| Tortoise Energy Infrastructure Corporation | ||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
| August 31, 2021 | ||||||||
| Shares | Fair Value | |||||||
Master Limited Partnerships - 71.4%(1) | ||||||||
Crude Oil Pipelines - 10.8%(1) | ||||||||
United States - 10.8%(1) | ||||||||
| NuStar Energy L.P. | 1,168,071 | $ | 18,981,154 | |||||
| Plains All American Pipeline, L.P. | 2,606,368 | 24,317,413 | ||||||
| 43,298,567 | ||||||||
Renewable Infrastructure - 2.0%(1) | ||||||||
United States - 2.0%(1) | ||||||||
| Enviva Partners LP | 146,500 | 7,916,860 | ||||||
Natural Gas/Natural Gas Liquids Pipelines - 26.3%(1) | ||||||||
United States - 26.3%(1) | ||||||||
| DCP Midstream, LP | 1,066,664 | 27,797,264 | ||||||
| Energy Transfer LP | 3,519,682 | 32,733,043 | ||||||
| Enterprise Products Partners L.P. | 2,007,979 | 44,697,613 | ||||||
| 105,227,920 | ||||||||
Natural Gas Gathering/Processing - 6.3%(1) | ||||||||
United States - 6.3%(1) | ||||||||
| Crestwood Equity Partners LP | 53,691 | 1,414,758 | ||||||
| Western Midstream Partners, LP | 1,208,303 | 23,851,901 | ||||||
| 25,266,659 | ||||||||
Refined Product Pipelines - 26.0%(1) | ||||||||
United States - 26.0%(1) | ||||||||
| Holly Energy Partners, L.P. | 365,340 | 6,795,324 | ||||||
| Magellan Midstream Partners, L.P. | 885,537 | 43,577,276 | ||||||
MPLX LP(2) | 1,751,335 | 49,247,540 | ||||||
| Phillips 66 Partners LP | 128,517 | 4,594,483 | ||||||
| 104,214,623 | ||||||||
| Total Master Limited Partnerships (Cost $272,831,786) | 285,924,629 | |||||||
Common Stock - 46.0%(1) | ||||||||
Renewable Infrastructure - 9.6%(1) | ||||||||
United States - 9.6%(1) | ||||||||
Archaea Energy Inc. (3) | 86,360 | 1,381,760 | ||||||
| American Electric Power Co., Inc. | 44,218 | 3,960,606 | ||||||
| Atlantica Sustainable Infrastructure PLC | 174,512 | 6,563,396 | ||||||
| Clearway Energy Inc. | 172,004 | 5,399,206 | ||||||
| NextEra Energy Partners LP | 264,253 | 21,121,742 | ||||||
| 38,426,710 | ||||||||
Energy Technology - 4.5%(1) | ||||||||
United States - 4.5%(1) | ||||||||
ArcLight Clean Transition Corp. II Class A (3) | 141,144 | 1,362,040 | ||||||
Bluescape Opportunities Acquisition Corp. (3) | 84,134 | 816,941 | ||||||
Climate Real Impact Solutions II Acquisition Corp. Class A (3) | 109,361 | 1,057,521 | ||||||
ESM Acquisition Corp. (3) | 140,294 | 1,349,628 | ||||||
EVgo Inc.(3) | 203,064 | 1,864,128 | ||||||
Flame Acquisition Corp. (3) | 117,800 | 1,141,482 | ||||||
Northern Genesis Acquisition Corp. III (3) | 197,352 | 1,920,235 | ||||||
Peridot Acquisition Corp. II (3) | 126,264 | 1,219,660 | ||||||
RMG Acquisition Corp III (3) | 137,068 | 1,322,706 | ||||||
Sustainable Development Acquisition I Corp. (3) | 137,067 | 1,328,179 | ||||||
Tech and Energy Transition Corp. (3) | 307,837 | 2,967,549 | ||||||
Warrior Technologies Acquisition Co. Class A (3) | 165,477 | 1,620,020 | ||||||
| 17,970,089 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 26.0%(1) | ||||||||
United States - 26.0%(1) | ||||||||
| DTE Energy Co. | 32,880 | 3,956,779 | ||||||
| Kinder Morgan Inc. | 1,443,949 | 23,493,050 | ||||||
| ONEOK, Inc. | 640,927 | 33,661,485 | ||||||
| The Williams Companies, Inc. | 1,733,856 | 42,808,904 | ||||||
| 103,920,218 | ||||||||
Natural Gas Gathering/Processing - 5.9%(1) | ||||||||
United States - 5.9%(1) | ||||||||
| Targa Resources Corp. | 542,518 | 23,827,391 | ||||||
| Total Common Stock (Cost $141,579,956) | 184,144,408 | |||||||
Preferred Stock - 4.2%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 3.2%(1) | ||||||||
United States - 3.2%(1) | ||||||||
Altus Midstream Company, 7.000% (4)(5) | 10,427 | 12,758,272 | ||||||
Renewable Infrastructure - 1.0%(1) | ||||||||
United States - 1.0%(1) | ||||||||
| NextEra Energy, Inc. | 72,016 | 3,879,502 | ||||||
| Total Preferred Stock (Cost $13,927,321) | 16,637,774 | |||||||
Corporate Bonds - 1.2%(1) | ||||||||
Refined Product Pipelines - 0.3%(1) | ||||||||
United States - 0.3%(1) | ||||||||
| Buckeye Partners, 6.370%, 01/22/2078 | 1,200,000 | 1,092,000 | ||||||
Natural Gas Gathering/Processing - 0.9%(1) | ||||||||
United States - 0.9%(1) | ||||||||
| Enlink Midstream Partners, 6.000%, Perpetual | 5,100,000 | 3,827,550 | ||||||
| Total Corporate Bonds (Cost $5,329,659) | 4,919,550 | |||||||
Private Investments - 2.4%(1) | ||||||||
Renewables - 2.4%(1) | ||||||||
United States - 2.4%(1) | ||||||||
TK NYS Solar Holdco, LLC(4)(5)(6) (Cost $51,206,470) | N/A | 9,667,291 | ||||||
Special Purpose Acquisition Company Warrants - 0.2%(1) | ||||||||
Energy Technology - 0.2%(1) | ||||||||
Arclight Clean Transition Corp. II Warrant (3) | 28,229 | 28,229 | ||||||
Bluescape Opportunities Acquisition Corp. Warrant (3) | 87,668 | 79,787 | ||||||
Climate Real Impact Solutions II Acquisition Corp. Warrant (3) | 43,978 | 40,904 | ||||||
ESM Acquisition Corp. Warrant (3) | 46,764 | 28,058 | ||||||
EVgo Inc. Warrant (3) | 85,002 | 175,103 | ||||||
First Reserve Sustainable Growth Co Warrant (3) | 25,198 | 15,875 | ||||||
Flame Acquisition Corp. Warrant (3) | 58,900 | 50,000 | ||||||
Northern Genesis Acquisition Corp. III Warrant (3) | 49,338 | 44,404 | ||||||
Peridot Acquisition Corp. Warrant (3) | 25,253 | 19,192 | ||||||
Qell Acquisition Corp. Warrant (3) | 37,935 | 60,696 | ||||||
RMG Acquisition Corp III Warrant (3) | 27,413 | 24,672 | ||||||
Sustainable Development Acquisition Warrant (3) | 68,533 | 45,239 | ||||||
Tech and Energy Transition Corp. Warrant (3) | 102,612 | 65,559 | ||||||
Warrior Technologies Acquisition Co Warrant (3) | 82,738 | 49,643 | ||||||
| 727,361 | ||||||||
| Total Warrants (Cost $886,649) | ||||||||
Short-Term Investment - 0.1%(1) | ||||||||
United States Investment Company - 0.1%(1) | ||||||||
Invesco Government & Agency Portfolio - Institutional Class, 0.03% (7) (Cost $352,217) | 352,217 | $ | 352,217 | |||||
Total Investments - 125.5%(1) (Cost $486,114,058) | $ | 502,373,230 | ||||||
Interest Rate Swap Contracts - (0.0)%(1) | ||||||||
| $10,000,000 notional - net unrealized depreciation | (20,304 | ) | ||||||
Other Assets and Liabilities - (3.4)%(1) | (13,797,640 | ) | ||||||
Deferred Tax Asset - 13.0%(1) | 52,052,354 | |||||||
Senior Notes - (21.0)%(1) | (83,893,333 | ) | ||||||
Line of Credit - (6.0)%(1) | (24,100,000 | ) | ||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (8.1)%(1) | (32,300,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 400,314,307 | ||||||
| (1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
| (2) | A portion of the security is segregated as collateral for the unrealized appreciation of interest rate swap contracts of $20,304. | |||
| (3) | Non-income producing security. | |||
| (4) | Restricted securities have a total fair value of $22,425,563, which represents 5.6% of net assets. | |||
| (5) | Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments. | |||
| (6) | Deemed to be an affiliate of the fund. | |||
| (7) | Rate indicated is the current yield as of August 31, 2021. | |||
Various inputs are used in determining the fair value of the Funds’ investments and financial instruments. These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.)
Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following tables provide the fair value measurements of applicable assets and liabilities by level within the fair value hierarchy as of August 31, 2021. These assets and liabilities are measured on a recurring basis.
| TYG: | ||||||||||||||||
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Master Limited Partnerships(a) | $ | 285,924,629 | $ | - | $ | - | $ | 285,924,629 | ||||||||
Common Stock(a) | 184,144,408 | - | - | 184,144,408 | ||||||||||||
Preferred Stock(a) | 3,879,502 | - | 12,758,272 | 16,637,774 | ||||||||||||
Corporate Bonds(a) | - | 4,919,550 | - | 4,919,550 | ||||||||||||
Private Investment(a) | - | - | 9,667,291 | 9,667,291 | ||||||||||||
Warrants(a) | 727,361 | - | - | 727,361 | ||||||||||||
Short-Term Investment(b) | 352,217 | - | - | 352,217 | ||||||||||||
| Total Assets | $ | 475,028,117 | $ | 4,919,550 | $ | 22,425,563 | $ | 502,373,230 | ||||||||
| Liabilities | ||||||||||||||||
Interest Rate Swap Contracts | $ | - | $ | 20,304 | $ | - | $ | 20,304 | ||||||||
(a) | All other industry classifications are identified in the Schedule of Investments. |
(b) | Short-term investment is a sweep investment for cash balances. |
The following tables present each Fund’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period ended August 31, 2021:
| Preferred Stock | TYG | |||
| Balance – beginning of period | $ | 34,068,604 | ||
| Purchases | - | |||
| Return of capital | - | |||
| Sales | (21,758,000 | ) | ||
| Total realized gain/loss | 3,360,752 | |||
| Change in unrealized gain/loss | (2,913,084 | ) | ||
| Balance – end of period | $ | 12,758,272 | ||
| Private Investments | TYG | |||
| Balance – beginning of period | $ | 10,365,844 | ||
| Purchases | - | |||
| Return of capital | (1,000,000 | ) | ||
| Sales | - | |||
| Total realized gain/loss | - | |||
| Change in unrealized gain/loss | 301,447 | |||
| Balance – end of period | $ | 9,667,291 | ||
| Convertible Bond | TYG | |||
| Balance – beginning of period | $ | 3,954,420 | ||
| Purchases | - | |||
| Corporate actions | (1,307,000 | ) | ||
| Return of capital | - | |||
| Sales | - | |||
| Total realized gain/loss | - | |||
| Change in unrealized gain/loss | (2,647,420 | ) | ||
| Balance – end of period | $ | - | ||
| TYG | ||||
Change in unrealized gain/loss on investments still held at August 31, 2021 | $ | (2,611,637 | ) | |