Tortoise Pipeline & Energy Fund, Inc. | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
February 29, 2020 | ||||||||
Common Stock - 106.9%(1) | Shares | Fair Value | ||||||
Marine Transportation - 0.3%(1) | ||||||||
Monaco - 0.3%(1) | ||||||||
GasLog Partners LP | 64,973 | $ | 246,248 | |||||
Crude Oil Pipelines - 39.4%(1) | ||||||||
Canada - 27.9%(1) | ||||||||
Gibson Energy Inc | 188,122 | 3,590,751 | ||||||
Enbridge Inc. | 396,122 | 14,826,846 | ||||||
Inter Pipeline Ltd. | 384,808 | 5,693,639 | ||||||
Pembina Pipeline Corporation | 187,888 | 6,768,027 | ||||||
United States - 11.5%(1) | ||||||||
Plains GP Holdings, L.P. | 925,383 | 12,742,524 | ||||||
43,621,787 | ||||||||
Natural Gas Gathering/Processing - 20.1%(1) | ||||||||
United States - 20.1%(1) | ||||||||
Antero Midstream Corporation | 671,725 | 2,928,721 | ||||||
EnLink Midstream, LLC | 1,014,463 | 3,865,103 | ||||||
Equitrans Midstream Corporation | 299,763 | 2,116,327 | ||||||
Hess Midstream LP | 179,629 | 3,427,321 | ||||||
Rattler Midstream LP | 13 | 164 | ||||||
Targa Resources Corp. | 304,810 | 9,875,844 | ||||||
22,213,480 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 37.7%(1) | ||||||||
Canada - 8.3%(1) | ||||||||
Keyera Corp. | 82,825 | 1,988,170 | ||||||
TC Energy Corporation | 137,605 | 7,203,622 | ||||||
United States - 29.4%(1) | ||||||||
Kinder Morgan Inc. | 511,547 | 9,806,356 | ||||||
ONEOK, Inc. | 226,372 | 15,103,540 | ||||||
The Williams Companies, Inc. | 403,502 | 7,686,713 | ||||||
41,788,401 | ||||||||
Oil and Gas Production - 8.1%(1) | ||||||||
United States - 8.1%(1) | ||||||||
Cabot Oil & Gas Corporation(2) | 75,600 | 1,053,108 | ||||||
Cimarex Energy Co.(2) | 12,700 | 419,735 | ||||||
Concho Resources Inc.(2) | 7,700 | 523,754 | ||||||
Continental Resources, Inc.(2) | 19,700 | 373,315 | ||||||
Diamondback Energy, Inc.(2) | 6,200 | 384,400 | ||||||
EOG Resources, Inc.(2) | 14,800 | 936,248 | ||||||
EQT Corporation(2) | 50,400 | 295,848 | ||||||
Noble Energy, Inc.(2) | 53,800 | 851,654 | ||||||
Parsley Energy, Inc.(2) | 35,000 | 469,000 | ||||||
Pioneer Natural Resources Company(2) | 9,500 | 1,166,410 | ||||||
Viper Energy Partners LP(2) | 89,600 | 1,597,568 | ||||||
WPX Energy, Inc.(2)(3) | 98,800 | 921,804 | ||||||
8,992,844 | ||||||||
Power - 1.3%(1) | ||||||||
United States - 1.3%(1) | ||||||||
NextEra Energy Partners, LP | 25,349 | 1,461,877 | ||||||
Total Common Stock (Cost $158,178,124) | 118,324,637 | |||||||
Master Limited Partnerships - 36.8%(1) | ||||||||
Crude Oil Pipelines - 5.4%(1) | ||||||||
United States - 5.4%(1) | ||||||||
BP Midstream Partners LP | 33,891 | 451,428 | ||||||
NuStar Energy L.P. | 97,068 | 2,203,444 | ||||||
PBF Logistics LP | 56,355 | 1,069,054 | ||||||
Shell Midstream Partners, L.P. | 132,089 | 2,260,043 | ||||||
5,983,969 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 2.6%(1) | ||||||||
United States - 2.6%(1) | ||||||||
DCP Midstream, LP | 89,185 | 1,390,394 | ||||||
Energy Transfer LP | 1,080,959 | 11,977,026 | ||||||
Enterprise Products Partners L.P. | 145,209 | 3,389,178 | ||||||
16,756,598 | ||||||||
Natural Gas Gathering/Processing - 5.7%(1) | ||||||||
United States - 5.7%(1) | ||||||||
CNX Midstream Partners LP | 60,605 | 709,685 | ||||||
Noble Midstream Partners LP | 24,065 | 369,398 | ||||||
Western Midstream Partners, LP | 135,890 | 1,774,723 | ||||||
2,853,806 | ||||||||
Other - 0.2%(1) | ||||||||
United States - 0.2%(1) | ||||||||
Westlake Chemical Partners LP | 11,004 | 227,453 | ||||||
Refined Product Pipelines - 13.5%(1) | ||||||||
United States - 13.5%(1) | ||||||||
Holly Energy Partners, L.P. | 162,052 | 3,360,959 | ||||||
Magellan Midstream Partners, L.P. | 57,108 | 3,115,241 | ||||||
MPLX LP | 265,910 | 5,395,314 | ||||||
Phillips 66 Partners LP | 56,933 | 3,095,447 | ||||||
14,966,961 | ||||||||
Total Master Limited Partnerships (Cost $49,853,511) | 40,788,787 | |||||||
Preferred Stock - 5.5%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 0.5%(1) | ||||||||
United States - 0.5%(1) | ||||||||
Altus Midstream Company, 7.000%(4)(5)(6) | 544 | 568,625 | ||||||
Natural Gas Gathering/Processing - 2.0%(1) | ||||||||
United States - 2.0%(1) | ||||||||
Targa Resources Corp., 9.500%(4)(5) | 2,108 | 2,234,649 | ||||||
Power - 3.0%(1) | ||||||||
United States - 3.0%(1) | ||||||||
Sempra Energy, 6.000%, 01/15/2021 | 28,811 | 3,227,696 | ||||||
Total Preferred Stock (Cost $5,250,689) | 6,030,970 | |||||||
Short-Term Investment - 0.3%(1) | ||||||||
United States Investment Company - 0.3%(1) | ||||||||
Invesco Government & Agency Portfolio - Institutional Class, 1.49%(7) (Cost $319,272) | 319,272 | 319,272 | ||||||
Total Investments - 149.5%(1) (Cost $213,601,596) | 165,463,666 | |||||||
Total Value of Options Written (Premiums received $207,734)(8) - (0.1)%(1) | (103,773 | ) | ||||||
Other Assets and Liabilities - 3.0%(1) | 3,346,741 | |||||||
Credit Facility Borrowings - (7.2)%(1) | (8,000,000 | ) | ||||||
Senior Notes - (30.7)%(1) | (34,000,000 | ) | ||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (14.5)%(1) | (16,000,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 110,706,634 | ||||||
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | All or a portion of the security represents cover for outstanding call option contracts written. | |||
(3) | Non-income producing security. | |||
(4) | Restricted securities have a total fair value of $2,803,274, which represents 2.5% of net assets. See Note 6 to the financial statements for further disclosure. | |||
(5) | 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. | |||
(6) | Security distributions are paid-in-kind. Cash value of the 7.0% coupon is paid in the form of additional shares. | |||
(7) | Rate indicated is the current yield as of February 29, 2020. | |||
(8) | See Schedule of Options Written and Note 12 to the financial statements for further disclosure. |
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 February 29, 2020. These assets and liabilities are measured on a recurring basis.
TTP: | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stock(a) | $ | 118,324,637 | $ | - | $ | - | $ | 118,324,637 | ||||||||
Master Limited Partnerships(a) | 40,788,787 | - | - | 40,788,787 | ||||||||||||
Preferred Stock(a) | 3,227,696 | - | 2,803,274 | 6,030,970 | ||||||||||||
Short-Term Investment(b) | 319,272 | - | - | 319,272 | ||||||||||||
Total Assets | $ | 162,660,392 | $ | - | $ | 2,803,274 | $ | 165,463,666 | ||||||||
Liabilities | ||||||||||||||||
Written Call Options | $ | 49,663 | $ | 54,110 | $ | - | $ | 103,773 |
(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 February 29, 2020:
Preferred Stock | TTP | |||
Balance – beginning of period | $ | 5,990,475 | ||
Purchases | 9,363 | |||
Return of capital | - | |||
Sales | (3,338,844 | ) | ||
Total realized gain/loss | 433,391 | |||
Change in unrealized gain/loss | (291,111 | ) | ||
Balance – end of period | $ | 2,803,274 |