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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ecofin Sustainable and Social Impact Term Fund | NYSE:TEAF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.09% | 11.51 | 11.60 | 11.48 | 11.60 | 29,322 | 01:00:00 |
ECOFIN SUSTAINABLE AND SOCIAL IMPACT TERM FUND
|
||||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
|
||||||||
August 31, 2023
|
||||||||
Principal
Amount/Shares
|
Fair Value
|
|||||||
Common Stock - 47.8% (1)
|
||||||||
Australia Natural Gas/Natural Gas Liquids Pipelines - 1.2% (1)
|
||||||||
APA Group
|
442,606
|
$
|
2,578,209
|
|||||
Australila Other - 1.9% (1)
|
||||||||
Atlas Arteria Ltd.
|
992,726
|
3,910,877
|
||||||
Canada Renewables - 2.9% (1)
|
||||||||
Innergex Renewable Energy, Inc. (2)
|
294,405
|
2,808,526
|
||||||
TransAlta Renewables, Inc. (2)
|
330,845
|
3,219,813
|
||||||
6,028,339
|
||||||||
France Renewables - 1.3% (1)
|
||||||||
Transition SA (3)
|
250,000
|
2,683,770
|
||||||
Germany Power - 1.4% (1)
|
||||||||
RWE AG (2)
|
68,204
|
2,814,808
|
||||||
Hong Kong Solar - 0.5% (1)
|
||||||||
Xinyi Energy Holdings Ltd.
|
4,755,664
|
1,036,958
|
||||||
Hong Kong Transportation/Storage - 0.6% (1)
|
||||||||
China Suntien Green Energy Corp. Ltd.
|
3,704,242
|
1,303,654
|
||||||
Italy Power - 5.7% (1)
|
||||||||
ENAV SpA (2)
|
649,850
|
2,624,176
|
||||||
Enel SpA
|
459,980
|
3,097,424
|
||||||
Iren SpA
|
1,215,003
|
2,516,407
|
||||||
Terna SpA
|
447,937
|
3,701,196
|
||||||
11,939,203
|
||||||||
Portugal Power - 2.7% (1)
|
||||||||
EDP - Energias de Portugal SA (2)
|
1,209,999
|
5,518,543
|
||||||
Spain Other - 1.4% (1)
|
||||||||
Ferrovial SE
|
93,777
|
2,974,352
|
||||||
Spain Power - 3.7% (1)
|
||||||||
Endesa SA
|
154,955
|
3,222,733
|
||||||
Iberdrola SA (2)
|
371,053
|
4,409,778
|
||||||
7,632,511
|
||||||||
United Kingdom Power - 4.9% (1)
|
||||||||
National Grid Plc
|
300,253
|
3,766,333
|
||||||
SSE Plc (2)
|
309,113
|
6,369,124
|
||||||
10,135,457
|
||||||||
United Kingdom Renewable Infrastructure - 0.9% (1)
|
||||||||
Greencoat UK Wind Plc (2)
|
1,005,074
|
1,804,165
|
||||||
United States Natural Gas Gathering/Processing - 0.1% (1)
|
||||||||
Hess Midstream Partners LP (2)
|
10,644
|
307,612
|
||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 8.5% (1)
|
||||||||
Cheniere Energy, Inc. (2)
|
30,700
|
5,010,240
|
||||||
Excelerate Energy, Inc. (2)
|
13,710
|
255,006
|
||||||
NextDecade Corp. (3)
|
75,000
|
455,250
|
||||||
ONEOK, Inc. (2)
|
2,469
|
160,979
|
||||||
Targa Resources Corp. (2)
|
85,858
|
7,405,253
|
||||||
The Williams Companies, Inc.
|
125,859
|
4,345,911
|
||||||
17,632,639
|
||||||||
United States Power - 3.2% (1)
|
||||||||
American Electric Power Co, Inc. (2)
|
63,582
|
4,984,829
|
||||||
Atlantica Sustainable Infrastructure Plc (2)
|
75,263
|
1,689,654
|
||||||
6,674,483
|
||||||||
United States Renewables - 3.7% (1)
|
||||||||
Dominion Energy, Inc. (2)
|
48,224
|
2,340,793
|
||||||
NextEra Energy, Inc. (2)
|
45,491
|
3,038,799
|
||||||
NextEra Energy Partners LP (2)
|
47,543
|
2,371,445
|
||||||
7,751,037
|
||||||||
United States Solar - 0.1% (1)
|
||||||||
Sunnova Energy International, Inc. (2)(3)
|
20,692
|
287,826
|
||||||
United States Utilities - 3.1% (1)
|
||||||||
Ameren Corp. (2)
|
20,040
|
1,588,571
|
||||||
Essential Utilities, Inc. (2)
|
58,349
|
2,153,078
|
||||||
Public Service Enterprise Group, Inc. (2)
|
43,420
|
2,652,093
|
||||||
6,393,742
|
||||||||
Total Common Stock
|
||||||||
(Cost $105,530,621)
|
99,408,185
|
|||||||
Private Investments - 26.8% (1)
|
||||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 1.4% (1)
|
||||||||
Mexico Pacific Limited LLC (MLP)
|
||||||||
Series A (4)(5)
|
135,180
|
2,966,390
|
||||||
United States Power - 4.8% (1)
|
||||||||
One Energy (4)(5)
|
20,115
|
9,989,109
|
||||||
United States Renewables - 20.6% (1)
|
||||||||
Renewable Holdco, LLC (4)(5)(6)
|
N/A
|
6,743,815
|
||||||
Renewable Holdco I, LLC (4)(5)(6)
|
N/A
|
22,755,148
|
||||||
Renewable Holdco II, LLC (4)(5)(6)
|
N/A
|
13,260,532
|
||||||
42,759,495
|
||||||||
Total Private Investments
|
||||||||
(Cost $52,448,306)
|
55,714,994
|
|||||||
Corporate Bonds - 16.1%(1)
|
||||||||
United States Healthcare - 1.7% (1)
|
||||||||
315/333 West Dawson Associates
|
||||||||
SUB 144A NT
|
||||||||
11.000%, 01/31/2026 (5)
|
$
|
3,770,000
|
3,475,809
|
|||||
United States Project Finance - 6.3% (1)
|
||||||||
C2NC HLDGS LLC
|
||||||||
14.500%, 05/01/2027
|
2,125,000
|
2,159,383
|
||||||
C2NC Holdings
|
||||||||
13.000%, 05/01/2027
|
10,715,000
|
10,989,484
|
||||||
13,148,867
|
||||||||
United States Senior Living - 8.1% (1)
|
||||||||
Ativo Albuquerque LLC
|
||||||||
12.000%, 01/01/2028
|
2,032,000
|
2,057,747
|
||||||
Contour Propco 1735 S MISSION SUB 144A NT, 11.00%, 10/01/2025
|
||||||||
11.000%, 10/01/2025 (8)
|
5,715,000
|
3,843,909
|
||||||
Dove Mountain Residences LLC
|
||||||||
11.000%, 02/01/2026 (5)
|
1,050,000
|
975,669
|
||||||
16.000%, 02/01/2026 (5)
|
1,033,748
|
953,467
|
||||||
Drumlin Reserve Property LLC
|
||||||||
10.000%, 10/02/2025 (5)
|
1,705,311
|
1,657,065
|
||||||
16.000%, 10/02/2025 (5)
|
1,412,880
|
1,367,293
|
||||||
JW Living Smithville Urban Ren
|
||||||||
Sub Global 144A 27
|
||||||||
11.750%, 06/01/2027 (5)
|
3,890,000
|
3,851,368
|
||||||
Realco Perry Hall MD LLC/OPCO
|
||||||||
Sub 144A NT
|
||||||||
10.000%, 10/01/2024 (5)
|
2,227,000
|
2,189,641
|
||||||
16,896,159
|
||||||||
Total Corporate Bonds
|
||||||||
(Cost $35,572,898)
|
33,520,835
|
|||||||
Master Limited Partnerships - 7.7% (1)
|
||||||||
United States Natural Gas Gathering/Processing - 0.1% (1)
|
||||||||
Western Midstream Partners, LP (2)
|
6,879
|
183,601
|
||||||
United States Natural Gas/Natural Gas Liquids Pipelines - 4.4% (1)
|
||||||||
Energy Transfer LP (2)
|
424,800
|
5,722,056
|
||||||
Enterprise Products Partners LP (2)
|
128,400
|
3,416,724
|
||||||
9,138,780
|
||||||||
United States Refined Product Pipelines - 3.2% (1)
|
||||||||
MPLX LP (2)
|
191,653
|
6,686,773
|
||||||
Total Master Limited Partnerships
|
||||||||
(Cost $11,214,199)
|
16,009,154
|
|||||||
Private Notes - 6.5%(1)
|
||||||||
Bermuda Renewables - 1.8% (1)
|
||||||||
Saturn Solar Bermuda 1 Ltd.
|
||||||||
10.000%, 12/31/2023 (4)(5)
|
3,510,000
|
3,652,506
|
||||||
United States Water Equipment & Services - 4.7% (1)
|
||||||||
EF WWW HOLDINGS LLC
|
||||||||
10.500%, 10/01/2023 (4)(5)
|
9,600,000
|
9,888,000
|
||||||
Total Private Notes
|
||||||||
(Cost $13,378,904)
|
13,540,506
|
|||||||
Municipal Bonds - 6.3%(1)
|
||||||||
Arizona - 0.1% (1)
|
||||||||
Maricopa County Industrial Development Authority
|
||||||||
11.000%, 07/01/2033
|
138,000
|
129,465
|
||||||
Florida - 0.3% (1)
|
||||||||
Florida Development Finance Corp.
|
||||||||
5.720%, 07/01/2025 (7)
|
445,000
|
422,750
|
||||||
Florida Development Finance Corp.
|
||||||||
11.000%, 08/01/2032
|
320,000
|
306,500
|
||||||
729,250
|
||||||||
Pennsylvania - 0.2% (1)
|
||||||||
Pennsylvania Economic Development Financing Authority
|
||||||||
14.000%, 12/01/2027
|
405,000
|
402,802
|
||||||
South Carolina - 0.4% (1)
|
||||||||
South Carolina Jobs-Economic Development Authority
|
||||||||
11.000%, 03/15/2030
|
575,000
|
565,367
|
||||||
South Carolina Jobs-Economic Development Authority
|
||||||||
11.000%, 03/15/2033
|
375,000
|
355,247
|
||||||
920,614
|
||||||||
Wisconsin - 5.3% (1)
|
||||||||
Public Finance Authority
|
||||||||
7.500%, 06/01/2029
|
8,925,000
|
8,726,357
|
||||||
Public Finance Authority
|
||||||||
10.000%, 09/01/2031
|
525,000
|
432,092
|
||||||
Public Finance Authority
|
||||||||
10.000%, 09/01/2031
|
145,000
|
132,719
|
||||||
Public Finance Authority
|
||||||||
11.000%, 01/15/2033
|
405,000
|
401,330
|
||||||
Public Finance Authority
|
||||||||
11.000%, 02/01/2033
|
936,000
|
930,389
|
||||||
Public Finance Authority
|
||||||||
11.000%, 06/30/2034
|
330,000
|
321,220
|
||||||
10,944,107
|
||||||||
Total Municipal Bonds
|
||||||||
(Cost $13,492,888)
|
13,126,238
|
|||||||
Preferred Stock - 2.2% (1)
|
||||||||
Enterprise Products Partners LP
|
||||||||
7.250%, 09/30/2025 (4)(5)
|
||||||||
(Cost $5,737,065)
|
5,000
|
4,687,750
|
||||||
Bank Loan - 0.3%(1)
|
||||||||
United States Education - 0.3% (1)
|
||||||||
Village Charter School, Inc.
|
||||||||
0.000%, 09/30/2023 (4)(7)
|
||||||||
(Cost $800,000)
|
800,000
|
564,160
|
||||||
Special Purpose Acquisition Company Warrant - 0.1% (1)
|
||||||||
France Renewables - 0.1% (1)
|
||||||||
Transition SA Warrant
|
||||||||
(Cost $–)
|
250,000
|
135,544
|
||||||
Money Market Fund - 0.2% (1)
|
||||||||
United States Investment Company - 0.5% (1)
|
||||||||
First American Government Obligations Fund, Class X, 5.247% (9)
|
||||||||
(Cost $406,372)
|
406,396
|
406,396
|
||||||
Total Investments - 114.0% (1)
|
||||||||
(Cost $238,581,278)
|
237,113,762
|
|||||||
Assets in Excess of Other Liabilities - 0.7%(1)
|
1,542,827
|
|||||||
Credit Facility Borrowings - (14.7)% (1)
|
(30,600,000
|
)
|
||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
|
$
|
208,056,589
|
(1)
|
Calculated as a percentage of net assets applicable to common stockholders.
|
|||
(2)
|
All or a portion of the security is segregated as collateral for the margin borrowing facility.
|
|||
(3)
|
Non-income producing security.
|
|||
(4)
|
Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments.
|
|||
(5)
|
Restricted securities have a total fair value of $88,413,562 which represents 42.5% of net assets.
|
|||
(6)
|
Deemed to be an affiliate of the fund.
|
|||
(7)
|
Security in forebearance at August 31, 2023.
|
|||
(8)
|
Security in default at August 31, 2023.
|
|||
(9)
|
Rate indicated is the current yield as of August 31, 2023.
|
Summary of Fair Value Exposure
|
||||||
The Fund has adopted 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 in 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:
|
||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.
|
||||||
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis. The Fund’s investments are carried at fair
value.
|
||||||
Municipal Bonds —Municipal bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and
formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the
issuer. Most municipal bonds are categorized in Level 2 of the fair value hierarchy.
|
||||||
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures established by the Advisor and the appointed Valuation
Designee. The Valuation Designee is subject to board oversight and certain reporting and other requirements designed to facilitate the board’s ability to effectively oversee the Valuation Designee’s Fair Value determinations. The Advisor
will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the
Fund’s Valuation Designee.
|
||||||
When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair
value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the
value realized upon the security’s sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be
if the Fund were using market value pricing.
|
||||||
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
|
||||||
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of August 31, 2023:
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stock(a)
|
$
|
99,408,185
|
$
|
-
|
$
|
-
|
$
|
99,408,185
|
||||||||
Private Investments(a)
|
-
|
-
|
55,714,994
|
55,714,994
|
||||||||||||
Corporate Bonds(a)
|
-
|
29,676,926
|
3,843,909
|
33,520,835
|
||||||||||||
Master Limited Partnerships(a)
|
16,009,154
|
-
|
-
|
16,009,154
|
||||||||||||
Private Notes(a)
|
-
|
-
|
13,540,506
|
13,540,506
|
||||||||||||
Municipal Bonds(a)
|
-
|
13,126,238
|
-
|
13,126,238
|
||||||||||||
Preferred Stock(a)
|
-
|
-
|
4,687,750
|
4,687,750
|
||||||||||||
Bank Loan(a)
|
-
|
-
|
564,160
|
564,160
|
||||||||||||
Special Purpose Acquisition Company Warrant(a)
|
-
|
135,544
|
-
|
135,544
|
||||||||||||
Money Market Fund(b)
|
406,396
|
-
|
-
|
406,396
|
||||||||||||
Total Investments
|
$
|
115,823,735
|
$
|
42,938,708
|
$
|
78,351,319
|
$
|
237,113,762
|
||||||||
(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 August 31, 2023:
|
||||||||||||||||
Preferred Stock
|
TEAF
|
|||||||||||||||
Balance – beginning of period
|
$
|
4,582,050
|
||||||||||||||
Purchases
|
-
|
|||||||||||||||
Return of capital
|
(190,032
|
)
|
||||||||||||||
Sales
|
-
|
|||||||||||||||
Total realized gain/loss
|
-
|
|||||||||||||||
Change in unrealized gain/loss
|
295,732
|
|||||||||||||||
Balance – end of period
|
$
|
4,687,750
|
||||||||||||||
Private Investments
|
TEAF
|
|||||||||||||||
Balance – beginning of period
|
$
|
45,276,563
|
||||||||||||||
Purchases
|
9,295,504
|
|||||||||||||||
Return of capital
|
(450,000
|
)
|
||||||||||||||
Sales
|
-
|
|||||||||||||||
Total realized gain/loss
|
-
|
|||||||||||||||
Change in unrealized gain/loss
|
1,592,927
|
|||||||||||||||
Balance – end of period
|
$
|
55,714,994
|
||||||||||||||
Corporate Bonds
|
TEAF
|
|||||||||||||||
Balance – beginning of period
|
$
|
2,032,000
|
||||||||||||||
Purchases
|
-
|
|||||||||||||||
Return of capital
|
-
|
|||||||||||||||
Sales
|
-
|
|||||||||||||||
Total realized gain/loss
|
-
|
|||||||||||||||
Change in unrealized gain/loss
|
1,811,909
|
|||||||||||||||
Balance – end of period
|
$
|
3,843,909
|
||||||||||||||
Private Notes
|
TEAF
|
|||||||||||||||
Balance – beginning of period
|
$
|
11,143,672
|
||||||||||||||
Purchases
|
2,331,112
|
|||||||||||||||
Return of capital
|
-
|
|||||||||||||||
Sales
|
-
|
|||||||||||||||
Total realized gain/loss
|
-
|
|||||||||||||||
Change in unrealized gain/loss
|
65,722
|
|||||||||||||||
Balance – end of period
|
$
|
13,540,506
|
||||||||||||||
Bank Loan
|
TEAF
|
|||||||||||||||
Balance – beginning of period
|
$
|
-
|
||||||||||||||
Transfer to Level 3
|
564,160
|
|||||||||||||||
Return of capital
|
-
|
|||||||||||||||
Sales
|
-
|
|||||||||||||||
Total realized gain/loss
|
-
|
|||||||||||||||
Change in unrealized gain/loss
|
-
|
|||||||||||||||
Balance – end of period
|
$
|
564,160
|
||||||||||||||
Change in unrealized gain/loss on
|
||||||||||||||||
investments still held at August 31, 2023
|
$
|
3,766,290
|
||||||||||||||
Refer to the Schedule of Investments for further information on the classification of investments.
|
||||||||||||||||
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