ClearBridge Energy MLP Total Return Fund Inc. Announces Name Change and Amended Investment Policy
ClearBridge Energy MLP Total Return Fund Inc. (the “Fund”) (NYSE: CTR)
announced today that the Board of Directors of the Fund has approved a
change to the Fund’s name. Effective on or about October 22, 2018, the
Fund’s name will be ClearBridge MLP and Midstream Total Return Fund Inc.
The Fund’s shares of common stock will continue to trade under its
existing New York Stock Exchange symbol “CTR”. The Fund’s CUSIP,
18469Q108, will not change.
In addition, also effective on or about October 22, 2018, under normal
market conditions the Fund will invest at least 80% of its managed
assets in energy master limited partnerships (“MLPs”) and energy
midstream entities. Currently, the Fund’s investment policy provides
that at least 80% of its managed assets be invested in energy MLPs. The
name change and investment policy amendment should allow additional
investment flexibility by permitting greater investments in midstream
entities organized as C corporations. Management does not anticipate any
material change in the portfolio construction in the near term because
of these changes.
For as long as “MLP” and “Midstream” are in the name of the Fund, the
Fund will invest at least 80% of its managed assets in energy MLPs and
energy midstream entities. The Fund may not change its policy to invest
at least 80% of its managed assets in energy MLPs and energy midstream
entities unless it provides stockholders with at least 60 days’ written
notice of such change.
For purposes of the 80% policy, the Fund considers investments in
midstream entities as direct or indirect investments in those entities
that provide midstream services including the gathering, transporting,
processing, fractionation, storing, refining, and distribution of oil,
natural gas liquids, natural gas and refined petroleum products. For
purposes of the 80% policy, the Fund considers investments in MLPs to
include investments that offer economic exposure to public and private
MLPs in the form of MLP equity securities, securities of entities
holding primarily general partner or managing member interests in MLPs,
securities that are derivatives of interests in MLPs (including
I-Shares), exchange-traded funds that primarily hold MLP interests and
debt securities of MLPs. Energy entities are engaged in the business of
exploring, developing, producing, gathering, fractionating,
transporting, processing, storing, refining, distributing, mining or
marketing natural gas, natural gas liquids (including propane), crude
oil, refined petroleum products or coal. The Fund may also invest up to
20% of its managed assets in other securities that are not MLPs or
midstream entities.
The Fund is a non-diversified closed-end investment management company
managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned
subsidiary of Legg Mason, Inc. (“Legg Mason”), and sub-advised by
ClearBridge Investments, LLC.
An investment in the Fund involves risk, including loss of principal.
Investments in energy MLPs and energy midstream entities are subject to
unique risks. The Fund’s concentration of investments in energy MLPs and
energy midstream entities subject it to the risks of MLPs, midstream
entities and the energy sector, including the risks of declines in
energy and commodity prices, decreases in energy demand, adverse weather
conditions, natural or other disasters, changes in government
regulation, and changes in tax laws.
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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