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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (CEM) reported its unaudited financials as of May 31, 2022. The Fund's net assets are $579.6 million, with a net asset value per share of $43.07. The asset coverage ratio for senior indebtedness stands at 404%, while total leverage is 339%. The Fund retired 54,000 shares for $1,849,624 during this period. Total assets reached $824.6 million against total liabilities of $2.9 million.

Positive

• Net assets increased to $579.6 million.
• Net asset value per share is $43.07.
• Strong asset coverage ratio at 404% for senior indebtedness.
• Total leverage coverage ratio is 339%.
• Successfully repurchased 54,000 shares for $1,849,624.

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 May 31, 2022.

As of May 31, 2022, the Fund’s net assets were $579.6 million, and its net asset value per share was $43.07.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 404% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 339%.

	As of May 31, 2022
	Amount (millions)			Per Share
Investments	$	801.8		$	59.59
Cash and Cash Equivalents		11.5			0.85
Other Assets		11.3			0.84
Total Assets	$	824.6		$	61.28
Senior Notes*	$	73.3		$	5.45
Loans Outstanding*		130.0			9.66
Mandatory Redeemable Preferred Shares*		38.8			2.88
Total Leverage	$	242.1		$	17.99
Other Liabilities	$	2.9		$	0.22
Total Liabilities	$	2.9		$	0.22
Net Assets	$	579.6		$	43.07
Outstanding Shares		13,455,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 404%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 339%.

Top Ten Equity Holdings (as of May 31, 2022)**
	Market Value
Name	(millions)			% of Investments		***
Enterprise Products Partners LP	$	67.3		8.4	%
MPLX LP	$	65.5		8.2	%
Energy Transfer LP	$	64.9		8.1	%
Western Midstream Partners LP	$	57.4		7.2	%
Williams Cos. Inc.	$	52.9		6.6	%
Targa Resources Corp.	$	51.0		6.4	%
Magellan Midstream Partners LP	$	47.4		5.9	%
ONEOK Inc.	$	43.9		5.5	%
DCP Midstream LP	$	43.1		5.4	%
Plains All American Pipeline LP	$	32.1		4.0	%
	$	525.5		65.7	%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended May 31, 2022, the Fund repurchased in the open market and retired 54,000 of its common shares under the stock repurchase plan for a total amount of $1,849,624.

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/20220607005678/en/

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

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

FAQ

What are the net assets of CEM as of May 31, 2022?

The net assets of ClearBridge MLP and Midstream Fund (CEM) are $579.6 million as of May 31, 2022.

What is the net asset value per share for CEM?

CEM's net asset value per share is $43.07.

What is the asset coverage ratio for CEM?

The asset coverage ratio for senior indebtedness is 404%, and for total leverage, it is 339%.

How much did CEM repurchase in shares?

CEM repurchased and retired 54,000 shares for a total of $1,849,624.

What are the total assets and liabilities for CEM?

CEM has total assets of $824.6 million and total liabilities of $2.9 million.