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 811-22040
Name of Fund: MLP & Strategic Equity Fund Inc. (MTP)
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Mitchell M. Cox, Chief Executive Officer,
MLP & Strategic Equity Fund Inc., 4 World Financial Center, 6th Floor, New
York, New York 10080.
Registrant's telephone number, including area code: (877) 449-4742
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 - 01/31/2008
Item 1 - Schedule of Investments
MLP & Strategic Equity Fund Inc.
Schedule of Investments as of January 31, 2008 (Unaudited)
Units
Industry Held Master Limited Partnerships & MLP Affiliates Value
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Energy Equipment & Services - 0.5% 39,000 Exterran Partners LP $ 1,306,890
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Gas Utilities - 11.1% 124,180 Amerigas Partners LP 4,128,985
144,430 Ferrellgas Partners LP 3,154,351
193,650 ONEOK Partners LP 12,116,681
168,710 Spectra Energy Partners LP 4,006,863
72,945 Suburban Propane Partners LP 2,997,310
--------------
26,404,190
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Oil, Gas & Consumable Fuels - 88.6% 82,935 Alliance Resource Partners LP 2,932,581
129,000 Atlas Energy Resources LLC 3,483,000
116,065 Atlas Pipeline Holdings LP 3,325,262
280,490 Boardwalk Pipeline Partners LP 8,717,629
63,070 BreitBurn Energy Partners LP - Common Units 1,607,024
78,870 BreitBurn Energy Partners LP - Common Units (a)(b) 1,877,324
100,670 Buckeye Partners LP 5,036,520
66,120 Calumet Specialty Products Partners LP 2,363,790
377,312 Cheniere Energy Partners LP 6,218,102
31,925 Constellation Energy Partners LLC 805,148
11,804 Copano Energy LLC Class E Units (a)(b) 387,326
107,375 Copano Energy LLC Common Units 3,794,632
10,819 Copano Energy LLC Common Units (b) 382,343
102,790 Crosstex Energy LP 3,246,108
56,890 DCP Midstream Partners LP 2,214,159
52,890 Duncan Energy Partners LP 1,160,407
32,120 EV Energy Partner LP 970,024
178,265 Eagle Rock Energy Partners LP 3,032,288
200,000 El Paso Pipeline Partners LP 4,734,000
110,754 Enbridge Energy Management LLC (d) 5,848,919
64,030 Enbridge Energy Partners LP 3,259,767
50,000 Encore Energy Partners LP 973,500
304,457 Energy Transfer Equity LP 10,050,126
140,000 Energy Transfer Partners LP 7,021,000
623,830 Enterprise Products Partners LP 19,469,734
66,685 Genesis Energy LP 1,428,393
25,900 Global Partners LP 710,178
22,805 Hiland Partners LP 1,117,445
39,095 Holly Energy Partners LP 1,597,031
108,035 Inergy LP 3,106,006
22,570 K-Sea Transportation Partners LP 832,833
389,603 Kinder Morgan Management LLC (d) 21,038,563
54,370 Legacy Reserves LP 1,009,651
239,987 Linn Energy LLC Common Units (a) 5,212,517
162,340 Magellan Midstream Partners LP 7,026,075
88,030 MarkWest Energy Partners LP 2,993,020
35,085 Martin Midstream Partners LP 1,245,517
130,475 Natural Resource Partners LP 3,966,440
116,000 Nustar Energy LP 6,331,280
60,000 OSG America LP 962,400
97,215 Penn Virginia Resource Partners LP 2,429,403
267,595 Plains All American Pipeline LP 13,323,555
40,000 Quest Energy Partners LP 608,400
144,875 Regency Energy Partners LP 4,563,563
65,530 SemGroup Energy Partners LP 1,700,504
71,485 Sunoco Logistics Partners LP 3,685,052
89,025 TC PipeLines LP 3,160,388
192,910 TEPPCO Partners LP 7,486,837
109,585 Targa Resources Partners LP 2,958,795
78,665 Teekay LNG Partners LP 2,271,845
MLP & Strategic Equity Fund Inc.
Schedule of Investments as of January 31, 2008 (Unaudited)
Units
Industry Held Master Limited Partnerships & MLP Affiliates Value
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30,065 Transmontaigne Partners LP $ 907,662
39,410 U.S. Shipping Partners LP 517,847
25,000 Vanguard Natural Resources LLC 406,250
97,285 Williams Partners LP 3,575,224
73,840 Williams Pipeline Partners LP (a) 1,432,496
--------------
210,515,883
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Total Master Limited Partnerships & MLP
Affiliates (Cost - $260,908,556) - 100.2% 238,226,963
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Shares
Held Common Stocks
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Aerospace & Defense - 1.9% 17,121 Alliant Techsystems, Inc. (a) 1,812,258
24,087 Precision Castparts Corp. 2,741,101
--------------
4,553,359
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Air Freight & Logistics - 3.6% 92,019 FedEx Corp. 8,601,936
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Auto Components - 0.8% 23,050 The Goodyear Tire & Rubber Co. (a) 580,169
61,357 TRW Automotive Holdings Corp. (a) 1,406,916
--------------
1,987,085
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Automobiles - 0.8% 283,032 Ford Motor Co. (a) 1,879,332
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Biotechnology - 26.7% 493,977 Amgen, Inc. (a) 23,014,388
457,467 Genentech, Inc. (a) 32,109,609
106,485 Genzyme Corp. (a) 8,319,673
--------------
63,443,670
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Building Products - 0.1% 4,770 USG Corp. (a) 174,582
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Capital Markets - 14.0% 693,225 E*Trade Financial Corp. (a) 3,445,328
50,112 Franklin Resources, Inc. 5,223,174
29,252 GFI Group, Inc. (a) 2,580,319
72,461 The Goldman Sachs Group, Inc. 14,547,995
46,290 Lehman Brothers Holdings, Inc. 2,970,429
236,269 TD Ameritrade Holding Corp. (a) 4,432,406
--------------
33,199,651
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Chemicals - 3.7% 84,861 The Mosaic Co. (a) 7,723,200
18,471 OM Group, Inc. (a) 1,059,866
--------------
8,783,066
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Commercial Services & Supplies - 1.5% 3,117 Allied Waste Industries, Inc. (a) 30,702
2,829 Monster Worldwide, Inc. (a) 78,788
57,668 Stericycle, Inc. (a) 3,417,406
--------------
3,526,896
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Communications Equipment - 17.3% 1,434,382 Cisco Systems, Inc. (a) 35,142,359
183,746 Corning, Inc. 4,422,766
30,138 EchoStar Holding Corp. (a) 880,632
50,527 Motorola, Inc. 582,576
--------------
41,028,333
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Computers & Peripherals - 21.2% 195,553 Apple Inc. (a) 26,470,054
731,035 Dell, Inc. (a) 14,649,941
310,361 EMC Corp. (a) 4,925,429
95,114 NCR Corp. (a) 2,043,049
95,114 Teradata Corp. (a) 2,265,615
--------------
50,354,088
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Construction & Engineering - 2.9% 16,452 Foster Wheeler Ltd. (a) 1,126,468
63,177 Jacobs Engineering Group, Inc. (a) 4,829,250
15,717 The Shaw Group, Inc. (a) 888,010
--------------
6,843,728
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Consumer Finance - 8.7% 159,174 AmeriCredit Corp. (a) 2,118,606
337,388 Capital One Financial Corp. 18,492,236
--------------
20,610,842
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Containers & Packaging - 2.0% 163,537 Pactiv Corp. (a) 4,678,794
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Diversified Consumer Services - 6.5% 193,079 Apollo Group, Inc. Class A (a) 15,396,119
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MLP & Strategic Equity Fund Inc.
Schedule of Investments as of January 31, 2008 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services - 1.4% 8,282 IntercontinentalExchange, Inc. (a) $ 1,159,149
46,948 The NASDAQ Stock Market, Inc. (a) 2,172,284
--------------
3,331,433
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Diversified Telecommunication 244,948 Qwest Communications International Inc. 1,440,294
Services - 0.6%
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Electric Utilities - 6.7% 162,654 Allegheny Energy, Inc. 8,911,813
188,670 Mirant Corp. (a) 6,950,603
--------------
15,862,416
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Electronic Equipment & 200,498 Agilent Technologies, Inc. (a) 6,798,887
Instruments - 4.4% 14,957 Arrow Electronics, Inc. (a) 511,829
81,179 Ingram Micro, Inc. Class A (a) 1,443,363
11,565 Mettler Toledo International, Inc. (a) 1,148,405
49,954 Vishay Intertechnology, Inc. (a) 524,017
--------------
10,426,501
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Energy Equipment & Services - 24.7% 198,856 Cameron International Corp. (a) 8,005,943
109,733 FMC Technologies, Inc. (a) 5,284,741
1,569 Grant Prideco, Inc. (a) 78,105
163,692 Nabors Industries Ltd. (a) 4,455,696
39,738 National Oilwell Varco, Inc. (a) 2,393,420
68,880 Noble Corp. 3,014,878
29,124 SEACOR Holdings, Inc. (a) 2,568,737
17,195 Schlumberger Ltd. 1,297,535
126,860 Transocean, Inc. 15,553,036
259,507 Weatherford International Ltd. (a) 16,040,128
--------------
58,692,219
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Food Products - 3.2% 114,029 Dean Foods Co. (a) 3,192,812
155,813 Smithfield Foods, Inc. (a) 4,339,392
--------------
7,532,204
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Health Care Equipment & Supplies - 5.8% 28,909 Hospira, Inc. (a) 1,188,449
30,834 St. Jude Medical, Inc. (a) 1,249,085
145,914 Zimmer Holdings, Inc. (a) 11,420,689
--------------
13,858,223
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Health Care Providers & Services - 44.8% 66,558 Aetna, Inc. 3,544,879
165,162 Cigna Corp. 8,119,364
36,896 Coventry Health Care, Inc. (a) 2,087,576
159,868 Express Scripts, Inc. (a) 10,789,491
20,121 Health Net, Inc. (a) 935,425
21,508 Humana, Inc. (a) 1,727,092
76,452 Laboratory Corp. of America Holdings (a) 5,648,274
7,205 Lincare Holdings, Inc. (a) 240,719
243,128 Medco Health Solutions, Inc. (a) 12,175,850
375,262 UnitedHealth Group, Inc. 19,078,320
538,259 WellPoint, Inc. (a) 42,091,854
--------------
106,438,844
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Health Care Technology - 0.1% 3,329 Cerner Corp. (a) 174,440
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Hotels, Restaurants & Leisure - 5.0% 7,564 Jack in the Box, Inc. (a) 221,096
17,406 Las Vegas Sands Corp. (a) 1,525,984
41,661 MGM Mirage (a) 3,050,418
372,072 Starbucks Corp. (a) 7,035,881
--------------
11,833,379
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Household Durables - 1.0% 28,788 Mohawk Industries, Inc. (a) 2,300,737
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Household Products - 1.0% 26,319 Energizer Holdings, Inc. (a) 2,463,985
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IT Services - 2.0% 23,920 Cognizant Technology Solutions Corp. (a) 667,368
48,955 Computer Sciences Corp. (a) 2,071,776
17,404 DST Systems, Inc. (a) 1,244,386
14,142 Fiserv, Inc. (a) 726,475
--------------
4,710,005
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MLP & Strategic Equity Fund Inc.
Schedule of Investments as of January 31, 2008 (Unaudited)
Shares
Industry Held Common Stocks Value
-----------------------------------------------------------------------------------------------------------------------------------
Independent Power Producers & 777,967 The AES Corp. (a) $ 14,843,610
Energy Traders - 9.8% 220,401 NRG Energy, Inc. (a) 8,505,275
--------------
23,348,885
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Insurance - 11.3% 353,029 American International Group, Inc. 19,473,080
49,769 Arch Capital Group Ltd. (a) 3,506,724
84,846 Conseco, Inc. (a) 1,021,546
160,937 The Progressive Corp. 2,986,991
--------------
26,988,341
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Internet Software & Services - 10.6% 280,897 eBay, Inc. (a) 7,553,320
31,096 Google, Inc. Class A (a) 17,547,473
--------------
25,100,793
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Life Sciences Tools & Services - 1.6% 76,065 Thermo Fisher Scientific, Inc. (a) 3,916,587
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Machinery - 2.7% 71,743 Danaher Corp. 5,341,266
19,505 Terex Corp. (a) 1,146,114
--------------
6,487,380
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Media - 23.6% 1,084,807 Comcast Corp. Class A (a) 19,700,095
376,189 The DIRECTV Group, Inc. (a) 8,494,348
150,692 DISH Network Corp. (a) 4,255,542
46,327 Liberty Media Holding Corp. - Capital (a) 4,985,712
625,751 Walt Disney Co. 18,728,727
--------------
56,164,424
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Metals & Mining - 1.8% 16,077 Century Aluminum Co. (a) 835,843
6,066 Freeport-McMoRan Copper & Gold, Inc. Class B 540,056
20,564 Nucor Corp. 1,188,599
17,984 United States Steel Corp. 1,836,346
--------------
4,400,844
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Multiline Retail - 10.3% 11,219 Dollar Tree Stores, Inc. (a) 314,244
430,974 Kohl's Corp. (a) 19,669,653
41,216 Sears Holdings Corp. (a) 4,553,956
--------------
24,537,853
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Office Electronics - 2.4% 369,038 Xerox Corp. 5,683,185
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Oil, Gas & Consumable Fuels - 2.6% 4,349 Forest Oil Corp. (a) 196,662
120,284 Newfield Exploration Co. (a) 5,999,766
--------------
6,196,428
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Pharmaceuticals - 2.5% 151,514 Forest Laboratories, Inc. (a) 6,025,712
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Semiconductors & Semiconductor 48,851 Lam Research Corp. (a) 1,875,390
Equipment - 0.8%
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Software - 17.9% 72,065 Adobe Systems, Inc. (a) 2,517,230
27,011 Autodesk, Inc. (a) 1,111,503
89,274 Cadence Design Systems, Inc. (a) 906,131
166,786 Electronic Arts, Inc. (a) 7,900,653
44,799 Intuit, Inc. (a) 1,374,881
1,396,672 Oracle Corp. (a) 28,701,610
--------------
42,512,008
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Specialty Retail - 8.2% 116,776 AutoNation, Inc. (a) 1,901,113
20,771 AutoZone, Inc. (a) 2,510,798
399,924 Bed Bath & Beyond, Inc. (a) 12,893,550
144,827 Office Depot, Inc. (a) 2,147,784
--------------
19,453,245
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Textiles, Apparel & Luxury Goods - 0.3% 20,871 Coach, Inc. (a) 668,916
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Wireless Telecommunication 38,606 American Tower Corp. Class A (a) 1,448,883
Services - 1.9% 59,172 Crown Castle International Corp. (a) 2,141,435
16,931 Leap Wireless International, Inc. (a) 700,097
6,287 NII Holdings, Inc. (a) 268,203
--------------
4,558,618
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Total Common Stocks (Cost - $841,617,622) - 320.7% 762,044,770
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MLP & Strategic Equity Fund Inc.
Schedule of Investments as of January 31, 2008 (Unaudited)
Shares
Held Short-Term Securities Value
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1,601,862 SSgA Prime Money Market Fund, 5.154% (c) $ 1,601,862
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Total Short-Term Securities (Cost - $1,601,862) - 0.7% 1,601,862
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Total Investments (Cost - $1,104,128,040*) - 421.6% 1,001,873,595
Liabilities in Excess of Other Assets - (321.6%) (764,212,144)
--------------
Net Assets - 100.0% $ 237,661,451
==============
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,104,128,040
===============
Gross unrealized appreciation $ 28,833,271
Gross unrealized depreciation (131,087,716)
---------------
Net unrealized depreciation $ (102,254,445)
===============
(a) Non-income producing security.
(b) Restricted securities as to resale, representing approximately 1.1% of net
assets, were as follows:
---------------------------------------------------------------------------------------------------
Acquisition
Issue Date(s) Cost Fair Value
---------------------------------------------------------------------------------------------------
BreitBurn Energy Partners LP - Common Units 11/01/2007 $ 2,094,590 $ 1,877,324
Copano Energy LLC Class E Units 10/19/2007 375,013 387,326
Copano Energy LLC Common Units 10/19/2007 369,469 382,343
---------------------------------------------------------------------------------------------------
Total $ 2,839,072 $ 2,646,993
===========================
(c) Represents the current yield as of January 31, 2008.
(d) Represents a pay-in-kind security which may pay dividends in additional
units.
o For Fund portfolio compliance purposes, the Fund's industry
classifications refer to any one or more of the industry
sub-classifications used by one or more widely recognized market indexes
or ratings group indexes, and/or as defined by Fund management. This
definition may not apply for the purposes of this report, which may
combine industry sub-classifications for reporting ease. Industries are
shown as a percent of net assets.
o Variable prepaid forward contracts as of January 31, 2008 were as follows:
------------------------------------------------------------------------------------------------------------------------
Notional Valuation
Amount Issue (a) Counterparty Date Value
------------------------------------------------------------------------------------------------------------------------
$ 183,000,279 Basket of Securities Bank of America, NA 7/18/2008 $(154,858,862)
$ 50,001,141 Basket of Securities, Tranche 1 HSBC Bank USA, NA 7/18/2008 (42,142,112)
$ 50,001,141 Basket of Securities, Tranche 2 HSBC Bank USA, NA 7/19/2008 (42,142,112)
$ 50,001,141 Basket of Securities, Tranche 3 HSBC Bank USA, NA 7/20/2008 (42,142,112)
$ 50,001,141 Basket of Securities, Tranche 4 HSBC Bank USA, NA 7/23/2008 (42,142,112)
$ 50,001,141 Basket of Securities, Tranche 5 HSBC Bank USA, NA 7/24/2008 (42,142,112)
$ 44,000,000 Basket of Securities, Tranche 1 HSBC Bank USA, NA 7/29/2008 (40,834,332)
$ 44,000,000 Basket of Securities, Tranche 2 HSBC Bank USA, NA 7/30/2008 (40,834,332)
$ 44,000,000 Basket of Securities, Tranche 3 HSBC Bank USA, NA 7/31/2008 (40,834,332)
$ 44,000,000 Basket of Securities, Tranche 4 HSBC Bank USA, NA 8/01/2008 (40,834,332)
$ 44,000,000 Basket of Securities, Tranche 5 HSBC Bank USA, NA 8/04/2008 (40,834,332)
$ 40,064,922 Basket of Securities, Tranche 1 HSBC Bank USA, NA 8/07/2008 (38,102,462)
$ 40,064,922 Basket of Securities, Tranche 2 HSBC Bank USA, NA 8/08/2008 (38,102,462)
$ 40,064,922 Basket of Securities, Tranche 3 HSBC Bank USA, NA 8/11/2008 (38,102,462)
$ 40,064,922 Basket of Securities, Tranche 4 HSBC Bank USA, NA 8/12/2008 (38,102,462)
$ 40,064,922 Basket of Securities, Tranche 5 HSBC Bank USA, NA 8/13/2008 (38,102,462)
------------------------------------------------------------------------------------------------------------------------
Total (Proceeds - $844,797,291) $(760,253,392)
==============
(a) Non-income producing securities.
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing 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) under the Securities Exchange Act of 1934, as amended.
2(b) - There were no changes 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 have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
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.
MLP & Strategic Equity Fund Inc.
By: /s/ Mitchell M. Cox
--------------------
Mitchell M. Cox
Chief Executive Officer (principal executive officer) of
MLP & Strategic Equity Fund Inc.
Date: March 19, 2008
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.
By: /s/ Mitchell M. Cox
--------------------
Mitchell M. Cox
Chief Executive Officer (principal executive officer) of
MLP & Strategic Equity Fund Inc.
Date: March 19, 2008
By: /s/ James E. Hillman
--------------------
James E. Hillman
Chief Financial Officer (principal financial officer) of
MLP & Strategic Equity Fund Inc.
Date: March 19, 2008