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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund reported its unaudited assets and liabilities as of January 31, 2023. The Fund’s net assets reached $557.8 million, equating to a net asset value per share of $41.87. It boasted an asset coverage ratio of 420% for senior indebtedness and 323% for total leverage, indicating a strong position relative to its debt obligations. The Fund's total investments amounted to $791.6 million, with cash and cash equivalents at $4.4 million.

This financial data, which is unaudited, highlights the Fund's robust asset management as it aims to provide long-term returns to its investors.

Positive

• Net assets of $557.8 million as of January 31, 2023.
• Net asset value per share stands at $41.87.
• Strong asset coverage ratios: 420% for senior indebtedness and 323% for total leverage.

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 January 31, 2023.

As of January 31, 2023, the Fund’s net assets were $557.8 million, and its net asset value per share was $41.87. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 420% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 323%.

	As of January 31, 2023
	Amount (millions)			Per Share
Investments	$	791.6		$	59.43
Cash and Cash Equivalents		4.4			0.33
Other Assets		20.0			1.50
Total Assets	$	816.0		$	61.26
Senior Notes*	$	54.3		$	4.08
Loans Outstanding*		138.0			10.36
Mandatory Redeemable Preferred Shares*		57.4			4.31
Total Leverage	$	249.7		$	18.75
Other Liabilities	$	8.5		$	0.64
Total Liabilities	$	8.5		$	0.64
Net Assets	$	557.8		$	41.87
Outstanding Shares		13,320,195
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 420%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 323%.
Top Ten Equity Holdings (as of January 31, 2023)**
	Market Value
Name	(millions)			% of Investments			***
MPLX LP	$	67.0			8.5	%
Energy Transfer LP	$	66.6			8.4	%
Enterprise Products Partners LP	$	63.5			8.0	%
Western Midstream Partners LP	$	57.5			7.3	%
Magellan Midstream Partners LP	$	46.0			5.8	%
Targa Resources Corp.	$	43.1			5.4	%
Williams Cos. Inc.	$	40.9			5.2	%
ONEOK Inc.	$	37.3			4.7	%
Plains All American Pipeline LP	$	35.6			4.5	%
Plains GP Holdings LP	$	35.3			4.5	%
	$	492.8			62.3	%
** 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/20230207005681/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 January 31, 2023?

The net assets of ClearBridge MLP and Midstream Fund are $557.8 million as of January 31, 2023.

What is the net asset value per share for CEM as of January 31, 2023?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $41.87 as of January 31, 2023.

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

The asset coverage ratio is 420% for senior indebtedness and 323% for total leverage.

How much did ClearBridge MLP and Midstream Fund invest as of January 31, 2023?

As of January 31, 2023, ClearBridge MLP and Midstream Fund invested a total of $791.6 million.