NPORT-EX 2 teaf.htm TEAF SOI

Tortoise Sustainable and Social Impact Term Fund
  
Consolidated Schedule of Investments
  
February 28, 2025 (Unaudited)
  
   
COMMON STOCKS - 52.0%
Shares
  
Value
 
Australia Other - 1.7%
      
Atlas Arteria Ltd.
    
992,726
    
$
3,116,898
  
                 
Canada Renewables - 1.6%
          
Innergex Renewable Energy, Inc. (a)
    
323,923
      
3,044,999
  
                 
France Other - 1.4%
          
Vinci SA (a)
    
22,942
      
2,644,069
  
                 
France Power - 0.7%
          
Engie SA (a)
    
70,301
      
1,257,263
  
                 
France Water Infrastructure - 1.1%
          
Veolia Environnement SA
    
67,524
      
2,014,534
  
                 
Germany Power - 3.0%
          
E.ON SE
    
226,946
      
2,896,888
  
RWE AG (a)
    
85,251
      
2,681,366
  
             
5,578,254
  
                 
Hong Kong Solar - 0.3%
          
Xinyi Energy Holdings Ltd.
    
4,755,664
      
489,200
  
                 
Hong Kong Transportation/Storage - 0.9%
          
China Suntien Green Energy Corp. Ltd. - Class H
    
3,704,242
      
1,767,089
  
                 
Italy Power - 6.8%
          
ENAV SpA (a)
    
862,491
      
3,011,592
  
Enel SpA
    
512,946
      
3,756,145
  
Iren SpA
    
1,215,003
      
2,656,901
  
Terna SpA
    
377,556
      
3,156,777
  
             
12,581,415
  
                 
Portugal Power - 1.6%
          
EDP - Energias de Portugal SA (a)
    
902,432
      
2,911,403
  
                 
Spain Other - 2.2%
          
Ferrovial SE (a)
    
93,777
      
4,165,532
  
                 
Spain Power - 1.6%
          
Iberdrola SA (a)
    
204,385
      
2,957,677
  
                 
Switzerland Infrastructure, Utilities, and Renewables - 1.3%
          
BKW AG
    
13,987
      
2,456,767
  
                 
United Kingdom Power - 4.5%
          
National Grid Plc (a)
    
300,253
      
3,682,441
  
SSE Plc (a)
    
245,414
      
4,717,006
  
             
8,399,447
  
                 
United Kingdom Renewable Infrastructure - 0.5%
          
Greencoat UK Wind Plc (a)
    
703,747
      
995,893
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 8.6%
          
Cheniere Energy, Inc. (a)
    
15,047
      
3,439,142
  
NextDecade Corp. (b)
    
75,000
      
616,500
  
Targa Resources Corp. (a)
    
29,709
      
5,992,900
  
The Williams Companies, Inc. (a)
    
85,577
      
4,978,870
  
Venture Global, Inc.
    
65,833
      
993,420
  
             
16,020,832
  
                 
United States Other - 1.4%
          
Waste Management, Inc.
    
10,852
      
2,526,129
  
                 
United States Power - 7.1%
          
Ameren Corp. (a)
    
20,040
      
2,035,263
  
American Electric Power Co., Inc. (a)
    
34,023
      
3,608,139
  
Exelon Corp. (a)
    
56,926
      
2,516,129
  
Vistra Corp.
    
38,265
      
5,114,500
  
             
13,274,031
  
                 
United States Renewables - 4.5%
          
Clearway Energy, Inc.
    
38,484
      
1,078,322
  
Dominion Energy, Inc. (a)
    
48,463
      
2,743,975
  
NextEra Energy, Inc. (a)
    
43,338
      
3,041,027
  
Sempra Energy
    
20,036
      
1,433,977
  
             
8,297,301
  
                 
United States Utilities - 1.2%
          
Essential Utilities, Inc. (a)
    
58,349
      
2,216,095
  
TOTAL COMMON STOCKS (Cost $90,931,966)
      
96,714,828
  
                 
MUNICIPAL BONDS - 28.8%
Par
  
Value
  
Arizona - 4.5%
  
Maricopa County Industrial Development Authority
  
11.00%, 07/01/2033
    
138,000
      
134,338
  
8.10%, 06/15/2034 (c)
    
8,200,000
      
7,898,810
  
12.00%, 06/15/2034 (c)
    
250,000
      
253,974
  
             
8,287,122
  
                 
Florida - 2.0%
  
Florida Development Finance Corp.
  
10.00%, 07/01/2025 (c)
    
445,000
      
422,750
  
11.00%, 08/01/2032 (c)
    
320,000
      
317,236
  
10.25%, 11/01/2057
    
3,110,000
      
3,038,210
  
             
3,778,196
  
                 
Ohio - 3.6%
  
Public Finance Authority
  
8.35%, 06/15/2034 (c)
    
5,355,000
      
5,219,976
  
12.00%, 06/15/2034 (c)
    
1,560,000
      
1,588,796
  
             
6,808,772
  
                 
Oregon - 2.2%
  
Oregon State Facilities Authority
  
8.00%, 12/15/2053 (d)
    
3,100,000
      
3,145,633
  
12.00%, 12/15/2053 (e)
    
950,000
      
967,568
  
             
4,113,201
  
                 
Pennsylvania - 0.2%
  
Pennsylvania Economic Development Financing Authority, 14.00%, 12/01/2027 (c)
    
375,000
      
378,084
  
                 
South Carolina - 4.7%
  
South Carolina Jobs-Economic Development Authority
  
7.50%, 03/15/2030 (c) (d)
    
3,850,000
      
3,790,040
  
11.00%, 03/15/2030 (c)(e)
    
575,000
      
583,423
  
7.60%, 03/15/2033 (c)
    
4,080,000
      
3,999,782
  
11.00%, 03/15/2033 (c)
    
375,000
      
368,251
  
             
8,741,496
  
                 
Wisconsin - 11.5%
  
Public Finance Authority
  
7.50%, 06/01/2029 (c)
    
8,925,000
      
8,734,052
  
10.00%, 09/01/2031
    
525,000
      
501,537
  
10.00%, 09/01/2031 (c)
    
145,000
      
138,415
  
11.00%, 01/15/2033 (c)(e)
    
405,000
      
413,351
  
11.00%, 02/01/2033
    
936,000
      
960,260
  
8.35%, 12/15/2033 (c)
    
2,355,000
      
2,311,540
  
12.00%, 12/15/2033 (c)
    
530,000
      
531,950
  
11.00%, 06/30/2034 (c)
    
330,000
      
331,160
  
8.10%, 07/01/2034 (c)
    
6,350,000
      
6,045,023
  
12.00%, 07/01/2034 (c)
    
660,000
      
655,743
  
9.75%, 04/01/2054 (d)
    
825,000
      
799,132
  
             
21,422,163
  
TOTAL MUNICIPAL BONDS (Cost $52,969,262)
      
53,529,034
  
                 
PRIVATE INVESTMENTS - 19.4%
Shares
  
Value
 
United States Natural Gas/Natural Gas Liquids Pipelines - 0.0%(e)
          
Mexico Pacific Limited LLC (MLP) Series A (f)(g)
    
135,180
      
0
  
                 
United States Power - 5.6%
          
One Power Company (f)(g)
    
21,957
      
10,473,928
  
                 
United States Renewables - 13.8%
          
Renewable Holdco, LLC (f)(g)(h)
    
N/A
      
8,727,721
  
Renewable Holdco I, LLC (f)(g)(h)
    
N/A
      
10,050,509
  
Renewable Holdco II, LLC (f)(g)(h)
    
N/A
      
6,924,887
  
             
27,703,117
  
TOTAL PRIVATE INVESTMENTS (Cost $53,635,221)
      
36,177,045
  
                 
MASTER LIMITED PARTNERSHIPS - 8.5%
Units
  
Value
 
United States Natural Gas/Natural Gas Liquids Pipelines - 4.4%
          
Energy Transfer LP (a)
    
296,445
      
5,718,424
  
Enterprise Products Partners LP (a)
    
76,409
      
2,552,825
  
             
8,271,249
  
                 
United States Power - 0.7%
          
Brookfield Renewable Partners LP
    
57,699
      
1,298,804
  
                 
United States Refined Product Pipelines - 3.4%
          
MPLX LP (a)
    
116,925
      
6,303,427
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $7,013,102)
      
15,873,480
  
                 
CORPORATE BONDS - 5.7%
Par
  
Value
  
United States Healthcare - 2.0%
  
315/333 West Dawson Associates SUB 144A NT, 11.00%, 01/31/2026 (c)(g)
    
3,770,000
      
3,719,322
  
                 
United States Senior Living - 3.7%
  
Ativo Albuquerque LLC, 12.00%, 01/01/2028
    
2,032,000
      
2,164,371
  
Dove Mountain Residences LLC
  
11.00%, 02/01/2026 (c)(f)(g)(i)
    
1,050,000
      
306,257
  
16.00%, 02/01/2026 (c)(f)(g)(i)
    
1,116,447
      
325,638
  
JW Living Smithville Urban Ren Sub Global 144A 27, 11.75%, 06/01/2027 (c)(g)
    
3,890,000
      
4,025,311
  
             
6,821,577
  
TOTAL CORPORATE BONDS (Cost $11,815,994)
      
10,540,899
  
                 
PRIVATE NOTES - 1.4%
Par
  
Value
  
Bermuda Renewables - 1.4%
  
Saturn Solar Bermuda 1 Ltd., 10.00%, 12/31/2025 (f)(g)
    
2,500,000
      
2,687,500
  
TOTAL PRIVATE NOTES (Cost $2,679,321)
      
2,687,500
  
                 
SHORT-TERM INVESTMENTS - 0.7%
        
Value
 
Money Market Funds - 0.7%
Shares
          
First American Government Obligations Fund - Class X, 4.29% (j)
    
1,289,216
      
1,289,216
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,289,216)
      
1,289,216
  
                 
TOTAL INVESTMENTS - 116.5% (Cost $220,334,082)
      
216,812,002
  
Other Assets in Excess of Liabilities – 1.1%
Credit Facility Borrowings – (17.5)%
      
2,029,925
(32,800,000
)
TOTAL NET ASSETS - 100.0%
          
$
186,041,927
  

     

Percentages are stated as a percent of net assets.
      



LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company

(a)
All or a portion of the security is segregated as collateral for the margin borrowing facility.
(b)
Non-income producing security.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $54,523,255 or 29.3% of the Fund’s net assets.
(d)
(e)
Step coupon bond. The rate disclosed is as of February 28, 2025.
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 28, 2025.
(f)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $39,496,440 or 21.2% of net assets as of February 28, 2025.
(g)
(h)
(i)
(j)
Restricted Securities have a fair value of $49,405,444 which represents 26.6% of net assets as of February 28,2025.
Deemed to be an affiliate of the fund.
Issuer is currently in default.
The rate shown represents the 7-day annualized effective yield as of February 28, 2025.
   

Summary of Fair Value Disclosure as of February 28, 2025 (Unaudited)
 
Tortoise Sustainable and Social Impact Term Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
96,714,828
    
$
–
    
$
–
    
$
96,714,828
  
  Municipal Bonds
    
–
      
53,529,034
      
–
      
53,529,034
  
  Private Investments
    
–
      
–
      
36,177,045
      
36,177,045
  
  Master Limited Partnerships
    
15,873,480
      
–
      
–
      
15,873,480
  
  Corporate Bonds
    
–
      
9,909,004
      
631,895
      
10,540,899
  
  Private Notes
    
–
      
–
      
2,687,500
      
2,687,500
  
  Money Market Funds
    
1,289,216
      
–
      
–
      
1,289,216
  
Total Investments
  
$
113,877,524
    
$
63,438,038
    
$
39,496,440
    
$
216,812,002
  
   
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.