| þ |       | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934     |
|--------|--------------------------------|-----------------------------------------------------------------------------------------------|
|        |                                | For the fiscal year ended November 30,      2009                                              |
|        |                                | OR                                                                                            |
| o      |                                | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|        |                                | For the transition period from      ____________to  ____________                              |

| Maryland                                                            | 20-3431375                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State or Other Jurisdiction of      Incorporation or Organization) | (I.R.S. Employer Identification      No.) |
|                                                                     |                                           |
| 11550 Ash Street, Suite    300                                      |                                           |
| Leawood, Kansas                                                     | 66211                                     |
| (Address of Principal Executive      Offices)                       | (ZipCode)                                 |

| Title of Each Class     |  | Name of Each Exchange on Which      Registered |
|-------------------------|--|------------------------------------------------|
| Common Stock, par value |  | New York Stock  Exchange                       |
| $0.001 per share        |  |                                           |

|           Large      accelerated filer  o          | Accelerated      filer  o |                                          | Non-accelerated filer þ |   | Smaller reporting      company  o          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------------------------------------------|-----------------------------------|--------|---------------------------------------------------------------------------------------------------|
|                                                                                                                                                        |                                | (Do not check if a smaller reporting company) |                              |

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| TABLE OF  CONTENTS |
|--------------------|
|               |
| PART I             |
| Item 1.            |       | Business | 3 |
| Item 1A.           |   | Risk    Factors | 10 |
| Item 1B.           |   | Unresolved Staff Comments | 16 |
| Item 2.       |   | Properties | 16 |
| Item 3.       |   | Legal Proceedings | 16 |
| Item 4.       |   | Submission of      Matters to a Vote of Security Holders | 17 |
|               |  |  |
| PART II            |
| Item 5.       |   | Market for Registrant’s Common Equity, Related      Stockholder Matters and |  |
|                    |  | Issuer Purchases of EquitySecurities | 17 |
| Item 6.       |   | Selected Financial      Data | 19 |
| Item 7.       |   | Management’s Discussion and Analysis of Financial      Condition and Results of Operations | 20 |
| Item 7A.           |   | Quantitative and      Qualitative Disclosures about Market Risk | 27 |
| Item 8.       |   | Financial Statements and Supplementary      Data | 28 |
| Item 9.       |   | Changes in and      Disagreements with Accountants on Accounting and Financial      Disclosure | 28 |
| Item 9A (T).  |   | Controls and Procedures | 28 |
| Item 9B.      |   | Other      Information | 28 |
|               |  |  |
| PART III           |  |  |
| Item 10.      |   | Directors, Executive Officers and Corporate      Governance | 29 |
| Item 11.      |   | Executive      Compensation | 29 |
| Item 12.      |   | Security      Ownership of Certain Beneficial Owners and Management and |  |
|                    |  | Related      Stockholder Matters | 29 |
| Item 13.      |   | Certain      Relationships and Related Transactions, and Director      Independence | 29 |
| Item 14.      |   | Principal      Accounting Fees and Services | 29 |
|               |  |  |
| PART IV            |  |  |
| Item 15.      |   | Exhibits and      Financial Statement Schedules | 30 |
|                    |  | Signatures |   |

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ITEM 1.BUSINESS

- Jeffrey Fulmer  — Prior to joining our Adviser in September  2007, Mr. Fulmer was with the U.S. Department of Defense since  2002, where he headed a group of oil, gas,  electric power, communications, transportation, chemical, and water  infrastructure  analysts engaged  globally in critical infrastructure analysis, assessment, and protection. From  2000 to 2002, Mr. Fulmer  served  as President of Redland Energy, a natural gas property acquisition and  exploitation company. From 1989 to 2000,  Mr. Fulmer served as Senior Vice President  and in other management capacities for Statoil Energy and its  predecessor,  responsible for  exploration, development and land acquisition. Prior to joining Statoil  Energy, Mr. Fulmer served six years in  engineering and geological positions for ARCO Oil and Gas and Tenneco  Oil Exploration and Production, working oil and  gas field evaluation and exploitation  projects.  
- David Henriksen  — Prior to joining our Adviser in August  2007, Mr. Henriksen held various positions with Great Plains  Energy, an energy holding company, since  2001 where he most recently served as Vice President, Strategy and  Investor  Relations. His prior  experience includes merger and acquisition advisory services, as well as  corporate finance and corporate  development positions with Koch Industries, a holder of a diverse group  of companies engaged in trading, operations and  investment worldwide, and CGF Industries, a  multi-industry leveraged buyout and operating holding  company.  
- Lisa Marquard  — Prior to joining our Adviser in June 2007,  Ms. Marquard was with Stifel, Nicolaus & Company,  Incorporated (“Stifel Nicolaus”) since 2002,  where she worked in the Financial Institution Investment Banking Group.  Her  prior experience includes  executing public and private capital offerings, merger and acquisition  advisory services, as well as  general advisory services including valuations, strategic alternatives  and shareholder reduction transactions.  
- Terry Matlack  — Mr. Matlack has been a Managing Director  of our Adviser since 2002 and also serves as our Chief  Financial Officer. Mr. Matlack is also the  Chief Financial Officer of Tortoise Energy Infrastructure Corporation  (“TYG”),  Tortoise Energy  Capital Corporation (“TYY”), Tortoise North American Energy Corporation  (“TYN”), Tortoise Power and  Energy Infrastructure Fund, Inc. (“TPZ”), and the privately held  closed-end investment company managed by our Adviser.  From 2001 to 2002, Mr. Matlack was a  full-time Managing Director at Kansas City Equity Partners, L.C.  (“KCEP”).  Prior to joining  KCEP, Mr. Matlack was President of GreenStreet Capital and its affiliates,  which invested primarily in the telecommunications service industry. Prior to  1995, he was Executive Vice President and a member of the Board of Directors  of W. K. Communications, Inc., a cable television acquisition company, and  Chief Operating Officer of W. K. Cellular, a rural cellular service area  operator. 

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- Edward Russell  — Mr. Russell serves as our President. Prior  to joining our Adviser in March 2006, Mr. Russell was at Stifel  Nicolaus since 1999, where he headed the  Energy and Power Group as a Managing Director from 2003 to March 2006,  and  served as Vice  President-Investment Banking before that. While a Managing Director at Stifel  Nicolaus, Mr. Russell was  responsible for all of the energy and power transactions, including all  of the debt and equity transactions for TYG, TYY and  TYN and our first private placement  transaction. Prior to joining Stifel Nicolaus, Mr. Russell worked for more  than 15 years  as an investment  banker at Pauli & Company, Inc. and Arch Capital LLC and as a commercial  banker with Magna Group and  South Side National Bank.  
- David J. Schulte  — Mr. Schulte has been a Managing Director  of our Adviser since 2002 and also serves as our Chief  Executive Officer. In addition, Mr. Schulte  serves as Chief Executive Officer and President of TYG, TYY and TPZ,  Chief  Executive Officer of TYN  and President of the privately held closed-end investment company managed by  our Adviser.  From 1993 to 2002,  Mr. Schulte was a full-time Managing Director at KCEP. While a partner at  KCEP, Mr. Schulte led  private  financings for two growth MLPs in the energy infrastructure sector, Inergy,  L.P., where he served as a director, and  MarkWest Energy Partners, L.P., where he was  a board observer. Prior to joining KCEP, Mr. Schulte had over five years  of  experience completing  acquisition and public equity financings as an investment banker at the  predecessor of Oppenheimer  & Co., Inc. 

- Midstream  — the gathering,  processing, storing and transmission of energy resources and their byproducts  in a form that is usable by wholesale power generation, utility,  petrochemical, industrial and gasoline customers, including pipelines, gas  processing plants, liquefied natural gas facilities and other energy  infrastructure companies.           
- Downstream  — the refining of  energy sources, and the marketing and distribution of such refined products,  such as customer-ready natural gas, natural gas liquids, propane and gasoline,  to end-user customers, and customers engaged in the generation, transmission  and distribution of power and electricity.           
- Upstream  — the exploitation  and extraction of energy resources, including natural gas and crude oil from  onshore and offshore geological reservoirs as well as from renewable sources,  including agricultural, thermal, solar, wind and biomass.           
- Other  — includes production  and processing of coal and aggregates. 

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- Long-Life Assets with Stable Cash Flows and  Limited Commodity Price Sensitivity.  Most of our investments  will be made in companies with assets having the potential to generate stable  cash flows over long periods of time. We intend to invest a portion of our  assets in companies that own and operate assets with long useful lives and  that generate cash flows by providing critical services primarily to the  producers or end-users of energy. We attempt to limit the direct exposure to  energy commodity price risk in our portfolio. We target companies that have a  majority of their cash flows generated by contractual obligations.           
- Experienced Management Teams with Energy  Infrastructure Focus.  We target investments in companies with  management teams that have a track record of success and that often have  substantial knowledge and focus in particular segments of the energy  infrastructure sector or with certain types of assets. We believe that our  management team’s extensive experience and network of business relationships  in the energy infrastructure sector will enable us to identify and attract  portfolio company management teams that meet these criteria.           
- Fixed Asset-Intensive Investments.   Most of our investments will be made in companies with a  relatively significant base of fixed assets. Compared to companies with lower  relative fixed asset levels, fixed asset intensive companies often are  characterized by economies of scale and barriers to entry.           
- Limited Technological Risk.  We  generally do not target investment opportunities involving the application of  new technologies or significant geological, drilling or development  risk.           
- Exit Opportunities.  We focus  our investments on prospective portfolio companies that we believe will  generate a steady stream of cash flow to generate returns on our investments  as well as allow such companies to reinvest in their respective businesses. We  expect that such internally generated cash flow will lead to distributions or  the repayment of the principal of our investments in portfolio companies and  will be a key means by which we monetize our investments over time. In  addition, we seek to invest in companies whose business models and expected  future cash flows offer attractive exit possibilities. These companies include  candidates for strategic acquisition by other industry participants and  companies that may repay, or provide liquidity for, our investments through an  initial public offering of common stock or other capital markets transactions.  We believe our Adviser’s investment experience will help us identify such  companies. 

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- requiring a total return on our  investments (including both interest and potential equity appreciation) that  compensates us for  our credit  risk;   
- incorporating “put” rights and  “call” protection into the investment structure; and   
- structuring covenants in  connection with our investments that afford portfolio companies as much  flexibility in managing their businesses as possible, consistent with  preservation of our capital. Such restrictions may include affirmative and  negative  covenants, default  penalties, lien protection, change of control provisions and board rights,  including either observation or participation rights. 

- Increased Demand Among Small and Middle  Market Private Companies for Capital.  We believe many private and micro-cap  public companies have faced increased  difficulty accessing the capital markets due to a continuing preference by  investors  for issuances in  larger companies with more liquid securities. Such difficulties have been  magnified in asset-focused and  capital intensive industries such as the energy infrastructure sector.  We believe that the U.S. energy infrastructure sector’s  high level of projected capital expenditures  and continuing acquisition and divestiture activity will provide us with  attractive  investment  opportunities.  
- Finance Market for Small and Middle Market  Energy Companies is Underserved by Many Capital Providers.  We believe  that many lenders have, in recent years,  de-emphasized their service and product offerings to small and middle market  energy  companies in favor of  lending to large corporate clients and managing capital markets transactions.  We believe, in addition,  that  many capital providers lack the necessary technical expertise to evaluate the  quality of the underlying assets of small and  middle market private companies and  micro-cap public companies in the energy infrastructure sector and lack a  network of  relationships with  such companies.  
- Attractive Companies with Limited Access to  Other Capital.  We  believe there are, and will continue to be, attractive companies  that will benefit from private equity  investments prior to a public offering of their equity, whether as an MLP or  otherwise.  We also believe that  there are a number of companies in the midstream and downstream segments of  the U.S. energy  infrastructure  sector with the same stable cash flow characteristics as those being acquired  by MLPs or funded by private  equity capital in anticipation of contribution to an MLP. We believe  that many such companies are not being acquired by  MLPs or attracting private equity capital  because they do not produce income that qualifies for inclusion in an MLP  pursuant  to the applicable U.S.  Federal income tax laws, are perceived by such investors as too small, or are  in areas of the midstream energy infrastructure segment in which most MLPs do  not have specific expertise. We believe that these companies represent  attractive investment candidates for us. 

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- Existing Investment Platform and Focus on  the Energy Infrastructure Sector.  We believe that our Adviser’s current  investment  platform provides us  with significant advantages in sourcing, evaluating, executing and managing  investments. Our Adviser  is a  registered investment adviser specializing in the energy sector and had  approximately $3.0 billion of assets under  management as of January 31, 2010, including  the assets of four other publicly traded closed-end management  investment  companies, one  privately-held closed-end management investment company and separate accounts  for institutions and high  net  worth individuals. Our Adviser created the first publicly traded closed-end  management investment company focused  primarily on investing in MLPs involved in the energy infrastructure  sector, and its aggregate managed capital is among the  largest of those closed-end management  investment company advisers focused on the energy sector.  
- Experienced Management Team.   The members of our  Adviser’s investment committee have an average of over 20 years of  financial investment experience. Our  Adviser’s six investment professionals are responsible for the structuring and  managing  of our investments and  have over 120 years of combined experience in energy, investment banking,  leveraged finance and  private  equity investing. We believe that the members of our Adviser’s investment  committee and the Adviser’s investment  professionals have developed strong reputations in the capital markets,  particularly in the energy infrastructure sector, that  we believe affords us a competitive  advantage in identifying and investing in energy infrastructure  companies.  
- Disciplined Investment Philosophy.   In making its investment  decisions, our Adviser intends to continue the disciplined  investment approach that it has used since  its founding. That investment approach emphasizes current income with  the  potential for enhanced  returns through distribution growth, capital appreciation, low volatility and  minimization of downside  risk.  Our Adviser’s investment process involves an assessment of the overall  attractiveness of the specific subsector of the  energy infrastructure sector in which a  prospective portfolio company is involved; such company’s specific  competitive  position within  that subsector; potential commodity price, supply and demand and regulatory  concerns; the stability and  potential growth of the prospective portfolio company’s cash flows; the  prospective portfolio company’s management track  record and incentive structure and our  Adviser’s ability to structure an attractive investment.  
- Flexible Transaction Structuring.   We are not subject to  many of the regulatory limitations that govern traditional lending  institutions such as commercial banks.  As a result, we can be flexible in structuring investments and selecting the  types of  securities in which we  invest. Our Adviser’s investment professionals have substantial experience in  structuring investments  that  balance the needs of energy infrastructure companies with appropriate risk  control.  
- Extended Investment Horizon.   Unlike private equity  and venture capital funds, we are not subject to standard periodic  capital  return requirements.  These provisions often force private equity and venture capital funds to seek  quicker returns on their  investments through mergers, public equity offerings or other liquidity  events that may otherwise be desirable, potentially  resulting in both a lower overall return to  investors and an adverse impact on their portfolio companies. We believe  our  flexibility to make  investments with a long-term view and without the capital return requirements  of traditional private  investment funds enhance our ability to generate attractive returns on  invested capital. 

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- review of historical and  prospective financial information, as well as off-balance sheet and/or  contingent assets or liabilities;  
- review and analysis of financial  models and projections;  
- for many midstream and upstream  investments, review of third party engineering reserve reports and internal  engineering  reviews;  
- on-site visits;  
- review of the status of the  potential portfolio company’s title to any assets serving as collateral and  liens on such assets;  
- environmental diligence and  assessments;  
- interviews with management, and if  accessible, employees, customers and vendors of the prospective portfolio  company;  
- research relating to the  prospective portfolio company’s industry, regulatory environment, products and  services and  competitors;  
- review of financial, accounting  and operating systems;  
- review of relevant corporate,  partnership and other loan documents; and  
- research relating to the  prospective portfolio company’s management, including background and reference  checks using our  Adviser’s  industry contact base and commercial data bases and other investigative  sources. 

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ITEM 1A. RISK FACTORS

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ITEM 1B. UNRESOLVED STAFFCOMMENTS

ITEM 2.PROPERTIES

ITEM 3. LEGALPROCEEDINGS

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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS

| 1. |    | To consider and      vote on a new investment advisory agreement between the Company and its      current investment adviser, Tortoise Capital Advisors,    L.L.C. |
|----|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  | No. of Shares |
|------------------|---------------|
| Affirmative      | 4,927,841     |
| Against          | 192,606       |
| Abstain          | 80,232        |
| Broker Non-Votes | 0             |
| TOTAL            | 5,200,679     |

| 2. |    | To consider and      vote on a new sub-advisory agreement between Tortoise Capital Advisors,      L.L.C. and its current sub-advisor, Kenmont Investments Management,      L.P. |
|----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  | No. of Shares |
|------------------|---------------|
| Affirmative      | 4,918,547     |
| Against          | 202,333       |
| Abstain          | 79,799        |
| Broker Non-Votes | 0             |
| TOTAL            | 5,200,679     |

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATEDSTOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES

|                |                          |        |                          |        |                          |       |                          |
|----------------|--------------------------|--------|--------------------------|--------|--------------------------|-------|--------------------------|
|                |                          |        |                          |        | Price Range              |       | Cash  Distribution       |
| 2008           |      | NAV(1) |      | High   |      | Low   |      | per Share(2) |
| First quarter  |                          | $      | 13.28                    |        | $                        | 13.05 |                          | $ | 11.00 |   | $0.2500 |
| Second quarter |                          | $      | 13.69                    |        | $                        | 13.42 |                     | $ | 11.80 |  | $0.2625 |
| Third quarter  |                     | $      | 13.38                    |   | $                        | 12.52 |                          | $ | 11.00 |  | $0.2650 |
| Fourth quarter |                          | $      | 9.96                     |        | $                        | 11.18 |                          | $ | 4.40 |  | $0.2650 |
|           |
| 2009           |                          |        |                          |        |                          |       |                          |  |  |  |  |
| First quarter  |                          | $      | 8.67                     |        | $                        | 6.53  |                          | $ | 6.31 |  | $0.2300 |
| Second quarter |                          | $      | 8.91                     |        | $                        | 4.48  |                          | $ | 4.15 |  | $0.1300 |
| Third quarter  |                          | $      | 8.76                     |        | $                        | 5.78  |                          | $ | 5.57 |  | $0.1300 |
| Fourth quarter |                          | $      | 9.29                     |        | $                        | 6.46  |                          | $ | 6.14 |  | $0.1300 |

| (1) |    | Net asset value per share is      generally determined as of the last day in the relevant period and      therefore may not reflect the net asset value per share on the date of the      high and low sales prices. The net asset values shown are based on      outstanding shares at the end of each period. |
|-----|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | Represents the distribution      declared in the specified period.                                                                                                                                                                                                                                              |

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| (1) |    | Our shares began trading on the      NYSE on February 2, 2007.                                                                                                                      |
|-----|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | The BDC Peer Group consists of the      following closed-end investment companies that have elected to be      regulated as business development companies under the 1940      Act: |

| Allied Capital    Corp.            | Capital Southwest      Corp.    | Harris & Harris Group      Inc. | MVC Capital                      |
|------------------------------------|---------------------------------|-------------------------------------|----------------------------------|
| American Capital      Strategies   | Equus Total Return              | Hercules Tech Growth      Capital   | NGP Capital Resources      Co.   |
| Ameritrans Capital      Corp.      | Fifth Street Finance      Corp. | Kohlberg Capital    Corp.           | PennantPark Investment      Corp |
| Apollo Investment      Corp.       | Gladstone Capital      Corp.    | Main Street Capital      Corp.      | Prospect Capital    Corp.        |
| Ares Capital      Corporation      | Gladstone Investment      Corp. | MCG Capital Corp.                   | TICC Capital                     |
| Blackrock Kelso Capital      Corp. | GSC InvestmentCorp              | Medallion Financial      Corp.      | Triangle Capital    Corp.        |

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ITEM 6. SELECTED FINANCIALDATA

|                                                                               |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        | Period from |
|-------------------------------------------------------------------------------|--------------------------|--------------|--------------------------|--------------|--------------------------|--------------|--------------------------|-----------------|--------|---|-------------|--------|--------|-------------|
|                                                                               |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        | December 8, |
|                                                                               |                          | Year Ended   |                          | Year Ended   |                          | Year Ended   |                          | 2005            |
|                                                                               |                          | November 30, |                          | November 30, |                          | November 30, |                          | to November 30, |
|                                                                               |      | 2009         |      | 2008         |      | 2007         |      | 2006(1)         |
| Statements of operations      data:                                           |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
| Investment income                                                             |                          | $            | 1,804,531                |              |                          | $            | 2,943,953                |                 |        | $ | 3,034,944   |        |        | $           | 2,119,843 |  |
|                                                                          |
| Base management fees(2)                                                       |                          |              | 1,351,593                |              |                          |              | 2,006,120                |                 |        |   | 2,233,670   |        |        |             | 634,989 |  |
| All other expenses(3)                                                         |                          |              | 1,539,486                |              |                          |              | 2,688,550                |                 |        |   | 2,902,561   |        |        |             | 360,156 |  |
| Total expenses                                                                |                          | $            | 2,891,079                |              |                          | $            | 4,694,670                |                 |        | $ | 5,136,231   |        |        | $           | 995,145 |  |
|                                                                          |
| Less expense reimbursement by Adviser                                         |                          |              | 225,266                  |              |                          |              | 385,622                  |                 |        |   | 94,181      |        |        |             | — |  |
| Current and deferred tax benefit (expense), net                               |                          |              | (254,356                 | )            |                          |              | 9,859,785                |                 |        |   | (3,671,096  | )      |   |             | (516,055 | ) |
| Net realized gain (loss) on investments before                                |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
|      income taxes                                         |                          |              | (23,120,748              | )            |                          |              | 8,716,197                |                 |        |   | 260,290     |        |        |             | (1,462 | ) |
| Unrealized appreciation (depreciation) on investments                         |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
|      before income taxes                                  |                          |              | 24,247,380               |              |                          |              | (41,581,120              | )               |        |   | 10,561,888  |        |        |             | 328,858 |  |
| Increase (decrease) in net assets resulting from                              |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
|      operations                                           |                          | $            | 10,994                   |              |                          | $            | (24,370,233              | )               |        | $ | 5,143,976   |        |        | $           | 936,039 |  |
|                                                                          |
| Per common share    data:                                                     |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
| Distributions to common stockholders(4)                                       |                          | $            | 0.62                     |              |                          | $            | 1.04                     |                 |        | $ | 0.67        |        |        | $           | 0.34 |  |
| Net increase (decrease) in stockholder’s equity                         |                          |              |                     |              |                          |              |                          |                 |   |   |        |   |        |             |  |  |
|      resulting from operations:                           |                          |         |                          |              |                          |              |                          |            |        |   |             |        |        |             |  |  |
|           Basic and      diluted |                     | $            | 0.00                     |         |                     | $            | (2.74                    | )               |        | $ | 0.66        |        |        | $           | 0.30 |  |
| Net asset value                                                               |                          | $            | 9.29                     |              |                          | $            | 9.96                     |                 |        | $ | 13.76       |        |        | $           | 13.70 |  |
|                                                                          |
|                                                                               |                          | November 30, |                          | November 30, |                          | November 30, |                          | November 30,    |
|                                                                               |                          | 2009         |                          | 2008         |                          | 2007         |                          | 2006            |
| Statements of assets and      liabilities data:                               |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |
| Short-term investments                                                        |                          | $            | 1,498,846                |              |                          | $            | 360,372                  |                 |        | $ | 219,502     |        |        | $           | 5,431,414 |  |
| Long-term investments                                                         |                          |              | 82,483,094               |              |                          |              | 105,790,858              |                 |        |   | 158,416,831 |        |        |             | 37,144,100 |  |
| Other assets                                                                  |                          |              | 5,496,113                |              |                          |              | 6,169,827                |                 |        |   | 537,987     |        |        |             | 357,498 |  |
| Total assets                                                                  |                          | $            | 89,478,053               |              |                          | $            | 112,321,057              |                 |        | $ | 159,174,320 |        |        | $           | 42,933,012 |  |
| Total liabilities                                                             |                          |              | 5,181,468                |              |                          |              | 23,095,757               |                 |        |   | 37,261,354  |        |        |             | 604,610 |  |
| Total net assets                                                              |                          | $            | 84,296,585               |              |                          | $            | 89,225,300               |                 |        | $ | 121,912,966 |        |        | $           | 42,328,402 |  |
|                                                                          |                          |              |                          |              |                          |              |                          |                 |        |   |             |        |        |             |  |  |

| (1) |    | We were incorporated on September      8, 2005, but did not commence operations until December 8,      2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | For the year ended November 30,      2009, base management fees include $1,351,593 accrued as base management      fees payable to the Adviser under the Investment Advisory Agreement. For      the year ended November 30, 2008, base management fees include $2,313,731      accrued as base management fees payable to the Adviser under the      Investment Advisory Agreement, and $307,611 as a reduction in the      provision for capital gain incentive fees payable to the Adviser. For the      year ended November 30, 2007, base management fees include $1,926,059      accrued as base management fees payable to the Adviser under the      Investment Advisory Agreement and $307,611 as an increase in the provision      for capital gain incentive fees payable to the Adviser. For the period      from December 8, 2005 to November 30, 2006, base management fees include      $634,989 accrued as base management fees payable to the Adviser under the      Investment Advisory Agreement. The payable for capital gain incentive fees      is a result of the increase or decrease in the fair value of investments      and realized gains or losses from investments. Pursuant to the Investment      Advisory Agreement, the capital gain incentive fee is paid annually only      if there are realization events and only if the calculation defined in the      agreement results in an amount due. No capital gain incentive fees were      due or payable at November 30, 2009, 2008, 2007 or  2006. |
| (3) |              | For the year ended November 30,      2009, other expenses include $911,779 in operating expenses and $627,707      in interest expense on the credit facility. For the year ended November      30, 2008, other expenses include $1,037,624 in operating expenses and      $1,650,926 in interest expense on the credit facility. For the year ended      November 30, 2007, other expenses include $1,094,677 in operating      expenses, $847,421 of interest expense on the credit facility, $228,750 in      preferred stock dividends, and $731,713 of non-recurring expenses related      to the loss on redemption of the previously outstanding Series A      Redeemable Preferred Stock. The Series A Redeemable Preferred Stock      issuance in December 2006 was utilized as bridge financing to fund      portfolio investments and was fully redeemed upon completion of our      initial public offering in February 2007. For the period from December 8,      2005 to November 30, 2006, other expenses include $360,156 in operating      expenses. Other expenses do not include current and deferred income      taxes.                                                                                                                                                                                                                                                                                                                                                                                             |
| (4) |              | The character of distributions made      during the year may differ from the ultimate characterization for federal      income tax purposes. For the year ended November 30, 2009 the company’s      distributions, for book and tax purposes, were comprised of 100 percent      return of capital. For the year ended November 30, 2008 the company’s      distributions, for book purposes, were comprised of 100 percent return of      capital, and for tax purposes were comprised of 3.2 percent investment      income and 96.8 percent return of capital. For the year ended November 30,      2007, the company’s distributions, for book and tax purposes, were      comprised of 100 percent return of capital. For the period ended December      8, 2005 to November 30, 2006, the company’s distributions, for book      purposes, were comprised of 87.3 percent investment income and 12.7      percent return of capital, and for tax purposes were comprised of 41.7      percent investment income and 58.3 percent return of    capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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ITEM 7. MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS

----

|                                                                                    |                          |                                                                                                                                                                                                                                                       |                          |                                                   |                          | Amount        |                          |                  |                          |             |      | Current Yield |
|------------------------------------------------------------------------------------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|---------------------------------------------------|--------------------------|---------------|--------------------------|------------------|--------------------------|-------------|------|---------------|
| Name of Portfolio                                                                  |                          | Nature of its                                                                                                                                                                                                                                         |                          | Securities                                        |                          | Invested      |                          | Fair Value       |                          | on Amount   |
| Company (Segment)                                                                  |      | Principal Business                                                                                                                                                                                                                                    |      | Held by Us                                        |      | (in millions) |      | (in millions)(1) |      | Invested(2) |
| Abraxas Petroleum      Corporation     (Upstream)(3)           |                          | Acquisition, development,      exploration, and production of oil and gas principally in the Rocky      Mountain, Mid-Continent, Permian Basin, and Gulf Coast regions of the      United States                                                      |                          | UnregisteredCommon    Units                       |                          | $             | 2.9                      |             |                          | $      | 3.3  |          |  | 0.0 | %   |
| Eagle Rock Energy Partners,      L.P.     (Upstream/Midstream) |                          | Gatherer and processor of natural      gas in north, south and east Texas and Louisiana and producer and      developer of upstream and mineral assets located in 17 states                                                                           |                          | UnregisteredCommon      Units(held in escrow)     |                          |               | 0.7                      |                  |                          |             | 0.2  |               |  | 0.7 |  |
| EV Energy Partners, L.P.      (Upstream)                                           |                          | Acquirer, producer and developer of      oil and gas properties in the Appalachian Basin, the Monroe field in      Louisiana, Michigan, the Austin Chalk, South Central Texas, the Permian      Basin, the San Juan Basin and the Mid-continent area  |                          | Common Units                                      |                          |               | 2.7                      |                  |                          |             | 2.0  |               |  | 8.7 |  |
| High Sierra Energy, LP      (Midstream)                                            |                          | Marketing, processing, storage and      transportation of hydrocarbons and processing and disposal of oilfield      produced water with operations primarily in Colorado, Wyoming, Oklahoma,      Florida and Mississippi                             |                          | Common Units                                      |                          |               | 24.8                     |                  |                          |             | 24.5 |               |  | 10.6 |  |
| High Sierra Energy GP,      LLC     (Midstream)(4)             |                          | General Partner of High Sierra      Energy, LP                                                                                                                                                                                                        |                          | Equity Interest                                   |                          |               | 2.0                      |                  |                          |             | 1.8  |               |  | 3.0 |  |
| International Resource Partners      LP     (Coal)             |                          | Operator of both metallurgical and      steam coal mines and related assets in Central Appalachia                                                                                                                                                     |                          | Class A Units                                     |                          |               | 10.0                     |                  |                          |             | 10.0 |               |  | 8.0 |  |
| LONESTAR Midstream Partners,      LP     (Midstream)(5)        |                          | LONESTAR Midstream Partners, LP      sold its assets to Penn Virginia Resource Partners, L.P (PVR) in July      2008. LONESTAR has no continuing operations, but currently holds rights to      receive future payments from PVR relative to the sale |                          | Class A Units                                     |                          |               | 3.0                      |                  |                          |             | 1.1  |               |  | N/A |  |
| LSMP GP, LP (Midstream)(5)                                                         |                          | Indirectly owns General Partner of      LONESTAR Midstream Partners, LP                                                                                                                                                                               |                          | GP LP Units                                       |                          |               | 0.1                      |                  |                          |             | 0.1  |               |  | N/A |  |
| Mowood, LLC      (Midstream/     Downstream)(6)                |                          | Natural gas distribution in central      Missouri and landfill gas to energy projects                                                                                                                                                                 |                          | Equity interest                                   |                          |               | 5.0                      |                  |                          |             | 8.3  |               |  | 9.0 |  |
|                                                                                    |                          |                                                                                                                                                                                                                                                       |                          | Subordinated Debt                                 |                          |               | 8.8                      |                  |                          |             | 8.8  |               |  | 9.0 |  |
| Quest Midstream Partners,      L.P.     (Midstream)(3)         |                          | Operator of natural gas gathering      pipelines in the Cherokee Basin and interstate natural gas transmission      pipelines in Oklahoma, Kansas and Missouri                                                                                        |                          | Common Units                                      |                          |               | 22.2                     |                  |                          |             | 6.0  |               |  | 0.0 |  |
| VantaCore Partners LP      (Aggregates)                                            |                          | Acquirer and operator of aggregate      companies, with quarry and asphalt operations in Clarksville, Tennessee      and sand and gravel operations located near Baton Rouge,    Louisiana                                                            |                          | Common Units andIncentive      DistributionRights |                          |               | 18.4                     |                  |                          |             | 16.4 |               |  | 9.6 |  |
|                                                                                    |                          |                                                                                                                                                                                                                                                       |                          |                                                   |                          | $             | 100.6                    |                  |                          | $      | 82.5 |               |  |  |  |
|                                                                               |                          |                                                                                                                                                                                                                                                       |                          |                                                   |                          |               |                          |                  |                          |             |      |               |  |  |  |

| (1) |    | Fair value as of November 30,      2009.                                                                                                                                                                                                                                                            |
|-----|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | The current yield has been      calculated by annualizing the most recent distribution during the period      and dividing by the amount invested in the underlying security. Actual      distributions to us are based on each company’s available cash flow and      are subject to change. |
| (3) |              | Currently non-income      producing.                                                                                                                                                                                                                                                                |

----

| (4) |    | Includes original purchase of 3      percent equity interest, sale of 0.6274 percent equity interest in July      2007 and subsequent capital calls.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) |              | LONESTAR Midstream Partners, LP      sold its assets to Penn Virginia Resource Partners, L.P in July 2008.      LONESTAR has no continuing operations, but currently holds rights to      receive future payments from PVR relative to the sale. The cost basis and      the fair value of the LONESTAR and LSMP GP, LP units as of November 30,      2009 are related to the potential receipt of those future payments. Since      this investment is not deemed to be “active”, the yield is not meaningful      and we have excluded it from our weighted average yield to cost on      investments as described below in Results of  Operations. |
| (6) |              | Current yield represents an equity      distribution on our invested capital. We expect that, pending cash      availability, such equity distributions will recur on a quarterly basis at      or above such yield.                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

----

----

|                                                                                                                                         |                     | Year Ended        |                          | Year Ended        |                          | Year Ended         |
|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------|-------------------|--------------------------|-------------------|--------------------------|--------------------|
| Distributable Cash      Flow                                                                                                            |      | November 30, 2009 |           | November 30, 2008 |           | November 30,  2007 |
| Total from    Investments                                                                                                               |                     |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Distributions from investments                                                                                 |                     | $                 | 7,724,577                |                   |                          | $                  | 9,688,521 |  |  | $ | 6,520,432 |  |
|           Distributions paid in stock(1)                                                                            |                     |                   | —                  |                   |                          |                    | 2,186,767 |  |  |  | 295,120 |  |
|      Interest income from investments                                                                               |                     |                   | 807,848                  |                   |                          |                    | 1,103,059 |   |  |  | 921,978 |  |
|      Dividends      from money market mutual funds                                                                  |                     |                   | 1,986                    |                   |                          |                    | 18,205 |  |  |  | 624,385 |  |
|      Other income                                                                                                   |                     |                   | 61,514                   |                   |                          |                    | 28,987 |  |  |  | — |  |
|           Total from      Investments                                                      |                     |                   | 8,595,925                |                   |                          |                    | 13,025,539 |  |   |  | 8,361,915 |  |
| Operating Expenses Before Leverage      Costs                                                                                           |                     |                   |                          |                   |                          |                    |  |  |  |  |  |   |
|      Advisory      fees (net of expense reimbursement by Adviser)                                                   |                     |                   | 1,126,327                |                   |                          |                    | 1,928,109 |  |  |  | 1,831,878 |  |
|      Other operating expenses (excluding      capital gain                                                          |                     |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|           incentive      fees)                                                             |                     |                   | 911,779                  |                   |                          |               | 1,037,624 |  |  |  | 1,094,677 |  |
|           Total      Operating Expenses, before leverage costs                             |                     |                   | 2,038,106                |                   |                          |                    | 2,965,733 |  |  |   | 2,926,555 |  |
|      Distributable cash flow before leverage      costs                                                             |                     |                   | 6,557,819                |                   |                          |                    | 10,059,806 |  |  |  | 5,435,360 |  |
|      Leverage      Costs                                                                                            |                     |                   | 627,707                  |                   |                          |                    | 1,650,926 |  |  |  | 1,076,171 |  |
|                     Distributable Cash      Flow                  |                     | $                 | 5,930,112                |                   |                          | $                  | 8,408,880 |  |  | $ | 4,359,189 |  |
|                                                                                                                                    |
| Distributions paid on common      stock                                                                                                 |                     | $                 | 5,582,473                |                   |                          | $                  | 9,265,351 |  |  | $ | 5,349,244 |  |
|                                                                                                                                    |
| Payout percentage of period(2)                                                                                                          |                     |                   | 94                       | %                 |                          |                    | 110 | % |  |  | 123 | % |
|                                                                                                                                    |
| DCF/GAAP      Reconciliation                                                                                                            |                     |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Distributable Cash Flow                                                                                        |                     | $                 | 5,930,112                |              |                          | $                  | 8,408,880 |  |  | $ | 4,359,189 |  |
|      Adjustments to      reconcile to Net Investment Loss, before                                                   |                     |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|           Income      Taxes:                                                               |                |                   |                     |                   |                     |                    |  |  |  |  |  |  |
|                Distributions paid in stock                                                 |                     |                   | —                  |                   |                          |                    | (2,186,767 | ) |  |  | (295,120 | ) |
|           Return of      capital on distributions received from                            |                     |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|                     equity investments                            |                     |                   | (6,791,394               | )                 |                          |                    | (7,894,819 | ) |  |  | (5,031,851 | ) |
|           Capital gain      incentive fees                                                 |                     |              | —                  |                   |                          |                    | 307,611 |  |  |  | (307,611 | ) |
|           Loss on      redemption of preferred stock                                       |                     |                   | —                  |                   |                          |                    | — |  |  |  | (731,713 | ) |
|                     Net Investment Loss,      before Income Taxes |                     | $                 | (861,282                 | )                 |                          | $                  | (1,365,095 | ) |  | $ | (2,007,106 | ) |

| (1) |    | Distributions paid in stock for the      year ended November 30, 2008 include paid-in-kind distributions from      Lonestar Midstream Partners, LP, High Sierra Energy, LP and High Sierra      Energy GP, LLC. Distributions paid in stock for the year ended November      30, 2007 include paid-in-kind distributions from Lonestar Midstream,      LP. |
|-----|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | Distributions paid as a percentage      of Distributable Cash Flow.                                                                                                                                                                                                                                                                                        |

| Record Date       |       | Payment Date      |       | Amount |
|-------------------|--------------------------------|-------------------|--------------------------------|--------|
| November 23, 2009 |                           | November 30, 2009 |                                | $      | 0.1300 |
| August 24, 2009   |                                | September 1, 2009 |                                | $      | 0.1300 |
| May 22, 2009      |                                | June 1, 2009      |                                | $      | 0.1300 |
| February 23, 2009 |                                | March 2, 2009     |                                | $      | 0.2300 |
|              |
| November 20, 2008 |                                | November 28, 2008 |                                | $      | 0.2650 |
| August 21, 2008   |                                | September 2, 2008 |                                | $      | 0.2650 |
| May 22, 2008      |                                | June 2, 2008      |                                | $      | 0.2625 |
| February 21, 2008 |                                | March 3, 2008     |                                | $      | 0.2500 |
|              |
| November 23, 2007 |                                | November 30, 2007 |                                | $      | 0.2300 |
| August 21, 2007   |                                | September 4, 2007 |                                | $      | 0.1800 |
| May 22, 2007      |                                | June 1, 2007      |                                | $      | 0.1600 |
| January 31, 2007  |                                | February 7, 2007  |                                | $      | 0.1000 |

----

|                                           |                          |       |                          |                  |                          |                     |                          |           | Payments due by    period |                    |        |        |                     |
|-------------------------------------------|--------------------------|-------|--------------------------|------------------|--------------------------|---------------------|--------------------------|-----------|---------------------------|--------------------|--------|--------|---------------------|
|                                           |      | Total |      | Less than 1 year |      | 1-3 years           |      | 3-5 years |       | More than 5  years |
| Secured revolving credit      facility(1) |                     | $     | 4,600,000                |             |                     |  —  |                     |      | $                         | 4,600,000          |   |   |  —  |   |   |   |  —  |  |
|                                           |                          | $     | 4,600,000                |                  |                          |  —  |                          |           | $                         | 4,600,000          |        |        |  —  |  |  |  |  —  |  |
|                                      |                          |       |                          |                  |                          |                     |                          |           |                           |                    |        |        |                     |  |  |  |  |  |

| (1) |    | At November 30, 2009, the      outstanding balance under the credit facility was $4,600,000, with a      maturity date of February 20,2010. |
|-----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM 7A. QUANTITATIVE ANDQUALITATIVE DISCLOSURES ABOUT MARKET RISK

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ITEM 8. FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA

ITEM 9. CHANGES IN ANDDISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE

ITEM 9A (T). CONTROLS ANDPROCEDURES

ITEM 9B. OTHERINFORMATION

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATEGOVERNANCE

ITEM 11. EXECUTIVECOMPENSATION

ITEM 12. SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERMATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATEDTRANSACTIONS

ITEM 14. PRINCIPALACCOUNTING FEES AND SERVICES

----

ITEM 15. EXHIBITS,FINANCIAL STATEMENT SCHEDULES

| Exhibit |                                |                                                                                                                                                                                                                                                             |
|---------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| No.     |                           | Description of      Document                                                                                                                                                                                                                                     |
| 3.1     |       | Articles of Incorporation(1)                                                                                                                                                                                                                                     |
|         |                                |                                                                                                                                                                                                                                                             |
| 3.2     |                                | Articles Supplementary(2)                                                                                                                                                                                                                                        |
|         |                                |                                                                                                                                                                                                                                                             |
| 3.3     |                                | Bylaws(3)                                                                                                                                                                                                                                                        |
|         |                                |                                                                                                                                                                                                                                                             |
| 4.1     |                                | Form of      Stock Certificate(2)                                                                                                                                                                                                                                |
|         |                                |                                                                                                                                                                                                                                                             |
| 4.2     |                                | Form of      Warrant dated December 2006(2)                                                                                                                                                                                                                      |
|         |                                |                                                                                                                                                                                                                                                             |
| 4.3     |                                | Registration Rights Agreements with Merrill Lynch & Co; Merrill      Lynch, Pierce, Fenner & Smith Incorporated, and Stifel, Nicolaus &      Company, Incorporated dated January 9, 2006(1)                                                          |
|    |                                |                                                                                                                                                                                                                                                             |
| 4.4     |                                | Registration Rights Agreement dated April 2007(4)                                                                                                                                                                                                                |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.1    |                                | Dividend      Reinvestment Plan(5)                                                                                                                                                                                                                               |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.2    |                                | Investment      Advisory Agreement with Tortoise Capital Advisors, L.L.C. dated January 1,      2007(2)                                                                                                                                                          |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.3    |                                | Expense      Reimbursement and Partial Fee Waiver Agreement dated as of November 30,      2007 by and among Tortoise Capital Resources Corporation and Tortoise      Capital Advisors, LLC(6)                                                                    |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.4    |                           | Sub-Advisory Agreement with Kenmont Investments Management, L.P.      dated January 1, 2007(2)                                                                                                                                                                   |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.5    |                                | Custody      Agreement with U.S. Bank National Association dated September 13,      2005(1)                                                                                                                                                                      |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.6    |                                | Stock      Transfer Agency Agreement with Computershare Investor Services, LLC dated      September 13, 2005(1)                                                                                                                                                  |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.7    |                                | Administration Agreement with Tortoise Capital Advisors, L.L.C.      dated November 14, 2006(2)                                                                                                                                                                  |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.8    |                                | Warrant      Agreement with Computershare Investor Services, LLC as Warrant Agent dated      December 8, 2005(1)                                                                                                                                                 |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.9    |                                | Credit      Agreement dated April 23, 2007(7)                                                                                                                                                                                                                    |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.10   |                                | First      Amendment to Credit Agreement dated July 18, 2007(8)                                                                                                                                                                                                  |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.11   |                                | Second      Amendment to Credit Agreement dated September 28, 2007(9)                                                                                                                                                                                            |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.12   |                                | Security      Agreement dated April 23, 2007(7)                                                                                                                                                                                                                  |
|         |                                |                                                                                                                                                                                                                                                             |
| 10.13   |                                | Third      Amendment to Credit Agreement, dated as of March 21, 2008, by and among      Tortoise Capital Resources Corporation and U.S. Bank, N.A. as a lender,      agent and lead arranger, Bank of Oklahoma, N.A. and First National Bank of      Kansas(10)  |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.14   |                                | Fourth      Amendment to Credit Agreement, dated as of March 28, 2008, by and among      Tortoise Capital Resources Corporation and U.S. Bank, N.A. as a lender,      agent and lead arranger, First National Bank of Kansas and Wells Fargo      Bank, N.A.(11) |
|    |                                |                                                                                                                                                                                                                                                        |
| 10.15   |                                | Expense      Reimbursement Agreement dated as of November 11, 2008 by and among      Tortoise Capital Resources Corporation and Tortoise Capital Advisors,      LLC(12)                                                                                          |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.16   |                                | Fifth      Amendment to Credit Agreement, dated as of March 20, 2009, by and among      Tortoise Capital Resources Corporation, U.S. Bank, N.A. and First National      Bank of Kansas(13)                                                                       |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.17   |                                | Sixth      Amendment to Credit Agreement, dated as of June 20, 2009, by and among      Tortoise Capital Resources Corporation and U.S. Bank, N.A.(14)                                                                                                            |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.18   |                                | Seventh      Amendment to Credit Agreement, dated as of August 20, 2009, by and among      Tortoise Capital Resources Corporation and U.S. Bank, N.A.(15)                                                                                                        |
|    |                                |                                                                                                                                                                                                                                                             |
| 10.19   |                                | Investment      Advisory Agreement, dated September 15, 2009, between Tortoise Capital      Resources Corporation and Tortoise Capital Advisors, L.L.C.(16)                                                                                                      |
|    |                                |                                                                                                                                                                                                                                                             |

----

| 10.20        |       | Sub-Advisory Agreement with Kenmont Investments Management, L.P.      dated September 15, 2009—filed herewith.                                                                                          |
|--------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |
| 14.1         |                                | Code of      Ethics for Principal Executive Officer and Principal Financial      Officer—filed herewith.                                                                                                |
|         |
| 24           |                                | Power of      Attorney (included on the signature page).                                                                                                                                                      |
|         |
| 31.1         |                                | Certification by Chief Executive Officer pursuant to Exchange Act      Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002—filed herewith.                        |
|         |
| 31.2         |                                | Certification by Chief Financial Officer pursuant to Exchange Act      Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002—filed herewith.                        |
|         |
| 32.1         |                                | Certification by Chief Executive Officer and Chief Financial      Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section      906 of the Sarbanes-Oxley Act of 2002—filed herewith. |
|    |

| (1)  |   | Incorporated by reference to the      Registrant’s Registration Statement on Form N-2, filed August 28, 2006      (File No. 333-136923).                                       |
|------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  |        | Incorporated by reference to      Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement      on Form N-2, filed January 9, 2007 (File No.      333-136923). |
| (3)  |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed January 21,      2009.                                                                    |
| (4)  |        | Incorporated by reference to      Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement      on Form N-2, filed July 3, 2007 (File No.    333-142859).      |
| (5)  |        | Incorporated by reference to the      Registrant’s Quarterly Report on Form 10-Q for the quarter ended August      31, 2007 and filed on October 12, 2007.                     |
| (6)  |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed December 6,      2007.                                                                    |
| (7)  |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed April 27,      2007.                                                                      |
| (8)  |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed July 20,      2007.                                                                       |
| (9)  |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed October 3,      2007.                                                                     |
| (10) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed March 27,      2008.                                                                      |
| (11) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed April 1,      2008.                                                                       |
| (12) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed November 12,      2008.                                                                   |
| (13) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed March 26,      2009.                                                                      |
| (14) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed June 24,      2009.                                                                       |
| (15) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed August 25,      2009.                                                                     |
| (16) |        | Incorporated by reference to the      Registrant’s current report on Form 8-K, filed September 18,      2009.                                                                  |

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| INDEX TO FINANCIAL      STATEMENTS                                                                    |
|-------------------------------------------------------------------------------------------------------|
|                                                                                             |
|                                                                                                  | Page |
| Report of Independent Registered Public      Accounting Firm                                          | F-2 |
| Statements of Assets and      Liabilities as of November 30, 2009 and November 30, 2008               | F-3 |
| Schedule of      Investments as of November 30, 2009                                                  | F-4 |
| Schedule of Investments as of November 30,      2008                                                  | F-5 |
| Statements of      Operations for the years ended November 30, 2009, November 30, 2008      and       |   |
|           November      30, 2007                                                       | F-6 |
| Statements of Changes in Net Assets for the years      ended November 30, 2009, November 30, 2008     |   |
|      and November 30,      2007                                                        | F-8 |
| Statements of Cash      Flows for the years ended November 30, 2009, November 30, 2008      and       |   |
|           November      30, 2007                                                       | F-9 |
| Financial Highlights for the years ended November      30, 2009, November 30, 2008, November 30, 2007 |   |
|      and the period from      December 8, 2005 through November 30, 2006               | F-11 |
| Notes to Financial      Statements                                                                    | F-13 |
| Company Officers and Directors      (Unaudited)                                                       | F-26 |
| Additional      Information (Unaudited)                                                               | F-28 |
| EXHIBIT 14.1                                                                                          |   |
| EXHIBIT      31.1                                                                                     |   |
| EXHIBIT 31.2                                                                                          |   |
| EXHIBIT      32.1                                                                                     |   |

----

REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

|  | /s/ Ernst & Young LLP |
|--|---------------------------|

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

STATEMENTS OF ASSETS & LIABILITIES

|                                                                                                                                                                                                                               | November 30, 2009 |       | November 30,  2008 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------|--------------------|
| Assets                                                                                                                                                                                                                        |                   |                                |                    |  |  |  |  |
|      Investments at fair value, control (cost      $28,180,070      and                $30,418,802, respectively)                                       | $                 | 33,458,046                     |                    |  | $ | 30,213,280 |  |
|           Investments at fair value, affiliated (cost $52,676,299      and          $56,662,500,      respectively)                                          |                   | 41,658,847                     |                    |  |  | 48,016,925 |   |
|      Investments at fair value, non-affiliated      (cost $9,568,566      and          $49,760,304,      respectively)                                       |                   | 8,865,047                      |                    |  |  | 27,921,025 |  |
|           Total      investments (cost $90,424,935 and      $136,841,606,                    respectively) |                   | 83,981,940                     |                    |  |  | 106,151,230 |  |
|      Income tax receivable                                                                                                                                                                                |                   | —                        |                    |  |  | 212,054 |  |
|      Receivable      for Adviser expense reimbursement                                                                                                                                                    |                   | 49,843                         |                    |  |  | 88,925 |  |
|      Interest receivable from control      investments                                                                                                                                                    |                   | —                        |                    |  |  | 76,609 |  |
|      Dividends      receivable                                                                                                                                                                            |                   | 87                             |                    |  |  | 696 |  |
|      Deferred tax asset, net                                                                                                                                                                              |                   | 5,429,391                      |                    |  |  | 5,683,747 |   |
|      Prepaid      expenses and other assets                                                                                                                                                               |                   | 16,792                         |                    |  |  | 107,796 |  |
|           Total      assets                                                                                                                                                      |                   | 89,478,053                     |                    |  |  | 112,321,057 |  |
| Liabilities                                                                                                                                                                                                                   |                   |                                |                    |  |  |  |  |
|      Base management fees payable to      Adviser                                                                                                                                                         |                   | 299,060                        |                    |  |  | 533,552 |  |
|      Accrued      expenses and other liabilities                                                                                                                                                          |                   | 282,408                        |                    |  |  | 362,205 |  |
|      Short-term borrowings                                                                                                                                                                                |                   | 4,600,000                      |                    |  |  | 22,200,000 |  |
|           Total      liabilities                                                                                                                                                 |                   | 5,181,468                      |                    |  |  | 23,095,757 |  |
|                     Net assets applicable to common stockholders                                                                                        | $                 | 84,296,585                     |                    |  | $ | 89,225,300 |  |
|                                                                                                                                                                                                                          |
| Net Assets Applicable to Common      Stockholders Consist of:                                                                                                                                                                 |                   |                                |                    |  |  |  |  |
|      Warrants, no par value; 945,594 issued and      outstanding                                                                                                                                          |                   |                                |                    |  |  |   |  |
|           at November      30, 2009 and November 30, 2008                                                                                                                        |                   |                                |                    |  |  |  |  |
|           (5,000,000      authorized)                                                                                                                                            | $                 | 1,370,700                      |                    |  | $ | 1,370,700 |  |
|      Capital      stock, $0.001 par value; 9,078,090 shares issued and outstanding                                                                                                                        |                   |                                |                    |  |  |  |  |
|           at November      30, 2009 and 8,962,147 issued and outstanding at                                                                                                      |                   |                                |                    |   |   |  |  |
|           November 30,      2008 (100,000,000 shares authorized)                                                                                                                 |                   | 9,078                          |                    |  |  | 8,962 |  |
|      Additional paid-in capital                                                                                                                                                                           |              | 101,929,307                    |               |  |  | 106,869,132 |  |
|           Accumulated net investment loss, net of income taxes                                                                                                                                            |                   | (3,304,416                     | )                  |  |  | (2,544,267 | ) |
|      Accumulated realized gain (loss), net of      income taxes                                                                                                                                           |                   | (14,041,614                    | )                  |  |  | 6,364,262 |  |
|      Net      unrealized depreciation of investments, net of income taxes                                                                                                                                 |                   | (1,666,470                     | )                  |  |  | (22,843,489 | ) |
|                     Net assets applicable to common stockholders                                                                                        | $                 | 84,296,585                     |                    |  | $ | 89,225,300 |  |
|                                                                                                                                                                                                                          |
|      Net Asset      Value per common share outstanding (net assets applicable                                                                                                                             |                   |                                |                    |  |  |  |  |
|           to common      stock, divided by common shares outstanding)                                                                                                            | $                 | 9.29                           |                    |  | $ | 9.96 |  |
|                                                                                                                                                                                                                     |                   |                                |                    |  |  |  |  |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

SCHEDULE OF INVESTMENTS November 30, 2009 

|                                                        |                                | Energy                                   |                                |                                                |                                |        |                                |            |        |            |
|--------------------------------------------------------|--------------------------------|------------------------------------------|--------------------------------|------------------------------------------------|--------------------------------|--------|--------------------------------|------------|--------|------------|
|                                                        |                                | Infrastructure                           |                                |                                           |                                |        |                                |            |        |            |
| Company                                                |       | Segment                                  |       | Type of Investment                             |       | Cost   |       | Fair Value |
| Control Investments(1)                                 |                                |                                     |                                |                                                |                                |        |                                |            |        |            |
| Mowood, LLC                                            |                                | Midstream/                               |                                | Equity Interest (99.5%)(2)                     |                                | $      | 4,077,499                      |            | $      | 8,253,910  |
|                                                        |                                |           Downstream |                                | Subordinated Debt (9% Due      12/31/09)(2)    |                                |        | 8,800,000                      |            |        | 8,800,000  |
| VantaCore Partners LP                                  |                                | Aggregates                               |                                | Common Units (933,430)(2)                      |                                |        | 15,158,630                     |            |        | 16,256,482 |
|                                                        |                                |                                          |                                | Incentive Distribution Rights      (988)(2)(5) |                                |        | 143,941                        |            |        | 147,654    |
| Total Control Investments —      39.7%(3)        |                                |                                          |                                |                                                | 28,180,070                     |        |                                | 33,458,046 |
|                                                   |                           |                                     |                           |                                           |                           |   |                           |       |
| Affiliated Investments(4)                              |                                |                                          |                                |                                                |                                |        |                                |            |        |            |
| High Sierra Energy, LP                                 |                                | Midstream                                |                                | Common Units (1,042,685)(2)                    |                                |        | 20,729,255                     |            |        | 24,461,390 |
| International Resource Partners      LP                |                                | Coal                                     |                                | Class A Units (500,000)(2)                     |                                |        | 9,333,333                      |            |        | 9,984,402  |
| LONESTAR Midstream Partners, LP                        |                                | Midstream                                |                                | Class A Units (1,327,900)(2)(5)(6)             |                           |        | 2,952,626                      |            |        | 1,102,000  |
| LSMP GP, LP                                            |                                | Midstream                                |                                | GP LP Units (180)(2)(5)(6)                     |                                |        | 138,521                        |            |        | 124,000    |
| Quest Midstream Partners, L.P.                         |                           | Midstream                                |                                | Common Units (1,216,881)(2)(5)                 |                                |        | 19,522,564                     |            |        | 5,987,055  |
| Total Affiliated Investments —      49.4%(3)     |                                |                                          |                                |                                                | 52,676,299                     |   |                           | 41,658,847 |
|                                                   |                           |                                     |                           |                                           |                           |   |                           |       |   |       |
| Non-affiliated      Investments                        |                                |                                          |                                |                                                |                                |        |                                |            |        |            |
| Abraxas Petroleum Corporation                          |                                | Upstream                                 |                                | Unregistered Common Units (1,946,376)(2)(5)(7) |                                |   | 2,895,234                      |            |        | 3,297,009  |
| Eagle Rock Energy Partners, L.P.                       |                                | Midstream/                               |                           | Unregistered Common Units (54,474)(2)(7)(8)    |                                |        | 723,447                        |            |        | 253,559    |
|                                                        |                                |      Upstream        |                                |                                                |                                |        |                                |            |        |            |
| EV Energy Partners, L.P.                               |                                | Upstream                                 |                                | Common Units (78,900)(7)                       |                                |        | 2,447,552                      |            |        | 2,039,565  |
| High Sierra Energy GP, LLC                             |                                | Midstream                                |                                | Equity Interest (2.37%)(2)                     |                                |        | 2,003,487                      |            |        | 1,776,068  |
| Fidelity Institutional Government                      |                                | Short-term                               |                                | Class I Shares                                 |                                |        | 1,498,846                      |            |        | 1,498,846  |
|        Portfolio         |                                |      investment      |                                |                                                |                                |        |                                |            |        |            |
| Total Non-affiliated Investments —      10.5%(3) |                                |                                          |                                |                                                | 9,568,566                      |        |                                | 8,865,047  |
| Total Investments — 99.6%(3)                     |                                |                                          |                                |                                                |                                | $      | 90,424,935                     |            | $      | 83,981,940 |
|                                                   |                                |                                          |                                |                                                |                                |        |                                |            |        |            |

| (1) |   | Control investments are generally      defined under the Investment Company Act of 1940 as companies in which at      least 25% of the voting securities are owned; see Note 8 to the financial      statements for further disclosure.                                                                                                                                                                                                |
|-----|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |        | Restricted securities have been      fair valued in accordance with procedures approved by the Board of      Directors and have a total fair value of $80,443,529, which represents      95.4% of net assets applicable to common stockholders; see Note 7 to the      financial statements for further disclosure.                                                                                                                    |
| (3) |        | Calculated as a percentage of net      assets applicable to common stockholders.                                                                                                                                                                                                                                                                                                                                                       |
| (4) |        | Affiliated investments are      generally defined under the Investment Company Act of 1940 as companies in      which at least 5% of the voting securities are owned. Affiliated      investments in which at least 25% of the voting securities are owned are      generally defined as control investments as described in footnote 1; see      Note 8 to the financial statements for further      disclosure.                      |
| (5) |        | Currently non-income      producing.                                                                                                                                                                                                                                                                                                                                                                                                   |
| (6) |        | In July 2008, LONESTAR Midstream      Partners, LP sold its assets to Penn Virginia Resource Partners, L.P.      (PVR). LONESTAR has no continuing operations, but currently holds certain      rights to receive future payments from PVR relative to the sale. LSMP GP,      LP indirectly owns the general partner of LONESTAR Midstream Partners, LP.      See Note 9 to the financial statements for additional      information. |
| (7) |        | Publicly-traded      company.                                                                                                                                                                                                                                                                                                                                                                                                          |
| (8) |        | Units are held in an escrow account      to satisfy any potential claims from the purchaser of Millennium Midstream      Partners, L.P. The escrow agreement terminates April 1, 2010. See Note 9      to the financial statements for additional    information.                                                                                                                                                                      |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

SCHEDULE OF INVESTMENTSNovember 30, 2008 

|                                                        |                                | Energy                                   |                                |                                                   |                                |        |                                |            |        |             |
|--------------------------------------------------------|--------------------------------|------------------------------------------|--------------------------------|---------------------------------------------------|--------------------------------|--------|--------------------------------|------------|--------|-------------|
|                                                        |                                | Infrastructure                           |                                |                                                   |                                |        |                                |            |        |             |
| Company                                                |       | Segment                                  |       | Type of Investment                                |       | Cost   |       | Fair Value |
| Control Investments(1)                                 |                                |                                          |                                |                                                   |                                |        |                                |            |        |             |
| Mowood, LLC                                            |                                | Midstream/                               |                                | Equity Interest (99.6%)(2)                        |                                | $      | 5,000,000                      |            | $      | 5,739,087   |
|                                                        |                                |           Downstream |                                | Subordinated Debt (12% Due      7/1/2016)(2)      |                                |        | 7,050,000                      |            |        | 7,050,000   |
|                                                        |                                |                                          |                                | Promissory Notes (9% Due 12/31/08)(2)             |                                |        | 1,235,000                      |            |        | 1,235,000   |
| VantaCore Partners LP                                  |                                | Aggregates                               |                                | Common Units (933,430)(2)                         |                                |        | 16,989,861                     |            |        | 15,868,310  |
|                                                        |                                |                                          |                                | Incentive Distribution Rights (988)(2)(6)         |                                |        | 143,941                        |            |        | 320,883     |
| Total Control Investments —      33.9%(3)        |                                |                                          |                                |                                                   | 30,418,802                     |        |                                | 30,213,280 |
|                                                   |                           |                                     |                           |                                              |                           |   |                           |       |   |        |
| Affiliated Investments(4)                              |                                |                                          |                                |                                                   |                                |        |                           |            |        |             |
| High Sierra Energy, LP                                 |                                | Midstream                                |                                | Common Units (1,042,685)(2)(5)                    |                                |        | 22,930,679                     |            |        | 19,550,336  |
| International Resource Partners      LP                |                                | Coal                                     |                                | Class A Units (500,000)(2)                        |                                |        | 8,933,333                      |            |   | 9,500,000   |
| LONESTAR Midstream Partners,      LP                   |                                | Midstream                                |                                | Class A Units (1,327,900)(2)(6)(7)                |                                |        | 4,444,986                      |            |        | 4,000,000   |
| LSMP GP, LP                                            |                                | Midstream                                |                                | GP LP Units (180)(2)(6)(7)                        |                                |        | 168,514                        |            |        | 500,000     |
| Quest Midstream Partners,      L.P.                    |                           | Midstream                                |                                | Common Units (1,180,946)(2)(6)                    |                                |        | 20,184,988                     |            |        | 14,466,589  |
| Total Affiliated Investments —      53.8%(3)     |                                |                                          |                                |                                                   | 56,662,500                     |        |                                | 48,016,925 |
|                                                   |                           |                                     |                           |                                              |                           |   |                           |       |
| Non-affiliated      Investments                        |                                |                                          |                                |                                                   |                                |        |                                |            |        |             |
| Abraxas Energy Partners, L.P.                          |                                | Upstream                                 |                                | Common Units (450,181)(2)                         |                                |        | 6,742,023                      |            |        | 4,051,629   |
| Eagle Rock Energy Partners,      L.P.                  |                                | Midstream/                               |                                | Common Units (659,071)(8)                         |                           |        | 9,892,328                      |       |        | 5,219,842   |
|                                                        |                                |      Upstream        |                           |                                                   |                                |   |                                |            |        |             |
| Eagle Rock Energy Partners,      L.P.                  |                                | Midstream/                               |                                | Unregistered Common Units      (373,224)(2)(8)    |                                |        | 5,044,980                      |            |        | 2,896,218   |
|                                                        |                                |      Upstream        |                                |                                                   |                                |        |                                |            |        |             |
| Eagle Rock Energy Partners,      L.P.                  |                                | Midstream/                               |                                | Unregistered Common Units      (212,404)(2)(8)(9) |                                |        | 2,920,555                      |            |        | 1,548,425   |
|                                                        |                                |      Upstream        |                                |                                                   |                                |        |                                |            |        |             |
| EV Energy Partners, L.P.                               |                                | Upstream                                 |                                | Common Units (217,391)(8)                         |                                |        | 7,247,077                      |            |        | 2,869,561   |
| High Sierra Energy GP, LLC                             |                                | Midstream                                |                                | Equity Interest (2.37%)(2)(5)                     |                                |        | 2,010,355                      |            |        | 1,898,080   |
| Legacy Reserves LP                                     |                                | Upstream                                 |                                | Limited Partner Units      (264,705)(8)           |                                |        | 3,454,771                      |            |        | 2,384,992   |
| Penn Virginia Resource Partners, L.P.                  |                                | Midstream/                               |                                | Unregistered Common Units (468,001)(2)(8)         |                                |        | 10,437,920                     |            |        | 6,027,853   |
|                                                        |                                |         Coal         |                                |                                                   |                                |        |                                |            |        |             |
| Penn Virginia GP Holdings, L.P.                        |                                | Midstream/                               |                                | Unregistered Common Units (59,503)(2)(8)          |                                |        | 1,649,923                      |            |        | 664,053     |
|                                                        |                                |         Coal         |                                |                                                   |                                |        |                                |            |        |             |
| First American Government                              |                                | Short-term                               |                                | Class Y shares                                    |                                |        | 360,372                        |            |        | 360,372     |
|        Obligations Fund  |                                |           investment |                                |                                                   |                                |        |                                |            |        |             |
| Total Non-affiliated Investments —      31.3%(3) |                                |                                          |                                |                                                   | 49,760,304                     |        |                                | 27,921,025 |
| Total Investments — 119.0%(3)                    |                                |                                          |                                |                                                   |                                | $      | 136,841,606                    |            | $      | 106,151,230 |
|                                                   |                                |                                          |                                |                                                   |                                |        |                                |            |        |             |

| (1) |   | Control investments are generally      defined under the Investment Company Act of 1940 as companies in which at      least 25% of the voting securities are owned; see Note 8 to the financial      statements for further disclosure.                                                                                                                                                                                                |
|-----|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |        | Restricted securities have been      fair valued in accordance with procedures approved by the Board of      Directors and have a total fair value of $95,316,463, which represents      106.8% of net assets applicable to common stockholders; see Note 7 to the      financial statements for further disclosure.                                                                                                                   |
| (3) |        | Calculated as a percentage of net      assets applicable to common stockholders.                                                                                                                                                                                                                                                                                                                                                       |
| (4) |        | Affiliated investments are      generally defined under the Investment Company Act of 1940 as companies in      which at least 5% of the voting securities are owned. Affiliated      investments in which at least 25% of the voting securities are owned are      generally defined as control investments as described in footnote 1; see      Note 8 to the financial statements for further      disclosure.                      |
| (5) |        | Security distributions are      paid-in-kind.                                                                                                                                                                                                                                                                                                                                                                                          |
| (6) |        | Currently non-income      producing.                                                                                                                                                                                                                                                                                                                                                                                                   |
| (7) |        | In July 2008, LONESTAR Midstream      Partners, LP sold its assets to Penn Virginia Resource Partners, L.P.      (PVR). LONESTAR has no continuing operations, but currently holds certain      rights to receive future payments from PVR relative to the sale. LSMP GP,      LP indirectly owns the general partner of LONESTAR Midstream Partners, LP.      See Note 9 to the financial statements for additional      information. |
| (8) |        | Publicly-traded      company.                                                                                                                                                                                                                                                                                                                                                                                                          |
| (9) |        | Units are held in an escrow      account, along with restricted cash, to satisfy any potential claims from      the purchaser of Millennium Midstream Partners, L.P. The escrow agreement      terminates April 1, 2010. See Note 9 to the financial statements for      additional information.                                                                                                                                       |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

STATEMENT OFOPERATIONS

|                                                                                                                                                                                                                                             | Year Ended        |                          | Year Ended        |                          | Year Ended         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------|-------------------|--------------------------|--------------------|
|                                                                                                                                                                                                                                             | November 30, 2009 |      | November 30, 2008 |      | November 30,  2007 |
| Investment Income                                                                                                                                                                                                                           |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Distributions from      investments                                                                                                                                                                           |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|           Control      investments                                                                                                                                                        | $                 | 2,270,189                |                   |                          | $                  | 1,576,716 |  |  | $ | 389,720 |   |
|           Affiliated      investments                                                                                                                                                     |                   | 3,379,159                |                   |                          |                    | 4,699,082 |  |  |  | 4,245,481 |  |
|           Non-affiliated      investments                                                                                                                                                 |                   | 2,075,229                |                   |                          |                    | 3,412,723 |  |  |  | 1,885,231 |  |
|      Total distributions from      investments                                                                                                                                                                     |                   | 7,724,577                |                   |                          |                    | 9,688,521 |  |  |  | 6,520,432 |  |
|      Less return of capital on      distributions                                                                                                                                                                  |                   | (6,791,394               | )                 |                          |                    | (7,894,819 | ) |  |  | (5,031,851 | ) |
|           Net      distributions from investments                                                                                                                                         |                   | 933,183                  |                   |                          |                    | 1,793,702 |  |  |  | 1,488,581 |  |
|      Interest income from control      investments                                                                                                                                                                 |                   | 807,848                  |                   |                          |                    | 1,103,059 |  |  |  | 921,978 |  |
|      Dividends from money market      mutual funds                                                                                                                                                                 |                   | 1,986                    |                   |                          |                    | 18,205 |  |  |  | 624,385 |  |
|      Fee income                                                                                                                                                                                                    |                   | 61,514                   |                   |                          |                    | — |  |  |  | — |  |
|      Other income                                                                                                                                                                                                  |                   | —                  |                   |                          |                    | 28,987 |  |  |  | — |  |
|           Total Investment      Income                                                                                                                                                    |                   | 1,804,531                |                   |                          |                    | 2,943,953 |  |  |  | 3,034,944 |  |
| Operating Expenses                                                                                                                                                                                                                          |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Base management fees                                                                                                                                                                                          |                   | 1,351,593                |                   |                          |                    | 2,313,731 |  |  |  | 1,926,059 |  |
|      Capital gain incentive fees      (Note 4)                                                                                                                                                                     |                   | —                  |                   |                          |                    | (307,611 | ) |  |  | 307,611 |  |
|      Professional fees                                                                                                                                                                                             |                   | 553,856                  |                   |                          |                    | 642,615 |  |  |  | 727,055 |  |
|      Administrator fees                                                                                                                                                                                            |                   | 63,074                   |                   |                          |                    | 107,325 |  |  |  | 81,002 |  |
|      Directors’ fees                                                                                                                                                                                         |                   | 90,257                   |                   |                          |                    | 86,406 |  |  |  | 84,609 |  |
|      Reports to    stockholders                                                                                                                                                                                    |                   | 61,130                   |                   |                          |                    | 58,943 |  |  |  | 53,610 |  |
|      Fund accounting fees                                                                                                                                                                                          |                   | 31,968                   |                   |                          |                    | 34,546 |  |  |  | 32,183 |  |
|      Registration fees                                                                                                                                                                                             |                   | 31,306                   |                   |                          |                    | 29,668 |  |  |  | 40,660 |  |
|      Custodian fees and      expenses                                                                                                                                                                              |                   | 16,928                   |                   |                          |                    | 17,426 |  |  |  | 10,174 |  |
|      Stock transfer agent      fees                                                                                                                                                                                |                   | 13,506                   |                   |                          |                    | 13,538 |  |  |  | 13,600 |  |
|      Other expenses                                                                                                                                                                                                |                   | 49,754                   |                   |                          |                    | 47,157 |  |  |  | 51,784 |  |
|           Total Operating      Expenses                                                                                                                                                   |                   | 2,263,372                |                   |                          |                    | 3,043,744 |  |  |  | 3,328,347 |  |
|      Interest expense                                                                                                                                                                                              |                   | 627,707                  |                   |                          |                    | 1,650,926 |  |  |  | 847,421 |  |
|      Loss on redemption of      preferred stock                                                                                                                                                                    |                   | —                  |                   |                          |                    | — |  |  |  | 228,750 |  |
|      Preferred stock      distributions                                                                                                                                                                            |                   | —                  |                   |                          |                    | — |  |  |  | 731,713 |  |
|           Total Interest Expense, Loss on      Redemption                                                                                                                                 |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|                of Preferred      Stock and Preferred               StockDistributions |                   | 627,707                  |                   |                          |                    | 1,650,926 |  |  |  | 1,807,884 |  |
|           Total Expenses                                                                                                                                                                  |                   | 2,891,079                |                   |                     |                    | 4,694,670 |  |   |  | 5,136,231 |  |
|      Less expense reimbursement by      Adviser                                                                                                                                                                    |                   | (225,266                 | )                 |                          |                    | (385,622 | ) |  |  | (94,181 | ) |
|           Net Expenses                                                                                                                                                                    |                   | 2,665,813                |                   |                          |               | 4,309,048 |  |  |  | 5,042,050 |  |
| Net Investment Loss, before Income      Taxes                                                                                                                                                                                               |                   | (861,282                 | )                 |                          |                    | (1,365,095 | ) |  |  | (2,007,106 | ) |
|      Current tax benefit      (expense)                                                                                                                                                                            |              | —                  |                   |                          |                    | (6,881 | ) |  |   | 261,667 |  |
|      Deferred tax benefit                                                                                                                                                                                          |                   | 101,133                  |                   |                          |                    | 393,483 |  |  |  | 179,665 |  |
|           Income      tax benefit, net                                                                                                                                                    |                   | 101,133                  |                   |                          |                    | 386,602 |  |  |  | 441,332 |  |
| Net InvestmentLoss                                                                                                                                                                                                                          |                   | (760,149                 | )                 |                          |                    | (978,493 | ) |  |  | (1,565,774 | ) |
|                                                                                                                                                                                                                                        |                   |                          |                   |                          |                    |  |  |  |  |  |  |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

|                                                                                                                                                                                                                                                                                      | Year Ended        |                                | Year Ended        |                                | Year Ended         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|--------------------|
|                                                                                                                                                                                                                                                                                      | November 30, 2009 |       | November 30, 2008 |       | November 30,  2007 |
| Realized and Unrealized Gain (Loss)      on Investments                                                                                                                                                                                                                              |              |                           |              |                           |               |   |   |   |   |   |   |
|      Net realized gain (loss) on      investments, before           income      taxes                                                                                                                | $                 | (23,120,748                    | )                 |                                | $                  | 8,716,197 |  |  | $ | 260,290 |  |
|           Deferred      tax benefit (expense)                                                                                                                                                                                      |              | 2,714,872                      |              |                           |               | (2,512,409 | ) |   |   | (98,910 | ) |
|                Net      realized gain (loss) on investments                                                                                                                                               |                   | (20,405,876                    | )                 |                                |                    | 6,203,788 |  |  |  | 161,380 |  |
|      Net unrealized appreciation      (depreciation) of control          investments                                                                                                                      |              | 5,483,497                      |              |                           |               | (2,976,609 | ) |   |   | 2,771,088 |   |
|      Net unrealized appreciation      (depreciation) of affiliated          investments                                                                                                                   |                   | (2,371,877                     | )                 |                                |                    | (11,145,652 | ) |  |  | 2,262,736 |  |
|      Net unrealized appreciation      (depreciation) of           non-affiliated investments                                                                                                         |              | 21,135,760                     |              |                           |               | (27,458,859 | ) |   |   | 5,528,064 |   |
|      Net unrealized appreciation      (depreciation), before           income      taxes                                                                                                             |                   | 24,247,380                     |                   |                                |                    | (41,581,120 | ) |  |  | 10,561,888 |  |
|           Deferred      tax benefit (expense)                                                                                                                                                                                      |              | (3,070,361                     | )                 |                           |               | 11,985,592 |   |   |   | (4,013,518 | ) |
|                Net      unrealized appreciation (depreciation)                    of      investments |                   | 21,177,019                     |                   |                                |                    | (29,595,528 | ) |  |  | 6,548,370 |  |
| Net Realized and Unrealized Gain      (Loss) on Investments                                                                                                                                                                                                                          |              | 771,143                        |              |                           |               | (23,391,740 | ) |   |   | 6,709,750 |   |
| Net Increase (Decrease) in Net      Assets Applicable to                                                                                                                                                                                                                             |                   |                                |                   |                                |                    |  |  |  |  |  |  |
|      Common      Stockholders Resulting from      Operations                                                                                                                                                                                                | $                 | 10,994                         |                   |                                | $                  | (24,370,233 | ) |  | $ | 5,143,976 |  |
|                                                                                                                                                                                                                                                                            |
| Net Increase (Decrease) in Net      Assets      Applicable to Common      Stockholders                                                                                                                                                                 |              |                           |              |                           |               |   |   |   |   |   |   |
|      Resulting from Operations      PerCommon Share:                                                                                                                                                                                                        |              |                           |              |                           |               |   |   |   |   |   |   |
|      Basic and Diluted                                                                                                                                                                                                                                      | $                 | 0.00                           | (1)               |                                | $                  | (2.74 | ) |  | $ | 0.66 |  |
|                                                                                                                                                                                                                                                                            |
| Weighted Average Shares of Common      Stock Outstanding:                                                                                                                                                                                                                            |              |                           |              |                           |               |   |   |   |   |   |   |
|      Basic and Diluted                                                                                                                                                                                                                                      |                   | 8,997,145                      |                   |                                |                    | 8,887,085 |  |  |  | 7,751,591 |   |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

STATEMENTS OF CHANGES IN NETASSETS 

|                                                                                                                                                                                                                                                           | Year Ended        |                                | Year Ended        |                                | Year Ended         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|--------------------|
|                                                                                                                                                                                                                                                           | November 30, 2009 |       | November 30, 2008 |       | November 30,  2007 |
| Operations                                                                                                                                                                                                                                                |              |                           |              |                           |               |   |   |   |   |   |   |
|      Net investment loss                                                                                                                                                                                                         | $                 | (760,149                       | )                 |                                | $                  | (978,493 | ) |  | $ | (1,565,774 | ) |
|      Net realized gain (loss) on      investments                                                                                                                                                                                |              | (20,405,876                    | )                 |                           |               | 6,203,788 |   |   |   | 161,380 |   |
|      Net unrealized appreciation      (depreciation) of investments                                                                                                                                                              |                   | 21,177,019                     |                   |                                |                    | (29,595,528 | ) |  |  | 6,548,370 |  |
|           Net      increase (decrease) in net assets                                                                                                                                                    |              |                           |              |                           |               |   |   |   |   |   |   |
|                applicable to common stockholders                resulting      from operations |              | 10,994                         |              |                           |               | (24,370,233 | ) |   |   | 5,143,976 |   |
| Distributions to Common      Stockholders                                                                                                                                                                                                                 |                   |                                |                   |                                |                    |  |  |  |  |  |  |
|      Return of capital                                                                                                                                                                                                           |              | (5,582,473                     | )                 |                           |               | (9,265,351 | ) |   |   | (5,349,244 | ) |
|           Total      distributions to common stockholders                                                                                                                                               |                   | (5,582,473                     | )                 |                                |                    | (9,265,351 | ) |  |  | (5,349,244 | ) |
| Capital Stock      Transactions                                                                                                                                                                                                                           |              |                           |              |                           |               |   |   |   |   |   |   |
|      Proceeds from initial public      offering of 5,740,000           common      shares                                                                                 |                   | —                        |                   |                                |                    | — |  |  |  | 86,100,000 |  |
|      Proceeds from issuance of      185,000 warrants                                                                                                                                                                             |              | —                        |              |                           |               | — |   |   |   | 283,050 |   |
|      Proceeds from exercise of      11,350 warrants                                                                                                                                                                              |                   | —                        |                   |                                |                    | — |  |  |  | 170,250 |  |
|      Proceeds from exercise of 180      warrants                                                                                                                                                                                 |              | —                        |              |                           |               | 2,700 |   |   |   | — |   |
|      Underwriting discounts and      offering expenses                                                                                                                                                                           |                   |                                |                   |                                |                    |  |  |  |  |  |  |
|           associated with the issuance of           common      stock                                                                            |                   | —                        |                   |                                |                    | — |  |  |  | (7,006,341 | ) |
|      Issuance of 115,943, 103,799      and 18,222 common                                                                                                                                                                         |              |                           |              |                           |               |   |   |   |   |   |   |
|           shares from reinvestment of distributions      to           stockholders,      respectively                                            |              | 642,764                        |              |                           |               | 945,218 |   |   |   | 242,873 |   |
|           Net      increase in net assets, applicable to common                                                                                                                                         |                   |                                |                   |                                |                    |  |  |  |  |  |  |
|                stockholders, from capital stock                transactions                    |                   | 642,764                        |                   |                                |                    | 947,918 |  |  |  | 79,789,832 |  |
|                Total      increase (decrease) in net assets                                                                                                                    |              |                           |              |                           |               |   |   |   |   |   |   |
|                     applicable to common stockholders                                                                                                 |              | (4,928,715                     | )                 |                           |               | (32,687,666 | ) |   |   | 79,584,564 |   |
| Net Assets                                                                                                                                                                                                                                                |                   |                                |                   |                                |                    |  |  |  |  |  |  |
|      Beginning of year                                                                                                                                                                                                           |              | 89,225,300                     |              |                           |               | 121,912,966 |   |   |   | 42,328,402 |   |
|      End of year                                                                                                                                                                                                                 | $                 | 84,296,585                     |                   |                                | $                  | 89,225,300 |  |  | $ | 121,912,966 |  |
|                                                                                                                                                                                                                                                      |
|      Accumulated net investment      loss, net of income taxes,                                                                                                                                                                  |              |                           |              |                           |               |   |   |   |   |   |   |
|           at      the end of year                                                                                                                                                                       | $                 | (3,304,416                     | )                 |                           | $                  | (2,544,267 | ) |   | $ | (1,565,774 | ) |
|                                                                                                                                                                                                                                                      |              |                           |              |                           |               |   |   |   |   |   |   |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

STATEMENTS OF CASH FLOWS

|                                                                                                                                                                                                                     | Year Ended        |                          | Year Ended        |                          | Year Ended         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------|-------------------|--------------------------|--------------------|
|                                                                                                                                                                                                                     | November 30, 2009 |      | November 30, 2008 |      | November 30,  2007 |
| Cash Flows From Operating      Activities                                                                                                                                                                           |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Distributions received from      investments                                                                                                                                               | $                 | 7,668,062                |                   |                          | $                  | 9,688,521 |  |  | $ | 6,520,432 |  |
|      Interest      and dividend income received                                                                                                                                                 |                   | 885,284                  |                   |                          |                    | 1,106,776 |  |  |  | 1,535,673 |  |
|      Fee income received                                                                                                                                                                        |                   | 55,000                   |                   |                          |                    | — |  |  |  | — |  |
|      Purchases      of long-term investments                                                                                                                                                    |                   | (6,612,878               | )                 |                          |                    | (37,817,772 | ) |  |  | (114,999,341 | ) |
|      Proceeds from sales of long-term      investments                                                                                                                                          |                   | 24,312,558               |                   |                          |                    | 48,568,485 |  |  |  | 640,656 |  |
|      Proceeds      from (purchases of)      short-term                investments, net                                                        |                   | (1,138,474               | )                 |                          |                    | (140,878 | ) |  |  | 5,211,912 |  |
|      Interest expense paid                                                                                                                                                                      |                   | (674,245                 | )                 |                          |                    | (1,736,407 | ) |  |  | (665,865 | ) |
|           Distributions to preferred stockholders                                                                                                                                               |                   | —                  |                   |                          |                    | — |  |  |  | (228,750 | ) |
|      Operating expenses paid                                                                                                                                                                    |                   | (1,955,510               | )                 |                          |                    | (3,001,292 | ) |  |  | (2,438,378 | ) |
|           Net cash      provided by (used      in)                     operating activities |                   | 22,539,797               |                   |                          |                    | 16,667,433 |  |  |  | (104,423,661 | ) |
| Cash Flows from Financing      Activities                                                                                                                                                                           |                   |                          |                   |                          |                    |  |  |  |  |  |  |
|      Issuance      of common stock      (including                warrant exercises)                                                          |                   | —                  |                   |                          |                    | 2,700 |  |  |  | 86,270,250 |  |
|      Common stock issuance costs                                                                                                                                                                |                   | —                  |                   |                          |                    | — |  |  |  | (6,841,555 | ) |
|      Issuance      of preferred stock                                                                                                                                                           |                   | —                  |                   |                          |                    | — |  |  |  | 18,216,950 |  |
|      Redemption of preferred stock                                                                                                                                                              |                   | —                  |                   |                          |                    | — |  |  |  | (18,870,000 | ) |
|      Preferred      stock issuance costs                                                                                                                                                        |                   | —                  |                   |                          |                    | — |  |  |  | (78,663 | ) |
|      Issuance of warrants                                                                                                                                                                       |                   | —                  |                   |                          |                    | — |  |  |  | 283,050 |  |
|      Advances      from revolving line of credit                                                                                                                                                |                   | 900,000                  |                   |                          |                    | 22,750,000 |  |  |  | 46,450,000 |  |
|      Repayments on revolving line of      credit                                                                                                                                                |                   | (18,500,000              | )                 |                          |                    | (31,100,000 | ) |  |  | (15,900,000 | ) |
|           Distributions paid to common stockholders                                                                                                                                             |                   | (4,939,797               | )                 |                          |                    | (8,320,133 | ) |  |  | (5,106,371 | ) |
|           Net cash      provided by (used      in)                    financing activities       |                   | (22,539,797              | )                 |                          |                    | (16,667,433 | ) |  |  | 104,423,661 |  |
|                     Net change in cash                                                                                                        |                   | —                  |                   |                          |                    | — |  |  |  | — |  |
|                     Cash — beginning of year                                                                                            |                   | —                  |                   |                          |                    | — |  |  |  | — |  |
|                     Cash — end of year                                                                                                  | $                 | —                  |                   |                          | $                  | — |  |  | $ | — |   |
|                                                                                                                                                                                                                |                   |                          |                   |                          |                    |  |  |  |  |  |  |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

|                                                                                                                                                                                                       |                                      | Year Ended        |                                      | Year Ended        |                                      | Year Ended         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------|--------------------------------------|-------------------|--------------------------------------|--------------------|
|                                                                                                                                                                                                       |        | November 30, 2009 |        | November 30, 2008 |        | November 30,  2007 |
| Reconciliation of net increase      (decrease) in net assets applicable                                                                                                                               |                                 |              |                                 |              |                                 |               |   |   |   |   |   |   |
|      to common      stockholders resulting from operations to net cash                                                                                                            |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|      provided by (used in)      operating activities                                                                                                                              |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|           Net increase (decrease) in net assets applicable tocommon                                                                                                               |                                 |              |                                 |              |                                 |               |   |   |   |   |   |   |
|                stockholders resulting from operations                                                                                                    |                                 | $                 | 10,994                               |              |                                 | $                  | (24,370,233 | ) |   | $ | 5,143,976 |   |
|           Adjustments to reconcile net increase (decrease) in net      assets                                                                                                     |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|                applicable to common stockholders resulting from    operations                                                                            |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|                to net cash provided by (used in) operating activities:                                                                                   |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|                     Purchases of long-term investments                                                                          |                                 |              | (6,669,391                           | )                 |                                 |               | (36,592,256 | ) |   |   | (116,235,335 | ) |
|                     Return of capital on distributions received                                                                 |                                      |                   | 6,791,394                            |                   |                                      |                    | 7,894,819 |  |  |  | 5,031,851 |  |
|                     Proceeds from sales of long-term investments                                                                |                                 |              | 24,312,558                           |              |                                 |               | 48,568,485 |   |   |   | 640,656 |   |
|                     Proceeds from (purchases of) short-term investments, net                                                    |                                 |              | (1,138,474                           | )                 |                                 |               | (140,878 | ) |   |   | 5,211,912 |   |
|                     Accrued capital gain incentive fees payable to Adviser                                                      |                                 |              | —                              |              |                                 |               | (307,611 | ) |   |   | 307,611 |   |
|                     Deffered income taxes, net                                                                                  |                                      |                   | 254,356                              |                   |                                      |                    | (9,866,666 | ) |  |  | 3,932,763 |  |
|                     Amortization of issuance costs                                                                              |                                 |              | —                              |              |                                 |               | 18,553 |   |   |   | 9,900 |   |
|                     Realized (gain) loss on investments                                                                         |                                      |                   | 23,120,748                           |                   |                                      |                    | (8,716,197 | ) |  |  | (260,290 | ) |
|                     Loss on redemption of preferred stock                                                                       |                                 |              | —                              |              |                                 |               | — |   |   |   | 731,713 |   |
|                     Net unrealized (appreciation) depreciation of investments                                                   |                                      |                   | (24,247,380                          | )                 |                                      |                    | 41,581,120 |  |  |  | (10,561,888 | ) |
|                     Changes in operating assets and liabilities:                                                                |                                 |              |                                 |              |                                 |               |   |   |   |   |   |   |
|                          Increase in income tax receivable                                             |                                      |                   | —                              |                   |                                      |                    | — |  |  |  | (218,935 | ) |
|                          (Increase decrease in interest, dividend and distribution      receivable     |                                 |              | 77,218                               |              |                                 |               | (7,200 | ) |   |   | (1,860 | ) |
|                          Decrease in income tax receivable                                             |                                      |                   | 212,054                              |                   |                                      |                    | — |  |  |  | — |  |
|                          (Increase) decrease in prepaid expenses and other assets                      |                                 |              | 91,004                               |              |                                 |               | (92,432 | ) |   |   | 72,074 |   |
|                          Increase (decrease) in current tax liability                                  |                                      |                   | —                              |                   |                                      |                    | 6,881 |  |  |  | (86,386 | ) |
|                          Increase (decrease) in base management fees payable to                        |                                 |              |                                 |              |                                 |               |   |   |   |   |   |   |
|                               Adviser, net of expense reimbursement           |                                 |              | (195,410                             | )                 |                                 |               | (26,278 | ) |   |   | 358,140 |   |
|                          Increase (decrease) in payable for investments purchased                      |                                      |                   | —                              |                   |                                      |                    | (1,235,994 | ) |  |  | 1,235,994 |  |
|                          Increase (decrease) in accrued expenses and other    liabilities              |                                 |              | (79,874                              | )                 |                                 |               | (46,680 | ) |   |   | 264,443 |   |
|                                    Total adjustments |                                      |                   | 22,528,803                           |                   |                                      |                    | 41,037,666 |  |  |  | (109,567,637 | ) |
|           Net cash provided by (used in) operatingactivities                                                                                                                      |                                 | $                 | 22,539,797                           |              |                                 | $                  | 16,667,433 |   |   | $ | (104,423,661 | ) |
|                                                                                                                                                                                                  |
| Non-Cash Financing      Activities                                                                                                                                                                    |                                 |              |                                 |              |                                 |               |   |   |   |   |   |   |
|           Reinvestment of distributions by common    stockholders                                                                                                                 |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |  |
|                in additional common shares                                                                                                               |                                      | $                 | 642,764                              |                   |                                      | $                  | 945,218 |  |  | $ | 242,873 |   |
|                                                                                                                                                                                                  |
| See accompanying Notes to Financial      Statements.                                                                                                                                                  |                                      |                   |                                      |                   |                                      |                    |  |  |  |  |  |   |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

FINANCIAL HIGHLIGHTS

|                                                                                                                                                     |                                |                   |                                |                   |                                |                   |                                |                    |  |        |         |        |  | Period from         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|--------------------|--|--------|---------|--------|--|---------------------|
|                                                                                                                                                     |                                |                   |                                |                   |                                |                   |                                |                    |  |        |         |        |  | December 8, 2005(1) |
|                                                                                                                                                     |                                | Year Ended        |                                | Year Ended        |                                | Year Ended        |                                | through            |
|                                                                                                                                                     |       | November 30, 2009 |       | November 30, 2008 |       | November 30, 2007 |       | November 30,  2006 |
| Per Common Share Data(2)                                                                                                                            |                                |              |                                |              |                                |              |                                |               |  |   |         |   |  |                |  |   |
|      Net Asset Value, beginning of      period                                                                             |                                | $                 | 9.96                           |                   |                                | $                 | 13.76                          |                    |  | $      | 13.70   |        |  | $                   | — |  |
|      Initial offering      price                                                                                           |                                |              |                                |              |                                |              |                                |               |  |   |         |   |  |                | 15.00 |   |
|      Underwriting discounts and      offering costs on issuance                                                            |                                |                   |                                |                   |                                |                   |                                |                    |  |        |         |        |  |                     |  |  |
|           of      common shares                                                                   |                                |                   | —                        |                   |                                |                   | —                        |                    |  |        | 0.01    |        |  |                     | (1.22 | ) |
|      Income (loss) from Investment      Operations:                                                                        |                                |              |                                |              |                                |              |                                |               |  |   |         |   |  |                |  |   |
|           Net      investment income (loss)(3)                                                    |                                |                   | (0.08                          | )                 |                                |                   | (0.11                          | )                  |  |        | (0.18   | )      |  |                     | 0.21 |  |
|           Net realized and unrealized gain      (loss) on investments(3)                          |                                |              | 0.03                           |                   |                                |              | (2.65                          | )                  |  |   | 0.90    |        |  |                | 0.05 |  |
|                Total increase (decrease) from      investment operations |                                |                   | (0.05                          | )                 |                                |                   | (2.76                          | )                  |  |        | 0.73    |        |  |                     | 0.26 |  |
|      Less Distributions to Common      Stockholders:                                                                       |                                |              |                                |              |                                |              |                                |               |  |   |         |   |  |                |  |   |
|           Net investment income                                                                   |                                |                   | —                        |                   |                                |                   | —                        |                    |  |        | — |        |  |                     | (0.21 | ) |
|           Return of capital                                                                       |                                |              | (0.62                          | )                 |                                |              | (1.04                          | )                  |  |   | (0.67   | )      |  |                     | (0.13 | ) |
|                Total      distributions to common stockholders           |                                |                   | (0.62                          | )                 |                                |                   | (1.04                          | )                  |  |        | (0.67   | )      |  |                     | (0.34 | ) |
|      Net Asset Value, end of      period                                                                                   |                                | $                 | 9.29                           |                   |                                | $                 | 9.96                           |                    |  | $      | 13.76   |        |  | $                   | 13.70 |  |
|                                                                                                                                                |
|      Per common share market value, end      of period                                                                     |                                | $                 | 6.23                           |              |                                | $                 | 5.21                           |               |  | $      | 11.66   |   |  |                | N/A |   |
|      Total Investment Return, including      capital gain incentive                                                        |                                |                   |                                |                   |                                |                   |                                |                    |  |        |         |        |  |                     |  |  |
|           fees,      based on net asset value(4)                                                  |                                |                   | 4.19                           | %                 |                                |                   | (18.83                         | )%                 |  |        | 5.35    | %      |  |                     | (6.39 | )% |
|      Total Investment Return, excluding      capital gain incentive                                                        |                                |              |                                |                   |                                |                   |                                |                    |  |   |         |        |  |                |  |   |
|           fees, based on net asset value(4)                                                       |                                |              | 4.19                           | %                 |                                |              | (20.93                         | )%                 |  |   | 5.57    | %      |  |                | (6.39 | )% |
|      Total Investment Return, based on      market value(5)                                                                |                                |                   | 33.57                          | %                 |                                |                   | (49.89                         | )%                 |  |        | 19.05   | %      |  |                     | N/A |   |

| (1) |    | Commencement of      Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |              | Information presented relates to a      share of common stock outstanding for the entire      period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (3) |              | The per common share data for the      years ended November 30, 2008, November 30, 2007 and the period from      December 8, 2005 through November 30, 2006 do not reflect the change in      estimate of investment income and return of capital, for the respective      period, as described in Note 2D.                                                                                                                                                                                                                                                                                                                                                 |
| (4) |              | Not annualized for periods less      than one year. Total investment return is calculated assuming a purchase      of common stock at the initial offering price or net asset value per share      as of the beginning of the period, reinvestment of distributions at net      asset value, and a sale at net asset value at the end of the      period.                                                                                                                                                                                                                                                                                                   |
| (5) |              | Not annualized for periods less      than one year. Total investment return is calculated assuming a purchase      of common stock at the initial public offering price, or market value at      the beginning of the period, reinvestment of distributions at actual      prices pursuant to the Company’s dividend reinvestment plan or market      value, as applicable, and a sale at the current market price on the last      day of the year (excluding brokerage commissions). Our common shares began      trading on the New York Stock Exchange under the symbol “TTO” on February      2, 2007 at a price of $15.00 pershare. |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

|                                                                                                                              |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  | Period from         |
|------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|-------------------|--------------------------------|--------------------|--|---|---------|----|--|---------------------|
|                                                                                                                              |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  | December 8, 2005(1) |
|                                                                                                                              |                                | Year Ended        |                                | Year Ended        |                                | Year Ended        |                                | through            |
|                                                                                                                              |       | November 30, 2009 |       | November 30, 2008 |       | November 30, 2007 |       | November 30,  2006 |
| Supplemental Data and      Ratios                                                                                            |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|      Net assets applicable to      common stockholders,                                             |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           end      of period (000’s)                                 |                                | $                 | 84,297                         |                   |                                | $                 | 89,225                         |                    |  | $ | 121,913 |    |  | $                   | 42,328 |  |
|      Ratio of expenses (including      current and deferred                                         |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           income      tax expense (benefit) and capital gain               |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           incentive      fees) to average net assets(6)(7)(8)              |                                |                   | 3.48                           | %                 |                                |                   | (5.72                          | )%                 |  |   | 8.35    | %  |  |                     | 3.64 | % |
|      Ratio of expenses (excluding      current and deferred                                         |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           income      tax expense (benefit)) to average                    |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           net      assets(6)(8)(9)                                         |                                |                   | 3.18                           | %                 |                                |                   | 4.44                           | %                  |  |   | 4.69    | %  |  |                     | 2.40 | % |
|      Ratio of expenses (excluding      current and deferred                                         |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           income      tax expense (benefit)) and capital gain              |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           incentive      fees) to average net assets(6)(9)(10)             |                                |                   | 3.18                           | %                 |                                |                   | 4.76                           | %                  |  |   | 4.40    | %  |  |                     | 2.40 | % |
|      Ratio of net investment income      (loss) to average net                                      |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           assets      before current and deferred income tax               |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           expense      (benefit) and capital gain incentive fees(6)(9)(10) |                                |                   | (1.03                          | )%                |                                |                   | (1.73                          | )%                 |  |   | (1.58   | )% |  |                     | 2.71 | % |
|      Ratio of net investment income      (loss) to average net                                      |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           assets      before current and deferred income tax               |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           expense      (benefit)(6)(8)(9)                                  |                                |                   | (1.03                          | )%                |                                |                   | (1.41                          | )%                 |  |   | (1.87   | )% |  |                     | 2.71 | % |
|      Ratio of net investment income      (loss) to average net                                      |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           assets      after current and deferred income tax                |                                |                   |                                |                   |                                |                   |                                |                    |  |   |         |    |  |                     |  |  |
|           expense      (benefit) and capital gain incentive fees(6)(7)(8)  |                                |                   | (1.33                          | )%                |                                |                   | 8.76                           | %                  |  |   | (5.52   | )% |  |                     | 1.47 | % |
|      Portfolio turnover rate(6)                                                                     |                                |                   | 7.43                           | %                 |                                |                   | 24.55                          | %                  |  |   | 0.62    | %  |  |                     | 9.51 | % |
|      Short-term borrowings, end of      period (000’s)                                        |                                | $                 | 4,600                          |                   |                                | $                 | 22,200                         |                    |  | $ | 30,550  |    |  |                     | — |  |
|      Asset coverage, per $1,000 of      short-term borrowings(11)                                   |                                | $                 | 19,325                         |                   |                                | $                 | 5,019                          |                    |  | $ | 4,991   |    |  |                     | N/A |  |
|      Asset coverage ratio of      short-term borrowings(11)                                         |                                |                   | 1933                           | %                 |                                |                   | 502                            | %                  |  |   | 499     | %  |  |                     | N/A |   |

| (6)  |    | Annualized for periods less than      one full year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7)  |              | For the year ended November 30,      2009, the Company accrued $254,356 in deferred income tax expense, net.      For the year ended November 30, 2008, the Company accrued $6,881 in      current tax expense and $9,866,666 in deferred tax benefit, net. For the      year ended November 30, 2007, the Company accrued $261,667 in current      income tax benefit and $3,932,763 in deferred income tax expense. For the      period from December 8, 2005 through November 30, 2006, the Company      accrued $265,899 in current income tax expense and $250,156 in deferred      income tax expense. |
| (8)  |              | For the years ended November 30,      2009 and November 30, 2008, the Company accrued no capital gain incentive      fees. For the year ended November 30, 2007, the Company accrued $307,611      as a provision for capital gain incentive fees. For the period from      December 8, 2005 through November 30, 2006, the Company accrued no capital      gain incentive fees.                                                                                                                                                                                                                             |
| (9)  |              | The ratio excludes the impact of      current and deferred income taxes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (10) |              | The ratio excludes the impact of      capital gain incentive fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (11) |              | Represents value of total assets      less all liabilities and indebtedness not represented by short-term      borrowings at the end of the year divided by short-term borrowings      outstanding at the end of theyear.                                                                                                                                                                                                                                                                                                                                                                                    |

----

|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

NOTES TO FINANCIAL STATEMENTSNovember 30, 2009

----

- An independent valuation firm  engaged by the Board of Directors to provide independent, third-party  valuation consulting  services  performs certain procedures that the Board of Directors has identified and  asked it to perform on a selection of  private investments as determined by the Board of Directors. For the  period ended November 30, 2009, the independent  valuation firm performed positive assurance  valuation procedures on six portfolio companies comprising approximately  94  percent of the total  restricted investments at fair value as of November 30, 2009;  
- The preliminary valuations and  supporting analyses are initially reviewed by the investment professionals of  the Adviser;            
- The Investment Committee of the  Adviser reviews the preliminary valuations, and considers and assesses, as  appropriate,  any changes that  may be required to the preliminary valuations;            
- The Board of Directors assesses  the valuations and ultimately determines the fair value of each investment in  the Company’s  portfolio in good  faith. 

----

----

----

|                                                                             |       | November 30, 2009 |             | November 30,  2008 |
|-----------------------------------------------------------------------------|--------------------------------|-------------------|--------------------------------------|--------------------|
| Deferred tax assets:                                                        |                                |                   |                                      |                    |  |  |  |   |
|      Organization costs                                 |                                | $                 | (24,456                              | )                  |  | $ | (26,160 | ) |
|      Net      unrealized loss on investment securities  |                                |                   | (2,416,767                           | )                  |  |  | (11,287,920 | ) |
|      Capital loss                                       |                                |                   | (6,084,585                           | )                  |  |  | — |  |
|      Net      operating loss carryforwards              |                                |              | (5,112,040                           | )                  |  |  | (3,319,098 | ) |
|      AMT and State of Kansas credit                     |                                |                   | (5,039                               | )                  |  |  | — |  |
|      Valuation      allowance                           |                                |                   | 3,038,089                            |                    |  |  | 2,814,891 |  |
|                                                                        |                                |                   |      (10,604,798 | )                  |  |  |      (11,818,287 | ) |
| Deferred tax liabilities:                                                   |                                |                   |                                      |                    |  |  |  |  |
|      Basis reduction of investment in      partnerships |                                |                   | 5,175,407                            |                    |  |  | 6,134,540 |  |
| Total net deferred tax (asset)      liability                               |                                | $                 | (5,429,391                           | )                  |  | $ | (5,683,747 | ) |
|                                                                        |                                |                   |                                      |                    |  |  |  |  |

----

|                                                 |                                | For the year ended |                                                                           | For the year ended |                                | For the year  ended |
|-------------------------------------------------|--------------------------------|--------------------|---------------------------------------------------------------------------|--------------------|--------------------------------|---------------------|
|                                                 |       | November 30, 2009  |                                                  | November 30, 2008  |       | November 30,  2007  |
| Application of statutory income tax      rate   |                                | $                  |                  90,219 |                    |                                | $                   |           (11,638,206 | ) |  | $ |             2,997,124 |  |
| State income taxes, net of federal taxes        |                                |                    | 9,314                                                                     |                    |                                |                     | (951,595 | ) |  |  | 354,031 |  |
| Preferred dividends                             |                                |                    | —                                                                   |               |                                |                     | — |   |  |  | 86,925 |  |
| Loss on redemption of preferred stock           |                                |                    | —                                                                   |                    |                                |                     | — |  |  |  | 278,051 |  |
| Change in prior year tax      expense           |                                |               | —                                                                   |                    |                                |                     | 1,842 |  |  |  | (45,035 | ) |
| Change in accrual for state income taxes        |                                |                    | (68,375                                                                   | )                  |                                |                     | (86,717 | ) |  |  | — |  |
| Change in deferred tax valuation      allowance |                                |                    | 223,198                                                                   |                    |                                |                     | 2,814,891 |  |  |  | — |  |
| Total income tax expense (benefit)              |                                | $                  | 254,356                                                                   |                    |                                | $                   | (9,859,785 | ) |  | $ | 3,671,096 |  |
|                                            |                                |                    |                                                                           |                    |                                |                     |  |  |  |  |  |  |

|                                     |                                | For the year ended |                                                                           | For the year ended |                                | For the year  ended                  |
|-------------------------------------|--------------------------------|--------------------|---------------------------------------------------------------------------|--------------------|--------------------------------|--------------------------------------|
|                                     |       | November 30, 2009  |                                                  | November 30, 2008  |       | November 30,  2007                   |
| Current tax expense    (benefit)    |                                |                    |                                                                           |                    |                           |                                      |   |  |  |  |  |
|      Federal    |                                | $                  | —                                                                   |                    | $                              | 6,361                                |  |  | $ |          (240,141 | ) |
|           State |                                |               | —                                                                   |                    |                                | 520                                  |  |  |  | (21,526 | ) |
| Total current expense (benefit)     |                                |                    | —                                                                   |                    |                                | 6,881                                |  |  |  | (261,667 | ) |
|                                |
| Deferred tax expense      (benefit) |                                |                    |                                                                           |                    |                                |                                      |  |  |  |  |  |
|      Federal    |                                |                    | 230,554                                                                   |                    |                                | (9,120,898                           | ) |  |  | 3,557,206 |  |
|           State |                                |                    | 23,802                                                                    |                    |                                | (745,768                             | ) |  |  | 375,557 |  |
| Total deferred expense (benefit)    |                                |                    | 254,356                                                                   |                    |                                | (9,866,666                           | ) |  |  | 3,932,763 |  |
| Total tax expense    (benefit)      |                                | $                  |                 254,356 |                    | $                              |       (9,859,785 | ) |  | $ | 3,671,096 |  |
|                                |                                |                    |                                                                           |                    |                                |                                      |  |  |  |  |  |

----

|                                                     |       | November 30, 2009 |                  | November 30,  2008 |
|-----------------------------------------------------|--------------------------------|-------------------|-------------------------------------------|--------------------|
| Aggregate cost for federal income      tax purposes |                                | $                 |            76,627,528 |                    |  | $ |     120,148,896 |   |
| Gross unrealized appreciation                       |                                |              | 15,304,091                                |               |  |  | 4,302,974 |  |
| Gross unrealized    depreciation                    |                                |                   | (7,949,679                                | )                  |  |  | (18,300,640 | ) |
| Net unrealized appreciation (depreciation)          |                                | $                 | 7,354,412                                 |                    |  | $ | (13,997,666 | ) |
|                                                |                                |                   |                                           |                    |  |  |  |  |

- 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) 

|                        |                                |                   |                                |                  | Fair Value Measurements at      Reporting Date Using |
|------------------------|--------------------------------|-------------------|--------------------------------|------------------|------------------------------------------------------|
|                        |                                |                   |                                |                  | Quoted Prices in                                     |  |  |  |  |  |  |
|                        |                                |                   |                                |                  | Active Markets for                                   |  | Significant Other |  | Significant |
|                        |                                | Fair Value at     |                                | Identical Assets |                                                      | Observable Inputs |  | Unobservable  Inputs |
| Description            |       | November 30, 2009 |       | (Level 1)        |                             | (Level 2) |       | (Level 3) |
| Equity Investments     |                                | $                 | 73,683,094                     |                  | $                                                    | 2,039,565 |  | $ | 3,297,009 |  | $ | 68,346,520 |
| Debt Investments       |                                |              | 8,800,000                      |                  |                                                      | — |  |  | — |  |  | 8,800,000 |
| Short-Term Investments |                                |                   | 1,498,846                      |                  |                                                      | 1,498,846 |  |  | — |  |  | — |
| Total Investments      |                                | $                 | 83,981,940                     |                  | $                                                    | 3,538,411 |  | $ | 3,297,009 |  | $ | 77,146,520 |
|                   |                                |                   |                                |                  |                                                      |  |  |  |  |  |  |  |

|                                                                                                                                                                        |                                | Fair Value Measurements Using      Significant |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------|
|                                                                                                                                                                        |                                | Unobservable  Inputs                           |
|                                                                                                                                                                        |                                | (Level 3) for      Investments                 |
|                                                                                                                                                                        |       | Year Ended November 30,      2009              |
| Fair value beginning    balance                                                                                                                                        |                                |                                                | $ |    85,728,339 |   |  |
| Total realized and unrealized gains (losses) included in net      increase                                                                                             |                                |                                                |   |   |  |  |
|      in net assets applicable to common      stockholders                                                                                          |                                |                                           |   | 2,575,505 |   |  |
| Net purchases, sales, issuances and      settlements                                                                                                                   |                                |                                                |  | (4,423,273 | ) |  |
| Return of capital adjustments impacting cost basis of      security                                                                                                    |                                |                                                |  | (6,734,051 | ) |  |
| Transfers into (out of) Level      3                                                                                                                                   |                                |                                                |  | — |  |  |
| Fair value ending balance                                                                                                                                              |                                |                                                | $ | 77,146,520 |  |  |
|                                                                                                                                                                   |                                |
| The amount of total gains (losses)      for the period included in                                                                                                     |                                |                                                |  |  |  |  |
|      net      increase in net assets applicable to common stockholders                                                                             |                                |                                                |  |  |  |  |
|           attributable to the change in unrealized gains (losses)          relating to assets still held at the reporting date |                                |                                                | $ | 4,087,478 |  |  |

----

|             |                                |                   |                                |                  | Fair Value Measurements at      Reporting Date Using |
|-------------|--------------------------------|-------------------|--------------------------------|------------------|------------------------------------------------------|
|             |                                |                   |                                |                  | Quoted Prices in                                     |  |  |  |  |  |  |
|             |                                |                   |                                |                  | Active Markets for                                   |  | Significant Other |  | Significant |
|             |                                | Fair Value at     |                                | Identical Assets |                                                      | Observable Inputs |  | Unobservable  Inputs |
| Description |       | November 30, 2008 |       | (Level 1)        |                             | (Level 2) |       | (Level 3) |
| Investments |                                | $                 | 106,151,230                    |                  | $                                                    | 10,834,767 |  | $ | 9,588,124 |  | $ | 85,728,339 |

|                                                                                                                                                                                                  |                                | Fair Value Measurements Using      Significant |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------|
|                                                                                                                                                                                                  |                                | Unobservable  Inputs                           |
|                                                                                                                                                                                                  |                                | (Level 3) for      Investments                 |
|                                                                                                                                                                                                  |       | Year Ended November 30,      2008              |
| Fair value beginning    balance                                                                                                                                                                  |                           |                                           | $ |   131,513,004 |   |   |
| Total unrealized gains (losses) included in net increase      (decrease)                                                                                                                         |                                |                                           |   |  |  |  |
|      in net assets applicable to common      stockholders                                                                                                                    |                                |                                                |  | (9,006,873 | ) |  |
| Net purchases, issuances and      settlements                                                                                                                                                    |                                |                                           |   | (30,878,067 | ) |  |
| Return of capital adjustments impacting cost basis of      security                                                                                                                              |                                |                                                |  | (5,899,725 | ) |  |
| Transfers in (out) of Level    3                                                                                                                                                                 |                                |                                                |  | — |  |  |
| Fair value ending balance                                                                                                                                                                        |                                |                                                | $ | 85,728,339 |  |  |
|                                                                                                                                                                                             |                                |
| The amount of total gains or losses      for the period included in                                                                                                                              |                                |                                                |  |  |  |  |
|           net increase (decrease) in net assets applicable to common      stockholders          attributable to the change in unrealized gains or losses |                                |                                                |  |  |  |  |
|      relating to assets still held at the      reporting date                                                                                                           |                                |                                                |  | (17,592,003 | ) |  |

| November 30, 2009                                          |                               | Equity |                    |           |                    |                  |                    |        |                        |            |            | Fair     |
|------------------------------------------------------------|-------------------------------|--------|--------------------|-----------|--------------------|------------------|--------------------|--------|------------------------|------------|------------|----------|
|                                                            |                               |        | Interest, Units    |           |                    |                  |                    |        |                        | Fair       |            | Value as |
|                                                            |                               |        | or Principal       |           | Acquisition        |                  | Acquisition        |        | Value Per              |            | Percent of |
| InvestmentSecurity                                         |                | Amount |     | Date(s)   |     | Cost             |     | Unit   |         | Net Assets |
| Abraxas Petroleum    Corporation                           | Unregistered Common Units     |        |                    | 1,946,376 |                    | 10/5/09          |                    | $      | 2,895,234              |            | $          | 1.69     |  | 3.9 | % |
| Eagle Rock Energy Partners, L.P.(1)                        | Unregistered Common Units     |        |               | 54,474    |                    | 10/1/08          |                    |        | 749,018                |            |            | 4.65     |  | 0.3 |  |
| High Sierra Energy, LP                                     | Common Units                  |        |                    | 1,042,685 |                    | 11/2/06-11/15/08 |               |        | 24,828,836             |            |       | 23.46    |  | 29.0 |  |
| High Sierra Energy GP, LLC                                 | Equity Interest               |        |                    | 2.37%     |               | 11/2/06-5/1/07   |                    |   | 2,015,969              |       |            | N/A      |  | 2.1 |  |
| International Resource Partners      LP                    | Class A Units                 |        |               | 500,000   |                    | 6/12/07          |                    |   | 10,000,000             |            |            | 19.97    |   | 11.8 |   |
| LONESTAR Midstream Partners, LP(2)     | Class A Units                 |        |                    | 1,327,900 |               | 7/27/07- 4/2/08  |                    |        | 2,952,626              |            |            | 0.83     |  | 1.3 |  |
| LSMP GP, LP(2)                                             | GP LP Units                   |   |               | 180       |                    | 7/27/07- 4/2/08  |                    |        | 138,521                |            |            | 688.89   |  | 0.2 |  |
| Mowood, LLC                                                | Equity Interest               |        |                    | 99.5%     |                    | 6/5/06-8/4/08    |                    |        | 5,000,000              |            |            | N/A      |  | 9.8 |  |
|                                                       | Subordinated Debt             |        | $                  | 8,800,000 |                    | 6/5/06-12/8/08   |                    |        | 8,800,000              |            |            | N/A      |  | 10.4 |  |
| Quest Midstream Partners,      L.P.                        | Common Units                  |        |                    | 1,180,946 |                    | 12/22/06-11/1/07 |                    |        | 22,200,001             |            |            | 4.92     |  | 7.1 |  |
| VantaCore Partners LP                                      | Common Units                  |        |                    | 933,430   |                    | 5/21/07-8/4/08   |                    |        | 18,270,449             |            |            | 17.42    |  | 19.3 |  |
|                                                            | Incentive Distribution Rights |        |                    | 988       |                    | 5/21/07-8/4/08   |                    |        | 143,936                |            |            | 149.45   |  | 0.2 |  |
|                                                            |                               |        |                    |           |                    |                  |                    | $      |        97,994,590 |            |            |          |  | 95.4 | % |
|                                                       |                               |        |                    |           |                    |                  |                    |        |                        |            |            |          |  |  |  |

| (1) |    | Units are held in an escrow account      to satisfy any potential claims from the purchaser of Millennium Midstream      Partners, L.P. The escrow agreement terminates April 1, 2010. See Note      9—Investment Transactions for additional    information. |
|-----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | See Note 9—Investment Transactions      for additional information.                                                                                                                                                                                           |

----

| November 30, 2008                                             |                                  | Equity |                 |           |              |                  |              |        |                         |            |            | Fair     |
|---------------------------------------------------------------|----------------------------------|--------|-----------------|-----------|--------------|------------------|--------------|--------|-------------------------|------------|------------|----------|
|                                                               |                                  |        | Interest, Units |           |              |                  |              |        |                         | Fair       |            | Value as |
|                                                               |                                  |        | or Principal    |           | Acquisition  |                  | Acquisition  |        | Value Per               |            | Percent of |
| InvestmentSecurity                                            |                        | Amount |       | Date(s)   |    | Cost             |    | Unit   |               | Net Assets |
| Abraxas Energy Partners,    L.P.                              | Common Units                     |        |                 | 450,181   |              | 5/25/07          |              | $      | 7,500,015               |            | $          | 9.00     |  | 4.5 | % |
| Eagle Rock Energy Partners, L.P.                              | Unregistered Common Units        |        |                 | 373,224   |              | 10/1/08          |              |        | 5,044,980               |            |            | 7.76     |   | 3.3 |  |
| Eagle Rock Energy Partners,      L.P.(1)                      | Unregistered Common Units        |        |                 | 212,404   |              | 10/1/08          |              |        | 2,920,555               |       |            | 7.29     |  | 1.7 |  |
| High Sierra Energy, LP(2)                                     | Common Units                     |        |                 | 1,042,685 |              | 11/2/06-11/15/08 |              |        | 24,828,836              |            |            | 18.75    |  | 21.9 |  |
| High Sierra Energy GP, LLC(2)                                 | Equity Interest                  |        |                 | 2.37%     |         | 11/2/06-5/1/07   |              |        | 2,015,969               |            |       | N/A      |  | 2.1 |  |
| International Resource Partners LP                            | Class A Units                    |        |                 | 500,000   |              | 6/12/07          |              |        | 10,000,000              |            |            | 19.00    |  | 10.6 |  |
| LONESTAR Midstream Partners,      LP(3)                       | Class A Units                    |   |                 | 1,327,900 |              | 7/27/07- 4/2/08  |              |        | 4,444,986               |            |            | 3.01     |  | 4.5 |  |
| LSMP GP, LP(3)                                                | GP LP Units                      |        |                 | 180       |              | 7/27/07- 4/2/08  |              |        | 168,514                 |            |       | 2,777.78 |  | 0.6 |  |
| Mowood, LLC                                                   | Equity Interest                  |        |            | 99.6%     |         | 6/5/06-8/4/08    |              |        | 5,000,000               |            |            | N/A      |  | 6.4 |  |
|                                                               | Subordinated Debt                |        | $               | 7,050,000 |              | 6/5/06-6/29/07   |              |        | 7,050,000               |            |            | N/A      |  | 7.9 |  |
|                                                               | Promissory Notes                 |        | $               | 1,235,000 |              | 9/26/08-11/26/08 |         |   | 1,235,000               |            |            | N/A      |  | 1.4 |  |
| Penn Virginia Resource Partners, L.P.     | Unregistered Common Units        |        |                 | 468,001   |              | 7/24/08          |              |        | 10,786,113              |            |            | 12.88    |  | 6.8 |  |
| Penn Virginia GP Holdings,      L.P.                          | Unregistered Common Units        |        |                 | 59,503    |              | 7/24/08          |              |        | 1,680,746               |            |            | 11.16    |  | 0.7 |  |
| Quest Midstream Partners, L.P.                                | Common Units                     |        |                 | 1,180,946 |              | 12/22/06-11/1/07 |              |        | 22,200,001              |            |            | 12.25    |  | 16.2 |  |
| VantaCore Partners LP                                         | Common Units                     |        |                 | 933,430   |              | 5/21/07-8/4/08   |              |        | 18,270,449              |            |            | 17.00    |  | 17.8 |  |
|                                                               | Incentive Distribution    Rights |        |                 | 988       |              | 5/21/07-8/4/08   |              |        | 143,936                 |            |            | 324.78   |  | 0.4 |  |
|                                                               |                                  |        |                 |           |              |                  |              | $      |        123,290,100 |            |            |          |  | 106.8 | % |
|                                                          |                                  |        |                 |           |              |                  |              |        |                         |            |            |          |  |  |  |

| (1) |    | Units are held in an escrow account      to satisfy any potential claims from the purchaser of Millennium Midstream      Partners, L.P. The escrow agreement terminates April 1, 2010. See Note      9—Investment Transactions for additional    information. |
|-----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | Distributions have been paid in      cash historically; however, distributions were paid in additional High      Sierra Energy, LP common units during the quarters ended August 31, 2008      and November 30, 2008.                                               |
| (3) |    | See Note 9—Investment Transactions      for additional information.                                                                                                                                                                                           |

| November 30, 2009                                                          |              | Units/Equity       |              |           |              |              |              |             |              |             |              |          |              |            | Gross         |        | Units/Equity       |  |        |           |
|----------------------------------------------------------------------------|--------------|--------------------|--------------|-----------|--------------|--------------|--------------|-------------|--------------|-------------|--------------|----------|--------------|------------|---------------|--------|--------------------|--|--------|-----------|
|                                                                            |              | Interest/Principal |              |           |              |              |              |             |              |             |              |          |              |            | Distributions |        | Interest/Principal |  |        |           |
|                                                                            |              | Balance            |              | Gross     |              | Gross        |              | Realized    |              | or Interest |              | Balance  |              | Fair Value |
|                                                                            |    | 11/30/08           |    | Additions |    | (Reductions) |    | Gain/(Loss) |    | Received    |    | 11/30/09 |    | 11/30/09   |
| High Sierra Energy, LP                                                     |              |                    | 1,042,685    |           | $            | —      |              | $           | —      |        |              | $        | —      |       |               | $      | 2,579,159          |  |   | 1,042,685 |  | $ | 24,461,390 |
| International Resource Partners LP                                         |              |                    | 500,000      |           |              | —      |              |             | —      |             |              |          | —      |            |               |   | 800,000            |  |        | 500,000   |  |  | 9,984,402 |
| LONESTAR Midstream Partners,      LP(1)(2)                                 |              |                    | 1,327,900    |           |         | —      |              |        | (1,128,428   | )           |              |          | (363,932     | )          |               |        | —            |  |        | 1,327,900 |  |  | 1,102,000 |
| LSMP GP, LP(1)(2)                                                          |              |               | 180          |           |              | —      |              |             | (55,353      | )           |              |          | 25,360       |            |               |        | —            |  |        | 180       |  |  | 124,000 |
| Mowood, LLC Subordinated    Debt                                           |              | $                  | 7,050,000    |           |         | 1,750,000    |              |             | —      |             |              |          | —      |            |               |        | 807,848            |  | $      | 8,800,000 |  |  | 8,800,000 |
| Mowood, LLC Promissory Notes                                               |              | $                  | 1,235,000    |           |              | —      |              |             | (1,235,000   | )           |              |          | —      |            |               |        | —            |  |        | —   |  |  | — |
| Mowood, LLC Equity    Interest                                             |              |                    | 99.6%        |           |              | —      |              |             | —      |             |              |          | —      |            |               |        | 450,000            |  |        | 99.5%     |   |  | 8,253,910 |
| Quest Midstream Partners, L.P.(2)                                          |              |                    | 1,180,946    |           |              | —      |              |             | —      |             |              |          | —      |            |               |        | —            |  |        | 1,216,881 |  |  | 5,987,055 |
| VantaCore Partners LP                                                      |              |                    |              |           |              |              |              |             |              |             |              |          |              |            |               |        |                    |  |        |           |  |  |  |
|        Common Units                          |              |                    | 933,430      |           |              | —      |              |             | —      |             |              |          | —      |            |               |        | 1,820,189          |  |        | 933,430   |  |  | 16,256,482 |
| VantaCore Partners LP                                                      |              |                    |              |           |              |              |              |             |              |             |              |          |              |            |               |        |                    |  |        |           |  |  |  |
|        Incentive Distribution      Rights(2) |              |                    | 988          |           |              | —      |              |             | —      |             |              |          | —      |            |               |        | —            |  |        | 988       |  |  | 147,654 |
|                                                                            |              |                    |              |           | $            | 1,750,000    |              | $           | (2,418,781   | )           |              | $        | (338,572     | )          |               | $      | 6,457,196          |  |        |           |  | $ | 75,116,893 |
|                                                                       |              |                    |              |           |              |              |              |             |              |             |              |          |              |            |               |        |                    |  |        |           |  |  |  |

| (1) |    | See Note 9—Investment Transactions      for additional information.                                                                                |
|-----|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | Currently non-income producing.      Additional units held at 11/30/09 resulted from paid-in-kind distribution      to private investors in October2009. |

----

| November 30, 2008                                                       |        | Units/Equity       |           |           |        |              |        |             |             |             |        |          |           | Gross         |   | Units/Equity       |  |        |           |
|-------------------------------------------------------------------------|--------|--------------------|-----------|-----------|--------|--------------|--------|-------------|-------------|-------------|--------|----------|-----------|---------------|---|--------------------|--|--------|-----------|
|                                                                         |        | Interest/Principal |           |           |        |              |        |             |             |             |        |          |           | Distributions |   | Interest/Principal |  |        |           |
|                                                                         |        | Balance            |           | Gross     |        | Gross        |        | Realized    |             | or Interest |        | Balance  |           | Fair Value    |
|                                                                         |   | 11/30/07           |      | Additions |   | (Reductions) |   | Gain/(Loss) |        | Received    |   | 11/30/08 |      | 11/30/08      |
| High Sierra Energy, LP(1)                                               |        |                    | 999,614   |           | $      | —      |        | $           | —     |             |        | $        | —   |               | $ | 1,219,529          |  |        | 1,042,685 |  | $ | 19,550,336 |
| International Resource Partners LP                                      |        |                    | 500,000   |           |        | —      |        |        | —     |             |        |          | —   |               |   | 800,000            |  |        | 500,000   |  |  | 9,500,000 |
| LONESTAR Midstream Partners,      LP(2)                                 |        |               | 1,184,532 |           |        | 1,477,140    |        |             | (21,531,919 | )           |        |     | 1,104,244 |               |   | —            |  |        | 1,327,900 |  |  | 4,000,000 |
| LSMP GP, LP(2)                                                          |        |                    | 180       |           |        | 22,860       |        |             | (1,411,450  | )           |        |          | 1,007,962 |               |   | —            |  |        | 180       |  |  | 500,000 |
| Millennium Midstream Partners,      LP                                  |        |                    |           |           |        |              |        |             |             |             |        |          |           |               |   |                    |  |        |           |  |  |  |
|        Class A Common Units               |        |                    | 875,000   |           |        | —      |        |             | (21,652,616 | )           |        |          | 6,491,491 |               |   | 1,207,500          |  |        | —   |  |  | — |
| Millennium Midstream Partners, LP                                       |        |                    |           |           |   |              |        |             |             |             |        |          |           |               |   |                    |  |   |           |  |  |  |
|        Incentive Distribution      Rights |        |                    | 78        |           |        | —      |        |             | —     |             |        |          | —   |               |   | —            |  |        | —   |  |  | — |
| Mowood, LLC Subordinated    Debt                                        |        | $                  | 7,050,000 |           |        | —      |        |             | —     |             |        |          | —   |               |   | 796,141            |  | $      | 7,050,000 |  |  | 7,050,000 |
| Mowood, LLC Promissory Notes                                            |        |                    | —   |           |        | 1,235,000    |        |             | —     |             |        |          | —   |               |   | —            |  | $      | 1,235,000 |  |  | 1,235,000 |
| Mowood, LLC Equity    Interest                                          |        |                    | 100%      |      |        | 3,500,000    |        |             | —     |             |        |          | —   |               |   | 472,501            |  |        | 99.6%     |   |  | 5,739,087 |
| Quest Midstream Partners, L.P.(3)                                       |        |                    | 1,180,946 |           |        | —      |        |             | —     |             |        |          | —   |               |   | 1,472,053          |  |        | 1,180,946 |  |  | 14,466,589 |
| VantaCore Partners LP                                                   |        |                    |           |           |        |              |        |             |             |        |        |          |           |               |   |                    |  |        |           |  |  |  |
|        Subordinated Debt                  |        | $                  | 3,750,000 |           |        | —      |        |             | (3,862,500  | )           |        |          | 112,500   |               |   | 306,918            |  |        | —   |  |  | — |
| VantaCore Partners LP                                                   |        |                    |           |           |        |              |        |             |             |             |        |          |           |               |   |                    |  |        |           |  |  |  |
|        Common Units                       |        |                    | 425,000   |           |        | 9,822,845    |        |             | —     |             |        |          | —   |               |   | 1,104,215          |  |        | 933,430   |  |  | 15,868,310 |
| VantaCore Partners LP                                                   |        |                    |           |           |        |              |        |             |        |             |        |          |           |               |   |                    |  |        |           |  |  |  |
|        Incentive Distribution      Rights |        |                    | 789       |           |        | 91,540       |        |             | —     |             |        |          | —   |               |   | —            |  |        | 988       |  |  | 320,883 |
|                                                                         |        |                    |           |           | $      | 16,149,385   |        | $           | (48,458,485 | )           |        | $        | 8,716,197 |               | $ | 7,378,857          |  |        |           |  | $ | 78,230,205 |
|                                                                    |        |                    |           |           |        |              |        |             |             |             |        |          |           |               |   |                    |  |        |           |  |  |  |

| (1) |    | Distributions have been paid in      cash historically; however, distributions were paid in additional High      Sierra Energy, LP common units during the quarters ended August 31, 2008      and November 30, 2008.                    |
|-----|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | See Note 9—Investment Transactions      for additional information.                                                                                                                                                                |
| (3) |    | Currently non-income producing. The      Board of Directors of Quest Midstream GP, LLC determined that no      distribution would be paid on the units of Quest Midstream Partners, LP      during the quarter ended November 30,  2008. |

----

----

| Shares at November 30,    2006                           |       | 3,088,596                          |
|----------------------------------------------------------|--------------------------------|------------------------------------|
| Shares sold through initial public offering              |                                | 5,740,000                          |
| Shares issued through reinvestment      of distributions |                           | 18,222                             |
| Shares issued upon exercise of warrants                  |                                | 11,350                             |
| Shares at November 30,    2007                           |                                | 8,858,168                          |
| Shares issued through reinvestment of distributions      |                                | 103,799                            |
| Shares issued upon exercise of      warrants             |                                | 180                                |
| Shares at November 30, 2008                              |                                | 8,962,147                          |
| Shares issued through reinvestment      of distributions |                                | 115,943                            |
| Shares at November 30, 2009                              |                                |      9,078,090 |
|                                                     |                                |                                    |

| Warrants outstanding at November      30, 2006                       |       | 772,124                                 |   |
|----------------------------------------------------------------------|--------------------------------|-----------------------------------------|--------|
| Warrants issued in December 2006                                     |                                | 185,000                                 |        |
| Warrants exercised                                                   |                                | (11,350                                 | )      |
| Warrants outstanding at November 30, 2007                            |                                |        945,774 |        |
| Warrants exercised                                                   |                                | (180                                    | )      |
| Warrants outstanding at November 30, 2009 and November 30,      2008 |                                | 945,594                                 |        |
|                                                                 |                                |                                         |        |

|                                                                                                                                         |                                | Year Ended        |                                | Year Ended        |                          | Year Ended         |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------|--------------------------------|-------------------|--------------------------|--------------------|
|                                                                                                                                         |       | November 30, 2009 |       | November 30, 2008 |      | November 30,  2007 |
| Net increase (decrease) in net      assets applicable to                                                                                |                                |                   |                                |                   |                          |                    |  |  |  |  |  |
|      common      stockholders resulting from operations                                                             |                                | $                 | 10,994                         |              |                          | $                  | (24,370,233 | ) |  | $ | 5,143,976 |
| Basic weighted average shares                                                                                                           |                                |                   | 8,997,145                      |                   |                          |               | 8,887,085 |   |  |  | 7,751,591 |
| Average warrants outstanding(1)                                                                                                         |                                |                   | —                        |                   |                          |                    | — |  |  |  | — |
| Diluted weighted average shares                                                                                                         |                                |                   | 8,997,145                      |                   |                          |                    | 8,887,085 |  |  |  | 7,751,591 |
| Basic and diluted net      increase (decrease) in net assets                                                                            |                                |                   |                                |                   |                          |                    |  |  |  |  |  |
|           applicable to common stockholders resulting from          operations per common share |                                | $                 | 0.00                           | (2)               |                          | $                  | (2.74 | ) |  | $ | 0.66 |

| (1) |    | Warrants to purchase shares of      common stock at $15.00 per share were outstanding during the years ended      November 30, 2009, 2008 and 2007, but were not included in the computation      of diluted earnings per share because the warrants’ exercise price was      greater than the average market value of the common shares, and therefore,      the effect would be anti-dilutive. |
|-----|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | Less than $0.01 per      share.                                                                                                                                                                                                                                                                                                                                                                        |

----

|                                                                      |                     | February 29, |            | May 31, |        | August 31, |            | November 30, |        | February 28, |            | May 31, |        | August 31, |             | November 30, |
|----------------------------------------------------------------------|---------------------|--------------|------------|---------|--------|------------|------------|--------------|--------|--------------|------------|---------|--------|------------|-------------|--------------|
|                                                                      |      | 2008         |       | 2008    |   | 2008       |       | 2008         |   | 2009         |       | 2009    |   | 2009       |        | 2009         |
| Investment income                                                    |                     | $            | 1,105,680  |         |        | $          | 746,130    |              |        | $            | 446,736    |         |        | $          | 645,407     |              |  | $ | 1,083,846 |  |  | $ | (765,793 | ) |  | $ | 777,486 |   |  | $ | 708,992 |  |
| Base management fees                                                 |                     |         | 585,253    |    |        |            | 589,996    |         |        |              | 604,930    |         |        |            | 533,552     |              |  |   | 392,769 |  |  |  | 338,186 |  |  |  | 321,578 |  |  |  | 299,060 |  |
| Capital gain incentive fees(1)                                       |                     |              | (279,665   | )       |        |            | 1,367,168  |              |        |              | (340,369   | )       |        |            | (1,054,745  | )            |  |  | — |   |  |   | — |  |  |  | — |  |  |  | — |  |
| All other expenses                                                   |                     |              | 748,185    |         |        |       | 698,109    |              |        |         | 649,027    |    |        |            | 593,229     |              |  |  | 388,698 |  |  |  | 492,855 |  |  |  | 401,588 |  |  |  | 256,345 |  |
| Expense reimbursement                                                |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |        |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        by Adviser                      |                     |              | (91,647    | )       |        |            | (104,228   | )            |        |              | (100,821   | )       |        |            | (88,926     | )            |  |  | (65,461 | ) |  |  | (56,365 | ) |  |  | (53,596 | ) |  |  | (49,844 | ) |
| Net expenses                                                         |                     | $            | 962,126    |         |        | $          | 2,551,045  |              |        | $            | 812,767    |         |        | $          | (16,890     | )            |  | $ | 716,006 |  |  | $ | 774,676 |  |  | $ | 669,570 |  |  | $ | 505,561 |  |
| Current and deferred                                                 |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |   |  |  |  |  |  |
|        tax benefit (expense),      net |                     |              | 1,255,578  |         |        |            | (3,663,237 | )            |        |              | 218,497    |         |        |            | 12,055,828  |              |  |  | 3,594,121 |  |  |  | (4,034,512 | ) |  |  | (175,449 | ) |  |  | 361,484 |  |
| Net realized gain (loss)                                             |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        on investmentsbefore            |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        income taxes                    |                     |              | —    |         |        |            | —    |              |        |              | 2,224,706  |         |        |            | 6,491,491   |              |  |  | (499,818 | ) |  |  | (7,335,157 | ) |  |  | (10,756,469 | ) |  |  | (4,529,304 | ) |
| Unrealized gain (loss)                                               |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        on investmentsbefore            |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        income taxes                    |                     |              | (3,447,707 | )       |        |            | 11,445,014 |              |        |              | (2,433,668 | )       |        |            | (47,144,759 | )            |  |  | (12,934,058 | ) |  |  | 16,382,855 |  |  |  | 10,726,495 |  |  |  | 10,072,088 |  |
| Increase (decrease) in                                               |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        net assets resulting            |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        from operations                 |                     | $            | (2,048,575 | )       |        | $          | 5,976,862  |              |        | $            | (356,496   | )       |        | $          | (27,942,024 | )            |  | $ | (9,471,915 | ) |  | $ | 3,472,717 |  |  | $ | (97,507 | ) |  | $ | 6,107,699 |  |
| Basic per share increase                                             |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        (decrease) in net    assets     |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|        resulting from      operations  |                     | $            | (0.23      | )       |        | $          | 0.67       |              |        | $            | (0.04      | )       |        | $          | (3.14       | )            |  | $ | (1.06 | ) |  | $ | 0.39 |  |  | $ | (0.01 | ) |  | $ | 0.68 |  |
|                                                                 |                     |              |            |         |        |            |            |              |        |              |            |         |        |            |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| (1) |    | Includes amounts accrued as a      provision for capital gain incentive fees payable to the Adviser, net of      amounts waived under the Expense Reimbursement and Partial Fee Waiver      Agreement. The provision for capital gain incentive fees results from the      increase or decrease in fair value and realized gains or losses on      investments. Pursuant to the Investment Advisory Agreement, the capital      gain incentive fee is paid annually only if there are realization events      and only if the calculation defined in the agreement results in an amount      due. |
|-----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

COMPANY OFFICERS AND DIRECTORS (Unaudited)

|                                  |                                |                                   |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |                         |                                | Other Board           |
|----------------------------------|--------------------------------|-----------------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------|--------------------------------|-----------------------|
|                                  |                                | Position(s) Held                  |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                | Number of    Portfolios |                                | Positions             |
|                                  |                                | With Company, Term of      Office |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                | in Fund Complex         |                                | Held by               |
| Name and Age*                    |       | and Length of Time      Served    |       | Principal Occupation During Past      Five Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |       | Overseen by Director(1) |       | Director              |
| Independent    Directors         |
|                             |                                |                                   |                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                |                         |                                |                       |
| Conrad S. Ciccotello,(Born 1960) |                                | Director since 2005               |                                | Tenured Associate Professor of Risk Management and Insurance,      Robinson College of Business, Georgia State University (faculty member      since 1999); Director of Graduate Personal Financial Planning Programs;      formerly, Editor, “Financial Services Review,” (2001-2007) (an academic      journal dedicated to the study of individual financial management);      formerly, faculty member, Pennsylvania State University (1997-1999).      Published several academic and professional journal articles about energy      infrastructure and oil and gas MLPs.                                                                                                                                     |                           | 6                       |                                | None                  |
| John R.      Graham,(Born 1945)  |                                | Director since      2005          |                                | Executive-in-Residence and Professor of Finance (Part-time),      College of Business Administration, Kansas State University (has served as      a professor or adjunct professor since 1970); Chairman of the Board,      President and CEO, Graham Capital Management, Inc. (primarily a real      estate development, investment and venture capital company) and Owner of      Graham Ventures (a business services and venture capital firm); Part-time      Vice President Investments, FB Capital Management, Inc. (a registered      investment adviser), since 2007. Formerly, CEO, Kansas Farm Bureau      Financial Services, including seven affiliated insurance or financial      service companies (1979-2000). |                                | 6                       |                                | Kansas      StateBank |
| Charles E. Heath,(Born 1942)     |                                | Director since 2005               |                                | Retired in 1999. Formerly, Chief Investment Officer, GE Capital’s      Employers Reinsurance Corporation (1989-1999); Chartered Financial Analyst      (“CFA”) designation since 1974.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                | 6                       |                                | None                  |

| (1) |    | This number includes Tortoise North      American Energy Corporation (“TYN”), Tortoise Energy Infrastructure      Corporation (“TYG”), Tortoise Energy Capital Corporation (“TYY”), Tortoise      Power and Energy Infrastructure Fund, Inc. (“TPZ”), one private investment      company and the Company. Our Adviser also serves as the investment adviser      to TYN, TYG, TYY, TPZ and the private investment      company. |
|-----|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   |    | The address of each director and      officer is 11550 Ash Street, Suite 300, Leawood, Kansas      66211.                                                                                                                                                                                                                                                                                                                                                                        |

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|                                           |                                |                                                                                                                             |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |                         |                                | Other Board |
|-------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------|--------------------------------|-------------|
|                                           |                                | Position(s) Held                                                                                                            |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                | Number of    Portfolios |                                | Positions   |
|                                           |                                | With Company, Term of      Office                                                                                           |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                | in Fund Complex         |                                | Held by     |
| Name and Age*                             |       | and Length of Time      Served                                                                                              |       | Principal Occupation During Past      Five Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |       | Overseen by Director(1) |       | Director    |
| Interested Directors and      Officers(2) |
|                                      |
| H. Kevin Birzer(Born 1959)                |                           | Director and Chairmanof the Board since 2005                                                                                |                                | Managing Director of our Adviser since 2002; Partner, Fountain      Capital Management (1990-2009); Vice President, Corporate Finance      Department, Drexel Burnham Lambert (1986-1989); formerly, Vice President,      F. Martin Koenig & Co., an investment management firm (1983-1986);      Director and Chairman of the Board of each of TYN, TYG, TYY, TPZ and the      private investment company since its inception; CFA designation since      1988.                                                                                                                                                                                                                                             |                                | 6                       |                                | None        |
| Terry      Matlack(Born 1956)             |                                | Chief Financial      Officersince 2005; Director from2005 to September      2009;Assistant Treasurer from2005 to April 2008 |                                | Managing Director      of our Adviser since 2002; Full-time Managing Director, Kansas City Equity      Partners, L.C. (“KCEP”) (2001-2002); formerly, President, GreenStreet      Capital, a private investment firm (1998-2001); Chief Financial Officer of      each of TYG, TYY, TYN, TPZ and the private investment company since its      inception. Director of each of TYG, TYY, TYN, TPZ and the private      investment company from its inception to September 2009. CFA designation      since 1985.                                                                                                                                                                                      |                                | N/A                     |                                | None        |
| David J. Schulte(Born 1961)               |                                | Chief Executive Officersince 2005; President2005-April      2007                                                            |                                | Managing Director of our Adviser since 2002; Full-time Managing      Director, KCEP (1993-2002); President and Chief Executive Officer of TYG      since 2003, TYY since 2005 and of TPZ since 2007; Chief Executive Officer      of TYN since 2005 and President of TYN from 2005 to September 2008;      President of the private investment company since 2007 and Chief Executive      Officer from 2007 to December 2008; CFA designation since 1992.                                                                                                                                                                                                                                                       |                                | N/A                     |                                | None        |
| Zachary A.      Hamel(Born 1965)          |                                | Senior Vice      President since2005; Secretary from 2005to April 2007                                                      |                                | Managing Director      of our Adviser since 2002; Partner, Fountain Capital Management      (1997-present); Senior Vice President of TYY since 2005 and of TYG, TYN,      TPZ and the private investment company since 2007; Secretary of each of      the Company, TYY, TYN and TYG from their inception to April 2007; CFA      designation since 1998.                                                                                                                                                                                                                                                                                                                                                        |                                | N/A                     |                                | None        |
| Kenneth P. Malvey(Born 1965)              |                                | Senior Vice President andTreasurer since 2005                                                                               |                                | Managing Director of our Adviser since 2002; Partner, Fountain      Capital Management (2002-present); formerly Investment Risk Manager and      member of Global Office of Investments, GE Capital’s Employers Reinsurance      Corporation (1996-2002); Treasurer of TYG, TYY and TYN since November 2005      and of TPZ and the private investment company since 2007; Senior Vice      President of TYY since 2005, and of TYG, TYN, TPZ and the private      investment company since 2007; Assistant Treasurer of TYG, TYY and TYN      from their inception to November 2005; Chief Executive Officer of the      private investment company since December 2008; CFA designation since      1996. |                                | N/A                     |                                | None        |
| Edward      Russell(Born 1964)            |                                | President since      April 2007                                                                                             |                                | Senior Investment      Professional of the Adviser since 2006; formerly with Stifel, Nicolaus      & Company, Incorporated, heading the Energy and Power group as a      Managing Director (2003-2006) responsible for all of the energy and power      transactions, including all of the debt and equity transactions for the      three closed-end publicly traded funds managed by the Adviser starting      with the first public equity offering in February of 2004 and serving as      Vice President-Investment Banking (1999-2003)                                                                                                                                                                 |                                | N/A                     |                                | None        |

| (1) |    | This number includes TYN, TYG, TYY,      TPZ, one private investment company and the Company. Our Adviser also      serves as the investment adviser to TYN, TYG, TYY, TPZ and the private      investment company. |
|-----|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |    | As a result of their respective      positions held with the Adviser or its affiliates, these individuals are      considered “interested persons” within the meaning of the 1940      Act.             |
| *   |    | The address of each director and      officer is 11550 Ash Street, Suite 300, Leawood, Kansas      66211.                                                                                                           |

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ADDITIONAL INFORMATION (Unaudited)

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|  | Tortoise Capital Resources      Corporation |
|--|---------------------------------------------|

SIGNATURES

| TORTOISE CAPITAL RESOURCES      CORPORATION                                    |
|--------------------------------------------------------------------------------|
| (Registrant)                                                                   |
|                                                                                |  |   |  |
|               | By:  | /s/David J. Schulte |               |
|                                                                           |  | David J.      Schulte |   |
|                                                                                |   | Chief Executive      Officer |  |

| Signature                                                                                        |                                                                                                                              |                                  Capacity |
|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                             |                                                                                                                              |                                                                                                                                                                                                                |
|                                                                                             | /s/Terry C. Matlack                                                                                                          |                                                                                                                                                                                  | Chief Financial Officer |
|                                                                                                  |                                                                                                                              |                                                                                                                                                                                                                | (Principal Financial and Accounting      Officer) |
|                                                                                                  |                                                                                                                         |                                                                                                                                                                                                                |  |
|                                                                                             | /s/David J. Schulte                                                                                                          |                                                                                                                                                                                                                | Chief Executive Officer |
|                                                                                                  |                                                                                                                         |                                                                                                                                                                                                           | (Principal Executive Officer) |
|                                                                                                  |                                                                                                                         |                                                                                                                                                                                                                |   |
|                  | /s/Conrad S.      Ciccotello                 |                                                                                                                                                                                                           | Director |
|                                                                                             |                                                                                                                              |                                                                                                                                                                                                                |   |
|                                                                                             | /s/John R. Graham                                                                                                            |                                                                                                                                                                                                                | Director |
|                                                                                                  |                                                                                                                              |                                                                                                                                                                                                                |   |
|                                                                                             | /s/Charles E. Heath                                                                                                          |                                                                                                                                                                                                                | Director |
|                                                                                                  |                                                                                                                              |                                                                                                                                                                                                                |   |
|                                                                                             | /s/H. Kevin Birzer                                                                                                           |                                                                                                                                                                                                                | Director |

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