[Form 4] TORTOISE SUSTAINABLE & SOCIAL IMPACT TERM FUND Insider Trading Activity

Rhea-AI Filing Summary

Tortoise Sustainable & Social Impact Term Fund (TEAF): A reporting person filed a Form 4 noting open‑market sales of TEAF common stock. On 11/04/2025, 121,062 shares were sold at $12.44. On 11/05/2025, 219,151 shares were sold at $12.43. Following these transactions, 1,189,792 shares were beneficially owned on an indirect basis.

The filing identifies the reporting person in a director capacity and indicates indirect ownership for the reported holdings.

Insights

Equity Ownership Analyst

Large insider sales over two days reduce indirect holdings; neutral signal without stated rationale.

Saba Capital Management, L.P. reported two open-market sales of TEAF common stock on 11/04/2025 and 11/05/2025. The transactions totaled 340,213 shares sold at average prices of approximately $12.44 and $12.43. Following these sales, the filer reported 1,189,792 shares beneficially owned on an indirect basis.

The filing identifies the filer as a Director. It does not disclose a trading plan election under Rule 10b5‑1 or any derivatives activity. This is a straightforward reduction in reported beneficial ownership, with no terms, conditions, or contingencies attached.

Key items to watch: any subsequent Form 4s indicating continued selling or a change in ownership form, and future disclosures that update the indirect ownership detail. The timing and volume across November 2025 provide a clean reference point for tracking further changes.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TORTOISE SUSTAINABLE & SOCIAL IMPACT TERM FUND [ TEAF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/04/2025		S		121,062	D	$12.44	1,408,943	I	-
Common Stock	11/05/2025		S		219,151	D	$12.43	1,189,792	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	11/06/2025
	Boaz Weinstein	11/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did TEAF’s Form 4 report?

It reported sales of TEAF common stock: 121,062 shares at $12.44 on 11/04/2025 and 219,151 shares at $12.43 on 11/05/2025.

How many TEAF shares were held after the transactions?

The filing shows 1,189,792 shares beneficially owned following the reported sales, held indirectly.

Were the reported TEAF holdings direct or indirect?

The Form 4 lists the post-transaction holdings as indirect ownership.

What role does the reporting person have relative to TEAF?

The filing marks the reporting person in a director capacity.

What were the transaction codes for TEAF in the Form 4?

Both transactions used code S, indicating open-market or private sales of non-derivative securities.

Which dates were the TEAF sales executed?

Sales occurred on 11/04/2025 and 11/05/2025.