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 period | 14,104,903 | ||
Purchases | - | ||
Return of capital | - | ||
Sales | (4,000,000) | ||
Total realized gain/loss | (300,000) | ||
Change in unrealized gain/loss | 475,854 | ||
Balance – end of period | $10,280,757 |
Private Investments | TEAF |
Balance – beginning of period | $47,430,707 |
Purchases | 1,214,419 |
Return of capital | - |
Sales | - |
Total realized gain/loss | - |
Change in unrealized gain/loss | (420,779) |
Balance – end of period | $48,224,347 |
Construction Note | TEAF |
Balance – beginning of period | $3,522,987 |
Purchases | - |
Return of capital | - |
Sales | - |
Total realized gain/loss | - |
Change in unrealized gain/loss | 3,861 |
Balance – end of period | $3,526,848 |
Convertible Bond | TEAF |
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. | |||||||||
Counterparty | Maturity Date | Notional Amount | Fixed Rate Paid by TYG | Floating Rate Received by TYG | Unrealized Depreciation | ||||
The Bank of Nova Scotia | 09/02/2021 | $ 10,000,000 | 2.381% | 1-month U.S. Dollar LIBOR | $ (134,836) |