Sec Form 13D Filing - Saba Capital Management L.P. filing for Tortoise Midstream Energy Fund Inc. (NTG) - 2023-06-30

Item 1.

SECURITY AND ISSUER

This Amendment No. 1 amends and supplements on Schedule 13D filed with the SEC on 3/20/23; with respect to Tortoise Midstream Energy Fund, Inc.This Amendment No. 1 amends Items 3, 4, 5 and 7 as set forth below.

Item 3.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $16,524,209 was paid to acquire the Common Shares reported herein.

Item 4.

PURPOSE OF TRANSACTION

Item 4 is hereby amended and supplemented as follows:

On June 29, 2023, Saba Capital Master Fund, Ltd. and Saba Capital Management, L.P., filed a complaint (the "Complaint") in the United States District Court's Southern District of New York against the Issuer, among others, seeking to invalidate as unlawful under the Investment Company Act of 1940, provisions in the Issuer's (and others) governing documents purporting to opt-in to the Maryland Control Share Acquisition Act, which strips voting rights with respect to a shareholder's acquisition of shares constituting as little as 10% of the Issuer's voting power.

The foregoing summary of the Complaint does not purport to be complete and is qualified in its entirety by reference to the full text of the Comp laint, a copy of which is attached as Exhibit 2 and is incorporated by reference herein. 

Item 5.

INTEREST IN SECURITIES OF THE ISSUER

(a)

See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 5,361,000 shares of common stock outstanding as of 11/30/22, as disclosed in the company's N-CSR filed 2/22/23

(b)

See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

(c)

The transactions in the Common Shares effected since the Schedule 13D filing on 3/20/23 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference

(d)

The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.

(e)

Not applicable.

Item 7.

MATERIAL TO BE FILED AS EXHIBITS

Exhibit 2:

Complaint.