Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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 811-22585

Tortoise Pipeline & Energy Fund, Inc.
(Exact name of registrant as specified in charter)

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

P. Bradley Adams
Diane Bono
6363 College Boulevard, Suite 100A, Overland Park, KS 66211
(Name and address of agent for service)

913-981-1020
Registrant's telephone number, including area code

Date of fiscal year end: November 30

Date of reporting period: May 31, 2022

Item 1. Report to Stockholders.

(a) The report to Shareholders is attached herewithin.

Semi-Annual Report | May 31, 2022

2022 Semi-Annual Report
Closed-End Funds

Tortoise

2022 Semi-Annual Report to Stockholders

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


Table of contents

Closed-end Fund Comparison		1	TPZ:	Fund Focus	18
Letter to Stockholders		2	TEAF:	Fund Focus	21
TYG:	Fund Focus	6	Financial Statements		25
NTG:	Fund Focus	9	Notes to Financial Statements		62
TTP:	Fund Focus	12	Additional Information		79
NDP:	Fund Focus	15

TTP and TPZ distribution policies

Tortoise Pipeline & Energy Fund, Inc. (“TTP”) and Tortoise Power and Energy Infrastructure Fund, Inc. (“TPZ”) are relying on exemptive relief permitting them to make long-term capital gain distributions throughout the year. Each of TTP and TPZ, with approval of its Board of Directors (the “Board”), has adopted a managed distribution policy (the “Policy”). Annual distribution amounts are expected to fall in the range of 7% to 10% of the average week-ending net asset value (“NAV”) per share for the prior fiscal semi-annual period. In accordance with its Policy, TTP distributes a fixed amount per common share, currently $.59, each quarter to its common shareholders. TPZ distributes a fixed amount per common share, currently $.105, each month to its common shareholders. Prior to February 2022, the monthly distribution rate was $.06. These amounts are subject to change from time to time at the discretion of the Board. Although the level of distributions is independent of TTP’s and TPZ’s performance, TTP and TPZ expect such distributions to correlate with its performance over time. Each quarterly and monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions in light of TTP’s and TPZ’s performance for the entire calendar year and to enable TTP and TPZ to comply with the distribution requirements imposed by the Internal Revenue Code. The Board may amend, suspend or terminate the Policy without prior notice to shareholders if it deems such action to be in the best interests of TTP, TPZ and their respective shareholders. For example, the Board might take such action if the Policy had the effect of shrinking TTP’s or TPZ’s assets to a level that was determined to be detrimental to TTP or TPZ shareholders. The suspension or termination of the Policy could have the effect of creating a trading discount (if TTP’s or TPZ’s stock is trading at or above net asset value), widening an existing trading discount, or decreasing an existing premium. You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of the distribution or from the terms of TTP’s or TPZ’s distribution policy. Each of TTP and TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP or TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s or TPZ’s investment performance and should not be confused with “yield” or “income.” The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during their fiscal year and may be subject to changes based on tax regulations. TTP and TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Tortoise

2022 Semi-Annual Report | May 31, 2022

Closed-end Fund Comparison

Name/Ticker

Primary
focus

Structure

Total assets
($ millions)¹

Portfolio mix
by asset type⁽¹⁾

Portfolio mix
by structure¹

Tortoise Energy
Infrastructure Corp.

NYSE: TYG
Inception: 2/2004

Energy
Infrastructure

C-corp⁽²⁾

$640.3

Tortoise Midstream
Energy Fund, Inc.

NYSE: NTG
Inception: 7/2010

Natural Gas
Infrastructure

C-corp⁽²⁾

$328.5

Tortoise Pipeline
& Energy Fund, Inc.

NYSE: TTP
Inception: 10/2011

North
American
pipeline
companies

Regulated
investment
company

$100.9

Tortoise Energy
Independence
Fund, Inc.

NYSE: NDP
Inception: 7/2012

North
American
oil & gas
producers

Regulated
investment
company

$75.3

Tortoise Power
and Energy
Infrastructure
Fund, Inc.

NYSE: TPZ
Inception: 7/2009

Power
& energy
infrastructure
companies
(Fixed income
& equity)

Regulated
investment
company

$132.9

Ecofin Sustainable
and Social Impact
Term Fund

NYSE: TEAF
Inception: 3/2019

Essential
assets

Regulated
investment
company

$264.3

(1)	As of 5/31/2022
(2)	TYG and NTG intend to qualify as regulated investment companies. See Note 2.E. to the financial statements for further disclosure.

	(unaudited)

Tortoise	1

Tortoise

2022 Semi-Annual Report to closed-end fund stockholders

Dear stockholder

The first half of the 2022 fiscal year has proven to be a volatile environment with numerous headwinds for the broad market, including the renewable energy sector. Headwinds included recessionary concerns, rising inflation, as well as the anticipation of higher interest rates. The broad energy sector was an outlier with continued positive performance during the six-month period, although the sector pulled back significantly in June, following the fiscal period. Our social impact investments continued to improve post-COVID with educational facilities providing a stable environment for the first time since lockdown and senior living facilities seeing a recovery in occupancy rates.

Energy and power infrastructure

The broad energy sector, as represented by the S&P Energy Select Sector^® Index returned 63.5% for the fiscal semi-annual period. After a strong start to the year, energy sold off along with the broader market on concerns about a looming recession. Concerns around energy security persisted, exacerbated by the impacts of the war in Ukraine and 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.

Despite higher commodity prices, global supply has not responded. OPEC+ production has 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 is complicating 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 addition to OPEC’s troubles, sanctions around exports of Russian energy started to take effect during the quarter. Russian volumes are projected to decline and/or face longer transit times to their end market. Given these disruptions, the focus has remained on the supply side of the equation. On the demand side, the scarcity of commodities comes at a time when the world is entering summer, or peak demand season. Global inventories continued to draw and are well below their 5-year averages to be drawn upon.

Global supply scarcity has created a renewed opportunity for short-cycle North American energy. U.S. oil production crossed 12 million (mm) barrels per day (b/d), a level not seen since April 2020. For 2022, the Energy Information Agency (EIA) forecasts that production will increase 1 mm b/d to 12.6 mm b/d, up from 11.6 mm b/d at the end of 2021. By the end of 2023, the EIA forecasts U.S. production growing to 13.4 mm b/d. The Permian, America’s biggest oil field, is expected to be the primary driver of production growth. During the second quarter, production within the basin surged to all-time highs of 5.2 mm b/d. Private operators continue to increase activity while major integrated energy companies have announced intentions to increase their production by 10-25%.

Transitioning to natural gas, the Russia-Ukraine conflict presents a large 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. With energy security a higher priority and low natural gas inventories, Europe has turned to U.S. LNG. During the first four months of 2022, the European Union (EU) accounted for 74% of total U.S. LNG exports per the EIA. The U.S. LNG market, while young, has grown from zero market share to the top export market in just over seven years. Throughout 2022, LNG exporters have contracted almost 5 Bcf/d of new contracts, signing 15-25-year contracts with European and Asian counterparties.

The midstream energy sector, represented by the Tortoise North American Pipeline Index^SM, returned 30.6% for the period. Investor sentiment rebounded 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. Rising rates, inflation, higher commodity prices, and energy security all are key macro factors which could drive the global economy into recession.

It is important to note that a recession does not necessarily equate to a dip in energy demand. While there were several recessions in the last 40 years, energy demand increased in 38 out of the last 40 years (excluding 2008 and 2020). If any sector were to hold up in a near-term recession, we believe it would be energy. The world remains undersupplied in energy, we believe sector balance sheets are in much better shape than in past recessions including 2001, 2008, and 2020 and in our opinion, energy is the one part of the market where earnings have grown at an accelerated rate.

With inflation surging to 40-year highs, midstream can provide 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). Federal Energy Regulatory Commission (FERC) indexing could be a material driver of cash flows with rates potentially increasing over 13% next summer on top of an 8.7% increase already going into effect July 1, 2022.

Interest rates rose significantly in the first half of 2022 as the Federal Reserve took a more hawkish approach and started raising the Fed Funds rate. Midstream energy has displayed 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 Index^SM, returned an average return of 8.5%, compared to a S&P 500 average return of 7.4%, and bond return of -1.9% represented by the Bloomberg Barclays U.S. Aggregate Bond Index.

Higher commodity prices are positive as midstream companies should expect more volumes flowing through pipeline systems. We expect the balanced return of capital story to continue for investors via debt reduction, share buybacks and increased distributions. The other use of capital has been mergers and acquisitions (M&A). In the first half

(unaudited)

2	Tortoise

2022 Semi-Annual Report | May 31, 2022

of 2022, there were several accretive bolt-on acquisitions of private assets completed by larger energy infrastructure companies. These assets expand the footprint of company existing assets and help operators keep volumes on systems across their value chains.

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, LPG, or crude oil, U.S. energy infrastructure companies have been signing long-term contracts and exporting energy all around the world.

On the regulatory front, it was a mixed quarter of news flow. Demand for low-cost U.S. natural gas created a need for additional natural gas pipelines and LNG export terminals. 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). During the first half of 2022, the U.S. Court of Appeals for the Fourth Circuit overturned federal approval of a forest-crossing permit. 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 billion cubic feet per day (Bcf/d) to 2.5 Bcf/d through the planned installation of three new compressor stations. Adding compression stations, for example, can help avoid the exhaustive permitting process affiliated with building new pipelines.

Sustainable infrastructure

Renewable energy
The beginning of the year has proven to be a volatile environment with numerous headwinds for the renewable sector. Europe’s accelerated pace in reducing fossil fuel generation, led by Germany’s decision to phase out nuclear and coal power plants, left the market highly dependent on Russian gas. In addition, French nuclear plants have faced unscheduled stops due to cracks and hydroelectric plants have been forced to operate at reduced levels due to poor hydro resources. The European power market was therefore tight. The Russian invasion of Ukraine then added geopolitical uncertainties to gas supply. Putting all these issues together, power prices across Europe have risen multiple times in the past 12 months. Supply constraints in global LNG and coal have had a spilling effect on power prices across the world as well.

Companies participating in the energy transition tend to benefit at the margin from higher power prices in the short-term. More importantly, higher fossil-fuel power prices highlight the imbedded value in operating renewables assets as well as in the renewables development pipeline providing affordable and stable power prices. On balance, we expect the events surrounding the invasion of Ukraine to result in a material acceleration of the energy transition.

High inflation and higher interest rates expectations, first in the U.S. and then in Europe, unnerved investors. As such, the companies in our investment universe couldn’t escape these fears even if their secular growth remains intact. However, unlike the broader market, earnings expectations for the majority of our portfolio companies have been revised up as a consequence of rising power prices and better renewables resources. In short, if anything, the fundamentals for the portfolio improved but concerns at the macro level and potential political intervention in some energy markets have been powerful headwinds.

In the midst of turbulence relating to supply chains, inflation, interest rates and geopolitics, the investment team remains focused on identifying long-term beneficiaries of the secular trends within the four master themes of the investment universe. In the medium term, inflation means higher electricity prices which is a material positive tailwind for the renewables sector. We would expect increased demand for renewable power purchase agreements (PPAs) at higher prices and longer tenors than we have seen in the past years.

We also expect an acceleration in renewables development activity as countries and companies want to ensure their security of supply at a predictable price. The macro environment remains a source of potential stress as inflation, interest rates, supply chain disruption and geopolitical tensions create a much tougher asset development environment for the companies we invest in. It is a supply issue and not a demand issue: as much as demand for renewables is strong and developers have pricing power, the industry is experiencing delays coming from bottlenecks (slow permitting process, equipment availability, shipping disruption). In the near-term, the elevated merchant power prices, higher contract prices and better generation volumes should more than offset all these issues and we expect 2022 to be a record year for most companies. At a time when the broader economy is affected by growth concerns and margin pressure, the secular growth in renewables and visibility on cash flows they provide become more sought-after attributes.

Waste transition
While the number of new projects under development in the waste transition sector continues to grow, bringing these projects to a financial closing remained challenging during the six-month period, largely due to continuing inflationary pressures and supply chain constraints. The result is an unusually large number of projects being delayed as developers re-evaluate elevated project construction budgets and their impact on pro-forma operating profitability.

The inflationary and supply chain impacts are three-fold. First, an increase in raw material prices for items such as steel has ballooned cost estimates for these capital-intensive projects. Second, the availability of critical equipment and systems components has been limited by supply-chain constraints, which has caused both price increases and delivery-time delays. Third, contractors that guarantee on-time and on-budget construction are demanding higher

(unaudited)

Tortoise	3

premiums to offset against the potential for further price inflation and delivery-time delays. The combination of these issues — inflation, scarcity, and uncertainty — are leading to project cost increases of 25% or more in many cases.

In addition, development of renewable fuels projects was also adversely impacted by declining fuel credit prices, which generate a substantial portion of the pro-forma revenues for renewable fuels projects. In particular, projects being developed to produce renewable natural gas, renewable diesel, and sustainable aviation fuel saw significant declines in Federal Renewable Identification Number (or RIN) pricing and California Low Carbon Fuel Standard (or LCFS) pricing.

Regarding RIN pricing, D3 RINs, which support projects that convert cellulosic waste into renewable fuels, declined from $3.72 at end of 2021 to $3.30 at the end of the first quarter of 2022, a decline of more than 11%. During the same period, LCFS credits declined from $150 to $121, a decline of more than 19%. Fuel credit prices are expected to stabilize as the U.S. economy continues to recover toward full capacity, which would include higher demand for transportation fuels, and therefore higher demand for offset credits.

Finally, a milestone achievement in terms of recycling efforts occurred in early March 2022, when 175 member-states of the United Nations Environment Assembly signed a resolution to establish a legally-binding treaty on the design, production, and disposal of petroleum-based plastics by the end of 2024. The so called Global Plastics Treaty is intended to dramatically reduce the amount of plastics waste for a more circular economy, and is being hailed as the most significant multilateral agreement since the Paris Agreement on Climate Change in 2015. Absent any coordinated effort, the production of plastics is expected to double by 2040, after already doubling since 2000.

Despite the challenging environment in terms of rising construction costs and lower fuel credit prices, the number of new projects planned or under development in the waste transition sector continues to grow and is at all-time high levels in many sub-sectors, as the demand for renewable or recycled content remains strong.

Social impact

Education
The public bond market for new issuance of K-12 charter school and private school revenue bonds in Q1 2022 was $532,995,000, a 6.1% decrease from the same period in 2021.¹ One of the primary factors driving the 28.4% market growth for K-12 charter school and private school bonds in 2021 were more than $60 billion in municipal bond fund inflows, the most ever in a single year.

Robust new issuance in first quarter, despite municipal bond fund outflows exceeding $30 billion and an increase of 96 bps in the 30-yr Municipal Market Data tax-exempt bond benchmark, is a clear indicator that schools’ demand for reliable facility finance remains high, even in the face of significant market headwinds.²

The beginning of the calendar year provided students, parents and schools with a degree of stability and normalcy not seen since widespread lockdowns were put into place in March 2020. Fears the COVID-19 Omicron variant would surge, overwhelm schools and then force a return to remote learning proved unfounded. In January, more than 60% of the nation’s K-12 school districts mandated the use of masks for all students & teachers. By the end of March, that number had fallen to less than 5%. Schools not offering in-person instruction peaked at 7,463 on January 10th, falling to 345 by March 28, 2022.³

Not all of the news from the K-12 sector was as positive. The Brookings Institution reported in March that “schools have faced severe staff shortages, high rates of absenteeism and quarantines, and rolling school closures. Furthermore, students and educators continue to struggle with mental health challenges, higher rates of violence and misbehavior, and concerns about lost instructional time.”⁴ A recent working paper published by the Annenberg Institute stated drops in academic achievement “are significantly larger than estimated impacts from other large-school disruptions, such as after Hurricane Katrina.” It also noted, “income-based (academic achievement) gaps have indeed expanded substantively during the COVID-19 pandemic.”⁵

While achieving the unprecedented highs of 2021 seems unlikely, Ecofin believes the market for K-12 charter school and private school revenue bonds will remain strong. Rising interest rates and the likelihood of resulting municipal bond fund outflows should increase the number and quality of school facility funding opportunities available to investors highly focused on this segment of the market.

Senior Living
In the first quarter of 2022, the senior living industry continued its occupancy rebound after having established a “bottom” in occupancy deterioration about a year ago. Statistically, nationwide occupancy for independent living and assisted living is 83.1% and 77.9%, respectively. Occupancy has increased 1.4% for independent and 3.7% for assisted living from pandemic lows.⁶ Moreover, absorption is robust after Q3 2021 set the highest level ever recorded at more than 4 times the pace of absorption pre-pandemic. While there’s clearly ground to cover, it’s revitalizing to see the industry making strides to get back to pre-pandemic levels of 89.7% and 84.6% for independent and assisted living, respectively.

(unaudited)

4	Tortoise

2022 Semi-Annual Report | May 31, 2022

According to a recent NIC Lending Trends Report, construction lending dramatically increased in the third quarter of 2021, up 45% quarter over quarter on a same store basis. After over a year of slowing construction starts, this shows a significant reversal and renewed developer optimism especially in the face of rising construction costs and material shortages. That said, the pandemic related slowdown in new construction should help existing communities regain occupancy with the lowest inventory growth recorded since 2013.

From now until 2030, an average of 10,000 baby boomers will turn 65 every day.⁷ With the combination of occupancy on the rise, we remain confident in the senior living industry’s ability to rebound and prepare for the upcoming “Silver Tsunami” as the population continues to age.

Concluding thoughts

A renewed focus on energy security and independence should be a tailwind for the broad energy sector, particularly energy infrastructure as investors are reminded of its critical place in their daily lives and this should also benefit much of the energy transition universe. We expect improvement in renewables as 2021 was affected by poor wind speed hydro resources across the globe and many companies’ generation volumes were below normal. These renewables resources tend to normalize to long-term averages over time and we are seeing stronger volumes of electricity generation in the first few months of the year that we expect to continue. Our opportunities for investing in social impact projects are expanding for many reasons, primarily as our sectors continue to see robust growth and competing financing providers are forced to scale back allocations.

The S&P Energy Select Sector^® Index is a capitalization-weighted index of S&P 500^® Index companies in the energy sector involved in the development or production of energy products. The Tortoise North American Pipeline Index^SM 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 Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index^® and Tortoise North American Pipeline Index^SM (the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices LLC”). S&P Dow Jones Indices will not be liable for any errors or omission in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

It is not possible to invest directly in an index.

1	EMMA & MuniOS
2	Bloomberg
3	https://about.burbio.com/school-mask-policies-by-state/
4	https://www.brookings.edu/blog/brown-center-chalkboard/2022/03/03/ the-pandemic-has-had-devastating-impacts-on-learning-what-will-it-taketo-help-students-catch-up/
5	https://edworkingpapers.com/sites/default/files/ai22-521.pdf
6	NIC
7	census.gov

(unaudited)

Tortoise	5

Tortoise

Energy Infrastructure Corp. (TYG)

Fund description

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

Management’s discussion of fund performance

The midstream energy sector had strong performance for the period. Investor sentiment rebounded 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. Rising rates, inflation, higher commodity prices, and energy security all are key macro factors that could drive the global economy into recession. Since the fund’s inception, it has paid out more than $147 in cumulative distributions to stockholders. The fund’s market-based and NAV-based returns for the fiscal period ending May 31, 2022 were 26.5 and 20.9%, respectively (including the reinvestment of distributions). The Tortoise MLP Index^® returned 31.8% during the same period.

2022 mid-fiscal year summary
Distributions paid per share		$0.7100
Distribution rate (as of 5/31/2022)		8.4%
Quarter-over-quarter distribution increase (decrease)		0.0%
Year-over-year distribution increase (decrease)		93.2%
Cumulative distributions paid per share to
stockholders since inception in February 2004		$39.5875⁽¹⁾
Market-based total return		29.5%
NAV-based total return		23.8%
Premium (discount) to NAV (as of 5/31/2022)		(18.0)%

(1)	Distribution per share is unadjusted for the impact of reverse stock split.

Key asset performance drivers

Top five contributors		Company type
Williams Companies, Inc.		Natural gas pipelines company
Targa Resources Corp.		Natural gas pipeline company
Energy Transfer LP		Natural gas pipeline company
Western Midstream Partners LP		Gathering & processing company
American Electric Power Company Inc.		Power company

Bottom five contributors		Company type
NextEra Energy Partners		Diversified infrastructure company
Atlantica Sustainable Infrastructure PLC		Power company
ESS Tech Inc.		Energy storage company
Clearway Energy, Inc.		Diversified infrastructure company
NextEra Energy Inc.		Diversified infrastructure company

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

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

(unaudited)

6	Tortoise

2022 Semi-Annual Report | May 31, 2022

Tortoise

Energy Infrastructure Corp. (TYG) (continued)

Value of $10,000 vs. Tortoise Energy Infrastructure Fund – Market (unaudited)
From May 31, 2012 through May 31, 2022

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

Annualized Rates of Return as of May 31, 2022

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Tortoise Energy Infrastructure Fund – NAV	29.35%	-17.08%	-10.95%	-3.64%	2.80%
Tortoise Energy Infrastructure Fund – Market	33.46%	-21.38%	-16.24%	-6.85%	1.43%
Tortoise MLP Index^®	30.22%	7.96%	4.10%	4.41%	8.50%

(1)	Inception date of the Fund was February 25, 2004.

Fund structure and distribution policy

The fund intends to qualify as a Regulated Investment Company (RIC) allowing it to pass-through to shareholders income and capital gains earned, thus avoiding double-taxation. To qualify as a RIC, the fund must meet specific income, diversification and distribution requirements. See Note 2E to the financial statements for further disclosure.

Leverage

The fund’s leverage utilization increased $9.6 million during the six months ended Q2 2022, compared to the six months ended Q4 2021, and represented 22.6% of total assets at May 31, 2022. During the period, the fund maintained compliance with its applicable coverage ratios. 83.8% of the leverage cost was fixed, the weighted-average maturity was 2.8 years and the weighted-average annual rate on leverage was 3.39%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage and swaps mature or are redeemed. During the six month period ended May 31, 2022, $8.0 million of Senior Notes and $16.6 million in preferred stock were paid in full upon maturity. In December 2021, the fund issued $10.0 million in Senior Note principal and $20.0 million in preferred stock.

Income taxes

As of May 31, 2022, the fund’s deferred tax asset was zero. The fund had capital loss carryforwards of $179.0 million for federal income tax purposes, which can be used to offset future capital gains.

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

For further information regarding the calculation of distributable cash flow and distributions to stockholders, as well as a discussion of the tax impact on distributions, please visit www.tortoiseecofin.com.

(unaudited)

Tortoise	7

TYG Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

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

	2021												2022
		Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	3,757		$	4,056		$	4,353		$	5,368		$	8,469		$	8,469
Distributions paid on common stock per share⁽²⁾		0.3150			0.3400			0.3650			0.4500			0.7100			0.7100
Total assets, end of period⁽³⁾		523,106			581,461			555,604			569,245			607,077			640,253
Average total assets during period⁽³⁾⁽⁴⁾		479,525			553,147			576,902			570,749			584,250			624,786
Leverage⁽⁵⁾		154,427			152,127			140,293			135,393			146,087			144,987
Leverage as a percent of total assets		29.5	%		26.2	%		25.3	%		23.8	%		24.1	%		22.6	%
Operating expenses before leverage costs and current taxes⁽⁶⁾		1.10	%		1.05	%		1.06	%		1.11	%		1.12	%		1.07	%
Net unrealized depreciation, end of period		(418,329	)		(353,117	)		(357,262	)		(358,544	)		(317,454	)		(268,736	)
Net assets, end of period		357,783			409,216			400,314			414,945			451,671			492,282
Average net assets during period⁽⁷⁾		345,122			391,953			419,744			432,282			428,235			482,183
Net asset value per common share⁽²⁾		30.00			34.31			33.56			34.79			37.87			41.27
Market value per share⁽²⁾		25.25			27.26			26.81			27.27			30.25			33.84
Shares outstanding (000's)		11,928			11,928			11,928			11,928			11,928			11,928

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.
(2)	Adjusted to reflect 1 for 4 reverse stock split effective May 1, 2020.
(3)	Includes deferred issuance and offering costs on senior notes and preferred stock.
(4)	Computed by averaging month-end values within each period.
(5)	Leverage consists of senior notes, preferred stock and outstanding borrowings under credit facilities.
(6)	As a percent of total assets.
(7)	Computed by averaging daily net assets within each period.

8	Tortoise

2022 Semi-Annual Report | May 31, 2022

Tortoise
Midstream Energy Fund, Inc. (NTG)

Fund description

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

Management’s discussion of fund performance

The midstream energy sector had strong performance for the period. Investor sentiment rebounded 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. Rising rates, inflation, higher commodity prices, and energy security all are key macro factors that could drive the global economy into recession. The fund’s market-based and NAV-based returns for the fiscal period ending May 31, 2022 were 29.8% and 28.5%, respectively (including the reinvestment of distributions). The Tortoise MLP Index^® returned 31.8% during the same period.

2022 mid-fiscal year summary
Distributions paid per share		$0.7700
Distribution rate (as of 5/31/2022)		8.1	%
Quarter-over-quarter distribution increase (decrease)		0.0	%
Year-over-year distribution increase (decrease)		87.2	%
Cumulative distributions paid per share to stockholders since inception in July 2010	$	19.5000	⁽¹⁾
Market-based total return		30.6	%
NAV-based total return		29.4	%
Premium (discount) to NAV (as of 5/31/2022)		(17.8	)%

(1)	Distribution per share is unadjusted for the impact of reverse stock split.

Key asset performance drivers

Top five contributors		Company type
Williams Companies, Inc.		Natural gas pipelines company
Targa Resources Corp.		Natural gas pipeline company
Kinder Morgan Inc.		Natural gas pipeline company
Energy Transfer LP		Natural gas pipeline company
Pembina Pipeline Corporation		Crude oil pipeline company

Bottom five contributors		Company type
NextEra Energy Partners		Diversified infrastructure company
Atlantica Sustainable Infrastructure PLC		Power company
Clearway Energy, Inc.		Diversified infrastructure company
ESS Tech Inc.		Energy storage company
Altus Midstream Company		Natural gas pipeline company

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

(unaudited)

Tortoise

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

Value of $10,000 vs. Tortoise Midstream Energy Fund – Market (unaudited)
From May 31, 2012 through May 31, 2022

Annualized Rates of Return as of May 31, 2022

	1-Year		3-Year		5-Year		10-Year		Since Inception⁽¹⁾
Tortoise Midstream Energy Fund – NAV	36.04	%	-25.01	%	-17.15	%	-7.63	%	-5.68	%
Tortoise Midstream Energy Fund – Market	42.33	%	-28.36	%	-20.50	%	-9.77	%	-7.59	%
Tortoise MLP Index^®	30.22	%	7.96	%	4.10	%	4.41	%	5.78	%

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

Fund structure and distribution policy

Leverage

The fund’s leverage utilization increased approximately $6.1 million during the six months ended Q2 2022 compared to the six months ended Q4 2021, and represented 20.2% of total assets at May 31, 2022. During the period, the fund maintained compliance with its applicable coverage ratios. 78.2% of the leverage cost was fixed, the weighted-average maturity was 4.0 years and the weighted-average annual rate on leverage was 3.17%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage matures or is redeemed. During the six month period ended May 31, 2022, the fund issued $25.0 million in Senior Note principal and $7.5 million in preferred stock.

Income taxes

As of May 31, 2022, the fund’s deferred tax asset was zero. The fund had capital loss carryforwards of $459.0 million for federal income tax purposes, which can be used to offset future capital gains.

(unaudited)

10	Tortoise

2022 Semi-Annual Report | May 31, 2022

NTG Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2021												2022
		Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	1,862		$	2,032		$	2,172		$	3,217		$	4,345		$	4,345
Distributions paid on common stock per share⁽²⁾		0.3300			0.3600			0.3850			0.5700			0.7700			0.7700
Total assets, end of period⁽³⁾		257,953			287,686			277,673			279,404			307,035			328,526
Average total assets during period⁽³⁾⁽⁴⁾		237,709			271,839			287,464			281,278			289,590			317,967
Leverage⁽⁵⁾		68,640			71,869			67,969			60,269			63,069			66,369
Leverage as a percent of total assets		26.6	%		25.0	%		24.5	%		21.6	%		20.5	%		20.2	%
Operating expenses before leverage costs and current taxes⁽⁶⁾		1.28	%		1.10	%		1.21	%		1.25	%		1.22	%		1.07	%
Net unrealized appreciation (depreciation), end of period		44,946			82,670			81,302			93,436			129,068			154,849
Net assets, end of period		176,826			206,310			202,684			210,018			241,033			260,924
Average net assets during period⁽⁷⁾		171,201			221,422			213,041			221,422			221,176			254,706
Net asset value per common share⁽²⁾		31.34			36.56			35.92			37.22			42.71			46.24
Market value per common share⁽²⁾		27.00			28.71			28.55			30.31			34.81			37.99
Shares outstanding (000's)		5,643			5,643			5,643			5,643			5,643			5,643

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.
(2)	Adjusted to reflect 1 for 10 reverse stock split effective May 1, 2020.
(3)	Includes deferred issuance and offering costs on senior notes and preferred stock.
(4)	Computed by averaging month-end values within each period.
(5)	Leverage consists of senior notes, preferred stock and outstanding borrowings under the credit facility.
(6)	Computed as a percent of total assets.
(7)	Computed by averaging daily net assets within each period.

Tortoise

Tortoise
Pipeline & Energy Fund, Inc. (TTP)

Fund description

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

Management’s discussion of fund performance

The midstream energy sector had strong performance for the period. Investor sentiment rebounded 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. Rising rates, inflation, higher commodity prices, and energy security all are key macro factors that could drive the global economy into recession. The fund’s market-based and NAV-based returns for the fiscal period ending May 31, 2021 were 35.7% and 29.8%, respectively (including the reinvestment of distributions). The Tortoise North American Pipeline Index^SM returned 30.6% for the same period.

2022 mid-fiscal year summary

Distributions paid per share		$0.5900
Distribution rate (as of 5/31/2022)		7.9	%
Quarter-over-quarter distribution increase (decrease)		0.0	%
Year-over-year distribution increase (decrease)		122.6	%
Cumulative distributions paid per share to stockholders since inception in October 2011	$	16.1175	⁽¹⁾
Market-based total return		33.8	%
NAV-based total return		32.9	%
Premium (discount) to NAV (as of 5/31/2022)		(16.5	)%

(1)	Distribution per share is unadjusted for the impact of reverse stock split.

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

The fund utilizes a covered call strategy when appropriate, which seeks to generate income while reducing overall volatility. No covered calls were written during the period.

Key asset performance drivers

Top five contributors		Company type
Williams Companies, Inc.		Natural gas pipeline company
Enbridge Inc.		Crude oil pipeline company
Kinder Morgan Inc.		Natural gas pipeline company
Pembina Pipeline Corporation		Crude oil pipeline company
TC Energy Corp.		Natural gas pipeline company

Bottom five contributors		Company type
Equitrans Midstream		Gathering & processing
Corporation		company
NextEra Energy Partners		Diversified infrastructure company
ESS Tech Inc.		Energy storage company
Clearway Energy, Inc.		Diversified infrastructure company
Altus Midstream Company		Natural gas pipeline company

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

(unaudited)

12	Tortoise

2022 Semi-Annual Report | May 31, 2022

Tortoise

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

Value of $10,000 vs. Tortoise Pipeline and Energy Fund – Market (unaudited)
From May 31, 2012 through May 31, 2022

Annualized Rates of Return as of May 31, 2022

	1-Year			3-Year			5-Year			10-Year			Since Inception⁽¹⁾
Tortoise Pipeline and Energy Fund – NAV		32.38	%		-11.35	%		-8.68	%		-2.15	%		-1.76	%
Tortoise Pipeline and Energy Fund – Market		40.97	%		-13.37	%		-11.06	%		-3.69	%		-3.85	%
Tortoise North American Pipeline Index		30.64	%		12.12	%		9.15	%		8.72	%		8.68	%

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

Fund structure and distribution policy

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

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

Leverage

The fund’s leverage utilization increased approximately $2.8 million during the six months ended Q2 2022, compared to the six months ended Q4 2021, and represented 20.6% of total assets at May 31, 2022. During the period, the fund maintained compliance with its applicable coverage ratios. 48.0% of the leverage cost was fixed, the weighted-average maturity was 1.5 years and the weighted-average annual rate on leverage was 3.86%. These rates will vary in the future as a result of changing floating rates, utilization of the fund’s credit facility and as leverage matures or is redeemed.

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

(unaudited)

Tortoise	13

TTP Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

		2021											2022
	Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	371		$	365		$	831		$	824		$	1,314		$	1,314
Distributions paid on common stock
per share⁽²⁾		0.1600			0.1600			0.3700			0.3700			0.5900			0.5900
Total assets, end of period⁽³⁾		75,473			88,149			83,133			80,898			92,230			100,901
Average total assets during period⁽³⁾⁽⁴⁾		71,333			81,731			86,656			84,993			86,730			96,706
Leverage⁽⁵⁾		20,557			20,557			20,557			18,143			20,143			20,943
Leverage as a percent of total assets		27.2	%		23.3	%		24.7	%		22.4	%		21.8	%		20.8	%
Operating expenses before leverage costs⁽⁶⁾		1.78	%		1.66	%		1.60	%		1.03	%		1.57	%		1.44	%
Net unrealized appreciation (depreciation),
end of period		(11,507	)		1,568			(313	)		1,003			11,927			20,208
Net assets, end of period		53,891			66,024			62,043			62,289			71,653			79,443
Average net assets during period⁽⁷⁾		52,929			61,405			66,284			67,014			66,721			76,749
Net asset value per common share⁽²⁾		23.35			28.96			27.70			27.96			32.16			35.66
Market value per common share⁽²⁾		21.32			22.69			23.05			23.16			26.44			29.76
Shares outstanding (000's)		2,308			2,279			2,239			2,228			2,228			2,228

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.
(2)	Adjusted to reflect 1 for 4 reverse stock split effective May 1, 2020.
(3)	Includes deferred issuance and offering costs on senior notes and preferred stock.
(4)	Computed by averaging month-end values within each period.
(5)	Leverage consists of senior notes, preferred stock and outstanding borrowings under the revolving credit facility.
(6)	Computed as a percent of total assets.
(7)	Computed by averaging daily net assets within each period.



14	Tortoise

2022 Semi-Annual Report | May 31, 2022

Tortoise

Energy Independence Fund, Inc. (NDP)

Fund description

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

Management’s discussion of fund performance

Concerns around energy security persisted, exacerbated by the impacts of the war in Ukraine and tightening global energy supply as demand rebounds post-COVID. Despite higher commodity prices, global supply has not responded. OPEC+ production has continually undershot pledged production due to prolonged oil and gas underinvestment and rapidly shut-in production in 2020. 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. The fund’s market-based and NAV-based returns for the fiscal period ending May 31, 2022 were 51.3% and 55.5%, respectively (including the reinvestment of distributions).

2022 mid-fiscal year summary
Distributions paid per share		$0.4800
Distribution rate (as of 5/31/2022)		5.9	%
Quarter-over-quarter distribution increase (decrease)		0.0	%
Year-over-year distribution increase (decrease)		209.7	%
Cumulative distributions paid per share to
stockholders since inception in July 2012	$	13.6925	⁽¹⁾
Market-based total return		50.6	%
NAV-based total return		58.8	%
Premium (discount) to NAV (as of 5/31/2022)		(16.1	)%

(1)	Distribution per share is unadjusted for the impact of reverse stock split.

The fund utilizes a covered call strategy when appropriate, which seeks to generate income while reducing overall volatility. No covered calls were written during the period.

Key asset performance drivers

Top five contributors		Company type
EQT Corp.		Oil & gas production company
Devon Energy Corporation		Oil & gas production company
Pioneer Natural Resources Co.		Oil & gas production company
Occidental Petroleum Corp.		Oil & gas production company
EOG Resources Inc.		Oil & gas production company

Bottom five contributors		Company type
ESS Tech Inc.		Energy storage company
Denbury Inc.		Independent energy company
NextEra Energy Inc.		Diversified infrastructure
		company
Clean Energy Fuels Corp.		Renewables and power
		infrastructure company
Archaea Energy Inc.		Renewables and power
		infrastructure company

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

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

(unaudited)

Tortoise	15

Tortoise

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

Value of $10,000 vs. Tortoise Energy Independence Fund – Market (unaudited)
Since inception on July 26, 2012 through May 31, 2022

Annualized Rates of Return as of May 31, 2022
	1-Year			3-Year			5-Year			Since Inception⁽¹⁾
Tortoise Energy Independence Fund - NAV		78.28	%		-1.87	%		-10.33	%		-6.42	%
Tortoise Energy Independence Fund - Market		73.55	%		-13.99	%		-14.40	%		-8.50	%
S&P 500 Energy Select Sector Index		74.76	%		20.96	%		11.20	%		6.20	%

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

Fund structure and distribution policy

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

Leverage

The fund’s leverage utilization increased $0.9 million during the six months ended Q2 2022 as compared to the six months ended Q4 2021. The fund utilizes all floating rate leverage that had an interest rate of 2.22% and represented 4.8% of total assets at year-end. During the period, the fund maintained compliance with its applicable coverage ratios. The interest rate on the fund’s leverage will vary in the future along with changing floating rates.

(unaudited)

16	Tortoise

2022 Semi-Annual Report | May 31, 2022

NDP Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2021												2022
	Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	—		$	—		$	572		$	572		$	886		$	886
Distributions paid on common stock
per share⁽²⁾		—			—			0.3100			0.3100			0.4800			0.4800
Total assets, end of period		43,206			46,930			43,973			51,135			62,500			75,288
Average total assets during period⁽³⁾		37,831			44,909			45,851			49,036			55,216			67,737
Leverage⁽⁴⁾		4,400			3,600			3,100			2,700			3,200			3,600
Leverage as a percent of total assets		10.2	%		7.7	%		7.0	%		5.3	%		5.1	%		4.8	%
Operating expenses before leverage
costs as a percent of total assets		2.27	%		2.02	%		2.12	%		1.30	%		1.80	%		1.49	%
Net unrealized appreciation (depreciation),
end of period		2,902			7,043			5,595			9,327			22,097			32,340
Net assets, end of period		38,160			42,560			40,604			46,398			58,650			71,407
Average net assets during period⁽⁵⁾		34,528			41,089			42,801			46,787			51,521			64,733
Net asset value per common share⁽²⁾		20.67			23.06			22.00			25.13			31.77			38.68
Market value per common share⁽²⁾		17.74			19.88			19.49			22.24			27.59			32.47
Shares outstanding (000's)		1,846			1,846			1,846			1,846			1,846			1,846

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.
(2)	Adjusted to reflect 1 for 8 reverse stock split effective May 1, 2020.
(3)	Computed by averaging month-end values within each period.
(4)	Leverage consists of outstanding borrowings under the revolving credit facility.
(5)	Computed by averaging daily net assets within each period.



Tortoise	17

Tortoise

Power and Energy Infrastructure Fund, Inc. (TPZ)

Fund description

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

Management’s discussion of fund performance

The midstream energy sector had strong performance for the period. Investor sentiment rebounded 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. Rising rates, inflation, higher commodity prices, and energy security all are key macro factors that could drive the global economy into recession. The fund’s market-based and NAV-based returns for the fiscal period ending May 31, 2022 were 7.4% and 9.9%, respectively (including the reinvestment of distributions). Comparatively, the TPZ Benchmark Composite* returned -1.3% for the same period. The fund’s equity holdings outperformed its fixed income holdings for the period on a total return basis.

2022 mid-fiscal year summary
Distributions paid per share		$0.3150
Monthly distributions paid per share		$0.105
Distribution rate (as of 5/31/2022)		8.9%
Quarter-over-quarter distribution increase (decrease)		40.0%
Year-over-year distribution increase (decrease)		96.9%
Cumulative distribution to stockholders
since inception in July 2009		$19.005
Market-based total return		13.7%
NAV-based total return		12.6%
Premium (discount) to NAV (as of 5/31/2022)		(13.5)%

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

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

Key asset performance drivers

Top five contributors		Company type
Williams Companies, Inc.		Natural gas pipelines company
Enterprise Products Partners		Natural gas pipeline company
Energy Transfer LP		Natural gas pipeline company
Western Midstream Partners LP		Gathering & processing company

DCP Midstream LP		Natural gas pipeline company

Bottom five contributors		Company type
NextEra Energy, Inc.		Diversified infrastructure
4.800% Due 12/1/2077		company
Enbridge Inc.		Crude oil pipeline company
5.500% Due 7/15/2077
ONEOK Inc.		Natural gas pipeline company
6.350% Due 1/15/2031
Buckeye Partners LP		Refined products pipeline
5.850% Due 11/15/2043		company
ESS Tech Inc		Energy storage company

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

(unaudited)

18	Tortoise

2022 Semi-Annual Report | May 31, 2022

Tortoise

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

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

From May 31, 2012 through May 31, 2022

Annualized Rates of Return as of May 31, 2022

	1-Year		3-Year		5-Year		10-Year		Since Inception⁽²⁾
Tortoise Power and Energy Infrastructure Fund – NAV	11.01	%	0.75	%	0.69	%	3.25	%		5.93	%
Tortoise Power and Energy Infrastructure Fund – Market	13.94	%	-0.85	%	-0.98	%	2.29	%		4.74	%
TPZ Benchmark Composite⁽¹⁾	10.02	%	7.45	%	5.51	%	4.92	%		6.86	%

(1)	The TPZ Benchmark Composite includes the BofA Merrill Lynch U.S. Energy Index (CIEN), the BofA Merrill Lynch U.S. Electricity Index (CUEL) and the Tortoise MLP Index® (TMLP).
(2)	Inception date of the Fund was July 29, 2009.

Fund structure and distribution policy

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

Leverage

The fund’s leverage utilization increased $1.6 million during the six months ended Q2 2022 as compared to the six months ended Q4 2021, and represented 19.3% of total assets at May 31, 2022. During the period, the fund maintained compliance with its applicable coverage ratios. At year-end, including the impact of interest rate swaps, approximately 93.8% of the leverage cost was fixed, the weighted-average maturity was 1.6 years and the weighted-average annual rate on leverage was 3.26%. These rates will vary in the future as a result of changing floating rates and as swaps mature or are redeemed.

(unaudited)

Tortoise	19

TPZ Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

	2021												2022
	Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	1,015		$	999		$	1,050		$	1,175		$	1,468		$	2,056
Distributions paid on common stock
per share		0.1500			0.1500			0.1600			0.1800			0.2250			0.3150
Total assets, end of period		122,293			129,169			124,958			123,000			128,994			132,902
Average total assets during period⁽²⁾		118,439			125,330			127,825			125,633			126,282			131,028
Leverage⁽³⁾		24,000			24,000			24,000			24,000			24,000			25,600
Leverage as a percent of total assets		19.6	%		18.6	%		19.2	%		19.5	%		18.6	%		19.3	%
Operating expenses before leverage
costs as a percent of total assets		1.38	%		1.30	%		1.32	%		1.35	%		1.30	%		1.19	%
Net unrealized appreciation (depreciation),
end of period		(2,769	)		5,384			3,749			2,356			10,439			14,292
Net assets, end of period		96,962			103,878			100,388			98,462			104,493			106,782
Average net assets during period⁽⁴⁾		95,458			101,010			103,705			103,148			101,888			105,651
Net asset value per common share		14.44			15.70			15.38			15.09			16.01			16.36
Market value per common share		12.19			13.23			13.00			12.92			14.08			14.15
Shares outstanding (000's)		6,715			6,617			6,526			6,526			6,526			6,526

(1)	Q1 is the period from December through February. Q2 is the period from March through May. Q3 is the period from June through August. Q4 is the period from September through November.
(2)	Computed by averaging month-end values within each period.
(3)	Leverage consists of outstanding borrowings under the revolving credit facility.
(4)	Computed by averaging daily net assets within each period.



20	Tortoise

2022 Semi-Annual Report | May 31, 2022

Ecofin

Sustainable and Social Impact Term Fund (TEAF)

Fund description

TEAF seeks to provide a high level of total return with an emphasis on current distributions. TEAF provides investors access to a combination of public and direct investments in essential assets that are making an impact on clients and communities.

Management’s discussion of fund performance

Despite broader equity market volatility, TEAF generated positive NAV performance in the first fiscal half of 2022. North American energy infrastructure companies performed extremely well during the period. The strong performance was driven by elevated commodity prices and a renewed focus on energy security following Russia’s invasion of Ukraine. Listed sustainable infrastructure companies also performed extremely well relative to broader equity markets during the period. The defensive nature of regulated utility business models combined with tactical allocations to those companies benefitting from the volatile commodity price backdrop in Europe resulted in positive performance for the portfolio. Additionally, we believe an acceleration in renewable energy infrastructure investment in Europe is likely as countries look to diversify away from Russian energy. Those tailwinds also supported European renewable infrastructure companies during the period. TEAF’s private investments (Social and Sustainable Infrastructure) performed in-line with our expectations during the period.

Despite macroeconomic uncertainty, we hold a constructive outlook for the underlying assets in the TEAF portfolio entering the second half of 2022. We believe TEAF’s current portfolio is largely invested in sectors that will provide stability during the current equity market volatility and are uniquely positioned to benefit from secular tailwinds as a result of COVID-19 and Russia’s invasion of Ukraine. Additionally, we believe a majority of TEAF’s listed investments provide inflation protection for investors. Energy infrastructure equities are likely net beneficiaries of inflation through contractual protections and higher natural gas prices. Renewable and utility equities should be well protected through contractual provisions and hedging programs.

As mentioned, TEAF’s private assets continued to perform in-line with our expectations generating stable current income for investors. TEAF has experienced a delay in one solar project in the private sustainable infrastructure portfolio. While the project is mechanically complete, it has experienced a minor delay in the interconnection with the local utility delaying in-service of the asset. We now expect that project to be online over the coming months at which point all assets will be fully operational.

We continue to progress on transitioning the portfolio to the targeted allocation of 60% direct investments. As of May 31, 2022, TEAF’s total direct investment commitments were approximately $122 million or approximately 50% of the portfolio. As previously mentioned, we have completed the fund’s allocation to direct sustainable and energy infrastructure investments.

Listed Energy Infrastructure

●	Listed energy infrastructure equities were the strongest driver of performance in the TEAF portfolio during the first half of 2022. The positive performance during the period was largely driven by a healthy fundamental outlook for North American energy infrastructure.
●	In late February, energy security became the top priority following the war in Ukraine driving actions to reduce dependency on Russia’s energy complex. As a result, we expect U.S. energy infrastructure (pipelines and LNG export facilities) to be critical in supplying low cost natural gas to demand centers around the world over the long-term.
●	As a reminder, TEAF’s energy infrastructure allocation is levered to U.S. natural gas pipeline and LNG export facility operators. We expect the valuation of companies in our portfolio to be rewarded in equity markets as the critical nature of the infrastructure assets they operate are even more critical in today’s energy market backdrop.

Listed Sustainable Infrastructure

●	The six-month period was dominated by the secular trends of inflation, supply chain disruptions and regulatory responses to such issues. This created significant dispersion across the industry as companies that can capitalize on the inflationary environment significantly outperformed those that face restrictive regulatory responses.
●	Equity market flows favored defensive utility-like business models and global clean energy companies, while North American clean energy flows suffered from the disruption associated with the US Department of Commerce announcing an investigation into solar panel supply chains in Asia and their compliance with current US tariff laws.

(unaudited)

Tortoise	21

Ecofin

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

●

In such context, TEAF’s sustainable listed infrastructure sleeve performed relatively well due to diversification of risk across sub-segments within sustainable infrastructure sub-sectors and a well-timed rotation out of cyclical sectors and into defensive business models as recession fears grew. The positions taking advantage of this rotation were partially offset by positions exposed to the growing uncertainty around renewable development supply chains.

●

The US treasury curve moved higher throughout the period as the Federal Reserve began increasing the federal funds target rate, moving the upper bound from 0.25% to 1.00% by the end of May, and since increasing the rate by an additional 0.75%. We expect this trend to continue as the Federal Reserve has clearly stated its intention to increase interest rates with the goal of curbing inflation. We expect defensive sectors such as utilities to continue to outperform in this environment as recession risk continues to increase.

Social Infrastructure

●	TEAF completed one direct investment in the Social Infrastructure portfolio during the period.
●	In May 2022, TEAF completed a ~$3.9 million debt investment in a senior care facility located in Galloway, New Jersey. The 130-unit senior living facility called Arbor Village will consist of Assisted Living and Memory Care units.

Private Energy Infrastructure

●	No deals were completed in the Private Energy Infrastructure portfolio during the period.

Private Sustainable Infrastructure

●	TEAF did not invest in any additional private sustainable infrastructure projects during the first half of 2022, as the fund previously reached its targeted allocation.
●	Operating assets held at TEAF continue to operate as expected with stable cash flow generation profiles driven by long-term contracts with highly-rated counterparties.
●	TEAF expects the final solar project awaiting interconnection to be fully online in 3Q 2022.

2022 mid-fiscal year summary
Distributions paid per share		$0.2700
Monthly distributions paid per share		$0.09
Distribution rate (as of 5/31/2022)		7.4%
Quarter-over-quarter distribution increase (decrease)		12.5%
Year-over-year distribution increase (decrease)		20.0%
Cumulative distribution to stockholders
since inception in July 2009		$3.2705
Market-based total return		2.8%
NAV-based total return		4.1%
Premium (discount) to NAV (as of 5/31/2022)		(15.6)%

(unaudited)

22	Tortoise

2022 Semi-Annual Report | May 31, 2022

Ecofin

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

Value of $10,000 vs. Ecofin Sustainable and Social Impact Term Fund – Market (unaudited)
Since inception on March 29, 2019 through May 31, 2022

Annualized Rates of Return as of May 31, 2022

	1-Year	3-Year	Since Inception⁽¹⁾
Ecofin Sustainable and Social Impact Term Fund – NAV	9.16%	4.42%	2.59%
Ecofin Sustainable and Social Impact Term Fund – Market	5.18%	-0.46%	-2.75%
S&P Real Assets Index	2.93%	7.32%	6.54%

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

Fund structure and distribution policy

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

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

Leverage

The fund’s leverage utilization increased $8.8 million during the six months ended Q2 2022, as compared to six months ended Q4 2021. The fund utilizes all floating rate leverage that had an interest rate of 1.92% and represented 11.5% of total assets at year-end. During the period, the fund maintained compliance with its applicable coverage ratios. The interest rate on the fund’s leverage will vary in the future along with changing floating rates.

(unaudited)

Tortoise	23

TEAF Key Financial Data (supplemental unaudited information)

(dollar amounts in thousands unless otherwise indicated)

The information presented below regarding Distributable Cash Flow and Selected Financial Information is supplemental non-GAAP financial information, which the fund believes is meaningful to understanding operating performance. The Distributable Cash Flow Ratios include the functional equivalent of EBITDA for non-investment companies, and the fund believes they are an important supplemental measure of performance and promote comparisons from period-to-period. This information is supplemental, is not inclusive of required financial disclosures (e.g. Total Expense Ratio), and should be read in conjunction with the full financial statements.

	2021												2022
	Q1⁽¹⁾			Q2⁽¹⁾			Q3⁽¹⁾			Q4⁽¹⁾			Q1⁽¹⁾			Q2⁽¹⁾
Selected Financial Information
Distributions paid on common stock	$	3,035		$	3,035		$	3,036		$	3,036		$	3,238		$	3,642
Distributions paid on common stock
per share		0.2250			0.2250			0.2250			0.2250			0.2400			0.2700
Total assets, end of period		263,959			259,311			262,769			260,153			255,662			264,262
Average total assets during period⁽²⁾		253,187			261,033			260,599			262,969			257,415			260,960
Leverage⁽³⁾		42,800			30,400			29,700			21,600			22,900			30,400
Leverage as a percent of total assets		16.2	%		11.7	%		11.3	%		8.3	%		9.0	%		11.5	%
Operating expenses before leverage
costs as a percent of total assets		1.57	%		1.54	%		1.71	%		1.72	%		2.01	%		0.69	%
Net unrealized appreciation (depreciation),
end of period		(1,352	)		13,357			16,157			12,165			11,274			8,712
Net assets, end of period		218,560			227,356			231,658			231,382			231,553			232,699
Average net assets during period⁽⁴⁾		224,328			235,252			229,497			235,252			230,747			233,287
Net asset value per common share		16.20			16.85			17.17			17.15			17.16			17.25
Market value per common share		13.89			14.76			14.40			14.64			15.00			14.55
Shares outstanding (000's)		13,491			13,491			13,491			13,491			13,491			13,491

(1)	Q1 represents the period from December through February. Q2 represents the period from March through May. Q3 represents the period from June through August. Q4 represents the period from September through November.
(2)	Computed by averaging month-end values within each period.
(3)	Leverage consists of outstanding borrowings under the margin loan facility.
(4)	Computed by averaging daily net assets within each period.

24	Tortoise

2022 Semi-Annual Report | May 31, 2022

TYG Consolidated Schedule of Investments (unaudited)

May 31, 2022

	Principal
	Amount/Shares	Fair Value
Common Stock — 93.7%⁽¹⁾

Energy Technology — 0.8%⁽¹⁾
United States — 0.8%⁽¹⁾
ESS Tech, Inc.⁽²⁾	317,850	$	1,312,721
Fluence Energy, Inc.⁽²⁾	114,174		1,118,905
Stem, Inc.⁽²⁾	166,675		1,440,072
			3,871,698

Natural Gas Gathering/Processing — 10.5%⁽¹⁾
United States — 10.5%⁽¹⁾
Hess Midstream Partners LP	134,630		4,387,592
Targa Resources Corp.	658,190		47,402,844
			51,790,436
Natural Gas/Natural Gas Liquids Pipelines — 34.3%⁽¹⁾
United States — 34.3%⁽¹⁾
Cheniere Energy, Inc.	142,849		19,537,457
Excelerate Energy, Inc.⁽²⁾	57,737		1,538,691
Kinder Morgan Inc.	1,443,949		28,431,356
Kinetik Holdings, Inc.	27,462		2,307,906
ONEOK, Inc.	685,180		45,119,103
The Williams Companies, Inc.	1,933,782		71,665,961
			168,600,474

Renewables and Power Infrastructure — 48.1%⁽¹⁾
United States — 48.1%⁽¹⁾
AES Corp.	1,078,820		23,777,193
Alliant Energy Corp.	312,938		19,971,703
Ameren Corp.	169,722		16,155,837
American Electric Power Co, Inc.	316,996		32,343,102
Archaea Energy, Inc.⁽²⁾	316,715		6,315,297
Atlantica Sustainable
Infrastructure PLC	473,463		15,458,567
Clearway Energy Inc.	868,595		30,444,255
DTE Energy Company	195,824		25,987,803
NextEra Energy, Inc.	121,028		9,160,609
NextEra Energy Partners, LP	379,423		27,185,658
Sempra Energy	183,331		30,040,618
			236,840,642
Total Common Stock
(Cost $357,776,891)			461,103,250

Master Limited Partnerships — 29.1%⁽¹⁾
Natural Gas Gathering/Processing — 5.5%⁽¹⁾
United States — 5.5%⁽¹⁾
Western Midstream Partners, LP	971,673		26,866,758

Natural Gas/Natural Gas Liquids Pipelines — 15.1%⁽¹⁾
United States — 15.1%⁽¹⁾
DCP Midstream, LP	631,505		22,677,345
Energy Transfer LP	2,703,132		31,518,519
Enterprise Products Partners LP	742,362		20,355,566
			74,551,430

Refined Product Pipelines — 8.5%⁽¹⁾
United States — 8.5%⁽¹⁾
Magellan Midstream Partners LP	280,362		14,494,715
MPLX LP	824,471		27,166,320
			41,661,035
Total Master Limited Partnerships
(Cost $109,153,868)			143,079,223

Preferred Stock — 2.6%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 1.9%⁽¹⁾
United States — 1.9%⁽¹⁾
Altus Midstream Company 7.000%⁽³⁾⁽⁴⁾	7,508		9,425,827

Renewable Infrastructure — 0.7%⁽¹⁾
NextEra Energy, Inc.	72,016		3,532,385
Total Preferred Stock
(Cost $11,007,665)			12,958,212

See accompanying Notes to Financial Statements.

Tortoise	25

TYG Consolidated Schedule of Investments (unaudited) (continued)

May 31, 2022

	Principal
	Amount/Shares		Fair Value
Private Investment — 3.4%⁽¹⁾
Renewables — 3.4%⁽¹⁾
United States — 3.4%⁽¹⁾
TK NYS Solar Holdco, LLC^(3)(4)(5)
(Cost $50,141,470)		68,144,782	$	16,849,615

Corporate Bond — 0.7%⁽¹⁾
Natural Gas Gathering/Processing — 0.7%⁽¹⁾
United States — 0.7%⁽¹⁾
EnLink Midstream Partners
6.000%, Perpetual
(Cost $4,739,445)	$	5,100,000		3,593,766

Warrant — 0.0%⁽¹⁾
Energy Technology — 0.0%⁽¹⁾
EVgo, Inc. Warrant⁽²⁾
(Cost $1)		1		1

Short-Term Investment — 0.2%⁽¹⁾
United States Investment Company — 0.2%⁽¹⁾
Invesco Government & Agency Portfolio — Institutional Class,
0.675%⁽⁶⁾ (Cost $832,651)		832,651		832,651

Total Investments — 129.7%⁽¹⁾
(Cost $533,651,991)				638,416,718
Liabilities in Excess of Other Assets —(0.2)%⁽¹⁾				(1,147,922	)
Senior Notes — (17.4)%⁽¹⁾				(85,826,667	)
Line of Credit — (4.8)%⁽¹⁾				(23,500,000	)
Mandatory Redeemable Preferred Stock
at Liquidation Value — (7.3)%⁽¹⁾				(35,660,610	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾			$	492,281,519

(1)	Calculated as a percentage of net assets applicable to common stockholders.
(2)	Non-income producing security.
(3)	Restricted securities have a total fair value of $26,275,442 which represents 5.3% of net assets. See Note 6 to the financial statements for further disclosure.
(4)	Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments.
(5)	Deemed to be an affiliate of the fund. See Note 7 to the financial statements for further disclosure.
(6)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

26	Tortoise

2022 Semi-Annual Report | May 31, 2022

NTG Schedule of Investments (unaudited)

May 31, 2022

	Principal
	Amount/Shares		Fair Value
Common Stock — 93.4%⁽¹⁾
Crude Oil Pipelines — 15.3%⁽¹⁾
Canada — 11.1%⁽¹⁾
Enbridge Inc.		275,100	$	12,695,865
Pembina Pipeline Corp.		402,120		16,181,309
				28,877,174

United States — 4.2%⁽¹⁾
Plains GP Holdings LP		916,535		10,961,758

Natural Gas Gathering/Processing — 14.7%⁽¹⁾
United States — 14.7%⁽¹⁾
Hess Midstream Partners LP		105,729		3,445,708
Targa Resources Corp.		485,236		34,946,697
				38,392,405

Natural Gas/Natural Gas Liquids Pipelines — 50.9%⁽¹⁾
United States — 50.9%⁽¹⁾
Cheniere Energy, Inc.		114,752		15,694,631
DT Midstream, Inc.		185,323		10,767,267
Excelerate Energy, Inc.⁽²⁾		29,332		781,698
Kinder Morgan Inc.		1,550,051		30,520,504
Kinetik Holdings, Inc.		13,846		1,163,618
ONEOK, Inc.		432,038		28,449,702
TC Energy Corporation		128,700		7,444,008
The Williams Companies, Inc.		1,027,603		38,082,967
				132,904,395

Renewables and Power Infrastructure — 12.5%⁽¹⁾
United States — 12.5%⁽¹⁾
Archaea Energy, Inc.⁽²⁾		143,839		2,868,149
Atlantica Sustainable
Infrastructure PLC		222,743		7,272,559
Clearway Energy Inc.		305,876		10,720,954
NextEra Energy Partners, LP		163,701		11,729,177
				32,590,839
Total Common Stock
(Cost $164,155,558)				243,726,571

Master Limited Partnerships — 27.3%⁽¹⁾
Natural Gas Gathering/Processing — 5.1%⁽¹⁾
United States — 5.1%⁽¹⁾
Western Midstream Partners, LP		479,491		13,257,926

Natural Gas/Natural Gas Liquids Pipelines — 15.0%⁽¹⁾
United States — 15.0⁽¹⁾
DCP Midstream, LP		326,064		11,708,958
Energy Transfer LP		1,361,998		15,880,897
Enterprise Products Partners L.P.		422,068		11,573,104
				39,162,959
Refined Product Pipelines — 7.2%⁽¹⁾
United States — 7.2%⁽¹⁾
Magellan Midstream Partners L.P.		104,343		5,394,533
MPLX LP		406,542		13,395,559
				18,790,092
Total Master Limited Partnerships
(Cost $50,458,402)				71,210,977

Preferred Stock — 3.3%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 2.6%⁽¹⁾
United States — 2.6%⁽¹⁾
Altus Midstream Companys, 7.000%⁽³⁾⁽⁴⁾		5,368		6,739,696

Renewable Infrastructure — 0.7%⁽¹⁾
United States — 0.7%⁽¹⁾
NextEra Energy, Inc.		39,095		1,917,610
Total Preferred Stock
(Cost $7,268,196)				8,657,306

Corporate Bond — 0.9%⁽¹⁾
Natural Gas Gathering/Processing — 0.9%⁽¹⁾
United States — 0.9%⁽¹⁾
EnLink Midstream Partners
6.000%, Perpetual
(Cost $3,158,822)	$	3,400,000		2,395,844

Short-Term Investment — 0.3%⁽¹⁾
United States Investment Company — 0.3%⁽¹⁾
First American Government Obligations Fund, Class X,
0.658%⁽⁵⁾ (Cost $683,125)		683,125		683,125

Total Investments — 125.2%⁽¹⁾
(Cost $225,724,103)				326,673,823
Assets in Excess of Other Liabilities — 0.2%⁽¹⁾				618,758
Credit Facility Borrowings — (5.6)%				(14,500,000	)
Senior Notes — (12.3)%⁽¹⁾				(32,149,733	)
Mandatory Redeemable Preferred Stock
at Liquidation Value — (7.5)%				(19,718,925	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾			$	260,923,923

(1)	Calculated as a percentage of net assets applicable to common stockholders.
(2)	Non-income producing security.
(3)	Restricted securities have a total fair value of $6,739,696, which represents 2.6% of net assets. See Note 6 to the financial statements for further disclosure.
(4)	Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments.
(5)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

Tortoise	27

TTP Schedule of Investments (unaudited)

May 31, 2022

	Shares	Fair Value
Common Stock — 95.2%⁽¹⁾
Crude Oil Pipelines — 26.7%⁽¹⁾
Canada — 18.8%⁽¹⁾
Enbridge Inc.	197,300	$	9,105,395
Gibson Energy, Inc.	50,815		1,076,281
Pembina Pipeline Corp.	118,304		4,770,134
			14,951,810

United States — 8.0%⁽¹⁾
Plains GP Holdings LP	523,256		6,258,142

Energy Technology — 0.1%⁽¹⁾
United States — 0.1%⁽¹⁾
ESS Tech, Inc.⁽²⁾	20,820		85,986

Natural Gas Gathering/Processing — 11.3%⁽¹⁾
United States — 11.3%⁽¹⁾
Antero Midstream Corp.	101,317		1,100,303
Equitrans Midstream Corp.	307,343		2,418,789
Hess Midstream Partners LP	78,784		2,567,571
Targa Resources Corp.	39,905		2,873,958
			8,960,621

Natural Gas/Natural Gas Liquids Pipelines — 48.3%⁽¹⁾
Canada — 10.7%⁽¹⁾
Keyera Corp.	73,152		1,949,602
TC Energy Corporation	113,623		6,571,954
			8,521,556

United States — 37.6%⁽¹⁾
Cheniere Energy, Inc.	26,342		3,602,795
Excelerate Energy, Inc.⁽²⁾	8,917		237,638
Kinder Morgan Inc.	389,508		7,669,413
Kinetik Holdings, Inc.	4,157		349,354
ONEOK, Inc.	125,406		8,257,985
The Williams Companies, Inc.	263,979		9,783,062
			29,900,247

Renewables and Power Infrastructure — 8.7%⁽¹⁾
United States — 8.7%⁽¹⁾
Archaea Energy, Inc.⁽²⁾	14,797		295,052
Clearway Energy Inc.	22,000		771,100
NextEra Energy Partners, LP	29,030		2,080,000
Sempra Energy	23,017		3,771,566
			6,917,718
Total Common Stock
(Cost $62,486,658)			75,596,080

Master Limited Partnerships — 30.4%⁽¹⁾
Crude Oil Pipelines — 3.0%⁽¹⁾
United States — 3.0%⁽¹⁾
NuStar Energy LP	40,806		654,936
Shell Midstream Partners LP	124,825		1,765,026
			2,419,962
Natural Gas Gathering/Processing — 3.2%⁽¹⁾
United States — 3.2%⁽¹⁾
Western Midstream Partners, LP	92,848		2,567,247

Natural Gas/Natural Gas Liquids Pipelines — 14.7%⁽¹⁾
United States — 14.7%⁽¹⁾
DCP Midstream, LP	74,374		2,670,771
Energy Transfer LP	386,197		4,503,057
Enterprise Products Partners LP	163,236		4,475,931
			11,649,759

Other — 0.2%⁽¹⁾
United States — 0.2%⁽¹⁾
Westlake Chemical Partners LP	4,940		130,910

Refined Product Pipelines — 9.3%⁽¹⁾
United States — 9.3%⁽¹⁾
Magellan Midstream Partners LP	56,630		2,927,771
MPLX LP	134,271		4,424,229
			7,352,000
Total Master Limited Partnerships
(Cost $17,126,163)			24,119,878

Preferred Stock — 0.6%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 0.6%⁽¹⁾
United States — 0.6%⁽¹⁾
Altus Midstream Company
7.000%⁽³⁾⁽⁴⁾ (Cost $398,827)	399		500,723

Short-Term Investment — 0.5%⁽¹⁾
United States Investment Company — 0.5%⁽¹⁾
First American Government Obligations Fund, Class X,
0.658%⁽⁵⁾ (Cost $385,681)	385,681		385,681

Total Investments — 126.7%⁽¹⁾
(Cost $80,397,329)			100,602,362
Liabilities in Excess of Other Assets — (0.3)%⁽¹⁾			(216,376	)
Credit Facility Borrowings — (13.7)%⁽¹⁾			(10,900,000	)
Senior Notes — (5.0)%⁽¹⁾			(3,942,857	)
Mandatory Redeemable Preferred Stock
at Liquidation Value — (7.7)%⁽¹⁾			(6,100,000	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾		$	79,443,129

(1)	Calculated as a percentage of net assets applicable to common stockholders.
(2)	Non-income producing security.
(3)	Restricted securities have a total fair value of $500,723, which represents 0.6% of net assets. See Note 6 to the financial statements for further disclosure.
(4)	Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments.
(5)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

28	Tortoise

2022 Semi-Annual Report | May 31, 2022

NDP Schedule of Investments (unaudited)

May 31, 2022

	Shares	Fair Value
Common Stock — 90.1%⁽¹⁾
Crude Oil Pipelines — 1.5%⁽¹⁾
Canada — 1.5%⁽¹⁾
Enbridge Inc.	23,865	$	1,101,370

Energy Technology — 0.1%⁽¹⁾
United States — 0.1%⁽¹⁾
ESS Tech, Inc.⁽²⁾	11,194		46,231

Natural Gas Gathering/Processing — 4.9%⁽¹⁾
United States — 4.9%⁽¹⁾
Baker Hughes Co.	38,763		1,394,693
Targa Resources Corp.	28,897		2,081,162
			3,475,855

Natural Gas/Natural Gas Liquids Pipelines — 14.0%⁽¹⁾
Canada — 1.6%⁽¹⁾
TC Energy Corporation	19,745		1,142,051
United States — 12.4%⁽¹⁾
Cheniere Energy, Inc.	43,921		6,007,075
Excelerate Energy, Inc.⁽²⁾	6,209		165,470
Kinder Morgan Inc.	56,165		1,105,889
Kinetik Holdings, Inc.	2,839		238,590
The Williams Companies, Inc.	36,175		1,340,645
			8,857,669

Oil and Gas Production — 66.4%⁽¹⁾
Canada — 2.3%⁽¹⁾
Suncor Energy, Inc.	40,528		1,636,521
United States — 64.1%⁽¹⁾
Chevron Corp.	19,314		3,373,383
ConocoPhillips	21,747		2,443,493
Continental Resources, Inc.	15,751		1,072,171
Coterra Energy, Inc.	21,071		723,367
Devon Energy Corp.	90,404		6,771,260
Diamondback Energy, Inc.	37,179		5,651,952
EOG Resources, Inc.	34,587		4,737,035
EQT Corp.	117,402		5,602,423
Exxon Mobil Corp.	22,357		2,146,272
Occidental Petroleum Corp.	53,183		3,686,114
Marathon Oil Corp.	81,694		2,567,642
PDC Energy, Inc.	9,914		784,594
Pioneer Natural Resources Company	22,350		6,211,959
			45,771,665

Other — 1.7%⁽¹⁾
United States — 1.7%⁽¹⁾
Darling Ingredients, Inc.⁽²⁾	1,957		156,697
Denbury, Inc.⁽²⁾	15,079		1,102,878
			1,259,575
Renewables and Power Infrastructure — 1.5%⁽¹⁾
United States — 1.5%⁽¹⁾
American Electric Power Co, Inc.	2,921		298,030
Archaea Energy, Inc.⁽²⁾	7,593		151,404
Clean Energy Fuels Corp.⁽²⁾	29,780		164,683
NextEra Energy, Inc.	6,065		459,060
			1,073,177
Total Common Stock
(Cost $34,391,036)			64,364,114

Master Limited Partnerships — 14.5%⁽¹⁾
Crude Oil Pipelines — 3.0%⁽¹⁾
United States — 3.0%⁽¹⁾
Plains All American Pipeline, L.P.	189,849		2,162,380

Natural Gas Gathering/Processing — 1.9%⁽¹⁾
United States — 1.9%⁽¹⁾
Western Midstream Partners, LP	48,607		1,343,984

Natural Gas/Natural Gas Liquids Pipelines — 8.2%⁽¹⁾
United States — 8.2%⁽¹⁾
DCP Midstream, LP	50,351		1,808,104
Energy Transfer LP	241,059		2,810,748
Enterprise Products Partners L.P.	43,433		1,190,933
			5,809,785
Refined Product Pipelines — 1.4%⁽¹⁾
United States — 1.4%⁽¹⁾
Magellan Midstream Partners L.P.	19,323		998,999
Total Master Limited Partnerships
(Cost $7,948,810)			10,315,148

Warrants — 0.0%⁽¹⁾
Energy Technology — 0.0%⁽¹⁾
United States — 0.0%⁽¹⁾
EVgo, Inc. Warrant⁽²⁾
(Cost $1)	1		1

Short-Term Investment — 0.4%⁽¹⁾
United States Investment Company — 0.4%⁽¹⁾
First American Government Obligations Fund, Class X,
0.658%⁽³⁾ (Cost $312,313)	312,313		312,313

Total Investments — 105.0%⁽¹⁾
(Cost $42,652,160)			74,991,576
Assets in Excess of Other Liabilities — 0.0%⁽¹⁾			15,596
Credit Facility Borrowings — (5.0%)⁽¹⁾			(3,600,000	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾		$	71,407,172

(1)	Calculated as a percentage of net assets.
(2)	Non-income producing security.
(3)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

Tortoise	29

TPZ Schedule of Investments (unaudited)

May 31, 2022

	Principal
	Amount/Shares		Fair Value
Corporate Bonds — 54.5%⁽¹⁾
Crude Oil Pipelines — 5.9%⁽¹⁾
United States — 5.9%⁽¹⁾
Enbridge Inc.,
5.500%, 07/15/2077	$	7,042,000	$	6,353,891

Natural Gas Gathering/Processing — 19.5%⁽¹⁾
United States — 19.5%⁽¹⁾
Antero Midstream Partners LP
5.750%, 03/01/2027⁽³⁾		3,800,000		3,809,652
Blue Racer Midstream, LLC
6.625%, 07/15/2026⁽³⁾		5,900,000		5,796,750
EnLink Midstream LLC
5.375%, 06/01/2029		4,000,000		3,873,520
Hess Corporation
5.625%, 02/15/2026⁽³⁾		4,160,000		4,247,360
The Williams Companies, Inc.
4.550%, 06/24/2024		3,000,000		3,049,877
				20,777,159

Natural Gas/Natural Gas Liquids Pipelines — 19.4%⁽¹⁾
United States — 19.4%⁽¹⁾
Cheniere Corp.
7.000%, 06/30/2024		4,000,000		4,199,592
Cheniere Corp.
5.875%, 03/31/2025		2,000,000		2,080,722
DT Midstream, Inc.
4.375%, 06/15/2031⁽³⁾		2,000,000		1,868,955
NGPL PipeCo LLC
3.250%, 07/15/2031⁽³⁾		1,500,000		1,305,226
ONEOK, Inc.
7.500%, 09/01/2023		2,000,000		2,083,898
ONEOK, Inc.
6.350%, 01/15/2031		3,000,000		3,270,418
Rockies Express Pipeline LLC
4.950%, 07/15/2029⁽³⁾		3,000,000		2,841,015
Tallgrass Energy LP
5.500%, 01/15/2028⁽³⁾		3,250,000		3,015,805
				20,665,631

Renewables and Power Infrastructure — 3.7%⁽¹⁾
United States — 3.7%⁽¹⁾
NextEra Energy, Inc.
6.500%, 09/30/2026		4,500,000		3,978,860

Refined Product Pipelines — 1.5%⁽¹⁾
United States — 1.5%⁽¹⁾
Buckeye Partners LP
5.850%, 11/15/2043		2,000,000		1,559,676

Other — 4.5%⁽¹⁾
United States — 4.5%⁽¹⁾
New Fortress Energy, Inc.
6.500%, 09/30/2026⁽³⁾		5,000,000		4,859,000
Total Corporate Bonds
(Cost $60,288,694)				58,194,217

Common Stock — 36.0%⁽¹⁾
Crude Oil Pipelines — 6.7%⁽¹⁾
Canada — 2.3%⁽¹⁾
Enbridge Inc.		53,741		2,480,147

United States — 4.4%⁽¹⁾
Plains GP Holdings LP		389,094		4,653,565

Energy Technology — 0.1%⁽¹⁾
United States — 0.1%⁽¹⁾
ESS Tech, Inc.⁽²⁾		31,987		132,106

Natural Gas Gathering/Processing — 8.1%⁽¹⁾
United States — 8.1%⁽¹⁾
EnLink Midstream LLC		90,965		1,037,001
Equitrans Midstream Corp.		108,596		854,650
Hess Midstream Partners LP		66,901		2,180,304
Targa Resources Corp.		62,837		4,525,521
				8,597,476

Natural Gas/Natural Gas Liquids Pipelines — 16.0%⁽¹⁾
United States — 16.0%⁽¹⁾
DT Midstream, Inc.		24,885		1,445,819
Excelerate Energy, Inc.⁽²⁾		11,787		314,124
Kinder Morgan Inc.		214,709		4,227,620
Kinetik Holdings, Inc.		5,707		479,616
ONEOK, Inc.		42,252		2,782,294
TC Energy Corporation		48,667		2,814,899
The Williams Companies, Inc.		135,347		5,015,960
				17,080,332

Renewables and Power Infrastructure — 5.1%⁽¹⁾
United States — 5.1%⁽¹⁾
Archaea Energy, Inc.⁽²⁾		26,704		532,478
Atlantica Sustainable
Infrastructure PLC		16,523		539,476
DTE Energy Company		8,116		1,077,074
NextEra Energy Partners, LP		8,013		574,132
Sempra Energy		16,927		2,773,658
				5,496,818
Total Common Stock
(Cost $30,609,335)				38,440,444

See accompanying Notes to Financial Statements.

30	Tortoise

2022 Semi-Annual Report | May 31, 2022

TPZ Schedule of Investments (unaudited) (continued)

May 31, 2022

	Principal
	Amount/Shares	Fair Value
Master Limited Partnerships — 32.1%⁽¹⁾
Crude Oil Pipelines — 2.9%⁽¹⁾
United States — 2.9%⁽¹⁾
NuStar Energy LP	90,687	$	1,455,526
PBF Logistics LP	30,650		498,982
Shell Midstream Partners LP	77,365		1,093,941
			3,048,449
Natural Gas Gathering/Processing — 4.0%⁽¹⁾
United States — 4.0%⁽¹⁾
Western Midstream Partners, LP	154,434		4,270,100
Natural Gas/Natural Gas Liquids Pipelines — 13.6%⁽¹⁾
United States — 13.6%⁽¹⁾
DCP Midstream, LP	110,091		3,953,368
Energy Transfer LP	407,632		4,752,989
Enterprise Products Partners LP	213,683		5,859,188
			14,565,545
Other — 0.2%⁽¹⁾
United States — 0.2%⁽¹⁾
Westlake Chemical Partners LP	8,074		213,961
Refined Product Pipelines — 11.4%⁽¹⁾
United States — 11.4%⁽¹⁾
Holly Energy Partners LP	30,993		588,867
Magellan Midstream Partners LP	78,332		4,049,764
MPLX LP	226,804		7,473,192
			12,111,823
Total Master Limited Partnerships
(Cost $25,748,656)			34,209,878

Preferred Stock — 0.4%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 0.4%⁽¹⁾
United States — 0.4%⁽¹⁾
Altus Midstream Company
7.000%, 06/12/2029⁽³⁾⁽⁴⁾
(Cost $347,832)	348		436,699

Warrant — 0.0%⁽¹⁾
Energy Technology — 0.0%⁽¹⁾
EVgo, Inc. Warrant⁽²⁾
(Cost $0)	1		1

Short-Term Investment — 0.3%⁽¹⁾
United States Investment Company — 0.3%⁽¹⁾
First American Government Obligations Fund, Class X,
0.658%⁽⁵⁾ (Cost $315,503)	315,503		315,503

Total Investments — 123.3%⁽¹⁾
(Cost $117,310,020)			131,596,742
Assets in Excess of Other Liabilities — 0.7%⁽¹⁾			785,739
Credit Facility Borrowings — (24.0)%⁽¹⁾			(25,600,000	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾		$	106,782,481

(1)	Calculated as a percentage of net assets.
(2)	Non-income producing security.
(3)	Restricted securities have a total fair value of $28,180,462, which represents 26.4% of net assets. See Note 6 to the financial statements for further disclosure.
(4)	Value determined using significant unobservable inputs.
(5)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

Tortoise	31

TEAF Consolidated Schedule of Investments (unaudited)

May 31, 2022

	Principal
	Amount/Shares	Fair Value
Common Stock — 51.2%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 7.1%⁽¹⁾
Australia — 1.9%⁽¹⁾
APA Group⁽²⁾	536,889	$	4,384,686

United States — 5.2%⁽¹⁾
Cheniere Energy, Inc.⁽²⁾⁽³⁾	30,700		4,198,839
Excelerate Energy, Inc.⁽⁴⁾	13,710		365,371
ONEOK, Inc.	15,140		996,969
The Williams Companies, Inc.⁽²⁾	171,824		6,367,797
			11,928,976

Natural Gas Gathering/Processing — 3.4%⁽¹⁾
United States — 3.4%⁽¹⁾
Hess Midstream Partners LP	38,675		1,260,418
Targa Resources Corp.⁽²⁾	92,500		6,661,850
			7,922,268

Other — 3.5%⁽¹⁾
Australia — 2.2%⁽¹⁾
Atlas Arteria Ltd.⁽²⁾	992,726		5,122,359
Spain — 1.3%⁽¹⁾
Ferrovial SA⁽²⁾	121,999		3,144,635

Power — 24.5%⁽¹⁾
Canada — 1.0%⁽¹⁾
Algonquin Power & Utilities Corp.⁽²⁾⁽⁴⁾	166,889		2,427,764
Germany — 1.3%⁽¹⁾
RWE AG	68,204		3,002,033
Italy — 5.6%⁽¹⁾
ENAV SpA⁽²⁾⁽⁴⁾	544,452		2,516,839
Enel SpA	1,099,196		7,132,165
Terna SpA⁽²⁾	409,102		3,465,217
			13,114,221
Portugal — 2.6%⁽¹⁾
EDP — Energias de Portugal SA⁽²⁾	1,209,999		6,068,897
Spain — 4.7%⁽¹⁾
Endesa SA	299,775		6,639,210
Iberdrola SA⁽²⁾	371,053		4,395,721
			11,034,931
United Kingdom — 5.9%⁽¹⁾
National Grid Plc	335,962		4,957,365
SSE PLC⁽²⁾	390,560		8,720,779
			13,678,144
United States — 3.4%⁽¹⁾
American Electric Power Co, Inc.⁽²⁾	53,287		5,436,873
Atlantica Sustainable
Infrastructure PLC	75,263		2,457,337
			7,894,210

Renewable Infrastructure — 2.0%⁽¹⁾
United Kingdom — 2.0%⁽¹⁾
Greencoat UK Wind PLC	2,415,956		4,566,507
United States — 0.0%⁽¹⁾
Archaea Energy, Inc.⁽⁴⁾	27		538

Renewables — 5.1%⁽¹⁾
United States — 5.1%⁽¹⁾
Innergex Renewable Energy, Inc.⁽²⁾	294,405		3,970,865
TransAlta Renewables, Inc.⁽²⁾⁽⁴⁾	381,927		5,235,889
Transition SA⁽⁴⁾	250,000		2,610,066
			11,816,820

Solar — 0.7%⁽¹⁾
United States — 0.7%⁽¹⁾
Sunnova Energy International, Inc.⁽²⁾⁽⁴⁾	82,766		1,655,320

Transportation/Storage — 1.9%⁽¹⁾
Hong Kong — 1.9%⁽¹⁾
China Suntien Green Energy Corp Ltd.	7,408,484		4,323,945
Utilities — 3.0%⁽¹⁾
United States — 3.0%⁽¹⁾
Ameren Corp.	20,040		1,907,608
Essential Utilities, Inc.⁽²⁾	58,349		2,699,225
Public Service Enterprise Group, Inc.	35,419		2,427,618
			7,034,451
Total Common Stock
(Cost $113,676,061)			119,120,705

Private Investments — 19.5%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 0.9%⁽¹⁾
Mexico Pacific Limited LLC(MLP)
Series A⁽⁵⁾⁽⁶⁾	99,451		2,182,353

Renewables — 18.6%⁽¹⁾
United States — 18.6%⁽¹⁾
Renewable Holdco, LLC^(5)(6)(7)	N/A		6,387,342
Renewable Holdco I, LLC^(5)(6)(7)	N/A		23,088,987
Renewable Holdco II, LLC^(5)(6)(7)	N/A		13,684,789
			43,161,118
Total Private Investments
(Cost $45,258,469)			45,343,471

See accompanying Notes to Financial Statements.

32	Tortoise

2022 Semi-Annual Report | May 31, 2022

TEAF Consolidated Schedule of Investments (unaudited) (continued)

May 31, 2022

	Principal
	Amount/Shares		Fair Value
Corporate Bonds — 17.1%⁽¹⁾
Education — 0.3%⁽¹⁾
United States — 0.3%⁽¹⁾
Village Charter School, Inc.
10.000%, 06/30/2022⁽⁹⁾	$	800,000	$	600,000

Healthcare — 1.5%⁽¹⁾
United States — 1.5%⁽¹⁾
315/333 West Dawson Associates
SUB 144A NT,
11.000%, 01/31/2026⁽⁶⁾		3,770,000		3,555,355

Project Finance — 7.9%⁽¹⁾
United States — 7.9%⁽¹⁾
C2NC Holdings
13.000%, 05/01/2027		10,715,000		10,537,453
Dynamic BC Holdings LLC
13.500%, 04/01/2028⁽⁶⁾		8,110,000		7,925,368
				18,462,821

Senior Living — 7.0%⁽¹⁾
United States — 7.0%⁽¹⁾
Contour Propco 1735 S MISSION
SUB 144A NT,
11.000%, 10/01/2025⁽⁶⁾		5,715,000		5,616,919
Dove Mountain Residences, LLC
11.000%, 02/01/2026⁽⁶⁾		1,050,000		1,031,927
Dove Mountain Residences, LLC
16.000%, 02/01/2026⁽⁶⁾		820,622		807,157
Drumlin Reserve Property LLC
10.000%, 10/02/2025⁽⁶⁾		1,705,311		1,684,562
Drumlin Reserve Property LLC
16.000%, 10/02/2025⁽⁶⁾		1,218,000		1,205,020
JW Living Smithville Urban Ren Sub
Global 144A 27
11.750%, 06/01/2027⁽⁶⁾		3,890,000		3,890,000
Realco Perry Hall MD LLC/OPCO
Sub 144A NT
10.000%, 10/01/2024⁽⁶⁾		2,256,000		2,065,772
				16,301,357
Other — 0.4%⁽¹⁾
United States — 0.4%⁽¹⁾
Vonore Fiber Products LLC
16.000%, 07/10/2022⁽⁶⁾		955,414		955,414
Total Corporate Bonds
(Cost $40,859,241)				39,874,947

Master Limited Partnerships — 10.7%⁽¹⁾
Natural Gas Gathering/Processing — 0.5%⁽¹⁾
United States — 0.5%⁽¹⁾
Western Midstream Partners, LP⁽²⁾⁽³⁾		39,385		1,088,995

Natural Gas/Natural Gas Liquids Pipelines — 5.1%⁽¹⁾
United States — 5.1%⁽¹⁾
DCP Midstream, LP		93,735		3,366,024
Energy Transfer LP⁽²⁾⁽³⁾		424,800		4,953,168
Enterprise Products Partners LP⁽²⁾		128,400		3,520,728
				11,839,920

Refined Product Pipelines — 2.9%⁽¹⁾
United States — 2.9%⁽¹⁾
MPLX LP⁽²⁾		206,200		6,794,290

Renewables — 2.2%⁽¹⁾
United States — 2.2%⁽¹⁾
Enviva Partners LP⁽²⁾		66,900		5,210,841
Total Master Limited Partnerships
(Cost $20,152,604)				24,934,046

Construction Notes — 4.8%⁽¹⁾
Bermuda — 1.5%⁽¹⁾
Saturn Solar Bermuda 1 Ltd.⁽⁵⁾⁽⁶⁾
8.000%, 07/31/2022		3,510,000		3,529,656

Water Equipment & Services — 3.3%⁽¹⁾
EF WWW Holdings, LLC⁽⁵⁾⁽⁶⁾
10.500%, 09/30/2026		7,268,888		7,549,503
Total Construction Notes
(Cost $11,047,792)			$	11,079,159

See accompanying Notes to Financial Statements.

Tortoise	33

TEAF Consolidated Schedule of Investments (unaudited) (continued)

May 31, 2022

	Principal
	Amount/Shares		Fair Value
Municipal Bonds — 4.5%⁽¹⁾
Arizona — 0.2%⁽¹⁾
La Paz County Industrial
Development Authority
10.042%, 01/01/2026	$	410,000	$	401,800

Florida — 0.2%⁽¹⁾
Florida Development Finance Corp.
5.720%, 07/01/2025⁽⁹⁾		445,000		422,750

Wisconsin — 4.1%⁽¹⁾
Public Finance Authority
9.000%, 06/01/2029		8,925,000		8,925,000
Public Finance Authority
12.000%, 10/01/2029		185,000		181,984
Public Finance Authority
10.000%, 09/01/2031		525,000		468,563
				9,575,547
Total Municipal Bonds
(Cost $10,459,748)				10,400,097

Preferred Stock — 4.4%⁽¹⁾
Natural Gas/Natural Gas Liquids Pipelines — 3.7%⁽¹⁾
United States — 3.7%⁽¹⁾
Altus Midstream Company,
7.000%⁽⁵⁾⁽⁶⁾		3,092		3,881,560
Enterprise Products Partners LP,
7.250%⁽⁵⁾⁽⁶⁾		5,000		4,680,800
				8,562,360

Renewables — 0.7%⁽¹⁾
United States — 0.7%⁽¹⁾
NextEra Energy Partners LP		28,900		1,605,684
Total Preferred Stock
(Cost $10,853,810)				10,168,044

Special Purpose Acquisition Company Warrant — 0.0%⁽¹⁾
Renewables — 0.0%⁽¹⁾
Transition SA Warrant⁽⁴⁾
(Cost $0)		250,000		67,164

Short-Term Investment — 0.4%⁽¹⁾
United States Investment Company — 0.4%⁽¹⁾
First American Government Obligations Fund, Class X,
0.658%⁽¹⁰⁾ (Cost $947,428)		947,428		947,428

Total Investments — 112.6%⁽¹⁾
(Cost $253,255,153)				261,935,061
Total Value of Options Written
(Premiums received $60,262)⁽⁸⁾ — (0.0)%⁽¹⁾				(58,139	)
Other Assets in Excess of Liabilities — 0.5%⁽¹⁾				1,221,875
Credit Facility Borrowings — (13.1)%⁽¹⁾				(30,400,000	)
Total Net Assets Applicable to
Common Stockholders — 100.0%⁽¹⁾			$	232,698,797

(1)	Calculated as a percentage of net assets applicable to common stockholders.
(2)	All or a portion of the security is segregated as collateral for the margin borrowing facility.
(3)	All or a portion of the security represents cover for outstanding call option contracts written.
(4)	Non-income producing security.
(5)	Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments.
(6)	Restricted securities have a total fair value of $93,722,484 which represents 40.3% of net assets. See Note 6 to financial statements for further disclosure.
(7)	Deemed to be an affiliate of the fund. See Note 7 to financial statements for further disclosure.
(8)	See Schedule of Options Written for further disclosure.
(9)	Security in forebearance at May 31, 2022.
(10)	Rate indicated is the current yield as of May 31, 2022.

See accompanying Notes to Financial Statements.

34	Tortoise

2022 Semi-Annual Report | May 31, 2022

Schedule of Options Written (unaudited)

May 31, 2022

TEAF
Call Options Written	Expiration Date	Strike Price			Contracts		Notional Value		Fair Value
Cheniere Energy Inc.	Jun 2022		$	150.00		153	$	2,295,000	$	(7,650	)
Cheniere Energy Inc.	Jun 2022		$	155.00		154		2,387,000		(4,004	)
Energy Transfer LP	Jun 2022		$	12.50		4,248		5,310,000		(38,232	)
Western Midstream Partners LP	Jun 2022		$	30.00		393		1,179,000		(8,253	)
Total Value of Call Options Written (Premiums received $60,262)							$	11,171,000	$	(58,139	)

See accompanying Notes to Financial Statements.

Tortoise	35

Statements of Assets & Liabilities (unaudited)

May 31, 2022


		Tortoise Energy			Tortoise
		Infrastructure			Midstream Energy
		Corp.⁽¹⁾			Fund, Inc.
Assets
Investments in unaffiliated securities at fair value⁽²⁾		$	621,567,103		$	326,673,823
Investments in affiliated securities at fair value⁽³⁾			16,849,615			—
Cash at broker			—			—
Cash⁽⁷⁾			—			—
Dividends, distributions and interest receivable from investments			901,178			558,121
Accrued Interest Receivable			225,498			157,933
Accrued Current Tax Receivable			—			922,651
Tax reclaims receivable			—			—
Expense Reimbursement Receivable			—			—
Prepaid expenses and other assets			709,403			213,478
Total assets			640,252,797			328,526,006
Liabilities
Call options written, at fair value⁽⁴⁾			—			—
Payable to Adviser			995,518			510,661
Accrued directors' fees and expenses			—			—
Payable for investments purchased			—			—
Accrued expenses and other liabilities			2,114,858			815,429
Current tax liability			58,627			—
Deferred tax liability			—			—
Credit facility borrowings			23,500,000			14,500,000
Senior notes, net⁽⁵⁾			85,739,035			32,091,970
Mandatory redeemable preferred stock, net⁽⁶⁾			35,563,240			19,684,023
Total liabilities			147,971,278			67,602,083
Net assets applicable to common stockholders		$	492,281,519		$	260,923,923
Net Assets Applicable to Common Stockholders Consist of:
Capital stock, $0.001 par value per share		$	11,928		$	5,643
Additional paid-in capital			606,880,922			545,815,246
Total distributable accumulated losses			(114,611,331	)		(284,896,966	)
Net assets applicable to common stockholders		$	492,281,519		$	260,923,923
Capital shares:
Authorized			100,000,000			100,000,000
Outstanding			11,927,903			5,642,991
Net Asset Value per common share outstanding (net assets applicable
to common stock, divided by common shares outstanding)		$	41.27		$	46.24

(1)	Consolidated Statement of Assets and Liabilities
	(See Note 13 to the financial statements for further disclosure).
(2)	Investments in unaffiliated securities at cost	$	483,510,521		$	225,724,103
(3)	Investments in affiliated securities at cost	$	50,141,470		$	—
(4)	Call options written, premiums received	$	—		$	—
(5)	Deferred debt issuance and offering costs	$	87,632		$	57,763
(6)	Deferred offering costs	$	97,370		$	34,902

See accompanying Notes to Financial Statements.

36	Tortoise

2022 Semi-Annual Report | May 31, 2022

					Tortoise Power		Ecofin
	Tortoise Pipeline		Tortoise Energy		and Energy		Sustainable
	& Energy		Independence		Infrastructure		and Social Impact
Fund, Inc.		Fund, Inc.		Fund, Inc.		Term Fund⁽¹⁾

$	100,602,362	$	74,991,576	$	131,596,742	$	218,773,943
	—		—		—		43,161,118
	—		—		—		133,951
	—		—		—		40,208
	156,004		265,165		1,266,276		195,397
	4,916		158				1,782,870
	—		—		—		—
	—		—		—		109,283
	12,475		10,451		—		—
	125,630		20,548		38,968		64,749
	100,901,387		75,287,898		132,901,986		264,261,519

	—		—

Boards:

Quotes:

TTP

Tortoise Pipeline and Energy Fund Inc