0001752724-22-241216.txt : 20221028 0001752724-22-241216.hdr.sgml : 20221028 20221028121144 ACCESSION NUMBER: 0001752724-22-241216 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220831 FILED AS OF DATE: 20221028 DATE AS OF CHANGE: 20221028 PERIOD START: 20221130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ClearBridge MLP & Midstream Fund Inc. CENTRAL INDEX KEY: 0001488775 IRS NUMBER: 272282398 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22405 FILM NUMBER: 221340043 BUSINESS ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: (888) 777-0102 MAIL ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: ClearBridge Energy MLP Fund Inc. DATE OF NAME CHANGE: 20100407 NPORT-P 1 primary_doc.xml NPORT-P false 0001488775 XXXXXXXX ClearBridge MLP & Midstream Fund Inc. 811-22405 0001488775 549300KS1WIARK4T8791 620 Eighth Avenue 47thFloor New York 10018 1-888-777-0102 ClearBridge MLP & Midstream Fund Inc. 549300KS1WIARK4T8791 2022-11-30 2022-08-31 N 764348355.85 217468119.13 546880236.72 0.00000000 0.00000000 131000000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 38800000.00000000 6386441.05000000 N Aris Water Solution Inc N/A Aris Water Solution Inc 04041L106 257530.00000000 NS USD 4378010.00000000 0.800542734229 Long EC CORP US N 1 N N N Magellan Midstream Partners LP MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners LP 559080106 847281.00000000 NS USD 43745118.03000000 7.999030700463 Long EC CORP US N 1 N N N Enviva Inc 549300WH5VXDEFM5KR81 Enviva Inc 29415B103 140598.00000000 NS USD 9774372.96000000 1.787296798038 Long EC CORP US N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 1726271.00000000 NS USD 56310960.02000000 10.29676266191 Long EC CORP US N 1 N N N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings LP 72651A207 2580251.00000000 NS USD 30911406.98000000 5.652317437067 Long EC CORP US N 1 N N N Holly Energy Partners LP 529900NVV7ODCT0QCG29 Holly Energy Partners LP 435763107 476872.00000000 NS USD 8469246.72000000 1.548647427962 Long EC CORP US N 1 N N N Enterprise Products Partners L K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners LP 293792107 2104854.00000000 NS USD 55399757.28000000 10.13014432780 Long EC CORP US N 1 N N N TARGA RESOURCES CORP 5493003QENHHS261UR94 TARGA RESOURCES CORP 87612G101 566182.00000000 NS USD 38630597.86000000 7.063813110470 Long EC CORP US N 1 N N N Crestwood Equity Partners LP 549300CUY0F1TYDLDL45 Crestwood Equity Partners LP 226344208 791975.00000000 NS USD 21114053.50000000 3.860818527038 Long EC CORP US N 1 N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 Enbridge Inc 29250N105 691440.00000000 NS USD 28501156.80000000 5.211590195860 Long EC CORP CA N 1 N N N JPMorgan 100% US Treasury Securities Money Market Fund 549300BS6M6EE7LNA816 JPMorgan 100% US Treasury Securities Money Market Fund 4812A2835 10104183.88000000 NS USD 10104183.88000000 1.847604503062 Long STIV RF US N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 87807B107 529780.00000000 NS USD 25535396.00000000 4.669284842537 Long EC CORP CA N 1 N N N Diamondback Energy Inc 549300R22LSX6OHWEN64 Diamondback Energy Inc 25278X109 153341.00000000 NS USD 20437288.48000000 3.737068394092 Long EC CORP US N 1 N N N Cheniere Energy Partners LP 5493005UEC8AZ34LDV29 Cheniere Energy Partners LP 16411Q101 350000.00000000 NS USD 17899000.00000000 3.272928659362 Long EC CORP US N 1 N N N Williams Cos Inc/The D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457100 1164021.00000000 NS USD 39611634.63000000 7.243200973503 Long EC CORP US N 1 N N N Hess Midstream LP N/A Hess Midstream LP 428103105 557490.00000000 NS USD 15782541.90000000 2.885922884077 Long EC CORP US N 1 N N N ONEOK INC 2T3D6M0JSY48PSZI1Q41 ONEOK INC 682680103 515178.00000000 NS USD 31544348.94000000 5.768054287204 Long EC CORP US N 1 N N N Antero Midstream Corp N/A Antero Midstream Corp 03676B102 2354680.00000000 NS USD 23711627.60000000 4.335798957046 Long EC CORP US N 1 N N N Equitrans Midstream Corp 549300RH0NLJNZ5SXU64 Equitrans Midstream Corp 294600101 523125.00000000 NS USD 4849368.75000000 0.886733223179 Long EC CORP US N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners LP 958669103 2005221.00000000 NS USD 56366762.31000000 10.30696641152 Long EC CORP US N 1 N N N Plains All American Pipeline L 5521FA2ITF25TVH63740 Plains All American Pipeline LP 726503105 2588586.00000000 NS USD 30415885.50000000 5.561708662654 Long EC CORP US N 1 N N N DCP Midstream LP 52990024YYS3MLGW0E91 DCP Midstream LP 23311P100 965482.00000000 NS USD 36707625.64000000 6.712187271597 Long EC CORP US N 1 N N N Genesis Energy LP 549300VJ5D6MDK138782 Genesis Energy LP 371927104 1331323.00000000 NS USD 15416720.34000000 2.819030439363 Long EC CORP US N 1 N N N Brookfield Infrastructure Part 549300WEH5R2OODI7Y90 Brookfield Infrastructure Partners LP 000000000 707014.00000000 NS USD 29687517.86000000 5.428522712405 Long EC CORP CA N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273V100 4700027.00000000 NS USD 55037316.17000000 10.06387001660 Long EC CORP US N 1 N N N Kinder Morgan Inc 549300WR7IX8XE0TBO16 Kinder Morgan Inc 49456B101 1609624.00000000 NS USD 29488311.68000000 5.392096788295 Long EC CORP US N 1 N N N PBF Logistics LP 529900XB9LDTN4488F04 PBF LOGISTICS LP 69318Q104 931970.00000000 NS USD 17269404.10000000 3.157803654338 Long EC CORP US N 1 N N N 2022-10-26 ClearBridge MLP & Midstream Fund Inc. Christopher Berarducci Christopher Berarducci Principal Financial Officer XXXX NPORT-EX 2 LMA0900LM103122.htm HTML

CLEARBRIDGE MLP AND MIDSTREAM FUND INC.

 

Schedule of investments (unaudited)

 

(Percentages shown based on Fund net assets)

   August 31, 2022

 

SECURITY

   SHARES/UNITS      VALUE  
MASTER LIMITED PARTNERSHIPS - 89.7%      

Diversified Energy Infrastructure - 34.2%

     

Energy Transfer LP

     4,700,027      $ 55,037,316  

Enterprise Products Partners LP

     2,104,854        55,399,757  

Genesis Energy LP

     1,331,323        15,416,720  

Plains All American Pipeline LP

     2,588,586        30,415,886  

Plains GP Holdings LP, Class A Shares

     2,580,251        30,911,407
     

 

 

 

Total Diversified Energy Infrastructure

        187,181,086  
     

 

 

 

Gathering/Processing - 23.8%

     

Crestwood Equity Partners LP

     791,975        21,114,053  

DCP Midstream LP

     965,482        36,707,626  

Hess Midstream LP, Class A Shares

     557,490        15,782,542  

Western Midstream Partners LP

     2,005,221        56,366,762  
     

 

 

 

Total Gathering/Processing

        129,970,983  
     

 

 

 

Global Infrastructure - 5.4%

     

Brookfield Infrastructure Partners LP

     707,014        29,687,518  
     

 

 

 

Liquids Transportation & Storage - 12.7%

     

Holly Energy Partners LP

     476,872        8,469,247  

Magellan Midstream Partners LP

     847,281        43,745,118  

PBF Logistics LP

     931,970        17,269,404  
     

 

 

 

Total Liquids Transportation & Storage

        69,483,769  
     

 

 

 

Natural Gas Transportation & Storage - 3.3%

     

Cheniere Energy Partners LP

     350,000        17,899,000  
     

 

 

 

Oil/Refined Products - 10.3%

     

MPLX LP

     1,726,271        56,310,960  
     

 

 

 

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost - $407,773,931)

        490,533,316  
     

 

 

 
     SHARES         
COMMON STOCKS - 45.3%      
ENERGY - 44.5%      

Oil, Gas & Consumable Fuels - 44.5%

     

Antero Midstream Corp.

     2,354,680        23,711,627  

Diamondback Energy Inc.

     89,146        11,881,379  

Enbridge Inc.

     691,440        28,501,157  

Enviva Inc.

     140,598        9,774,373  

Equitrans Midstream Corp.

     523,125        4,849,369  

Kinder Morgan Inc.

     1,609,624        29,488,312  

ONEOK Inc.

     515,178        31,544,349  

Targa Resources Corp.

     566,182        38,630,598  

 

See Notes to Schedule of Investments.

 

 

ClearBridge MLP and Midstream Fund Inc. 2022 Quarterly Report     

 

 

 

1


CLEARBRIDGE MLP AND MIDSTREAM FUND INC.

 

Schedule of investments (unaudited) (cont’d)

 

(Percentages shown based on Fund net assets)

   August 31, 2022

 

SECURITY

    SHARES      VALUE  

Oil, Gas & Consumable Fuels - (continued)

       

TC Energy Corp.

       529,780      $ 25,535,396  

Williams Cos. Inc.

       1,164,021        39,611,634  
       

 

 

 

TOTAL ENERGY

          243,528,194  
       

 

 

 
INDUSTRIALS - 0.8%        

Commercial Services & Supplies - 0.8%

       

Aris Water Solution Inc., Class A Shares

       257,530        4,378,010  
       

 

 

 

TOTAL COMMON STOCKS
(Cost - $237,752,274)

          247,906,204  
       

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $645,526,205)

 

     738,439,520  
       

 

 

 
     RATE               
SHORT-TERM INVESTMENTS - 3.0%        

JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
(Cost - $16,490,625)

     1.917     16,490,625        16,490,625  
       

 

 

 

TOTAL INVESTMENTS** - 138.0%
(Cost - $662,016,830)

 

       754,930,145  

Mandatory Redeemable Preferred Stock, at Liquidation Value - (7.1)%

 

       (38,800,000

Other Liabilities in Excess of Other Assets - (30.9)%

          (169,126,195
       

 

 

 

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

 

     $ 547,003,950  
       

 

 

 

 

*

Non-income producing security.

 

**

The entire portfolio is subject to a lien, granted to the lender and Senior Note holders, to the extent of the borrowings outstanding and any additional expenses.

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

See Notes to Schedule of Investments.

 

 

 

2

 

    ClearBridge MLP and Midstream Fund Inc. 2022 Quarterly Report

 


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge MLP and Midstream Fund Inc. (the “Fund”) was incorporated in Maryland on March 31, 2010 and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s investment objective is to provide a high level of total return with an emphasis on cash distributions. The Fund seeks to achieve its objective by investing primarily in energy master limited partnerships (“MLPs”) and energy midstream entities. There can be no assurance that the Fund will achieve its investment objective.

Under normal market conditions, the Fund invests at least 80% of its Managed Assets in energy MLPs and energy midstream entities (the 80% policy). For purposes of the 80% policy, the Fund considers investments in MLPs to include investments that offer economic exposure to public and private MLPs in the form of MLP equity securities, securities of entities holding primarily general partner or managing member interests in MLPs, securities that are derivatives of interests in MLPs (including I-Shares), exchange-traded funds that primarily hold MLP interests and debt securities of MLPs. For purposes of the 80% policy, the Fund considers investments in midstream entities as direct or indirect investments in those entities that provide midstream services including the gathering, transporting, processing, fractionation, storing, refining, and distribution of oil, natural gas liquids, natural gas and refined petroleum products. The Fund considers an entity to be within the energy sector if it derives at least 50% of its revenues from the business of exploring, developing, producing, gathering, fractionating, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. The Fund may also invest up to 20% of its managed assets in other securities that are not MLPs or midstream entities. “Managed Assets” means net assets plus the amount of borrowings and assets attributable to any preferred stock of the Fund that may be outstanding.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each

 

   

 

 

3


Notes to Schedule of Investments (unaudited) (cont’d)

 

fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

 

 

 

4

   


Notes to Schedule of Investments (unaudited) (cont’d)

 

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 – unadjusted quoted prices in active markets for identical investments

 

   

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
     TOTAL  

Long-Term Investments†:

           

Master Limited Partnerships

   $ 490,533,316        —          —        $ 490,533,316  

Common Stocks

     247,906,204        —          —          247,906,204  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Long-Term Investments

     738,439,520        —          —          738,439,520  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments†

     16,490,625        —          —          16,490,625  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 754,930,145        —          —        $ 754,930,145  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

   

 

 

5