Tortoise Power and Energy Infrastructure Fund, Inc. | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
August 31, 2020 | ||||||||
Principal Amount/Shares | ||||||||
Fair Value | ||||||||
Corporate Bonds - 77.9%(1) | ||||||||
Crude Oil Pipelines - 8.1%(1) | ||||||||
Canada - 8.1%(1) | ||||||||
Enbridge Inc., 5.500%, 07/15/2077 | 7,042,000 | $ | 6,871,267 | |||||
Natural Gas/Natural Gas Liquids Pipelines - 26.4%(1) | ||||||||
United States - 26.4%(1) | ||||||||
Cheniere Corp., 7.000%, 06/30/2024 | 4,000,000 | 4,661,609 | ||||||
Cheniere Corp., 5.875%, 03/31/2025 | 2,000,000 | 2,311,486 | ||||||
ONEOK, Inc., 4.250%, 02/01/2022 | 4,500,000 | 4,668,324 | ||||||
ONEOK, Inc., 7.500%, 09/01/2023 | 2,000,000 | 2,303,057 | ||||||
Rockies Express Pipeline LLC, 4.950%, 07/15/2029(2) | 3,000,000 | 3,015,000 | ||||||
Ruby Pipeline, LLC, 6.000%, 04/01/2022(2) | 1,022,727 | 912,784 | ||||||
Southern Star Central Corp., 5.125%, 07/15/2022(2) | 1,642,000 | 1,640,083 | ||||||
Tallgrass Energy LP, 5.500%, 01/15/2028(2) | 3,250,000 | 2,973,750 | ||||||
22,486,093 | ||||||||
Natural Gas Gathering/Processing - 26.6%(1) | ||||||||
United States - 26.6%(1) | ||||||||
Antero Midstream Partners LP, 5.750%, 03/01/2027 | 2,000,000 | 1,785,000 | ||||||
Blue Racer Midstream, LLC, 6.625%, 07/15/2026(2) | 5,900,000 | 5,192,000 | ||||||
EnLink Midstream LLC, 5.375%, 06/01/2029 | 3,000,000 | 2,644,710 | ||||||
Hess Infrastructure Partners, 5.625%, 02/15/2026(2) | 4,160,000 | 4,328,230 | ||||||
The Williams Companies, Inc., 7.875%, 09/01/2021 | 5,000,000 | 5,356,533 | ||||||
The Williams Companies, Inc., 4.550%, 06/24/2024 | 3,000,000 | 3,370,358 | ||||||
22,676,831 | ||||||||
Oil and Gas Production - 3.1%(1) | ||||||||
United States - 3.1%(1) | ||||||||
Ascent Resources Utica Holdings, LLC, 10.000%, 04/01/2022(2) | 1,302,000 | 1,217,370 | ||||||
Ascent Resources Utica Holdings, LLC, 7.000%, 11/01/2026 | 2,000,000 | 1,385,000 | ||||||
2,602,370 | ||||||||
Power/Utility - 9.3%(1) | ||||||||
United States - 9.3%(1) | ||||||||
Duquesne Light Holdings, Inc., 5.900%, 12/01/2021(2) | 2,000,000 | 2,109,294 | ||||||
NextEra Energy, Inc., 4.800%, 12/01/2077 | 4,500,000 | 4,842,119 | ||||||
NV Energy Inc., 6.250%, 11/15/2020 | 1,000,000 | 1,012,130 | ||||||
7,963,543 | ||||||||
Refined Product Pipelines - 4.4%(1) | ||||||||
United States - 4.4%(1) | ||||||||
Buckeye Partners, 5.600%, 10/15/2044 | 2,000,000 | 1,840,000 | ||||||
Buckeye Partners, 5.850%, 11/15/2043 | 2,000,000 | 1,941,160 | ||||||
3,781,160 | ||||||||
Total Corporate Bonds (Cost $65,593,568) | 66,381,264 | |||||||
Convertible Bond - 1.1%(1) | ||||||||
Solar - 1.1%(1) | ||||||||
Grand Cayman - 1.1(1) | ||||||||
Sunnova Energy Intl Inc., 9.750%, 04/30/2025(2)(3) (Cost $524,000) | 524,000 | 942,828 | ||||||
Master Limited Partnerships - 23.0%(1) | ||||||||
Crude Oil Pipelines - 3.5%(1) | ||||||||
United States - 3.5%(1) | ||||||||
BP Midstream Partners LP | 21,729 | 256,185 | ||||||
NuStar Energy L.P. | 88,934 | 1,205,056 | ||||||
PBF Logistics LP | 74,599 | 719,880 | ||||||
Shell Midstream Partners, L.P. | 77,365 | 803,822 | ||||||
2,984,943 | ||||||||
Diversified Infrastructure - 0.6%(1) | ||||||||
United States - 0.6%(1) | ||||||||
Nextera Energy Partners LP | 8,013 | 483,344 | ||||||
Natural Gas/Natural Gas Liquids Pipelines - 6.4%(1) | ||||||||
United States - 6.4%(1) | ||||||||
DCP Midstream, LP | 84,184 | 1,066,611 | ||||||
Energy Transfer LP | 302,035 | 1,939,065 | ||||||
Enterprise Products Partners L.P. | 141,138 | 2,478,383 | ||||||
5,484,059 | ||||||||
Natural Gas Gathering/Processing - 1.9%(1) | ||||||||
United States - 1.9%(1) | ||||||||
Noble Midstream Partners LP | 21,975 | 196,896 | ||||||
Western Midstream Partners, LP | 154,434 | 1,400,716 | ||||||
1,597,612 | ||||||||
Other - 0.2%(1) | ||||||||
United States - 0.2%(1) | ||||||||
Westlake Chemical Partners LP | 8,074 | 163,499 | ||||||
Refined Product Pipelines - 10.4%(1) | ||||||||
United States - 10.4%(1) | ||||||||
Holly Energy Partners, L.P. | 93,991 | 1,343,131 | ||||||
Magellan Midstream Partners, L.P. | 57,665 | 2,191,847 | ||||||
MPLX LP | 226,804 | 4,143,709 | ||||||
Phillips 66 Partners LP | 44,325 | 1,193,229 | ||||||
8,871,916 | ||||||||
Total Master Limited Partnerships (Cost $31,592,362) | 19,585,373 | |||||||
Common Stock - 17.9%(1) | ||||||||
Crude Oil Pipelines - 3.5%(1) | ||||||||
United States - 3.5%(1) | ||||||||
Enbridge Inc. | 53,741 | 1,720,787 | ||||||
Plains GP Holdings, L.P. | 173,099 | 1,265,354 | ||||||
2,986,141 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 9.7%(1) | ||||||||
Canada - 2.7%(1) | ||||||||
TC Energy Corporation | 48,667 | 2,270,802 | ||||||
United States - 7.0%(1) | ||||||||
Kinder Morgan Inc. | 214,709 | 2,967,278 | ||||||
ONEOK, Inc. | 5,606 | 154,053 | ||||||
The Williams Companies, Inc. | 135,347 | 2,809,804 | ||||||
8,201,937 | ||||||||
Natural Gas Gathering/Processing - 3.0%(1) | ||||||||
United States - 3.0%(1) | ||||||||
EnLink Midstream LLC | 90,964 | 271,983 | ||||||
Equitrans Midstream Corporation | 108,596 | 1,116,367 | ||||||
Hess Midstream LP | 66,901 | 1,182,810 | ||||||
2,571,160 | ||||||||
Power - 1.7%(1) | | |||||||
United States - 1.7%(1) | ||||||||
Atlantica Sustainable Infrastructure PLC | 16,523 | 496,186 | ||||||
DTE Energy Company | 8,116 | 963,126 | ||||||
1,459,312 | ||||||||
Total Common Stock (Cost $19,017,748) | 15,218,550 | |||||||
Preferred Stock - 5.1%(1) | ||||||||
Natural Gas Gathering/Processing - 1.9%(1) | ||||||||
United States - 1.9%(1) | ||||||||
Targa Resources Corp., 9.500%(2)(3) | 1,685 | 1,634,113 | ||||||
Natural Gas Liquids Pipelines - 0.7%(1) | ||||||||
United States - 0.7%(1) | ||||||||
Altus Midstream Company, 7.000%(2)(3) | 483 | 550,810 | ||||||
Power/Utility - 2.5%(1) | ||||||||
United States - 2.5%(1) | ||||||||
Sempra Energy, 6.000%, 01/15/2021 | 21,189 | 2,155,981 | ||||||
Total Preferred Stock (Cost $4,058,191) | 4,340,904 | |||||||
Special Purpose Acquisition Companies - 2.5%(1) | ||||||||
Other - 2.5%(1) | ||||||||
United States - 2.5%(1) | ||||||||
Northern Genesis Acquisition Corp | 109,500 | 1,086,240 | ||||||
Star Peak Energy Transition Corp | 107,500 | 1,070,700 | ||||||
Total Special Purpose Acquisition Companies (Cost $2,169,731) | 2,156,940 | |||||||
Term Loan - 2.3%(1) | ||||||||
Other - 2.3%(1) | ||||||||
United States - 2.3%(1) | ||||||||
New Fortress Energy, 7.8534%, 01/10/2023 (Cost $1,959,397) | 2,000,000 | 1,960,000 | ||||||
Short-Term Investment - 0.2%(1) | ||||||||
United States Investment Company - 0.2%(1) | ||||||||
Invesco Government & Agency Portfolio - Institutional Class, 0.03%(4) (Cost $182,101) | 182,101 | 182,101 | ||||||
Total Investments - 130.0%(1) (Cost $125,457,098) | 110,767,960 | |||||||
Other Assets and Liabilities - 0.6%(1) | 563,763 | |||||||
Credit Facility Borrowings - (30.6)%(1) | (26,100,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 85,231,723 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | Restricted securities have a total fair value of $24,516,262 which represents 28.8% of net assets. See Note 6 to the financial statements for further disclosure. | |||
(3) | Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments, as more fully described in Note 2 to the financial statements. | |||
(4) | Rate indicated is the current yield as of August 31, 2020. |
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, 2020. These assets and liabilities are measured on a recurring basis.
TPZ: | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Corporate Bonds(a) | $ | - | $ | 66,381,264 | $ | - | $ | 66,381,264 | ||||||||
Convertible Bond(a) | - | - | 942,828 | 942,828 | ||||||||||||
Master Limited Partnerships(a) | 19,585,373 | - | - | 19,585,373 | ||||||||||||
Common Stock(a) | 15,218,550 | - | - | 15,218,550 | ||||||||||||
Preferred Stock(a) | 2,155,981 | - | 2,184,923 | 4,340,904 | ||||||||||||
Special Purpose Acquisition Companies(a) | 2,156,940 | - | - | 2,156,940 | ||||||||||||
Term Loan(a) | - | 1,960,000 | - | 1,960,000 | ||||||||||||
Short-Term Investment(b) | 182,101 | - | - | 182,101 | ||||||||||||
Total Assets | $ | 39,298,945 | $ | 68,341,264 | $ | 3,127,751 | $ | 110,767,960 | ||||||||
(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, 2020:
Preferred Stock | TPZ | |||
Balance – beginning of period | 4,629,781 | |||
Purchases | 16,475 | |||
Return of capital | - | |||
Sales | (2,439,257) | |||
Total realized gain/loss | 319,257 | |||
Change in unrealized gain/loss | (341,333) | |||
Balance – end of period | $ | 2,184,923 |
Convertible Bond | TPZ | |||
Balance – beginning of period | $ | - | ||
Purchases | 3,061,500 | |||
Return of capital | - | |||
Sales | 3,037,562 | |||
Total realized gain/loss | 500,065 | |||
Change in unrealized gain/loss | 18,828 | |||
Balance – end of period | $ | 942,828 | ||
TPZ | ||||
Change in unrealized gain/loss on investments still held at August 31, 2020 | $ | 304,448 | ||