Clearbridge MLP and Midstream Fund : Semiannual Report - CEM

Semi-Annual Report May 31, 2022

CLEARBRIDGE

MLP AND MIDSTREAM FUND INC. (CEM)

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Performance review

For the six months ended May 31, 2022, ClearBridge MLP and Midstream Fund Inc. returned 42.14% based on its net asset value ("NAV")i and 38.47% based on its New York Stock Exchange ("NYSE") market price per share. The Alerian MLP Indexii and the Lipper Energy MLP Closed-End Funds Category Averageiii returned 32.43% and 28.71%, respectively, over the same time frame. Please note that Lipper performance returns are based on each fund's NAV.

The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund's manager believes the practice helps maintain the Fund's competitiveness and may benefit the Fund's market price and premium/discount to the Fund's NAV.

During this six-month period, the Fund made distributions to shareholders totaling $1.09 per share. As of May 31, 2022, the Fund estimates that 1% of the distributions were a dividend and 99% constituted a return of capital.* The performance table shows the Fund's six- month total return based on its NAV and market price as of May 31, 2022. Past performance is no guarantee of future results.

Performance Snapshot as of May 31, 2022 (unaudited)

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

• Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

• Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.

• Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund's Dividend Reinvestment Plan.

Looking for additional information?

The Fund is traded under the symbol "CEM" and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol "XCEMX" on most financial websites. Barron's and The Wall Street Journal's Monday

• This estimate is not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. For more information about a distribution's composition, please refer to the Fund's distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

1. Net asset value ("NAV") is calculated by subtracting total liabilities, including liabilities associated with financial leverage (if any), from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund's market price as determined by supply of and demand for the Fund's shares.
2. The Alerian MLP Index is a composite of the fifty most prominent energy master limited partnerships ("MLPs") and is calculated using a float-adjusted,capitalization-weighted methodology.
3. Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the six-month period ended May 31, 2022, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 16 funds in the Fund's Lipper category.