ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of January 31, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) announced its unaudited assets and liabilities statement as of January 31, 2021. The Fund reported net assets of $312.6 million, with a net asset value per share of $22.47. Its asset coverage ratio for senior debt was 496%, and for total leverage, it was 321%. In January, the Fund repurchased 29,260 shares for approximately $553,714. This financial data is unaudited and available on the SEC’s website.

Positive

• Net assets at $312.6 million indicate solid financial standing.
• Net asset value per share at $22.47 shows a healthy valuation.
• Strong asset coverage ratios of 496% (senior debt) and 321% (total leverage) suggest financial stability.
• Share repurchase of 29,260 shares for $553,714 may enhance 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 January 31, 2021.

As of January 31, 2021, the Fund’s net assets were $312.6 million, and its net asset value per share was $22.47. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 496% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 321%.

	As of January 31, 2021
	Amount (millions)		Per Share
Investments	$                   432.6		$                 31.09
Cash and Cash Equivalents	7.5		0.54
Other Assets	15.4		1.11
Total Assets	$                   455.5		$                 32.74
Senior Notes*	$                     76.1		$                   5.47
Loans Outstanding*	15.3		1.10
Mandatory Redeemable Preferred Shares*	49.8		3.58
Total Leverage	$                   141.2		$                 10.15
Income Tax Payable	$                         -		$                       -
Deferred Tax Liability	-		-
Other Liabilities	1.7		0.12
Total Liabilities	$                       1.7		$                   0.12
Net Assets	$                   312.6		$                 22.47
Outstanding Shares	13,912,786
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 496%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 321%.
Top Ten Equity Holdings (as of  January 31, 2021)**
	Market Value
Name	(millions)		% of Investments		***
MPLX LP	$                     39.0		9.0%
Enterprise Products Partners LP	$                     37.9		8.8%
Magellan Midstream Partners LP	$                     29.3		6.8%
Energy Transfer LP	$                     27.6		6.4%
ONEOK Inc.	$                     25.8		6.0%
Williams Cos. Inc.	$                     24.0		5.5%
Targa Resources Corp.	$                     23.2		5.4%
DCP Midstream LP	$                     22.8		5.3%
Enbridge Inc.	$                     17.8		4.1%
Western Midstream Partners LP	$                     15.9		3.7%
	$                   263.3		61.0%
**    Subject to change at any time
***   Percent of Total Equity Investments

During the month ended January 31, 2021, the Fund repurchased in the open market and retired 29,260 of its common shares under the stock repurchase plan for a total amount of $553,714.

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/20210205005174/en/

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund (CEM) as of January 31, 2021?

As of January 31, 2021, the net assets of ClearBridge MLP and Midstream Fund (CEM) were $312.6 million.

What is the net asset value per share for CEM?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $22.47.

What were the asset coverage ratios for CEM as of January 31, 2021?

The asset coverage ratio for senior debt was 496% and for total leverage, it was 321%.

Did ClearBridge MLP and Midstream Fund (CEM) repurchase any shares recently?

Yes, in January 2021, CEM repurchased 29,260 shares for a total amount of $553,714.