NPORT-EX 2 teafsoi.htm TEAF SCHEDULE OF INVESTMENTS AND NOTES

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)