Updated August 1, 2011


Item 1. Reports to Stockholders.

2022 Annual Report

November 30, 2022

 

 

Midstream focused

Tortoise MLP & Pipeline Fund

Institutional Class Shares – TORIX

A Class Shares – TORTX

C Class Shares – TORCX

Tortoise Energy Infrastructure
and Income Fund

Institutional Class Shares – INFIX

A Class Shares – INFRX

C Class Shares – INFFX

Renewables

Ecofin Global Energy
Transition Fund

Institutional Class Shares – EETIX

A Class Shares – EETAX

Ecofin Global Renewables
Infrastructure Fund

Institutional Class Shares – ECOIX

A Class Shares – ECOAX

Ecofin Sustainable
Water Fund

Institutional Class Shares – AQUIX

A Class Shares – AQUAX

 

www.TortoiseEcofin.com




 
 
 
 

TortoiseEcofin

2022 Annual Report



This combined financial report provides you with a comprehensive review of our funds that span the entire energy value chain.

           
       
Table of Contents      
       
Letter to Shareholders   2  
       
Tortoise MLP & Pipeline Fund   5  
       
Tortoise Energy Infrastructure and Income Fund   8  
       
Ecofin Global Energy Transition Fund   11  
       
Ecofin Global Renewables Infrastructure Fund   14  
       
Ecofin Sustainable Water Fund   17  
       
Expense Examples   21  
       
Financial Statements   24  
       
Notes to Financial Statements   52  
       
Report of Independent Registered Public Accounting Firm   62  
       
Trustees & Officers   63  
       
Additional Information   65  

TortoiseEcofin




 
 

2022 Annual Report | November 30, 2022

Open-end fund comparison

     Name/Ticker    Primary focus    Total investments
($ Millions)(1)
   Portfolio mix by asset type(1)    Portfolio mix by ownership(1)
 

Tortoise MLP & Pipeline Fund

Institutional Class (TORIX)
A Class (TORTX)
Inception: 5/2011
C Class (TORCX)
Inception: 9/2012

  North American pipeline companies   $2,435.6                 
 

Tortoise Energy Infrastructure and Income Fund

Institutional Class (INFIX)
A Class (INFRX)
Inception: 5/2011
C Class (INFFX)
Inception: 4/2012

  Energy infrastructure equity and debt   $525.8                   
 

Ecofin Global Energy Transition Fund

Institutional Class (EETIX)
A Class (EETAX)
Inception: 10/2021

  Global Securities benefiting from long-term growth associated with energy transition   $42.2  

Portfolio mix by asset type(1)

 

Portfolio mix by geography(1)

     

 

Ecofin Global Renewables Infrastructure Fund

Institutional Class (ECOIX)
A Class (ECOAX)
Inception: 8/2020

  Global Securities benefiting from long-term growth associated with energy transition   $340.5  

Portfolio mix by sector type(1)

 

Portfolio mix by geography(1)

   

  Ecofin Sustainable Water Fund

Institutional Class (AQUIX)
A Class (AQUAX)
Inception: 2/2022
  Global Securities benefiting from the pursuit to solve the water supply/demand imbalance   $2.1                      
   
(1) As of 11/30/2022  
   
(unaudited)  
   
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Tortoise

2022 Annual Report

Dear shareholder

The 2022 fiscal year proved to be a volatile environment with numerous headwinds for the broad market. Headwinds included recessionary concerns, rising inflation, as well as the anticipation of higher interest rates. The energy sector was an outlier with positive performance for the second consecutive fiscal year. In fact, as of December 31, 2022, midstream, represented by the Tortoise North American Pipeline IndexSM, and broader energy, represented by the S&P 500 Energy Select Sector® Index, outperformed the S&P 500 Index for the past two calendar years.

Renewable energy investments had a volatile year due to a variety of factors including inflation, sharply rising interest rates, political uncertainty, China COVID policies, decelerating economic growth and no end in sight to the war in Ukraine. Additional headwinds included uncertainties surrounding incentives legislation in the U.S., windfall taxes in Europe, security of energy supply, high energy prices, availability of equipment and components, and high logistics costs. However, the renewable energy sector was bolstered in August with the passage of the Inflation Reduction Act (IRA).

Global water equities were under pressure during the period, as a multitude of risk factors (inflation, monetary policy, interest rates and geopolitical tensions) weighed on risk-assets throughout the period. The drawdown in the sector was primarily caused by a de-rating from a multiple perspective.

Energy and power infrastructure

The broad energy sector returned 74.9% for the annual fiscal period. Energy started the year strong, sold off in June with the broader market on concerns about a looming recession but rallied into the fiscal year end as investors continued to rotate into the sector. The energy sector’s weight within the S&P 500 Index rose to above 5% for the first time since 2019 as investors sought inflation protection, rotated to a value bias from growth bias, and saw the Russia and Ukraine conflict bring energy security into focus. Potential concerns around a recession were offset by a tightening global energy supply as demand rebounds post-COVID. Global underinvestment resulting from environmental, social and governance (ESG) commitments and energy transition is likely to keep global stock balances extremely tight for the foreseeable future, a dynamic that presents higher, but perhaps more volatile prices as seen in 2022.

The global energy markets were dynamic throughout 2022. Organization of the Petroleum Exporting Countries+ (OPEC+) production continually undershot pledged production due to prolonged oil and gas underinvestment and rapidly shut-in production in 2020. The lack of supply coming to market complicates assessments over the actual amount of OPEC spare capacity. Spare capacity is critical as it guards against prices rapidly rising should a market exogenous event occur. In early October, the crude oil market tightened as OPEC+ responded to softening economic conditions in the Organization for Economic Cooperation and Development (OECD), namely Europe, by cutting production 2 million barrels per day (mm b/d). Separately, sanctions around exports of Russian energy took effect at the end of 2022 and are expected to increase in 2023 driven by an embargo of Russian crude oil above the price cap of $60. While Russian crude oil was more resilient than expected, in 2022 volumes are projected to decline and/or face longer transit times to their end market. Given these disruptions, the focus remains on the supply side of the equation. On the demand side, global inventories continued to be drawn upon and are well below their 5-year averages. The scarcity of commodities comes at a time when global demand should be boosted by China re-opening from COVID lockdowns in 2023. Chinese demand growth is expected to build throughout the year.

2022 was the eighth consecutive year of underinvestment in oil and gas. With supply sources more finite there is a renewed opportunity for short-cycle North American energy. In 2022, U.S. oil production crossed 12 mm b/d, a level not seen since April 2020. For 2023, the Energy Information Agency (EIA) forecasts that production will increase 0.3 mm b/d to 12.6 mm b/d, up from 12.3 mm b/d at the end of 2022. While production is projected to increase year-over-year, the change is notably lower than previously thought. Rising capital intensity for U.S. shale including inflationary materials and service costs has operators messaging 10-20% year over year inflation. The Permian basin, America’s biggest oil field, is expected to be the primary driver of production growth with major integrated energy companies expected to increase their production by 10-25%.

Transitioning to natural gas, the Russia-Ukraine conflict presents an enormous long-term opportunity for U.S. liquefied natural gas (LNG). Entering 2022, Russian natural gas exports to Europe accounted for 13-15 billion cubic feet per day (Bcf/d) or 35-40% of the EU’s gas supply. In 2023, we expect Russian exports of energy to further shrink. With energy security a higher priority and low natural gas inventories, Europe has been increasingly importing U.S. LNG. The U.S. LNG market, while young, grew from zero market share to the top export market in just over seven years. Throughout 2022, LNG exporters contracted almost 6 Bcf/d of new contracts, signing 15-25-year contracts with European and Asian counterparties. The market awaits several Final Investment Decisions (FIDs) in 2023 which would put the U.S. on track to roughly double LNG export capacity by end of the decade. We expect a more mixed setup for natural gas in 2023, as supply outpaces demand and unseasonably warm weather lessened gas demand for Europe and North America. One short-term positive is the expected restart of Freeport LNG, which has been offline since the second half of 2022.

The midstream energy sector returned 28.8% for the period. Investor sentiment rounded with positive retail flows coupled with companies buying back stock in the open market. Beyond the constructive technical setup, we believe midstream serves as a hedge to many current risks investors face. The midstream sector’s strong fundamentals, attractive valuations, defensive characteristics in a higher rate and inflationary environment, and improved free cash flow should support outperformance on a relative basis.

Recession concerns weighed on investor psyche the second half of the fiscal year. While there were several recessions in the last 40 years, energy demand increased in 38 out of the last 40 years (2008 and 2020 decreased). Due to actions taken during the 2020 recession, we believe the energy sector, and specifically midstream, is well prepared to deal with another potential recession. The world remains undersupplied in energy, and we believe sector balance sheets are in much better shape than in past recessions including 2001, 2008, and 2020. 2022 earnings exceeded expectations with energy the one part of the market where earnings grew at an accelerated rate.

(unaudited)  
   
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2022 Annual Report | November 30, 2022
 
 
 
 

As more volumes flowed through pipeline systems in 2022, cash flow increased for midstream companies. The balanced return of capital story continued for investors via debt reduction, share buybacks and increased distributions. Specifically, deleveraging continued as companies targeted leverage between 3.0x-4.0x after years of leverage between 4.0x-5.0x, distribution growth accelerated to 7% in 2022 as companies targeted a return to pre-COVID levels, and share buybacks accelerated with $3.4bn repurchased through Q3. The other use of capital has been mergers and acquisitions (M&A). There were several accretive bolt-on acquisitions of private assets completed by larger energy infrastructure companies. These assets largely were complementary to existing assets, allowing operators to control energy volumes across more midstream activities.

With inflation surging to 40-year highs in 2022, midstream provided investors inflation protection. Pipelines typically have long-term contracts with inflation protection from regulated tariff escalators. Additionally, tariffs on regulated liquid pipelines often include an inflation escalator aligned with the Producer Price Index (PPI).1 Federal Energy Regulatory Commission (FERC) indexing could be a material driver of liquid pipeline cash flows with rates potentially increasing double digits next summer on top of an 8.7% increase that went into effect July 1, 2022.

Interest rates rose significantly in 2022 as the Federal Reserve took a more hawkish approach and started raising the Fed Funds rate. Historically, midstream energy displays strong historical returns in rising rate environments. In the 15 time periods of rising rates since 2001, midstream energy, represented by the Tortoise North American Pipeline IndexSM, returned an average return of 7.7%, compared to a S&P 500 average return of 6.1%, and bond return of -2.4% represented by the Bloomberg U.S. Aggregate Bond Index.2

With energy supply short and energy security concerns emerging globally, investors are reminded how critical energy infrastructure is to daily life. Even before the Ukraine conflict, U.S. LNG cargoes were rapidly replenishing Europe’s low gas storage levels via LNG tankers. LPGs (liquid petroleum gases) were being exported to India and China, where demand is driven by global population growth and improvements in living standards. Whether it’s LNG, liquefied petroleum gas (LPG), or crude oil, U.S. energy infrastructure companies have signed long-term contracts and have been exporting energy all around the world.

On the regulatory front, it was another year of mixed news flow. In August, the passage of the IRA was intended to benefit the entire energy value chain and provide energy infrastructure significant decarbonization opportunities. The IRA provides incentives for three energy infrastructure decarbonization opportunities, specifically a carbon capture and sequestration 45Q tax credit, a hydrogen production tax credit, and support for renewable natural gas. Following the passage of the IRA, Senator Manchin aimed to reform infrastructure permitting through the proposed Energy Independence and Security Act of 2022. Passage ultimately failed but could be revisited in 2023. Permitting reform is needed. In the northeast Marcellus Basin, pipeline infrastructure is constrained. Despite this need, the one major pipeline which continues to be under construction is the Mountain Valley Pipeline (MVP) and during the first half of 2022, the U.S. Court of Appeals for the Fourth Circuit overturned federal approval of a key forest-crossing permit.

Demand for low-cost U.S. natural gas creates a need for additional natural gas pipelines and LNG export terminals. Seeing the setback with MVP, companies are doing what they can to avoid the red-tape that comes with building new pipelines. For example, one company announced that its pipeline expansion will increase the mainline capacity from 2 Bcf/d to 2.5 Bcf/d through the planned installation of three new compressor stations. Adding compression stations, for example, can avoid some of the exhaustive permitting process affiliated with building new pipelines.

Sustainable infrastructure

The year was volatile due to mixed developments at the macro and sector levels. At a high level, inflation, sharply rising interest rates, political uncertainty in several countries, China COVID policies, decelerating economic growth, and no end in sight to the war in Ukraine were powerful headwinds.

At the sector level, uncertainties surrounding incentives legislation in the US, windfall taxes in Europe, security of energy supply, high energy prices, availability of equipment and components, and high logistics costs all created volatility throughout the year.

In that context, cyclical (including autos) and tech sectors underperformed the market. However, despite these difficult circumstances, the renewables sector demonstrated its secular growth resilience outperforming the broader market. US utilities outperformed their European counterparts, while the utilities sector as a whole beat the broader market.

Towards the end of the period, the Federal Reserve chairman’s somewhat dovish comments supported equity markets to the close of the period.

The following major developments affecting the sustainable infrastructure and energy transition sector during the year are worth mentioning.

Inflation Reduction Act:

The U.S. administration’s Inflation Reduction Act, which was passed during the year, contains most of the clean energy measures in the now defunct Build Back Better Act, and includes even more domestic manufacturing incentives than we expected. The $369 billion bill extends and upgrades various tax credits for technologies such as wind and solar, while introducing new tax credits and incentives for emergent technologies such as green hydrogen and standalone battery storage which should materially help accelerate deployment timelines. The manufacturing credits provided by the IRA should also accelerate and expand the onshoring of many cleantech value chains, from renewables and storage to autos and materials. In our view, it is a game changer for the entire energy transition and renewables value chain as it gives 10-year visibility to the space.

We expect the IRA to add to an inflection point in U.S. electricity demand, and demand for decarbonised electricity, delivering a growth phase for a sector that has seen limited demand growth for over a decade. We expect renewables developers to start announcing numerous new projects and to enhance the value of existing projects by taking advantage of more attractive incentives. We also foresee many more equipment manufacturing plants to be built in the US. We believe the positive impacts of the IRA aren’t yet

(unaudited)  
   
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fully baked into market expectations. We expect many of the impacts of the IRA will move from drawing boards to revenues and earnings impacts starting in 2024, as new factories and operating assets start to come online.

Government Intervention:

Across Europe and for most of the year, uncertainty on potential government intervention weighed on the sector. Many of these concerns surrounded windfall taxes, a form of government intervention which confiscate a portion of profits companies gain due to the pervasive higher power price environment. These confiscated profits are then redistributed to support consumers facing unbearably high energy prices.

Upon the close of the period, we finally gained much more clarity on power prices and windfall taxes in Europe (UK, Italy and Germany) with a better outcome than feared for the majority of countries. This clarity will provide higher forward-looking visibility and stability.

Energy Security:

During the year, the Ukraine war escalated both militarily and in terms of gas supply volatility from Russia into Europe, which drove gas prices to new highs. There is still a risk to Winter 2023 gas supply and significant risk of further military escalation. The consequences of these impacts are primarily being felt in the EU Zone economy, but have a ripple effect beyond Europe, as manufacturing costs, forward activity, and concerns about access to energy-intensive materials become more acute.

Sustainable water

Fiscal year 2022 was a rough period for risk-assets, as investor concerns regarding inflation, tighter global monetary policies, higher interest rates and heightened geopolitical tensions weighed on global equity markets. During the period, elevated inflation data combined with hawkish pivots from key global central banks drove investor sentiment and valuations lower, especially in high growth (including several fund holdings) sectors. Following the weak start to the year for global equities, Russia’s invasion of Ukraine in February furthered “risk-off” sentiment as geopolitical tensions escalated and energy / commodity prices surged. Market sentiment continued to deteriorate in March with renewed COVID-driven lockdowns in China and the negative implications for supply chains and economic growth.

The second half of the year was mixed with the third quarter exhibiting similar “risk-off” performance from continued hawkish rate policies followed by a late year rally across the water sector in the fourth quarter. Nonetheless, the deteriorating economic growth outlook resulting from these factors, combined with elevated market risks, drove the water sector lower over the course of 2022. Specifically, many structural growth equities were de-rated and surging inflation led to concerns around margin compression causing a handful of names in the portfolio to be under considerable pressure. From a water value chain standpoint, Agriculture Equipment & Services and E&Cs were positive, while Filtration, Treatment & Test, Utilities, and Pipes, Pumps & Valves were negative. Fundamentals for portfolio companies remained healthy for the most part and earnings estimates were largely in-line with previous expectations for most sectors due to the underlying secular growth drivers for the sector. However, as the potential for a broader macroeconomic slowdown becomes more likely, it is expected that revisions to earnings estimates will be a key-focus for the portfolio during the course of 2023.

Concluding thoughts

With continued positive trends for the energy sector, we stand by our positive long-term outlook for the sector. With the help of the IRA, we are encouraged and hope for improved performance of sustainable infrastructure and climate action investments heading into 2023. We believe fundamentals for water companies remain healthy for the most part and earnings estimates are largely in-line with previous expectations for most sectors due to the underlying secular growth drivers for the sector. However, as the potential for a broader macroeconomic slowdown becomes more likely, it is expected that revisions to earnings estimates will be a key-focus for the water companies during the course of 2023.

The S&P 500® Index is an unmanaged market-value weighted index of stocks, which is widely regarded as the standard for measuring large-cap U.S. stock market performance. 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 IndexSM is 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 TIS Advisors 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 IndexSM (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 TIS Advisors 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”).

Free cash flow is the cash a company produces through its operations, less the cost of total capital expenditures (growth and maintenance).

It is not possible to invest directly in an index.

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.

1.Producer Price Index (PPI): measures average change over time in the selling prices received by domestic producers for their output.
2.The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-through securities), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).
  
(unaudited)  
   
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2022 Annual Report | November 30, 2022
 
Tortoise
MLP & Pipeline Fund
 

Basic fund facts

Investment objective: Total return

Structure: Regulated investment company

        Institutional       A Class       C Class
Ticker        TORIX              TORTX              TORCX      
Gross expense ratio(5)   0.94%     1.19%     1.94%  
Redemption fee   None     None     None  
Maximum front-end sales load   None (1)    5.50% (2)    None (1) 
Maximum deferred sales load   None     None (3)    1.00% (4) 

(1) While the Institutional and C Classes have no front-end load, advisory and other expenses still apply.
(2) You may qualify for sales charge discounts if you invest at least $50,000.
(3) No front-end sales charge is payable on A Class investments of $1 million or more, although the fund may impose a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of purchase.
(4) The C Class CDSC applies to redemptions made within 12 months of purchase.
(5) The expense ratios reflect those in the most recent prospectus and may not agree to the financial highlights.

Targeted investment characteristics

The fund’s targeted investments generally will have the following characteristics:

Strategic assets that fuel the economy
   
Diversified asset base
   
Limited direct commodity price exposure
   
History of predictable, recurring cash flows
   

Total-return potential through growth and current income
   
Experienced management teams

Top ten holdings (as of November 30, 2022)  

1. Cheniere Energy, Inc.       10.2%
2. Targa Resources Corp.   9.7%
3. Kinder Morgan, Inc.   7.6%
4. The Williams Companies, Inc.   7.6%
5. Enbridge Inc.   7.6%
6. ONEOK, Inc.   7.0%
7. Plains GP Holdings, L.P.   4.8%
8. Energy Transfer LP   4.8%
9. Pembina Pipeline Corporation   4.7%
10. MPLX LP   4.7%

Key asset performance drivers

All segments except the “other” segment had positive performance
   
The fund’s largest allocation to natural gas pipeline companies added the most to performance
   
The fund’s allocation to the “other” segment detracted the most from performance

Top five contributors
Cheniere Energy Inc
Targa Resources Corp.
Energy Transfer LP
Williams Companies, Inc
Kinder Morgan Inc

Bottom five contributors
Equitrans Midstream Corporation
ESS Tech Inc
NextDecade Corporation
ESS Tech Inc – Restricted
Genesis Energy L.P.

(unaudited)  
   
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Tortoise
MLP & Pipeline Fund (continued)
 

Value of $1,000,000 vs. S&P 500® Index

November 30, 2012 through November 30, 2022

This chart illustrates the performance of a hypothetical $1,000,000 investment made on November 30, 2012 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains and dividends for a fund and dividends for the index.

The performance data quoted above represents past performance on November 30, 2012 through November 30, 2022. Past performance is no guarantee of future results. The investment return and value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be obtained through the most recent month-end by calling 855-TCA-FUND (855-822-3863). Future performance may be lower or higher than the performance stated above.

The S&P 500® Index is an unmanaged market-value weighted index of stocks, which is widely regarded as the standard for measuring large-cap U.S. stock market performance. Returns include reinvested dividends. You cannot invest directly in an index.

(unaudited)  
   
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2022 Annual Report | November 30, 2022
 
 
 
 

Total returns (as of November 30, 2022)

Ticker       Class       1 year       3 years       5 years       10 years(1)       Since Inception(2)       Gross expense ratio(6)
TORIX   Institutional   31.52%   11.64%   6.41%   5.34%         6.81%                   0.94%         
TORTX   A Class (excluding load)(3)   31.26%   11.35%   6.09%   5.06%     6.51%       1.19%  
TORTX   A Class (maximum load)(3)   24.09%   9.27%   4.90%   4.46%     5.99%       1.19%  
TORCX   C Class (excluding CDSC)   30.22%   10.52%   5.33%   4.29%     5.73%       1.94%  
TORCX   C Class (including CDSC)   29.22%   10.52%   5.33%   4.29%     5.73%       1.94%  
S&P 500® Index(4)       -9.21%   10.91%   10.98%   13.34%     12.33%        
TNAPT(5)       28.78%   12.43%   8.67%   7.69%     8.39%        

(1) The C Class Shares commenced operations on September 19, 2012. Performance shown for the C Class prior to the inception of the C Class is based on the performance of the Institutional Class Shares, adjusted for the higher expenses applicable to the C Class Shares.
(2) Reflects period from May 31, 2011 through November 30, 2022. The Institutional and A Class Shares commenced operations on May 31, 2011 and C Class Shares commenced operations on September 19, 2012. Performance shown for the C Class prior to inception of the C Class Shares is based on the performance of the Institutional Class Shares, adjusted for the higher expenses applicable to C Class Shares.
(3) Prior to March 30, 2019, A Class Shares were known as Investor Class Shares.
(4) The S&P 500® Index is an unmanaged market-value weighted index of stocks, which is widely regarded as the standard for measuring large-cap U.S. stock market performance. Returns include reinvested dividends. You cannot invest directly in an index.
(5) The Tortoise North American Pipeline IndexSM is a float-adjusted, capitalization weighted index of pipeline companies headquartered in the United States and Canada. You cannot invest directly in an index.
(6) The gross expense ratio is in line with the MLP & Pipeline Fund’s most recent effective prospectus and may not reflect current year activity.

Note: For periods over 1 year, performance reflected is for the average annual returns. Performance data shown for the A Class (maximum load) reflects a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load. Performance data shown for the C Class (including CDSC) reflects a contingent deferred sales charge (“CDSC”) of 1% for the first 12 months of investment. Performance data shown “excluding CDSC” does not reflect the deduction of the CDSC. If reflected, the load and CDSC would reduce the performance quoted. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-FUND (855-822-3863).

(unaudited)  
   
TortoiseEcofin 7



 
 
 
 
Tortoise
Energy Infrastructure and Income Fund
 

Basic fund facts

Investment objective: Current income and long-term capital appreciation

Structure: Regulated investment company

    Institutional   A Class   C Class
Ticker       INFIX             INFRX             INFFX      
Gross expense ratio(5)        1.16%          1.41%          2.16%  
Redemption fee   None     None     None  
Maximum front-end sales load   None (1)    5.50% (2)    None (1) 
Maximum deferred sales load   None     None (3)    1.00% (4) 

(1) While the Institutional and C Classes have no front-end load, advisory and other expenses still apply.
(2) You may qualify for sales charge discounts if you invest at least $50,000.
(3) No front-end sales charge is payable on A Class investments of $1 million or more, although the fund may impose a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of purchase.
(4) The C Class CDSC applies to redemptions made within 12 months of purchase.
(5) The expense ratios reflect those in the most recent prospectus and may not agree to the financial highlights.

Targeted investment characteristics

The fund’s targeted investments generally will have the following characteristics:

Securities from across the capital structure and energy value chain
   
Strategic assets that fuel the economy
   
Diversified asset base
   
Limited direct commodity price exposure
   
History of predictable, recurring cash flows
   
Current income through distributions
   
A flexible asset allocation dependent on current market opportunities
   
Experienced management team

Top ten holdings (as of November 30, 2022)  

1. Cheniere Energy, Inc.       7.6%
2. DCP Midstream, LP   6.2%
3. Energy Transfer LP   4.9%
4. The Williams Companies, Inc.   4.7%
5. ConocoPhillips   4.2%
6. EQT Corporation   3.9%
7. Plains GP Holdings, L.P.   3.8%
8. Targa Resources Corp.   3.5%
9. MPLX LP   3.4%
10. Pioneer Natural Resources Company   3.0%

Key asset performance drivers

All segments had positive performance
   
The fund’s large allocation to natural gas pipeline companies added the most to performance
   
The fund’s allocation to diversified infrastructure companies detracted the most from performance

Top five contributors
Cheniere Energy Inc.
EQT Corp
DCP Midstream LP
Energy Transfer LP
ConocoPhillips

Bottom five contributors
NGPL Pipeco LLC
Atlantica Sustainable Infrastructure PLC
NextEra Energy Partners LP
Equitrans Midstream Corporation
Enbridge Inc

(unaudited)  
   
8 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Value of $1,000,000 vs. the Alerian MLP Index

November 30, 2012 through November 30, 2022

This chart illustrates the performance of a hypothetical $1,000,000 investment made on November 30, 2012 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains and dividends for a fund and dividends for the index.

The performance data quoted above represents past performance from November 30, 2012 through November 30, 2022. Past performance is no guarantee of future results. The investment return and value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be obtained through the most recent month-end by calling 855-TCA-FUND (855-822-3863). Future performance may be lower or higher than the performance stated above.

The Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a pricereturn basis (AMZ) and on a total-return basis (AMZX).

(unaudited)  
   
TortoiseEcofin 9



 
 
 
 
Tortoise
Energy Infrastructure and Income Fund (continued)
 

Total returns (as of November 30, 2022)

Ticker       Class       1 year       3 years       5 years       10 years       Since Inception(1)   Gross expense ratio(3)
INFIX   Institutional   27.03%   12.65%   6.55%   3.95%         5.17%                     1.16%        
INFRX   A Class (excluding load)   26.67%   12.36%   6.29%   3.69%     4.44%       1.41%  
INFRX   A Class (maximum load)   19.77%   10.26%   5.09%   3.11%     3.93%       1.41%  
INFFX   C Class (excluding CDSC)   25.76%   11.52%   5.47%   2.90%     3.08%       2.16%  
INFFX   C Class (including CDSC)   24.76%   11.52%   5.47%   2.90%     3.08%       2.16%  
Alerian MLP Index(2)       42.25%   14.22%   6.06%   2.15%     3.75%        

(1) Reflects period from fund inception on December 27, 2010 through November 30, 2022. The Institutional Class commenced operations on December 27, 2010, the A Class Shares commenced operation on May 18, 2011 and the C Class Shares commenced operations on April 2, 2012. Performance shown for the A Class and C Class prior to the inception of the A Class Shares and C Class Shares is based on the performance of the Institutional Class Shares, adjusted for the higher expenses applicable to the A Class Shares and the C Class Shares, respectively.
(2) The Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a pricereturn basis (AMZ) and on a total-return basis (AMZX).
(3) The gross expense ratio is in line with the MLP & Pipeline Fund’s most recent effective prospectus and may not reflect current year activity.

Note: For periods over 1 year, performance reflected is for the average annual returns. Performance data shown for the A Class (maximum load) reflects a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load. Performance data shown for the C Class (including CDSC) reflects a contingent deferred sales charge (“CDSC”) of 1% for the first 18 months of investment. Performance data shown “excluding CDSC” does not reflect the deduction of the CDSC. If reflected, the load and CDSC would reduce the performance quoted. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-FUND (855-822-3863).

(unaudited)  
   
10 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Ecofin
Global Energy Transition Fund
 

Basic fund facts

Investment objective: Current income and long-term capital appreciation

Structure: Regulated investment company

    Institutional   A Class
Ticker       EETIX                   EETAX      
Net expense ratio(1)        0.90%       1.15%  
Redemption fee   None       None  
Maximum front-end sales load   None (2)      5.50% (3) 
Maximum deferred sales load   None       None (4) 

(1) Tortoise has contractually agreed to limit total operating expenses (excluding acquired fund fees and expenses, brokerage commissions, leverage/borrowing interest, interest expense, taxes and extraordinary expenses) through 3/31/2023. Reimbursed expenses may be recouped for a period of thirty-six months if such recoupment can be achieved without exceeding these expense limits.
(2) While the Institutional Class has no front-end load, advisory and other expenses still apply.
(3) You may qualify for sales charge discounts if you invest at least $50,000.
(4) No front-end sales charge is payable on A Class investments of $1 million or more, although the fund may impose a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of purchase.

Targeted investment characteristics

The fund’s targeted investments generally will have the following characteristics:

Exposure to structural growth opportunities related to the energy transition associated with decarbonization
   
Changes the way energy is produced and consumed globally
   
Focused on more efficient use of resources and emissions reduction
   
Emphasize the following major investment themes: electrification, clean transportation, industrial and building efficiency and environment

Top ten holdings (as of November 30, 2022)  

1. Infineon Technologies AG       6.4%
2. NextEra Energy, Inc.   6.3%
3. Constellation Energy Corporation   6.2%
4. Schneider Electric SE   6.0%
5. TE Connectivity Ltd.   5.2%
6. Enel SpA   5.1%
7. Keyence Corp.   5.0%
8. STEM, Inc.   4.6%
9. Sunrun, Inc.   4.6%
10. ROHM Co., Ltd.   4.5%

Key asset performance drivers

The fund’s allocation to the “other” segment detracted the most from performance
   
Wind companies also significantly detracted from performance
   
The fund’s allocation to solar companies added the most to performance

Top five contributors
Constellation Energy Corp
First Solar, Inc.
Corporacion Acciona Energias Renovables SA
Schneider Electric SA
NextEra Energy Inc

Bottom five contributors
Lyft Inc
Nidec Corporation
China Longyuan Power Group Corporation Limited
Keyence Corporation
Scatec ASA

(unaudited)  
   
TortoiseEcofin 11



 
 
 
 
Ecofin
Global Energy Transition Fund (continued)
 

Value of $1,000,000 vs. MSCI ACWI Index

April 30, 2019 through November 30, 2022

The Fund commenced operations on October 15, 2021. This chart illustrates the performance of a hypothetical $1,000,000 investment made on April 30, 2019 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains and dividends for a fund and dividends for the index.

The performance data quoted above represents past performance on April 30, 2019 through November 30, 2022. Past performance is no guarantee of future results. The investment return and value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be obtained through the most recent month-end by calling 855-TCA-FUND (855-822-3863). Future performance may be lower or higher than the performance stated above.

The MSCI ACWI Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 25 emerging markets. You cannot invest directly in an index.

(unaudited)  
   
12 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Total returns (as of November 30, 2022)

Ticker       Class       1 year       3 years       Since Inception   Gross expense ratio(5)
EETIX(1)(2)   Institutional   -15.32%   10.76%         11.65%                   1.86%        
EETAX(1)(3)   A Class (excluding load)   -15.56%   10.44%     11.33%       2.11%  
EETAX(1)(3)   A Class (including load)   -20.20%   8.38%     9.59%       2.11%  
MSCI ACWI Index (Net)(4)       -11.62%   6.63%     7.09%        

(1) Fund commenced operations on October 15, 2021.
(2) The performance data quoted for the period prior to October 18, 2021 is that of the Long Only sub-fund of the Ecofin Vista Master Fund Limited (the “Predecessor Fund”) and has been adjusted to reflect the Fund’s share class’ fees and expenses. The Predecessor Fund commenced operations on April 30, 2019, and was not a registered mutual fund subject to the same investment and tax restrictions as the Fund. If it had, the Predecessor Fund’s performance might have been lower. The Predecessor Fund’s shares were exchanged for the Fund’s Institutional Class shares on October 15, 2021.
(3) Performance of the A Class prior to the inception of the class is based on the performance of the Predecessor Fund, adjusted for the higher expenses applicable to the class compared to the Institutional Class.
(4) The MSCI ACWI Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 25 emerging markets. You cannot invest directly in an index.
(5) The gross expense ratio is in line with the Global Energy Transition Fund’s most recent effective prospectus and may not reflect current year activity.

Note: For periods over 1 year, performance reflected is for the average annual returns. Performance data shown for the A Class (maximum load) reflects a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-FUND (855-822-3863).

(unaudited)  
   
TortoiseEcofin 13



 
 
 
 
Ecofin
Global Renewables Infrastructure Fund
 

Basic fund facts

Investment objective: Total Return

Structure: Regulated Investment Company

    Institutional   A Class
Ticker       ECOIX                   ECOAX      
Net Expense Ratio(1)        0.96%       1.21%  
Redemption fee   None       None  
Maximum front-end sales load   None (2)      5.50% (3) 
Maximum deferred sales load   None       None (4) 

(1) The expense ratios reflect those in the most recent prospectus and may not agree to the financial highlights.
(2) While the Institutional Class has no front-end load, advisory and other expenses still apply.
(3) You may qualify for sales charge discounts if you invest at least $50,000.
(4) No front-end sales charge is payable on A Class investments of $1 million or more, although the fund may impose a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of purchase.

Targeted investment characteristics

The fund’s targeted investments generally will have the following characteristics:

Securities from across the capital structure and energy value chain
   
Strategic assets that fuel the economy
   
Diversified asset base
   
Limited direct commodity price exposure
   
History of predictable, recurring cash flows
   
Current income through distributions
   
A flexible asset allocation dependent on current market opportunities
   
Experienced management team

Top ten holdings (as of November 30, 2022)  

1. NextEra Energy, Inc.       6.8%
2. Clearway Energy, Inc.   5.8%
3. ERG SpA   5.6%
4. NextEra Energy Partners LP   5.5%
5. Atlantica Sustainable Infrastructure plc   5.1%
6. Edison International   5.1%
7. Constellation Energy Corporation   4.7%
8. TransAlta Renewables Inc.   4.6%
9. Public Service Enterprise Group Incorporated   4.3%
10. Terna — Rete Elettrica Nazionale SpA   3.8%

Key asset performance drivers

The fund’s allocation to power companies detracted the most from performance
   
Wind companies also significantly detracted from performance
   
Utilities added the most to performance

Top five contributors
Constellation Energy Corp
Corporacion Acciona Energias Renovables SA
Greencoat UK Wind PLC
Terna spa
SSE PLC

Bottom five contributors
China Longyuan Power Group Corporation Ltd
Orsted A/S
Sunrun Inc
TransAlta Renewables Inc
Renova Inc

(unaudited)  
   
14 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Value of $1,000,000 vs. S&P Global Infrastructure® Index (Net)

November 2, 2015 through November 30, 2022

The Fund commenced operations on August 7, 2020. This chart illustrates the performance of a hypothetical $1,000,000 investment made on November 2, 2015 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains and dividends for a fund and dividends for the index.

The performance data quoted above represents past performance on November 2, 2015 through November 30, 2022. Past performance is no guarantee of future results. The investment return and value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be obtained through the most recent month-end by calling 855-TCA-FUND (855-822-3863). Future performance may be lower or higher than the performance stated above.

The S&P Global Infrastructure® Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. You cannot invest directly in an index.

(unaudited)  
   
TortoiseEcofin 15



 
 
 
 
Ecofin
Global Renewables Infrastructure Fund (continued)
 

Total returns (as of November 30, 2022)

Ticker   Class   1 Year   3 Years   5 Years   Since inception   Gross expense ratio(5)
ECOIX(1)(2)       Institutional       -5.97%       13.69%       12.06%             11.97%                   0.96%        
ECOAX(1)(3)   A Class (excluding load)   -6.21%   13.43%   11.80%     11.70%       1.21%  
ECOAX(1)(3)   A Class (including load)   -11.39%   11.31%   10.54%     10.81%       1.21%  
S&P Global Infrastructure Index(4)       8.83%   3.93%   4.16%     6.50%        
S&P Global Infrastructure Index (Net)(4)       7.97%   3.12%   3.27%     5.58%        

(1) Fund commenced operations on August 7, 2020.
(2) The performance data quoted for the period prior to August 7, 2020 is that of the Tortoise Global Renewables Infrastructure Fund Limited (the “Predecessor Fund”) and has been adjusted to reflect the Fund’s share class’ fees and expenses. The Predecessor Fund commenced operations on November 2, 2015, and was not a registered mutual fund subject to the same investment and tax restrictions as the Fund. If it had, the Predecessor Fund’s performance might have been lower. The Predecessor Fund’s shares were exchanged for the Fund’s Institutional Class shares on August 7, 2020.
(3) Performance of the A Class prior to the inception of the class is based on the performance of the Predecessor Fund, adjusted for the higher expenses applicable to the class compared to the Institutional Class.
(4) The S&P Global Infrastructure® Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. You cannot invest directly in an index.
(5) The gross expense ratio is in line with the Global Renewables Infrastructure Fund’s most recent effective prospectus and may not reflect current year activity.

Note: For periods over 1 year, performance reflected is for the average annual returns. Performance data shown for the A Class (maximum load) reflects a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-FUND (855-822-3863).

(unaudited)  
   
16 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Ecofin
Sustainable Water Fund
 

Basic fund facts

Investment objective: Long-term total return

Structure: Regulated investment company

    Institutional       A Class
Ticker   AQUIX        AQUAX 
Net expense ratio(1)   0.95%       1.20% 
Redemption fee   None        None 
Maximum front-end sales load   None(2)        5.50%(3) 
Maximum deferred sales load   None        None(4) 

(1) Tortoise has contractually agreed to limit total operating expenses (excluding acquired fund fees and expenses, brokerage commissions, leverage/borrowing interest, interest expense, taxes and extraordinary expenses) through 2/2/2023. Reimbursed expenses may be recouped for a period of thirty-six months if such recoupment can be achieved without exceeding these expense limits.
(2) While the Institutional Class has no front-end load, advisory and other expenses still apply.
(3) You may qualify for sales charge discounts if you invest at least $50,000.
(4) No front-end sales charge is payable on A Class investments of $1 million or more, although the fund may impose a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of purchase.

Targeted investment characteristics

The fund’s targeted investments generally will have the following characteristics:

Global
Throughout the water cycle
Positioned to benefit from the pursuit to solve the water supply/ demand imbalance
Essential in connecting water supply with areas of demand, solving water scarcity and quality issues to improve health, human safety and environment
Provide technological advancement in the water sector

Top ten holdings (as of November 30, 2022)

1. American Water Works Co., Inc. 9.6%
2. Xylem, Inc. 9.2%
3. Essential Utilities, Inc. 9.2%
4. Veolia Environnement SA 7.8%
5. Danaher Corp. 7.2%
6. Advanced Drainage Systems, Inc. 5.5%
7. Aecom 4.2%
8. IDEX Corp. 4.0%
9. Tetra Tech, Inc. 3.9%
10. Kurita Water Industries Ltd. 3.7%

Key asset performance drivers

The funds large allocation to water infrastructure companies detracted the most from performance
Water infrastructure companies also restrained performance
Water utilities added the most to performance

Top five contributors
Xylem Inc.
Lindsay Corporation
IDEX Corporation
Aecom
Essential Utilities Inc
 
Bottom five contributors
Veolia Environnement
Pentair Inc
Zurn Elkay Water Solutions Corp
China Water Affairs Group Ltd.
Advanced Drainage Systems Inc

(unaudited)  
   
TortoiseEcofin 17



 
 
 
 
Ecofin
Sustainable Water Fund (continued)
 
Value of $1,000,000 vs. S&P Global Water Index
February 4, 2022 through November 30, 2022

The Fund commenced operations on February 4, 2022. This chart illustrates the performance of a hypothetical $1,000,000 investment made on February 4, 2022 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect fee waivers in effect. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains and dividends for a fund and dividends for the index.

The performance data quoted above represents past performance on February 4, 2022 through November 30, 2022. Past performance is no guarantee of future results. The investment return and value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be obtained through the most recent month-end by calling 855-TCA-FUND (855-822-3863). Future performance may be lower or higher than the performance stated above.

The S&P Global Water Index provides liquid and tradable exposure to 50 companies from around the world that are involved in two distinct water related businesses: Water Utilities & Infrastructure and Water Equipment & Materials.

(unaudited)  
   
18 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Total returns (as of November 30, 2022)

Ticker  Class      Since Inception(1)  Gross expense ratio(3)  
AQUIX  Institutional      -3.80%      1.74%  
AQUAX  A Class (excluding load)      -4.00%      1.99%  
AQUAX  A Class (including load)      -9.26%      1.99%  
S&P Global Water Index(2)         -7.99%       

(1) Fund commenced operations on February 4, 2022.
(2) The S&P Global Water Index provides liquid and tradable exposure to 50 companies from around the world that are involved in two distinct water related businesses: Water Utilities & Infrastructure and Water Equipment & Materials.
(3) The gross expense ratio is in line with the Global Energy Transition Fund’s most recent effective prospectus and may not reflect current year activity.

Note: For periods over 1 year, performance reflected is for the average annual returns. Performance data shown for the A Class (maximum load) reflects a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-TCA-FUND (855-822-3863).

(unaudited)  
   
TortoiseEcofin 19



 
 
 
 
 
 
 

Mutual fund investing involves risk. Principal loss is possible. The funds are non-diversified, meaning they may concentrate their assets in fewer individual holdings than a diversified fund. Therefore, the funds are more exposed to individual stock volatility than diversified funds. Investing in specific sectors such as North American energy may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with energy investments, including upstream energy companies, midstream companies, downstream companies, energy company beneficiaries, master limited partnerships (MLPs), MLP affiliates, commodity price volatility, supply and demand, regulatory, environmental, operating, capital markets, terrorism, natural disaster and climate change risks. The tax benefits received by an investor investing in the funds differ from that of a direct investment in an MLP by an investor. The value of the funds’ investments in an MLP will depend largely on the MLP’s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the funds which could result in a reduction of the funds’ values. Investments in foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. The funds invest in large, small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The funds may also write call options which may limit the funds’ abilities to profit from increases in the market value of a security, but cause it to retain the risk of loss should the price of the security decline. Some funds may invest in other derivatives including options, futures and swap agreements, which can be highly volatile, illiquid and difficult to value, and changes in the value of a derivative held by the funds may not correlate with the underlying instrument or the fund’s other investments and can include additional risks such as liquidity risk, leverage risk and counterparty risk that are possibly greater than risks associated with investing directly in the underlying investments. Some funds may engage in short sales and in doing so are subject to the risk that they may not always be able to borrow a security, or close out a short position at a particular time or at an acceptable price.

Nothing contained on this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

This report reflects our views and opinions as of the date herein, which are subject to change at any time based on market and other conditions. We disclaim any responsibility to update these views. The views should not be relied on as investment advice or an indication of trading intent on behalf of the funds.

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the fund’s Schedule of Investments in this report.

(unaudited)  
   
20 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Expense example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 – November 30, 2022)

Actual expenses

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Tortoise MLP & Pipeline Fund         
   Beginning
Account Value
(06/01/2022)
  Ending
Account Value
(11/30/2022)
  Expenses Paid
During Period(1)
(06/01/2022 – 11/30/2022)
Institutional Class Actual(2)       $1,000.00         $1,031.50                     $4.74             
Institutional Class Hypothetical (5% annual return before expenses)    $1,000.00     $1,020.41    $4.71 
A Class Actual(2)   $1,000.00    $1,029.80    $6.00 
A Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,019.15    $5.97 
C Class Actual(2)   $1,000.00    $1,025.90    $9.80 
C Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,015.39    $9.75 

(1) Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.93%, 1.18%, and 1.93% for the Institutional Class, A Class and C Class, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2) Based on the actual returns for the six-month period ended November 30, 2022 of 3.15%, 2.98% and 2.59% for the Institutional Class, A Class and C Class, respectively.

(unaudited)  
   
TortoiseEcofin 21



 
 
 
 
 
 
 

Tortoise Energy Infrastructure and Income Fund         
   Beginning
Account Value
(06/01/2022)
  Ending
Account Value
(11/30/2022)
  Expenses Paid
During Period(1)
(06/01/2022 – 11/30/2022)
Institutional Class Actual(2)    $1,000.00          $1,021.00                     $5.72             
Institutional Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,019.40   $5.72 
A Class Actual(2)   $1,000.00    $1,019.90   $6.99 
A Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,018.15   $6.98 
C Class Actual(2)   $1,000.00    $1,015.60   $10.76 
C Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,014.39   $10.76 

(1) Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.13%, 1.38%, and 2.13% for the Institutional Class, A Class and C Class, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2) Based on the actual returns for the six-month period ended November 30, 2022 of 2.10%, 1.99% and 1.56% for the Institutional Class, A Class and C Class, respectively.

Ecofin Global Energy Transition Fund         
   Beginning
Account Value
(06/01/2022)
  Ending
Account Value
(11/30/2022)
  Expenses Paid
During Period(1)
(06/01/2022 – 11/30/2022)
Institutional Class Actual(2)    $1,000.00          $1,050.80                     $4.63             
Institutional Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,020.56   $4.56 
A Class Actual(2)   $1,000.00    $1,049.60   $5.86 
A Class Hypothetical (5% annual return before expenses)   $1,000.00    $1,019.35   $5.77 

(1) Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.90% and 1.15% for the Institutional Class and A Class, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2) Based on the actual returns for the six month period ended November 30, 2022 of 5.08% and 4.96% for the Institutional Class and A Class, respectively.

(unaudited)  
   
22 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Ecofin Global Renewables Infrastructure Fund         
   Beginning
Account Value
(06/01/2022)
  Ending
Account Value
(11/30/2022)
  Expenses Paid
During Period(1)
(06/01/2022 – 11/30/2022)
Institutional Class Actual(2)    $1,000.00           $960.70                       $4.47             
Institutional Class Hypothetical (5% annual return before expenses)   $1,000.00   $1,020.51   $4.61 
A Class Actual(2)   $1,000.00   $959.10   $5.65 
A Class Hypothetical (5% annual return before expenses)   $1,000.00   $1,019.30   $5.82 

(1) Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.90% and 1.15% for the Institutional Class and A Class, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2) Based on the actual returns for the six month period ended November 30, 2022 of -3.93% and -4.09% for the Institutional Class and A Class, respectively.

Ecofin Sustainable Water Fund         
   Beginning
Account Value
(06/01/2022)
  Ending
Account Value
(11/30/2022)
  Expenses Paid
During Period(1)
(06/01/2022 – 11/30/2022)
Institutional Class Actual(2)    $1,000.00       $1,050.20                   $4.88             
Institutional Class Hypothetical (5% annual return before expenses)   $1,000.00   $1,020.31   $4.81 
A Class Actual(2)   $1,000.00   $1,049.20   $6.16 
A Class Hypothetical (5% annual return before expenses)   $1,000.00   $1,019.05   $6.07 

(1) Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.95% and 1.20% for the Institutional Class and A Class, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2) Based on the actual returns for the six month period ended November 30, 2022 of 5.02% and 4.92% for the Institutional Class and A Class, respectively.

(unaudited)  
   
TortoiseEcofin 23



 
 
 
 
Tortoise MLP & Pipeline Fund
Schedule of Investments
November 30, 2022
 
       Shares      Fair Value
Common Stock — 75.0%(1)         
Canada Crude Oil Pipelines — 12.3%(1)         
Enbridge Inc.  4,475,824  $ 184,806,773 
Pembina Pipeline Corporation  3,177,271    115,998,795 
        300,805,568 
          
Canada Natural Gas/Natural Gas Liquids Pipelines — 6.0%(1)         
Keyera Corp.  2,983,645    69,514,504 
TC Energy Corporation  1,715,688    76,313,802 
        145,828,306 
          
United States Crude Oil Pipelines — 4.8%(1)         
Plains GP Holdings, L.P.  8,945,696    118,351,558 
          
United States Natural Gas Gathering/Processing — 16.2%(1)         
Antero Midstream Corporation  2,363,875    26,782,704 
DT Midstream, Inc.  425,326    25,659,917 
EnLink Midstream, LLC  2,465,422    31,705,327 
Equitrans Midstream Corporation  5,510,147    46,230,133 
Hess Midstream LP  903,621    28,220,084 
Targa Resources Corp.  3,201,554    238,163,602 
        396,761,767 
          
United States Natural Gas/Natural Gas Liquids Pipelines — 33.4%(1)         
Cheniere Energy, Inc.  1,427,064    250,249,943 
Excelerate Energy, Inc.  225,436    6,393,365 
Kinder Morgan, Inc.  9,717,577    185,800,072 
Kinetik Holdings, Inc.  211,499    7,197,311 
NextDecade Corp.  2,197,502    11,932,436 
ONEOK, Inc.  2,543,131    170,186,326 
The Williams Companies, Inc.  5,344,454    185,452,554 
        817,212,007 
          
United States Renewables and Power Infrastructure — 2.3%(1)         
Clearway Energy, Inc.  344,932    12,224,390 
NextEra Energy Partners LP  381,332    30,693,413 
Sempra Energy  72,144    11,989,611 
        54,907,414 
Total Common Stock
(Cost $1,157,063,937)
       1,833,866,620 
       
Master Limited Partnerships — 22.6%(1)         
United States Crude Oil Pipelines — 1.1%(1)         
Nustar Energy L.P.  1,616,493    26,397,331 
          
United States Natural Gas Gathering/Processing — 3.8%(1)         
Crestwood Equity Partners LP  587,104    17,390,021 
Western Midstream Partners, LP  2,647,726    74,083,373 
        91,473,394 
          
United States Natural Gas/Natural Gas Liquids Pipelines — 11.0%(1)         
DCP Midstream, LP  1,546,996    60,858,823 
Energy Transfer LP  9,379,128    117,614,265 
Enterprise Products Partners L.P.  3,663,316    90,886,870 
        269,359,958 
          
United States Other — 0.1%(1)         
Westlake Chemical Partners LP  127,871    2,960,214 
          
United States Refined Product Pipelines — 6.6%(1)         
Magellan Midstream Partners, L.P.  872,592    45,985,598 
MPLX LP  3,398,090    115,501,079 
        161,486,677 
Total Master Limited Partnerships
(Cost $358,181,000)
       551,677,574 
          
Short-Term Investment — 2.0%(1)         
United States Investment Company — 2.0%(1)      
First American Government Obligations Fund, Class X, 3.67%(2)
(Cost $50,089,705)
  50,089,705    50,089,705 
          
Total Investments — 99.6%(1)
(Cost $1,565,334,642)
       2,435,633,899 
Other Assets in Excess of Liabilities, Net — 0.4%(1)       9,528,365 
Total Net Assets — 100.0%(1)     $ 2,445,162,264 

(1) Calculated as a percentage of net assets.
(2) Rate indicated is the current yield as of November 30, 2022.

See accompanying Notes to Financial Statements.  
   
24 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Tortoise Energy Infrastructure and Income Fund
Schedule of Investments
November 30, 2022
 
       Shares      Fair Value
Common Stocks — 57.0%(1)         
Canada Crude Oil Pipelines — 2.4%(1)         
Enbridge Inc.  304,484  $ 12,572,144 
          
Canada Oil & Gas Production — 2.0%(1)         
Ovintiv, Inc.  187,315    10,444,684 
          
United Kingdom Renewables and Power Infrastructure — 0.4%(1)         
Atlantica Sustainable Infrastructure plc  80,553    2,247,429 
          
United States Crude Oil Pipelines — 3.8%(1)         
Plains GP Holdings, L.P.  1,538,108    20,349,169 
          
United States Gathering and Processing — 4.6%(1)         
Equitrans Midstream Corporation  706,020    5,923,508 
Targa Resources Corp.  249,098    18,530,400 
        24,453,908 
          
United States Natural Gas Gathering/Processing — 1.0%(1)         
Hess Midstream LP  168,038    5,247,827 
          
United States Natural Gas/Natural Gas Liquids Pipelines — 20.4%(1)         
Cheniere Energy, Inc.  228,685    40,102,202 
Kinder Morgan, Inc.  770,377    14,729,608 
Kinetik Holdings, Inc.  40,684    1,384,477 
New Fortress Energy, Inc.  271,245    13,806,370 
ONEOK, Inc.  187,694    12,560,482 
The Williams Companies, Inc.  720,624    25,005,653 
        107,588,792 
          
United States Oil & Gas Production — 17.5%(1)         
ConocoPhillips  178,975    22,105,202 
Coterra Energy Inc.  432,396    12,068,172 
Devon Energy Corporation  170,926    11,711,850 
Diamondback Energy, Inc.  67,187    9,945,020 
EQT Corporation  487,205    20,662,364 
Pioneer Natural Resources Company  67,190    15,856,168 
        92,348,776 
          
United States Refined Product Pipelines — 1.8%(1)         
Phillips 66  85,545    9,276,500 
          
United States Renewables and Power Infrastructure — 3.1%(1)         
Clearway Energy, Inc.  154,878    5,488,877 
NextEra Energy Partners LP  137,123    11,037,030 
        16,525,907 
Total Common Stocks
(Cost $206,553,233)
       301,055,136 
          
Master Limited Partnerships — 22.4%(1)         
United States Natural Gas Gathering/Processing — 2.8%(1)         
Crestwood Equity Partners LP  80,135    2,373,599 
Western Midstream Partners, LP  446,900    12,504,262 
        14,877,861 
United States Natural Gas Pipelines — 13.6%(1)         
DCP Midstream, LP  838,485    32,986,000 
Energy Transfer LP  2,063,943    25,881,845 
Enterprise Products Partners L.P.  523,312    12,983,371 
        71,851,216 
United States Refined Product Pipelines — 6.0%(1)         
Magellan Midstream Partners, L.P.  261,848    13,799,389 
MPLX LP  532,817    18,110,450 
        31,909,839 
Total Master Limited Partnerships
(Cost $63,110,537)
       118,638,916 

See accompanying Notes to Financial Statements.  
   
TortoiseEcofin 25



 
 
 
 
Tortoise Energy Infrastructure and Income Fund
Schedule of Investments (continued)
November 30, 2022
 
       Principal Amount       Fair Value
Corporate Bonds — 18.2%(1)           
Canada Crude Oil Pipelines — 0.7%(1)           
Enbridge, Inc.           
5.500%(3 Month LIBOR USD +           
3.418%), 07/15/2077(2)  $4,000,000   $ 3,506,461 
            
United States Natural Gas Gathering/Processing — 8.0%(1)           
Antero Midstream Partners LP / Antero Midstream Finance Corp.           
5.750%, 03/01/2027(3)   6,370,000     6,090,496 
Blue Racer Midstream LLC / Blue Racer Finance Corp.           
7.625%, 12/15/2025(3)   3,575,000     3,611,823 
6.625%, 07/15/2026(3)   3,800,000     3,708,743 
EnLink Midstream Partners, LP           
4.850%, 07/15/2026   7,550,000     7,157,039 
EnLink Midstream, LLC           
5.375%, 06/01/2029   4,455,000     4,204,005 
Hess Midstream Operations LP           
5.625%, 02/15/2026(3)   8,125,000     7,997,844 
5.125%, 06/15/2028(3)   4,050,000     3,755,539 
Targa Resources Partners LP / Targa Resources Partners Finance Corp.           
6.500%, 07/15/2027   5,537,000     5,574,264 
          42,099,753 
            
United States Natural Gas Pipelines — 3.3%(1)           
NGPL Pipeco LLC           
7.768%, 12/15/2037(3)   9,125,000     9,539,416 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.           
6.000%, 03/01/2027(3)   850,000     809,455 
5.500%, 01/15/2028(3)   7,925,000     7,206,004 
          17,554,875 
            
United States Natural Gas/Natural Gas Liquids Pipelines — 2.5%(1)           
DT Midstream, Inc.           
4.375%, 06/15/2031(3)   6,100,000     5,253,137 
EQM Midstream Partners LP           
5.500%, 07/15/2028   8,500,000     7,886,300 
          13,139,437 
            
United States Oil Field Services — 1.2%(1)           
Archrock Partners LP / Archrock Partners Finance Corp.           
6.875%, 04/01/2027(3)   6,575,000     6,372,490 
            
United States Other — 2.5%(1)           
New Fortress Energy, Inc.           
6.750%, 09/15/2025(3)   8,800,000     8,609,304 
6.500%, 09/30/2026(3)   5,000,000     4,839,000 
          13,448,304 
Total Corporate Bonds
(Cost $100,002,838)
         96,121,320 
            
Short-Term Investments — 1.9%(1)           
United States Investment Company — 1.9%(1)           
First American Government Obligations Fund, Class X, 3.670%(4)
(Cost $9,998,804)
   9,998,804     9,998,804 
            
Total Investments — 99.5%(1)
(Cost $379,665,412)
         525,814,176 
Other Assets in Excess of Liabilities, Net — 0.5%(1)         2,842,740 
Total Net Assets — 100.0%(1)       $ 528,656,916 

(1) Calculated as a percentage of net assets.
(2) Variable rate security - The rate shown is the rate in effect as of November 30, 2022.
(3) Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of November 30, 2022, the value of this investment was $67,793,251 or 12.8% of total net assets.
(4) Rate indicated is the current yield as of November 30, 2022.

See accompanying Notes to Financial Statements.  
   
26 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Ecofin Global Energy Transition Fund
Schedule of Investments
November 30, 2022
 
       Shares      Fair Value
Common Stock — 94.7%(1)         
          
Canada Renewable Power Producers — 2.1%(1)         
Innergex Renewable Energy Inc.  73,821  $ 924,169 
          
Denmark Infrastructure, Utilities and Renewables — 4.1%(1)         
Orsted A/S  20,960    1,835,266 
          
France Industrials — 6.0%(1)         
Schneider Electric SE  17,910    2,644,857 
          
Germany Clean Technology — 6.4%(1)         
Infineon Technologies AG  84,545    2,839,917 
          
Hong Kong Infrastructure, Utilities and Renewables — 4.2%(1)         
China Longyuan Power Group Corp Ltd.  1,525,848    1,881,840 
          
Ireland Clean Technology — 2.3%(1)         
Aptiv Plc(2)  9,434    1,006,325 
          
Ireland Industrials — 3.7%(1)         
Trane Technologies Plc  9,219    1,644,854 
          
Italy Industrials — 3.0%(1)         
Prysmian SpA  37,114    1,307,933 
          
Italy Infrastructure, Utilities, and Renewables — 5.1%(1)         
Enel SpA  423,038    2,282,209 
          
Japan Clean Technology — 4.5%(1)         
ROHM Co., Ltd.  24,825    1,992,736 
          
Japan Industrials — 3.2%(1)         
Nidec Corp.  22,735    1,431,682 
          
Japan Infrastructure, Utilities, and Renewables — 5.0%(1)         
Keyence Corp.  5,270    2,229,905 
          
Portugal Infrastructure, Utilities and Renewables — 2.5%(1)         
EDP — Energias de Portugal, S.A.  236,177    1,120,675 
          
Spain Infrastructure, Utilities, and Renewables — 3.6%(1)         
Corp ACCIONA Energias Renovables SA  39,914    1,582,948 
          
Switzerland Specialty Chemical & Materials — 2.2%(1)         
Sika AG  3,817    975,475 
          
Taiwan Clean Technology — 2.6%(1)         
Delta Electronics, Inc.  114,347    1,130,745 
       
United States Clean Technology — 8.2%(1)         
Autodesk, Inc.(2)  6,476    1,307,828 
TE Connectivity Ltd.  18,340    2,313,041 
        3,620,869 
          
United States Industrials — 4.6%(1)         
Sunrun, Inc.(2)  61,957    2,018,559 
          
United States Infrastructure, Utilities, and Renewables — 21.4%(1)         
Constellation Energy Corporation  28,764    2,764,796 
First Solar, Inc.(2)  10,919    1,883,855 
NextEra Energy, Inc.  33,144    2,807,297 
STEM, Inc.(2)  156,152    2,040,906 
        9,496,854 
Total Common Stock
(Cost $40,620,919)
       41,967,818 
          
Short-Term Investment — 0.6%(1)         
United States Investment Company — 0.6%(1)         
First American Government Obligations Fund, Class X, 3.67%(3)
(Cost $259,631)
  259,631    259,631 
          
Total Investments — 95.3%(1)
(Cost $40,880,550)
       42,227,449 
Other Assets in Excess of Liabilities, Net — 4.7%(1)       2,101,136 
Total Net Assets — 100.0%(1)     $ 44,328,585 

(1) Calculated as a percentage of net assets.
(2) Non-income producing security.
(3) Rate indicated is the current yield as of November 30, 2022.

See accompanying Notes to Financial Statements.  
   
TortoiseEcofin 27



 
 
 
 
Ecofin Global Energy Transition Fund
Open Swap Contracts
November 30, 2022
 
Counterparty      Security      Termination
Date
      Pay/Receive
on
Financing
Rate
      Financing Rate      Payment
Frequency
      Shares      Notional
Amount
      Unrealized
Appreciation
(Depreciation)*
 
Morgan Stanley  Drax Group PLC  10/19/23  Pay  0.200% + Federal  Monthly  195,297  $1,429,950  $(36,457)
            Funds Effective Rate               
Morgan Stanley  Amperex Tech  8/28/23  Pay  0.200% + Federal  Monthly  11,775   634,664   10,741 
            Funds Effective Rate               
                         $(25,716)

* Based on the net swap value held at each counterparty. Unrealized appreciation (depreciation) is a receivable (payable).

See accompanying Notes to Financial Statements.  
   
28 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Ecofin Global Renewables Infrastructure Fund
Schedule of Investments
November 30, 2022
 
       Shares      Fair Value
Common Stock — 88.5%(1)         
          
Belgium Electricity Transmission Operators — 2.2%(1)         
Elia Group SA/NV  54,042  $ 7,700,397 
          
Canada Renewable Power Producers — 7.4%(1)         
Innergex Renewable Energy Inc.  801,728    10,036,873 
TransAlta Renewables Inc.  1,533,542    16,291,354 
        26,328,227 
          
Denmark Renewable Power Producers — 3.3%(1)         
Orsted A/S  134,187    11,749,468 
          
Germany Renewable Power Producers — 2.4%(1)         
Encavis AG  412,682    8,644,598 
          
Hong Kong Renewable Power Producers — 4.0%(1)         
China Longyuan Power Group Corp Ltd.  8,822,176    10,880,456 
China Suntien Green Energy Corp Ltd.  7,470,122    3,115,208 
        13,995,664 
          
India Power — 3.1%(1)         
ReNew Energy Global Plc(2)  1,794,198    10,890,782 
          
Italy Electricty Transmission Operators — 3.7%(1)         
Terna — Rete Elettrica Nazionale SpA  1,739,595    13,325,258 
          
Italy Renewable Power Producers — 5.6%(1)         
ERG SpA  628,551    19,981,745 
          
Japan Renewable Power Producers — 1.7%(1)         
RENOVA, Inc.(2)  303,198    6,088,144 
          
Portugal Electric Utilities — 2.2%(1)         
EDP — Energias de Portugal, S.A.  1,648,035    7,820,034 
          
Spain Renewable Power Producers — 2.6%(1)         
Corp ACCIONA Energias Renovables SA  228,513    9,062,592 
          
Spain Integrated Utilities — 1.7%(1)         
EDP Renovaveis SA  260,947    6,070,211 
          
Switzerland Integrated Utilities — 3.4%(1)         
BKW Energie AG  92,910    12,081,542 
          
Thailand Renewable Power Producers — 1.2%(1)         
Super Energy Corporation PCL  224,178,084    4,202,661 
          
United Kingdom Integrated Utilities — 2.1%(1)         
SSE plc  352,607    7,313,295 
          
United Kingdom Renewable Power Producers — 7.3%(1)         
Atlantica Sustainable Infrastructure plc  650,374    18,145,434 
Greencoat UK Wind PLC  4,257,030    7,713,947 
        25,859,381 
          
United States Distributed Renewables — 2.4%(1)         
Sunrun, Inc.(2)  268,047    8,732,971 
          
United States Electric Utilities — 20.9%(1)         
Constellation Energy Corporation  174,934    16,814,656 
Edison International  271,175    18,076,526 
NextEra Energy, Inc.  284,162    24,068,521 
Public Service Enterprise Group Incorporated  250,320    15,156,876 
        74,116,579 
          
United States Renewable Power Producers — 11.3%(1)         
Clearway Energy, Inc.  583,125    20,665,950 
NextEra Energy Partners LP  242,975    19,557,058 
        40,223,008 
Total Common Stock
(Cost $316,360,935)
       314,186,557 
          
Master Limited Partnership — 3.6%(1)         
United States Renewable Power Producers — 3.6%(1)         
Brookfield Renewable Partners LP
(Cost $15,460,111)
  450,988    12,758,451 
          
Short-Term Investment — 3.8%(1)         
United States Investment Company — 3.8%(1)         
First American Government Obligations Fund, Class X, 3.67%(3)
(Cost $13,576,208)
  13,576,208    13,576,208 
          
Total Investments — 95.9%(1)
(Cost $345,397,254)
       340,521,216 
Other Assets in Excess of Liabilities, Net — 4.1%(1)       14,512,580 
Total Net Assets — 100.0%(1)     $ 355,033,796 

(1) Calculated as a percentage of net assets.
(2) Non-income producing security.
(3) Rate indicated is the current yield as of November 30, 2022.

See accompanying Notes to Financial Statements.  
   
TortoiseEcofin 29



 
 
 
 
Ecofin Global Renewables Infrastructure Fund
Open Swap Contracts
November 30, 2022
 
Counterparty      Security      Termination
Date
      Pay/Receive
on
Financing
Rate
      Financing Rate      Payment
Frequency
      Shares      Notional
Amount
      Unrealized
Appreciation
(Depreciation)*
 
                          
Morgan Stanley  Drax Group PLC  8/17/23  Pay  0.200% + Federal  Monthly  1,826,602  $13,374,240  $(340,188)
            Funds Effective Rate               
                         $(340,188)

* Based on the net swap value held at each counterparty. Unrealized appreciation (depreciation) is a receivable (payable).

30 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Ecofin Sustainable Water Fund
Schedule of Investments
November 30, 2022
 
       Shares      Fair Value
Common Stock — 96.6%(1)         
Canada Engineering & Construction — 3.3%(1)         
Stantec, Inc.  1,367  $67,631  
          
France Utility — 7.8%(1)         
Veolia Environnement SA  6,192   160,261  
          
Hong Kong Utility — 2.2%(1)         
China Water Affairs Group Limited  56,000   45,637  
          
Japan Engineering & Construction — 1.1%(1)         
Metawater Co Ltd.  1,700   22,265  
          
Japan Water Filtration, Treatment, & Testing — 3.7%(1)         
Kurita Water Industries Ltd.  1,700   76,235  
          
Mexico Filtration, Treatment & Testing — 1.5%(1)         
Grupo Rotoplas SAB de CV  17,243   29,778  
          
Switzerland Pipes, Pumps, & Valves — 0.5%(1)         
Georg Fischer AG  180   10,980  
          
Switzerland Water Filtration, Treatment, & Test — 0.5%(1)         
Geberit AG  21   10,066  
          
United Kingdom Water Filtration, Treatment, & Testing — 1.7%(1)         
Pentair PLC  773   35,380  
          
United States Agriculture Equipment & Services — 2.8%(1)         
Lindsay Corporation  330   58,242  
          
United States Engineering & Construction — 8.6%(1)         
Aecom  1,007   85,595  
Montrose Environmental Group, Inc.(2)  233   10,755  
Tetra Tech, Inc.  519   80,232  
       176,582  
          
United States Pipes, Pumps, & Valves — 26.9%(1)         
Advanced Drainage Systems, Inc.  1,170   113,794  
Badger Meter, Inc.  298   34,514  
Core & Main, Inc.(2)  1,468   30,535  
Fortune Brands Home & Security, Inc.  326   21,301  
IDEX Corp.  343   81,459  
Masco Corporation  319   16,199  
Mueller Water Products, Inc.  2,390   27,867  
Xylem, Inc.  1,679   188,636  
Zurn Elkay Water Solutions Corp.  1,585   38,373  
       552,678  
          
United States Utility — 2.9%(1)         
SJW Group  791   59,080  
          
United States Water Filtration, Treatment, & Testing — 11.8%(1)         
Aris Water Solution, Inc.  626   9,903  
Danaher Corp.  544   148,735  
Ecolab, Inc.  238   35,660  
Evoqua Water Technologies Corp.(2)  1,112   48,361  
       242,659  
          
United States Water Utility — 21.3%(1)         
American States Water Co.  171   16,756  
American Water Works Co., Inc.  1,301   197,440  
Essential Utilities, Inc.  3,908   188,522  
Middlesex Water Company  208   19,438  
The York Water Company  350   15,991  
       438,147  
Total Common Stock
(Cost $2,007,046)
      1,985,621  
          
Special Purpose Acquisition Company — 1.5%(1)         
Energy Technology — 1.5%(1)         
Sustainable Development Acquisition I Corp.(2)
(Cost $30,362)
  3,104   31,133  
          
Short-Term Investment — 2.3%(1)         
United States Investment Company — 2.3%(1)         
First American Government Obligations Fund, Class X, 3.67%(3)
(Cost $47,429)
  47,429   47,429  
          
Total Investments — 100.4%(1)
(Cost $2,084,837)
      2,064,183  
Liabilities in Excess of Other Assets, Net — (0.4%)(1)      (7,923 )
Total Net Assets — 100.0%(1)     $2,056,260  

(1) Calculated as a percentage of net assets.
(2) Non-income producing security.
(3) Rate indicated is the current yield as of November 30, 2022.

TortoiseEcofin 31



 
 
 
 
Statements of Assets & Liabilities
November 30, 2022
 
 
       Tortoise MLP &
Pipeline Fund
Assets:     
Investments, at fair value (cost $1,565,334,642, $379,665,412, $40,880,550, $345,397,254 and $2,084,837, respectively)  $2,435,633,899 
Cash held as collateral    
Dividends & interest receivable   3,293,262 
Receivable for investment securities sold    6,038,963 
Receivable for capital shares sold   5,671,172 
Receivable for Adviser expense reimbursement     
Prepaid expenses and other assets   39,994 
Total assets   2,450,677,290 
Liabilities:     
Payble for swap contracts     
Payable for capital shares redeemed   3,328,236 
Payable to Adviser    1,669,125 
Payable for fund administration & accounting fees   146,790 
Payable for compliance fees   1,613 
Payable for custody fees   53,905 
Payable for audit & tax   53,880 
Payable for transfer agent fees & expenses    61,781 
Accrued interest expense   312 
Accrued trustee fees   46 
Accrued expenses    81,626 
Accrued distribution fees    117,712 
Total liabilities   5,515,026 
Net Assets   $2,445,162,264 
Net Assets Consist of:     
Capital Stock   $2,920,519,557 
Total distributable earnings (loss)    (475,357,293)
Net Assets   $2,445,162,264 
      
Institutional Class     
Net Assets  $2,231,399,678 
Shares issued and outstanding(1)    159,755,060 
Net asset value, redemption price and minimum offering price per share    $13.97 
      
A Class     
Net Assets  $191,406,631 
Shares issued and outstanding(1)    13,873,269 
Net asset value, redemption price and minimum offering price per share   $13.80 
Maximum offering price per share(2)  $14.60 
      
C Class     
Net Assets  $22,355,955 
Shares issued and outstanding(1)    1,647,367 
Net asset value, redemption price and minimum offering price per share   $13.57 

(1) Unlimited shares authorized.
(2) The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%.

See accompanying Notes to Financial Statements.

32 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 
 
Tortoise Energy
Infrastructure and
Income Fund
         Ecofin Global
Energy
Transition Fund
         Ecofin Global
Renewables
Infrastructure Fund
         Ecofin Sustainable
Water Fund
 
                    
$525,814,176   $42,227,449   $340,521,216   $2,064,183   
     2,110,000    13,753,406       
 3,041,187    80,182    946,408    4,458   
                
 701,102        689,537       
     23,598    2,100    25,336   
 30,103    8,456    24,793    13,142   
 529,586,568    44,449,685    355,937,460    2,107,119   
                    
     25,716    340,188       
 355,873        224,439       
 430,688    28,007    212,054    1,302   
 53,158    9,339    36,710    7,370   
 1,613    1,614    1,613    1,615   
 7,925    9,568    27,504    2,517   
 31,580    38,141    31,080    29,681   
 21,966    3,109    17,989    2,701   
                
 1,021    207    163       
 21,744    5,311    10,275    5,625   
 4,084    88    1,649    48   
 929,652    121,100    903,664    50,859   
$528,656,916   $44,328,585   $355,033,796   $2,056,260   
                    
$837,817,512   $47,550,992   $361,136,089   $2,134,755   
 (309,160,596)   (3,222,407)   (6,102,293)   (78,495)  
$528,656,916   $44,328,585   $355,033,796   $2,056,260   
                    
$458,577,523   $44,295,235   $352,725,850   $2,030,836   
 59,569,719    5,281,943    31,109,566    211,205   
$7.70   $8.39   $11.34   $9.62   
                    
$45,740,780   $33,350   $2,307,946   $25,424   
 5,803,350    4,087    203,474    2,649   
$7.88   $8.16   $11.34   $9.60   
$8.34   $8.63   $12.00   $10.16   
                    
$24,338,613   $   $   $   
 3,094,759               
$7.86   $   $   $   

TortoiseEcofin 33



 
 
 
 
Statements of Operations
For the Year Ended November 30, 2022
 
 
       Tortoise MLP &
Pipeline Fund
Investment Income:     
Dividends and distributions from unaffiliated common stock   $81,305,531 
Distributions from master limited partnerships   43,994,211 
Less: return of capital on distributions from unaffilated investments(1)   (66,654,591)
Less: return of capital on distributions from affiliated investments(1)   (8,668,517)
Less: foreign taxes withheld   (3,901,637)
Net dividends and distributions from investments   46,074,997 
Dividends from money market mutual funds    435,249 
Interest income     
Total investment income   46,510,246 
Expenses:     
Advisory fees (See Note 6)    19,443,543 
Fund administration & accounting fees (See Note 6)    877,469 
Transfer agent fees & expenses (See Note 6)    336,145 
Shareholder communication fees   253,995 
Custody fees (See Note 6)    116,106 
Registration fees    76,094 
Audit & tax fees   53,804 
Trustee fees    18,994 
Other   14,505 
Insurance fees    13,190 
Compliance fees (See Note 6)    9,673 
Legal fees   8,733 
Distribution fees (See Note 7):     
A Class   459,047 
C Class   215,026 
Total expenses before interest expense on line of credit    21,896,324 
Interest expense on line of credit (See Note 11)   20,413 
Total expenses before reimbursement/recoupment   21,916,737 
Fee recoupment (See Note 6)    
Less: expense reimbursement by Adviser     
Net expenses    21,916,737 
Net Investment Income   24,593,509 
Realized and Unrealized Gain (Loss) on Investments and Translations of Foreign Currency     
Net realized gain (loss) on:     
Unaffiliated Investments, including foreign currency gain (loss)   128,929,574 
Affiliated investments   20,283,241 
Swap contracts    
Net change in unrealized appreciation (depreciation) of:     
Unaffiliated investments and translations of foreign currency    414,687,679 
Affiliated investments   20,287,676 
Swap contracts    
Net Realized and Unrealized Gain (Loss) on Investments and Translations of Foreign Currency   584,188,170 
Net Increase (Decrease) in Net Assets Resulting from Operations  $608,781,679 

(1) Return of capital may be in excess of current year distributions due to prior year adjustments. See Note 2 to the financial statements for further disclosure.

See accompanying Notes to Financial Statements.

34 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
 
 
 

Tortoise Energy
Infrastructure and
Income Fund
         Ecofin Global
Energy
Transition Fund
         Ecofin Global
Renewables
Infrastructure Fund
         Ecofin Sustainable
Water Fund(1)
 
                    
$13,040,439   $558,203   $7,858,697   $28,132   
 7,869,643        391,009       
 (12,116,645)       (1,687,500)      
                
 (219,054)   (71,405)   (767,376)   (1,621)  
 8,574,383    486,798    5,794,830    26,511   
 157,467    51,872    183,144    1,083   
 5,735,862        269,313       
 14,467,712    538,670    6,247,287    27,594   
                    
 4,888,189    344,601    2,627,164    13,237   
 299,852    61,440    234,215    51,248   
 125,239    16,016    114,728    16,497   
 48,037    2,855    19,699    2,999   
 17,889    18,611    49,742    11,340   
 54,775    50,247    29,044    34,413   
 28,776    31,500    30,999    29,681   
 19,056    17,998    18,047    12,611   
 9,053    5,404    6,653    2,999   
 4,236    3,008    2,435    1,645   
 7,993    9,195    9,671    8,073   
 10,380    50,149    26,792    31,913   
                    
 106,648    100    9,171    48   
 246,503               
 5,866,626    611,124    3,178,360    216,704   
         2,186       
 5,866,626    611,124    3,180,546    216,704   
         32,045       
     (223,305)   (2,100)   (200,937)  
 5,866,626    387,819    3,210,491    15,767   
 8,601,086    150,851    3,036,796    11,827   
                    
                    
 6,992,524    (3,514,934)   (1,812,313)   (69,677)  
                
     (1,173,352)   3,422,984       
                    
 96,548,445    (3,429,004)   (27,514,649)   (20,645)  
                
     (534)   (3,240)      
 103,540,969    (8,117,824)   (25,907,218)   (90,322)  
$112,142,055   $(7,966,973)  $(22,870,422)  $(78,495)  

(1) The Ecofin Sustainable Water Fund’s commencement of operations was February 4, 2022.

TortoiseEcofin 35



 
 
 
 
Statements of Changes in Net Assets
 
 
 
   Tortoise MLP & Pipeline Fund  Tortoise Energy Infrastructure and Income Fund
       Year Ended
November 30, 2022
      Year Ended
November 30, 2021
      Year Ended
November 30, 2022
      Year Ended
November 30, 2021
                     
Operations                    
Net investment income   $24,593,509   $16,212,932   $8,601,086   $3,598,693 
Net realized gain (loss) on unaffiliated investments and foreign currency    128,929,574    (66,534,844)   6,992,524    (5,223,579)
Net realized gain (loss) on affiliated investments and foreign currency    20,283,241    (62,301,046)        
Net change in unrealized appreciation of affiliated investments and translations of foreign currency    20,287,676    79,372,535         
Net change in unrealized appreciation of unaffiliated investments and translations of foreign currency   414,687,679    618,176,147    96,548,445    97,698,912 
Net increase in net assets resulting from operations    608,781,679    584,925,724    112,142,055    96,074,026 
Capital Share Transactions                    
Institutional Class:                     
Proceeds from shares sold    791,935,121    553,132,343    131,182,150    76,576,578 
Proceeds from merger               19,649,330 
Proceeds from reinvestment of distributions    89,149,612    60,090,696    14,537,552    13,379,948 
Payments for shares redeemed    (773,660,536)   (882,170,574)   (110,089,321)   (104,997,029)
Increase (Decrease) in net assets from Institutional Class transactions   107,424,197    (268,947,535)   35,630,381    4,608,827 
A Class:                    
Proceeds from shares sold(1)   15,939,626    37,233,600    11,220,730    14,931,536 
Proceeds from reinvestment of distributions    9,083,587    6,323,120    784,967    807,528 
Payments for shares redeemed    (42,004,560)   (50,752,781)   (11,588,648)   (15,665,826)
Increase (Decrease) in net assets from A Class transactions   (16,981,347)   (7,196,061)   417,049    73,238 
C Class:                    
Proceeds from shares sold   2,047,914    2,405,198    2,598,815    3,473,284 
Proceeds from reinvestment of distributions   865,687    722,288    617,101    742,517 
Payments for shares redeemed(1)   (5,776,094)   (8,040,273)   (6,408,037)   (8,676,063)
Decrease in net assets from C Class transactions   (2,862,493)   (4,912,787)   (3,192,121)   (4,460,262)
Net increase (decrease) in net assets resulting from capital share transactions    87,580,357    (281,056,383)   32,855,309    221,803 
Distributions to Shareholders                    
From distributable earnings                    
Institutional Class    (35,441,048)   (26,652,621)   (8,023,030)   (3,422,418)
A Class    (3,166,317)   (2,511,690)   (768,026)   (352,333)
C Class    (339,658)   (329,437)   (402,299)   (213,058)
From tax return of capital                     
Institutional Class    (74,978,057)   (45,994,013)   (19,366,065)   (21,033,692)
A Class    (6,317,239)   (4,176,309)   (1,853,869)   (2,209,445)
C Class    (675,620)   (520,464)   (971,073)   (1,346,675)
Total distributions to shareholders   (120,917,939)   (80,184,534)   (31,384,362)   (28,577,621)
Total Increase in Net Assets   575,444,097    223,684,808    113,613,002    67,718,208 
Net Assets                    
Beginning of year    1,869,718,167    1,646,033,359    415,043,914    347,325,706 
End of year   $2,445,162,264   $1,869,718,167   $528,656,916   $415,043,914 

(1) Includes exchanges between share classes of the fund.

See accompanying Notes to Financial Statements.

36 TortoiseEcofin



 
 
2022 Annual Report | November 30, 2022
 
Statements of Changes in Net Assets (continued)
 
 
 
   Tortoise MLP & Pipeline Fund  Tortoise Energy Infrastructure and Income Fund
       Year Ended
November 30, 2022
      Year Ended
November 30, 2021
      Year Ended
November 30, 2022
      Year Ended
November 30, 2021
Transactions in Shares:                    
Institutional Class:                     
Shares sold   63,007,479    53,825,231    18,108,248    13,354,587 
Shares acquired from merger               2,917,825 
Shares issued to holders in reinvestment of dividends   6,892,533    5,787,033    1,935,993    2,111,746 
Shares redeemed   (60,233,376)   (88,758,089)   (15,316,321)   (17,093,452)
Increase (Decrease) in Institutional Class shares outstanding   9,666,636    (29,145,825)   4,727,920    1,290,706 
A Class:                    
Shares sold(1)    1,232,582    3,626,684    1,509,036    2,373,493 
Shares issued to holders in reinvestment of dividends   713,015    614,530    102,303    125,007 
Shares redeemed   (3,266,236)   (5,145,356)   (1,589,258)   (2,521,193)
Increase (Decrease) in A Class shares outstanding   (1,320,639)   (904,142)   22,081    (22,693)
C Class:                    
Shares sold    166,322    239,209    356,245    536,997 
Shares issued to holders in reinvestment of dividends   68,981    71,351    80,654    114,877 
Shares redeemed(1)    (476,336)   (809,970)   (872,461)   (1,364,216)
Decrease in C Class shares outstanding   (241,033)   (499,410)   (435,562)   (712,342)
Net increase (decrease) in shares outstanding    8,104,964    (30,549,377)   4,314,439    555,671 

(1) Includes exchanges between share classes of the fund.

See accompanying Notes to Financial Statements.

TortoiseEcofin 37



 
 
 
 
Statements of Changes in Net Assets (continued)
 
 
 
   Ecofin Global Energy Transition Fund  Ecofin Global Renewables
Infrastructure Fund
  Ecofin
Sustainable
Water Fund
       Year Ended
November 30,
2022
      Period from
Inception(1) to
November 30,
2021
      Year Ended
November 30,
2022
      Year Ended
November 30,
2021
      Period from
Inception(2) to
November 30,
2022
Operations                         
Net investment income (loss)  $150,851   $(15,251)  $3,036,796   $2,924,974   $11,827 
Net realized gain (loss) on investments, swaps contracts and foreign currency   (4,688,286)   1,498,519    1,610,671    10,285,546    (69,677)
Net change in unrealized appreciation (depreciation) of investments, swap contracts and translations of foreign currency    (3,429,538)   4,750,474    (27,517,889)   3,130,605    (20,645)
Net increase (decrease) in net assets resulting from operations   (7,966,973)   6,233,742    (22,870,422)   16,341,125    (78,495)
Capital Share Transactions                         
Institutional Class:                          
Proceeds from shares sold    1,970,344    279,950    136,494,089    268,214,088    2,356,181 
Proceeds from reinvestment of distributions   1,486,844        12,414,011    5,405,379     
Payments for shares redeemed    (327,169)       (125,719,502)   (22,310,756)   (247,871)
Proceeds related to shares issued from reorganization (See Note 13)       44,093,614             
Increase in net assets from Institutional Class transactions   3,130,019    44,373,564    23,188,598    251,308,711    2,108,310 
A Class:                         
Proceeds from shares sold    11,259