NPORT-EX 2 tyg.htm

Tortoise Energy Infrastructure Corporation
           
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
           
             
   
February 28, 2022
 
             
   
Principal
Amount/Shares
   
Fair Value
 
Common Stock - 96.3% (1)
           
Energy Technology - 1.1% (1)
           
United States - 1.1% (1)
           
ESS Tech, Inc. (2)
   
317,850
   
$
1,649,642
 
Fluence Energy, Inc. (2)
   
114,174
     
1,544,774
 
Stem, Inc. (2)
   
166,675
     
1,586,746
 
             
4,781,162
 
Natural Gas Gathering/Processing - 9.5% (1)
               
United States - 9.5% (1)
               
Targa Resources Corp.
   
658,190
     
43,025,880
 
                 
Natural Gas/Natural Gas Liquids Pipelines - 33.1% (1)
               
United States - 33.1% (1)
               
Cheniere Energy, Inc.
   
142,849
     
18,984,632
 
Kinder Morgan Inc.
   
1,443,949
     
25,124,713
 
ONEOK, Inc.
   
685,180
     
44,742,254
 
The Williams Companies, Inc.
   
1,933,782
     
60,488,701
 
             
149,340,300
 
Renewables and Power Infrastructure - 52.6% (1)
               
United States - 52.6% (1)
               
AES Corp.
   
1,078,820
     
22,903,349
 
Alliant Energy Corp.
   
461,981
     
26,979,690
 
American Electric Power Co, Inc.
   
346,293
     
31,391,460
 
Archaea Energy, Inc. (2)
   
316,715
     
5,808,553
 
Atlantica Sustainable Infrastructure PLC
   
600,395
     
20,263,331
 
Clearway Energy Inc.
   
997,808
     
33,326,787
 
DTE Energy Company
   
223,102
     
27,126,972
 
NextEra Energy, Inc.
   
121,028
     
9,472,862
 
NextEra Energy Partners, LP
   
437,110
     
34,098,951
 
Sempra Energy
   
183,331
     
26,439,997
 
             
237,811,952
 
Total Common Stock
               
(Cost $361,008,988)
           
434,959,294
 
                 
Master Limited Partnerships - 30.7% (1)
               
Crude Oil Pipelines - 1.3% (1)
               
United States - 1.3% (1)
               
NuStar Energy L.P.
   
363,960
     
5,808,802
 
                 
Natural Gas Gathering/Processing - 5.6% (1)
               
United States - 5.6% (1)
               
Western Midstream Partners, LP
   
971,673
     
25,302,365
 
                 
Natural Gas/Natural Gas Liquids Pipelines - 14.5% (1)
               
United States - 14.5% (1)
               
DCP Midstream, LP
   
602,984
     
19,946,711
 
Energy Transfer LP
   
2,703,132
     
27,409,758
 
Enterprise Products Partners L.P.
   
742,362
     
18,128,480
 
             
65,484,949
 
Refined Product Pipelines - 9.3% (1)
               
United States - 9.3% (1)
               
Magellan Midstream Partners L.P.
   
308,991
     
14,992,243
 
MPLX LP
   
824,471
     
27,026,160
 
             
42,018,403
 
Total Master Limited Partnerships
               
(Cost $119,303,797)
           
138,614,519
 
                 
Preferred Stock - 3.3% (1)
               
Natural Gas/Natural Gas Liquids Pipelines - 2.5% (1)
               
United States - 2.5% (1)
               
Altus Midstream Company 7.000% (3)(4)
   
8,758,969
     
11,098,665
 
                 
Renewable Infrastructure - 0.8% (1)
               
United States - 0.8% (1)
               
NextEra Energy, Inc.
   
72,016
     
3,608,002
 
Total Preferred Stock
               
(Cost $12,258,946)
           
14,706,667
 
                 
Private Investment - 2.6% (1)
               
Renewables - 2.6% (1)
               
United States - 2.6% (1)
               
TK NYS Solar Holdco, LLC (3)(4)(5)
               
(Cost $50,481,470)
   
N/A
     
11,744,821
 
                 
Corporate Bond - 0.8%(1)
               
Natural Gas Gathering/Processing - 0.8% (1)
               
United States - 0.8% (1)
               
EnLink Midstream Partners
               
6.000%, Perpetual
               
(Cost $4,584,965)
   
5,100,000
     
3,659,250
 
                 
Warrant - 0.0% (1)
               
Energy Technology - 0.0% (1)
               
EVgo, Inc. (2)
               
(Cost $1)
   
1
     
1
 
                 
Short-Term Investment - 0.1% (1)
               
United States Investment Company - 0.1%(1)
               
Invesco Government & Agency Portfolio - Institutional Class, 0.035% (6)
         
(Cost $537,615)
   
537,615
     
537,615
 
                 
Total Investments - 133.8% (1)
               
(Cost $548,175,782)
           
604,222,167
 
Liabilities in Excess of Other Assets - (1.4)% (1)
           
(6,464,314
)
Senior Notes - (19.0)% (1)
           
(85,826,667
)
Line of Credit - (5.5)% (1)
           
(24,600,000
)
Mandatory Redeemable Preferred Stock at Liquidation Value - (7.9)% (1)
           
(35,660,610
)
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
         
$
451,670,576
 

(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 $22,843,486 which represents 5.1% 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)
Deemed to be an affiliate of the fund.
     
(6)
Rate indicated is the current yield as of February 28, 2022.
     
         



Summary of Fair Value Exposure
         
The Fund has adopted fair value accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
             
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at fair value.
             
Municipal Bonds —Municipal bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most municipal bonds are categorized in Level 2 of the fair value hierarchy.
             
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Directors. The Board of Directors will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the Fund’s valuation committee.
             
When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the value realized upon the security’s sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be if the Fund were using market value pricing.
             
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
             
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of February 28, 2022.  These assets and liabilities are measured on a recurring basis.

Assets
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
434,959,294
   
$
-
   
$
-
   
$
434,959,294
 
Master Limited Partnerships
   
138,614,519
     
-
     
-
     
138,614,519
 
Preferred Stocks
   
3,608,002
     
-
     
11,098,665
     
14,706,667
 
Private Investments
   
-
     
-
     
11,744,821
     
11,744,821
 
Corporate Bonds
   
-
     
3,659,250
     
-
     
3,659,250
 
Warrants
   
1
     
-
     
-
     
1
 
Short Term Investments
   
537,615
     
-
     
-
     
537,615
 
Total Investments
 
$
577,719,431
   
$
3,659,250
   
$
22,843,486
   
$
604,222,167
 
                                 
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, 2022:
 
                                 
Preferred Stock
 
TYG
                         
Balance – beginning of period
 
$
13,302,893
                         
Purchases
   
-
                         
Return of capital
   
-
                         
Sales
   
(1,919,593
)
                       
Total realized gain/loss
   
251,218
                         
Change in unrealized gain/loss
   
(535,853
)
                       
Balance – end of period
 
$
11,098,665
                         
                                 
Private Investments
 
TYG
                         
Balance – beginning of period
 
$
11,744,821
                         
Purchases
   
-
                         
Return of capital
   
-
                         
Sales
   
-
                         
Total realized gain/loss
   
-
                         
Change in unrealized gain/loss
   
-
                         
Balance – end of period
 
$
11,744,821
                         
                                 
Change in unrealized gain/loss on
                               
investments still held at February 28, 2022
 
$
(535,853
)
                       
                                 
Refer to the Schedule of Investments for further information on the classification of investments.