Ecofin Sustainable and Social Impact Term Fund (TEAF) NPORT-P Ecofin Sustainable & Social Impact Term Fund (Feb 2024 report)

Ecofin Sustainable and Social Impact Term Fund
Consolidated Schedule of Investments
as of February 29, 2024 (Unaudited)
COMMON STOCKS - 40.3%	Shares		Value
Australia Other - 1.8%
Atlas Arteria Ltd.		992,726		$	3,484,472
Canada Renewables - 0.9%
Innergex Renewable Energy, Inc.		294,405			1,833,049
France Other - 0.9%
Vinci SA		13,906			1,779,506
France Power - 0.6%
Engie SA		70,301			1,127,260
Germany Power - 2.6%
E.ON SE		226,946			2,896,797
RWE AG		68,204			2,285,163
					5,181,960
Hong Kong Solar - 0.3%
Xinyi Energy Holdings Ltd.		4,755,664			662,070
Hong Kong Transportation/Storage - 0.7%
China Suntien Green Energy Corp. Ltd.		3,704,242			1,409,878
Italy Power - 6.3%
ENAV SpA		862,491			3,022,130
Enel SpA		512,946			3,261,490
Iren SpA		1,215,003			2,392,607
Terna SpA		447,937			3,507,041
					12,183,268
Portugal Power - 1.8%
EDP - Energias de Portugal SA		902,432			3,588,309
Spain Other - 1.8%
Ferrovial SE		93,777			3,511,925
Spain Power - 1.1%
Iberdrola SA		195,181			2,240,308
United Kingdom Power - 4.6%
National Grid Plc		300,253			3,932,245
SSE Plc		245,414			5,035,603
					8,967,848
United Kingdom Renewable Infrastructure - 0.6%
Greencoat UK Wind Plc		703,747			1,210,814
United States Natural Gas/Natural Gas Liquids Pipelines - 4.4%
Cheniere Energy, Inc.		15,047			2,335,294
NextDecade Corp.(a)		75,000			344,250
Targa Resources Corp.		29,709			2,918,612
The Williams Companies, Inc.		85,577			3,075,638
					8,673,794
United States Power - 7.4%
Ameren Corp.		20,040			1,426,648
American Electric Power Co., Inc.		63,582			5,416,550
Atlantica Sustainable Infrastructure Plc		111,711			2,006,330
Edison International		22,360			1,520,927
Exelon Corp.		56,926			2,040,228
Vistra Corp.		40,770			2,223,596
					14,634,279
United States Renewables - 3.5%
Dominion Energy, Inc.		48,224			2,306,554
NextEra Energy Partners LP		73,335			2,014,512
NextEra Energy, Inc.		45,491			2,510,648
					6,831,714
United States Utilities - 1.0%
Essential Utilities, Inc.		58,349			2,029,378
TOTAL COMMON STOCKS (Cost $90,325,760)					79,349,832
PRIVATE INVESTMENTS - 25.4%	Units		Value
United States Natural Gas/Natural Gas Liquids Pipelines - 1.5%
Mexico Pacific Limited LLC (MLP) Series A(b)(c)		135,180			2,966,390
United States Power - 5.3%
One Energy(b)(c)		20,997			10,473,514
United States Renewables - 18.6%
Renewable Holdco I, LLC(b)(c)(d)		N/A			6,907,194
Renewable Holdco, LLC(b)(c)(d)		N/A			18,095,380
Renewable Holdco, LLC(b)(c)(d)		N/A			11,399,691
					36,402,265
TOTAL PRIVATE INVESTMENTS (Cost $52,258,328)					49,842,169
CORPORATE BONDS - 16.7%	Principal Amount		Value
United States Healthcare - 1.8%
315/333 West Dawson Associates SUB 144A NT, 11.00%, 01/31/2026  (c)		3,770,000			3,599,283
United States Project Finance - 6.7%
C2NC Holdings
13.00%, 05/01/2027		10,445,000			10,862,800
14.50%, 05/01/2027  (e)		2,110,000			2,194,400
					13,057,200
United States Senior Living - 8.2%
Ativo Albuquerque LLC, 12.00%, 01/01/2028 (c)		2,032,000			2,136,745
Contour Propco 1735 S MISSION SUB 144A NT, 11.00%, 10/01/2025  (b)(c)(f)		5,715,000			4,028,469
Dove Mountain Residences LLC
16.00%, 02/01/2026  (c)		1,116,447			1,062,973
11.00%, 02/01/2026  (c)		1,050,000			1,003,054
Drumlin Reserve Property LLC, 10.00%, 10/02/2025  (c)		1,705,311			1,696,160
JW Living Smithville Urban Ren Sub Global 144A 27, 11.75%, 06/01/2027  (c)		3,890,000			3,958,080
Realco Perry Hall MD LLC/OPCO Sub 144A NT, 10.00%, 10/01/2024  (c)		2,198,000			2,191,946
					16,077,427
TOTAL CORPORATE BONDS (Cost $33,947,641)					32,733,910
MUNICIPAL BONDS - 15.5%	Principal Amount		Value
Arizona - 0.1%
Maricopa County Industrial Development Authority, 11.00%, 07/01/2033		138,000			130,378
Florida - 1.9%
Florida Development Finance Corp.
10.00%, 07/01/2025  (e)		445,000			422,750
11.00%, 08/01/2032  (e)		320,000			308,595
10.25%, 11/01/2057		3,110,000			2,975,647
					3,706,992
Oregon - 2.0%
Oregon State Facilities Authority
8.00%, 12/15/2053  (g)		3,100,000			3,037,835
12.00%, 12/15/2053  (h)		950,000			955,650
					3,993,485
Pennsylvania - 0.2%
Pennsylvania Economic Development Financing Authority, 14.00%, 12/01/2027  (e)		405,000			404,584
South Carolina - 4.4%
South Carolina Jobs-Economic Development Authority
7.50%, 03/15/2030  (e)(g)		3,850,000			3,723,523
11.00%, 03/15/2030  (e)(h)		575,000			569,553
7.60%, 03/15/2033  (e)		4,080,000			3,903,467
11.00%, 03/15/2033  (e)		375,000			357,712
					8,554,255
Wisconsin - 6.9%
Public Finance Authority
7.50%, 06/01/2029  (e)		8,925,000			8,718,262
10.00%, 09/01/2031		525,000			438,154
10.00%, 09/01/2031  (e)		145,000			134,037
11.00%, 01/15/2033  (h)		405,000			404,121
11.00%, 02/01/2033		936,000			935,602
8.35%, 12/15/2033  (e)		2,355,000			2,254,228
12.00%, 12/15/2033  (e)		530,000			519,793
11.00%, 06/30/2034		330,000			323,039
					13,727,236
TOTAL MUNICIPAL BONDS (Cost $30,676,887)					30,516,930
PRIVATE NOTES - 7.0%	Principal Amount		Value
Bermuda Renewables - 2.0%
Saturn Solar Bermuda 1 Ltd., 10.00%, 12/31/2024  (b)(c)		3,510,000			3,866,967
United States Water Equipment & Services - 5.0%
EF WWW HOLDINGS LLC, 10.50%, 09/30/2026  (b)(c)		9,600,000			9,792,000
TOTAL PRIVATE NOTES (Cost $13,378,904)					13,658,967
MASTER LIMITED PARTNERSHIPS - 5.6%	Units		Value
United States Natural Gas/Natural Gas Liquids Pipelines - 3.3%
Energy Transfer LP		296,445			4,339,955
Enterprise Products Partners LP		76,409			2,097,427
					6,437,382
United States Refined Product Pipelines - 2.3%
MPLX LP		116,925			4,494,597
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $6,784,183)					10,931,979
BANK LOANS - 0.3%	Principal Amount		Value
United States Education - 0.3%
Village Charter School, Inc., 10.00%, 03/31/2024  (b)(i)		800,000			501,277
TOTAL BANK LOANS (Cost $800,000)					501,277
SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%	Shares
First American Government Obligations Fund - Class X, 5.23%(j)		521,886			521,886
TOTAL SHORT-TERM INVESTMENTS (Cost $521,886)					521,886
TOTAL INVESTMENTS - 111.1% (Cost $228,693,589)				$	218,056,950
Other Assets in Excess of Liabilities - 0.7%					1,446,115
Credit Facility Borrowings - (11.8)%					(23,200,000	)
TOTAL NET ASSETS - 100.0%				$	196,303,065
Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee.
(c)	Restricted securities have a total fair value of $83,177,846 which represents 42.4% of net assets as of February 29, 2024.
(d)	Deemed to be an affiliate of the fund.
(e)	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 29, 2024, the value of these securities total $43,591,733 or 22.2% of the Fund’s net assets.
(f)	Issuer is currently in default.
(g)	Step coupon bond. The rate disclosed is as of February 29, 2024.
(h)	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 February 29, 2024.
(i)	Security in forbearance at February 29, 2024.
(j)	The rate shown represents the 7-day effective yield as of February 29, 2024.

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 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.

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 approved by the Board of Directors. The Board of Directors 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 committee.

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 February 29, 2024:

Ecofin Sustainable and Social Impact Term Fund
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	79,349,832	$	–	$	–	$	79,349,832
Private Investments		–		–		49,842,169		49,842,169
Corporate Bonds:
United States Healthcare		–		3,599,283		–		3,599,283
United States Project Finance		–		13,057,200		–		13,057,200
United States Senior Living		–		12,048,958		4,028,469		16,077,427
Corporate Bonds - Total		–		28,705,441		4,028,469		32,733,910
Municipal Bonds		–		30,516,930		–		30,516,930
Private Notes		–		–		13,658,967		13,658,967
Master Limited Partnerships		10,931,979		–		–		10,931,979
Bank Loans		–		–		501,277		501,277
Money Market Funds		521,886		–		–		521,886
Total Assets	$	90,803,697	$	59,222,371	$	68,030,882	$	218,056,950
Refer to the Schedule of Investments for industry classifications.