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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported its unaudited financial statement as of October 31, 2021. The Fund holds net assets of $473.1 million and a net asset value per share of $34.80. The asset coverage ratio for senior debt stands at 445%, and total leverage coverage is at 353%. Investments total $641.6 million, with cash and equivalents at $7 million. The Fund comprises 13,595,347 outstanding shares.

Positive

• Net assets of $473.1 million indicate a strong financial position.
• Net asset value per share at $34.80 reflects a healthy valuation.
• Asset coverage ratios of 445% for senior debt and 353% for total leverage suggest robust financial stability.

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 October 31, 2021.

As of October 31, 2021, the Fund’s net assets were $473.1 million, and its net asset value per share was $34.80. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 445% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 353%.

	As of October 31, 2021
	Amount (millions)		Per Share
Investments	$                   641.6		$                 47.19
Cash and Cash Equivalents	7.0		0.51
Other Assets	13.8		1.02
Total Assets	$                   662.4		$                 48.72
Senior Notes*	$                     73.3		$                   5.39
Loans Outstanding*	75.0		5.52
Mandatory Redeemable Preferred Shares*	38.8		2.85
Total Leverage	$                   187.1		$                 13.76
Other Liabilities	$                       2.2		$                   0.16
Total Liabilities	$                       2.2		$                   0.16
Net Assets	$                   473.1		$                 34.80
Outstanding Shares	13,595,347
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 445%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 353%.
Top Ten Equity Holdings (as of October 31, 2021)**
	Market Value
Name	(millions)		% of Investments	***
MPLX LP	$                     52.6		8.2%
Enterprise Products Partners LP	$                     47.7		7.4%
Targa Resources Corp.	$                     46.3		7.2%
ONEOK Inc.	$                     41.9		6.5%
Williams Cos. Inc.	$                     40.1		6.3%
DCP Midstream LP	$                     37.3		5.8%
Magellan Midstream Partners LP	$                     32.3		5.0%
Western Midstream Partners LP	$                     30.8		4.8%
Enbridge Inc.	$                     28.5		4.4%
Energy Transfer LP	$                     28.2		4.4%
	$                   385.7		60.0%
**    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/20211105005382/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 Inc. as of October 31, 2021?

The net assets of ClearBridge MLP and Midstream Fund Inc. as of October 31, 2021, were $473.1 million.

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

The net asset value per share for ClearBridge MLP and Midstream Fund Inc. (CEM) as of October 31, 2021, was $34.80.

What is the asset coverage ratio for CEM's senior debt?

ClearBridge MLP and Midstream Fund's asset coverage ratio for senior debt was 445%.

How much did ClearBridge MLP and Midstream Fund hold in investments as of October 31, 2021?

As of October 31, 2021, ClearBridge MLP and Midstream Fund held investments totaling $641.6 million.

How many outstanding shares does CEM have?

ClearBridge MLP and Midstream Fund Inc. has 13,595,347 outstanding shares.