0001145549-24-023759.txt : 20240424 0001145549-24-023759.hdr.sgml : 20240424 20240424102640 ACCESSION NUMBER: 0001145549-24-023759 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 PERIOD START: 20241130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tortoise Midstream Energy Fund, Inc. CENTRAL INDEX KEY: 0001490286 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22409 FILM NUMBER: 24867455 BUSINESS ADDRESS: STREET 1: 6363 COLLEGE BOULEVARD STREET 2: SUITE 100A CITY: LEAWOOD STATE: KS ZIP: 66211 BUSINESS PHONE: 913-981-1020 MAIL ADDRESS: STREET 1: 6363 COLLEGE BOULEVARD STREET 2: SUITE 100A CITY: LEAWOOD STATE: KS ZIP: 66211 FORMER COMPANY: FORMER CONFORMED NAME: TORTOISE MLP FUND, INC. DATE OF NAME CHANGE: 20100621 FORMER COMPANY: FORMER CONFORMED NAME: TORTOISE MLP CORP. DATE OF NAME CHANGE: 20100423 NPORT-P 1 primary_doc.xml NPORT-P false 0001490286 XXXXXXXX Tortoise Midstream Energy Fund, Inc. 811-22409 0001490286 549300YD59DIX0JIF033 6363 College Boulevard Suite 100A Overland Park 66211 913-981-1020 Tortoise Midstream Energy Fund, Inc. 549300YD59DIX0JIF033 2024-11-30 2024-02-29 N 279200622.620000000000 58342068.460000000000 220858554.160000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 42270677.350000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 13753775.000000000000 N EnLink Midstream LLC 54930000GY1H533OBE23 EnLink Midstream LLC 29336T100 416809.000000000000 NS USD 5139254.970000000000 2.3269440432 Long EC CORP US N 1 N N N Kinder Morgan Inc 549300WR7IX8XE0TBO16 Kinder Morgan Inc 49456B101 641386.000000000000 NS USD 11153702.540000000000 5.0501564598 Long EC CORP US N 1 N N N NextEra Energy Partners LP 5493008F4ZOQFNG3WN54 NextEra Energy Partners LP 65341B106 280557.000000000000 NS USD 7706900.790000000000 3.4895188096 Long EC CORP US N 1 N N N New Fortress Energy Inc 254900EICTYTCHA5X705 New Fortress Energy Inc 644393100 109719.000000000000 NS USD 3856622.850000000000 1.7461958241 Long EC CORP US N 1 N N N NextEra Energy Inc 254900RHL9MEUS5NKX63 NextEra Energy Inc 65339F101 26725.000000000000 NS USD 1474952.750000000000 0.6678268612 Long EC CORP US N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273V100 962003.000000000000 NS USD 14083723.920000000000 6.3768070807 Long EC CORP US N 1 N N N ENLINK MIDSTREAM PARTNER 88CPW63VL7KHJWS0NY83 EnLink Midstream Partners LP 29336UAH0 3400000.000000000000 PA USD 3311600.000000000000 1.4994212077 Long EP CORP US N 2 2047-09-21 Variable 6.000000000000 N N N N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V336 395481.440000000000 NS USD 395481.440000000000 0.1790654845 Long STIV RF US N 1 N N N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings LP 72651A207 1315066.000000000000 NS USD 22619135.200000000000 10.2414576089 Long EC CORP US N 1 N N N Targa Resources Corp 5493003QENHHS261UR94 Targa Resources Corp 87612G101 275950.000000000000 NS USD 27109328.000000000000 12.2745202707 Long EC CORP US N 1 N N N Williams Cos Inc/The D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457100 710249.000000000000 NS USD 25526349.060000000000 11.5577814756 Long EC CORP US N 1 N N N Kinetik Holdings Inc N/A Kinetik Holdings Inc 02215L209 46011.000000000000 NS USD 1625108.520000000000 0.7358141622 Long EC CORP US N 1 N N N Excelerate Energy Inc N/A Excelerate Energy Inc 30069T101 70562.000000000000 NS USD 1107823.400000000000 0.5015985929 Long EC CORP US N 1 N N N ONEOK Inc 2T3D6M0JSY48PSZI1Q41 ONEOK Inc 682680103 327155.000000000000 NS USD 24575883.600000000000 11.1274311713 Long EC CORP US N 1 N N N Enterprise Products Partners L K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners LP 293792107 489300.000000000000 NS USD 13431285.000000000000 6.0813967795 Long EC CORP US N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 87807B107 153709.000000000000 NS USD 6079190.950000000000 2.7525268257 Long EC CORP CA N 1 N N N Atlantica Sustainable Infrastr 549300ITBBGKJ651R879 Atlantica Sustainable Infrastructure PLC N/A 236182.000000000000 NS USD 4241828.720000000000 1.9206087517 Long EC CORP GB N 1 N N N DT Midstream Inc N/A DT Midstream Inc 23345M107 208030.000000000000 NS USD 11988768.900000000000 5.4282565353 Long EC CORP US N 1 N N N Hess Midstream LP N/A Hess Midstream LP 428103105 560705.000000000000 NS USD 19114433.450000000000 8.6546040848 Long EC CORP US N 1 N N N NextDecade Corp 549300XB4GCLNGHFTT48 NextDecade Corp 65342K105 228576.000000000000 NS USD 1049163.840000000000 0.4750388066 Long EC CORP US N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners LP 958669103 352572.000000000000 NS USD 11793533.400000000000 5.3398581028 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy Inc 16411R208 71192.000000000000 NS USD 11048998.400000000000 5.0027486787 Long EC CORP US N 1 N N N Clearway Energy Inc 549300LHAZ9HA9G3XC48 Clearway Energy Inc 18539C204 322762.000000000000 NS USD 7036211.600000000000 3.1858451789 Long EC CORP US N 1 N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 Enbridge Inc 29250N105 256103.000000000000 NS USD 8815065.260000000000 3.9912718317 Long EC CORP CA N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 630996.000000000000 NS USD 24255486.240000000000 10.9823621423 Long EC CORP US N 1 N N N Pembina Pipeline Corp 5493002W3L9YICM6FU21 Pembina Pipeline Corp 706327103 278903.000000000000 NS USD 9708613.430000000000 4.3958512121 Long EC CORP CA N 1 N N N 2024-04-23 Tortoise Midstream Energy Fund, Inc. /s/ Courtney Gengler Courtney Gengler Chief Executive Officer XXXX NPORT-EX 2 ntg.htm

Tortoise Midstream Energy Fund
 
Schedule of Investments
 
as of February 29, 2024 (Unaudited)
 
   
COMMON STOCKS - 95.5%
Shares
 
Value
 
Canada Crude Oil Pipelines - 8.4%
     
Enbridge, Inc.
   
256,103
   
$
8,815,065
 
Pembina Pipeline Corp.
   
278,903
     
9,708,613
 
             
18,523,678
 
                 
Canada Natural Gas/Natural Gas Liquids Pipelines - 2.8%
         
TC Energy Corp.
   
153,709
     
6,079,191
 
                 
United States Crude Oil Pipelines - 10.2%
         
Plains GP Holdings, L.P.
   
1,315,066
     
22,619,136
 
                 
United States Natural Gas Gathering/Processing - 11.7%
         
EnLink Midstream LLC
   
416,809
     
5,139,255
 
Hess Midstream Partners LP
   
560,705
     
19,114,433
 
Kinetik Holdings, Inc.
   
46,011
     
1,625,109
 
             
25,878,797
 
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 53.1%
         
Cheniere Energy, Inc.
   
71,192
     
11,048,998
 
DT Midstream, Inc.
   
208,030
     
11,988,769
 
Excelerate Energy, Inc.
   
70,562
     
1,107,823
 
Kinder Morgan, Inc.
   
641,386
     
11,153,703
 
New Fortress Energy, Inc.
   
109,719
     
3,856,623
 
NextDecade Corp.(a)
   
228,576
     
1,049,164
 
ONEOK, Inc.
   
327,155
     
24,575,884
 
Targa Resources Corp.
   
275,950
     
27,109,327
 
The Williams Companies, Inc.
   
710,249
     
25,526,349
 
             
117,416,640
 
                 
United States Renewables and Power Infrastructure - 9.3%
         
Atlantica Sustainable Infrastructure Plc
   
236,182
     
4,241,829
 
Clearway Energy, Inc.
   
322,762
     
7,036,211
 
NextEra Energy Partners LP
   
280,557
     
7,706,901
 
NextEra Energy, Inc.
   
26,725
     
1,474,953
 
             
20,459,894
 
TOTAL COMMON STOCKS (Cost $217,751,467)
     
210,977,336
 
                 
MASTER LIMITED PARTNERSHIPS - 28.8%
Units
 
Value
 
United States Natural Gas Gathering/Processing - 5.3%
         
Western Midstream Partners LP
   
352,572
     
11,793,533
 
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 12.5%
         
Energy Transfer LP
   
962,003
     
14,083,725
 
Enterprise Products Partners LP
   
489,300
     
13,431,285
 
             
27,515,010
 
                 
United States Refined Product Pipelines - 11.0%
         
MPLX LP
   
630,996
     
24,255,486
 
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $42,111,820)
     
63,564,029
 
                 
PREFERRED STOCK - 1.5%
Units
 
Value
 
United States Natural Gas Gathering/Processing - 1.5%
         
EnLink Midstream Partners, 9.76% (3 mo. Term SOFR + 4.37%), Perpetual
   
34,000
     
3,311,600
 
TOTAL PREFERRED STOCK (Cost $3,400,000)
     
3,311,600
 
                 
SHORT-TERM INVESTMENTS - 0.1%
               
Money Market Funds - 0.1%
Shares
         
First American Government Obligations Fund - Class X, 5.23%(b)
   
274,018
     
274,018
 
TOTAL SHORT-TERM INVESTMENTS (Cost $274,018)
     
274,018
 
                 
TOTAL INVESTMENTS - 125.9% (Cost $263,537,305)
   
$
278,126,983
 
Liabilities in Excess of Other Assets - (0.6)%
     
(1,216,302
)
Credit Facility Borrowings - (5.9)%
     
(13,100,000
)
Senior Notes - (13.2)%
     
(29,170,677
)
Mandatory Redeemable Preferred Stock at Liquidation Value - (6.2)%
     
(13,753,775
)
TOTAL NET ASSETS - 100.0%
         
$
220,886,229
 
                 
Percentages are stated as a percent of net assets.
         

PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of February 29, 2024.


Summary of Fair Value Exposure
The Fund has adopted fair value accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at fair value.

Municipal Bonds —Municipal bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most municipal bonds are categorized in Level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Directors. The Board of Directors will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the Fund’s valuation committee.

When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the value realized upon the security’s sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be if the Fund were using market value pricing.

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

The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of February 29, 2024:

Tortoise Midstream Energy Fund
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                       
  Common Stocks
 
$
210,977,336
   
$
   
$
   
$
210,977,336
 
  Master Limited Partnerships
   
63,564,029
     
     
     
63,564,029
 
  Preferred Stocks
   
     
3,311,600
     
     
3,311,600
 
  Money Market Funds
   
274,018
     
     
     
274,018
 
Total Assets
 
$
274,815,383
   
$
3,311,600
   
$
   
$
278,126,983
 
                                 
   
Refer to the Schedule of Investments for industry classifications.