EMO
ClearBridge Energy Midstream Opportunity Fund Inc.
NAV 1
$48.52
Market Price 2
$44.90
YTD Total Return At NAV 3
-0.10%
YTD Total Return At Market Price
0.56%
Premium / Discount 4
-7.46%
Overall Morningstar Rating
Rating Category: Energy Limited Partnership
The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.
Morningstar Style Box
| Large | Size | |||
|---|---|---|---|---|
| Medium | ||||
| Small | ||||
| Value | Blend | Growth | ||
| Style | ||||
Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.
Historical Morningstar Ratings
| Years | 3 |
| Ratings | |
| Number of Funds In Category | 5 |
| Years | 5 |
| Ratings | |
| Number of Funds In Category | 5 |
| Years | 10 |
| Ratings | |
| Number of Funds In Category | 5 |
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The offering, which expired at 5 pm ET on October 10, 2025, raised $76.8 million by issuing 1.8 million shares at $42.11 per share. Around October 17, 2025, investors who exercised their rights will receive one new share for every three rights. For more information, refer to the press release.
Overview
- Fund Description
- Meet Your Manager
Fund Description
- Provides a portfolio of energy midstream entities including entities structured as both partnerships and corporations
- Seeks a high level of total return with an emphasis on cash distributions
- Targets MLPs with long-lived assets, predictable cash flows and relatively low direct commodity exposure
This Fund completed a1-for-5 reverse stock split on July 28, 2020 for common stockholders of record as of the close of business on July 27, 2020. As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.
Meet Your Manager
ClearBridge Investments
ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.
Fund Information
Identifiers
Trading Characteristics
Portfolio Managers
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Month End As of 11/30/2025 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 06/10/2011 | |
|---|---|---|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - Market Price (%) | -1.28 | 23.83 | 39.11 | 4.51 | 3.07 | |
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV (%) | -4.83 | 19.01 | 31.73 | 3.80 | 3.07 |
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Calendar Year Returns
Calendar Year Returns
Chart
Month End As of 11/30/2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - Market Price (%) | 6.36 | 44.26 | 31.67 | 39.94 | 74.29 | -64.30 | 19.80 | -25.57 | -0.23 | 15.28 | -41.70 | 06/10/2011 | |
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV (%) | 3.19 | 45.71 | 21.15 | 27.47 | 64.01 | -59.81 | 18.21 | -18.39 | -6.51 | 15.90 | -39.62 | 06/10/2011 |
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $10,000 does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
2011
2025
Chart
Month End As of 11/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/10/2011 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - Market Price (%) | 6.36 | -1.28 | 89.87 | 421.01 | 55.39 | — | 54.90 | |
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV (%) | 3.19 | -4.83 | 68.54 | 296.60 | 45.23 | — | 54.99 |
Historical Cumulative Total Returns
2025
Date Selected As of 11/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/10/2011 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - Market Price (%) | 6.36 | -1.28 | 89.87 | 421.01 | 55.39 | — | 54.90 | |
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV (%) | 3.19 | -4.83 | 68.54 | 296.60 | 45.23 | — | 54.99 |
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Risk Measures
Risk Measures10
| Statistics | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| Alpha (%) | 1.18 | -0.15 | -0.98 |
| Beta | 1.08 | 1.24 | 1.40 |
| R-Squared | 0.81 | 0.91 | 0.97 |
| Historical Tracking Error | 7.99 | 8.83 | 14.56 |
| Information Ratio | 0.27 | 0.54 | -0.28 |
| Upside Capture Ratio | 119.58 | 134.88 | 140.17 |
| Downside Capture Ratio | 120.53 | 127.55 | 128.90 |
| Standard Deviation (%) | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV | 18.05 | 24.74 | 43.18 |
| Sharpe Ratio (%) | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| ClearBridge Energy Midstream Opportunity Fund Inc. - NAV | 0.93 | 1.08 | 0.34 |
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Portfolio
Portfolio Allocations
Asset Allocation
Chart
| Fund | ||
|---|---|---|
| Diversified Energy Infrastructure | 54.23% | |
| Gathering/Processing | 21.42% | |
| Liquids Transportation & Storage | 21.09% | |
| Natural Gas Transportation & Storage | 2.61% | |
| Cash | 0.65% |
Portfolio Holdings
- Holdings
- Top Ten Holdings
Holdings
Holdings
Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.
Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.
Top Ten Holdings
Top Equity Securities
Chart
| Fund | ||
|---|---|---|
| Targa Resources Corp | 10.46% | |
| Energy Transfer LP | 9.18% | |
| MPLX LP | 8.29% | |
| Williams Cos Inc/The | 7.50% | |
| Western Midstream Partners LP | 7.36% | |
| ONEOK Inc | 6.89% | |
| Kinder Morgan Inc | 6.17% | |
| Enterprise Products Partners LP | 6.09% | |
| Enbridge Inc | 5.26% | |
| TC Energy Corp | 4.72% |
Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.
Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.
Distributions & Tax
- Distributions
- Tax Information
Distributions
Distribution Schedules
Rates and Yields
Distribution Rate
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
Current Year Distributions Per Share
| Record Date | Ex-Dividend Date | Payable Date | Total Distribution Per Share |
|---|---|---|---|
| 02/20/2026 | 02/20/2026 | 02/27/2026 | $0.36 |
| 01/23/2026 | 01/23/2026 | 01/30/2026 | $0.36 |
Historical Distributions Per Share
- 2025
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
- 2012
- 2011
- Since Inception
| Record Date | Ex-Dividend Date | Payable Date | Total Distribution Per Share |
|---|---|---|---|
| 12/23/2025 | 12/23/2025 | 12/31/2025 | $0.36 |
| 11/20/2025 | 11/20/2025 | 12/01/2025 | $0.36 |
| 10/24/2025 | 10/24/2025 | 11/03/2025 | $0.36 |
| 09/23/2025 | 09/23/2025 | 10/01/2025 | $0.36 |
| 08/22/2025 | 08/22/2025 | 09/02/2025 | $0.36 |
| 07/24/2025 | 07/24/2025 | 08/01/2025 | $0.36 |
| 06/23/2025 | 06/23/2025 | 07/01/2025 | $0.36 |
| 05/22/2025 | 05/22/2025 | 06/02/2025 | $0.36 |
| 04/23/2025 | 04/23/2025 | 05/01/2025 | $0.36 |
| 03/24/2025 | 03/24/2025 | 04/01/2025 | $0.36 |
| 02/21/2025 | 02/21/2025 | 03/03/2025 | $0.33 |
| 01/24/2025 | 01/24/2025 | 02/03/2025 | $0.33 |
| 12/23/2024 | 12/23/2024 | 12/31/2024 | $0.33 |
| 11/21/2024 | 11/21/2024 | 12/02/2024 | $0.33 |
| 10/24/2024 | 10/24/2024 | 11/01/2024 | $0.33 |
| 09/23/2024 | 09/23/2024 | 10/01/2024 | $0.33 |
| 08/14/2024 | 08/14/2024 | 08/30/2024 | $0.67 |
| 05/23/2024 | 05/22/2024 | 05/31/2024 | $0.67 |
| 02/22/2024 | 02/21/2024 | 02/29/2024 | $0.67 |
| 11/22/2023 | 11/21/2023 | 11/30/2023 | $0.65 |
| 08/24/2023 | 08/21/2023 | 08/31/2023 | $0.65 |
| 05/23/2023 | 05/22/2023 | 05/31/2023 | $0.54 |
| 02/21/2023 | 02/17/2023 | 02/28/2023 | $0.53 |
| 11/22/2022 | 11/21/2022 | 11/30/2022 | $0.52 |
| 08/24/2022 | 08/23/2022 | 08/31/2022 | $0.51 |
| 05/23/2022 | 05/20/2022 | 05/31/2022 | $0.50 |
| 02/18/2022 | 02/17/2022 | 02/28/2022 | $0.39 |
| 11/22/2021 | 11/19/2021 | 11/30/2021 | $0.38 |
| 08/24/2021 | 08/23/2021 | 08/31/2021 | $0.38 |
| 05/21/2021 | 05/20/2021 | 05/28/2021 | $0.38 |
| 02/19/2021 | 02/18/2021 | 02/26/2021 | $0.325 |
| 11/20/2020 | 11/19/2020 | 11/30/2020 | $0.325 |
| 08/24/2020 | 08/21/2020 | 08/31/2020 | $0.325 |
| 05/21/2020 | 05/20/2020 | 05/29/2020 | $0.065 |
| 02/21/2020 | 02/20/2020 | 02/28/2020 | $0.23 |
| 11/22/2019 | 11/21/2019 | 11/29/2019 | $0.23 |
| 08/23/2019 | 08/22/2019 | 08/30/2019 | $0.23 |
| 05/24/2019 | 05/23/2019 | 05/31/2019 | $0.23 |
| 02/15/2019 | 02/14/2019 | 02/28/2019 | $0.23 |
| 11/23/2018 | 11/21/2018 | 11/30/2018 | $0.32 |
| 08/24/2018 | 08/23/2018 | 08/31/2018 | $0.32 |
| 05/24/2018 | 05/23/2018 | 05/31/2018 | $0.32 |
| 02/16/2018 | 02/15/2018 | 03/01/2018 | $0.32 |
| 11/24/2017 | 11/22/2017 | 11/30/2017 | $0.32 |
| 08/25/2017 | 08/23/2017 | 09/01/2017 | $0.32 |
| 05/19/2017 | 05/17/2017 | 06/01/2017 | $0.32 |
| 02/17/2017 | 02/15/2017 | 02/24/2017 | $0.32 |
| 11/18/2016 | 11/16/2016 | 11/25/2016 | $0.32 |
| 08/19/2016 | 08/17/2016 | 08/26/2016 | $0.32 |
| 05/20/2016 | 05/18/2016 | 05/27/2016 | $0.32 |
| 02/19/2016 | 02/17/2016 | 02/26/2016 | $0.32 |
| 11/20/2015 | 11/18/2015 | 11/27/2015 | $0.395 |
| 08/21/2015 | 08/19/2015 | 08/28/2015 | $0.385 |
| 05/22/2015 | 05/20/2015 | 05/29/2015 | $0.365 |
| 02/20/2015 | 02/18/2015 | 02/27/2015 | $0.36 |
| 11/21/2014 | 11/19/2014 | 11/28/2014 | $0.355 |
| 08/22/2014 | 08/20/2014 | 08/29/2014 | $0.35 |
| 05/23/2014 | 05/21/2014 | 05/30/2014 | $0.345 |
| 02/21/2014 | 02/19/2014 | 02/28/2014 | $0.345 |
| 11/22/2013 | 11/20/2013 | 11/29/2013 | $0.345 |
| 08/23/2013 | 08/21/2013 | 08/30/2013 | $0.34 |
| 05/24/2013 | 05/22/2013 | 05/31/2013 | $0.34 |
| 02/15/2013 | 02/13/2013 | 02/22/2013 | $0.34 |
| 11/23/2012 | 11/20/2012 | 11/30/2012 | $0.335 |
| 08/24/2012 | 08/22/2012 | 08/31/2012 | $0.335 |
| 05/18/2012 | 05/16/2012 | 05/25/2012 | $0.335 |
| 02/17/2012 | 02/15/2012 | 02/24/2012 | $0.33 |
| 11/18/2011 | 11/16/2011 | 11/25/2011 | $0.33 |
| 07/29/2011 | 07/27/2011 | 08/08/2011 | $0.33 |
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Tax Information
Tax Information
Federal ID Number 45-1474578
2025 tax information will be available in early February
Distributions per Share ($)
- 2025
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
Pricing
- Pricing
- Premium/Discount
Pricing
Pricing History Chart
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
Chart
Daily Fund Prices
52-Week Range
Premium / Discount
Historical Data - Daily Fund Prices
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
Historical Pricing Results From 12/09/2025 To 01/09/2026
| Date | NAV | NAV Change | NAV Change (%) | Market Price | Market Price Change | Market Price Change (%) | Avg. of Market Price vs. NAV at Close |
|---|---|---|---|---|---|---|---|
| 01/09/2026 | $48.52 | $0.24 | 0.50% | $44.90 | $0.46 | 1.04% | -7.46% |
| 01/08/2026 | $48.28 | $0.63 | 1.32% | $44.44 | $0.09 | 0.20% | -7.95% |
| 01/07/2026 | $47.65 | $-0.01 | -0.02% | $44.35 | $-0.05 | -0.11% | -6.93% |
| 01/06/2026 | $47.66 | $-1.09 | -2.24% | $44.40 | $-0.17 | -0.38% | -6.84% |
| 01/05/2026 | $48.75 | $-0.29 | -0.59% | $44.57 | $-0.44 | -0.98% | -8.57% |
| 01/02/2026 | $49.04 | $0.47 | 0.97% | $45.01 | $0.36 | 0.81% | -8.22% |
| 01/01/2026 | $48.57 | $-0.18 | -0.37% | $44.65 | $0.43 | 0.97% | -8.07% |
| 12/31/2025 | $48.57 | $-0.18 | -0.37% | $44.65 | $0.43 | 0.97% | -8.07% |
| 12/30/2025 | $48.75 | $0.31 | 0.64% | $44.22 | $0.31 | 0.71% | -9.29% |
| 12/29/2025 | $48.44 | $0.15 | 0.31% | $43.91 | $-0.46 | -1.04% | -9.35% |
| 12/26/2025 | $48.29 | $-0.20 | -0.41% | $44.37 | $-0.01 | -0.02% | -8.12% |
| 12/25/2025 | $48.49 | $-0.14 | -0.29% | $44.38 | $0.20 | 0.45% | -8.48% |
| 12/24/2025 | $48.49 | $-0.14 | -0.29% | $44.38 | $0.20 | 0.45% | -8.48% |
| 12/23/2025 | $48.63 | $0.10 | 0.21% | $44.18 | $-0.16 | -0.36% | -9.15% |
| 12/22/2025 | $48.53 | $0.39 | 0.81% | $44.34 | $0.33 | 0.75% | -8.63% |
| 12/19/2025 | $48.14 | $-0.01 | -0.02% | $44.01 | $-0.13 | -0.29% | -8.58% |
| 12/18/2025 | $48.15 | $-0.41 | -0.84% | $44.14 | $0.32 | 0.73% | -8.33% |
| 12/17/2025 | $48.56 | $0.56 | 1.17% | $43.82 | $-0.18 | -0.41% | -9.76% |
| 12/16/2025 | $48.00 | $-0.91 | -1.86% | $44.00 | $-0.27 | -0.61% | -8.33% |
| 12/15/2025 | $48.91 | $-0.03 | -0.06% | $44.27 | $0.23 | 0.52% | -9.49% |
| 12/12/2025 | $48.94 | $0.00 | 0.00% | $44.04 | $0.12 | 0.27% | -10.01% |
| 12/11/2025 | $48.94 | $0.17 | 0.35% | $43.92 | $-0.45 | -1.01% | -10.26% |
| 12/10/2025 | $48.77 | $-0.40 | -0.81% | $44.37 | $-0.28 | -0.63% | -9.02% |
| 12/09/2025 | $49.17 | $-0.19 | -0.38% | $44.65 | $-0.49 | -1.09% | -9.19% |
Premium/Discount
Historical Premium/Discount 4
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
Chart
Press Releases
Documents
- Fund Literature
- Regulatory Documents
Fund Literature
Factsheet
Regulatory Documents
Annual Report
Semi-Annual Report
Policy and Procedures - Audit Committee Charter
Policy and Procedures - Compensation Committee Charter
Policy and Procedures - Nominating Committee Charter February 2024
Fiscal Q1 Holdings
Fiscal Q3 Holdings
Risks
What Are the Risks?
All investments involve risks, including possible loss of principal. Investments in energy-related master limited partnerships (MLPs) and midstream entities are subject to risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued.
MLP cash distributions are generally tax deferred. Non-cash expenses, such as depreciation or depletion, usually offset income derived from an MLP’s operations. To the extent that these expenses exceed income, cash distributions are considered return of capital under tax law. As such, they are not taxed when received. Instead, the distribution, in the form of return of capital, reduces a unit holder’s cost basis. This adjusted cost basis, in turn, results in a higher capital gain or lower capital loss when the units are sold. Of course, there can be no assurances that distributions from an MLP will be tax deferred. The fund will be treated as a regular corporation for U.S. federal income tax purposes and, as a result, unlike most investment companies, is subject to corporate income tax to the extent the fund recognizes taxable income. Any taxes paid by the fund will reduce the amount available to pay distributions to investors, and therefore investors in the fund will likely receive lower distributions than if they invested directly in MLPs or midstream entities.
Important Information
The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships (MLPs) and is calculated using a float-adjusted, capitalization-weighted methodology.
Source: Alerian.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Footnotes
Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
-
Includes operating and other expenses.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings and other liabilities; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.
Based on the fund’s Net Asset Value (NAV)