ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) announced today its distribution payment frequency will change from quarterly to monthly payments beginning in September 2024.
Additionally, EMO declared a monthly distribution of $0.33 per share for September, October and November. The new distribution is the equivalent of $0.99 per quarter, representing an increase of 48% from the prior quarter’s distribution. The investment manager and the Board of Directors believe higher regular monthly distributions can enhance shareholder total returns and may have a positive impact on the Fund’s discount to its net asset value (NAV).
The following dates apply to the distribution schedule below:
Month | Record Date | Ex-Dividend Date | Payable Date | ||
September | 9/23/2024 | 9/23/2024 | 10/1/2024 | ||
October | 10/24/2024 | 10/24/2024 | 11/1/2024 | ||
November | 11/21/2024 | 11/21/2024 | 12/2/2024 |
Ticker | Fund Name | Month | Amount | Change from Previous Distribution |
EMO | ClearBridge Energy Midstream Opportunity Fund Inc. | September | $0.3300 (a) | $0.1067 |
October | $0.3300 | |||
November | $0.3300 | |||
(a) EMO to convert to a monthly paying distribution starting with the September 2024 distribution. The August 2024 quarterly distribution was $0.6700 per share. | ||||
The distributions may be treated as dividend income, return of capital or a combination thereof for tax purposes. This press release is not for tax reporting purposes. In early 2025, after definitive information is available, the Fund will send stockholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a stockholder’s tax return (e.g., dividend income or return of capital).
The mergers of ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) with and into ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) became effective before markets opened on September 9, 2024.
Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC), EMO’s investment manager, is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”).
For more information about the Funds, please call 1-888-777-0102 or consult the Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.
The Fund’s common shares are traded on the New York Stock Exchange. Similar to stocks, Fund share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor’s risk of loss. All investments are subject to risk, including the risk of loss.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Category: Distribution Related
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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