PRESS RELEASE


ClearBridge MLP and Midstream Total Return Fund Inc. Announces Unaudited Balance Sheet Information as of February 29, 2020


March 9, 2020

 

NEW YORK--(BUSINESS WIRE)-- ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) announced today the unaudited statement of assets and liabilities, the net asset value and asset coverage ratio of the Fund as of February 29, 2020.

As of February 29, 2020, the Fund’s net assets were $269.8 million, and its net asset value per share was $7.02. The Fund’s asset coverage ratio under the Investment Company Act of 1940 (the “1940 Act”) with respect to senior indebtedness was 299.8% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage was 272.9%.

As of February 29, 2020
 
Amount (millions) Per Share
 
Investments

$

413.4

$

10.76

Cash and Cash Equivalents

 

5.2

 

0.13

Other Assets

 

9.9

 

0.26

Total Assets

$

428.5

$

11.15

 
Senior Notes*

$

142.0

$

3.70

Loans Outstanding*

 

-

 

-

Mandatory Redeemable Preferred Shares*

 

14.0

 

0.36

Total Leverage

$

156.0

$

4.06

 
Deferred Tax Liability

$

-

$

-

Other Liabilities

 

2.7

 

0.07

Total Liabilities

$

2.7

$

0.07

 
Net Assets

$

269.8

$

7.02

 
Outstanding Shares

 

38,400,142

 
* The Fund's asset coverage ratio under the 1940 Act with respect to senior indebtedness was 299.8%.
Holders of Series A Notes, $19,683,168 maturing on March 28, 2020, have been notified that the notes will be fully
paid down on March 10, 2020. The pro forma asset coverage ratio reflecting the notes call would have been 332.0%
on February 29, 2020.
* The Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 272.9%.
 
Top Ten Holdings (as of February 29, 2020)**
Market Value
Name (millions) % of Investments ***
Energy Transfer LP

$

35.8

 

8.6%

Enterprise Products Partners LP

$

33.6

 

8.0%

Magellan Midstream Partners LP

$

26.2

 

6.3%

Williams Cos. Inc.

$

25.1

 

6.0%

Targa Resources Corp.

$

21.1

 

5.0%

MPLX LP

$

20.8

 

5.0%

ONEOK Inc.

$

20.1

 

4.8%

Brookefield Infrastructure Partners LP

$

19.6

 

4.7%

Kinder Morgan Inc.

$

18.4

 

4.4%

Enbridge Inc.

$

16.5

 

3.9%

$

237.2

 

56.7%

** Subject to change at any time
*** Percent of Total Investments

ClearBridge MLP and Midstream Total Return 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 Legg Mason, Inc. (“Legg Mason”).

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. Previously, the Fund filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. These reports are available on the SEC’s w ebsite at www.sec.gov. To obtain information on Forms N-PORT and N-Q 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. Legg Mason and its affiliates do not engage in selling shares of the Fund.

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