Ecofin Global Water ESG Fund | ||||||||
Schedule of Investments | ||||||||
as of February 29, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.4% | Shares | Value | ||||||
Canada Water Infrastructure - 3.5% | ||||||||
Stantec, Inc. | 21,998 | $ | 1,836,800 | |||||
France Water Infrastructure - 5.4% | ||||||||
Veolia Environnement SA | 90,434 | 2,800,283 | ||||||
Hong Kong Water Equipment/Services - 0.2% | ||||||||
China Lesso Group Holdings Ltd. | 197,000 | 93,851 | ||||||
Hong Kong Water Infrastructure - 0.0%(a) | ||||||||
CT Environmental Group Limited(b)(c) | 113,060 | 0 | ||||||
Japan Water Equipment/Services - 4.4% | ||||||||
Kitz Corp. | 17,000 | 142,536 | ||||||
Kurita Water Industries Ltd. | 21,200 | 861,037 | ||||||
Lixil Corp. | 56,900 | 728,709 | ||||||
Rinnai Corp. | 23,500 | 546,902 | ||||||
2,279,184 | ||||||||
Japan Water Infrastructure - 0.6% | ||||||||
METAWATER Co, Ltd. | 4,400 | 67,796 | ||||||
Organo Corp. | 5,100 | 260,919 | ||||||
328,715 | ||||||||
Switzerland Water Equipment/Services - 10.7% | ||||||||
Ferguson PLC | 20,545 | 4,275,239 | ||||||
Georg Fischer AG | 16,260 | 1,204,308 | ||||||
5,479,547 | ||||||||
Switzerland Water Management - 5.6% | ||||||||
Geberit AG | 4,977 | 2,888,219 | ||||||
United Kingdom Water Equipment/Services - 4.8% | ||||||||
Genuit Group PLC | 49,399 | 251,921 | ||||||
Pentair PLC | 28,736 | 2,235,373 | ||||||
2,487,294 | ||||||||
United Kingdom Water Infrastructure - 7.5% | ||||||||
Pennon Group PLC | 51,810 | 432,622 | ||||||
Severn Trent PLC | 54,435 | 1,717,843 | ||||||
United Utilities Group PLC | 135,186 | 1,749,125 | ||||||
3,899,590 | ||||||||
United States Equipment/Services - 19.1% | ||||||||
Advanced Drainage Systems, Inc. | 13,592 | 2,218,758 | ||||||
Aris Water Solutions, Inc. | 4,961 | 59,730 | ||||||
Energy Recovery Inc.(c) | 11,183 | 174,790 | ||||||
Franklin Electric Co., Inc. | 7,865 | 817,645 | ||||||
IDEX Corporation | 9,332 | 2,201,419 | ||||||
Select Water Solutions, Inc. | 16,069 | 137,229 | ||||||
Xylem, Inc. | 33,740 | 4,286,668 | ||||||
9,896,239 | ||||||||
United States Water Infrastructure - 4.5% | ||||||||
Mueller Water Products, Inc. | 31,024 | 482,423 | ||||||
Tetra Tech, Inc. | 10,556 | 1,871,790 | ||||||
2,354,213 | ||||||||
United States Water Management - 10.0% | ||||||||
A.O. Smith Corporation | 24,351 | 2,018,698 | ||||||
Badger Meter, Inc. | 5,818 | 923,258 | ||||||
Lindsay Corporation | 2,183 | 260,454 | ||||||
Watts Water Technologies, Inc. | 5,426 | 1,106,633 | ||||||
Zurn Elkay Water Solutions Corp. | 28,093 | 891,953 | ||||||
5,200,996 | ||||||||
United States Water Treatment - 8.2% | ||||||||
Ecolab Inc. | 18,811 | 4,229,465 | ||||||
United States Water Utilities - 14.9% | ||||||||
American States Water Company | 7,332 | 523,578 | ||||||
American Water Works Co., Inc. | 26,976 | 3,197,736 | ||||||
California Water Service Group | 11,441 | 525,027 | ||||||
Core & Main, Inc. (c) | 24,610 | 1,174,635 | ||||||
Essential Utilities, Inc. | 49,823 | 1,732,844 | ||||||
Montrose Environmental Group, Inc.(c) | 5,506 | 227,838 | ||||||
SJW Group | 5,761 | 317,201 | ||||||
7,698,859 | ||||||||
TOTAL COMMON STOCKS (Cost $45,784,114) | 51,473,255 | |||||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||||
Money Market Funds - 0.3% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(d) | 139,723 | 139,723 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $139,723) | 139,723 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $45,923,837) | $ | 51,612,978 | ||||||
Other Assets in Excess of Liabilities - 0.3% | 141,683 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 51,754,661 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Represents less than 0.05% of net assets. |
(b) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 29, 2024. |
(c) | Non-income producing security. |
(d) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The following is a summary of the inputs used to value the Fund's investments as of February 29, 2024. See the Schedule of Investments for an industry breakout. Ecofin Global Water ESG Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Canada Water Infrastructure | 1,836,800 | – | – | 1,836,800 | ||||||||||||
France Water Infrastructure | 2,800,283 | – | – | 2,800,283 | ||||||||||||
Hong Kong Water Equipment/Services | 93,851 | – | – | 93,851 | ||||||||||||
Hong Kong Water Infrastructure | – | – | – | – | ||||||||||||
Japan Water Equipment/Services | 2,279,184 | – | – | 2,279,184 | ||||||||||||
Japan Water Infrastructure | 328,715 | – | – | 328,715 | ||||||||||||
Switzerland Water Equipment/Services | 5,479,546 | – | – | 5,479,546 | ||||||||||||
Switzerland Water Management | 2,888,219 | – | – | 2,888,219 | ||||||||||||
United Kingdom Water Equipment/Services | 2,487,296 | – | – | 2,487,296 | ||||||||||||
United Kingdom Water Infrastructure | 3,899,589 | – | – | 3,899,589 | ||||||||||||
United States Equipment/Services | 9,896,239 | – | – | 9,896,239 | ||||||||||||
United States Water Infrastructure | 2,354,213 | – | – | 2,354,213 | ||||||||||||
United States Water Management | 5,200,996 | – | – | 5,200,996 | ||||||||||||
United States Water Treatment | 4,229,465 | – | – | 4,229,465 | ||||||||||||
United States Water Utilities | 7,698,859 | – | – | 7,698,859 | ||||||||||||
Common Stocks - Total | $ | 51,473,255 | $ | – | $ | – | $ | 51,473,255 | ||||||||
Money Market Funds | 139,723 | – | – | 139,723 | ||||||||||||
Total Assets | $ | 51,612,978 | $ | – | $ | – | $ | 51,612,978 | ||||||||
Refer to the Schedule of Investments for industry classifications. |