ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of February 28, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (CEM) reported its unaudited financials as of February 28, 2021. The Fund's net assets totaled $341.2 million, with a net asset value per share of $24.62. The asset coverage ratios stood at 528% for senior indebtedness and 342% for total leverage. Total assets were $484.0 million, while total liabilities were a mere $1.6 million. The Fund repurchased 62,025 shares for about $1.3 million during the month, indicating a proactive approach toward shareholder value.

Positive

• Net assets of $341.2 million enhance financial stability.
• Strong asset coverage ratios: 528% for senior indebtedness and 342% for total leverage.
• Total liabilities are significantly low at $1.6 million, suggesting minimal financial risk.
• Share repurchase of 62,025 shares for $1.3 million reflects commitment to shareholder value.

Negative

• None.

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 February 28, 2021.

As of February 28, 2021, the Fund’s net assets were $341.2 million, and its net asset value per share was $24.62 The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 528% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 342%.

	As of February 28, 2021
	Amount (millions)		Per Share
Investments	$ 473.5		$ 34.16
Cash and Cash Equivalents	7.8		0.56
Other Assets	2.7		0.20
Total Assets	$ 484.0		$ 34.92
Senior Notes*	$ 76.1		$ 5.49
Loans Outstanding*	15.3		1.10
Mandatory Redeemable Preferred Shares*	49.8		3.59
Total Leverage	$ 141.2		$ 10.18
Income Tax Payable	-		-
Deferred Tax Liability	-		-
Other Liabilities	$ 1.6		$ 0.12
Total Liabilities	$ 1.6		$ 0.12
Net Assets	$ 341.2		$ 24.62
Outstanding Shares	13,860,628
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 528%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 342%.
Top Ten Equity Holdings (as of February 28, 2021)**
	Market Value
Name	(millions)		% of Investments
MPLX LP	$ 41.6		8.8%
Enterprise Products Partners LP	$ 41.1		8.7%
Energy Transfer LP	$ 33.6		7.1%
ONEOK Inc.	$ 28.7		6.1%
Magellan Midstream Partners LP	$ 27.5		5.8%
Williams Cos. Inc.	$ 27.3		5.8%
Targa Resources Corp.	$ 26.2		5.5%
DCP Midstream LP	$ 25.0		5.3%
Western Midstream Partners LP	$ 20.8		4.4%
Enbridge Inc.	$ 17.9		3.8%
	$ 289.7		61.3%

During the month ended February 28, 2021, the Fund repurchased in the open market and retired 62,025 of its common shares under the stock repurchase plan for a total amount of $1,333,864.

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 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.lmcef.com. 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/20210305005154/en/

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund (CEM) as of February 2021?

As of February 28, 2021, the net assets of ClearBridge MLP and Midstream Fund (CEM) were $341.2 million.

What is the net asset value per share for CEM as of February 2021?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) as of February 28, 2021, was $24.62.

How much did CEM spend on share repurchases in February 2021?

In February 2021, ClearBridge MLP and Midstream Fund (CEM) repurchased shares totaling approximately $1.3 million.

What are the asset coverage ratios for CEM?

The asset coverage ratio for ClearBridge MLP and Midstream Fund (CEM) was 528% for senior indebtedness and 342% for total leverage.

What were the total assets and liabilities of CEM as of February 2021?

As of February 28, 2021, ClearBridge MLP and Midstream Fund (CEM) reported total assets of $484.0 million and total liabilities of $1.6 million.