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)



Terry Matlack
Diane Bono
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:  February 28, 2015
 
 
 
 
Item 1. Schedule of Investments.
 

Tortoise MLP Fund, Inc.
            
SCHEDULE OF INVESTMENTS (Unaudited)
            
               
     
February 28, 2015
  
     
Shares
    
Fair Value
  
Master Limited Partnerships - 161.8% (1)
            
Natural Gas/Natural Gas Liquids Pipelines - 61.1% (1)
            
United States - 61.1% (1)
            
Columbia Pipeline Partners LP
     1,183,684     $ 32,776,210  
Dominion Midstream Partners, LP
     548,376       22,483,416  
Energy Transfer Partners, L.P.
     2,869,940       170,704,031  
Enterprise Products Partners L.P.
     5,082,596       169,453,751  
EQT Midstream Partners, L.P.
     920,999       76,645,537  
ONEOK Partners, L.P.
     3,164,922       132,262,090  
Spectra Energy Partners, LP
     3,674,539       195,999,910  
                800,324,945  
                   
Natural Gas Gathering/Processing - 52.7% (1)
                
United States - 52.7% (1)
                
Antero Midstream Partners LP
     742,627       19,308,302  
DCP Midstream Partners, LP
     1,970,117       78,410,657  
EnLink Midstream Partners, LP
     1,879,348       50,479,287  
MarkWest Energy Partners, L.P.
     1,784,269       115,888,272  
Regency Energy Partners LP
     3,875,964       94,534,762  
Summit Midstream Partners LP
     688,941       24,850,102  
Targa Resources Partners LP
     1,909,649       83,680,819  
Western Gas Partners, LP
     1,420,740       98,855,089  
Williams Partners L.P.
     2,450,818       125,334,833  
                691,342,123  
Crude/Refined Products Pipelines - 48.0% (1)
                
United States - 48.0% (1)
                
Buckeye Partners, L.P.
     1,191,113       92,597,125  
Enbridge Energy Partners, L.P.
     2,141,040       83,907,358  
Holly Energy Partners, L.P.
     1,166,137       38,774,055  
Magellan Midstream Partners, L.P.
     946,526       77,804,437  
MPLX LP
     496,382       40,802,600  
NuStar Energy L.P.
     525,300       33,114,912  
Phillips 66 Partners LP
     353,692       25,179,333  
Plains All American Pipeline, L.P.
     1,983,429       98,953,273  
Shell Midstream Partners, L.P.
     660,042       25,781,240  
Sunoco Logistics Partners L.P.
     1,256,412       55,558,539  
Tesoro Logistics LP
     712,784       40,928,057  
Valero Energy Partners LP
     289,300       15,416,797  
 
               628,817,726  
                   
Total Master Limited Partnerships (Cost $1,416,233,723)
             2,120,484,794  
                   
Common Stock - 1.4%(1)
                
Natural Gas/Natural Gas Liquids Pipelines - 1.4% (1)
                
United States - 1.4% (1)
                
Kinder Morgan, Inc. (Cost $15,054,428)
     442,707       18,155,414  
                   
Short-Term Investment - 0.0% (1)
                
United States Investment Company - 0.0% (1)
                
Fidelity Institutional Money Market Portfolio - Class I, 0.08% (2) (Cost $17,409)
     17,409       17,409  
                   
Total Investments - 163.2% (1) (Cost $1,431,305,560)
             2,138,657,617  
Other Assets and Liabilities - (29.8%) (1)
             (390,458,885 )
Senior Notes - (26.5%) (1)
             (348,000,000 )
Mandatory Redeemable Preferred Stock at Liquidation Value - (6.9%) (1)
             (90,000,000 )
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
           $ 1,310,198,732  
                   
                   
(1)
Calculated as a percentage of net assets applicable to common stockholders.
                
(2)
Rate indicated is the current yield as of February 28, 2015.
                

 


 
 
 
 

Various inputs are used in determining the fair value of the Company's 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 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 assets by level within the fair value hierarchy as of February 28, 2015.  These assets are measured on a recurring basis.
Description
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Assets
                  
Investments:
                  
Common Stock(a)
   $ 18,155,414   $ -   $ -   $ 18,155,414  
Master Limited Partnerships(a)
     2,120,484,794     -     -     2,120,484,794  
Short-Term Investment(b)
     17,409     -     -     17,409  
Total Assets
   $ 2,138,657,617   $ -   $ -   $ 2,138,657,617  

(a)  
All other industry classifications are identified in the Schedule of Investments.
(b)  
Short-term investment is a sweep investment for cash balances.

The Company did not hold any Level 3 securities during the period ended February 28, 2015.  The Company utilizes the beginning of reporting period method for determining transfers between levels.  There were no transfers between levels for the Company during the period ended February 28, 2015.

 
 
 


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.  The Company primarily owns securities that are listed on a securities exchange or over-the-counter market. The Company values those securities at their last sale price on that exchange or over-the-counter market on the valuation date.  If the security is listed on more than one exchange, the Funds use the price from the exchange that it considers to be the principal exchange on which the security is traded. Securities listed on the NASDAQ are valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price.  If there has been no sale on such exchange or over-the-counter market on such day, the security is valued at the mean between the last bid price and last ask price on such day. These securities are categorized as Level 1 in the fair value hierarchy as further described below.
 
Restricted securities are subject to statutory or contractual restrictions on their public resale, which may make it more difficult to obtain a valuation and may limit a fund’s ability to dispose of them. Investments in private placement securities and other securities for which market quotations are not readily available are valued in good faith by using certain fair value procedures. Such fair value procedures consider factors such as discounts to publicly traded issues, time until conversion date, securities with similar yields, quality, type of issue, coupon, duration and rating. If events occur that affect the value of the Company's portfolio securities before the net asset value has been calculated (a “significant event”), the portfolio securities so affected are generally priced using fair value procedures.

An equity security of a publicly traded company acquired in a private placement transaction without registration under the Securities Act of 1933, as amended (the “1933 Act”), is subject to restrictions on resale that can affect the security's liquidity and fair value.  If such a security is convertible into publicly-traded common shares, the security generally will be valued at the common share market price adjusted by a percentage discount due to the restrictions and categorized as Level 2 in the fair value hierarchy.  To the extent that such securities are convertible or otherwise become freely tradable within a time frame that may be reasonably determined, an amortization schedule may be used to determine the discount.  If the security has characteristics that are dissimilar to the class of security that trades on the open market, the security will generally be valued and categorized as Level 3 in the fair value hierarchy.

The Company generally values debt securities at evaluated bid prices obtained from an independent third-party pricing service that utilizes a pricing matrix based upon yield data for securities with similar characteristics, or based on a direct written broker-dealer quotation from a dealer who has made a market in the security.  Debt securities with 60 days or less to maturity are valued on the basis of amortized cost, which approximates market value.

As of February 28, 2015, the aggregate cost of securities for federal income tax purposes was $1,024,729,703.  The aggregate gross unrealized appreciation for all securities in which there was an excess of fair value over tax cost was $1,113,927,914, the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over fair value was $0 and the net unrealized appreciation was $1,113,927,914.


 
 
 


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: April 29, 2015
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: April 29, 2015
By:
  /s/ Terry Matlack  
    Terry Matlack  
    Chief Executive Officer   
       
  Tortoise MLP Fund, Inc.  
       
Date: April 29, 2015
By:
  /s/ P. Bradley Adams  
    P. Bradley Adams  
   
Chief Financial Officer