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 July 31, 2020.
As of July 31, 2020, the Fund’s net assets were $268.7 million, and its net asset value per share was $19.13. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 525% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 305%.
| As of July 31, 2020 | ||||||
| Amount (millions) | Per Share | |||||
| Investments | $ 382.4 | $ 27.23 | ||||
| Cash and Cash Equivalents | 21.3 | 1.52 | ||||
| Other Assets | 5.8 | 0.41 | ||||
| Total Assets | $ 409.5 | $ 29.16 | ||||
| Senior Notes* | $ 76.1 | $ 5.42 | ||||
| Loans Outstanding* | - | - | ||||
| Mandatory Redeemable Preferred Shares* | 55.0 | 3.92 | ||||
| Total Leverage | $ 131.1 | $ 9.34 | ||||
| Income Tax Payable | $ 7.9 | $ 0.56 | ||||
| Deferred Tax Liability | - | - | ||||
| Other Liabilities | 1.8 | 0.13 | ||||
| Total Liabilities | $ 9.7 | $ 0.69 | ||||
| Net Assets | $ 268.7 | $ 19.13 | ||||
| Outstanding Shares | 14,045,508 | |||||
| * The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 525%. | ||||||
| * The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 305%. | ||||||
| Top Ten Equity Holdings (as of July 31, 2020)** | ||||||
| Market Value | ||||||
| Name | (millions) | % of Investments | *** | |||
| Enterprise Products Partners LP | $ 33.0 | 8.6% | ||||
| Energy Transfer LP | $ 30.9 | 8.1% | ||||
| MPLX LP | $ 30.8 | 8.1% | ||||
| Magellan Midstream Partners LP | $ 26.7 | 7.0% | ||||
| Williams Cos. Inc. | $ 21.6 | 5.7% | ||||
| ONEOK Inc. | $ 18.1 | 4.7% | ||||
| Enbridge Inc. | $ 16.9 | 4.4% | ||||
| Kinder Morgan Inc. | $ 15.9 | 4.2% | ||||
| Targa Resources Corp. | $ 15.5 | 4.1% | ||||
| Plains All American Pipeline LP | $ 14.2 | 3.7% | ||||
$ 223.6 | 58.6% | |||||
| ** Subject to change at any time | ||||||
| *** Percent of Total Equity Investments | ||||||
The Fund completed a 1-for-5 reverse stock split on July 28, 2020 for common stockholders of record as of the close of business on July 27, 2020. As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.
During the month ended July 31, 2020, the Fund repurchased in the open market and retired 187,421 of its pre-reverse stock split common shares, which resulted in 37,484 post-reverse stock split shares, under the stock repurchase plan for a total amount of $563,233.
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.
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