Ecofin Global Renewables Infrastructure Fund (ECOIX)

The Ecofin Global Renewables Infrastructure Fund (ECOIX) is an impact fund investing in listed companies that own low-carbon power generation assets.

Fund Stats as of 3/05/2021:

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NAV

$11.44

NAV Change

$-0.05

Objective

Total Return

CUSIP

56167N472

Minimum Investment

$1,000,000.00

Redemption Fee

None

Max Front-End Sales Load

None

Max Deferred Sales Load

None

The Ecofin Global Renewables Infrastructure Fund (ECOIX) is an impact fund investing in listed companies that own low-carbon power generation assets. The fund invests in companies riding on the high demand growth for clean electricity. The portfolio has the goal of providing a low beta and delivers a measurable decarbonization benefit.

Key reasons to invest

Access the fast growing decarbonization theme
– Electricity taking substantial share from other energy sources
– Accelerating transition to cleaner electricity generation

Track record of strong performance with lower risk than the market¹
Measurable impact on emissions reduction

Produced by MSCI ESG Research as of December 31, 2020.

Fund Details	As of 1/31/2021
Total Assets	$159.2 million
Objective	Total Return
Beta ¹	0.76

Beta since inception as of 12/31/2020
Beta is a measure of a stock's volatility in relation to the overall market.

Impact

as of 9/30/2020

Clear calculable impact in terms of CO₂ emissions avoided
Effective displacement of dirty electricity generation by the cleaner generation of portfolio constituents
The fund is >60% cleaner than the respective grids in which the underlying companies operate

About Ecofin

Ecofin unites ecology and finance and has roots back to the early 1990s. Our mission is to generate strong risk-adjusted returns and measurable impacts. We invest in essential assets and services that contribute to more sustainable human ecosystems and communities. We are socially-minded, ESG-attentive investors, successfully harnessing years of expertise investing in social impact, sustainable infrastructure, energy transition and clean water & environment. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy and water, education, healthcare and sustainable communities.

Company	% of Total
China longyuan Power Group Corp Ltd 916 HK	6.8%
Edison International EIX	5.2%
Covanta Holding Corporation CVA	5.2%
NextEra Energy Inc. NEE	5.0%
Transalta Renewables Inc. RNW CN	4.7%

Company	% of Total
Energias de Portugal, S.A. EDP PL	4.3%
Orsted A/S ORSTED DC	4.2%
Iberdrola SA IBE SM	4.2%
Brookfield Renewable Energy Partners LP BEP	4.0%
Exelon Corporation EXC	4.0%

Class/Name	1 Month	Calendar YTD	1 Year	3 Year	5 year	Since Inception ¹	Expense Ratio Gross	Expense Ratio Net ²
S&P Global Infrastructure Index	0.77%	-1.35%	1.12%	4.22%	7.57%	5.79%
ECOAX (maximum load)	-12.32%	-10.40%	20.44%	18.98%	15.82%	14.31%	1.31%	1.25%
ECOAX (excluding load)	-7.18%	-5.18%	27.45%	21.25%	17.14%	15.53%	1.31%	1.25%
ECOIX	-7.19%	-5.19%	27.53%	21.48%	17.39%	15.78%	1.06%	1.00%

Class/Name	1 Month	Calendar YTD	1 Year	3 Year	5 year	Since Inception ¹	Expense Ratio Gross	Expense Ratio Net ²
ECOIX	-7.19%	-5.19%	27.53%	21.48%	17.39%	15.78%	1.06%	1.00%
ECOAX (excluding load)	-7.18%	-5.18%	27.45%	21.25%	17.14%	15.53%	1.31%	1.25%
ECOAX (maximum load)	-12.32%	-10.40%	20.44%	18.98%	15.82%	14.31%	1.31%	1.25%
S&P Global Infrastructure Index	0.77%	-1.35%	1.12%	4.22%	7.57%	5.79%

Calendar Year Performance

Class/Name	2020	2019	2018	2017	2016
Ecofin Global Renewables Infrastructure Fund	46.10%	23.99%	-0.30%	22.48%	1.83%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-822-3863. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. For periods over one year, performance reflected is for the average annual returns.

The Ecofin Global Renewables Infrastructure Fund (the Fund) is a newly registered mutual fund and does not have a full calendar year of performance as a mutual fund. Prior performance shown above is for the Ecofin Global Renewables Infrastructure Fund Limited, established in November 2015 (which later changed its name to the Tortoise Global Renewables Infrastructure Fund Limited in May 2019), (the “Predecessor Fund”), an unregistered Cayman Islands limited liability company. The Predecessor Fund was reorganized into the Fund by transferring the majority of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on August 7, 2020, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund. The Sub-Adviser served as the investment adviser to the Predecessor Fund and will be responsible for the portfolio management and trading for the Fund. Each of the Fund’s portfolio managers was a portfolio manager of the Predecessor Fund at the time of the Reorganization. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.

The above information shows the returns of the commingled Predecessor Fund since its inception in November 2015. The performance of the commingled Predecessor Fund represents that of its Early Investor Shares, which are similar to the Fund’s Institutional class but, at a point in time, were subject to performance and other fees. From its inception through the date of the Reorganization, the Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”) or Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), which, if they had been applicable, might have adversely affected the Predecessor Fund’s performance. After the Reorganization, the Fund’s performance will be calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total return for the Predecessor Fund.

Index performance reflects no deduction for fees, expenses, or taxes. The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. It is not possible to invest directly in an index.

The Ecofin Global Renewables Infrastructure Fund (the Fund) is a newly registered mutual fund and does not have a full calendar year of performance as a mutual fund. Prior performance shown above is for the Ecofin Global Renewables Infrastructure Fund Limited, established in November 2015 (which later changed its name to the Tortoise Global Renewables Infrastructure Fund Limited in May 2019), (the “Predecessor Fund”), an unregistered Cayman Islands limited liability company. The Predecessor Fund was reorganized into the Fund by transferring substantially all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on August 7, 2020, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund. The Sub-Adviser served as the investment adviser to the Predecessor Fund and will be responsible for the portfolio management and trading for the Fund. Each of the Fund’s portfolio managers was a portfolio manager of the Predecessor Fund at the time of the Reorganization. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.
Tortoise Capital Advisors, L.L.C. (the “Adviser” or “Tortoise Capital”) has contractually agreed to reimburse the Fund for its operating expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, frontend or contingent deferred loads, taxes, leverage/borrowing interest, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 1.00% of the average daily net assets of the Fund. Expenses reimbursed by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the expense reimbursement occurred and at the time of the recoupment. The Operating Expenses Limitation Agreement will be in effect and cannot be terminated through at least August 7, 2021. The net expense ratio is as of the most recent prospectus and was applicable to investors.

NAV History

Date	NAV	NAV Change
3/05/2021	$11.44	$-0.05
3/04/2021	$11.49	$-0.15
3/03/2021	$11.64	$-0.43
3/02/2021	$12.07	$-0.11
3/01/2021	$12.18	$0.31
2/26/2021	$11.87	$-0.10
2/25/2021	$11.97	$-0.15
2/24/2021	$12.12	$-0.07
2/23/2021	$12.19	$-0.05
2/22/2021	$12.24	$-0.32
2/19/2021	$12.56	$-0.03
2/18/2021	$12.59	$-0.26
2/17/2021	$12.85	$-0.16
2/16/2021	$13.01	$-0.03
2/12/2021	$13.04	$-0.13
2/11/2021	$13.17	$0.11
2/10/2021	$13.06	$0.02
2/09/2021	$13.04	$-0.08
2/08/2021	$13.12	$0.01
2/05/2021	$13.11	$0.03
2/04/2021	$13.08	$-0.01
2/03/2021	$13.09	$0.07
2/02/2021	$13.02	$0.09
2/01/2021	$12.93	$0.14
1/29/2021	$12.79	$-0.18
1/28/2021	$12.97	$0.09
1/27/2021	$12.88	$-0.52
1/26/2021	$13.40	$-0.17
1/25/2021	$13.57	$-0.09
1/22/2021	$13.66	$0.09
1/21/2021	$13.57	$0.02
1/20/2021	$13.55	$0.20
1/19/2021	$13.35	$0.12
1/15/2021	$13.23	$-0.20
1/14/2021	$13.43	$-0.14
1/13/2021	$13.57	$0.05
1/12/2021	$13.52	$-0.08
1/11/2021	$13.60	$-0.33
1/08/2021	$13.93	$0.17
1/07/2021	$13.76	$0.30
1/06/2021	$13.46	$0.58
1/05/2021	$12.88	$0.08
1/04/2021	$12.80	$0.28
12/31/2020	$12.52	$0.03
12/30/2020	$12.49	$-0.02
12/29/2020	$12.51	$0.06
12/28/2020	$12.45	$0.17
12/24/2020	$12.28	$0.12
12/23/2020	$12.16	$0.22
12/22/2020	$11.94	$0.09
12/21/2020	$11.85	$-0.07
12/18/2020	$11.92	$0.02
12/17/2020	$11.90	$0.13
12/16/2020	$11.77	$0.02
12/15/2020	$11.75	$0.23
12/14/2020	$11.52	$0.10
12/11/2020	$11.42	$0.01
12/10/2020	$11.41	$0.05
12/09/2020	$11.36	$-0.11
12/08/2020	$11.47	$0.05
12/07/2020	$11.42	$-0.01
12/04/2020	$11.43	$-0.03
12/03/2020	$11.46	$0.00
12/02/2020	$11.46	$-0.03
12/01/2020	$11.49	$0.07
11/30/2020	$11.42	$-0.14
11/27/2020	$11.56	$0.11
11/25/2020	$11.45	$0.09
11/24/2020	$11.36	$0.08
11/23/2020	$11.28	$0.06
11/20/2020	$11.22	$0.07
11/19/2020	$11.15	$0.02
11/18/2020	$11.13	$-0.10
11/17/2020	$11.23	$0.01
11/16/2020	$11.22	$0.01
11/13/2020	$11.21	$0.07
11/12/2020	$11.14	$-0.04
11/11/2020	$11.18	$0.25
11/10/2020	$10.93	$-0.02
11/09/2020	$10.95	$0.07
11/06/2020	$10.88	$0.04
11/05/2020	$10.84	$0.30
11/04/2020	$10.54	$-0.05
11/03/2020	$10.59	$0.17
11/02/2020	$10.42	$0.18
10/30/2020	$10.24	$0.03
10/29/2020	$10.21	$0.00
10/28/2020	$10.21	$-0.19
10/27/2020	$10.40	$-0.06
10/26/2020	$10.46	$-0.10
10/23/2020	$10.56	$0.03
10/22/2020	$10.53	$0.01
10/21/2020	$10.52	$-0.11
10/20/2020	$10.63	$0.07
10/19/2020	$10.56	$-0.07
10/16/2020	$10.63	$0.06
10/15/2020	$10.57	$-0.08
10/14/2020	$10.65	$0.04
10/13/2020	$10.61	$-0.02
10/12/2020	$10.63	$0.03
10/09/2020	$10.60	$0.02
10/08/2020	$10.58	$0.10
10/07/2020	$10.48	$0.16
10/06/2020	$10.32	$0.04
10/05/2020	$10.28	$0.15
10/02/2020	$10.13	$0.00
10/01/2020	$10.13	$0.15
9/30/2020	$9.98	$0.07
9/29/2020	$9.91	$0.06
9/28/2020	$9.85	$0.13
9/25/2020	$9.72	$0.15
9/24/2020	$9.57	$0.02
9/23/2020	$9.55	$-0.10
9/22/2020	$9.65	$0.05
9/21/2020	$9.60	$-0.14
9/18/2020	$9.74	$-0.04
9/17/2020	$9.78	$-0.03
9/16/2020	$9.81	$-0.04
9/15/2020	$9.85	$0.11
9/14/2020	$9.74	$0.02
9/11/2020	$9.72	$0.04
9/10/2020	$9.68	$-0.09
9/09/2020	$9.77	$0.16
9/08/2020	$9.61	$-0.05
9/04/2020	$9.66	$-0.17
9/03/2020	$9.83	$-0.25
9/02/2020	$10.08	$0.10
9/01/2020	$9.98	$-0.01
8/31/2020	$9.99	$0.00
8/28/2020	$9.99	$0.05
8/27/2020	$9.94	$-0.01
8/26/2020	$9.95	$-0.02
8/25/2020	$9.97	$-0.02
8/24/2020	$9.99	$0.11
8/21/2020	$9.88	$-0.01
8/20/2020	$9.89	$-0.04
8/19/2020	$9.93	$0.00
8/18/2020	$9.93	$-0.08
8/17/2020	$10.01	$0.05
8/14/2020	$9.96	$-0.08
8/13/2020	$10.04	$-0.01
8/12/2020	$10.05	$0.14
8/11/2020	$9.91	$-0.12
8/10/2020	$10.03	$0.03
8/07/2020	$10.00	$0.00