Ecofin Global Renewables Infrastructure Fund (ECOAX/ECOIX)

Represents the aggregate ranking of the Fund’s (ECOIX) holdings as of 6/30/2021. Certain 2Q 2021 QUARTERLY COMMENTARY information ©2021 MSCI ESG Research LLC. Reproduced by permission; no further distribution.

Fund performance summary Investment strategy The fund returned 0.86% in the second quarter of 2021, an improvement over the negative The Ecofin Global Renewables performance in the first quarter, bringing first half performance to -1.23%. Infrastructure Fund (ECOIX) is an impact fund investing in listed After a volatile first quarter, the core renewables sector continued to see a mixed performance, but the portfolio benefited substantially from its exposure to key holdings in Asia and idiosyncratic companies that own low-carbon stock ideas in developed markets. power generation assets. The fund invests in companies riding The additional headwinds that grew in stature during the second quarter was the continued on the high demand growth for strength in commodity prices, in particular copper and steel, and freight cost, bringing fears of inflation to the forefront of investors’ minds. In that context, we think about two aspects of inflation clean electricity. The portfolio has a in relation to renewables: Opex inflation and capital expenditure (Capex) inflation. goal of providing a low beta and a

measurable decarbonization benefit. Opex inflation First, it is important to note that operating renewable assets incur little ongoing expenses (operation & maintenance) and interest rates are typically fixed, hence the need for an inflation- Performance data quoted represents hedge is much less acute than for other infrastructure assets such as toll roads or airports that past performance; past performance does not guarantee future results. have higher operating expenses. EBITDA margins for renewables are typically in the 70-90% The investment return and principal range versus toll roads and airports in the 30-70% range, and hence inflation-exposed costs for value of an investment will fluctuate renewables are minimal. so that an investor’s shares, when Second, annual inflation adjustments vary country by country, by regulatory framework and redeemed, may be worth more or when non-regulated, contract by contract. In most cases in emerging and frontier markets, less than their original cost. Current annual contracted electricity prices are adjusted for local inflation. In developed markets, it is performance of the fund may be a mixed picture and can depend on the technology (wind vs. solar vs. hydro), the scheme and lower or higher than the performance quoted. Performance data current to when the assets were built. As inflation is re-emerging, albeit potentially only temporarily, and the most recent month end may be merchant power prices are up substantially, it is entirely possible that developers will require obtained by calling 855-822-3863. more systematically that contracted prices include an inflation factor or require higher tariffs than previously expected in order to mitigate the inflation risk.

Finally, regarding activities such as transmission & distribution and merchant power, regulated utilities, especially in Europe, will typically see a full absorption and pass-through of inflation as it is imbedded in the return formula.

Capex inflation We are starting to hear of renewable development capex cost inflation due to rising raw material (steel, copper) and logistics costs. These higher input costs have by definition no impact on any operating asset nor on any asset under construction as those costs are typically locked in or hedged at the time the contract is signed (called FID for Final Investment Decision). These cost inflation risks are related, therefore, to the value of the growth pipeline, in two instances: 1) assets for which a tariff has been approved but the project itself hasn’t been confirmed and hence costs have not been locked in, or 2) very competitive auctions/tenders dynamics where realised prices don’t allow to reflect rising capex costs.

© 2021 Ecofin www.ecofininvest.com Page 1 Inflation will only be an issue for the sector if 1) companies go ahead with lower return projects, as these returns will be lower than originally expected and the value of growth in the company valuation would then need to be discounted; or 2) companies cancel projects or delay approval/construction hoping that costs will come down. These delays would push the growth expectations to the right, potentially creating an air pocket and reducing the net present value of the growth. Inflation affects all forms of electricity and all sources of energy given where coal, gas, oil prices are compared to a year ago, hence electricity prices on the market (merchant prices) have been rising as well, from +10% year-over-year in the U.S. to +50% year-over- year in France/Germany/UK. In that context, newbuild renewables remain the lowest cost option for adding electricity resources and renewables have therefore headroom to demand higher prices. The only reason this would not happen is either patience from the customers/offtakers who have no pressing need to add capacity and can wait for prices to subside or irrational competition from renewables developers desperate to fill their pipelines to meet their ambitious growth targets. We believe small developers are more at risk in this respect as they are focused on a few markets that might prove unattractive for a while. In conclusion, size and discipline in development will be key.

On the policy front, two developments took place in the quarter that provide structural support to the renewable sector.

First, President Biden held the Climate Summit. Forty political leaders and countless other business leaders gathered for the White House Climate Summit and increased their commitments to decarbonisation. • China: limit the increase in coal consumption over the 14th five-year plan period (2021-2025) and phase it down in the 15th five-year plan period (2026-2030) • Japan: 46% reduction in emissions from 2013 levels by 2030 equivalent to a 40% from 1990’s level • UK: 78% reduction in emissions by 2035 from 1990’s level • U.S.: 50% reduction in emissions from 2005 by 2030 which is equivalent to 42% from 1990 • Canada: 40-45% reduction from 2005 by 2030 which is equivalent to 34% from 1990 • Germany: double wind and solar tenders in 2022 to 10GW (from 5GW)

Second, the National Energy Administration (NEA) of China issued an updated policy in which it removed any language about “subsidy reduction” and proposed for the first time a 2025 target for solar and wind: solar photovoltaics and wind will make up 16.5% of total power consumption in 2025 versus 11% in 2021. This is equivalent to a 50% share increase in 4 years, and given the growth in demand, we estimate renewables growth will be around 77% growth over 4 years.

The net effect of these large but significant policy target updates is to help meaningfully support local regulation developments, allowing more renewable and clean electricity growth, as well as provide more clarity to private industry of their need to procure these types of resources in the years ahead.

Top 5 Contributors Bottom 5 contributors

Covanta Holding Corporation Enel Chile SA

China Suntien Green Energy Orstead A/S

China Longyuan Power Group Scatec Solar ASA Corporation

Renova Inc Sunrun Inc

Nextera Energy Partners LP Brookfield Renewable Energy Partners LP

© 2021 Ecofin www.ecofininvest.com Page 2 Top 5 Contributors Covanta is a U.S. leader in waste-to-energy with exciting development plans in the UK. The company reported very strong 1Q2021 results and increased its 2021 guidance on the back of strong waste volumes and strong prices for recycled metals. Moreover, it introduced a cost-cutting plan, 2025 targets and details on the expected contribution from its UK assets under construction, thereby providing visibility on the ramp up in EBITDA and cash flows. While some of these factors relate to an improving economic cycle, we believe further value enhancing activities and/or some crystallisation of value will be announced in the coming months.

China Suntien Green Energy is a Chinese power generation company with all its generation coming from renewables. We find the regulated and contracted growth prospects, valuation and yield very attractive.

China Longyuan Power is a Chinese power generation company with the majority of its generation coming from renewables, was again a strong contributor in the quarter. The stock continued its positive momentum after concerns relating to new renewable project auctions and subsidy payments subsided after the Chinese government released a final version of the policy which was more benign to developers than originally feared. Progress towards an A-share listing and assets swaps with its parent appears on track and should prove a further positive catalyst for the stock later this year.

Renova is a pure renewables electricity generation company with assets in Japan and Vietnam. Renova has benefited from the growing momentum for renewables in Japan and anticipation around the upcoming closing of the first Japanese offshore wind auction for which Renova is a strong contender.

NextEra Energy Partners (NEP) is the dedicated renewables listed entity of NextEra Energy. NEP benefited from the extension of its growth prospects further in the future as well as an attractive relative valuation.

Bottom 5 Contributors

Enel Chile is the leading utilities in Chile. The stock suffered from rising political uncertainty in the country, but even if the political calendar is heavy over the next 12 months, we see tremendous growth and valuation upside over the medium term while collecting a 7% dividend yield.

Orsted, the global leader in offshore wind, had to take a provision due to construction defects on some offshore plants. This is one-off in nature and not altering the fundamental thesis but reinforcing the negative sentiment.

Scatec is a pure renewables developer and operator in emerging and frontier markets. Its shares struggled on the back of the announcement that a Ukrainian electricity offtaker is requiring small amendments to some power purchase agreement (PPA) contracts and delaying payment in the meantime, which is triggering a default on the non-recourse debt. Issues with offtakers in emerging and frontier markets are somewhat expected over time but this was clearly unnerving investors. Subsequently, Scatec announced large contracts in India and South Africa although the stock hasn’t responded yet.

Sunrun is the leading rooftop solar company in the U.S. The stock was affected by inflation fear as well as the upcoming regulatory review that might affect how much owners of rooftop solar assets receive when they sell excess electricity to the grid.

Brookfield Renewable is a Canadian renewable developer and operator with global operations. It sold some assets to Orsted and NextEra Energy Partners and seems to be building a war chest to fund its growth or M&A but the market didn’t reward the stock for that move.

Impact The strategy continues to deliver a substantial positive decarbonisation impact. Based on our proprietary carbon emission database

and company-by-company assessment, on an annualized basis as of 30 June, the strategy generated 180 tons of CO2 per $1 million

invested compared to 723 tons of CO2 per $1 million invested in the MSCI World Utilities Index, a reduction of 75% for our investors.

This CO2 reduction is equivalent to 493 return flights from New York to Los Angeles in economy class per $1 million investment.

© 2021 Ecofin www.ecofininvest.com Page 3 Looking ahead Over the coming months, we are looking forward to several policy drivers: the EU Commission will issue a revised Emission Trading Scheme Directive later in July to reflect the EU’s 55% by 2030 emissions reduction targets (which could make products using O&G energy in their manufacturing process more expensive), the U.S. infrastructure bill should pass at some point in 2H 2021 (which is likely to include various tax credits and incentives for renewables, battery storage and transmission) and then the UK hosts COP26 in November.

A portion of the portfolio is exposed to renewables developers which, having underperformed YTD, have an opportunity to regain the confidence of investors if they can demonstrate pricing power by increasing the prices of power purchase agreements for new projects in order to pass on the higher commodity costs they face near term. This would demonstrate a discipline in sticking to attractive returns in a market that has attractive structural growth characteristics.

In terms of risks, we continue to monitor inflation trends, interest rates and the yield curves as well as regulatory developments, especially in Spain and the U.S.

Top 10 holdings (as of 6/30/2021) Portfolio (as of 6/30/2021)

1. Covanta Holding Corporation 5.7% South America 3% 2. NextEra Energy Inc. 5.3% Asia Pacific 14% 3. Transalta Renewables Inc. 5.3% 4. Edison International 4.8%

5. Exelon Corporation 4.6% North America 6. China Suntien Green Energy Corp Ltd 4.6% 47% 7. China Longyuan Power Group Corp Ltd4.6% Europe 8. Algonquin Power & Utilities 4.4% 36% 9. Innergex Renewable Energy, Inc. 4.4% 10. Atlantica Sustainable Infrastructure 4.1% Ten largest holdings 47.8% Due to rounding, totals may not equal 100%.

Performance Total returns before taxes (as of 6/30/2021)

Monthly as of 6/30/2021 Quarterly as of 6/30/2021 1 Calendar 3 1 3 5 Since Class Month YTD Month year year year inception*

ECOIX Institutional 2.60% -1.23% 0.86% 41.18% 21.32% 15.83% 15.61%

ECOAX A Class (excluding load) 2.59% -1.32% 0.77% 41.04% 21.07% 15.58% 15.35%

ECOAX A Class (maximum load) -3.08% -6.75% -4.74% 33.28% 18.81% 14.28% 14.20%

S&P Global SPGTINNT Infrastructure Index (Net TR) -1.80% 4.99% 2.12% 22.22% 4.69% 5.28% 5.72%

SPGTINTR S&P Global Infrastructure Index (TR) -1.72% 5.40% 2.33% 23.16% 5.60% 6.21% 6.68%

*11/2/2015. Note: For periods over one year, performance reflected is for the average annual returns. 1 The fund’s gross expense ratios are 1.46% and 2.08% and the fund’s net expense ratios are 1.00% and 1.25% for the Institutional and A Class Shares, respectively.

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. Performance data shown reflecting the A Class (maximum load) reflect a sales charge of 5.50%. Performance data shown “excluding load” does not reflect the deduction of the maximum sales load. If reflected, the load would reduce the performance quoted. The returns for Class A are prior to its inception date are those of the Institutional shares that have been recalculated to apply the estimated fees and expenses, net of any fee and expense waivers.

© 2021 Ecofin www.ecofininvest.com Page 4 1TCA Advisors (the “Adviser”) 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, front-end 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 March 31, 2022. The net expense ratio is as of the most recent prospectus and was applicable to investors. *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. 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. Prior to the launch of the fund, the Predecessor Fund reported official NAV on Wednesdays. The historical net return of the Predecessor Fund was adjusted to a calendar month end in the presentation above using the nearest weekly official valuation point and the returns and expense accruals were rolled forward. 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. The net total return (Net TR) version of the index, reinvests regular cash dividends at the close on the ex-date after the deduction of applicable withholding taxes. The total return (TR) version of the index reinvests regular cash dividends at the close on the ex-date without consideration for withholding taxes. The MSCI World Utilities Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets in the utilities sector. The S&P Global Clean Energy Index provides liquid and tradable exposure to 30 companies from around the world that are involved in clean energy related businesses. The index comprises a diversified mix of clean energy production and clean energy equipment & technology companies.

A basis point is a unit equal to 1/100th of 1% and used to denote the change in a financial instrument.

Capital expenditures (Capex) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.

© 2021 Ecofin www.ecofininvest.com Page 5 Disclosures TCA Advisors is the adviser to the Fund and Ecofin Advisors Limited is the sub-adviser. Primary responsibility for the day-to-day management of the Fund’s portfolio is the joint responsibility of Matthew Breidert and Michel Sznajer, both of the Sub-Adviser. Mr. Breidert is a Senior Portfolio Manager of the Sub-Adviser. Mr. Sznajer is a Portfolio Manager of the Sub-Adviser. Each portfolio manager has managed the Fund since its inception in August 2020. Mr. Breidert and Mr. Sznajer were portfolio managers of the Predecessor Fund since its inception in 2015 and since joining the firm in 2016, respectively. The fund’s investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 855-822- 3863 or visiting www.ecofininvest.com. Read it carefully before investing. Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy infrastructure and renewable energy infrastructure may involve greater risk and volatility than less concentrated investments. If for any taxable year the Fund fails to qualify as a RIC, the Fund’s taxable income will be subject to federal income tax at regular corporate rates. The resulting increase to the Fund’s expenses will reduce its performance and its income available for distribution to shareholders. 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These companies may be more resilient to disruptions arising from ESG events. • A, BB, BB: Average- The fund invests in companies that tend to show average management of ESG issues, or in a mix of companies with both above- average and below-average ESG risk management. • B, CCC: Laggard- The fund is exposed to companies that do not demonstrate adequate management of the ESG risks that they face or show worsening management of these issues. These companies may be more vulnerable to disruptions arising from ESG events. The Fund ESG Rating is calculated as a direct mapping of “Fund ESG Quality Score” to letter rating categories. • 8.6- 10: AAA • 7.1- 8.6: AA • 5.7- 7.1: A • 4.3- 5.7: BBB • 2.9- 4.3: BB • 1.4- 2.9: B • 0.0- 1.4: CCC The “Fund ESG Quality Score” assesses the resilience of a fund’s aggregate holdings to long term ESG risks. 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