Docoh
Loading...

TEAF Ecofin Sustainable and Social Impact Term Fund

Filed: 29 Apr 21, 5:26pm

Tortoise Essential Assets Income Term Fund      
SCHEDULE OF INVESTMENTS (Unaudited)      
       
  February 28, 2021 
   Principal Amount/Shares  Fair Value 
Common Stock - 59.2%(1)
      
Natural Gas/Natural Gas Liquids Pipelines - 6.5%(1)
      
Australia - 1.2%(1)
      
APA Group(4)
 $381,154   2,724,561 
Italy - 2.0%(1)
        
Snam SpA  829,162   4,297,825 
United States - 3.3%(1)
        
Cheniere Energy Inc.(2)(3)(4')
  37,300   2,513,647 
ONEOK, Inc.  28   1,240 
The Williams Companies, Inc.(2)(4)
  204,900   4,679,916 
       14,217,189 
Natural Gas Gathering/Processing - 3.5%(1)
        
United States - 3.5%(1)
        
Equitrans Midstream Corp.(2)(4)
  559,599   4,045,899 
Targa Resources Corp. (2)(4)
  115,400   3,569,322 
       7,615,221 
         
Other - 5.9%(1)
        
Australia - 0.8%(1)
        
Atlas Arteria Ltd.(4)
  433,994   1,853,348 
Great Britain - 1.9%(1)
        
Greencoat UK Wind PLC  2,346,273   4,164,498 
Spain - 0.8%(1)
        
Ferrovial SA(4)
  74,099   1,845,300 
United States - 2.4%(1)
        
Enviva Partners LP(4)
  97,485   5,169,630 
       13,032,776 
Power - 28.1%(1)
        
Australia - 2.3%(1)
        
Spark Infrastructure Group(4)
  3,198,389   5,020,439 
Canada - 1.9%(1)
        
Algonquin Power & Utilities Corp(4)
  240,919   3,731,348 
Brookfield Renewable Corp.  7,495   346,119 
Italy - 6.0%(1)
        
Enel SpA  754,810   7,143,651 
Iren SpA(4)
  1,103,669   2,735,170 
Terna SpA(4)
  455,367   3,169,070 
Portugal - 3.5%(1)
        
EDP - Energias de Portugal SA(4)
  1,349,022   7,724,882 
Spain - 5.5%(1)
        
Endesa SA(4)
  249,917   6,196,588 
Iberdrola SA  475,219   5,977,435 
United States - 4.1%(1)
        
Covanta Holding Corp(4)
  322,111   4,525,660 
Edison International(2)(4)
  82,854   4,473,288 
United Kingdom - 4.8%(1)
        
National Grid PLC(2)(4)
  400,005   4,493,975 
SSE PLC(4)
  327,081   6,035,621 
       61,573,246 
         
Renewables - 5.4%(1)
        
Canada - 5.4%(1)
        
Brookfield Renewable Corp.(4)
  28,422   1,316,131 
Innergex Renewable Energy Inc(4)
  213,422   4,038,348 
TransAlta Renewables Inc(4)
  401,501   6,366,722 
       11,721,201 
Solar - 1.7%(1)
        
United States - 1.7%(1)
        
Sunnova Energy Intl Inc.(4)
  82,766   3,711,228 
       3,711,228 
Transportation / Storage - 1.5%(1)
        
Hong Kong - 1.5%(1)
        
China Suntien Green Energy Corp.  10,373,849   3,236,624 
       3,236,624 
Water Infrastructure - 1.7%(1)
        
United Kingdom - 1.7%(1)
        
Pennon Group PLC  301,562   3,672,001 
       3,672,001 
         
Total Common Stock (Cost $111,958,999)      118,779,486 
         
         
         
Master Limited Partnerships - 5.2%(1)
        
Natural Gas/Natural Gas Liquids Pipelines - 2.0%(1)
        
United States - 2.0%(1)
        
Enterprise Products Partners L.P.(2)(4)
  200,400   4,272,524 
         
Refined Product Pipelines - 2.3%(1)
        
United States - 2.3%(1)
        
MPLX LP(2)(4)
  210,100   5,002,481 
         
Renewables - 0.9%(1)
        
Canada - 0.9%(1)
        
Brookfield Renewable Partners LP(4)
  47,413   2,010,004 
         
Total Master Limited Partnerships (Cost $10,809,106)      11,285,009 
         
Corporate Bonds - 9.0%(1)
        
Education - 0.4%(1)
        
United States - 0.4%(1)
        
Pioneer Technology & Arts Academy Project - Series B  410,000   364,900 
Village Charter School Inc(6)
  800,000   600,000 
       964,900 
Healthcare - 2.5%(1)
        
United States - 2.5%(1)
        
Grace Commons Property, 15.000%, 10/31/2023(5)
  1,825,000   1,786,182 
Grace Commons Property, 8.000%, 10/31/2023(5)
  3,650,000   3,578,814 
       5,364,996 
Project Finance - 4.9%(1)
        
United States - 4.9%(1)
        
C2NC Holdings, 13.000%,  05/01/2027(5)
  10,715,000   10,758,921 
         
Renewable Infrastructure - 4.1%(1)
        
United States - 4.1%(1)
        
Southern Ohio Port Authority, 13.000%, 12/01/2027  9,000,000   9,046,080 
         
         
Senior Living - 2.0%(1)
        
United States - 2.0%(1)
        
Drumlin Reserve Property LLC, 16.000%, 10/02/2025(5)
  1,050,000   1,055,261 
Drumlin Reserve Property LLC, 10.000%, 10/02/2025(5)
  1,705,311   1,713,604 
Realco Perry Hall MD LLC/OPCO Sub 144A NT 10.000% 10/01/2024(5)
  2,280,000   1,553,451 
       4,322,316 
         
Total Corporate Bond (Cost $31,435,311)      30,457,213 
         
Preferred Stock - 6.8%(1)
        
Natural Gas/Natural Gas Liquids Pipelines - 4.7%(1)
        
United States - 4.7%(1)
        
Altus Midstream Company Preferred(5)(6)
  4,293,985   5,198,857 
Enterprise Products Partners L.P. - Preferred(6)
  5,000,000   5,081,900 
       10,280,757 
Renewables - 0.8%(1)
        
United States - 0.8%(1)
        
NextEra Energy Partners LP  30,351   1,709,368 
         
Water Utilities - 1.3%(1)
        
United States - 1.3%(1)
        
Essential Utilities, Inc.  51,599   2,814,210 
         
         
Total Preferred Stock (Cost $15,414,917)      14,804,335 
         
Private Investments - 22.1%(1)
        
Natural Gas/Natural Gas Liquids Pipelines - 0.1%(1)
        
Mexico Pacific Limited LLC (MPL) Series A(5)(6)
  88,889   237,334 
Renewables - 22.0%(1)
        
United States - 22.0%(1)
        
TK NYS Solar Holdco, LLC(5)(6)(7) (Cost $27,363,305)
  28,034,342   23,169,739 
Teaf Solar Holdco, LLC(5)(6)(7) (Cost $26,526,218)
  26,797,212   24,817,274 
       47,987,013 
         
Total Private Investments (Cost $55,889,523)      48,224,347 
         
Municipal Bond - 6.1%(1)
        
Education - 0.3%(1)
        
United States - 0.3%(1)
        
Public Finance Authority Educational Facility Revenue, 9.000%, 06/01/2029  185,000   183,574 
California ST Enterprise Dev A Rev Bonds, 10.000%, 06/15/2030  380,000   360,252 
Other - 5.8%(1)
      543,826 
United States - 5.8%(1)
        
Florida - 0.4%(1)
        
Florida Development Finance Corp, 10.000%, 07/01/2025  445,000   378,250 
Florida Development Finance Corp, 10.000%, 02/15/2028  595,000   590,329 
       968,579 
Pennsylvania - 1.4%(1)
        
Philadelphia Authority for Industrial Development, 10.000%, 06/15/2030  3,135,000   3,123,808 
Wisconsin - 4.0%(1)
        
Public Finance Authority, 9.000%, 06/01/2029  8,925,000   8,677,331 
         
         
 Total Municipal Bonds (Cost $13,641,122)      13,313,544 
         
Construction Note - 1.6%(1)
        
Renewables - 1.6%(1)
        
Bermuda - 1.6%(1)
        
Saturn Solar Bermuda 1 Ltd., 6.000%, 02/28/2020 (Cost $3,778,904)(5)(6)
  3,510,000   3,526,848 
         
         
Special Purpose Acquisition Company Units - 4.6%(1)
        
Energy Technology - 4.6%(1)
        
United States - 4.6%(1)
        
Bluescape Opportunities Acquisition Corp.  57,773   619,327 
Climate Change Crisis Real Impact Class A  22,317   345,467 
Climate Real Impact Solutions II Acquisition Corp.  61,645   678,095 
Decarbonization Plus Acquisition II  31,536   335,228 
ECP Environmental Growth Opportunities Corp.  46,810   498,527 
European Sustainable Growth Acquisition Corp.  64,852   686,783 
Hennessy Captial Investment Corp. V  65,133   707,344 
Kensington Capital Acquisition Corp. II  15,696   171,871 
Northern Genesis Acquisition Unit  25,587   279,666 
Power & Digital Infrastructure Acquisition Corp.  54,610   592,519 
Qell Acquisition Corp.  28,285   337,157 
Queen's Gambit Growth Capital  60,459   637,843 
Rice Acquisition Corp.  43,446   474,430 
RMG Acquisition Corp III  39,420   413,910 
Spartan Acquisition Corp III  46,810   490,569 
Star Peak Corp II  23,540   266,002 
Star Peak Energy Transition  13,641   466,249 
Sustainable Development Acquisition I Corp  78,840   827,820 
Switchback II Corp  24,617   280,634 
Warrior Technologies Acquisition Co.  93,510   936,035 
         
Special Purpose Acquisition Company Units (Cost $9,075,917)      10,045,476 
         
Warrants - 0.1%(1)
        
Energy Technology - 0.1%(1)
        
Bluescape Opportunities Acquisition Corp. Warrant  28,887   62,106 
Climate Change Crisis Real Impact Warrant(4)
  28,169   102,817 
Qell Acquisition Corp. Warrant  12,571   37,714 
Rice Acquisition Corp. Warrant  28,964   65,748 
         
Total Warrants (Cost $177,918)      268,385 
         
Short-Term Investment - 0.1%(1)
        
United States Investment Company - 0.1%(1)
        
First American Government Obligations Fund, 0.01%(8) (Cost $322,016)
  322,016   322,016 
         
Total Investments - 114.8%(1) (Cost $252,503,731)
      251,026,659 
Total Value of Options Written (Premiums received $429,682)(9) - (0.1)%(1)
   (312,326)
Other Assets and Liabilities - 4.9%(1)
      10,823,069 
Credit Facility Borrowings - (19.6)%(1)
      (42,800,000)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
      218,737,402 

(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.
(5)Restricted securities have a total fair value of $82,478,185 which represents 37.7% of net assets.
(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.   
(8)Rate indicated is the current yield as of February 28, 2021.  
(9)See Schedule of Options Written Note 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 February 28, 2021.  These assets and liabilities are measured on a recurring basis.
 
TEAF:
               
Description Level 1  Level 2  Level 3  Total    
Assets               
Investments:
               
Common Stock(a)
 
$
129,538,407
  
$
-
  
$
-
  
$
129,538,407
  
$
80,047,181
 
Warrants(a)
  
268,385
   
-
   
-
   
268,385
     
Master Limited Partnerships(a)
  
11,285,009
   
-
   
-
   
11,285,009
     
Corporate Bonds(a)
  
-
   
19,698,292
   
-
   
19,698,292
     
Preferred Stock(a)
  
4,523,578
   
-
   
10,280,757
   
14,804,335
     
Private Investments(a)
  
-
   
-
   
48,224,347
   
48,224,347
     
Municipal Bonds(a)
  
-
   
13,313,544
   
-
   
13,313,544
     
Construction Note(a)
  
-
   
-
   
3,526,848
   
3,526,848
     
Special Purpose Acquisition Units(a)
  
10,045,476
   
-
   
-
   
10,045,476
     
Short-Term Investment(b)
  
322,016
   
-
   
-
   
322,016
     
Total Assets
 
$
155,982,871
  
$
33,012,836
  
$
62,031,952
  
$
251,026,659
  
$
234,392,768
 
Liabilities                    
Written Call Options     
$
312,326
  
$
-
  
$
312,326
  
$
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  February 28, 2021:

Preferred Stock  TEAF
Balance – beginning of period14,104,903
Purchases-
Return of capital-
Sales(4,000,000)
Total realized gain/loss(300,000)
Change in unrealized gain/loss475,854
Balance – end of period$10,280,757

Private InvestmentsTEAF
Balance – beginning of period$47,430,707
Purchases1,214,419
Return of capital-
Sales-
Total realized gain/loss-
Change in unrealized gain/loss(420,779)
Balance – end of period$48,224,347

Construction NoteTEAF
Balance – beginning of period$3,522,987
Purchases-
Return of capital-
Sales-
Total realized gain/loss-
Change in unrealized gain/loss3,861
Balance – end of period$3,526,848

Convertible BondTEAF
Balance – beginning of period$3,322,076
Purchases-
Return of capital-
Sales-
Corporate Actions
(3,322,076)
Total realized gain/loss-
Change in unrealized gain/loss-
Balance – end of period$-

 TEAF
Change in unrealized gain/loss on investments still held at
February 28, 2021
$58,936

 

 
SCHEDULE OF INTEREST RATE SWAP CONTRACTS (Unaudited)      
February 28, 2021         
          
Tortoise Energy Infrastructure Corp.         
CounterpartyMaturity Date Notional AmountFixed Rate Paid by TYGFloating Rate Received by TYG Unrealized Depreciation
The Bank of Nova Scotia09/02/2021  $ 10,000,000 2.381%  1-month U.S. Dollar LIBOR $               (134,836)