0001752724-23-238218.txt : 20231026 0001752724-23-238218.hdr.sgml : 20231026 20231026142403 ACCESSION NUMBER: 0001752724-23-238218 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231026 DATE AS OF CHANGE: 20231026 PERIOD START: 20231130 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: 231349592 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 2023-11-30 2023-08-31 N 833639646.64 275128340.88 558511305.76 0.00000000 0.00000000 154500000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 57400045.00000000 0.00000000 N Hess Midstream LP N/A Hess Midstream LP 428103105 1191190.00000000 NS USD 34425391.00000000 6.163776927157 Long EC CORP US N 1 N N N Magellan Midstream Partners LP MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners LP 559080106 862281.00000000 NS USD 57272704.02000000 10.25452903626 Long EC CORP US N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273V100 5018027.00000000 NS USD 67592823.69000000 12.10231968321 Long EC CORP US N 1 N N N Williams Cos Inc/The D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457100 1270021.00000000 NS USD 43853825.13000000 7.851913592031 Long EC CORP US N 1 N N N Crestwood Equity Partners LP 549300CUY0F1TYDLDL45 Crestwood Equity Partners LP 226344208 1225775.00000000 NS USD 35057165.00000000 6.276894422449 Long EC CORP US N 1 N N N Cheniere Energy Partners LP 5493005UEC8AZ34LDV29 Cheniere Energy Partners LP 16411Q101 474498.00000000 NS USD 24626446.20000000 4.409301288268 Long EC CORP US N 1 N N N Enterprise Products Partners L K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners LP 293792107 2479854.00000000 NS USD 65988914.94000000 11.81514398355 Long EC CORP US N 1 N N N Kinder Morgan Inc 549300WR7IX8XE0TBO16 Kinder Morgan Inc 49456B101 1836625.00000000 NS USD 31626682.50000000 5.662675432677 Long EC CORP US N 1 N N N Brookfield Infrastructure Part 549300WEH5R2OODI7Y90 Brookfield Infrastructure Partners LP 000000000 846514.00000000 NS USD 27012261.74000000 4.836475369687 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 17182318.34000000 NS USD 17182318.34000000 3.076449511907 Long STIV RF US N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 1919271.00000000 NS USD 66963365.19000000 11.98961677219 Long EC CORP US N 1 N N N Holly Energy Partners LP 529900NVV7ODCT0QCG29 Holly Energy Partners LP 435763107 476872.00000000 NS USD 10157373.60000000 1.818651385432 Long EC CORP US N 1 N N N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings LP 72651A207 2695251.00000000 NS USD 43231826.04000000 7.740546269009 Long EC CORP US N 1 N N N Equitrans Midstream Corp 549300RH0NLJNZ5SXU64 Equitrans Midstream Corp 294600101 517125.00000000 NS USD 4964400.00000000 0.888862937742 Long EC CORP US N 1 N N N Antero Midstream Corp N/A Antero Midstream Corp 03676B102 2910680.00000000 NS USD 35277441.60000000 6.316334376077 Long EC CORP US N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 87807B107 529780.00000000 NS USD 19135653.60000000 3.426189121446 Long EC CORP CA N 1 N N N Genesis Energy LP 549300VJ5D6MDK138782 Genesis Energy LP 371927104 1331323.00000000 NS USD 13166784.47000000 2.357478592502 Long EC CORP US N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners LP 958669103 2127721.00000000 NS USD 56788873.49000000 10.16790043537 Long EC CORP US N 1 N N N Aris Water Solutions Inc N/A Aris Water Solutions Inc 04041L106 257530.00000000 NS USD 2637107.20000000 0.472167201058 Long EC CORP US N 1 N N N TARGA RESOURCES CORP 5493003QENHHS261UR94 TARGA RESOURCES CORP 87612G101 583182.00000000 NS USD 50299447.50000000 9.005985551457 Long EC CORP US N 1 N N N NuStar Energy LP 5493003BMLTUIEG2LG44 NuStar Energy LP 67058H102 499000.00000000 NS USD 8363240.00000000 1.497416419998 Long EC CORP US N 1 N N N Plains All American Pipeline L 5521FA2ITF25TVH63740 Plains All American Pipeline LP 726503105 2854586.00000000 NS USD 43532436.50000000 7.794369791809 Long EC CORP US N 1 N N N ONEOK INC 2T3D6M0JSY48PSZI1Q41 ONEOK INC 682680103 579178.00000000 NS USD 37762405.60000000 6.761260731976 Long EC CORP US N 1 N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 Enbridge Inc 29250N105 832840.00000000 NS USD 29216027.20000000 5.231053856688 Long EC CORP CA N 1 N N N DT Midstream Inc N/A DT Midstream Inc 23345M107 115000.00000000 NS USD 6013350.00000000 1.076674713292 Long EC CORP US N 1 N N N 2023-10-25 ClearBridge MLP & Midstream Fund Inc. Christopher Berarducci Christopher Berarducci Principal Financial Officer XXXX NPORT-EX 2 LMA0900LM103193.htm HTML

CLEARBRIDGE MLP AND MIDSTREAM FUND INC.

 

Schedule of investments (unaudited)    August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

          SHARES/
UNITS
     VALUE  
MASTER LIMITED PARTNERSHIPS - 99.2%         

Diversified Energy Infrastructure - 41.8%

        

Energy Transfer LP

        5,018,027      $ 67,592,824  

Enterprise Products Partners LP

        2,479,854        65,988,915  

Genesis Energy LP

        1,331,323        13,166,785  

Plains All American Pipeline LP

        2,854,586        43,532,436  

Plains GP Holdings LP, Class A Shares

        2,695,251        43,231,826
        

 

 

 

Total Diversified Energy Infrastructure

           233,512,786  
        

 

 

 

Gathering/Processing - 22.6%

        

Crestwood Equity Partners LP

        1,225,775        35,057,165  

Hess Midstream LP, Class A Shares

        1,191,190        34,425,391  

Western Midstream Partners LP

        2,127,721        56,788,873  
        

 

 

 

Total Gathering/Processing

           126,271,429  
        

 

 

 

Global Infrastructure - 4.8%

        

Brookfield Infrastructure Partners LP

        846,514        27,012,262  
        

 

 

 

Liquids Transportation & Storage - 13.6%

        

Holly Energy Partners LP

        476,872        10,157,374  

Magellan Midstream Partners LP

        862,281        57,272,704  

NuStar Energy LP

                499,000        8,363,240  
        

 

 

 

Total Liquids Transportation & Storage

           75,793,318  
        

 

 

 

Natural Gas Transportation & Storage - 4.4%

        

Cheniere Energy Partners LP

        474,498        24,626,446  
        

 

 

 

Oil/Refined Products - 12.0%

        

MPLX LP

        1,919,271        66,963,365  
        

 

 

 

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost - $480,112,647)

           554,179,606  
        

 

 

 
            SHARES         
COMMON STOCKS - 46.7%         
ENERGY - 46.2%         

Oil, Gas & Consumable Fuels - 46.2%

        

Antero Midstream Corp.

        2,910,680        35,277,442  

DT Midstream Inc.

        115,000        6,013,350  

Enbridge Inc.

        832,840        29,216,027  

Equitrans Midstream Corp.

        517,125        4,964,400  

Kinder Morgan Inc.

        1,836,625        31,626,682  

ONEOK Inc.

        579,178        37,762,406  

Targa Resources Corp.

        583,182        50,299,447  

TC Energy Corp.

        529,780        19,135,654  

Williams Cos. Inc.

        1,270,021        43,853,825  
        

 

 

 

TOTAL ENERGY

           258,149,233  
        

 

 

 

 

 

See Notes to Schedule of Investments.

 

 

ClearBridge MLP and Midstream Fund Inc. 2023 Quarterly Report 

 

 

 

1


CLEARBRIDGE MLP AND MIDSTREAM FUND INC.

 

Schedule of investments (unaudited) (cont’d)    August 31, 2023

(Percentages shown based on Fund net assets)

 

SECURITY

         SHARES      VALUE  
INDUSTRIALS - 0.5%        

Commercial Services & Supplies - 0.5%

       

Aris Water Solutions Inc., Class A Shares

       257,530      $ 2,637,108  
       

 

 

 

TOTAL COMMON STOCKS
(Cost - $266,392,932)

          260,786,341  
       

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $746,505,579)

 

     814,965,947  
       

 

 

 
     RATE               
SHORT-TERM INVESTMENTS - 1.0%        

JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
(Cost - $5,308,413)

     5.165     5,308,413        5,308,413 (a)  
       

 

 

 

TOTAL INVESTMENTS** - 146.9%
(Cost - $751,813,992)

 

       820,274,360  

Mandatory Redeemable Preferred Stock, at Liquidation Value - (10.3)%

          (57,400,045

Other Liabilities in Excess of Other Assets - (36.6)%

          (204,364,686
       

 

 

 

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

 

     $ 558,509,629  
       

 

 

 

 

*

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.

 

(a)

Rate shown is one-day yield as of the end of the reporting period.

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. 2023 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 99,285,389 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(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

 

   

 

 

3


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

 

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 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.

Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and 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

   $ 554,179,606        —         —       $ 554,179,606  

Common Stocks

     260,786,341        —         —         260,786,341  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Long-Term Investments

     814,965,947        —         —         814,965,947  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments†

     5,308,413        —         —         5,308,413  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 820,274,360        —         —       $ 820,274,360  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

   

 

 

5