NPORT-EX 2 ntgsoi.htm NTG SCHEDULE OF INVESTMENTS AND NOTES

Tortoise Midstream Energy Fund, Inc.
           
SCHEDULE OF INVESTMENTS (Unaudited)
           
             
   
February 28, 2021
       
   
Shares
   
Fair Value
 
Master Limited Partnerships - 80.1%(1)
           
Crude Oil Pipelines - 11.9%(1)
           
United States - 11.9%(1)
           
BP Midstream Partners LP
   
522,549
   
$
5,962,284
 
Plains All American Pipeline, L.P.
   
1,452,139
     
12,256,053
 
Shell Midstream Partners, L.P.
   
252,502
     
2,764,897
 
             
20,983,234
 
                 
Natural Gas/Natural Gas Liquids Pipelines - 27.1%(1)
               
United States - 27.1%(1)
               
DCP Midstream, LP
   
565,289
     
12,357,218
 
Energy Transfer LP
   
1,462,141
     
11,170,757
 
Enterprise Products Partners L.P.
   
1,146,301
     
24,439,137
 
             
47,967,112
 
Natural Gas Gathering/Processing - 5.1%(1)
               
United States - 5.1%(1)
               
Western Midstream Partners, LP
   
545,204
     
9,066,743
 
                 
Renewable Infrastructure - 8.6%(1)
               
United States - 8.6%(1)
               
Enviva Partners LP
   
50,640
     
2,685,439
 
NextEra Energy Partners, LP
   
172,099
     
12,501,271
 
             
15,186,710
 
Refined Product Pipelines - 27.4%(1)
               
United States - 27.4%(1)
               
Magellan Midstream Partners, L.P.
   
502,672
     
20,946,342
 
MPLX LP
   
894,030
     
21,286,854
 
NuStar Energy L.P.
   
352,575
     
6,311,093
 
             
48,544,289
 
                 
Total Master Limited Partnerships (Cost $167,338,315)
           
141,748,088
 
                 
Common Stock - 47.5%(1)
               
Natural Gas/Natural Gas Liquids Pipelines - 30.5%(1)
               
United States - 30.5%(1)
               
Kinder Morgan Inc.
   
941,355
     
13,837,919
 
ONEOK, Inc.
   
319,801
     
14,163,986
 
The Williams Companies, Inc.
   
1,136,873
     
25,966,179
 
             
53,968,084
 
Natural Gas Gathering/Processing - 10.2%(1)
               
United States - 10.2%(1)
               
Equitrans Midstream Corp.
   
707,241
     
5,113,355
 
Hess Midstream Partners LP
   
45,146
     
946,712
 
Targa Resources Corp.
   
385,185
     
11,913,772
 
             
17,973,839
 
Renewable Infrastructure - 5.1%(1)
               
United States - 5.1%(1)
               
Algonquin Power Utilities Corp.
   
87,365
     
1,350,663
 
Atlantica Sustainable Infrastructure PLC
   
162,050
     
5,858,108
 
Clearway Energy Inc.
   
66,778
     
1,833,724
 
             
9,042,495
 
                 
Solar - 1.7%(1)
               
United States - 1.7%(1)
               
Sunnova Energy Intl Inc.
   
68,594
     
3,075,755
 
             
3,075,755
 
                 
Total Common Stock (Cost $70,286,781)
           
84,060,173
 
                 
Preferred Stock - 6.2%(1)
               
Natural Gas/Natural Gas Liquids Pipelines - 5.1%(1)
               
United States - 5.1%(1)
               
Altus Midstream Company Preferred(2)(3)
   
7,455,805
     
9,026,966
 
                 
Renewable Infrastructure - 1.1%(1)
               
United States - 1.1%(1)
               
NextEra Energy Inc.
   
39,095
     
1,898,844
 
                 
Total Preferred Stock (Cost $9,355,822)
           
10,925,810
 
                 
Corporate Bonds - 1.2%(1)
               
Natural Gas Gathering/Processing - 1.2%(1)
               
United States - 1.2%(1)
               
Enlink Midstream Partners, 6.000%, Perpetual
   
3,400,000
     
2,027,250
 
                 
Total Corporate Bonds (Cost $2,687,097)
           
2,027,250
 
                 
Special Purpose Acquisition Company - 9.3%(1)
               
Energy Technology - 9.3%(1)
               
United States - 9.3%(1)
               
Bluescape Opportunities Acquisition Corp.
   
98,145
     
1,052,114
 
Climate Change Crisis Real Impact Class A
   
34,328
     
531,397
 
Climate Real Impact Solutions II Acquisition Corp.
   
61,833
     
680,163
 
Decarbonization Plus Acquisition II
   
30,586
     
325,129
 
ECP Environmental Growth Opportunities Corp.
   
45,814
     
487,919
 
European Sustainable Growth Acquisition Corp.
   
66,738
     
706,755
 
Flame Acquisition Corp.
   
64,400
     
647,220
 
Hennessy Captial Investment Corp. V
   
264,784
     
2,875,554
 
Kensington Capital Acquisition Corp. II
   
15,221
     
166,670
 
Northern Genesis Acquisition Unit
   
42,595
     
465,563
 
Power & Digital Infrastructure Acquisition Corp.
   
53,450
     
579,933
 
Qell Acquisition Corp.
   
47,719
     
568,811
 
Queen's Gambit Growth Capital
   
62,179
     
655,988
 
Rice Acquisition Corp.
   
73,482
     
802,423
 
RMG Acquisition Corp III
   
38,232
     
401,436
 
Spartan Acquisition Corp III
   
45,814
     
480,131
 
Spring Valley Acquisition Equity
   
116,000
     
1,229,600
 
Star Peak Corp II
   
39,754
     
449,220
 
Star Peak Energy Transition
   
31,743
     
1,084,976
 
Sustainable Development Acquisition I Corp
   
76,464
     
802,872
 
Switchback II Corp
   
41,552
     
473,693
 
Warrior Technologies Acquisition Co.
   
90,686
     
907,767
 
                 
Total Special Purpose Acquisition Company (Cost $14,594,609)
     
16,375,334
 
                 
Warrants - 0.3%(1)
               
Energy Technology - 0.3%(1)
               
Bluescape Opportunities Acquisition Corp. Warrant
   
49,072
     
105,506
 
Climate Change Crisis Real Impact Warrant
   
47,522
     
173,454
 
Qell Acquisition Corp. Warrant
   
21,209
     
63,626
 
Spring Valley Acquisition Equity Warrant
   
58,000
     
122,960
 
Rice Acquisition Corp. Warrant
   
48,988
     
111,203
 
                 
Total Warrants (Cost $398,960)
           
576,749
 
                 
                 
                 
Short-Term Investment - 0.2%(1)
               
United States Investment Company - 0.2%(1)
               
First American Government Obligations Fund, 0.01%(4) (Cost $304,919)
   
304,919
     
304,919
 
                 
Total Investments - 144.8%(1) (Cost $264,966,503)
           
256,018,323
 
Other Assets and Liabilities - (6.0%)(1)
           
(10,552,461
)
Credit Facility Borrowings - (23.2)%(1)
           
(41,100,000
)
Senior Notes - (8.7)%(1)
           
(15,320,856
)
Mandatory Redeemable Preferred Stock at Liquidation Value - (6.9)%(1)
     
(12,218,925
)
Total Net Assets Applicable to Common Stockholders - 100.0%(1)
   
$
176,826,081
 

(1)
Calculated as a percentage of net assets applicable to common stockholders.
   
(2)
Restricted securities have a total fair value of $9,026,966, which represents 5.1% of net assets. See Note 6 to the financial statements for further disclosure.
(3)
Securities have been valued by using significant unobservable inputs in accordance with fair value procedures and are categorized as level 3 investments, as more fully described in Note 2 to the financial statements.
(4)
Rate indicated is the current yield as of February 28, 2021.
     



Various inputs are used in determining the fair value of the Funds’ investments and financial instruments.  These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.)
Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables provide the fair value measurements of applicable assets and liabilities by level within the fair value hierarchy as of February 28, 2021.  These assets and liabilities are measured on a recurring basis.

NTG:
                       
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Investments:
                       
Master Limited Partnerships(a)
 
$
141,748,088
   
$
-
   
$
-
   
$
141,748,088
 
Common Stock(a)
   
84,060,173
     
-
     
-
     
84,060,173
 
Preferred Stock(a)
   
1,898,844
     
-
     
9,026,966
     
10,925,810
 
Corporate Bonds(a)
   
-
     
2,027,250
     
-
     
2,027,250
 
Warrants(a)
   
576,749
     
-
     
-
     
576,749
 
Special Purpose Acquisition Companies(a)
   
16,375,334
                     
16,375,334
 
Short-Term Investment(b)
   
304,919
     
-
     
-
     
304,919
 
Total Assets
 
$
244,964,107
   
$
2,027,250
   
$
9,026,966
   
$
256,018,323
 

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

The following tables present each Fund’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period ended  February 28, 2021:

Preferred Stock
NTG
Balance – beginning of period
$21,034,615
Purchases
-
Return of capital
-
Sales
(12,252,000)
Total realized gain/loss
1,892,450
Change in unrealized gain/loss
(1,648,099)
Balance – end of period
$9,026,966

Convertible Bond
NTG
Balance – beginning of period
$2,753,269
Purchases
-
Return of capital
-
Sales
-
Corporate Actions
(2,753,269)
Total realized gain/loss
-
Change in unrealized gain/loss
-
Balance – end of period
$-

 
NTG
Change in unrealized gain/loss
on investments still held at
February 28, 2021
$(1,648,099)