Tortoise Midstream Energy Fund, Inc. | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
August 31, 2020 | ||||||||
Shares | Fair Value | |||||||
Master Limited Partnerships - 89.3%(1) | ||||||||
Crude Oil Pipelines - 19.2%(1) | ||||||||
United States - 19.2%(1) | ||||||||
BP Midstream Partners LP | 522,549 | $ | 6,160,853 | |||||
NuStar Energy L.P. | 423,616 | 5,739,997 | ||||||
Plains All American Pipeline, L.P. | 1,138,339 | 8,059,440 | ||||||
Shell Midstream Partners, L.P. | 697,987 | 7,252,085 | ||||||
27,212,375 | ||||||||
Diversified Infrastructure - 7.3%(1) | ||||||||
United States - 7.3%(1) | ||||||||
Nextera Energy Partners LP | 172,099 | 10,381,012 | ||||||
Natural Gas/Natural Gas Liquids Pipelines - 27.4%(1) | ||||||||
United States - 27.4%(1) | ||||||||
DCP Midstream, LP | 852,385 | 10,799,718 | ||||||
Energy Transfer LP | 1,462,141 | 9,386,945 | ||||||
Enterprise Products Partners L.P. | 1,055,312 | 18,531,279 | ||||||
38,717,942 | ||||||||
Natural Gas Gathering/Processing - 4.6%(1) | ||||||||
United States - 4.6%(1) | ||||||||
Western Midstream Partners, LP | 719,131 | 6,522,518 | ||||||
Renewable Infrastructure - 1.5%(1) | ||||||||
United States - 1.5%(1) | ||||||||
Enviva Partners LP | 50,640 | 2,089,913 | ||||||
Refined Product Pipelines - 29.3%(1) | ||||||||
United States - 29.3%(1) | ||||||||
Magellan Midstream Partners, L.P. | 454,444 | 17,273,416 | ||||||
MPLX LP | 894,030 | 16,333,928 | ||||||
Phillips 66 Partners LP | 289,365 | 7,789,706 | ||||||
41,397,050 | ||||||||
Total Master Limited Partnerships (Cost $203,380,652) | 126,320,810 | |||||||
Common Stock - 33.8%(1) | ||||||||
Natural Gas/Natural Gas Liquids Pipelines - 21.2%(1) | ||||||||
United States - 21.2%(1) | ||||||||
Kinder Morgan Inc. | 431,355 | 5,961,326 | ||||||
ONEOK, Inc. | 304,533 | 8,368,567 | ||||||
The Williams Companies, Inc. | 754,486 | 15,663,128 | ||||||
29,993,021 | ||||||||
Natural Gas Gathering/Processing - 5.7%(1) | ||||||||
United States - 5.7%(1) | ||||||||
Equitrans Midstream Corp. | 707,241 | 7,270,441 | ||||||
Hess Midstream Partners LP | 45,146 | 798,181 | ||||||
8,068,622 | ||||||||
Power - 6.9%(1) | ||||||||
United States - 6.9%(1) | ||||||||
Algonquin Power Utilities Corp. | 356,300 | 4,927,629 | ||||||
Atlantica Sustainable Infrastructure PLC | 162,050 | 4,866,362 | ||||||
9,793,991 | ||||||||
Total Common Stock (Cost $46,702,776) | 47,855,634 | |||||||
Preferred Stock - 14.4%(1) | ||||||||
Natural Gas Gathering/Processing - 8.4%(1) | ||||||||
United States - 8.4%(1) | ||||||||
Targa Resources Corp., 9.500% (2)(3) | 12,252 | 11,881,990 | ||||||
Natural Gas/Natural Gas Liquids Pipelines - 6.0%(1) | ||||||||
United States - 6.0%(1) | ||||||||
Altus Midstream Company, 7.000%(2)(3) | 7,456 | 8,500,810 | ||||||
Total Preferred Stock (Cost $17,815,354) | 20,382,800 | |||||||
Corporate Bond - 1.0%(1) | ||||||||
Natural Gas Gathering/Processing - 1.0%(1) | ||||||||
United States - 1.0%(1) | ||||||||
Enlink Midstream Partners, 6.000%, Perpetual (Cost $2,529,621) | 3,400,000 | 1,360,000 | ||||||
Convertible Bond - 2.3%(1) | ||||||||
Solar - 2.3%(1) | ||||||||
Grand Cayman - 2.3%(1) | ||||||||
Sunnova Energy Intl Inc., 9.75%, 04/30/2025(2)(3) (Cost $1,820,000) | 1,820,000 | 3,274,708 | ||||||
Special Purpose Acquisition Companies - 3.0%(1) | ||||||||
Other - 3.0%(1) | ||||||||
United States - 3.0%(1) | ||||||||
Northern Genesis Acquisition Corp | 210,500 | 2,088,160 | ||||||
Star Peak Energy Transition Corp | 211,200 | 2,103,552 | ||||||
Total Special Purpose Acquisition Companies (Cost $4,216,479) | 4,191,712 | |||||||
Short-Term Investment - 5.9%(1) | ||||||||
United States Investment Company - 5.9%(1) | ||||||||
First American Government Obligations Fund, 0.07%(4) (Cost $8,268,057) | 8,268,057 | 8,268,057 | ||||||
Total Investments - 149.7%(1) (Cost $284,732,939) | 211,653,721 | |||||||
Other Assets and Liabilities - (13.7%)(1) | (19,350,820 | ) | ||||||
Senior Notes - (27.0)%(1) | (38,200,000 | ) | ||||||
Mandatory Redeemable Preferred Stock at Liquidation Value - (9.0)%(1) | (12,700,000 | ) | ||||||
Total Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 141,402,901 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | Restricted securities have a total fair value of $23,657,508, which represents 16.7% 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 August 31, 2020. |
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 August 31, 2020. 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) | $ | 126,320,810 | $ | - | $ | - | $ | 126,320,810 | ||||||||
Common Stock(a) | 47,855,634 | - | - | 47,855,634 | ||||||||||||
Preferred Stock(a) | - | - | 20,382,800 | 20,382,800 | ||||||||||||
Corporate Bonds(a) | - | 1,360,000 | - | 1,360,000 | ||||||||||||
Convertible Bond(a) | - | - | 3,274,708 | 3,274,708 | ||||||||||||
Special Purpose Acquisition Companies(a) | 4,191,712 | - | - | 4,191,712 | ||||||||||||
Short-Term Investment(b) | 8,268,057 | - | - | 8,268,057 | ||||||||||||
Total Assets | $ | 186,636,213 | $ | 1,360,000 | $ | 23,657,508 | $ | 211,653,721 |
(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 August 31, 2020:
Preferred Stock | NTG | |||
Balance – beginning of period | $ | 24,705,787 | ||
Purchases | 254,260 | |||
Return of capital | - | |||
Sales | (4,329,758) | |||
Total realized gain/loss | 566,758 | |||
Change in unrealized gain/loss | (814,247) | |||
Balance – end of period | $ | 20,382,800 |
Convertible Bond | NTG | |||
Balance – beginning of period | $ | - | ||
Purchases | 10,643,100 | |||
Return of capital | - | |||
Sales | (10,562,247) | |||
Total realized gain/loss | 1,739,147 | |||
Change in unrealized gain/loss | 1,454,708 | |||
Balance – end of period | $ | 3,274,708 |
NTG | ||||
Change in unrealized gain/loss on investments still held at August 31, 2020 | $ | 1,043,301 | ||