|
Tortoise Sustainable and Social Impact Term Fund
|
|
|
Consolidated Schedule of Investments
|
|
|
August 31, 2024 (Unaudited)
|
|
| |
|
|
COMMON STOCKS - 46.7%
|
|
Shares
|
|
|
Value
|
|
|
Australia Other - 1.7%
|
|
|
|
|
|
Atlas Arteria Ltd.
|
|
|
992,726
|
|
|
$
|
3,426,831
|
|
| |
|
|
|
|
|
|
|
|
|
Canada Renewables - 1.0%
|
|
|
|
|
|
|
Innergex Renewable Energy, Inc. (a)
|
|
|
294,405
|
|
|
|
1,987,968
|
|
| |
|
|
|
|
|
|
|
|
|
France Other - 0.8%
|
|
|
|
|
|
|
Vinci SA (a)
|
|
|
13,906
|
|
|
|
1,662,448
|
|
| |
|
|
|
|
|
|
|
|
|
France Power - 0.6%
|
|
|
|
|
|
|
Engie SA (a)
|
|
|
70,301
|
|
|
|
1,237,932
|
|
| |
|
|
|
|
|
|
|
|
|
Germany Power - 2.8%
|
|
|
|
|
|
|
E.ON SE
|
|
|
226,946
|
|
|
|
3,213,594
|
|
|
RWE AG (a)
|
|
|
68,204
|
|
|
|
2,460,064
|
|
| |
|
|
|
|
|
|
5,673,658
|
|
| |
|
|
|
|
|
|
|
|
|
Hong Kong Solar - 0.2%
|
|
|
|
|
|
|
Xinyi Energy Holdings Ltd.
|
|
|
4,755,664
|
|
|
|
463,503
|
|
| |
|
|
|
|
|
|
|
|
|
Hong Kong Transportation/Storage - 0.8%
|
|
|
|
|
|
|
China Suntien Green Energy Corp. Ltd. - Class H
|
|
|
3,704,242
|
|
|
|
1,567,621
|
|
| |
|
|
|
|
|
|
|
|
|
Italy Power - 7.0%
|
|
|
|
|
|
|
ENAV SpA (a)
|
|
|
862,491
|
|
|
|
3,794,522
|
|
|
Enel SpA
|
|
|
512,946
|
|
|
|
3,891,960
|
|
|
Iren SpA
|
|
|
1,215,003
|
|
|
|
2,628,377
|
|
|
Terna SpA
|
|
|
447,937
|
|
|
|
3,892,865
|
|
| |
|
|
|
|
|
|
14,207,724
|
|
| |
|
|
|
|
|
|
|
|
|
Portugal Power - 1.9%
|
|
|
|
|
|
|
EDP - Energias de Portugal SA (a)
|
|
|
902,432
|
|
|
|
3,786,693
|
|
| |
|
|
|
|
|
|
|
|
|
Spain Other - 1.9%
|
|
|
|
|
|
|
Ferrovial SE (a)
|
|
|
93,777
|
|
|
|
3,912,169
|
|
| |
|
|
|
|
|
|
|
|
|
Spain Power - 1.4%
|
|
|
|
|
|
|
Iberdrola SA (a)
|
|
|
200,921
|
|
|
|
2,847,297
|
|
| |
|
|
|
|
|
|
|
|
|
Switzerland Infrastructure, Utilities, and Renewables - 1.0%
|
|
|
|
|
|
|
BKW AG
|
|
|
10,392
|
|
|
|
1,951,136
|
|
| |
|
|
|
|
|
|
|
|
|
United Kingdom Power – 5.0%
|
|
|
|
|
|
|
National Grid Plc (a)
|
|
|
300,253
|
|
|
|
3,937,705
|
|
|
SSE Plc (a)
|
|
|
245,414
|
|
|
|
6,081,848
|
|
| |
|
|
|
|
|
|
10,019,553
|
|
| |
|
|
|
|
|
|
|
|
|
United Kingdom Renewable Infrastructure - 0.7%
|
|
|
|
|
|
|
Greencoat UK Wind Plc (a)
|
|
|
703,747
|
|
|
|
1,309,636
|
|
| |
|
|
|
|
|
|
|
|
|
United States Natural Gas/Natural Gas Liquids Pipelines - 5.7%
|
|
|
|
|
|
|
Cheniere Energy, Inc. (a)
|
|
|
15,047
|
|
|
|
2,787,607
|
|
|
NextDecade Corp. (b)
|
|
|
75,000
|
|
|
|
349,500
|
|
|
Targa Resources Corp. (a)
|
|
|
29,709
|
|
|
|
4,364,252
|
|
|
The Williams Companies, Inc. (a)
|
|
|
85,577
|
|
|
|
3,916,860
|
|
| |
|
|
|
|
|
|
11,418,219
|
|
| |
|
|
|
|
|
|
|
|
|
United States Power - 9.1%
|
|
|
|
|
|
|
Ameren Corp. (a)
|
|
|
20,040
|
|
|
|
1,653,501
|
|
|
American Electric Power Co., Inc. (a)
|
|
|
63,582
|
|
|
|
6,376,003
|
|
|
Atlantica Sustainable Infrastructure Plc (a)
|
|
|
111,711
|
|
|
|
2,436,417
|
|
|
Edison International (a)
|
|
|
22,360
|
|
|
|
1,945,991
|
|
|
Exelon Corp. (a)
|
|
|
56,926
|
|
|
|
2,168,311
|
|
|
Vistra Corp.
|
|
|
40,770
|
|
|
|
3,482,981
|
|
| |
|
|
|
|
|
|
18,063,204
|
|
| |
|
|
|
|
|
|
|
|
|
United States Renewables - 4.0%
|
|
|
|
|
|
|
Dominion Energy, Inc. (a)
|
|
|
48,224
|
|
|
|
2,695,722
|
|
|
NextEra Energy Partners LP (a)
|
|
|
80,874
|
|
|
|
2,025,894
|
|
|
NextEra Energy, Inc. (a)
|
|
|
43,338
|
|
|
|
3,489,142
|
|
| |
|
|
|
|
|
|
8,210,758
|
|
| |
|
|
|
|
|
|
|
|
|
United States Utilities - 1.1%
|
|
|
|
|
|
|
Essential Utilities, Inc. (a)
|
|
|
58,349
|
|
|
|
2,275,028
|
|
|
TOTAL COMMON STOCKS (Cost $91,876,096)
|
|
|
|
94,021,378
|
|
| |
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 25.8%
|
|
Par
|
|
|
Value
|
|
|
Arizona - 4.1%
|
|
|
Maricopa County Industrial Development Authority
|
|
|
11.00%, 07/01/2033
|
|
|
138,000
|
|
|
|
135,769
|
|
|
8.10%, 06/15/2034 (c)
|
|
|
8,200,000
|
|
|
|
7,863,888
|
|
|
12.00%, 06/15/2034 (c)
|
|
|
250,000
|
|
|
|
254,855
|
|
| |
|
|
|
|
|
|
8,254,512
|
|
| |
|
|
|
|
|
|
|
|
|
Florida - 1.9%
|
|
|
Florida Development Finance Corp.
|
|
|
10.00%, 07/01/2025 (c)
|
|
|
445,000
|
|
|
|
422,750
|
|
|
11.00%, 08/01/2032 (c)
|
|
|
320,000
|
|
|
|
321,282
|
|
|
10.25%, 11/01/2057
|
|
|
3,110,000
|
|
|
|
3,029,696
|
|
| |
|
|
|
|
|
|
3,773,728
|
|
| |
|
|
|
|
|
|
|
|
|
Ohio - 3.4%
|
|
|
Public Finance Authority
|
|
|
12.00%, 03/15/2034 (c)
|
|
|
1,560,000
|
|
|
|
1,601,157
|
|
|
8.35%, 06/15/2034 (c)
|
|
|
5,355,000
|
|
|
|
5,220,061
|
|
| |
|
|
|
|
|
|
6,821,218
|
|
| |
|
|
|
|
|
|
|
|
|
Oregon - 2.1%
|
|
|
Oregon State Facilities Authority
|
|
|
8.00%, 12/15/2053 (e)
|
|
|
3,100,000
|
|
|
|
3,164,102
|
|
|
12.00%, 12/15/2053 (f)
|
|
|
950,000
|
|
|
|
973,123
|
|
| |
|
|
|
|
|
|
4,137,225
|
|
| |
|
|
|
|
|
|
|
|
|
Pennsylvania - 0.2%
|
|
|
Pennsylvania Economic Development Financing Authority, 14.00%, 12/01/2027 (c)
|
|
|
405,000
|
|
|
|
409,596
|
|
| |
|
|
|
|
|
|
|
|
|
South Carolina - 4.4%
|
|
|
South Carolina Jobs-Economic Development Authority
|
|
|
7.50%, 03/15/2030 (c)(e)
|
|
|
3,850,000
|
|
|
|
3,792,386
|
|
|
11.00%, 03/15/2030 (c)(f)
|
|
|
575,000
|
|
|
|
588,598
|
|
|
7.60%, 03/15/2033 (c)
|
|
|
4,080,000
|
|
|
|
4,000,749
|
|
|
11.00%, 03/15/2033 (c)
|
|
|
375,000
|
|
|
|
372,495
|
|
| |
|
|
|
|
|
|
8,754,228
|
|
| |
|
|
|
|
|
|
|
|
|
Wisconsin - 9.7%
|
|
|
Public Finance Authority
|
|
|
7.50%, 06/01/2029 (c)
|
|
|
8,925,000
|
|
|
|
8,774,963
|
|
|
10.00%, 09/01/2031
|
|
|
525,000
|
|
|
|
457,770
|
|
|
10.00%, 09/01/2031 (c)
|
|
|
145,000
|
|
|
|
139,602
|
|
|
11.00%, 01/15/2033 (c)(f)
|
|
|
405,000
|
|
|
|
416,026
|
|
|
11.00%, 02/01/2033
|
|
|
936,000
|
|
|
|
969,055
|
|
|
8.35%, 12/15/2033 (c)
|
|
|
2,355,000
|
|
|
|
2,310,904
|
|
|
12.00%, 12/15/2033 (c)
|
|
|
530,000
|
|
|
|
535,195
|
|
|
11.00%, 06/30/2034
|
|
|
330,000
|
|
|
|
334,028
|
|
|
8.10%, 07/01/2034 (c)
|
|
|
4,270,000
|
|
|
|
4,063,444
|
|
|
12.00%, 07/01/2034 (c)
|
|
|
660,000
|
|
|
|
660,051
|
|
|
9.75%, 04/01/2054 (e)
|
|
|
825,000
|
|
|
|
796,461
|
|
| |
|
|
|
|
|
|
19,457,499
|
|
|
TOTAL MUNICIPAL BONDS (Cost
$50,929,533)
|
|
|
|
51,608,006
|
|
| |
|
|
|
|
|
|
|
|
|
PRIVATE INVESTMENTS - 23.6%
|
|
Shares
|
|
|
Value
|
|
|
United States Natural Gas/Natural Gas Liquids Pipelines - 1.5%
|
|
|
|
|
|
|
Mexico Pacific Limited LLC (MLP) Series A (d)(g)
|
|
|
135,180
|
|
|
|
2,966,390
|
|
| |
|
|
|
|
|
|
|
|
|
United States Power - 6.3%
|
|
|
|
|
|
|
One Energy (d)(g)
|
|
|
21,630
|
|
|
|
11,923,105
|
|
|
TEP MONTANA LLC (g)
|
|
|
128,235
|
|
|
|
737,353
|
|
| |
|
|
|
|
|
|
12,660,458
|
|
| |
|
|
|
|
|
|
|
|
|
United States Renewables - 15.8%
|
|
|
|
|
|
|
Renewable Holdco, LLC (d)(g)(h)
|
|
|
N/A
|
|
|
|
6,912,240
|
|
|
Renewable Holdco I, LLC (d)(g)(h)
|
|
|
N/A
|
|
|
|
14,335,624
|
|
|
Renewable Holdco II, LLC (d)(g)(h)
|
|
|
N/A
|
|
|
|
10,608,596
|
|
| |
|
|
|
|
|
|
31,856,460
|
|
|
TOTAL PRIVATE INVESTMENTS (Cost $53,035,219)
|
|
|
|
47,483,308
|
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE BONDS - 7.9%
|
|
Par
|
|
|
Value
|
|
|
United States Healthcare - 1.8%
|
|
|
315/333 West Dawson Associates SUB 144A NT, 11.00%, 01/31/2026 (c)(g)
|
|
|
3,770,000
|
|
|
|
3,649,168
|
|
| |
|
|
|
|
|
|
|
|
|
United States Senior Living - 6.1%
|
|
|
Ativo Albuquerque LLC, 12.00%, 01/01/2028 (c)
|
|
|
2,032,000
|
|
|
|
2,134,446
|
|
|
Contour Propco 1735 S MISSION SUB 144A NT, 11.00%, 10/01/2025 (c)(d)(g)(i)
|
|
|
5,715,000
|
|
|
|
333,184
|
|
|
Dove Mountain Residences LLC
|
|
|
11.00%, 02/01/2026 (c)(g)
|
|
|
1,050,000
|
|
|
|
1,003,730
|
|
|
16.00%, 02/01/2026 (c)(g)
|
|
|
1,116,447
|
|
|
|
1,065,094
|
|
|
Drumlin Reserve Property LLC, 10.00%, 10/02/2025 (c)(g)
|
|
|
1,705,311
|
|
|
|
1,671,882
|
|
|
JW Living Smithville Urban Ren Sub Global 144A 27, 11.75%, 06/01/2027 (c)(g)
|
|
|
3,890,000
|
|
|
|
3,925,156
|
|
|
Realco Perry Hall MD LLC/OPCO Sub 144A NT, 10.00%, 10/01/2024 (c)(g)
|
|
|
2,198,000
|
|
|
|
2,197,520
|
|
| |
|
|
|
|
|
|
12,331,012
|
|
|
TOTAL CORPORATE BONDS (Cost
$21,413,066)
|
|
|
|
15,980,180
|
|
| |
|
|
|
|
|
|
|
|
|
MASTER LIMITED PARTNERSHIPS - 6.0%
|
|
Units
|
|
|
Value
|
|
|
United States Natural Gas/Natural Gas Liquids Pipelines - 3.5%
|
|
|
|
|
|
|
Energy Transfer LP (a)
|
|
|
296,445
|
|
|
|
4,772,765
|
|
|
Enterprise Products Partners LP (a)
|
|
|
76,409
|
|
|
|
2,241,840
|
|
| |
|
|
|
|
|
|
7,014,605
|
|
| |
|
|
|
|
|
|
|
|
|
United States Refined Product Pipelines - 2.5%
|
|
|
|
|
|
|
MPLX LP (a)
|
|
|
116,925
|
|
|
|
5,013,744
|
|
|
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $6,316,962)
|
|
|
|
12,028,349
|
|
| |
|
|
|
|
|
|
|
|
|
PRIVATE NOTES - 1.8%
|
|
Par
|
|
|
Value
|
|
|
Bermuda Renewables - 1.8%
|
|
|
Saturn Solar Bermuda 1 Ltd., 10.00%, 12/31/2024 (d)(g)
|
|
|
3,510,000
|
|
|
|
3,670,758
|
|
|
TOTAL PRIVATE NOTES (Cost
$3,778,904)
|
|
|
|
3,670,758
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.2%
|
|
|
|
|
|
|
|
|
|
Money Market Funds - 0.2%
|
|
Shares
|
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.22% (j)
|
|
|
344,910
|
|
|
|
344,910
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $344,910)
|
|
|
|
344,910
|
|
| |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 112.0% (Cost
$227,694,690)
|
|
|
|
225,136,889
|
|
|
Other Assets in Excess of Liabilities - 0.6%
|
|
|
|
1,283,914
|
|
|
Credit Facility Borrowings - (12.6)%
|
|
|
|
(25,400,000
|
)
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
201,020,803
|
|
| |
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
|
(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 August 31, 2024, the value of these securities total $57,728,182 or 28.7% of the Fund’s net assets.
|
|
(d)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision
of the Adviser, acting as Valuation Designee.
|
|
(e)
|
Step coupon bond. The rate disclosed is as of August 31, 2024.
|
|
(f)
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Coupon rate is variable, or floats based on components including but not limited to reference rate and spread. These securities may
not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2024.
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(g)
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Restricted securities have a total fair value of $64,999,800 which represents 32.3% of net assets as of August 31, 2024.
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(h)
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Deemed to be an affiliate of the fund.
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(i)
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Issuer is currently in default.
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(j)
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The rate shown represents the 7-day annualized effective yield as of August 31, 2024.
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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 August 31, 2024:
