ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of April 30, 2022

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its financial status as of April 30, 2022. The Fund's net assets reached $540.4 million, with a net asset value per share of $40.00. Its asset coverage ratios were significant, at 385% for senior indebtedness and 323% for total leverage. The Fund's investments totaled $751.9 million, with $18.6 million in cash. The report indicates a strong financial footing that could appeal to investors.

Positive

• Net assets of $540.4 million reflect strong fund stability.
• Net asset value per share at $40.00 indicates solid performance.
• Asset coverage ratio of 385% for senior indebtedness shows robust financial health.
• Total investments amounting to $751.9 million demonstrate effective fund allocation.

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 April 30, 2022.

As of April 30, 2022, the Fund’s net assets were $540.4 million, and its net asset value per share was $40.00.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 385% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 323%.

	As of April 30, 2022
	Amount (millions)			Per Share
Investments	$	751.9		$	55.65
Cash and Cash Equivalents		18.6			1.38
Other Assets		14.3			1.06
Total Assets	$	784.8		$	58.09
Senior Notes*	$	73.3		$	5.43
Loans Outstanding*		130.0			9.62
Mandatory Redeemable Preferred Shares*		38.8			2.87
Total Leverage	$	242.1		$	17.92
Other Liabilities	$	2.3		$	0.17
Total Liabilities	$	2.3		$	0.17
Net Assets	$	540.4		$	40.00
Outstanding Shares		13,509,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 385%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 323%.

Top Ten Equity Holdings (as of April 30, 2022)**
	Market Value
Name	(millions)			% of Investments		***
Enterprise Products Partners LP	$	63.6		8.5	%
MPLX LP	$	60.9		8.1	%
Energy Transfer LP	$	58.9		7.8	%
Targa Resources Corp.	$	52.0		6.9	%
Western Midstream Partners LP	$	49.3		6.6	%
Williams Cos. Inc.	$	49.0		6.5	%
Magellan Midstream Partners LP	$	43.6		5.8	%
ONEOK Inc.	$	41.7		5.5	%
DCP Midstream LP	$	41.0		5.5	%
Enbridge Inc.	$	29.8		4.0	%
	$	489.8		65.2	%
** 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/20220506005159/en/

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

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

FAQ

What are the latest financial results for CEM as of April 30, 2022?

As of April 30, 2022, CEM reported net assets of $540.4 million and a net asset value per share of $40.00.

What is the asset coverage ratio for ClearBridge MLP and Midstream Fund?

The asset coverage ratio for senior indebtedness is 385%, and for total leverage, it is 323%.

How much did ClearBridge MLP and Midstream Fund invest?

The total investments of ClearBridge MLP and Midstream Fund were $751.9 million.

What is the cash position of CEM as of April 30, 2022?

CEM had $18.6 million in cash and cash equivalents as of April 30, 2022.