Tortoise Power and Energy Infrastructure Fund, Inc.
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SCHEDULE OF INVESTMENTS (Unaudited)
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February 29, 2012
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Principal Amount/Shares |
Fair Value
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Corporate Bonds - 68.9% (1)
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Local Distribution Pipelines - 8.1% (1)
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United States - 8.1% (1)
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CenterPoint Energy, Inc., 6.500%, 05/01/2018
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$ | 4,000,000 | $ | 4,725,880 | |||||
NiSource Finance Corp., 6.400%, 03/15/2018
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3,500,000 | 4,133,713 | |||||||
Source Gas, LLC, 5.900%, 04/01/2017 (2)
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5,770,000 | 6,100,817 | |||||||
14,960,410 | |||||||||
Natural Gas/Natural Gas Liquids Pipelines - 20.5% (1)
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Canada - 3.3% (1)
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TransCanada Pipelines Limited, 6.350%, 05/15/2067
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6,000,000 | 6,157,476 | |||||||
United States - 17.2% (1)
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El Paso Corp., 6.500%, 09/15/2020
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5,000,000 | 5,523,855 | |||||||
EQT Corp., 6.500%, 04/01/2018
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3,000,000 | 3,405,000 | |||||||
EQT Corp., 8.125%, 06/01/2019
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2,000,000 | 2,371,860 | |||||||
Florida Gas Transmission Co., LLC, 5.450%, 07/15/2020 (2)
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1,500,000 | 1,633,511 | |||||||
Midcontinent Express Pipeline LLC, 6.700%, 09/15/2019 (2)
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6,000,000 | 6,150,258 | |||||||
NGPL PipeCo LLC, 7.119%, 12/15/2017 (2)
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4,000,000 | 3,655,844 | |||||||
Southern Star Central Corp., 6.750%, 03/01/2016
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2,745,000 | 2,786,175 | |||||||
Southern Star Central Gas Pipeline, Inc., 6.000%, 06/01/2016 (2)
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2,000,000 | 2,254,040 | |||||||
Southern Union Co., 7.600%, 02/01/2024
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3,500,000 | 4,160,342 | |||||||
38,098,361 | |||||||||
Natural Gas Gathering/Processing - 5.2% (1)
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United States - 5.2% (1)
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DCP Midstream LLC, 9.750%, 03/15/2019 (2)
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4,000,000 | 5,189,504 | |||||||
Enogex LLC, 6.250%, 03/15/2020 (2)
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4,000,000 | 4,502,492 | |||||||
9,691,996 | |||||||||
Oil and Gas Exploration and Production - 3.3% (1)
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United States - 3.3% (1)
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Chesapeake Energy Corp., 7.250%, 12/15/2018
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2,000,000 | 2,170,000 | |||||||
Encore Acquisition Co., 9.500%, 05/01/2016
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1,500,000 | 1,676,250 | |||||||
Newfield Exploration Co., 7.125%, 05/15/2018
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1,000,000 | 1,065,000 | |||||||
Pioneer Natural Resources Co., 6.875%, 05/01/2018
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1,000,000 | 1,174,672 | |||||||
6,085,922 | |||||||||
Oilfield Services - 3.8% (1)
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United States - 3.8% (1)
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FTS International, Inc., 7.625%, 11/15/2018 (2)
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3,000,000 | 3,202,500 | |||||||
Pride International, Inc., 8.500%, 06/15/2019
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3,000,000 | 3,838,647 | |||||||
7,041,147 | |||||||||
Power/Utility - 26.2% (1)
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United States - 26.2% (1)
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Ameren Illinois Power Co., 9.750%, 11/15/2018
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2,000,000 | 2,652,028 | |||||||
CMS Energy Corp., 8.750%, 06/15/2019
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5,185,000 | 6,295,881 | |||||||
Dominion Resources, Inc., 8.375%, 06/15/2064 (3)
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183,000 | 5,400,330 | |||||||
Duquesne Light Holdings, Inc., 6.400%, 09/15/2020 (2)
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3,000,000 | 3,239,592 | |||||||
Duquesne Light Holdings, Inc., 5.900%, 12/01/2021 (2)
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2,000,000 | 2,101,524 | |||||||
FPL Group Capital, Inc., 6.650%, 06/15/2067
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1,029,000 | 1,041,863 | |||||||
Integrys Energy Group, Inc., 6.110%, 12/01/2066
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3,750,000 | 3,722,062 | |||||||
IPALCO Enterprises, Inc., 7.250%, 04/01/2016 (2)
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4,000,000 | 4,440,000 | |||||||
North American Energy Alliance LLC, 10.875%, 06/01/2016
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2,800,000 | 3,066,000 | |||||||
NRG Energy, Inc., 8.500%, 06/15/2019
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6,000,000 | 6,135,000 | |||||||
NV Energy, Inc., 6.250%, 11/15/2020
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1,000,000 | 1,092,854 | |||||||
PPL Capital Funding, Inc., 6.700%, 03/30/2067
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6,000,000 | 5,910,000 | |||||||
Wisconsin Energy Corp., 6.250%, 05/15/2067
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3,450,000 | 3,536,250 | |||||||
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48,633,384 | ||||||||
Refining - 1.8% (1)
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United States - 1.8% (1)
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Holly Corp., 9.875%, 06/15/2017
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3,000,000 | 3,352,500 | |||||||
Total Corporate Bonds (Cost $117,879,557)
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127,863,720 | ||||||||
Master Limited Partnerships and Related Companies - 49.1% (1)
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Crude/Refined Products Pipelines - 26.3% (1)
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United States - 26.3% (1)
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Buckeye Partners, L.P.
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54,000 | 3,229,200 | |||||||
Enbridge Energy Management, L.L.C. (4)
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496,488 | 16,766,398 | |||||||
Holly Energy Partners, L.P.
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47,600 | 2,914,548 | |||||||
Kinder Morgan Management, LLC (4) (5)
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224,359 | 17,986,864 | |||||||
Magellan Midstream Partners, L.P.
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19,400 | 1,419,498 | |||||||
NuStar Energy L.P.
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32,600 | 1,982,080 | |||||||
Plains All American Pipeline, L.P.
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16,500 | 1,364,550 | |||||||
Sunoco Logistics Partners L.P.
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79,443 | 3,102,249 | |||||||
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48,765,387 | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 13.0% (1)
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United States - 13.0% (1)
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Energy Transfer Equity, L.P.
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27,809 | 1,209,413 | |||||||
Energy Transfer Partners, L.P.
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107,700 | 5,104,980 | |||||||
Enterprise Products Partners L.P.
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136,317 | 7,072,126 | |||||||
ONEOK Partners, L.P.
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133,200 | 7,752,240 | |||||||
Regency Energy Partners, L.P.
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55,600 | 1,473,400 | |||||||
Williams Partners, L.P.
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23,932 | 1,488,810 | |||||||
24,100,969 | |||||||||
Natural Gas Gathering/Processing - 8.9% (1)
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United States - 8.9% (1)
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Copano Energy, L.L.C.
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93,200 | 3,465,176 | |||||||
DCP Midstream Partners, LP
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85,200 | 4,149,240 | |||||||
MarkWest Energy Partners, L.P.
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56,700 | 3,391,227 | |||||||
Targa Resources Partners L.P.
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132,417 | 5,634,343 | |||||||
16,639,986 | |||||||||
Propane Distribution - 0.9% (1)
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United States - 0.9% (1)
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Inergy, L.P.
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97,700 | 1,705,842 | |||||||
Total Master Limited Partnerships and Related Companies (Cost $44,598,329)
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91,212,184 | ||||||||
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% (6) (Cost $133,566)
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133,566 | 133,566 | |||||||
Total Investments - 118.1% (1) (Cost $162,611,452)
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219,209,470 | ||||||||
Long-Term Debt Obligations - (10.8%) (1)
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(20,000,000 | ) | |||||||
Interest Rate Swap Contracts - (0.5%) (1)
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$26,000,000 notional - unrealized depreciation
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(967,696 | ) | |||||||
Other Assets and Liabilities - (6.8%) (1)
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(12,684,213 | ) | |||||||
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
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$ | 185,557,561 | |||||||
(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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Restricted securities have been fair valued in accordance with procedures approved by the Board of Directors and have
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a total fair value of $42,470,082, which represents 22.9% of net assets.
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(3)
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Security has characteristics that are similar to corporate bonds although it trades in a manner similar to an equity investment. Since
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the security has a quoted price in an active market it is classified as a Level 1 investment within the fair value hierarchy.
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(4)
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Security distributions are paid-in-kind.
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(5)
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A portion of the security is segregated as collateral for the unrealized depreciation of interest rate swap contracts of $967,696.
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(6)
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Rate indicated is the current yield as of February 29, 2012.
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Fair Value at
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Description
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February 29, 2012
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Level 1
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Level 2
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Level 3
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Assets
Debt Securities:
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Corporate Bonds(a)
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$ | 127,863,720 | $ | 5,400,330 | $ | 122,463,390 | $ | - | ||||
Equity Securities:
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Master Limited Partnerships and Related Companies(a)
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91,212,184 | 91,212,184 | - | - | ||||||||
Other:
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Short-Term Investment(b)
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133,566 | 133,566 | - | - | ||||||||
Total Assets
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$ | 219,209,470 | $ | 96,746,080 | $ | 122,463,390 | $ | - | ||||
Liabilities
Interest Rate Swap Contracts
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$ | 967,696 | $ | - | $ | 967,696 | $ | - |
(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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Investment Security
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Principal Amount
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Acquisition Date(s)
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Acquisition Cost
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Fair Value
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Fair Value as Percent of Net Assets
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DCP Midstream LLC,
9.750%, 03/15/2019
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$ | 4,000,000 |
08/07/09-08/27/09
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$ | 4,769,350 | $ | 5,189,504 | 2.8 | % | ||||||||
Duquesne Light Holdings, Inc.,
6.400%, 09/15/2020
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3,000,000 |
11/30/11
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3,180,330 | 3,239,592 | 1.8 | ||||||||||||
Duquesne Light Holdings, Inc.,
5.900%, 12/01/2021
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2,000,000 |
11/18/11-12/05/11
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2,074,420 | 2,101,524 | 1.1 | ||||||||||||
Enogex LLC,
6.250%, 03/15/2020
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4,000,000 |
02/26/10-04/22/10
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4,118,593 | 4,502,492 | 2.4 | ||||||||||||
Florida Gas Transmission Co., LLC,
5.450%, 07/15/2020
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1,500,000 |
07/08/10-01/04/11
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1,551,220 | 1,633,511 | 0.9 | ||||||||||||
FTS International, Inc.,
7.625%, 11/15/2018
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3,000,000 |
12/22/11
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3,157,500 | 3,202,500 | 1.7 | ||||||||||||
IPALCO Enterprises, Inc.,
7.250%, 04/01/2016
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4,000,000 |
11/03/09-01/04/11
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4,165,000 | 4,440,000 | 2.4 | ||||||||||||
Midcontinent Express Pipelines, LLC,
6.700%, 09/15/2019
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6,000,000 |
09/09/09-03/02/10
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6,055,570 | 6,150,258 | 3.3 | ||||||||||||
NGPL PipeCo LLC,
7.119%, 12/15/2017
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4,000,000 |
07/29/10-09/28/10
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4,280,000 | 3,655,844 | 2.0 | ||||||||||||
Source Gas, LLC,
5.900%, 04/01/2017
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5,770,000 |
04/21/10
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5,544,521 | 6,100,817 | 3.3 | ||||||||||||
Southern Star Central Gas Pipeline, Inc.,
6.000%, 06/01/2016
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2,000,000 |
08/24/09
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1,970,000 | 2,254,040 | 1.2 | ||||||||||||
$ | 40,866,504 | $ | 42,470,082 | 22.9 | % |
(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 Power and Energy Infrastructure Fund, Inc. | |||
Date: April 25, 2012
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By:
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/s/ Terry Matlack | |
Terry Matlack | |||
Chief Executive Officer | |||
Tortoise Power and Energy Infrastructure Fund, Inc. | |||
Date: April 25, 2012
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By:
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/s/ Terry Matlack | |
Terry Matlack | |||
Chief Executive Officer | |||
Tortoise Power and Energy Infrastructure Fund, Inc. | |||
Date: April 25, 2012
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By:
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/s/ P. Bradley Adams | |
P. Bradley Adams | |||
Chief Financial Officer | |||