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.
|
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.
|
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)
|
|