Tortoise Sustainable and Social Impact Stock Price, News & Analysis

Tortoise Sustainable and Social Impact Term Fund (NYSE: TEAF) was a closed-end fund advised by Tortoise Capital Advisors, L.L.C. and focused on sustainable and social impact investing. According to public disclosures, TEAF operated in the finance and investment management sector and was listed on the New York Stock Exchange. The fund was structured as a Maryland statutory trust and issued common shares of beneficial interest to investors.

TEAF was part of the Tortoise Capital family of closed-end funds, alongside Tortoise Energy Infrastructure Corp. (NYSE: TYG). Tortoise Capital is described in company communications as an SEC-registered fund manager and investment adviser whose experience and research in energy and infrastructure investing spans more than two decades. Its funds invest primarily in publicly traded companies in the energy and power infrastructure sectors, from production to transportation to distribution.

Public reports note that TEAF’s investment activities included a portfolio of investments and the use of a margin loan facility, with periodic updates on its unaudited balance sheet, asset coverage ratios under the Investment Company Act of 1940, and net asset value per share. Tortoise Capital also highlighted that TEAF provided updates on its direct investments and private deals through its fund web pages, giving investors additional transparency into the composition of the fund’s holdings.

TEAF’s governance and shareholder matters were addressed through combined annual meetings held jointly with TYG. A definitive proxy statement (Form DEF 14A) described how stockholders could vote on director elections, ratification of the independent registered public accounting firm, and other business. The proxy materials explained voting mechanics for both registered and beneficial owners, the role of brokers under New York Stock Exchange rules, and the classification and terms of directors serving on the boards of TYG and TEAF.

Corporate transformation and merger into TYG

In later disclosures, Tortoise Capital announced that shareholders of TEAF and TYG approved a merger of the two closed-end funds, with TYG designated as the remaining company. A subsequent announcement stated that the merger between Tortoise Sustainable and Social Impact Term Fund (NYSE: TEAF) and Tortoise Energy Infrastructure Corp. (NYSE: TYG) was completed, with TYG emerging as the continuing fund. Under the terms of the merger, TYG acquired all assets and liabilities of TEAF, and shares of TEAF were converted into newly issued TYG shares based on their respective net asset values at a specified exchange ratio.

Following the merger, TYG maintained its stated investment strategy and objective of seeking a high level of total return with an emphasis on current distributions, offering investors access to infrastructure across the energy value chain, including natural gas, power generation, renewables and grid assets, as described in the merger announcement. Tortoise Capital characterized TYG as its flagship closed-end fund solution for investors seeking energy exposure in a closed-end structure.

Delisting of TEAF shares

After the completion of the merger, TEAF’s shares were removed from listing on the New York Stock Exchange. A Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) filed by the New York Stock Exchange identified the issuer as Tortoise Sustainable & Social Impact Term Fund and the security as common shares of beneficial interest. The filing confirms that the exchange complied with its rules to strike the class of securities from listing and/or withdraw registration on the exchange.

As a result, TEAF functions as a historical ticker symbol that reflects the former stand-alone fund prior to its combination with TYG. Investors researching TEAF today are typically reviewing the fund’s historical financial information, governance documents, and the details of the merger that transferred its assets and liabilities into TYG.

Relationship with Tortoise Capital Advisors

Throughout its existence as a listed fund, TEAF was advised by Tortoise Capital Advisors, L.L.C. Company communications describe Tortoise Capital as an SEC-registered investment adviser based in Overland Park, Kansas, with assets under management in the billions of dollars across its strategies. As an early investor in midstream energy, Tortoise Capital states that it manages funds investing primarily in energy and power infrastructure sectors and that it seeks to align fund structures with investor objectives, including through reorganizations and mergers of closed-end funds.

TEAF’s periodic public updates, including unaudited balance sheet information and asset coverage ratios, were issued under the Tortoise Capital name, and investors were directed to the Tortoise closed-end fund website for additional details on holdings, leverage, and direct investments.

Historical role of TEAF within the Tortoise fund lineup

Within the broader Tortoise platform, TEAF operated as a closed-end fund with a sustainable and social impact focus. Public materials emphasized that TEAF provided monthly distribution information, reported its asset coverage ratios with respect to senior securities representing indebtedness, and maintained a margin loan facility. The fund’s communications referenced updates on direct investments and private deals completed since the fund’s inception, made available through its dedicated web pages.

Over time, Tortoise Capital undertook a reorganization of its closed-end fund suite, culminating in the merger of TEAF into TYG. Company statements describe this as part of an effort to streamline the product lineup, enhance scale and efficiency, and align fund structures with investor objectives. Following the merger, TEAF’s historical financial and governance records remain relevant primarily for understanding the evolution of TYG and the legacy positions that were combined into the continuing fund.

TEAF as a historical reference for investors

For investors and researchers, TEAF now serves as a historical reference point rather than an actively traded, stand-alone fund. Its past disclosures, proxy statements, and balance sheet updates provide context on how Tortoise Capital structured and managed a sustainable and social impact term fund within its closed-end fund family. The merger documentation and the Form 25 delisting notice collectively outline the process by which TEAF’s listing on the New York Stock Exchange ended and its assets and liabilities were assumed by TYG.