ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of December 31, 2020

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its unaudited financials as of December 31, 2020. The Fund's net assets total $292.2 million, with a net asset value per share of $20.96. Asset coverage ratios indicate strong financial health: 556% for senior indebtedness and 323% for total leverage. Total assets are reported at $425.2 million, while total liabilities are just $1.9 million. The top ten equity holdings constitute 61.5% of investments, underlining a concentrated investment strategy.

Positive

• Net assets are $292.2 million.
• Net asset value per share is $20.96.
• Strong asset coverage ratio of 556% for senior indebtedness.
• Total assets of $425.2 million compared to total liabilities of $1.9 million.
• Top ten equity holdings comprise 61.5% of investments.

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 December 31, 2020.

As of December 31, 2020, the Fund’s net assets were $292.2 million, and its net asset value per share was $20.96.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 556% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 323%.

	As of December 31, 2020
	Amount (millions)		Per Share
Investments	$                   409.3		$                 29.36
Cash and Cash Equivalents	4.0		0.29
Other Assets	11.9		0.85
Total Assets	$                   425.2		$                 30.50
Senior Notes*	$                     76.1		$                   5.46
Loans Outstanding*	-		-
Mandatory Redeemable Preferred Shares*	55.0		3.94
Total Leverage	$                   131.1		$                   9.40
Income Tax Payable	$                         -		$                       -
Deferred Tax Liability	-		-
Other Liabilities	1.9		0.14
Total Liabilities	$                       1.9		$                   0.14
Net Assets	$                   292.2		$                 20.96
Outstanding Shares	13,942,046
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 556%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 323%.
Top Ten Equity Holdings (as of  December 31, 2020)**
	Market Value
Name	(millions)		% of Investments		***
Enterprise Products Partners LP	$                     36.7		9.0%
MPLX LP	$                     36.5		8.9%
Magellan Midstream Partners LP	$                     28.0		6.8%
Energy Transfer LP	$                     27.2		6.6%
ONEOK Inc.	$                     24.8		6.1%
Williams Cos. Inc.	$                     22.7		5.5%
Targa Resources Corp.	$                     22.4		5.5%
DCP Midstream LP	$                     21.2		5.2%
Enbridge Inc.	$                     16.9		4.1%
Kinder Morgan Inc.	$                     15.4		3.8%
	$                   251.8		61.5%
**    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 wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

On July 31, 2020, Franklin Resources acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, LMPFA and ClearBridge, previously wholly-owned subsidiaries of Legg Mason, became wholly-owned subsidiaries of 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/20210108005189/en/

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund as of December 31, 2020?

The net assets are $292.2 million.

What is the net asset value per share for CEM on December 31, 2020?

The net asset value per share is $20.96.

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

The asset coverage ratio for senior indebtedness is 556%.

How much total leverage does ClearBridge MLP and Midstream Fund have?

The total leverage is reported at $131.1 million.

What percentage of investments do the top ten equity holdings constitute for ClearBridge MLP and Midstream Fund?

The top ten equity holdings make up 61.5% of total investments.