Investment objective & strategy
As of Feb. 24, 2026 · prospectusObjective. The funds primary investment objective is to generate high current income,
Strategy. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in equity and equity-related securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics. The fund may invest in equity and equity-related securities of issuers with any market capitalization. The fund invests in a diversified portfolio of equity and equity-related securities, including common stocks, preferred stocks, convertible preferred stocks and other securities convertible into equity securities, master limited partnerships (MLPs), real estate investment trusts (REITs), closed- end investment companies, including business development companies (BDCs), and royalty trusts. The fund may invest up to 50% of its net assets in … Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in equity and equity-related securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics. The fund may invest in equity and equity-related securities of issuers with any market capitalization. The fund invests in a diversified portfolio of equity and equity-related securities, including common stocks, preferred stocks, convertible preferred stocks and other securities convertible into equity securities, master limited partnerships (MLPs), real estate investment trusts (REITs), closed- end investment companies, including business development companies (BDCs), and royalty trusts. The fund may invest up to 50% of its net assets in foreign securities, including securities of issuers in emerging market countries. The fund may also seek to generate current income from short-term gains earned through an option strategy which may consist of writing (selling) call options on equity securities in its portfolio (covered calls) and on broader equity market indexes, or writing (selling) put options on such securities or indexes. The funds investments in options on equity securities and equity market indexes are included in the 80% policy described above. The fund may invest up to 20% of its assets in fixed income securities of any credit quality, including securities rated below investment grade or, if unrated, deemed by the subadviser to be of comparable quality (high yield or junk bonds). The funds investments in fixed income securities may include structured notes.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ALPHABET INC CL A | — | $10.59M | 2.91% |
| WILLIAMS COS INC | — | $10.55M | 2.90% |
| APPLE INC | — | $9.75M | 2.68% |
| MICROSOFT CORP | — | $9.31M | 2.56% |
| MLP | ET | $8.72M | 2.40% |
| UNION PACIFIC CORP | — | $8.26M | 2.27% |
| EMERSON ELECTRIC CO | — | $7.53M | 2.07% |
| NEXTERA ENERGY INC | — | $7.36M | 2.02% |
| DTE ENERGY CO | — | $7.27M | 2.00% |
| JPMORGAN CHASE and CO | — | $7.24M | 1.99% |
Portfolio moves
Jan 30, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| LMP Capital & Income Fund Inc. | 76% | — |
| ClearBridge Variable Appreciation Portfolio · QLMAOX, CVAPX | 35% | 0.70% |
| ClearBridge Appreciation Fund · SHAPX, SAPCX, SAPYX, LMPPX, LMPIX, LMESX | 34% | 0.55% |
Advisers
| Firm | Role |
|---|---|
| FRANKLIN TEMPLETON FUND ADVISER, LLC | Adviser |
| Western Asset Management Company, LLC | Sub-adviser |
| ClearBridge Investments, LLC | Sub-adviser |
Footnotes
- Expense ratio as of February 24, 2026, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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