NPORT-EX 2 tpzsoi.htm TPZ SCHEDULE OF INVESTMENTS AND NOTES

Tortoise Power and Energy Infrastructure Fund, Inc.
     
SCHEDULE OF INVESTMENTS (Unaudited)
         
           
   
February 28, 2021
 
   
Principal
Amount/Shares
 
Fair Value
 
Corporate Bonds - 68.4%(1)
         
Crude Oil Pipelines - 7.4%(1)
         
Canada - 7.4%(1)
         
Enbridge Inc., 5.500%, 07/15/2077
   
7,042,000
 
$
7,167,981
 
               
               
Natural Gas/Natural Gas Liquids Pipelines - 21.8%(1)
             
United States - 21.8%(1)
             
Cheniere Corp., 7.000%, 06/30/2024
   
4,000,000
   
4,636,646
 
Cheniere Corp., 5.875%, 03/31/2025
   
2,000,000
   
2,299,958
 
ONEOK, Inc., 4.250%, 02/01/2022
   
4,500,000
   
4,610,154
 
ONEOK, Inc., 7.500%, 09/01/2023
   
2,000,000
   
2,293,545
 
Rockies Express Pipeline LLC, 4.950%, 07/15/2029(2)
   
3,000,000
   
3,206,250
 
Ruby Pipeline, LLC, 7.750%, 04/01/2022(2)
   
943,182
   
858,262
 
Tallgrass Energy LP, 5.500%, 01/15/2028(2)
   
3,250,000
   
3,193,125
 
           
21,097,940
 
               
Natural Gas Gathering/Processing - 24.5%(1)
             
United States - 24.5%(1)
             
Antero Midstream Partners LP, 5.750%, 03/01/2027(2)
   
2,000,000
   
2,007,500
 
Blue Racer Midstream, LLC, 6.625%, 07/15/2026(2)
   
5,900,000
   
5,959,000
 
EnLink Midstream LLC, 5.375%, 06/01/2029
   
3,000,000
   
2,970,000
 
Hess Corporation, 5.625%, 02/15/2026(2)
   
4,160,000
   
4,309,261
 
The Williams Companies, Inc., 7.875%, 09/01/2021
   
5,000,000
   
5,184,260
 
The Williams Companies, Inc., 4.550%, 06/24/2024
   
3,000,000
   
3,327,875
 
           
23,757,896
 
               
Oil and Gas Production - 3.5%(1)
             
United States - 3.5%(1)
             
Ascent Resources Utica Holdings, LLC, 10.000%, 04/01/2022(2)
   
1,302,000
   
1,344,315
 
Ascent Resources Utica Holdings, LLC, 7.000%, 11/01/2026(2)
   
2,000,000
   
2,000,000
 
           
3,344,315
 
               
Renewable Infrastructure - 7.1%(1)
             
United States - 7.1%(1)
             
Duquesne Light Holdings, Inc., 5.900%, 12/01/2021(2)
   
2,000,000
   
2,071,309
 
NextEra Energy, Inc., 4.800%, 12/01/2077
   
4,500,000
   
4,860,000
 
           
6,931,309
 
               
Refined Product Pipelines - 4.1%(1)
             
United States - 4.1%(1)
             
Buckeye Partners, 5.600%, 10/15/2044
   
2,000,000
   
1,960,000
 
Buckeye Partners, 5.850%, 11/15/2043
   
2,000,000
   
2,020,000
 
           
3,980,000
 
               
Total Corporate Bonds (Cost $62,731,749)
         
66,279,441
 
               
Master Limited Partnerships and Related Companies - 28.3%(1)
             
Crude Oil Pipelines - 4.4%(1)
             
United States - 4.4%(1)
             
BP Midstream Partners LP
   
21,729
   
247,928
 
NuStar Energy L.P.
   
128,534
   
2,300,759
 
PBF Logistics LP
   
74,599
   
857,143
 
Shell Midstream Partners, L.P.
   
77,365
   
847,147
 
           
4,252,977
 
Renewable Infrastructure - 0.6%(1)
             
United States - 0.6%(1)
             
NextEra Energy Partners, LP
   
8,013
   
582,064
 
               
Natural Gas/Natural Gas Liquids Pipelines - 9.5%(1)
             
United States - 9.5%(1)
             
DCP Midstream, LP
   
110,091
   
2,406,589
 
Energy Transfer LP
   
302,035
   
2,307,547
 
Enterprise Products Partners L.P.
   
213,683
   
4,555,722
 
           
9,269,858
 
               
Natural Gas Gathering/Processing - 3.0%(1)
             
United States - 3.0%(1)
             
Noble Midstream Partners LP
   
21,975
   
307,650
 
Western Midstream Partners, LP
   
154,434
   
2,568,237
 
           
2,875,887
 
               
Other - 0.2%(1)
             
United States - 0.2%(1)
             
Westlake Chemical Partners LP
   
8,074
   
189,820
 
               
Refined Product Pipelines - 10.6%(1)
             
United States - 10.6%(1)
             
Holly Energy Partners, L.P.
   
93,991
   
1,619,465
 
Magellan Midstream Partners, L.P.
   
78,332
   
3,264,094
 
MPLX LP
   
226,804
   
5,400,203
 
           
10,283,762
 
               
Total Master Limited Partnerships and Related Companies (Cost $32,659,349)
   
27,454,368
 
               
Common Stock - 19.4%(1)
             
Crude Oil Pipelines - 3.4%(1)
             
United States - 3.4%(1)
             
Enbridge Inc.
   
53,741
   
1,816,983
 
Plains GP Holdings, L.P.
   
173,099
   
1,492,113
 
           
3,309,096
 
Natural Gas/Natural Gas Liquids Pipelines - 8.8%(1)
             
Canada - 2.1%(1)
             
TC Energy Corporation
   
48,667
   
2,040,607
 
United States - 6.7%(1)
             
Kinder Morgan Inc.
   
214,709
   
3,156,222
 
ONEOK, Inc.
   
5,606
   
248,290
 
The Williams Companies, Inc.
   
135,347
   
3,091,326
 
           
8,536,445
 
Natural Gas Gathering/Processing - 2.6%(1)
             
United States - 2.6%(1)
             
EnLink Midstream LLC
   
90,964
   
350,212
 
Equitrans Midstream Corporation
   
108,596
   
785,149
 
Hess Midstream LP
   
66,901
   
1,402,914
 
           
2,538,275
 
Renewable Infrastructure - 3.7%(1)
             
United States - 3.7%(1)
             
Atlantica Sustainable Infrastructure PLC
   
16,523
   
597,306
 
DTE Energy Company
   
8,116
   
955,416
 
Sempra Energy
   
16,927
   
1,963,193
 
           
3,515,915
 
               
Solar - 0.9%(1)
             
United States - 0.9%(1)
             
Sunnova Energy Intl Inc.
   
19,748
   
885,500
 
               
               
Total Common Stock (Cost $21,072,500)
         
18,785,231
 
               
Preferred Stock - 0.6%(1)
             
Natural Gas Liquids Pipelines - 0.6%(1)
             
United States - 0.6%(1)
             
Altus Midstream Company Preferred (2)(3)
   
483,100
   
584,902
 
               
               
Total Preferred Stock (Cost $483,100)
         
584,902
 
               
Special Purpose Acquisition Company - 8.0%(1)
             
Energy Technology - 8.0%(1)
             
United States - 8.0%(1)
             
Bluescape Opportunities Acquisition Corp.
   
53,868
   
577,465
 
Climate Change Crisis Real Impact Class A
   
39,242
   
607,466
 
Climate Real Impact Solutions II Acquisition Corp.
   
29,169
   
320,859
 
Decarbonization Plus Acquisition II
   
14,682
   
156,070
 
ECP Environmental Growth Opportunities Corp.
   
21,814
   
232,319
 
European Sustainable Growth Acquisition Corp.
   
31,094
   
329,285
 
Flame Acquisition Corp.
   
30,500
   
306,525
 
Hennessy Captial Investment Corp. V
   
61,802
   
671,170
 
Kensington Capital Acquisition Corp. II
   
7,259
   
79,486
 
Northern Genesis Acquisition Unit
   
23,793
   
260,058
 
Power & Digital Infrastructure Acquisition Corp.
   
25,450
   
276,133
 
Qell Acquisition Corp.
   
26,788
   
319,313
 
Queen's Gambit Growth Capital
   
28,823
   
304,083
 
Rice Acquisition Corp.
   
40,528
   
442,566
 
RMG Acquisition Corp III
   
18,354
   
192,717
 
Spartan Acquisition Corp III
   
21,814
   
228,611
 
Spring Valley Acquisition Equity
   
58,000
   
614,800
 
Star Peak Corp II
   
22,076
   
249,459
 
Star Peak Energy Transition
   
14,110
   
482,280
 
Sustainable Development Acquisition I Corp
   
36,708
   
385,434
 
Switchback II Corp
   
23,084
   
263,158
 
Warrior Technologies Acquisition Co.
   
43,242
   
432,852
 
               
Total Special Purpose Acquisition Company (Cost $6,755,979)
         
7,732,109
 
               
Warrants - 0.3%(1)
             
Energy Technology - 0.3%(1)
             
Bluescape Opportunities Acquisition Corp. Warrant
   
26,934
   
57,908
 
Climate Change Crisis Real Impact Warrant
   
26,677
   
97,373
 
Qell Acquisition Corp. Warrant
   
11,906
   
35,718
 
Spring Valley Acquisition Equity Warrant
   
29,000
   
61,480
 
Rice Acquisition Corp. Warrant
   
27,019
   
61,333
 
               
Total Warrants (Cost $215,892)
         
313,812
 
               
Short-Term Investment - 0.1%(1)
             
United States Investment Company - 0.1%(1)
             
Invesco Government & Agency Portfolio - Institutional Class, 0.01%(4)  (Cost $150,241)
   
150,241
   
150,241
 
               
Total Investments - 125.1%(1) (Cost $124,068,810)
         
121,300,104
 
Other Assets and Liabilities - (0.3)%(1)
         
(338,458
)
Credit Facility Borrowings - (24.8)%(1)
         
(24,000,000
)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
       
$
96,961,646
 

 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
   
 
(2)
Restricted securities have a total fair value of $25,533,924 which represents 28.5% of net assets.
 
(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 Notes to the financial statements.
 
(4)
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.

TPZ:
                       
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Investments:
                       
Corporate Bonds(a)
 
$
-
   
$
66,279,441
   
$
-
   
$
66,279,441
 
Warrants(a)
   
313,812
     
-
     
-
     
313,812
 
Master Limited Partnerships(a)
   
27,454,368
     
-
     
-
     
27,454,368
 
Common Stock(a)
   
18,785,232
     
-
     
-
     
18,785,232
 
Preferred Stock(a)
   
-
     
-
     
584,902
     
584,902
 
Special  Purpose Acquisition Companies(a)
   
7,732,109
     
-
             
7,732,109
 
Short-Term Investment(b)
   
150,241
     
-
     
-
     
150,241
 
Total Assets
 
$
54,435,762
   
$
66,279,441
   
$
584,902
   
$
121,300,105
 
                                 
(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
TPZ
Balance – beginning of period
2,259,398
Purchases
-
Return of capital
-
Sales
(1,685,000)
Total realized gain/loss
260,266
Change in unrealized gain/loss
(249,762)
Balance – end of period
$584,902

Convertible Bond
TPZ
Balance – beginning of period
$792,699
Purchases
-
Return of capital
-
Sales
-
Merger
(792,699)
Total realized gain/loss
-
Change in unrealized gain/loss
-
Balance – end of period
$-

 
TPZ
Change in unrealized gain/loss on investments still held at
February 28, 2021
$-