Form 4: Franklin Resources Inc. Discloses Share Transactions and Updates Power of Attorney

Franklin Resources Inc. reports share acquisitions following a merger and updates its power of attorney for SEC reporting.

Summary

• Franklin Resources Inc. (FRI) acquired shares of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) due to the merger of ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) into EMO on September 9, 2024.
• On December 9, 2024, FRI acquired 1,000 shares of EMO at $48.0515 per share, totaling $48,051.50.
• On December 10, 2024, FRI acquired 2,610 shares of EMO at $47.431 per share, totaling $123,794.91.
• FRI has updated its Limited Power of Attorney, appointing Alison E. Baur, Thomas C. Mandia, Beth McAuley OMalley, Thomas C. Merchant, Kimberly H. Novotny, Virginia E. Rosas, and Navid J. Tofigh to handle SEC reporting obligations.
• The previous Limited Power of Attorney granted to Steven J. Gray and Lori A. Weber has been revoked.

Sentiment

Score: 7

Explanation: The document is neutral in tone, reporting routine transactions and administrative updates. It is a standard regulatory filing with no significant positive or negative implications.

Positives

• The document provides transparency regarding share acquisitions by Franklin Resources Inc.
• The updated Limited Power of Attorney ensures continued compliance with SEC reporting requirements.

Risks

• There are no specific risks mentioned in this document.

Management Comments

• Thomas C. Mandia, Assistant Secretary of Franklin Resources, Inc., signed the share acquisition document on behalf of Franklin Resources, Inc. and its subsidiaries.

Industry Context

This document reflects standard regulatory filings related to share transactions and updates to legal authorizations within the investment management industry.

Comparison to Industry Standards

• The share acquisition filings are consistent with standard SEC reporting requirements for investment firms.
• The use of a Limited Power of Attorney for SEC reporting is a common practice among publicly traded companies and investment firms.
• The revocation of a previous power of attorney and the appointment of new attorneys-in-fact is a routine administrative update.

Stakeholder Impact

• The share acquisitions may have a minor positive impact on EMO shareholders due to increased institutional ownership.
• The updated power of attorney ensures continued compliance with SEC regulations, which is beneficial for all stakeholders.

Key Dates

Keywords

Franklin Resources Inc, ClearBridge Energy Midstream Opportunity Fund Inc, EMO, CTR, Merger, Share Acquisition, Power of Attorney, SEC Reporting, Limited Power of Attorney