NPORT-EX 2 ttpsoi.htm TTP SCHEDULE OF INVESTMENTS AND NOTES

Tortoise Pipeline & Energy Fund, Inc.
           
SCHEDULE OF INVESTMENTS (Unaudited)
           
               
      
February 28, 2021
 
Common Stock - 91.9%(1)
 
Shares
   
Fair Value
 
Crude Oil Pipelines - 29.5%(1)
           
Canada - 22.6%(1)
           
Gibson Energy Inc
   
50,815
     
864,885
 
Enbridge Inc.
   
197,300
     
6,670,713
 
Inter Pipeline Ltd.
   
93,257
     
1,312,457
 
Pembina Pipeline Corporation
   
130,637
     
3,321,871
 
United States - 6.9%(1)
               
Plains GP Holdings, L.P.
   
431,656
     
3,720,875
 
               
15,890,801
 
Renewable Infrastructure - 10.0%(1)
               
United States - 10.0%(1)
               
Clearway Energy Inc.
   
22,000
     
604,120
 
NextEra Energy Partners, LP
   
29,030
     
2,108,739
 
Sempra Energy
   
23,017
     
2,669,512
 
               
5,382,371
 
Natural Gas Gathering/Processing - 7.9%(1)
               
United States - 7.9%(1)
               
Equitrans Midstream Corporation
   
307,343
     
2,222,090
 
Hess Midstream Partners LP
   
78,784
     
1,652,100
 
Rattler Midstream LP
   
13
     
143
 
Targa Resources Corp.
   
11,747
     
363,335
 
               
4,237,668
 
Natural Gas/Natural Gas Liquids Pipelines - 44.5%(1)
               
Canada - 11.5%(1)
               
Keyera Corp.
   
73,152
     
1,418,089
 
TC Energy Corporation
   
113,623
     
4,764,212
 
United States - 33.0%(1)
               
Kinder Morgan Inc.
   
389,508
     
5,725,768
 
ONEOK, Inc.
   
108,842
     
4,820,612
 
The Williams Companies, Inc.
   
317,849
     
7,259,671
 
               
23,988,352
 
                   
Total Common Stock (Cost $59,223,986)
           
49,499,192
 
                   
                   
Master Limited Partnerships - 35.5%(1)
               
Crude Oil Pipelines - 5.3%(1)
               
United States - 5.3%(1)
               
BP Midstream Partners LP
   
14,840
     
169,324
 
NuStar Energy L.P.
   
57,070
     
1,021,553
 
PBF Logistics LP
   
24,710
     
283,918
 
Shell Midstream Partners, L.P.
   
124,825
     
1,366,834
 
               
2,841,629
 
Natural Gas/Natural Gas Liquids Pipelines - 13.3%(1)
               
United States - 13.3%(1)
               
DCP Midstream, LP
   
57,358
     
1,253,846
 
Energy Transfer LP
   
317,787
     
2,427,893
 
Enterprise Products Partners L.P.
   
163,236
     
3,480,192
 
               
7,161,931
 
Natural Gas Gathering/Processing - 3.1%(1)
               
United States - 3.1%(1)
               
Noble Midstream Partners LP
   
24,065
     
336,910
 
Western Midstream Partners, LP
   
79,732
     
1,325,943
 
               
1,662,853
 
Other - 0.2%(1)
               
United States - 0.2%(1)
               
Westlake Chemical Partners LP
   
4,940
     
116,139
 
                   
Refined Product Pipelines - 13.6%(1)
               
United States - 13.6%(1)
               
Holly Energy Partners, L.P.
   
41,962
     
723,005
 
Magellan Midstream Partners, L.P.
   
56,630
     
2,359,772
 
MPLX LP
   
160,097
     
3,811,910
 
Phillips 66 Partners LP
   
16,282
     
434,404
 
               
7,329,091
 
                   
Total Master Limited Partnerships (Cost $21,660,114)
           
19,111,643
 
                   
Preferred Stock - 1.2%(1)
               
Natural Gas/Natural Gas Liquids Pipelines - 1.2%(1)
               
United States - 1.2%(1)
               
Altus Midstream Company, 7.000%(2)(3)
   
554
     
670,654
 
                   
                   
                   
Total Preferred Stock (Cost $553,926)
           
670,654
 
                   
                   
Special Purpose Acquisition Company - 8.3%(1)
               
Energy Technology - 8.3%(1)
               
United States - 8.3%(1)
               
Bluescape Opportunities Acquisition Corp.
   
29,721
     
318,609
 
Climate Change Crisis Real Impact Class A
   
21,018
     
325,359
 
Climate Real Impact Solutions II Acquisition Corp.
   
17,753
     
195,283
 
Decarbonization Plus Acquisition II
   
8,810
     
93,650
 
ECP Environmental Growth Opportunities Corp.
   
13,220
     
140,793
 
European Sustainable Growth Acquisition Corp.
   
19,172
     
203,032
 
Flame Acquisition Corp.
   
19,600
     
196,980
 
Hennessy Captial Investment Corp. V
   
27,048
     
293,741
 
Kensington Capital Acquisition Corp. II
   
4,471
     
48,957
 
Northern Genesis Acquisition Unit
   
13,157
     
143,806
 
Power & Digital Infrastructure Acquisition Corp.
   
15,426
     
167,372
 
Qell Acquisition Corp.
   
14,956
     
178,276
 
Queen's Gambit Growth Capital
   
17,843
     
188,244
 
Rice Acquisition Corp.
   
22,456
     
245,220
 
RMG Acquisition Corp III
   
11,012
     
115,626
 
Spartan Acquisition Corp III
   
13,220
     
138,546
 
Spring Valley Acquisition Equity
   
35,500
     
376,300
 
Star Peak Corp II
   
12,280
     
138,764
 
Star Peak Energy Transition
   
9,816
     
335,511
 
Sustainable Development Acquisition I Corp
   
22,024
     
231,252
 
Switchback II Corp
   
12,836
     
146,330
 
Warrior Technologies Acquisition Co.
   
26,634
     
266,606
 
                   
Total Special Purpose Acquisition Company (Cost $535,555)
           
4,488,257
 
                   
Warrants - 0.3%(1)
               
Energy Technology - 0.3%(1)
               
Bluescape Opportunities Acquisition Corp. Warrant
   
14,861
     
31,951
 
Climate Change Crisis Real Impact Warrant
   
14,895
     
54,367
 
Qell Acquisition Corp. Warrant
   
6,648
     
19,944
 
Spring Valley Acquisition Equity Warrant
   
17,750
     
37,630
 
Rice Acquisition Corp. Warrant
   
14,971
     
33,984
 
                   
Total Warrants (Cost $122,619)
           
177,876
 
                   
                   
Short-Term Investment - 2.4%(1)
               
United States Investment Company - 2.4%(1)
               
Invesco Government & Agency Portfolio - Institutional Class, 0.01%(4) (Cost $1,286,716)
   
1,286,716
     
1,286,716
 
                   
Total Investments - 139.6%(1) (Cost $86,740,465)
           
75,234,338
 
Other Assets and Liabilities - (1.5)%(1)
           
(786,087
)
Senior Notes - (26.8)%(1)
           
(14,457,143
)
Mandatory Redeemable Preferred Stock at Liquidation Value - (11.3)%(1)
           
(6,100,000
)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
         
$
53,891,108
 

(1)
Calculated as a percentage of net assets applicable to common stockholders.
         
(2)
Restricted securities have a total fair value of $670,654, which represents 1.2% 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 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.

TTP:
                       
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Investments:
                       
Common Stock(a)
 
$
49,499,192
   
$
-
   
$
-
   
$
49,499,192
 
Master Limited Partnerships(a)
   
19,111,643
     
-
     
-
     
19,111,643
 
Warrants(a)
 

177,876
   

-
   

-
   

177,876
 
Preferred Stock(a)
   
-
     
-
     
670,654
     
670,654
 
Special Purpose Acquisition Companies(a)
   
4,488,257
     
-
     
-
     
4,488,257
 
Short-Term Investment(b)
   
1,286,716
     
-
     
-
     
1,286,716
 
Total Assets
 
$
74,563,684
   
$
-
   
$
670,654
   
$
75,234,338
 

(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
TTP
Balance – beginning of period
$2,767,663
Purchases
-
Return of capital
-
Sales
(2,108,000)
Total realized gain/loss
325,603
Change in unrealized gain/loss
(314,612)
Balance – end of period
$670,654