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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE:CEM) reported its unaudited financials as of March 31, 2022. The Fund's net assets totaled $554.8 million, with a net asset value per share of $41.07. The asset coverage ratio for senior debt stood at 415%, while total leverage coverage was at 344%. The Fund repurchased 30,000 shares in March for $955,955. This data is unaudited but showcases the Fund's financial stability.

Positive

• Net assets of $554.8 million as of March 31, 2022.
• Net asset value per share increased to $41.07.
• Strong asset coverage ratios: 415% for senior debt and 344% for total leverage.
• Successful share repurchase of 30,000 shares for $955,955.

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, 2022.

As of March 31, 2022, the Fund’s net assets were $554.8 million, and its net asset value per share was $41.07. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 415% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 344%.

	As of March 31, 2022
	Amount (millions)			Per Share
Investments	$	762.3		$	56.42
Cash and Cash Equivalents		12.5			0.93
Other Assets		9.0			0.67
Total Assets	$	783.8		$	58.02
Senior Notes*	$	73.3		$	5.43
Loans Outstanding*		115.0			8.51
Mandatory Redeemable Preferred Shares*		38.8			2.87
Total Leverage	$	227.1		$	16.81
Other Liabilities	$	1.9		$	0.14
Total Liabilities	$	1.9		$	0.14
Net Assets	$	554.8		$	41.07
Outstanding Shares		13,509,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 415%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 344%.
Top Ten Equity Holdings (as of March 31, 2022)**
	Market Value
Name	(millions)			% of Investments			***
MPLX LP	$	62.4			8.2	%
Enterprise Products Partners LP	$	62.4			8.2	%
Energy Transfer LP	$	58.7			7.7	%
Targa Resources Corp.	$	53.4			7.0	%
Western Midstream Partners LP	$	49.6			6.5	%
Williams Cos. Inc.	$	47.7			6.3	%
ONEOK Inc.	$	46.5			6.1	%
DCP Midstream LP	$	40.3			5.3	%
Magellan Midstream Partners LP	$	40.0			5.2	%
Enbridge Inc.	$	31.4			4.1	%
	$	492.4			64.6	%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended March 31, 2022, the Fund repurchased in the open market and retired 30,000 of its common shares under the stock repurchase plan for a total amount of $955,955.

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/20220407005451/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, 2022?

The net assets of ClearBridge MLP and Midstream Fund as of March 31, 2022, are $554.8 million.

What is the net asset value per share for CEM as of March 31, 2022?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $41.07 as of March 31, 2022.

What is the asset coverage ratio for ClearBridge MLP and Midstream Fund as of March 31, 2022?

The asset coverage ratio for senior debt is 415%, and for total leverage, it is 344% as of March 31, 2022.

How many shares did ClearBridge MLP and Midstream Fund repurchase in March 2022?

The Fund repurchased and retired 30,000 common shares under its stock repurchase plan in March 2022.

What was the total amount spent by ClearBridge MLP and Midstream Fund on share repurchases in March 2022?

The Fund spent a total of $955,955 on share repurchases in March 2022.