Tortoise Pipeline & Energy Fund, Inc. | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
August 31, 2021 | ||||||||
Common Stock - 95.6%(1) | Shares | Fair Value | ||||||
Crude Oil Pipelines - 27.9%(1) | ||||||||
Canada - 20.4%(1) | ||||||||
Enbridge Inc. | 197,300 | $ | 7,755,863 | |||||
Gibson Energy Inc | 50,815 | 916,696 | ||||||
Pembina Pipeline Corporation | 130,637 | 3,981,289 | ||||||
United States - 7.5%(1) | ||||||||
Plains GP Holdings, L.P. | 476,656 | 4,652,163 | ||||||
17,306,011 | ||||||||
Renewable Infrastructure - 10.1%(1) | ||||||||
United States - 10.1%(1) | ||||||||
Archaea Energy Inc.(2) | 14,797 | 236,752 | ||||||
Clearway Energy Inc. | 22,000 | 690,580 | ||||||
NextEra Energy Partners, LP | 29,030 | 2,320,368 | ||||||
Sempra Energy | 23,017 | 3,046,530 | ||||||
6,294,230 | ||||||||
Energy Technology - 2.6%(1) | ||||||||
United States - 2.6%(1) | ||||||||
ArcLight Clean Transition Corp. II Class A (2) | 11,279 | 108,842 | ||||||
Bluescape Opportunities Acquisition Corp. (2) | 14,526 | 141,047 | ||||||
Climate Real Impact Solutions II Acquisition Corp. Class A (2) | 8,875 | 85,821 | ||||||
ESM Acquisition Corp. (2) | 11,202 | 107,763 | ||||||
EVgo Inc. (2) | 16,501 | 151,479 | ||||||
Flame Acquisition Corp. (2) | 19,600 | 189,924 | ||||||
Northern Genesis Acquisition Corp. III (2) | 15,772 | 153,462 | ||||||
Peridot Acquisition Corp. II (2) | 10,082 | 97,388 | ||||||
RMG Acquisition Corp. III (2) | 11,012 | 106,266 | ||||||
Sustainable Development Acquisition I Corp. (2) | 11,012 | 106,706 | ||||||
Tech and Energy Transition Corp. (2) | 24,599 | 237,134 | ||||||
Warrior Technologies Acquisition Co. Class A (2) | 13,317 | 130,373 | ||||||
1,616,205 | ||||||||
Natural Gas Gathering/Processing - 10.0%(1) | ||||||||
United States - 10.0%(1) | ||||||||
Antero Midstream Corporation | 101,317 | 973,656 | ||||||
Equitrans Midstream Corporation | 307,343 | 2,683,104 | ||||||
Hess Midstream Partners LP | 78,784 | 2,027,900 | ||||||
Targa Resources Corp. | 11,747 | 515,928 | ||||||
6,200,588 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 45.0%(1) | ||||||||
Canada - 11.5%(1) | ||||||||
Keyera Corp. | 73,152 | 1,761,469 | ||||||
TC Energy Corporation | 113,623 | 5,394,820 | ||||||
United States - 33.5%(1) | ||||||||
Kinder Morgan Inc. | 389,508 | 6,337,295 | ||||||
ONEOK, Inc. | 125,406 | 6,586,323 | ||||||
The Williams Companies, Inc. | 317,849 | 7,847,692 | ||||||
27,927,599 | ||||||||
Total Common Stock (Cost $60,878,771) | 59,344,633 | |||||||
Master Limited Partnerships - 33.5%(1) | ||||||||
Crude Oil Pipelines - 3.9%(1) | ||||||||
United States - 3.9%(1) | ||||||||
NuStar Energy L.P. | 57,070 | 927,388 | ||||||
Shell Midstream Partners, L.P. | 124,825 | 1,519,120 | ||||||
2,446,508 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 14.1%(1) | ||||||||
United States - 14.1%(1) | ||||||||
DCP Midstream, LP | 57,358 | 1,494,749 | ||||||
Energy Transfer LP | 386,197 | 3,591,632 | ||||||
Enterprise Products Partners L.P. | 163,236 | 3,633,633 | ||||||
8,720,014 | ||||||||
Natural Gas Gathering/Processing - 2.5%(1) | ||||||||
United States - 2.5%(1) | ||||||||
Western Midstream Partners, LP | 79,732 | 1,573,910 | ||||||
Other - 0.2%(1) | ||||||||
United States - 0.2%(1) | ||||||||
Westlake Chemical Partners LP | 4,940 | 128,638 | ||||||
Refined Product Pipelines - 12.8%(1) | ||||||||
United States - 12.8%(1) | ||||||||
Holly Energy Partners, L.P. | 41,962 | 780,493 | ||||||
Magellan Midstream Partners, L.P. | 56,630 | 2,786,762 | ||||||
MPLX LP | 134,271 | 3,775,701 | ||||||
Phillips 66 Partners LP | 16,282 | 582,082 | ||||||
7,925,038 | ||||||||
Total Master Limited Partnerships (Cost $19,679,797) | 20,794,108 | |||||||
Preferred Stock - 1.1%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 1.1%(1) | ||||||||
United States - 1.1%(1) | ||||||||
Altus Midstream Company, 7.000%(3)(4) (Cost $553,926) | 554 | 677,751 | ||||||
Special Purpose Acquisition Company Warrants - 0.2%(1) | ||||||||
Energy Technology - 0.2%(1) | ||||||||
United States - 0.2%(1) | ||||||||
ArcLight Clean Transition Corp. II Warrant (2) | 2,256 | 2,256 | ||||||
Bluescape Opportunities Acquisition Corp. Warrant (2) | 14,861 | 13,525 | ||||||
Climate Real Impact Solutions II Acquisition Corp. Warrant (2) | 3,551 | 3,303 | ||||||
ESM Acquisition Corp. Warrant (2) | 3,734 | 2,240 | ||||||
EVgo Inc. Warrant (2) | 14,895 | 30,683 | ||||||
First Reserve Sustainable Growth Co. Warrant (2) | 2,027 | 1,277 | ||||||
Flame Acquisition Corp. Warrant (2) | 9,800 | 8,319 | ||||||
Northern Genesis Acquisition Corp. III Warrant (2) | 3,943 | 3,549 | ||||||
Peridot Acquisition Corp. II Warrant (2) | 2,016 | 1,532 | ||||||
Qell Acquisition Corp. Warrant (2) | 6,648 | 10,637 | ||||||
RMG Acquisition Corp. III Warrant (2) | 2,203 | 1,984 | ||||||
Sustainable Development Acquisition Warrant (2) | 5,506 | 3,635 | ||||||
Tech and Energy Transition Corp. Warrant (2) | 8,200 | 5,239 | ||||||
Warrior Technologies Acquisition Co. Warrant (2) | 6,658 | 3,995 | ||||||
Total Warrants (Cost $108,942) | 92,174 | |||||||
Short-Term Investment - 2.9%(1) | ||||||||
United States Investment Company - 2.9%(1) | ||||||||
Invesco Government & Agency Portfolio - Institutional Class, 0.03% (5) (Cost $1,780,047) | 1,780,047 | 1,780,047 | ||||||
Total Investments - 133.3%(1) (Cost $83,001,483) | 82,688,713 | |||||||
Other Assets and Liabilities - (0.2)%(1) | (88,531 | ) | ||||||
Senior Notes - (23.3)%(1) | (14,457,143 | ) | ||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (9.8)%(1) | (6,100,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 62,043,039 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | Non-income producing security. | |||
(3) | Restricted securities have a total fair value of $677,751, which represents 1.1% of net assets. | |||
(4) | Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments. | |||
(5) | 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.
TTP: | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stock(a) | $ | 59,344,633 | $ | - | $ | - | $ | 59,344,633 | ||||||||
Master Limited Partnerships(a) | 20,794,108 | - | - | 20,794,108 | ||||||||||||
Preferred Stock(a) | - | - | 677,751 | 677,751 | ||||||||||||
Special Purpose Acquisition Company Warrants(a) | 92,174 | - | - | 92,174 | ||||||||||||
Short-Term Investment(b) | 1,780,047 | - | - | 1,780,047 | ||||||||||||
Total Assets | $ | 82,010,962 | $ | - | $ | 677,751 | $ | 82,688,713 |
(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 | 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 | (307,515 | ) | ||
Balance – end of period | $ | 677,751 |