Tortoise Pipeline & Energy Fund, Inc.
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SCHEDULE OF INVESTMENTS (Unaudited)
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February 29, 2012
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Shares | Fair Value | ||||||||
Common Stock - 86.4% (1)
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Crude/Refined Products Pipelines - 8.7% (1)
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Canada - 5.5% (1)
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Enbridge Inc.
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251,050 | $ | 9,693,040 | ||||||
Pembina Pipeline Corporation
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168,800 | 4,788,737 | |||||||
United States - 3.2% (1)
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Kinder Morgan, Inc.
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244,250 | 8,607,370 | |||||||
23,089,147 | |||||||||
Local Distribution Companies - 11.9% (1)
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United States - 11.9% (1)
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CenterPoint Energy, Inc.
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728,600 | 14,200,414 | |||||||
NiSource Inc.
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716,914 | 17,205,936 | |||||||
31,406,350 | |||||||||
Marine Transportation - 2.5% (1)
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Republic of the Marshall Islands - 2.5% (1)
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Teekay Offshore Partners L.P.
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223,330 | 6,563,669 | |||||||
Natural Gas Gathering Pipelines - 3.0% (1)
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United States - 3.0% (1)
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Targa Resources Corp.
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181,505 | 8,064,267 | |||||||
Natural Gas Pipelines - 36.0% (1)
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Canada - 6.7% (1)
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Keyera Corp.
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17,550 | 748,507 | |||||||
TransCanada Corporation
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386,051 | 16,978,523 | |||||||
United States - 29.3% (1)
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EQT Corporation
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13,000 | 689,260 | |||||||
National Fuel Gas Company
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13,400 | 674,422 | |||||||
ONEOK, Inc.
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198,000 | 16,362,720 | |||||||
Questar Corporation
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330,750 | 6,357,015 | |||||||
Spectra Energy Corp.
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820,106 | 25,734,926 | |||||||
Williams Companies, Inc.
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930,500 | 27,803,340 | |||||||
95,348,713 | |||||||||
Oil and Gas Production - 23.0% (1)(2)
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Canada - 1.4% (1)
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Canadian Natural Resources Limited
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97,700 | 3,625,647 | |||||||
United Kingdom - 1.3% (1)
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BP PLC (ADR)
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71,700 | 3,381,372 | |||||||
United States - 20.3% (1)
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Anadarko Petroleum Corporation
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42,300 | 3,558,276 | |||||||
Apache Corporation
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34,000 | 3,669,620 | |||||||
Chevron Corporation
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14,900 | 1,625,888 | |||||||
Continental Resources, Inc. (3)
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48,900 | 4,434,252 | |||||||
Devon Energy Corporation
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59,800 | 4,383,938 | |||||||
EOG Resources, Inc.
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44,800 | 5,100,928 | |||||||
Exxon Mobil Corporation
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19,900 | 1,721,350 | |||||||
Hess Corporation
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84,700 | 5,498,724 | |||||||
Marathon Oil Corporation
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152,800 | 5,178,392 | |||||||
Noble Energy, Inc.
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39,900 | 3,896,235 | |||||||
Occidental Petroleum Corporation
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69,100 | 7,211,967 | |||||||
Pioneer Natural Resources Company
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44,500 | 4,878,980 | |||||||
Range Resources Corporation
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43,600 | 2,776,448 | |||||||
60,942,017 | |||||||||
Oilfield Services - 1.3% (1)(2)
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United Kingdom - 1.3% (1)
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Ensco PLC (ADR)
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61,000 | 3,556,300 | |||||||
Total Common Stock (Cost $209,450,864)
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228,970,463 | ||||||||
Master Limited Partnerships and Related Companies - 43.5% (1)
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Crude/Refined Products Pipelines - 22.0% (1)
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United States - 22.0% (1)
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Buckeye Partners, L.P.
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99,000 | 5,920,200 | |||||||
Enbridge Energy Management, L.L.C. (4)
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471,952 | 15,937,807 | |||||||
Holly Energy Partners, L.P.
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58,100 | 3,557,463 | |||||||
Kinder Morgan Management, LLC (4)
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221,375 | 17,747,643 | |||||||
Magellan Midstream Partners, L.P.
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48,320 | 3,535,574 | |||||||
Plains All American Pipeline, L.P.
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120,200 | 9,940,540 | |||||||
Sunoco Logistics Partners L.P.
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45,800 | 1,788,490 | |||||||
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58,427,717 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 16.0% (1)
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United States - 16.0% (1)
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Energy Transfer Partners, L.P.
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179,900 | 8,527,260 | |||||||
Enterprise Products Partners L.P.
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175,093 | 9,083,825 | |||||||
Inergy Midstream, L.P.
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82,000 | 1,737,580 | |||||||
ONEOK Partners, L.P.
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125,946 | 7,330,057 | |||||||
Regency Energy Partners LP
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219,600 | 5,819,400 | |||||||
TC PipeLines, LP
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68,000 | 3,157,920 | |||||||
Williams Partners L.P.
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109,100 | 6,787,111 | |||||||
42,443,153 | |||||||||
Natural Gas Gathering/Processing - 5.5% (1)
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United States - 5.5% (1)
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Chesapeake Midstream Partners, L.P.
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60,600 | 1,730,736 | |||||||
Copano Energy, L.L.C.
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48,265 | 1,794,493 | |||||||
DCP Midstream Partners, LP
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36,350 | 1,770,245 | |||||||
MarkWest Energy Partners, L.P.
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59,850 | 3,579,628 | |||||||
Targa Resources Partners LP
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84,825 | 3,609,304 | |||||||
Western Gas Partners LP
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42,905 | 1,964,620 | |||||||
14,449,026 | |||||||||
Total Master Limited Partnerships and Related Companies (Cost $102,635,701)
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115,319,896 | ||||||||
Short-Term Investment - 0.1% (1)
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United States Investment Company - 0.1% (1)
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Fidelity Institutional Money Market Portfolio - Class I, 0.21% (5) (Cost $247,622)
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247,622 | 247,622 | |||||||
Total Investments - 130.0% (1) (Cost $312,334,187)
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344,537,981 | ||||||||
Long-Term Debt Obligations - (18.5%) (1)
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(49,000,000 | ) | |||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (6.0%) (1)
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(16,000,000 | ) | |||||||
Total Value of Options Written (Premiums received $713,516) - (0.1%) (1)
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(287,766 | ) | |||||||
Other Assets and Liabilities - (5.4%) (1)
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(14,216,223 | ) | |||||||
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
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$ | 265,033,992 | |||||||
(1)
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Calculated as a percentage of net assets applicable to common stockholders.
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(2)
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All or a portion of the security represents cover for outstanding call option contracts written.
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(3)
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Non-income producing security.
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(4)
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Security distributions are paid-in-kind.
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(5)
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Rate indicated is the current yield as of February 29, 2012.
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Key to abbreviation
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ADR = American Depository Receipts
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SCHEDULE OF OPTIONS WRITTEN (Unaudited)
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February 29, 2012
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Call Options Written
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Expiration Date
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Expiration Price
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Contracts
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Fair Value
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Anadarko Petroleum Corporation
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March 2012
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$ | 90.00 | 188 | $ | (8,460 | ) | ||||||
Anadarko Petroleum Corporation
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March 2012
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95.00 | 235 | (4,465 | ) | ||||||||
Apache Corporation
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March 2012
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115.00 | 340 | (11,560 | ) | ||||||||
BP PLC (ADR)
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March 2012
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50.00 | 717 | (18,642 | ) | ||||||||
Canadian Natural Resources Limited
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March 2012
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40.00 | 977 | (19,540 | ) | ||||||||
Chevron Corporation
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March 2012
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110.00 | 149 | (18,625 | ) | ||||||||
Continental Resources, Inc.
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March 2012
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95.00 | 489 | (63,570 | ) | ||||||||
Devon Energy Corporation
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March 2012
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80.00 | 598 | (7,774 | ) | ||||||||
Ensco PLC (ADR)
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March 2012
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60.00 | 610 | (27,450 | ) | ||||||||
EOG Resources, Inc.
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March 2012
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125.00 | 448 | (10,304 | ) | ||||||||
Exxon Mobil Corporation
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March 2012
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90.00 | 199 | (2,786 | ) | ||||||||
Hess Corporation
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March 2012
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70.00 | 847 | (17,787 | ) | ||||||||
Marathon Oil Corporation
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March 2012
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36.00 | 1,528 | (24,448 | ) | ||||||||
Noble Energy, Inc.
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March 2012
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110.00 | 399 | (3,990 | ) | ||||||||
Occidental Petroleum Corporation
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March 2012
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110.00 | 691 | (17,966 | ) | ||||||||
Pioneer Natural Resources Company
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March 2012
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120.00 | 445 | (15,575 | ) | ||||||||
Range Resources Corporation
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March 2012
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70.00 | 436 | (14,824 | ) | ||||||||
Total Value of Call Options Written (Premiums received $713,516)
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$ | (287,766 | ) | ||||||||||
Key to abbreviation
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ADR = American Depository Receipts
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Description
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Fair Value at
February 29, 2012
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Level 1
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Level 2
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Level 3
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Assets
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Equity Securities:
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Common Stock (a)
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$ | 228,970,463 | $ | 228,970,463 | $ | - | $ | - | ||||
Master Limited Partnerships and Related Companies (a)
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115,319,896 | 115,319,896 | - | - | ||||||||
Total Equity Securities
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344,290,359 | 344,290,359 | - | - | ||||||||
Other:
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Short-Term Investment (b)
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247,622 | 247,622 | - | - | ||||||||
Total Assets
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$ | 344,537,981 | $ | 344,537,981 | $ | - | $ | - | ||||
Liabilities
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Written Call Options
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$ | 287,766 | $ | 287,766 | $ | - | $ | - |
(a)
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All other industry classifications are identified in the Schedule of Investments.
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(b)
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Short-term investment is a sweep investment for cash balances in the Company at February 29, 2012.
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(a)
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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.
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(b)
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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.
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Tortoise Pipeline & Energy Fund, Inc.
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Date: April 25, 2012
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By:
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/s/ Terry Matlack | |
Terry Matlack | |||
Chief Executive Officer | |||
Tortoise Pipeline & Energy Fund, Inc.
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Date: April 25, 2012
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By:
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/s/ Terry Matlack | |
Terry Matlack | |||
Chief Executive Officer | |||
Tortoise Pipeline & Energy Fund, Inc.
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Date: April 25, 2012
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By:
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/s/ P. Bradley Adams | |
P. Bradley Adams | |||
Chief Financial Officer | |||