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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its unaudited financials as of August 31, 2022. The Fund’s net assets stand at $546.9 million, with a net asset value per share of $40.64. The asset coverage ratios are robust, with 416% for senior indebtedness and 344% for total leverage. Total assets are valued at $772.6 million, while total liabilities are minimal at $1.6 million, indicating a strong financial position for investors.

Positive

• Net assets reported at $546.9 million.
• Net asset value per share at $40.64.
• Strong asset coverage ratio of 416% for senior indebtedness.
• Total assets of $772.6 million against total liabilities of only $1.6 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 August 31, 2022.

As of August 31, 2022, the Fund’s net assets were $546.9 million, and its net asset value per share was $40.64. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 416% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 344%.

	As of August 31, 2022
	Amount (millions)		Per Share
Investments	$                   747.0		$                 55.51
Cash and Cash Equivalents	16.5		1.23
Other Assets	9.1		0.68
Total Assets	$                   772.6		$                 57.42
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	$                       1.6		$                   0.12
Total Liabilities	$                       1.6		$                   0.12
Net Assets	$                   546.9		$                 40.64
Outstanding Shares	13,455,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 416%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 344%.
Top Ten Equity Holdings (as of August 31, 2022)**
	Market Value
Name	(millions)		% of Investments	***
Western Midstream Partners LP	$                     56.4		7.5%
MPLX LP	$                     56.3		7.5%
Enterprise Products Partners LP	$                     55.4		7.4%
Energy Transfer LP	$                     55.0		7.4%
Magellan Midstream Partners LP	$                     43.7		5.9%
Williams Cos. Inc.	$                     39.6		5.3%
Targa Resources Corp.	$                     38.6		5.2%
DCP Midstream LP	$                     36.7		4.9%
ONEOK Inc.	$                     31.5		4.2%
Plains GP Holdings LP	$                     30.9		4.1%
	$                   444.1		59.4%
**    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/20220908005513/en/

Investor: 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 August 31, 2022?

As of August 31, 2022, ClearBridge MLP and Midstream Fund reported net assets of $546.9 million.

What is the net asset value per share for CEM?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $40.64 as of August 31, 2022.

What is the asset coverage ratio for ClearBridge MLP and Midstream Fund?

The asset coverage ratio for senior indebtedness is 416%, and for total leverage, it is 344%.

How much are total assets and liabilities for the Fund?

Total assets for the Fund are $772.6 million, while total liabilities are reported at $1.6 million.