Tortoise Sustainable & Social Impact Term Fund

Market Movers (8-K)

Tortoise Sustainable and Social Impact Term Fund and Tortoise Energy Infrastructure Corporation announced the resignation of director Rand C. Berney and the appointment of Carrie R. Schoffman, a seasoned CPA with extensive financial and compliance experience, to their boards and as Audit and Valuation Committee Chair.
Tortoise Sustainable and Social Impact Term Fund has replaced Ernst & Young LLP with Tait, Weller & Baker LLP as its independent registered public accounting firm.
Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund have appointed Tom Florence as Chairman, succeeding H. Kevin Birzer, and several Tortoise funds will not enforce their election to be subject to the Maryland Control Share Acquisition Act.
Tortoise Sustainable and Social Impact Term Fund adjourned its Special Meeting of Stockholders due to a lack of quorum and rescheduled it for November 14, 2024.
Worse than expected
Delay expected
Ecofin Sustainable and Social Impact Term Fund reports a director's decision not to seek reelection and the appointment of a new CEO effective June 7, 2024.
Ecofin Sustainable and Social Impact Term Fund has appointed Courtney Gengler as the new CEO, succeeding P. Bradley Adams, and Sean Wickliffe as Principal Financial Officer and Treasurer, effective April 1, 2024.

Insider Trading (Form 4)

Saba Capital Management, L.P., a 10% owner of Tortoise Sustainable & Social Impact Term Fund (TEAF), reported selling over 340,000 shares of common stock in early November 2025.
Worse than expected
Saba Capital Management, a 10% owner of Tortoise Sustainable & Social Impact Term Fund (TEAF), reported the sale of 19,221 common shares under a Rule 10b5-1 plan.
Saba Capital Management, L.P. reports acquiring additional shares of Tortoise Sustainable & Social Impact Term Fund (TEAF), increasing its beneficial ownership.
Saba Capital Management, L.P. reports acquiring additional shares of Tortoise Sustainable & Social Impact Term Fund (TEAF), increasing its beneficial ownership.
Saba Capital Management, along with Boaz Weinstein, reports an acquisition of 10,100 shares of Tortoise Sustainable & Social Impact Term Fund at $11.15 per share, increasing their indirect ownership.
Saba Capital Management, a 10% owner and director, reports purchasing 4,700 shares of Tortoise Sustainable & Social Impact Term Fund (TEAF) at $10.9 per share.

Proxy Statements (Def-14A)

Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund filed a proxy statement supplement to correct broker voting rules for director elections and announce the appointment of Carrie R. Schoffman as a new independent director following Rand C. Berney's resignation.
Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund filed a supplement to their definitive proxy statement to correct typographical errors regarding director nominee Andrew J. Iseman.
Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund will hold their combined annual meeting on August 14, 2025, to elect directors and ratify a new independent auditor, while addressing ongoing shareholder litigation and a decision to maintain a classified board.
Tortoise Sustainable and Social Impact Term Fund adjourned its Special Meeting of Stockholders due to a lack of quorum and will reconvene on November 14, 2024.
Worse than expected
Delay expected
Tortoise Sustainable and Social Impact Term Fund is seeking stockholder approval for a new sub-advisory agreement with RWC Asset Management LLP due to the Redwheel-Ecofin Transaction.
A stockholder lawsuit challenges the decision by Tortoise Energy Infrastructure Corporation to reduce the board size, alleging entrenchment and breach of fiduciary duties.

Schedule 13D - Activist Investments

Saba Capital Management and its affiliates have fully divested their stake in Tortoise Sustainable and Social Impact Term Fund, reporting 0% beneficial ownership.
Worse than expected
Saba Capital Management, L.P. and its affiliates have reduced their beneficial ownership in Tortoise Sustainable and Social Impact Term Fund to 8.82% through recent open market sales.
Worse than expected
Saba Capital Management, L.P. and its affiliates have increased their beneficial ownership in Tortoise Sustainable and Social Impact Term Fund to 11.33% through recent open market purchases totaling approximately $20.3 million.
Saba Capital Management, L.P. and its affiliates have increased their beneficial ownership in Tortoise Sustainable and Social Impact Term Fund to 10.26%, acquiring additional shares in late March 2025.