ntgnq.htm
 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-22409



Tortoise MLP Fund, Inc.
(Exact name of registrant as specified in charter)



11550 Ash Street, Suite 300, Leawood, KS 66211
(Address of principal executive offices) (Zip code)



David J. Schulte
11550 Ash Street, Suite 300, Leawood, KS 66211
(Name and address of agent for service)



913-981-1020
Registrant's telephone number, including area code



Date of fiscal year end: November 30


Date of reporting period:  August 31, 2010
 
 
 
 
 
Item 1. Schedule of Investments.
 
Tortoise MLP Fund, Inc.
            
SCHEDULE OF INVESTMENTS (Unaudited)
            
               
     
August 31, 2010
  
Master Limited Partnerships and Related Companies - 70.3% (1)
  
Shares
    
Fair Value
  
Crude/Refined Products Pipelines - 13.5% (1)
            
United States - 13.5% (1)
            
Buckeye Partners, L.P.
     102,260     $ 6,243,996  
Enbridge Energy Management, L.L.C.(2)
     127,124       6,746,471  
Enbridge Energy Partners, L.P.
     426,775       22,939,156  
Holly Energy Partners, L.P.
     303,880       15,194,000  
Kinder Morgan Management, LLC (2)
     335,902       19,841,731  
Magellan Midstream Partners, L.P.
     673,243       32,625,356  
NuStar Energy L.P.
     229,300       13,067,807  
Plains All American Pipeline, L.P.
     304,650       18,291,186  
Sunoco Logistics Partners L.P.
     123,600       9,152,580  
 
               144,102,283  
Natural Gas/Natural Gas Liquids Pipelines - 27.6% (1)
                
United States - 27.6% (1)
                
Boardwalk Pipeline Partners, LP
     331,775       10,139,044  
Duncan Energy Partners L.P.
     147,600       4,094,424  
El Paso Pipeline Partners, L.P.
     210,900       6,603,279  
Energy Transfer Partners, L.P.
     2,458,941       112,349,014  
Enterprise Products Partners L.P.
     889,500       32,884,815  
Niska Gas Storage Partners LLC
     515,666       9,735,774  
ONEOK Partners, L.P.
     544,000       37,427,200  
PAA Natural Gas Storage, L.P.
     70,975       1,694,173  
Spectra Energy Partners, LP
     115,786       3,730,625  
TC PipeLines, LP
     150,526       6,540,355  
Williams Partners L.P.
     1,622,959       68,342,803  
                293,541,506  
Natural Gas Gathering/Processing - 27.2% (1)
                
United States - 27.2% (1)
                
Chesapeake Midstream Partners, L.P.
     568,854       13,396,512  
Copano Energy, L.L.C.
     1,449,100       36,401,392  
DCP Midstream Partners, LP
     1,723,400       54,735,184  
MarkWest Energy Partners, L.P.
     1,234,755       41,142,037  
Regency Energy Partners LP
     3,111,500       73,991,470  
Targa Resources Partners LP
     2,189,100       55,362,339  
Western Gas Partners LP
     603,640       14,535,651  
                289,564,585  
Propane Distribution - 2.0.% (1)
                
United States - 2.0% (1)
                
Inergy, L.P.
     567,410       21,130,348  
                21,130,348  
Total Master Limited Partnerships and Related Companies (Cost $776,889,817)
             748,338,722  
                   
Short-Term Investments - 30.5% (1)
                
United States Investment Companies - 30.5% (1)
                
FFI Premier Institutional Fund - Class I, 0.28% (3)
     32,025,987       32,025,987  
Fidelity Institutional Government Portfolio - Class I, 0.06% (3)
     8,148,259       8,148,259  
Morgan Stanley Institutional Liquidity Fund - Class I, 0.22% (3)
     32,014,453       32,014,453  
UBS Select Prime Preferred Fund, 0.24% (3)
     220,052,373       220,052,373  
Wells Fargo Advantage Cash Investment Money Market Fund, 0.28% (3)
     32,020,781       32,020,781  
Total Short-Term Investments (Cost $324,261,853)
             324,261,853  
                   
Total Investments - 100.8% (1) (Cost $1,101,151,670)
             1,072,600,575  
                   
Other Assets and Liabilities - (0.8%) (1)
             (8,953,505 )
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
           $ 1,063,647,070  
                   
(1)
Calculated as a percentage of net assets applicable to common stockholders.
                
(2)
Security distributions are paid-in-kind.
                
(3)
Rate indicated is the current yield as of August 31, 2010.
                

 
 
 
 
Various inputs are used in determining the value of the Company’s investments.  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 the Company's own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table provides the fair value measurements of applicable Company assets by level within the fair value hierarchy as of August 31, 2010.  These assets are measured on a recurring basis.

   
Fair Value at
                    
Description
  
August 31, 2010
    
Level 1
    
Level 2
    
Level 3
  
Equity Securities:
                        
Master Limited Partnerships and Related Companies(a)
   $ 748,338,722     $ 748,338,722     $ -     $ -  
Total Equity Securities
     748,338,722       748,338,722       -       -  
Other:
                                
Short-Term Investments(b)
     324,261,853       324,261,853       -       -  
Total Other
     324,261,853       324,261,853       -       -  
Total
   $ 1,072,600,575     $ 1,072,600,575     $ -     $ -  

(a)  
All other industry classifications are identified in the Schedule of Investments.
(b)  
Short-term investments are sweep investments for cash balances in the Company at August 31, 2010.

Valuation Techniques
In general, and where applicable, the Company uses readily available market quotations based upon the last updated sales price from the principal market to determine fair value.  This pricing methodology applies to the Company’s Level 1 investments. 

There were no transfers between levels for the period from July 30, 2010 through August 31, 2010.
 
As of August 31, 2010, the aggregate cost of securities for federal income tax purposes was $1,101,115,444.  The aggregate gross unrealized appreciation for all securities in which there was an excess of fair value over tax cost was $2,058,700, the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over fair value was $30,573,569 and the net unrealized depreciation was $28,514,869.

 
 
 

Item 2. Controls and Procedures.
 
(a)  
The registrant’s Chief Executive Officer and its Chief Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are filed herewith.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


  Tortoise MLP Fund, Inc.  
       
Date:  October 28, 2010
By:
/s/ Terry Matlack  
    Terry Matlack  
    Chief Executive Officer   
       



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  Tortoise MLP Fund, Inc.  
       
Date:  October 28, 2010
By:
/s/ Terry Matlack  
    Terry Matlack  
    Chief Executive Officer   
       
  Tortoise MLP Fund, Inc.  
       
Date:  October 28, 2010
By:
/s/ P. Bradley Adams  
    P. Bradley Adams  
   
Chief Financial Officer