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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) reported its financial status as of March 31, 2023. The Fund's total net assets reached $514.9 million, with a net asset value per share of $38.73. The asset coverage ratio for senior indebtedness stood at 398%, while total leverage ratio was 306% under the Investment Company Act of 1940. The Fund's investments totaled $755.6 million, with cash and equivalents of $5.4 million and other assets at $6.2 million. Furthermore, the Fund repurchased 26,000 common shares in the open market for $868,245 during March 2023. This financial statement is unaudited and aims to provide a clear picture of the Fund's financial health and investment strategy.

Positive

• Net assets reached $514.9 million.
• Net asset value per share is $38.73.
• Asset coverage ratio for senior indebtedness is 398%.
• Total investments amount to $755.6 million.
• Repurchased 26,000 common shares for $868,245.

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 March 31, 2023.

As of March 31, 2023, the Fund’s net assets were $514.9 million, and its net asset value per share was $38.73. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 398% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 306%.

	As of March 31, 2023
	Amount (millions)			Per Share
Investments	$	755.6		$	56.83
Cash and Cash Equivalents		5.4			0.41
Other Assets		6.2			0.47
Total Assets	$	767.2		$	57.71
Senior Notes*	$	54.3		$	4.08
Loans Outstanding*		138.0			10.38
Mandatory Redeemable Preferred Shares*		57.4			4.32
Total Leverage	$	249.7		$	18.78
Other Liabilities	$	2.6		$	0.20
Total Liabilities	$	2.6		$	0.20
Net Assets	$	514.9		$	38.73
Outstanding Shares		13,294,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 398%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 306%.
Top Ten Equity Holdings (as of March 31, 2023)**
	Market Value
Name	(millions)			% of Investments			***
MPLX LP	$	66.1			8.8	%
Enterprise Products Partners LP	$	64.2			8.5	%
Energy Transfer LP	$	62.6			8.3	%
Western Midstream Partners LP	$	56.1			7.4	%
Magellan Midstream Partners LP	$	46.8			6.2	%
Targa Resources Corp.	$	42.5			5.6	%
Williams Cos. Inc.	$	37.9			5.0	%
Plains All American Pipeline LP	$	35.6			4.7	%
Plains GP Holdings LP	$	35.4			4.7	%
ONEOK Inc.	$	34.6			4.6	%
	$	481.8			63.8	%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended March 31, 2023, the Fund repurchased in the open market and retired 26,000 of its common shares under the stock repurchase plan for a total amount of $868,245.

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/20230410005161/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 as of March 31, 2023?

The net assets of ClearBridge MLP and Midstream Fund Inc. are $514.9 million as of March 31, 2023.

What is the net asset value per share of CEM?

The net asset value per share of ClearBridge MLP and Midstream Fund Inc. (CEM) is $38.73.

What is the asset coverage ratio for senior indebtedness of CEM?

The asset coverage ratio for senior indebtedness of CEM is 398%.

How much did ClearBridge MLP and Midstream Fund repurchase in March 2023?

The Fund repurchased 26,000 common shares for a total amount of $868,245 in March 2023.