Tortoise Pipeline & Energy Fund NPORTP (Feb 2021 report)

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

Tortoise Pipeline & Energy Fund (TTP) NPORT-PTortoise Pipeline & Energy Fund, Inc. (Feb 2021 report)