The Tortoise Essential Assets Income Term Fund seeks to provide a high level of total return with an emphasis on current distributions.

Fund Stats as of 4/23/2019:

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$20.15

NAV

$19.97

Premium/Discount

0.89%

TEAF is designed to provide:

  • Attractive total return potential with emphasis on current income and uncorrelated assets
  • Access to differentiated direct investments in essential assets
  • Investments in tangible, long-lived assets and services
  • Ability to make a positive social and economic impact
  • One 1099
  • Expertise of Tortoise

Potential current income

  • TEAF expects to declare the initial monthly distribution approximately 45 to 60 days after completion of the offering, depending upon market conditions.
  • TEAF’s initial distribution is expected to be paid 60 to 90 days from the completion of the offering. Distributions may be funded, in part, from a return of capital.

Fund data (unaudited)

As of 4/23/2019
Market Price 1 $20.15
NAV $19.97
IPO Date 3/26/2019
IPO Price $20.00
Distribution Frequency Anticipated monthly
As of 3/31/2019
Total Assets $304.1 million
Leverage % of Total Assets 2 --
Shares Outstanding 13.01 million
Management Fee (year 1) 3 1.10%
Management Fee 4 1.35%
Fiscal Year End November 30
CUSIP 89148A 103
  1. Copyright © 2019 Market data provided by Barchart Solutions. Reflects real-time price when available. Quotes are delayed at least 15 minutes. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use, please see our disclaimer.

  2. Anticipated 10-15% of total assets

  3. Annual rate applied to the fund's average monthly total assets (including any assets attributable to leverage) less the sum of accrued liabilities (other than debt entered into for purposes of leverage and the aggregate liquidation preference of outstanding preferred stock) ("Managed Assets").

    Tortoise has agreed to waive a portion of the investment advisory fee in the amount of 0.25% for one year following the effective date of this registration statement. This waiver will not apply after this one year period.

  4. Annual rate applied to the fund's average monthly total assets (including any assets attributable to leverage) less the sum of accrued liabilities (other than debt entered into for purposes of leverage and the aggregate liquidation preference of outstanding preferred stock) ("Managed Assets").

As of 4/18/2019

Leverage Summary

Total leverage outstanding $27,500,000
Leverage as % of total assets 9.6%
Effective all-in cost of leverage 3.48%
Date 1940 Act Debt 1940 Act Debt & Preferred
3/31/2019 - -
Credit Facility Amount Amount Outstanding Non-use Rate Rate (1-month
LIBOR + 0.80%)
Maturity Date
$45,000,000 $27,500,000 0.20% 3.28% 179 calendar-day rolling commitment
Total Debt $27,500,000      

*Non-use fees are waived when amount outstanding is at least $31,500,000.

Leverage in the form of a margin loan is utilized within TEAF to acquire additional portfolio investments consistent with its investment philosophy. The terms of the leverage are governed by regulatory and contractual asset coverage requirements that arise from the use of leverage.

Leverage costs consist of interest expense on the bank margin loan, including non-use fees.

We consider market conditions at the time leverage is incurred and monitor for asset coverage ratios relative to 1940 Act requirements and our financial covenants on an ongoing basis. Leverage as a percent of total assets will vary depending on market conditions, but will normally range between 10% and 15%. The leverage ratio is impacted by increases or decreases in investment values, issuance of equity and/or the sale of securities when proceeds are used to reduce leverage.