ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of November 30, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its unaudited assets as of November 30, 2021. The Fund's net assets totaled $421.9 million, with a net asset value per share of $31.16. Its asset coverage ratio for senior indebtedness was 411%, while the total leverage ratio stood at 325%. During the month, the Fund repurchased and retired 56,152 shares for $1,651,437. The Fund aims to deliver returns through a focus on midstream investments and is advised by Legg Mason Partners Fund Advisor.

Positive

• Net assets of $421.9 million reflect strong fund performance.
• Net asset value per share of $31.16 indicates solid valuation.
• Asset coverage ratio of 411% for senior debt showcases strong financial stability.
• Total leverage ratio of 325% indicates manageable debt levels.
• Share repurchase of 56,152 shares signals confidence in the fund's position.

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 November 30, 2021.

As of November 30, 2021, the Fund’s net assets were $421.9 million, and its net asset value per share was $31.16. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 411% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 325%.

	As of November 30, 2021
	Amount (millions)			Per Share
Investments	$	593.1		$	43.81
Cash and Cash Equivalents		7.7			0.57
Other Assets		10.3			0.76
Total Assets	$	611.1		$	45.14
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	$	2.1		$	0.16
Total Liabilities	$	2.1		$	0.16
Net Assets	$	421.9		$	31.16
Outstanding Shares		13,539,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 411%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 325%.
Top Ten Equity Holdings (as of November 30, 2021)**
	Market Value
Name	(millions)			% of Investments			***
MPLX LP	$	51.2			8.6	%
Enterprise Products Partners LP	$	44.9			7.6	%
ONEOK Inc.	$	39.4			6.6	%
Williams Cos. Inc.	$	38.3			6.4	%
Targa Resources Corp.	$	36.5			6.2	%
DCP Midstream LP	$	31.6			5.3	%
Western Midstream Partners LP	$	31.4			5.3	%
Magellan Midstream Partners LP	$	30.6			5.2	%
Enbridge Inc.	$	25.6			4.3	%
Energy Transfer LP	$	25.0			4.2	%
	$	354.5			59.7	%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended November 30, 2021, the Fund repurchased in the open market and retired 56,152 of its common shares under the stock repurchase plan for a total amount of $1,651,437.

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/20211207005499/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 November 30, 2021?

As of November 30, 2021, ClearBridge MLP and Midstream Fund (CEM) reported net assets of $421.9 million.

What is the net asset value per share for CEM as of November 30, 2021?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) as of November 30, 2021, is $31.16.

What is the asset coverage ratio for CEM as per the Investment Company Act?

The asset coverage ratio for ClearBridge MLP and Midstream Fund (CEM) with respect to senior indebtedness is 411%.

How much did CEM repurchase in shares during November 2021?

During November 2021, ClearBridge MLP and Midstream Fund (CEM) repurchased and retired 56,152 shares for a total amount of $1,651,437.

What is the total leverage ratio for CEM as of November 30, 2021?

As of November 30, 2021, ClearBridge MLP and Midstream Fund (CEM) reported a total leverage ratio of 325%.