Tortoise Pipeline & Energy Fund, Inc. | |||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||||
February 28, 2021 | |||||||||
Common Stock - 91.9%(1) | Shares | Fair Value | |||||||
Crude Oil Pipelines - 29.5%(1) | |||||||||
Canada - 22.6%(1) | |||||||||
Gibson Energy Inc | 50,815 | 864,885 | |||||||
Enbridge Inc. | 197,300 | 6,670,713 | |||||||
Inter Pipeline Ltd. | 93,257 | 1,312,457 | |||||||
Pembina Pipeline Corporation | 130,637 | 3,321,871 | |||||||
United States - 6.9%(1) | |||||||||
Plains GP Holdings, L.P. | 431,656 | 3,720,875 | |||||||
15,890,801 | |||||||||
Renewable Infrastructure - 10.0%(1) | |||||||||
United States - 10.0%(1) | |||||||||
Clearway Energy Inc. | 22,000 | 604,120 | |||||||
NextEra Energy Partners, LP | 29,030 | 2,108,739 | |||||||
Sempra Energy | 23,017 | 2,669,512 | |||||||
5,382,371 | |||||||||
Natural Gas Gathering/Processing - 7.9%(1) | |||||||||
United States - 7.9%(1) | |||||||||
Equitrans Midstream Corporation | 307,343 | 2,222,090 | |||||||
Hess Midstream Partners LP | 78,784 | 1,652,100 | |||||||
Rattler Midstream LP | 13 | 143 | |||||||
Targa Resources Corp. | 11,747 | 363,335 | |||||||
4,237,668 | |||||||||
Natural Gas/Natural Gas Liquids Pipelines - 44.5%(1) | |||||||||
Canada - 11.5%(1) | |||||||||
Keyera Corp. | 73,152 | 1,418,089 | |||||||
TC Energy Corporation | 113,623 | 4,764,212 | |||||||
United States - 33.0%(1) | |||||||||
Kinder Morgan Inc. | 389,508 | 5,725,768 | |||||||
ONEOK, Inc. | 108,842 | 4,820,612 | |||||||
The Williams Companies, Inc. | 317,849 | 7,259,671 | |||||||
23,988,352 | |||||||||
Total Common Stock (Cost $59,223,986) | 49,499,192 | ||||||||
Master Limited Partnerships - 35.5%(1) | |||||||||
Crude Oil Pipelines - 5.3%(1) | |||||||||
United States - 5.3%(1) | |||||||||
BP Midstream Partners LP | 14,840 | 169,324 | |||||||
NuStar Energy L.P. | 57,070 | 1,021,553 | |||||||
PBF Logistics LP | 24,710 | 283,918 | |||||||
Shell Midstream Partners, L.P. | 124,825 | 1,366,834 | |||||||
2,841,629 | |||||||||
Natural Gas/Natural Gas Liquids Pipelines - 13.3%(1) | |||||||||
United States - 13.3%(1) | |||||||||
DCP Midstream, LP | 57,358 | 1,253,846 | |||||||
Energy Transfer LP | 317,787 | 2,427,893 | |||||||
Enterprise Products Partners L.P. | 163,236 | 3,480,192 | |||||||
7,161,931 | |||||||||
Natural Gas Gathering/Processing - 3.1%(1) | |||||||||
United States - 3.1%(1) | |||||||||
Noble Midstream Partners LP | 24,065 | 336,910 | |||||||
Western Midstream Partners, LP | 79,732 | 1,325,943 | |||||||
1,662,853 | |||||||||
Other - 0.2%(1) | |||||||||
United States - 0.2%(1) | |||||||||
Westlake Chemical Partners LP | 4,940 | 116,139 | |||||||
Refined Product Pipelines - 13.6%(1) | |||||||||
United States - 13.6%(1) | |||||||||
Holly Energy Partners, L.P. | 41,962 | 723,005 | |||||||
Magellan Midstream Partners, L.P. | 56,630 | 2,359,772 | |||||||
MPLX LP | 160,097 | 3,811,910 | |||||||
Phillips 66 Partners LP | 16,282 | 434,404 | |||||||
7,329,091 | |||||||||
Total Master Limited Partnerships (Cost $21,660,114) | 19,111,643 | ||||||||
Preferred Stock - 1.2%(1) | |||||||||
Natural Gas/Natural Gas Liquids Pipelines - 1.2%(1) | |||||||||
United States - 1.2%(1) | |||||||||
Altus Midstream Company, 7.000%(2)(3) | 554 | 670,654 | |||||||
Total Preferred Stock (Cost $553,926) | 670,654 | ||||||||
Special Purpose Acquisition Company - 8.3%(1) | |||||||||
Energy Technology - 8.3%(1) | |||||||||
United States - 8.3%(1) | |||||||||
Bluescape Opportunities Acquisition Corp. | 29,721 | 318,609 | |||||||
Climate Change Crisis Real Impact Class A | 21,018 | 325,359 | |||||||
Climate Real Impact Solutions II Acquisition Corp. | 17,753 | 195,283 | |||||||
Decarbonization Plus Acquisition II | 8,810 | 93,650 | |||||||
ECP Environmental Growth Opportunities Corp. | 13,220 | 140,793 | |||||||
European Sustainable Growth Acquisition Corp. | 19,172 | 203,032 | |||||||
Flame Acquisition Corp. | 19,600 | 196,980 | |||||||
Hennessy Captial Investment Corp. V | 27,048 | 293,741 | |||||||
Kensington Capital Acquisition Corp. II | 4,471 | 48,957 | |||||||
Northern Genesis Acquisition Unit | 13,157 | 143,806 | |||||||
Power & Digital Infrastructure Acquisition Corp. | 15,426 | 167,372 | |||||||
Qell Acquisition Corp. | 14,956 | 178,276 | |||||||
Queen's Gambit Growth Capital | 17,843 | 188,244 | |||||||
Rice Acquisition Corp. | 22,456 | 245,220 | |||||||
RMG Acquisition Corp III | 11,012 | 115,626 | |||||||
Spartan Acquisition Corp III | 13,220 | 138,546 | |||||||
Spring Valley Acquisition Equity | 35,500 | 376,300 | |||||||
Star Peak Corp II | 12,280 | 138,764 | |||||||
Star Peak Energy Transition | 9,816 | 335,511 | |||||||
Sustainable Development Acquisition I Corp | 22,024 | 231,252 | |||||||
Switchback II Corp | 12,836 | 146,330 | |||||||
Warrior Technologies Acquisition Co. | 26,634 | 266,606 | |||||||
Total Special Purpose Acquisition Company (Cost $535,555) | 4,488,257 | ||||||||
Warrants - 0.3%(1) | |||||||||
Energy Technology - 0.3%(1) | |||||||||
Bluescape Opportunities Acquisition Corp. Warrant | 14,861 | 31,951 | |||||||
Climate Change Crisis Real Impact Warrant | 14,895 | 54,367 | |||||||
Qell Acquisition Corp. Warrant | 6,648 | 19,944 | |||||||
Spring Valley Acquisition Equity Warrant | 17,750 | 37,630 | |||||||
Rice Acquisition Corp. Warrant | 14,971 | 33,984 | |||||||
Total Warrants (Cost $122,619) | 177,876 | ||||||||
Short-Term Investment - 2.4%(1) | |||||||||
United States Investment Company - 2.4%(1) | |||||||||
Invesco Government & Agency Portfolio - Institutional Class, 0.01%(4) (Cost $1,286,716) | 1,286,716 | 1,286,716 | |||||||
Total Investments - 139.6%(1) (Cost $86,740,465) | 75,234,338 | ||||||||
Other Assets and Liabilities - (1.5)%(1) | (786,087 | ) | |||||||
Senior Notes - (26.8)%(1) | (14,457,143 | ) | |||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (11.3)%(1) | (6,100,000 | ) | |||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 53,891,108 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | ||||||||
(2) | Restricted securities have a total fair value of $670,654, which represents 1.2% of net assets. | ||||||||
(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 Notes the financial statements. | ||||||||
(4) | Rate indicated is the current yield as of February 28, 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 February 28, 2021. These assets and liabilities are measured on a recurring basis.
TTP: | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stock(a) | $ | 49,499,192 | $ | - | $ | - | $ | 49,499,192 | ||||||||
Master Limited Partnerships(a) | 19,111,643 | - | - | 19,111,643 | ||||||||||||
Warrants(a) | 177,876 | - | - | 177,876 | ||||||||||||
Preferred Stock(a) | - | - | 670,654 | 670,654 | ||||||||||||
Special Purpose Acquisition Companies(a) | 4,488,257 | - | - | 4,488,257 | ||||||||||||
Short-Term Investment(b) | 1,286,716 | - | - | 1,286,716 | ||||||||||||
Total Assets | $ | 74,563,684 | $ | - | $ | 670,654 | $ | 75,234,338 |
(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 28, 2021:
Preferred Stock | TTP |
Balance – beginning of period | $2,767,663 |
Purchases | - |
Return of capital | - |
Sales | (2,108,000) |
Total realized gain/loss | 325,603 |
Change in unrealized gain/loss | (314,612) |
Balance – end of period | $670,654 |