- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
27 Oktober 2008 - 3:30PM
Edgar (US Regulatory)
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
811-21725
Tortoise
Energy Capital Corporation
(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,
2008
Item
1. Schedule of Investments.
Tortoise
Energy Capital Corporation
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SCHEDULE
OF INVESTMENTS
(Unaudited)
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August
31, 2008
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Common
Stock - 0.1%
(1)
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Shares
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Fair
Value
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Shipping
- 0.1%
(1)
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Republic
of the Marshall Islands - 0.1%
(1)
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Capital
Product Partners L.P. (Cost $466,550)
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21,700
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$
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337,869
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Master
Limited Partnerships and Related Companies - 186.3%
(1)
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Crude/Refined
Products Pipelines - 84.4%
(1)
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United
States - 84.4%
(1)
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Buckeye
Partners, L.P.
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223,000
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9,658,130
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Enbridge
Energy Partners, L.P.
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860,700
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41,778,378
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Enbridge
Energy Partners, L.P.
(2) (3)
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314,632
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15,014,238
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Global
Partners LP
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128,200
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1,593,526
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Holly
Energy Partners, L.P.
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49,215
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1,659,038
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Kinder
Morgan Management, LLC
(3)
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1,588,570
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88,165,635
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Magellan
Midstream Partners, L.P.
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744,400
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27,676,792
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NuStar
Energy L.P.
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704,600
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34,779,056
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NuStar
GP Holdings, LLC
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73,009
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1,542,680
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Plains
All American Pipeline, L.P.
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1,123,150
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53,518,098
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SemGroup
Energy Partners, L.P.
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436,774
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4,542,450
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Sunoco
Logistics Partners L.P.
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843,905
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41,047,539
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TEPPCO
Partners, L.P.
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634,650
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20,365,918
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TransMontaigne
Partners L.P.
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153,000
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3,869,370
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345,210,848
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Natural
Gas/Natural Gas Liquids Pipelines - 54.4%
(1)
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United
States - 54.4%
(1)
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Boardwalk
Pipeline Partners, LP
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753,600
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18,515,952
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El
Paso Pipeline Partners, L.P.
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886,300
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16,369,961
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Energy
Transfer Equity, L.P.
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486,400
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14,032,640
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Energy
Transfer Partners, L.P.
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851,260
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37,881,070
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Enterprise
GP Holdings L.P.
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360,644
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10,718,340
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Enterprise
Products Partners L.P.
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2,085,600
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61,420,920
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ONEOK
Partners, L.P.
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261,400
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15,697,070
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Spectra
Energy Partners, LP
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256,165
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5,896,918
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TC
PipeLines, LP
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933,000
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31,880,610
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Williams
Pipeline Partners L.P.
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599,400
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10,303,686
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222,717,167
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Natural
Gas Gathering/Processing - 40.2%
(1)
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United
States - 40.2%
(1)
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Copano
Energy, L.L.C.
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989,886
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31,310,094
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Crosstex
Energy, L.P.
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1,253,600
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31,929,192
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Crosstex
Energy, L.P.
(2) (4)
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581,301
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13,544,313
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DCP
Midstream Partners, LP
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302,075
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7,400,837
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Duncan
Energy Partners L.P.
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322,100
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5,836,452
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Exterran
Partners, L.P.
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218,462
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4,849,856
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MarkWest
Energy Partners, L.P.
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1,418,656
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48,858,513
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Regency
Energy Partners LP
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146,100
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3,640,812
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Targa
Resources Partners LP
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97,783
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2,337,014
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Western
Gas Partners LP
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155,530
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2,374,943
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Williams
Partners L.P.
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416,539
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12,637,793
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164,719,819
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Propane
Distribution - 3.8%
(1)
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United
States - 3.8%
(1)
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Inergy,
L.P.
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583,700
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15,386,332
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Shipping
- 3.5%
(1)
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Republic
of the Marshall Islands - 0.6%
(1)
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Teekay
LNG Partners L.P.
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111,000
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2,525,250
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United
States - 2.9%
(1)
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K-Sea
Transportation Partners L.P.
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361,410
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9,273,781
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OSG
America L.P.
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208,145
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2,497,740
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11,771,521
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14,296,771
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Total
Master Limited Partnerships and Related Companies (Cost
$627,756,170)
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762,330,937
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Short-Term
Investment - 3.0%
(1)
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United
States Investment Company - 3.0%
(1)
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First
American Government Obligations Fund - Class Y, 1.89%
(5)
(Cost
$12,224,457)
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12,224,457
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12,224,457
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Total
Investments - 189.4%
(1)
(Cost
$640,447,177)
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774,893,263
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Long-Term
Debt Obligations - (46.4%)
(1)
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(190,000,000
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Liabilities
in Excess of Cash and Other Assets - (16.1%)
(1)
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(65,718,039
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Preferred
Shares at Redemption Value - (26.9%)
(1)
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(110,000,000
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)
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Total
Net Assets Applicable to Common Stockholders - 100.0%
(1)
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$
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409,175,224
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(1)
Calculated as a percentage of net assets applicable to common
stockholders.
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(2)
Restricted securities have a total fair value of $28,558,551
which
represents 7.0% of net assets.
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(3)
Security distributions are paid-in-kind.
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(4)
Non-income producing.
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(5)
Rate indicated is the 7-day effective yield as of August 31,
2008.
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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,
2008. These assets are measured on a recurring basis.
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Fair
Value Measurements at Reporting Date Using
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Quoted
Prices in
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Significant
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Active
Markets for
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Significant
Other
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Unobservable
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Fair
Value at
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Identical
Assets
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Observable
Inputs
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Inputs
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Description
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August
31, 2008
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(Level
1)
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(Level
2)
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(Level
3)
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Investments
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$ 774,893,263
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$ 746,334,712
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$ 15,014,238
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$ 13,544,313
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Fair
Value Measurements Using Significant Unobservable
Inputs
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(Level
3)
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Investments
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For
the three months ended
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February
29, 2008
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May
31, 2008
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August
31, 2008
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Fair
Value beginning balance
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$ -
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$ -
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$ -
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Total
unrealized gains (losses) included in net increase (decrease) in
net
assets applicable to common stockholders
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-
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-
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-
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Net
purchases, issuances and settlements
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-
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-
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-
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Return
of capital adjustments impacting cost basis of security
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-
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-
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-
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Transfers
in (out) of Level 3
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-
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-
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13,544,313
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Fair
value ending balance
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$ -
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$ -
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$ 13,544,313
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Certain
of the Company’s investments are restricted and are valued as determined in
accordance with procedures established by the Board of Directors. The
table below shows the number of units held, acquisition date, acquisition
cost,
fair value per unit and percent of net assets which the securities comprise
at
August 31, 2008.
Investment
Security
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Number
of Units
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Acquisition
Date
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Acquisition
Cost
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Fair
Value Per Unit
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Fair
Value as Percent of Net Assets
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Crosstex
Energy, L.P.
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Series
D Subordinated Units
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581,301
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3/23/07
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$
15,000,007
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$23.30
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3.3
%
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Enbridge
Energy Partners, L.P.
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Class
C Common Units
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314,632
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4/02/07
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15,000,000
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47.72
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3.7
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$ 30,000,007
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7.0%
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Investments
representing 5 percent or more of the outstanding voting securities of a
portfolio company result in that company being considered an affiliated company,
as defined in the Investment Company Act of 1940. There were no affiliate
securities held by the Company as of August 31, 2008. A summary of
affiliated transactions for the company which was an affiliate during the
period
from December 1, 2007 to August 31, 2008, is as follows:
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Share
Balance 11/30/07
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Gross
Additions
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Gross
Reductions
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Realized
Gain (Loss)
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Gross
Distributions Received
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August
31, 2008
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Share
Balance
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Fair
Value
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Crosstex
Energy, L.P.
(1)
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1,269,913
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$ -
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$ -
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$ -
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$2,362,038
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1,253,600
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$31,929,192
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Crosstex
Energy, L.P.-Series D Subordinated Units
(1)
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581,301
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-
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-
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-
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-
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581,301
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13,544,313
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$ -
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$ -
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$ -
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$2,362,036
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$45,473,505
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(1)
Not deemed an affiliate as of August 31, 2008; $1,587,391 non-affiliated
distributions received.
As
of
August 31, 2008, the aggregate cost of securities for federal income tax
purposes was $580,097,757. At August 31, 2008, the aggregate gross unrealized
appreciation for all securities in which there was an excess of fair value
over
tax cost was $212,479,361, the aggregate gross unrealized depreciation
for all
securities in which there was an excess of tax cost over fair value was
$17,683,855 and the net unrealized appreciation was
$194,795,506.
Item
2. Controls and Procedures.
(a)
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The
registrant’s President and 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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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.
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Tortoise
Energy Capital Corporation
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Date:
October 27, 2008
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By:
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/s/ David
J. Schulte
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David
J. Schulte
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President
and Chief Executive Officer
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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.
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Tortoise
Energy Capital
Corporation
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Date:
October 27, 2008
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By:
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/s/ David
J. Schulte
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David
J. Schulte
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President
and Chief Executive
Officer
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Tortoise
Energy Capital Corporation
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Date:
October 27, 2008
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By:
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/s/ Terry
Matlack
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Terry
Matlack
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Chief
Financial Officer
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