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ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) is a United States-based, non-diversified, closed-end management investment company. The company’s core objective is to offer a high level of total return consisting of both cash distributions and capital appreciation.
The fund mainly invests in master limited partnerships (MLPs) and entities in the energy sector, particularly focusing on midstream assets. These investments typically include pipelines, storage facilities, and processing plants that are essential for the transportation and storage of oil, natural gas, and other energy products.
Recent achievements of ClearBridge include strategic partnerships and investments in sustainable energy projects, enhancing the overall portfolio diversification. The team at ClearBridge continuously monitors the market to optimize returns while managing risks associated with energy sector volatility.
As a part of the Franklin Templeton group, following the merger with Legg Mason, ClearBridge benefits from the combined expertise and resources of both firms. This collaboration enables ClearBridge to leverage extensive research capabilities and a broader asset management infrastructure.
Financially, the company maintains a robust portfolio with a focus on generating steady income for its investors. It employs a disciplined investment approach, prioritizing quality assets with strong growth potential and reliable cash flows.
Overall, ClearBridge MLP and Midstream Total Return Fund Inc. is committed to delivering substantial returns to its investors through a balanced approach of income generation and capital appreciation, underpinned by strategic investments in essential energy infrastructure.
ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) has announced the preliminary results of its issuer tender offer, which expired on June 20, 2024. Approximately 3,774,769 shares were tendered, exceeding the offer for up to 50% of outstanding shares (3,443,416 shares). Consequently, tenders will be accepted on a pro rata basis. The purchase price will be 100% of the per share net asset value as of the close on June 20, 2024, with payments expected around June 25, 2024. Additionally, the Fund is set to merge with ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO) and ClearBridge MLP and Midstream Fund (NYSE: CEM) into EMO, with the merger targeted for August 19, 2024, following stockholder approval and regulatory compliance.
ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) released its unaudited financial data for May 31, 2024. The Fund reported net assets of $306.0 million, with a net asset value (NAV) per share of $44.43. Assets included $308 million in investments and $31.4 million in cash and equivalents. The Fund's asset coverage ratio was 2,132% for senior indebtedness and 1,250% for total leverage. Top holdings were Targa Resources Corp. ($38.5 million, 12.5%) and ONEOK Inc. ($37.7 million, 12.3%). Other assets and liabilities were outlined, affecting the overall financial standing.
ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) has announced details of its cash tender offer for up to 50% of its outstanding common stock shares. The offer price will be equal to 100% of the Fund's net asset value per share on the expiration date, which is set for June 20, 2024. If the offer is oversubscribed, shares will be repurchased on a pro-rata basis. The Fund has initiated the offer today, May 21, 2024, and plans to reposition its portfolio to ensure prompt payment of proceeds. Investors are advised to review the Offer to Purchase and related documents filed with the SEC for comprehensive details.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO), ClearBridge MLP and Midstream Fund (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) announced the results of stockholder votes at a special meeting on May 17, 2024.
Stockholders approved the merger of CEM and CTR into EMO. Upon completion, CEM and CTR shares will convert into full shares of EMO based on net asset value, with cash paid for fractional shares.
EMO will issue new Mandatory Redeemable Preferred Stock (MRPS) to CEM and CTR holders, aligning voting rights. The funds are managed by Franklin Templeton Fund Adviser, with ClearBridge Investments as subadvisor. This move consolidates management under EMO, potentially streamlining operations and reducing costs.
ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) reported unaudited balance sheet information as of April 30, 2024. The Fund's net assets were $303.4 million with a net asset value per share of $44.06. The asset coverage ratio under the 1940 Act for senior indebtedness was 1,199% and for total leverage was 866%. The top ten equity holdings represented 78.5% of total equity investments.
Franklin Templeton Fund Adviser, announced distributions for May 2024 for closed end funds. Record Date: 5/23/2024, Ex-Dividend Date: 5/22/2024, Payable Date: 5/31/2024. Ticker Fund Name Amount: CEM ClearBridge MLP and Midstream Fund Inc. $0.7700, EMO ClearBridge Energy Midstream Opportunity Fund Inc. $0.6700, CTR ClearBridge MLP and Midstream Total Return Fund Inc. $0.7000. Distributions may be dividend income, return of capital, or a combination. Stockholders will receive Form 1099-DIV in early 2025 for tax reporting. Franklin Templeton Fund Adviser, is a subsidiary of Franklin Resources, Inc. Fund share price fluctuates with market conditions. Shares often trade at a discount. All investments carry risk.
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