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Form NPORT-P TORTOISE ENERGY INDEPEND For: Feb 28

April 29, 2021 5:16 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0001547158
          XXXXXXXX
        
      
      
      
      
      
    
  
  
    
      Tortoise Energy Independence Fund
      811-22690
      0001547158
      5493005UTWHF1U2B2H30
      5100 W. 115th Place
      Leawood
      
      66211
      913-981-1020
      Tortoise Energy Independence Fund
      5493005UTWHF1U2B2H30
      2021-11-30
      2021-02-28
      N
    
    
      42797627.810000000000
      4635576.410000000000
      38162051.400000000000
      0.000000000000
      0.000000000000
      4400000.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        BP PLC
        213800LH1BZH3DI6G760
        BP PLC
        055622104
        
          
          
        
        39283.000000000000
        NS
        USD
        958898.030000000000
        2.5127004310
        Long
        EC
        CORP
        GB
        N
        1
        
          N
          N
          N
        
      
      
        Cabot Oil & Gas Corp
        FCNMH6O7VWU7LHXMK351
        Cabot Oil & Gas Corp
        127097103
        
          
          
        
        125700.000000000000
        NS
        USD
        2326707.000000000000
        6.0969128090
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        Cheniere Energy Inc
        16411R208
        
          
          
        
        38900.000000000000
        NS
        USD
        2621471.000000000000
        6.8693136344
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        Chevron Corp
        166764100
        
          
          
        
        27300.000000000000
        NS
        USD
        2730000.000000000000
        7.1537034825
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        Clearway Energy Inc
        18539C204
        
          
          
        
        16822.000000000000
        NS
        USD
        461932.120000000000
        1.2104488702
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Climate Change Crisis Real Imp
        N/A
        Climate Change Crisis Real Impact I Acquisition Corp
        18716C100
        
          
          
        
        10704.000000000000
        NS
        USD
        165697.920000000000
        0.4341955265
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        CLIMATE CHANGE CRISIS - CL A
        N/A
        Climate Change Crisis Real Impact I Acquisition Corp
        18716C118
        
          
          
        
        7735.500000000000
        NS
        USD
        28234.580000000000
        0.0739860122
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              New York
              N/A
            
            Call
            Purchased
            
              
                Climate Change Crisis Real Imp
                Climate Change Crisis Real Impact I Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2025-09-15
            XXXX
            17638.000000000000
          
        
        
          N
          N
          N
        
      
      
        Climate Real Impact Solutions
        N/A
        Climate Real Impact Solutions II Acquisition Corp
        187171202
        
          
          
        
        9712.000000000000
        NS
        USD
        106832.000000000000
        0.2799430221
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        ConocoPhillips
        20825C104
        
          
          
        
        83480.000000000000
        NS
        USD
        4341794.800000000000
        11.3772573557
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Decarbonization Plus Acquisiti
        N/A
        Decarbonization Plus Acquisition Corp II
        242794204
        
          
          
        
        4732.000000000000
        NS
        USD
        50301.160000000000
        0.1318093712
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Diamondback Energy Inc
        549300R22LSX6OHWEN64
        Diamondback Energy Inc
        25278X109
        
          
          
        
        39717.000000000000
        NS
        USD
        2751593.760000000000
        7.2102878620
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        ECP Environmental Growth Oppor
        N/A
        ECP Environmental Growth Opportunities Corp
        26829T209
        
          
          
        
        7228.000000000000
        NS
        USD
        76978.200000000000
        0.2017139991
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        EOG Resources Inc
        26875P101
        
          
          
        
        40200.000000000000
        NS
        USD
        2595312.000000000000
        6.8007664808
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        EQT Corp
        26884L109
        
          
          
        
        123800.000000000000
        NS
        USD
        2202402.000000000000
        5.7711834642
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc
        98TPTUM4IVMFCZBCUR27
        Enbridge Inc
        29250N105
        
          
          
        
        47200.000000000000
        NS
        USD
        1595832.000000000000
        4.1817248849
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        MTLVN9N7JE8MIBIJ1H73
        Energy Transfer LP
        29273V100
        
          
          
        
        116900.000000000000
        NS
        USD
        893116.000000000000
        2.3403249229
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Enterprise Products Partners L
        K4CDIF4M54DJZ6TB4Q48
        Enterprise Products Partners LP
        293792107
        
          
          
        
        88300.000000000000
        NS
        USD
        1882556.000000000000
        4.9330576605
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Hennessy Capital Investment Co
        N/A
        Hennessy Capital Investment Corp V
        42589T206
        
          
          
        
        20648.000000000000
        NS
        USD
        224237.280000000000
        0.5875923117
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan Inc
        549300WR7IX8XE0TBO16
        Kinder Morgan Inc/DE
        49456B101
        
          
          
        
        104400.000000000000
        NS
        USD
        1534680.000000000000
        4.0214819269
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Magellan Midstream Partners LP
        MZF5TI8NFVZZNUSKDL39
        Magellan Midstream Partners LP
        559080106
        
          
          
        
        19323.000000000000
        NS
        USD
        805189.410000000000
        2.1099217166
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
          
        
        21112.000000000000
        NS
        USD
        1551309.760000000000
        4.0650586200
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Northern Genesis Acquisition C
        N/A
        Northern Genesis Acquisition Corp II
        66516U200
        
          
          
        
        6815.000000000000
        NS
        USD
        74487.950000000000
        0.1951885375
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Co
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Co
        723787107
        
          
          
        
        27164.000000000000
        NS
        USD
        4035755.480000000000
        10.5753106344
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Plains All American Pipeline L
        5521FA2ITF25TVH63740
        Plains All American Pipeline LP
        726503105
        
          
          
        
        39700.000000000000
        NS
        USD
        335068.000000000000
        0.8780135965
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Power & Digital Infrastructure
        N/A
        Power & Digital Infrastructure Acquisition Corp
        739190205
        
          
          
        
        8432.000000000000
        NS
        USD
        91487.200000000000
        0.2397334437
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Rice Acquisition Corp
        N/A
        Rice Acquisition Corp
        762594109
        
          
          
        
        11523.000000000000
        NS
        USD
        125831.160000000000
        0.3297285009
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        RICE ACQUISITION CORP-CL A
        N/A
        Rice Acquisition Corp
        762594117
        
          
          
        
        7682.000000000000
        NS
        USD
        17438.140000000000
        0.0456949754
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              New York
              N/A
            
            Call
            Purchased
            
              
                Rice Acquisition Corp
                Rice Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2027-10-26
            XXXX
            2967.040000000000
          
        
        
          N
          N
          N
        
      
      
        Royal Dutch Shell PLC
        21380068P1DRHMJ8KU70
        Royal Dutch Shell PLC
        780259206
        
          
          
        
        36800.000000000000
        NS
        USD
        1509904.000000000000
        3.9565587923
        Long
        EC
        CORP
        NL
        N
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        Sempra Energy
        816851109
        
          
          
        
        7500.000000000000
        NS
        USD
        869850.000000000000
        2.2793585986
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        STIT - Government & Agency Por
        5493007T1J7WZ5QI1A47
        STIT-Government and Agency Portfolio
        825252885
        
          
          
        
        265008.690000000000
        NS
        USD
        265008.690000000000
        0.6944298859
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Spartan Acquisition Corp III
        N/A
        Spartan Acquisition Corp III
        84677R205
        
          
          
        
        7228.000000000000
        NS
        USD
        75749.440000000000
        0.1984941512
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Star Peak Corp II
        N/A
        Star Peak Corp II
        855179206
        
          
          
        
        6334.000000000000
        NS
        USD
        71574.200000000000
        0.1875533347
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Star Peak Energy Transition Co
        N/A
        Star Peak Energy Transition Corp
        855185104
        
          
          
        
        5241.000000000000
        NS
        USD
        179137.380000000000
        0.4694123440
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Sustainable Development Acquis
        N/A
        Sustainable Development Acquisition I Corp
        86934L202
        
          
          
        
        11830.000000000000
        NS
        USD
        124215.000000000000
        0.3254935085
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        TC Energy Corp
        549300UGKOFV2IWJJG27
        TC Energy Corp
        87807B107
        
          
          
        
        28748.000000000000
        NS
        USD
        1205403.640000000000
        3.1586447682
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        Williams Cos Inc/The
        969457100
        
          
          
        
        105500.000000000000
        NS
        USD
        2409620.000000000000
        6.3141783830
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Noble Midstream Partners LP
        N/A
        Noble Midstream Partners LP
        65506L105
        
          
          
        
        37208.000000000000
        NS
        USD
        520912.000000000000
        1.3649999958
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        ARCLIGHT CLEAN TRANSITION-A
        N/A
        ArcLight Clean Transition Corp
        G04561125
        
          
          
        
        .500000000000
        NS
        USD
        3.490000000000
        0.0000091452
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              NASDAQ CM
              N/A
            
            Call
            Purchased
            
              
                ArcLight Clean Transition Corp
                ArcLight Clean Transition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2027-09-22
            XXXX
            2.800000000000
          
        
        
          N
          N
          N
        
      
      
        Bluescape Opportunities Acquis
        N/A
        Bluescape Opportunities Acquisition Corp
        G1195N105
        
          
          
        
        15155.000000000000
        NS
        USD
        162461.600000000000
        0.4257150600
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        BLUESCAPE OPPORTUNITIES AC-A
        N/A
        Bluescape Opportunities Acquisition Corp
        G1195N113
        
          
          
        
        7577.500000000000
        NS
        USD
        16291.630000000000
        0.0426906558
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              New York
              N/A
            
            Call
            Purchased
            
              
                Bluescape Opportunities Acquis
                Bluescape Opportunities Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2026-01-31
            XXXX
            2016.900000000000
          
        
        
          N
          N
          N
        
      
      
        European Sustainable Growth Ac
        N/A
        European Sustainable Growth Acquisition Corp
        G3194F125
        
          
          
        
        10424.000000000000
        NS
        USD
        110390.160000000000
        0.2892668396
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        PERIDOT ACQUISITION CORP -A
        N/A
        Peridot Acquisition Corp
        G7008A107
        
          
          
        
        .500000000000
        NS
        USD
        1.360000000000
        0.0000035637
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              New York
              N/A
            
            Call
            Purchased
            
              
                Peridot Acquisition Corp
                Peridot Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2027-11-30
            XXXX
            .570000000000
          
        
        
          N
          N
          N
        
      
      
        Qell Acquisition Corp
        N/A
        Qell Acquisition Corp
        G7307X105
        
          
          
        
        7768.000000000000
        NS
        USD
        92594.560000000000
        0.2426351745
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        QELL ACQUISITION CORP-A SHRS
        N/A
        Qell Acquisition Corp
        G7307X113
        
          
          
        
        3452.333333000000
        NS
        USD
        10357.000000000000
        0.0271395264
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              NASDAQ CM
              N/A
            
            Call
            Purchased
            
              
                Qell Acquisition Corp
                Qell Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2025-09-25
            XXXX
            2021.880000000000
          
        
        
          N
          N
          N
        
      
      
        Queen's Gambit Growth Capital
        N/A
        Queen's Gambit Growth Capital
        G7315C127
        
          
          
        
        9611.000000000000
        NS
        USD
        101396.050000000000
        0.2656986359
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        RMG Acquisition Corp III
        N/A
        RMG Acquisition Corp III
        G76088114
        
          
          
        
        5914.000000000000
        NS
        USD
        62097.000000000000
        0.1627192400
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Spring Valley Acquisition Corp
        N/A
        Spring Valley Acquisition Corp
        G8377A108
        
          
          
        
        17800.000000000000
        NS
        USD
        188680.000000000000
        0.4944178656
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        SPRING VALLEY ACQUIS-CLASS A
        N/A
        Spring Valley Acquisition Corp
        G8377A124
        
          
          
        
        8900.000000000000
        NS
        USD
        18868.000000000000
        0.0494417866
        N/A
        DE
        CORP
        US
        N
        1
        
          
            
              NASDAQ CM
              N/A
            
            Call
            Purchased
            
              
                Spring Valley Acquisition Corp
                Spring Valley Acquisition Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            11.500000000000
            USD
            2027-05-20
            XXXX
            3840.630000000000
          
        
        
          N
          N
          N
        
      
      
        Switchback II Corp
        N/A
        Switchback II Corp
        G8633T123
        
          
          
        
        6621.000000000000
        NS
        USD
        75479.400000000000
        0.1977865372
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
    
    
      2021-04-29
      Tortoise Energy Independence Fund
      /s/ Diane Bono
      Diane Bono
      Chief Compliance Officer
    
  
  XXXX




Tortoise Energy Independence Fund, Inc.
           
SCHEDULE OF INVESTMENTS (Unaudited)
           
             
   
February 28, 2021
 
Common Stock - 92.2%(1)
 
Shares
   
Fair Value
 
             
Crude Oil Pipelines - 4.2%(1)
           
Canada - 4.2%(1)
           
Enbridge Inc.
   
47,200
     
1,595,833
 
Renewable Infrastructure - 7.6%(1)
               
United States - 7.6%(1)
               
Clearway Energy Inc.
   
16,822
     
461,932
 
NextEra Energy, Inc.
   
21,112
     
1,551,310
 
Sempra Energy
   
7,500
     
869,850
 
             
2,883,092
 
                 
Natural Gas/Natural Gas Liquids Pipelines - 19.8%(1)
               
United States - 19.8%(1)
               
Cheniere Energy, Inc.(2)
   
38,900
     
2,621,471
 
Kinder Morgan Inc.
   
113,064
     
1,662,041
 
TC Energy Corporation
   
28,748
     
1,205,404
 
The Williams Companies, Inc.
   
91,098
     
2,080,678
 
             
7,569,594
 
Oil and Gas Production - 60.6%(1)
               
United States - 60.6%(1)
               
BP PLC
   
39,283
     
958,898
 
Cabot Oil & Gas Corporation
   
113,490
     
2,100,700
 
Chevron Corporation
   
27,300
     
2,730,000
 
ConocoPhillips
   
83,480
     
4,341,795
 
Diamondback Energy, Inc.
   
39,717
     
2,751,594
 
EOG Resources, Inc.
   
40,200
     
2,595,312
 
EQT Corporation(2)
   
118,237
     
2,103,436
 
Pioneer Natural Resources Company
   
27,164
     
4,035,756
 
Royal Dutch Shell PLC
   
36,800
     
1,509,904
 
             
23,127,395
 
                 
Total Common Stock (Cost $31,744,738)
           
35,175,914
 
                 
Master Limited Partnerships - 11.6%(1)
               
Crude Oil Pipelines - 0.9%(1)
               
United States - 0.9%(1)
               
Plains All American Pipeline, L.P.
   
39,700
     
335,068
 
                 
Natural Gas/Natural Gas Liquids Pipelines - 7.3%(1)
               
United States - 7.3%(1)
               
Energy Transfer LP
   
116,900
     
893,116
 
Enterprise Products Partners L.P.
   
88,300
     
1,882,556
 
             
2,775,672
 
Natural Gas Gathering/Processing - 1.3%(1)
               
United States - 1.3%(1)
               
Noble Midstream Partners LP
   
37,208
     
520,912
 
                 
Refined Product Pipelines - 2.1%(1)
               
United States - 2.1%(1)
               
Magellan Midstream Partners, L.P.
   
19,323
     
805,189
 
                 
Total Master Limited Partnerships (Cost $5,307,905)
           
4,436,841
 
                 
Special Purpose Acquisition Company - 6.4%(1)
               
Energy Technology - 6.4%(1)
               
United States - 6.4%(1)
               
Bluescape Opportunities Acquisition Corp.
   
15,155
     
162,462
 
Climate Change Crisis Real Impact Class A
   
10,704
     
165,698
 
Climate Real Impact Solutions II Acquisition Corp.
   
9,712
     
106,832
 
Decarbonization Plus Acquisition II
   
4,732
     
50,301
 
ECP Environmental Growth Opportunities Corp.
   
7,228
     
76,978
 
European Sustainable Growth Acquisition Corp.
   
10,424
     
110,390
 
Flame Acquisition Corp.
   
11,100
     
111,555
 
Hennessy Captial Investment Corp. V
   
20,648
     
224,237
 
Kensington Capital Acquisition Corp. II
   
2,514
     
27,528
 
Northern Genesis Acquisition Unit
   
6,815
     
74,488
 
Peridot Acquisition Corp.
   
1
     
1
 
Power & Digital Infrastructure Acquisition Corp.
   
8,432
     
91,487
 
Qell Acquisition Corp.
   
7,768
     
92,595
 
Queen's Gambit Growth Capital
   
9,611
     
101,396
 
Rice Acquisition Corp.
   
11,523
     
125,831
 
RMG Acquisition Corp III
   
5,914
     
62,097
 
Spartan Acquisition Corp III
   
7,228
     
75,749
 
Spring Valley Acquisition Equity
   
17,800
     
188,680
 
Star Peak Corp II
   
6,334
     
71,574
 
Star Peak Energy Transition
   
5,241
     
179,137
 
Sustainable Development Acquisition I Corp
   
11,830
     
124,215
 
Switchback II Corp
   
6,621
     
75,479
 
Warrior Technologies Acquisition Co.
   
14,974
     
149,890
 
                 
Total Special Purpose Acquisition Company (Cost $2,135,113)
           
2,448,600
 
                 
Warrants - 0.3%(1)
               
Energy Technology - 0.3%(1)
               
Arclight Clean Transition Corp. Warrant
   
1
     
3
 
Bluescape Opportunities Acquisition Corp. Warrant
   
7,578
     
16,292
 
Climate Change Crisis Real Impact Warrant
   
7,735
     
28,235
 
Qell Acquisition Corp. Warrant
   
3,452
     
10,357
 
Spring Valley Acquisition Equity Warrant
   
8,900
     
18,868
 
Rice Acquisition Corp. Warrant
   
7,682
     
17,438
 
                 
Total Warrants (Cost $62,705)
           
91,193
 
                 
Short-Term Investment - 0.7%(1)
               
United States Investment Company - 0.7%(1)
               
Invesco Government & Agency Portfolio - Institutional Class, 0.01%(3) (Cost $265,009)
   
265,009
     
265,009
 
                 
Total Investments - 111.2%(1) (Cost $39,515,470)
           
42,417,557
 
Other Assets and Liabilities - 0.3%(1)
           
142,394
 
Credit Facility Borrowings - (11.5)%(1)
           
(4,400,000
)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
           
38,159,951
 

 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
   
 
(2)
Non-income producing security.
     
 
(3)
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.

NDP:
                       
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Investments:
                       
Common Stock(a)
 
$
35,175,914
   
$
-
   
$
-
   
$
35,175,914
 
Master Limited Partnerships(a)
   
4,436,841
     
-
     
-
     
4,436,841
 
Warrants(a)
 
91,193
     
-
             
91,193
 
Special Purpose Acquisition Companies(a)
  2,448,600      
-
     
-
       2,448,600  
Short-Term Investment(b)
   
265,009
     
-
     
-
     
265,009
 
Total Assets
 
$
42,417,557
   
$
-
   
$
-
   
$
42,417,557
 

(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
NDP
Balance – beginning of period
$2,008,943
Purchases
-
Return of capital
-
Sales
(1,997,000)
Total realized gain/loss
308,458
Change in unrealized gain/loss
(320,401)
Balance – end of period
$-

 

 

 



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