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Tortoise Sustainable and Social Impact Term Fund
  
Consolidated Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
COMMON STOCKS – 68.3%
  
Shares
    
Fair Value
 
Australia Other - 1.9%
        
Atlas Arteria Ltd.
    
992,726
    
$
3,462,846
  
                 
France Other - 1.5%
          
Vinci SA (a)
    
20,394
      
2,765,264
  
                 
France Power - 0.8%
          
Engie SA (a)
    
70,301
      
1,454,923
  
                 
France Water Infrastructure - 1.2%
          
Veolia Environnement SA
    
67,524
      
2,228,497
  
                 
Germany Power - 4.2%
          
E.ON SE
    
226,946
      
4,047,629
  
RWE AG (a)
    
85,251
      
3,414,947
  
             
7,462,576
  
                 
Hong Kong Solar - 0.4%
          
Xinyi Energy Holdings Ltd.
    
4,889,417
      
796,557
  
                 
Hong Kong Transportation/Storage - 1.2%
          
China Suntien Green Energy Corp. Ltd.
    
3,704,242
      
2,062,268
  
                 
Italy Power - 9.2%
          
ENAV SpA (a)
    
862,491
      
4,243,992
  
Enel SpA
    
512,946
      
4,731,175
  
Iren SpA
    
1,215,003
      
3,670,154
  
Terna SpA
    
377,556
      
3,796,894
  
             
16,442,215
  
                 
Portugal Power - 2.2%
          
EDP - Energias de Portugal SA (a)
    
902,432
      
3,998,163
  
                 
Spain Other - 2.3%
          
Ferrovial SE
    
75,655
      
4,132,494
  
                 
Spain Power - 2.2%
          
Iberdrola SA (a)
    
204,385
      
3,843,711
  
                 
Switzerland Infrastructure, Utilities, and Renewables - 1.6%
          
BKW AG
    
13,987
      
2,912,247
  
                 
United Kingdom Power - 5.6%
          
National Grid Plc (a)
    
300,253
      
4,224,629
  
SSE Plc (a)
    
245,414
      
5,738,467
  
             
9,963,096
  
                 
United Kingdom Renewable Infrastructure - 0.6%
          
Greencoat UK Wind Plc (a)
    
703,747
      
1,037,748
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 7.7%
          
Excelerate Energy, Inc.
    
41,331
      
1,009,303
  
ONEOK, Inc.
    
43,396
      
3,314,587
  
Targa Resources Corp. (a)
    
25,803
      
4,328,711
  
The Williams Companies, Inc. (a)
    
73,763
      
4,269,402
  
Venture Global, Inc.
    
65,833
      
855,829
  
             
13,777,832
  
                 
United States Other - 1.4%
          
Waste Management, Inc.
    
10,852
      
2,456,784
  
                 
United States Power - 14.5%
          
Algonquin Power & Utilities Corp.
    
525,122
      
3,045,708
  
Ameren Corp. (a)
    
20,040
      
1,999,591
  
American Electric Power Co., Inc. (a)
    
34,023
      
3,777,234
  
CMS Energy Corp. (a)
    
28,828
      
2,063,220
  
Exelon Corp. (a)
    
90,377
      
3,947,667
  
Vistra Corp.
    
35,682
      
6,747,823
  
WEC Energy Group, Inc.
    
19,901
      
2,119,655
  
Xcel Energy, Inc.
    
30,463
      
2,205,217
  
             
25,906,115
  
                 
United States Renewables – 8.5%
          
Clearway Energy, Inc. (a)
    
107,656
      
3,209,225
  
Dominion Energy, Inc. (a)
    
61,249
      
3,668,815
  
NextEra Energy, Inc. (a)
    
56,716
      
4,086,388
  
Sempra Energy (a)
    
49,946
      
4,123,542
  
             
15,087,970
  
United States Utilities - 1.3%
          
Essential Utilities, Inc. (a)
    
58,349
      
2,305,369
  
TOTAL COMMON STOCKS (Cost $113,190,816)
      
122,096,675
  
                 
MASTER LIMITED PARTNERSHIPS – 31.4%
  
Units
    
Fair Value
 
United States Natural Gas Gathering/Processing – 9.5%
          
Hess Midstream Partners LP (a)
    
207,087
      
8,531,984
  
Western Midstream Partners LP (a)
    
216,086
      
8,472,732
  
             
17,004,716
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 14.4%
          
Energy Transfer LP (a)
    
1,078,885
      
19,117,842
  
Enterprise Products Partners LP (a)
    
203,309
      
6,534,351
  
             
25,652,193
  
                 
United States Power - 1.9%
          
Brookfield Renewable Partners LP
    
131,355
      
3,333,790
  
                 
United States Refined Product Pipelines – 5.6%
          
MPLX LP (a)
    
198,334
      
10,089,251
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $39,701,065)
      
56,079,950
  
                 
PRIVATE INVESTMENTS - 17.7%
  
Shares
    
Fair Value
 
United States Natural Gas/Natural Gas Liquids Pipelines - 0.0%
          
MXP Holdings LLC (MXP) Series A (b)(c)
    
135,180
      
-
  
                 
United States Power - 3.7%
          
One Power Company (b)(c)
    
23,640
      
6,601,234
  
                 
United States Renewables - 14.0%
          
Renewable Holdco, LLC (b)(c)(d)
    
N/A
      
8,841,131
  
Renewable Holdco I, LLC (b)(c)(d)
    
N/A
      
9,410,082
  
Renewable Holdco II, LLC (b)(c)(d)
    
N/A
      
6,725,633
  
             
24,976,846
  
TOTAL PRIVATE INVESTMENTS (Cost $54,354,618)
      
31,578,080
  
                 
PRIVATE NOTES - 1.4%
  
Par
    
Fair Value
  
Bermuda Renewables - 1.4%
  
Saturn Solar Bermuda 1 Ltd., 10.00%, 12/31/2025 (b)(c)
    
2,400,000
      
2,556,480
  
TOTAL OTHER NOTES (Cost $2,570,452)
      
2,556,480
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.3%
  
Shares
    
Fair Value
  
First American Government Obligations Fund - Class X, 4.22%(e)
    
551,227
      
551,227
  
TOTAL MONEY MARKET FUNDS (Cost $551,227)
      
551,227
  
                 
TOTAL INVESTMENTS - 119.1% (Cost $210,368,178)
      
212,862,412
  
Other Assets in Excess of Liabilities – 0.5%
      
887,379
  
Credit Facility Borrowings – (19.6)%
      
(35,000,000
)
TOTAL NET ASSETS - 100.0%
          
$
178,749,791
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company

(a)
All or a portion of the security is segregated as collateral for the margin borrowing facility.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $34,134,560 or 19.1% of net assets as of August 31, 2025.
(c)
Restricted Securities have a fair value of $34,134,560 which represents 19.1% of net assets as of August 31, 2025.
(d)
Deemed to be an affiliate of the fund.
(e)
The rate shown represents the 7-day annualized effective yield as of August 31, 2025.


Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
 
Tortoise Sustainable and Social Impact Term Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
122,096,675
      
–
      
–
    
$
122,096,675
  
  Master Limited Partnerships
    
56,079,950
      
–
      
–
      
56,079,950
  
  Private Investments
    
–
      
–
      
31,578,080
      
31,578,080
  
  Private Notes
    
–
      
–
      
2,556,480
      
2,556,480
  
  Money Market Funds
    
551,227
      
–
      
–
      
551,227
  
Total Investments
  
$
178,727,852
    
$
–
    
$
34,134,560
    
$
212,862,412
  
   
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.