EMO - ClearBridge Energy Midstream Opportunity Fund

What this means for you

3 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 7, 2026

   Corebridge Financial cut its stake to 9.2% (from 15.1%), as a passive investor.

   Original document →

2. Feb 11, 2026

   Morgan Stanley cut its stake to 7.2% (from 8.3%), as a passive investor.

   Original document →

3. Feb 9, 2026

   The fund said it may sell new shares.

   Original document →

4. Nov 7, 2025

   Morgan Stanley raised its stake to 8.3% (from 6.5%), as a passive investor.

   Original document →

5. Sept 12, 2025

   The fund offered holders the right to buy more shares, until Sept 11, 2025.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $1.21 billion of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 25% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 15% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 3.1% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in energy and resources companies, 6 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $42 in the first year and about $359 over 10 years, assuming the holdings return 5% a year. As of Nov 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $48.88. The shares traded at $45.55, about 6.8% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 16.1% below to 2.7% below. As of Nov 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 12.9% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

What a holder made

• The holdings over the last twelve months we have, to Aug 31, 2026: +22.9%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (98%), the rest cash and short-term holdings. About 92% issued in the U.S.

1. Targa Resources - 15.6%
2. Energy Transfer L.P. Com UT Ltd Ptn - 12.9%
3. Williams Companies - 10.4%
4. Western Midstream Partners L.P. Com Unit L.P. Int - 9.6%
5. Mplx L.P. Com Unit Rep - 9.5%
6. Oneok - 9.3%
7. Kinder Morgan - 8.5%
8. Enterprise Products Partners L.P. - 8.1%
9. Antero Midstream - 6.1%
10. Plains GP Holdings L.P. Ltd Partnr Int A - 6.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →