Form 4: Franklin Resources Inc. Reports Changes in Beneficial Ownership of ClearBridge Energy Midstream Opportunity Fund Inc.
SEC Form 4
Franklin Resources Inc., an affiliate of the investment advisor for ClearBridge Energy Midstream Opportunity Fund Inc., reports the sale of shares on October 14 and 15, 2024.
Summary
- Franklin Resources Inc. (FRI) filed a Form 4 detailing changes in beneficial ownership of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO).
- The report indicates the sale of EMO shares by FRI on October 14 and 15, 2024.
- On October 14, 2024, FRI sold 7,657 shares at a price of $43.9027 per share, reducing its holdings to 65,862 shares.
- On October 15, 2024, FRI sold 6,376 shares at a price of $43.4244 per share, further decreasing its holdings to 59,486 shares.
- The filing also includes a Limited Power of Attorney granted by Charles B. Johnson and Rupert H. Johnson, Jr., authorizing certain individuals to act on their behalf for Section 13 and 16 reporting obligations.
- Additionally, the document includes a revocation of a previous Limited Power of Attorney granted to Steven J. Gray and Lori A. Weber.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports transactions and legal authorizations.
Industry Context
This filing is a routine disclosure related to changes in beneficial ownership, which is common for investment firms managing closed-end funds. It reflects ongoing portfolio management activities.
Comparison to Industry Standards
- Form 4 filings are standard practice for individuals and entities with significant holdings in publicly traded companies, ensuring transparency in the market.
- The transactions are relatively small in scale, suggesting routine portfolio adjustments rather than a major strategic shift.
Stakeholder Impact
- The share sales may have a minor impact on the fund's share price, but the transactions are unlikely to significantly affect shareholders.
- The Power of Attorney ensures continued compliance with SEC regulations.
Key Dates
| Date | Description |
|---|---|
| December 11, 2023 | Date of execution for the Limited Power of Attorney and Revocation of Limited Power of Attorney. |
| September 9, 2024 | Date of the merger of ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) with and into ClearBridge Energy Midstream Opportunity Fund Inc. (EMO). |
| October 14, 2024 | Date of the first reported transaction: sale of 7,657 shares of EMO at $43.9027. |
| October 15, 2024 | Date of the second reported transaction: sale of 6,376 shares of EMO at $43.4244. |
| October 16, 2024 | Date of signature for the Form 4 filing. |
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