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

Rhea-AI Summary

ClearBridge MLP and Midstream Fund (NYSE: CEM) reported its unaudited assets and liabilities as of October 31, 2020. The fund has net assets of $213.7 million and a net asset value per share of $15.33. Key metrics include an asset coverage ratio of 453% for senior indebtedness and 263% for total leverage. Total assets amount to $357.1 million, with investments valued at $327.6 million. Major equity holdings include Enterprise Products Partners LP and MPLX LP. The data is unaudited and intended for informational purposes.

Positive

• Net assets of $213.7 million indicating solid fund size.
• Strong asset coverage ratio of 453% relative to senior indebtedness.
• Total assets of $357.1 million demonstrating substantial asset backing.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--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 October 31, 2020.

As of October 31, 2020, the Fund’s net assets were $213.7 million, and its net asset value per share was $15.33. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 453% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 263%.

	As of October 31, 2020
	Amount (millions)			Per Share
Investments	$	327.6		$	23.50
Cash and Cash Equivalents		23.8			1.70
Other Assets		5.7			0.41
Total Assets	$	357.1		$	25.61
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	$	9.9		$	0.71
Deferred Tax Liability		-			-
Other Liabilities		2.4			0.17
Total Liabilities	$	12.3		$	0.88
Net Assets	$	213.7		$	15.33
Outstanding Shares		13,942,046
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 453%.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 263%.
Top Ten Equity Holdings (as of October 31, 2020)**
	Market Value
Name	(millions)			% of Investments			***
Enterprise Products Partners LP	$	31.0			9.5%
MPLX LP	$	29.0			8.9%
Magellan Midstream Partners LP	$	23.4			7.2%
Energy Transfer LP	$	22.7			6.9%
Williams Cos. Inc.	$	21.7			6.6%
ONEOK Inc.	$	18.8			5.7%
DCP Midstream LP	$	14.6			4.5%
Enbridge Inc.	$	14.6			4.4%
Targa Resources Corp.	$	13.6			4.2%
Kinder Morgan Inc.	$	13.4			4.1%
	$	202.8			62.0%
** 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.