Tortoise Pipeline & Energy Fund, Inc.
|
|||||||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
|||||||||
August 31, 2016 | |||||||||
Shares |
Fair Value
|
||||||||
Common Stock - 88.7%(1)
|
|
||||||||
Crude Oil Pipelines - 26.9%(1)
|
|||||||||
Canada - 12.6%(1)
|
|||||||||
Enbridge Inc.
|
281,987 | $ | 11,135,667 | ||||||
Inter Pipeline Ltd.
|
502,133 | 10,920,263 | |||||||
Pembina Pipeline Corporation
|
177,160 | 5,330,741 | |||||||
United States - 14.3%(1)
|
|||||||||
Plains GP Holdings, L.P.
|
2,059,195 | 23,433,639 | |||||||
SemGroup Corporation
|
251,765 | 7,829,892 | |||||||
58,650,202 | |||||||||
Natural Gas Gathering/Processing - 9.3%(1)
|
|||||||||
United States - 9.3%(1)
|
|||||||||
EnLink Midstream, LLC
|
530,288 | 8,829,295 | |||||||
Targa Resources Corp.
|
263,723 | 11,493,048 | |||||||
20,322,343 | |||||||||
Natural Gas/Natural Gas Liquids Pipelines - 35.1%(1)
|
|||||||||
Canada - 11.5%(1)
|
|||||||||
Keyera Corp.
|
58,564 | 1,808,187 | |||||||
TransCanada Corporation
|
513,716 | 23,348,392 | |||||||
United States - 23.6%(1)
|
|||||||||
ONEOK, Inc.
|
490,833 | 23,015,159 | |||||||
Spectra Energy Corp
|
687,868 | 24,501,858 | |||||||
Tallgrass Energy GP, LP
|
175,642 | 4,087,189 | |||||||
76,760,785 | |||||||||
Oil and Gas Production - 14.0%(1)
|
|||||||||
United States - 14.0%(1)
|
|||||||||
Anadarko Petroleum Corporation(2)
|
30,500 | 1,630,835 | |||||||
Antero Resources Corporation(2)(3)
|
36,400 | 930,384 | |||||||
Cabot Oil & Gas Corporation(2)
|
115,900 | 2,854,617 | |||||||
Carrizo Oil & Gas, Inc.(2)(3)
|
20,100 | 769,629 | |||||||
Cimarex Energy Co.(2)
|
16,700 | 2,207,406 | |||||||
Concho Resources Inc.(2)(3)
|
24,400 | 3,152,480 | |||||||
Continental Resources, Inc.(2)(3)
|
22,900 | 1,098,284 | |||||||
Diamondback Energy, Inc.(2)(3)
|
10,400 | 990,600 | |||||||
EOG Resources, Inc.(2)
|
53,000 | 4,689,970 | |||||||
EQT Corporation(2)
|
8,300 | 593,450 | |||||||
Gulfport Energy Corporation(2)(3)
|
30,200 | 863,720 | |||||||
Hess Corporation(2)
|
10,200 | 553,860 | |||||||
Laredo Petroleum, Inc.(2)(3)
|
57,900 | 711,012 | |||||||
Newfield Exploration Company(2)(3)
|
31,500 | 1,365,840 | |||||||
Noble Energy, Inc.(2)
|
40,700 | 1,403,336 | |||||||
Occidental Petroleum Corporation(2)
|
7,200 | 553,320 | |||||||
PDC Energy, Inc.(2)(3)
|
2,300 | 152,720 | |||||||
Pioneer Natural Resources Company(2)
|
21,100 | 3,777,955 | |||||||
Range Resources Corporation(2)
|
31,800 | 1,226,526 | |||||||
RSP Permian, Inc.(2)(3)
|
24,600 | 960,630 | |||||||
30,486,574 | |||||||||
Refined Product Pipelines - 3.4%(1)
|
|||||||||
United States - 3.4%(1)
|
|||||||||
VTTI Energy Partners LP
|
384,360 | 7,391,243 | |||||||
Total Common Stock (Cost $189,872,482)
|
193,611,147 | ||||||||
Master Limited Partnerships and Related Companies - 39.2%(1)
|
|||||||||
Crude Oil Pipelines - 15.1%(1)
|
|||||||||
United States - 15.1%(1)
|
|||||||||
Enbridge Energy Management, L.L.C.(4)
|
760,852 | 17,316,998 | |||||||
Genesis Energy L.P.
|
76,499 | 2,737,899 | |||||||
Plains All American Pipeline, L.P.
|
166,915 | 4,683,635 | |||||||
Shell Midstream Partners, L.P.
|
34,207 | 1,042,287 | |||||||
Sunoco Logistics Partners L.P.
|
161,024 | 4,766,310 | |||||||
Tesoro Logistics LP
|
50,022 | 2,399,055 | |||||||
|
32,946,184 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 9.3%(1)
|
|||||||||
United States - 9.3%(1)
|
|||||||||
Columbia Pipeline Partners LP
|
13,783 | 187,035 | |||||||
Energy Transfer Partners, L.P.
|
290,907 | 11,618,826 | |||||||
Enterprise Products Partners L.P.
|
174,456 | 4,605,638 | |||||||
EQT Midstream Partners, LP
|
37,838 | 2,974,445 | |||||||
Tallgrass Energy Partners, LP
|
20,140 | 928,051 | |||||||
20,313,995 | |||||||||
Natural Gas Gathering/Processing - 9.3%(1)
|
|||||||||
United States - 9.3%(1)
|
|||||||||
DCP Midstream Partners, LP
|
58,115 | 1,904,429 | |||||||
EnLink Midstream Partners, LP
|
60,432 | 1,066,625 | |||||||
MPLX LP
|
225,964 | 7,486,187 | |||||||
Rice Midstream Partners LP
|
42,736 | 976,945 | |||||||
Western Gas Partners, LP
|
35,547 | 1,788,725 | |||||||
Williams Partners L.P.
|
185,555 | 7,069,646 | |||||||
20,292,557 | |||||||||
Refined Product Pipelines - 5.5%(1)
|
|||||||||
United States - 5.5%(1)
|
|||||||||
Buckeye Partners, L.P.
|
92,750 | 6,516,615 | |||||||
Magellan Midstream Partners, L.P.
|
35,211 | 2,476,390 | |||||||
Phillips 66 Partners LP
|
36,049 | 1,783,344 | |||||||
Valero Energy Partners LP
|
31,129 | 1,303,994 | |||||||
12,080,343 | |||||||||
Total Master Limited Partnerships and Related Companies (Cost $79,063,940)
|
85,633,079 | ||||||||
Preferred Stock - 1.8%(1)
|
|||||||||
Natural Gas Gathering/Processing - 1.1%(1)
|
|||||||||
United States - 1.1%(1)
|
|||||||||
Targa Resources Corp., 9.500%(5)
|
2,108 | 2,359,292 | |||||||
Oil and Gas Production - 0.7%(1)
|
|||||||||
United States - 0.7%(1)
|
|||||||||
Anadarko Petroleum Corporation, 7.500%, 06/07/2018
|
39,500 | 1,508,900 | |||||||
Total Preferred Stock (Cost $3,577,521)
|
3,868,192 | ||||||||
Warrants - 0.4%(1)
|
|||||||||
Natural Gas Gathering/Processing - 0.4%(1)
|
|||||||||
United States - 0.4%(1)
|
|||||||||
Targa Resources Corp. - Series A, $18.88, 03/16/2023(3)(5)
|
29,596 | 675,832 | |||||||
Targa Resources Corp. - Series B, $25.11, 03/16/2023(3)(5)
|
14,271 | 241,804 | |||||||
Total Warrants (Cost $304,733)
|
917,636 | ||||||||
Short-Term Investment - 0.0%(1)
|
|||||||||
United States Investment Company - 0.0%(1)
|
|||||||||
Government & Agency Portfolio - Institutional Class, 0.29%(6) (Cost $103,289)
|
103,289 | 103,289 | |||||||
Total Investments - 130.1%(1) (Cost $272,921,965)
|
284,133,343 | ||||||||
Total Value of Options Written (Premiums received $350,280) - (0.1)%(1)
|
(195,685 | ) | |||||||
Other Assets and Liabilities - (0.2)%(1)
|
(569,297 | ) | |||||||
Credit Facility Borrowings - (6.9)%(1)
|
(15,000,000 | ) | |||||||
Senior Notes - (15.6)%(1)
|
(34,000,000 | ) | |||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (7.3)%(1)
|
(16,000,000 | ) | |||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
|
$ | 218,368,361 | |||||||
(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)
|
Security distributions are paid-in-kind.
|
||||||||
(5)
|
Restricted securities have been fair valued in accordance with procedures approved by the Board of Directors and have
|
||||||||
a total fair value of $3,276,928, which represents 1.5% of net assets.
|
|||||||||
(6)
|
Rate indicated is the current yield as of August 31, 2016.
|
Tortoise Pipeline & Energy Fund, Inc.
|
||||||
SCHEDULE OF OPTIONS WRITTEN (Unaudited)
|
||||||
August 31, 2016
|
|
|||||
Call Options Written
|
Expiration
Date
|
Strike Price
|
Contracts
|
Fair Value
|
||
Anadarko Petroleum Corporation
|
September 2016
|
$ 57.50
|
305
|
$ (10,675)
|
||
Antero Resources Corporation
|
September 2016
|
29.00
|
241
|
(1,632)
|
||
Antero Resources Corporation
|
September 2016
|
29.50
|
123
|
(616)
|
||
Cabot Oil & Gas Corporation
|
September 2016
|
26.50
|
1,159
|
(19,467)
|
||
Carrizo Oil & Gas, Inc.
|
September 2016
|
39.50
|
108
|
(9,973)
|
||
Carrizo Oil & Gas, Inc.
|
September 2016
|
40.00
|
93
|
(6,510)
|
||
Cimarex Energy Co.
|
September 2016
|
140.00
|
167
|
(10,438)
|
||
Concho Resources Inc.
|
September 2016
|
143.50
|
244
|
(8,559)
|
||
Continental Resources, Inc.
|
September 2016
|
51.50
|
229
|
(13,202)
|
||
Diamondback Energy, Inc.
|
September 2016
|
105.00
|
104
|
(1,144)
|
||
EOG Resources, Inc.
|
September 2016
|
97.50
|
530
|
(2,650)
|
||
EQT Corporation
|
September 2016
|
72.50
|
83
|
(9,710)
|
||
Gulfport Energy Corporation
|
September 2016
|
28.50
|
126
|
(11,810)
|
||
Gulfport Energy Corporation
|
September 2016
|
29.00
|
176
|
(12,345)
|
||
Hess Corporation
|
September 2016
|
60.00
|
102
|
(1,530)
|
||
Laredo Petroleum, Inc.
|
September 2016
|
13.00
|
292
|
(10,220)
|
||
Laredo Petroleum, Inc.
|
September 2016
|
13.60
|
287
|
(7,513)
|
||
Newfield Exploration Company
|
September 2016
|
49.00
|
315
|
(1,890)
|
||
Noble Energy, Inc.
|
September 2016
|
37.50
|
407
|
(8,140)
|
||
Occidental Petroleum Corporation
|
September 2016
|
80.00
|
72
|
(576)
|
||
PDC Energy, Inc.
|
September 2016
|
68.25
|
23
|
(3,121)
|
||
Pioneer Natural Resources Company
|
September 2016
|
197.50
|
211
|
(18,462)
|
||
Range Resources Corporation
|
September 2016
|
41.00
|
318
|
(15,900)
|
||
RSP Permian, Inc.
|
September 2016
|
41.50
|
88
|
(4,597)
|
||
RSP Permian, Inc.
|
September 2016
|
42.75
|
158
|
(5,005)
|
||
Total Value of Call Options Written (Premiums received $350,280)
|
$ (195,685)
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stock(a)
|
$ | 193,611,147 | $ | - | $ | - | $ | 193,611,147 | ||||||||
Master Limited Partnerships and Related Companies(a)
|
85,633,079 | - | - | 85,633,079 | ||||||||||||
Preferred Stock(a)
|
1,508,900 | - | 2,359,292 | 3,868,192 | ||||||||||||
Warrants(a)
|
- | - | 917,636 | 917,636 | ||||||||||||
Short-Term Investment(b)
|
103,289 | - | - | 103,289 | ||||||||||||
Total Assets
|
$ | 280,856,415 | $ | - | $ | 3,276,928 | $ | 284,133,343 | ||||||||
Liabilities
|
||||||||||||||||
Written Call Options
|
$ | 88,135 | $ | 107,550 | $ | - | $ | 195,685 |
(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
|
Warrants
|
|||||||
Balance – beginning of period
|
$ | - | $ | - | ||||
Purchases
|
1,866,506 | 304,734 | ||||||
Return of capital
|
(92,341 | ) | - | |||||
Sales
|
- | - | ||||||
Total realized gains
|
- | - | ||||||
Change in unrealized gains
|
585,127 | 612,902 | ||||||
Balance – end of period
|
$ | 2,359,292 | $ | 917,636 |
Investment Security
|
Investment Type
|
Shares
|
Acquisition Date
|
Acquisition Cost
|
Fair Value
|
Fair Value as Percent of Net Assets
|
||||||||||||
Targa Resources Corp., 9.500%
|
Preferred Stock
|
2,108 |
03/16/16
|
$ | 1,866,506 | $ | 2,359,292 | 1.1 | % | |||||||||
Targa Resources Corp., Series A, $18.88, 03/16/2023
|
Warrants
|
29,596 |
03/16/16
|
224,854 | 675,832 | 0.3 | ||||||||||||
Targa Resources Corp., Series B, $25.11, 03/16/2023
|
Warrants
|
14,271 |
03/16/16
|
79,880 | 241,804 | 0.1 | ||||||||||||
$ | 2,171,240 | $ | 3,276,928 | 1.5 | % |
(a)
|
The registrant’s Chief Executive Officer and its Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
|
(b)
|
There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
Tortoise Pipeline & Energy Fund, Inc.
|
|||
Date: October 27, 2016
|
By:
|
/s/ P. Bradley Adams | |
P. Bradley Adams | |||
Chief Executive Officer | |||
Tortoise Pipeline & Energy Fund, Inc.
|
|||
Date: October 27, 2016
|
By:
|
/s/ P. Bradley Adams | |
P. Bradley Adams | |||
Chief Executive Officer | |||
Tortoise Pipeline & Energy Fund, Inc.
|
|||
Date: October 27, 2016
|
By:
|
/s/ Brent Behrens | |
Brent Behrens | |||
Principal Financial Officer and Treasurer | |||