ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of December 31, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported its unaudited financials as of December 31, 2021. The Fund's net assets totaled $436.0 million, with a net asset value per share of $32.21. The asset coverage ratio for senior indebtedness stood at 420% and for total leverage at 333%. Total assets were valued at $624.9 million, while total liabilities were reported at $1.8 million. The Fund holds investments worth $601.0 million and outstanding shares number 13,539,195.

Positive

• Net assets increased to $436.0 million.
• Net asset value per share is $32.21.
• Strong asset coverage ratio of 420% for senior indebtedness and 333% for total leverage.
• Total assets reach $624.9 million against total liabilities of only $1.8 million.

Negative

• None.

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 December 31, 2021.

As of December 31, 2021, the Fund’s net assets were $436.0 million, and its net asset value per share was $32.21. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 420% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 333%.

	As of December 31, 2021
	Amount (millions)			Per Share
Investments	$	601.0		$	44.40
Cash and Cash Equivalents		14.0			1.03
Other Assets		9.9			0.73
Total Assets	$	624.9		$	46.16
Senior Notes*	$	73.3		$	5.41
Loans Outstanding*		75.0			5.54
Mandatory Redeemable Preferred Shares*		38.8			2.87
Total Leverage	$	187.1		$	13.82
Other Liabilities	$	1.8		$	0.13
Total Liabilities	$	1.8		$	0.13
Net Assets	$	436.0		$	32.21
Outstanding Shares		13,539,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 420%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 333%.
Top Ten Equity Holdings (as of December 31, 2021)**
	Market Value
Name	(millions)			% of Investments		***
MPLX LP	$	51.7			8.6%
Enterprise Products Partners LP	$	46.1			7.7%
Energy Transfer LP	$	43.2			7.2%
ONEOK Inc.	$	38.7			6.4%
Williams Cos. Inc.	$	37.2			6.2%
Targa Resources Corp.	$	37.0			6.2%
Western Midstream Partners LP	$	36.3			6.0%
DCP Midstream LP	$	33.0			5.5%
Magellan Midstream Partners LP	$	30.6			5.1%
Enbridge Inc.	$	26.7			4.4%
	$	380.5			63.3%
** 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/20220107005170/en/

Investor Contact: 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 (CEM) as of December 31, 2021?

The net assets of ClearBridge MLP and Midstream Fund (CEM) are $436.0 million as of December 31, 2021.

What is the net asset value per share for CEM as of December 31, 2021?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $32.21 as of December 31, 2021.

What is the asset coverage ratio of CEM under the Investment Company Act of 1940?

The asset coverage ratio for senior indebtedness is 420%, and for total leverage, it is 333% as of December 31, 2021.

How many outstanding shares does ClearBridge MLP and Midstream Fund (CEM) have?

ClearBridge MLP and Midstream Fund (CEM) has 13,539,195 outstanding shares.

What is the total asset value of CEM as of December 31, 2021?

The total asset value of ClearBridge MLP and Midstream Fund (CEM) is $624.9 million as of December 31, 2021.