EMO - ClearBridge Energy Midstream Opportunity Fund

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Feb 9, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 12, 2025

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

   Original document →

3. Aug 14, 2025

   The fund said it may sell new shares.

   Original document →

4. Nov 7, 2024

   Saba sold down below 5% and stopped reporting.

   Original document →

5. Aug 14, 2024

   Sit Investment sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by ClearBridge. At its last yearly report (Nov 30, 2025) the fund was run by Franklin Templeton Fund Adviser, LLC. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $1.12 billion of holdings, as of May 29, 2026. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 25% on top of its own money, as of May 29, 2026. Borrowed money makes gains and losses bigger. About 18% of that is money the fund has borrowed by selling preferred shares. As of May 29, 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 →
• 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). 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 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: down 2.2% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +17%. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

What the fund holds

Mostly shares (97%), the rest cash and short-term holdings. About 90% issued in the U.S.

1. Targa Resources - 16.2%
2. Energy Transfer LP Com Ut Ltd Ptn - 12.1%
3. Williams Companies - 10.7%
4. Mplx LP Com Unit Rep - 9.5%
5. Western Midstream Partners LP Com Unit LP Int - 8.9%
6. Kinder Morgan - 8.8%
7. Oneok - 8.8%
8. Enterprise Products Partners LP - 7.8%
9. Enbridge - 7.1%
10. Antero Midstream - 6.2%

As of May 29, 2026, from the fund's quarterly holdings report. Original document →