Tortoise Pipeline & Energy Fund, Inc.
|
||||||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
||||||||
August 31, 2020
|
||||||||
Common Stock - 88.9%(1)
|
Shares
|
Fair Value
|
||||||
Crude Oil Pipelines - 28.6%(1)
|
||||||||
Canada - 23.1%(1)
|
||||||||
Gibson Energy Inc
|
50,815
|
925,255
|
||||||
Enbridge Inc.
|
175,500
|
5,619,510
|
||||||
Inter Pipeline Ltd.
|
93,257
|
984,513
|
||||||
Pembina Pipeline Corporation
|
130,637
|
3,235,002
|
||||||
United States - 5.5%(1)
|
||||||||
Plains GP Holdings, L.P.
|
352,356
|
2,575,722
|
||||||
13,340,002
|
||||||||
Natural Gas Gathering/Processing - 7.2%(1)
|
||||||||
United States - 10.2%(1)
|
||||||||
Equitrans Midstream Corporation
|
307,343
|
3,159,486
|
||||||
Hess Midstream Partners LP |
78,784 | 1,392,901 | ||||||
Rattler Midstream LP
|
13
|
109
|
||||||
Targa Resources Corp.
|
11,747
|
199,816
|
||||||
4,752,312
|
||||||||
Natural Gas/Natural Gas Liquids Pipelines - 46.3%(1)
|
||||||||
Canada - 14.2%(1)
|
||||||||
Keyera Corp.
|
73,152
|
1,335,900
|
||||||
TC Energy Corporation
|
113,623
|
5,301,649
|
||||||
United States - 32.1%(1)
|
||||||||
Kinder Morgan Inc.
|
389,508
|
5,383,001
|
||||||
ONEOK, Inc.
|
108,842
|
2,990,978
|
||||||
The Williams Companies, Inc.
|
317,849
|
6,598,543
|
||||||
21,610,071
|
||||||||
Diversified Infrastructure - 3.8%(1)
|
||||||||
United States - 3.8%(1)
|
||||||||
NextEra Energy Partners, LP
|
29,030
|
1,751,090
|
||||||
Total Common Stock (Cost $55,224,952)
|
41,453,475
|
|||||||
Master Limited Partnerships - 33.0%(1)
|
||||||||
Crude Oil Pipelines - 4.6%(1)
|
||||||||
United States - 4.6%(1)
|
||||||||
BP Midstream Partners LP
|
14,840
|
174,964
|
||||||
NuStar Energy L.P.
|
32,670
|
442,679
|
||||||
PBF Logistics LP
|
24,710
|
238,452
|
||||||
Shell Midstream Partners, L.P.
|
124,825
|
1,296,932
|
||||||
2,153,027
|
||||||||
Natural Gas/Natural Gas Liquids Pipelines - 11.6%(1)
|
||||||||
United States - 11.6%(1)
|
||||||||
DCP Midstream, LP
|
39,058
|
494,865
|
||||||
Energy Transfer LP
|
317,787
|
2,040,193
|
||||||
Enterprise Products Partners L.P.
|
163,236
|
2,866,424
|
||||||
5,401,482
|
||||||||
Natural Gas Gathering/Processing - 2.0%(1)
|
||||||||
United States - 2.0%(1)
|
||||||||
Noble Midstream Partners LP
|
24,065
|
215,622
|
||||||
Western Midstream Partners, LP
|
79,732
|
723,169
|
||||||
938,791
|
||||||||
Other - 0.2%(1)
|
||||||||
United States - 0.2%(1)
|
||||||||
Westlake Chemical Partners LP
|
4,940
|
100,035
|
||||||
Refined Product Pipelines - 14.6%(1)
|
||||||||
United States - 14.6%(1)
|
||||||||
Holly Energy Partners, L.P.
|
41,962
|
599,637
|
||||||
Magellan Midstream Partners, L.P.
|
56,630
|
2,152,506
|
||||||
MPLX LP
|
160,097
|
2,924,972
|
||||||
Phillips 66 Partners LP
|
42,166
|
1,135,109
|
||||||
6,812,224
|
||||||||
Total Master Limited Partnerships (Cost $22,764,078)
|
15,405,559
|
|||||||
Preferred Stock - 12.0%(1)
|
||||||||
Natural Gas/Natural Gas Liquids Pipelines - 1.3%(1)
|
||||||||
United States - 1.3%(1)
|
||||||||
Altus Midstream Company, 7.000%(2)(3)
|
554
|
631,565
|
||||||
Natural Gas Gathering/Processing - 4.4%(1)
|
||||||||
United States - 4.4%(1)
|
||||||||
Targa Resources Corp., 9.500%(2)(3)
|
2,108
|
2,044,338
|
||||||
Power - 6.3%(1)
|
||||||||
United States - 6.3%(1)
|
||||||||
Sempra Energy, 6.000%, 01/15/2021
|
28,811
|
2,931,519
|
||||||
Total Preferred Stock (Cost $5,260,216)
|
5,607,422
|
|||||||
Special Purpose Acquisition Companies - 2.8%(1)
|
||||||||
Other - 2.8%(1)
|
||||||||
United States - 2.8%(1)
|
||||||||
Northern Genesis Acquisition Corp
|
64,600
|
640,832
|
||||||
Star Peak Energy Transition Corp
|
65,800
|
655,368
|
||||||
Total Special Purpose Acquisition Companies (Cost $1,303,839)
|
1,296,200
|
|||||||
Short-Term Investment - 16.2%(1)
|
||||||||
United States Investment Company - 16.2%(1)
|
||||||||
Invesco Government & Agency Portfolio - Institutional Class, 0.03%(4) (Cost $7,554,994)
|
7,554,994
|
7,554,994
|
||||||
Total Investments - 152.9%(1) (Cost $92,108,079)
|
71,317,650
|
|||||||
Other Assets and Liabilities - (0.4)%(1)
|
(181,796
|
)
|
||||||
Senior Notes - (39.4)%(1)
|
(18,400,000
|
)
|
||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (13.1)%(1)
|
(6,100,000
|
)
|
||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
|
$
|
46,635,854
|
(1)
|
Calculated as a percentage of net assets applicable to common stockholders.
|
|||
(2)
|
Restricted securities have a total fair value of $2,675,903, which represents 5.7% 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.
|
TTP:
|
||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stock(a)
|
$
|
41,453,475
|
$
|
-
|
$
|
-
|
$
|
41,453,475
|
||||||||
Master Limited Partnerships(a)
|
15,405,559
|
-
|
-
|
15,405,559
|
||||||||||||
Preferred Stock(a)
|
2,931,519
|
-
|
2,675,903
|
5,607,422
|
||||||||||||
Special Purpose Acquisition Companies
|
1,296,200
|
- | - | 1,296,200 | ||||||||||||
Short-Term Investment(b)
|
7,554,994
|
-
|
-
|
7,554,994
|
||||||||||||
Total Assets
|
$
|
68,641,747
|
$
|
-
|
$
|
2,675,903
|
$
|
71,317,650
|
(a)
|
All other industry classifications are identified in the Schedule of Investments.
|
(b)
|
Short-term investment is a sweep investment for cash balances.
|
Preferred Stock
|
TTP
|
|||
Balance – beginning of period
|
$
|
5,990,475
|
||
Purchases
|
18,890
|
|||
Return of capital
|
-
|
|||
Sales
|
(3,310,291)
|
|
||
Total realized gain/loss
|
433,391
|
|||
Change in unrealized gain/loss
|
(456,462)
|
|
||
Balance – end of period
|
$
|
2,675,903
|
TTP
|
||||
Change in unrealized gain/loss on investments still held at
August 31, 2020
|
$
|
(148,471)
|
|
|