ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of October 31, 2022

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) disclosed its unaudited financial results as of October 31, 2022. The Fund reported net assets of $562.1 million and a net asset value per share of $41.78. The asset coverage ratio was strong, with a senior indebtedness ratio of 424% and total leverage at 351%. Investments totaled $769.4 million, while cash and cash equivalents stood at $5.3 million. The Fund holds 13,455,195 outstanding shares, highlighting its substantial market presence.

Positive

• Net assets reported at $562.1 million as of October 31, 2022.
• Strong asset coverage ratio of 424% for senior indebtedness.
• Total investments amounting to $769.4 million.

Negative

• Total liabilities reported at $224.1 million, indicating considerable leverage.
• Cash and cash equivalents are low at $5.3 million.

NEW YORK--(BUSINESS WIRE)-- ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of October 31, 2022.

As of October 31, 2022, the Fund’s net assets were $562.1 million, and its net asset value per share was $41.78. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 424% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 351%.

	As of October 31, 2022
	Amount (millions)			Per Share
Investments	$	769.4		$	57.19
Cash and Cash Equivalents		5.3			0.39
Other Assets		13.6			1.02
Total Assets	$	788.3		$	58.60
Senior Notes*	$	54.3		$	4.04
Loans Outstanding*		131.0			9.74
Mandatory Redeemable Preferred Shares*		38.8			2.88
Total Leverage	$	224.1		$	16.66
Other Liabilities	$	2.1		$	0.16
Total Liabilities	$	2.1		$	0.16
Net Assets	$	562.1		$	41.78
Outstanding Shares		13,455,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 424%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 351%.

Top Ten Equity Holdings (as of October 31, 2022)**
	Market Value
Name	(millions)			% of Investments		***
Energy Transfer LP	$	60.0		7.8	%
Western Midstream Partners LP	$	58.8		7.6	%
MPLX LP	$	58.5		7.6	%
Enterprise Products Partners LP	$	54.8		7.1	%
Magellan Midstream Partners LP	$	46.5		6.0	%
Williams Cos. Inc.	$	41.6		5.4	%
Targa Resources Corp.	$	40.1		5.2	%
DCP Midstream LP	$	38.4		5.0	%
Plains All American Pipeline LP	$	33.0		4.3	%
Plains GP Holdings LP	$	32.9		4.3	%
	$	464.6		60.3	%
** Subject to change at any time
*** Percent of Total Equity Investments

ClearBridge MLP and Midstream Fund Inc. is a non-diversified, closed-end management investment company, which is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and subadvised by ClearBridge Investments, LLC (“ClearBridge”). LMPFA and ClearBridge are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission (“SEC”), as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Category: Financials

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20221107005520/en/

Investors: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund as of October 31, 2022?

As of October 31, 2022, the net assets of ClearBridge MLP and Midstream Fund Inc. were $562.1 million.

What is the asset coverage ratio for CEM as reported on October 31, 2022?

The asset coverage ratio for CEM regarding senior indebtedness was 424% and 351% for total leverage.

What was the net asset value per share for CEM on October 31, 2022?

The net asset value per share for CEM on October 31, 2022, was $41.78.

How much cash and cash equivalents does CEM have as of October 31, 2022?

CEM reported cash and cash equivalents of $5.3 million as of October 31, 2022.

What are the total investments held by ClearBridge MLP and Midstream Fund as of October 31, 2022?

The total investments held by ClearBridge MLP and Midstream Fund as of October 31, 2022, were $769.4 million.