ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of October 31, 2023

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported unaudited financials as of October 31, 2023, with net assets at $546.6 million and net asset value per share at $41.11. The fund's asset coverage ratios under the 1940 Act were 403% for senior indebtedness and 313% for total leverage. The top ten equity holdings represented 69.7% of total equity investments.

Positive

• The fund's net assets of $546.6 million and net asset value per share of $41.11 demonstrate financial stability.
• The asset coverage ratios of 403% for senior indebtedness and 313% for total leverage indicate a strong financial position with ample coverage.
• The top ten equity holdings represent a significant portion of total equity investments, potentially indicating a concentrated portfolio with high exposure to specific assets.

Negative

• The high concentration of the top ten equity holdings may pose a risk of limited diversification and increased vulnerability to market fluctuations.
• The fund's reliance on senior indebtedness and total leverage could be a concern if market conditions or interest rates change significantly.

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, 2023.

As of October 31, 2023, the Fund’s net assets were $546.6 million, and its net asset value per share was $41.11. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 403% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 313%.

	As of October 31, 2023
	Amount (millions)			Per Share
Investments	$	781.8		$	58.80
Cash and Cash Equivalents		26.5			1.99
Other Assets		9.3			0.70
Total Assets	$	817.6		$	61.49
Senior Notes*	$	45.0		$	3.38
Loans Outstanding*		154.5			11.62
Mandatory Redeemable Preferred Shares*		57.4			4.32
Total Leverage	$	256.9		$	19.32
Other Liabilities	$	14.1		$	1.06
Total Liabilities	$	14.1		$	1.06
Net Assets	$	546.6		$	41.11
Outstanding Shares		13,294,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 403%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 313%.
Top Ten Equity Holdings (as of October 31, 2023)**
	Market Value
Name	(millions)			% of Investments			***
ONEOK Inc.	$	75.3			9.6	%
MPLX LP	$	69.2			8.8	%
Energy Transfer LP	$	66.0			8.4	%
Enterprise Products Partners LP	$	64.6			8.3	%
Western Midstream Partners LP	$	57.1			7.3	%
Targa Resources Corp.	$	48.8			6.2	%
Williams Cos. Inc.	$	43.7			5.6	%
Plains All American Pipeline LP	$	43.2			5.5	%
Plains GP Holdings LP	$	42.3			5.4	%
Antero Midstream Corp.	$	35.9			4.6	%
	$	546.1			69.7	%
** 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/20231107880746/en/

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

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

FAQ

What are ClearBridge MLP and Midstream Fund Inc.'s net assets as of October 31, 2023?

The fund's net assets were $546.6 million as of October 31, 2023.

What is the net asset value per share of ClearBridge MLP and Midstream Fund Inc. as of October 31, 2023?

The net asset value per share was $41.11 as of October 31, 2023.

What are the asset coverage ratios of ClearBridge MLP and Midstream Fund Inc. under the 1940 Act?

The fund's asset coverage ratio was 403% for senior indebtedness and 313% for total leverage under the 1940 Act.

How can shareholders obtain information on Form N-PORT or semi-annual/annual reports from ClearBridge MLP and Midstream Fund Inc.?

Shareholders can call 1-888-777-0102 to obtain information on Form N-PORT or a semi-annual/annual report from the Fund.