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ClearBridge MLP and Midstream Total Return Fund Inc.

ClearBridge MLP and Midstream Total Return Fund Inc.

CTR
ClearBridge MLP and Midstream Total Return Fund Inc.US flagNew York Stock Exchange
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Business
ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) is a closed-end management investment company that seeks a high level of total return, with an emphasis on current distributions, primarily through investments of at least 80% of its assets in equity and debt securities of energy master limited partnerships (MLPs) and energy midstream entities structured as partnerships or corporations; these investments target companies with long-lived assets, predictable cash flows, and relatively low direct commodity exposure, including holdings such as Energy Transfer LP and Targa Resources Corp.. The Fund operates in the energy infrastructure sector, serving income-oriented investors seeking tax-deferred distributions from midstream assets involved in the transportation, storage, and processing of oil and natural gas.. Formed on April 10, 2012, and headquartered at 620 Eighth Avenue, 47th Floor, New York, NY 10018, it is managed by ClearBridge Investments, LLC, a subsidiary of Franklin Resources, Inc. following the acquisition of Legg Mason.. In a major strategic reorganization completed on September 9, 2024, CTR merged into ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) along with ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), with CTR stockholders receiving EMO shares based on net asset values as of September 6, 2024; this merger, approved by stockholders on May 20, 2024, and delayed from an initial August target for operational efficiency, consolidated the funds to enhance scale and operational focus on energy midstream opportunities.. Prior to the merger, CTR conducted a tender offer for up to 50% of its outstanding common stock, with final results announced in September 2024, and implemented a 1-for-5 reverse stock split on July 28, 2020, to adjust its share structure.. As of August 31, 2024, the Fund's pre-merger net assets stood at $165.5 million, with a net asset value per share of $48.08 and asset coverage ratios of 468% for senior indebtedness and 380% for total leverage.. The Fund maintains U.S.-focused operations with no noted international segments or subsidiaries post-merger..