Tortoise Essential Assets Income Term Fund | ||||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
August 31, 2020 | ||||||||
Principal Amount/Shares | ||||||||
Fair Value | ||||||||
Common Stock - 40.5%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 6.0%(1) | ||||||||
Italy - 1.7%(1) | ||||||||
Snam SpA(4) | 693,360 | $ | 3,549,625 | |||||
United States - 4.3%(1) | ||||||||
Cheniere Energy Inc.(2)(3) | 39,892 | 2,076,379 | ||||||
ONEOK, Inc.(2) | 45,028 | 1,237,369 | ||||||
The Williams Companies, Inc. (2) | 267,907 | 5,561,749 | ||||||
12,425,122 | ||||||||
Natural Gas Gathering/Processing - 7.2%(1) | ||||||||
United States - 7.2%(1) | ||||||||
Equitrans Midstream Corp. (2) | 719,182 | 7,393,189 | ||||||
Hess Midstream LP | 200,134 | 3,538,369 | ||||||
Targa Resources Corp. (2) | 235,999 | 4,014,343 | ||||||
14,945,901 | ||||||||
Power - 20.0%(1) | ||||||||
Australia - 2.7%(1) | ||||||||
APA Group(4) | 203,451 | 1,565,077 | ||||||
Spark Infrastructure Group(4) | 2,368,315 | 3,895,255 | ||||||
Canada - 1.3%(1) | ||||||||
Algonquin Power & Utilities Corp(4) | 201,460 | 2,792,500 | ||||||
Italy - 2.8%(1) | ||||||||
Enel SpA(4) | 631,186 | 5,716,211 | ||||||
Portugal - 3.1%(1) | ||||||||
EDP - Energias de Portugal SA(4) | 1,246,191 | 6,308,436 | ||||||
Spain - 4.1%(1) | ||||||||
Endesa SA(4) | 177,950 | 4,933,028 | ||||||
Iberdrola SA(4) | 287,193 | 3,615,702 | ||||||
United States - 3.0%(1) | ||||||||
Covanta Holding Corp (4) | 272,775 | 2,574,996 | ||||||
Edison International | 27,737 | 1,455,638 | ||||||
FirstEnergy Corp(4) | 72,968 | 2,086,155 | ||||||
United Kingdom - 3.0%(1) | ||||||||
National Grid PLC(4) | 330,254 | 3,722,465 | ||||||
SSE PLC | 149,189 | 2,510,814 | ||||||
41,176,277 | ||||||||
Diversified Infrastructure - 0.8%(1) | ||||||||
Spain - 0.8%(1) | ||||||||
Ferrovial SA(4) | 61,350 | 1,638,479 | ||||||
Renewables - 4.6%(1) | ||||||||
Canada - 4.6%(1) | ||||||||
Brookfield Renewable Corp.(4) | 20,023 | 1,017,767 | ||||||
Innergex Renewable Energy Inc(4) | 254,620 | 4,396,092 | ||||||
TransAlta Renewables Inc(4) | 335,743 | 4,102,996 | ||||||
9,516,855 | ||||||||
Water Infrastructure - 1.7%(1) | ||||||||
United Kingdom - 1.7%(1) | ||||||||
Pennon Group PLC(4) | 252,172 | 3,391,148 | ||||||
Water Utilities - 0.2%(1) | ||||||||
United States - 0.2%(1) | ||||||||
Essential Utilities, Inc.(4) | 11,571 | 491,768 | ||||||
Total Common Stock (Cost $79,009,430) | 83,585,550 | |||||||
Master Limited Partnerships - 11.8%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 3.5%(1) | ||||||||
United States - 3.5%(1) | ||||||||
Enterprise Products Partners L.P.(4) | 412,670 | 7,246,481 | ||||||
Natural Gas Gathering/Processing - 1.7%(1) | ||||||||
United States - 1.7%(1) | ||||||||
Western Midstream Partners, LP(4) | 395,574 | 3,587,856 | ||||||
Refined Product Pipelines - 2.3%(1) | ||||||||
United States - 2.3%(1) | ||||||||
MPLX LP | 262,648 | 4,798,579 | ||||||
Renewables - 1.8%(1) | ||||||||
Canada - 1.8%(1) | ||||||||
Brookfield Renewable Partners LP(4) | 80,092 | 3,631,419 | ||||||
Other - 2.5%(1) | ||||||||
United States - 2.5%(1) | ||||||||
Enviva Partners LP(4) | 123,077 | 5,079,388 | ||||||
Total Master Limited Partnerships (Cost $21,781,048) | 24,343,723 | |||||||
Corporate Bonds - 14.1%(1) | ||||||||
Education - 0.5%(1) | ||||||||
United States - 0.5%(1) | ||||||||
Pioneer Technology & Arts Academy Project - Series B, 10.000%, 10/01/2026 | 410,000 | 391,792 | ||||||
Village Charter School Inc., 10.000%, 12/15/2021 | 800,000 | 600,000 | ||||||
991,792 | ||||||||
Healthcare - 2.7%(1) | ||||||||
United States - 2.7%(1) | ||||||||
Grace Commons Property, 15.000%, 10/31/2023(5) | 1,825,000 | 1,825,000 | ||||||
Grace Commons Property, 8.000%, 10/31/2021(5) | 3,650,000 | 3,650,000 | ||||||
5,475,000 | ||||||||
Natural Gas Gathering/Processing - 3.8%(1) | ||||||||
United States - 3.8%(1) | ||||||||
Antero Midstream Partners LP, 5.750%, 01/15/2028(4)(5) | 3,750,000 | 3,346,875 | ||||||
Blue Racer Midstream, LLC, 6.625%, 07/15/2026(4)(5) | 3,000,000 | 2,640,000 | ||||||
EQM Midstream Partners LP, 4.75%, 07/15/2023(4) | 1,750,000 | 1,795,500 | ||||||
7,782,375 | ||||||||
Oil and Gas Production - 1.1%(1) | ||||||||
United States - 1.1%(1) | ||||||||
Ascent Resources Utica Holdings, LLC, 7.000%, 11/01/2026 | 3,500,000 | 2,423,750 | ||||||
Project Finance - 5.2%(1) | ||||||||
United States - 5.2%(1) | ||||||||
C2NC Holdings | 10,715,000 | 10,828,825 | ||||||
Senior Living - 0.8%(1) | ||||||||
United States - 0.8%(1) | ||||||||
Realco Perry Hall MD LLC/OPCO Sub 144A NT 10% 10/01/2024(5) | 2,280,000 | 1,550,389 | ||||||
Total Corporate Bonds (Cost $30,956,461) | 29,052,131 | |||||||
Preferred Bonds - 4.5%(1) | ||||||||
Natural Gas Gathering/Processing - 2.4%(1) | ||||||||
United States - 2.4%(1) | ||||||||
DCP Midstream LP, 7.375% 06/15/2067(4) | 5,000,000 | 3,675,000 | ||||||
EnLink Midstream Partners LP, 6.000%, 12/15/2067 | 3,000,000 | 1,200,000 | ||||||
4,875,000 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 2.1%(1) | ||||||||
United States - 2.1%(1) | ||||||||
Energy Transfer Operating LP, 6.250%, 02/15/2068 | 6,000,000 | 4,372,200 | ||||||
Total Preferred Bonds (Cost $13,324,805) | 9,247,200 | |||||||
Preferred Stock - 7.7%(1) | ||||||||
Natural Gas Gathering/Processing - 1.9%(1) | ||||||||
United States - 1.9%(1) | ||||||||
Targa Resources Corp., 9.500%(5)(6) | 4,000 | 3,879,200 | ||||||
Natural Gas/Natural Gas Liquids Pipelines - 3.9%(1) | ||||||||
United States - 3.9%(1) | ||||||||
Crestwood Equity Partners LP, 9.25%(4) | 512,909 | 3,215,939 | ||||||
Altus Midstream Company, 7.000%(5)(6) | 4,294 | 4,895,830 | ||||||
8,111,769 | ||||||||
Renewables - 0.7%(1) | ||||||||
United States - 0.7%(1) | ||||||||
NextEra Energy Partners LP(4) | 25,380 | 1,390,824 | ||||||
Water Utilities - 1.2%(1) | ||||||||
United States - 1.2%(1) | ||||||||
Essential Utilities, Inc.(4) | 43,148 | 2,425,349 | ||||||
Total Preferred Stock (Cost $115,498,186) | 15,807,142 | |||||||
Private Investments - 21.1%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 0.9%(1) | ||||||||
Mexico - 0.9%(1) | ||||||||
Mexico Pacific Limited LLC (MPL) Series A(5)(6) | 88,889 | 1,983,904 | ||||||
Renewables - 20.2%(1) | ||||||||
United States - 20.2%(1) | ||||||||
Renewable Holdco, LLC(5)(6)(7) | N/A | 11,996,581 | ||||||
Renewable Holdco I, LLC(5)(6)(7) | N/A | 24,738,352 | ||||||
Renewable Holdco II, LLC(5)(6)(7) | N/A | 4,880,855 | ||||||
41,615,788 | ||||||||
Total Private Investments (Cost $50,057,453) | 43,599,692 | |||||||
Municipal Bonds - 6.5%(1) | ||||||||
California - 0.1%(1) | ||||||||
California ST Enterprise Dev A Rev Bonds, 10.000%, 06/15/2030 | 380,000 | 354,236 | ||||||
Florida - 0.5%(1) | ||||||||
Florida Development Finance Corp, 10.000%, 07/01/2025 | 445,000 | 433,644 | ||||||
Florida Development Finance Corp, 10.000%, 02/15/2028 | 595,000 | 584,171 | ||||||
1,017,815 | ||||||||
Pennsylvania - 1.5%(1) | ||||||||
Philadelphia Authority for Industrial Development, 10.000%, 06/15/2030 | 3,135,000 | 3,101,487 | ||||||
Wisconsin - 4.4%(1) | ||||||||
Public Finance Authority, 9.000%, 06/01/2029 | 8,925,000 | 8,855,385 | ||||||
Public Finance Authority Educational Facility Revenue, 12.000%, 06/01/2029 | 185,000 | 177,607 | ||||||
9,032,992 | ||||||||
Total Municipal Bonds (Cost $13,640,424) | 13,506,530 | |||||||
Construction Note - 1.7%(1) | ||||||||
Renewables - 1.7%(1) | ||||||||
Bermuda - 1.7%(1) | ||||||||
Saturn Solar Bermuda 1 Ltd., 6.000%, 09/30/2020 (Cost $3,778,904)(5)(6) | 3,510,000 | 3,522,285 | ||||||
Convertible Bond - 1.9%(1) | ||||||||
Solar - 1.9%(1) | ||||||||
Grand Cayman - 1.9%(1) | ||||||||
Sunnova Energy Intl Inc., 9.75%, 04/30/2025(5)(6) (Cost $2,180,930) | 2,197,000 | 3,953,040 | ||||||
Term Loan - 2.4%(1) | ||||||||
Other - 2.4%(1) | ||||||||
United States - 2.4%(1) | ||||||||
New Fortress Energy, 7.8534%, 01/10/2023 (Cost $4,898,493) | 5,000,000 | 4,900,000 | ||||||
Short-Term Investment - 1.4%(1) | ||||||||
United States Investment Company - 1.4%(1) | ||||||||
First American Government Obligations Fund, 0.07%(8) (Cost $2,875,475) | 2,875,475 | 2,875,475 | ||||||
Total Investments - 113.6%(1) (Cost $238,001,609) | 234,392,768 | |||||||
Total Value of Options Written (Premiums received $330,248)(9) - (0.1)%(1) | (165,163 | ) | ||||||
Other Assets and Liabilities - 1.3%(1) | 2,549,221 | |||||||
Credit Facility Borrowings - (14.8)%(1) | (30,500,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 206,276,826 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | All or a portion of the security represents cover for outstanding call option contracts written. | |||
(3) | Non-income producing security. | |||
(4) | All or a portion of the security is segregated as collateral for the margin borrowing facility. See Note 11 to the financial statements for further disclosure. | |||
(5) | Restricted securities have a total fair value of $72,862,311 which represents 35.3% of net assets. See Note 6 to the financial statements for further disclosure. | |||
(6) | Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments, as more fully described in Note 2 to the financial statements. | |||
(7) | Deemed to be an affiliate of the fund. See Affiliated Company Transactions Note 7 and Basis For Consolidation Note 13 to the financial statements for further disclosure. | |||
(8) | Rate indicated is the current yield as of August 31, 2020. | |||
(9) | See Schedule of Options Written and Note 12 to the financial statements for further disclosure. |
Various inputs are used in determining the fair value of the Funds’ investments and financial instruments. These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.)
Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following tables provide the fair value measurements of applicable assets and liabilities by level within the fair value hierarchy as of August 31, 2020. These assets and liabilities are measured on a recurring basis.
TEAF: | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stock(a) | $ | 83,585,550 | $ | - | $ | - | $ | 83,585,550 | ||||||||
Master Limited Partnerships(a) | 24,343,723 | - | - | 24,343,723 | ||||||||||||
Corporate Bonds(a) | - | 29,052,131 | - | 29,052,131 | ||||||||||||
Preferred Bonds(a) | - | 9,247,200 | - | 9,247,200 | ||||||||||||
Preferred Stock(a) | 7,032,112 | - | 8,775,030 | 15,807,142 | ||||||||||||
Private Investments(a) | - | - | 43,599,692 | 43,599,692 | ||||||||||||
Municipal Bonds(a) | - | 13,506,530 | - | 13,506,530 | ||||||||||||
Construction Note(a) | - | - | 3,522,285 | 3,522,285 | ||||||||||||
Convertible Bond(a) | - | - | 3,953,040 | 3,953,040 | ||||||||||||
Term Loans(a) | - | 4,900,000 | - | 4,900,000 | ||||||||||||
Short-Term Investment(b) | 2,875,475 | - | - | 2,875,475 | ||||||||||||
Total Assets | $ | 117,836,860 | $ | 56,705,861 | $ | 59,850,047 | $ | 234,392,768 | ||||||||
Liabilities | ||||||||||||||||
Written Call Options | $ | 89,047 | $ | 76,116 | $ | - | $ | 165,163 |
(a) | All other industry classifications are identified in the Schedule of Investments. |
(b) | Short-term investment is a sweep investment for cash balances. |
The following tables present each Fund’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period ended August 31, 2020:
Preferred Stock | TEAF | |||
Balance – beginning of period | $ | 8,564,680 | ||
Purchases | 146,434 | |||
Return of capital | - | |||
Sales | - | |||
Total realized gain/loss | - | |||
Change in unrealized gain/loss | 63,916 | |||
Balance – end of period | $ | 8,775,030 |
Private Investments | TEAF | |||
Balance – beginning of period | $ | 40,885,774 | ||
Purchases | 779,081 | |||
Return of capital | - | |||
Sales | - | |||
Total realized gain/loss | - | |||
Change in unrealized gain/loss | (6,065,163) | |||
Balance – end of period | $ | 43,599,692 |
Construction Note | TEAF | |||
Balance – beginning of period | $ | 3,516,669 | ||
Purchases | 8,234 | |||
Return of capital | - | |||
Sales | - | |||
Total realized gain/loss | - | |||
Change in unrealized gain/loss | (2,618) | |||
Balance – end of period | $ | 3,522,285 |
Convertible Bond | TEAF | |||
Balance – beginning of period | $ | - | ||
Purchases | 11,848,550 | |||
Return of capital | - | |||
Sales | (11,734,635) | |||
Total realized gain/loss | 2,067,015 | |||
Change in unrealized gain/loss | 1,772,110 | |||
Balance – end of period | $ | 3,953,040 | ||
TEAF | ||||
Change in unrealized gain/loss on investments still held at August 31, 2020 | $ | (4,231,755) |