ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of September 30, 2022

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) released its unaudited asset statement for September 30, 2022. The fund's net assets were $477.9 million, with a net asset value per share of $35.52. Notably, the asset coverage ratio for senior indebtedness was 379%, while total leverage coverage stood at 313%. Investments totaled $666.7 million, and cash equivalents were $28.7 million. The fund's total liabilities were $2.9 million. The information is provided for investor reference, with complete reports available through the SEC.

Positive

• Net assets reached $477.9 million.
• Net asset value per share at $35.52.
• Strong asset coverage ratios: 379% for senior indebtedness and 313% for total leverage.
• Total investments amounted to $666.7 million.

Negative

• Total liabilities of $2.9 million may indicate potential financial obligations.
• -

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 September 30, 2022.

As of September 30, 2022, the Fund’s net assets were $477.9 million, and its net asset value per share was $35.52. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 379% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 313%.

	As of September 30, 2022
	Amount (millions)			Per Share
Investments	$	666.7		$	49.56
Cash and Cash Equivalents		28.7			2.13
Other Assets		9.5			0.71
Total Assets	$	704.9		$	52.40
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	$	2.9		$	0.22
Total Liabilities	$	2.9		$	0.22
Net Assets	$	477.9		$	35.52
Outstanding Shares		13,455,195

* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 379%.

* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 313%.

Top Ten Equity Holdings (as of September 30, 2022)**
	Market Value
Name	(millions)			% of Investments		***
Energy Transfer LP	$	51.8		7.8	%
MPLX LP	$	51.8		7.8	%
Western Midstream Partners LP	$	50.5		7.6	%
Enterprise Products Partners LP	$	50.1		7.5	%
Magellan Midstream Partners LP	$	40.3		6.0	%
DCP Midstream LP	$	36.3		5.4	%
Targa Resources Corp.	$	34.2		5.1	%
Williams Cos. Inc.	$	33.3		5.0	%
Plains GP Holdings LP	$	28.2		4.2	%
Enbridge Inc.	$	27.7		4.2	%
	$	404.2		60.6	%

** 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/20221007005193/en/

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

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

FAQ

What is the net asset value per share for CEM as of September 30, 2022?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) as of September 30, 2022, was $35.52.

What were the total assets for CEM on September 30, 2022?

The total assets for ClearBridge MLP and Midstream Fund (CEM) as of September 30, 2022, were $704.9 million.

What is the asset coverage ratio for CEM?

ClearBridge MLP and Midstream Fund (CEM) reported an asset coverage ratio of 379% with respect to senior indebtedness and 313% for total leverage.

How much did CEM have in cash and cash equivalents as of September 30, 2022?

As of September 30, 2022, ClearBridge MLP and Midstream Fund (CEM) had $28.7 million in cash and cash equivalents.

What are the total liabilities of CEM as of September 30, 2022?

The total liabilities for ClearBridge MLP and Midstream Fund (CEM) as of September 30, 2022, were $2.9 million.