ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of April 30, 2021

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) announced its financial status as of April 30, 2021. The Fund's net assets totaled $398.8 million, with a net asset value per share of $29.34. The asset coverage ratio for senior indebtedness was 499%, and 346% for total leverage, indicating strong financial health. The Fund also repurchased 114,231 shares, totaling $2.74 million.

Positive

• Net assets increased to $398.8 million.
• Net asset value per share stands at $29.34.
• Strong asset coverage ratios of 499% for senior debt and 346% for total leverage.
• Successfully repurchased 114,231 shares in the open market.

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 April 30, 2021.

As of April 30, 2021, the Fund’s net assets were $398.8 million, and its net asset value per share was $29.34.

The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 499% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 346%.

	As of April 30, 2021
	Amount (millions)		Per Share
Investments	$ 550.2		$ 40.47
Cash and Cash Equivalents	2.2		0.16
Other Assets	10.7		0.80
Total Assets	$ 563.1		$ 41.43
Senior Notes*	$ 76.1		$ 5.60
Loans Outstanding*	36.3		2.67
Mandatory Redeemable Preferred Shares*	49.8		3.66
Total Leverage	$ 162.2		$ 11.93
Other Liabilities	$ 2.1		$ 0.16
Total Liabilities	$ 2.1		$ 0.16
Net Assets	$ 398.8		$ 29.34
Outstanding Shares	13,595,347
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 499%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 346%.
Top Ten Equity Holdings (as of April 30, 2021)**
	Market Value
Name	(millions)		% of Investments		***
MPLX LP	$ 47.1		8.6%
Enterprise Products Partners LP	$ 45.1		8.2%
Energy Transfer LP	$ 37.9		6.9%
ONEOK Inc.	$ 33.9		6.2%
Magellan Midstream Partners LP	$ 30.8		5.6%
Williams Cos. Inc.	$ 29.9		5.4%
Targa Resources Corp.	$ 29.4		5.3%
DCP Midstream LP	$ 27.0		4.9%
Western Midstream Partners LP	$ 25.3		4.6%
Enbridge Inc.	$ 23.6		4.3%
	$ 330.0		60.0%
** Subject to change at any time
*** Percent of Total Equity Investments

During the month ended April 30, 2021, the Fund repurchased in the open market and retired 114,231 of its common shares under the stock repurchase plan for a total amount of $2,744,370.

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.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/20210507005158/en/

FAQ

What are the net assets of ClearBridge MLP and Midstream Fund as of April 30, 2021?

The net assets of ClearBridge MLP and Midstream Fund were $398.8 million as of April 30, 2021.

What is the net asset value per share for CEM as reported in the latest press release?

The net asset value per share for ClearBridge MLP and Midstream Fund (CEM) is $29.34.

What were the asset coverage ratios for ClearBridge MLP and Midstream Fund as of April 30, 2021?

The asset coverage ratio for senior indebtedness was 499%, and for total leverage, it was 346%.

How many shares did ClearBridge MLP and Midstream Fund repurchase in April 2021?

The fund repurchased 114,231 shares under its stock repurchase plan in April 2021.