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

Rhea-AI Summary

ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) released its unaudited financials as of March 31, 2023. The Fund reported net assets of $241.2 million and a net asset value per share of $35.02. It demonstrated strong leverage ratios, with asset coverage of 414% against senior debt and 335% for total leverage. As of the reporting date, the Fund held investments worth $342.2 million and a minimal cash equivalent of $0.6 million. The total assets amounted to $344.9 million. Notably, the Fund repurchased 32,996 common shares for approximately $935,057 during March. The report highlights the Fund's focus on midstream equity assets and aims to provide returns through capital appreciation and income.

Positive

• Net assets stand at $241.2 million, indicating financial stability.
• Strong asset coverage ratios: 414% for senior debt and 335% for total leverage.
• Participation in stock repurchase program, enhancing shareholder value.

Negative

• Minimal cash equivalent of $0.6 million, indicating potential liquidity concerns.

NEW YORK--(BUSINESS WIRE)-- ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) 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 $241.2 million, and its net asset value per share was $35.02. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 414% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 335%.

	As of March 31, 2023
	Amount (millions)			Per Share
Investments	$	342.2		$	49.69
Cash and Cash Equivalents		0.6			0.09
Other Assets		2.1			0.30
Total Assets	$	344.9		$	50.08
Senior Notes*	$	15.6		$	2.27
Loans Outstanding*		67.5			9.80
Mandatory Redeemable Preferred Shares*		19.5			2.83
Total Leverage	$	102.6		$	14.90
Other Liabilities	$	1.1		$	0.16
Total Liabilities	$	1.1		$	0.16
Net Assets	$	241.2		$	35.02
Outstanding Shares		6,886,833

* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 414%.

* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 335%.

Top Ten Equity Holdings (as of March 31, 2023)**
	Market Value
Name	(millions)		% of Investments	***
Energy Transfer LP	$ 27.4		8.0%
MPLX LP	$ 26.4		7.7%
Targa Resources Corp.	$ 23.8		6.9%
Enterprise Products Partners LP	$ 23.5		6.9%
Western Midstream Partners LP	$ 23.4		6.8%
Magellan Midstream Partners LP	$ 19.6		5.7%
Williams Cos. Inc.	$ 16.8		4.9%
Plains All American Pipeline LP	$ 15.5		4.5%
Plains GP Holdings LP	$ 14.7		4.3%
Enbridge Inc.	$ 14.0		4.1%
	$ 205.1		59.8%
** 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 32,996 of its common shares under the stock repurchase plan for a total amount of $935,057.

ClearBridge MLP and Midstream Total Return 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/20230410005163/en/

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

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

FAQ

What is the net asset value of ClearBridge MLP and Midstream Total Return Fund as of March 31, 2023?

The net asset value per share is $35.02.

What are the total assets of ClearBridge Fund as of March 31, 2023?

The total assets amount to $344.9 million.

How much did ClearBridge Fund repurchase in shares during March 2023?

The Fund repurchased 32,996 common shares for approximately $935,057.

What are the asset coverage ratios reported by ClearBridge Fund?

The asset coverage ratio is 414% for senior debt and 335% for total leverage.

What were the total investments held by ClearBridge Fund as of March 31, 2023?

The total investments were worth $342.2 million.