Fund Description

The fund seeks to maximize income to support monthly distributions while maintaining the prospects for capital appreciation. The fund invests in a diversified portfolio of stocks and debt securities and employs a managed distribution policy that is intended to provide level monthly payments.

Strategy Statement

"By combining a diverse mix of income-oriented investments, we believe the fund could be an attractive choice for investors seeking a consistent level of monthly income distributions."

Edward D. Perks, CFA®


Edward D. Perks, CFA

Edward D. Perks, CFA®

  • Joined Franklin Templeton in 1992
  • Managed Fund Since 2006
Brendan Circle, CFA

Brendan Circle, CFA®

  • Joined Franklin Templeton in 2013
  • Managed Fund Since 2019
Todd Brighton, CFA

Todd Brighton, CFA®

  • Joined Franklin Templeton in 2000
  • Managed Fund Since 2017


Investment Philosophy
We believe that we can identify investments with the potential to deliver attractive risk-adjusted total returns. We search for long-term investments that seek to exploit a fundamental view that differs from the "market consensus" regarding growth potential or valuation. Our goal is to focus on investment opportunities that we believe offer the most compelling risk-reward trade-off between growth potential, valuation and risk.

Investment Approach
We utilize a flexible and diversified approach, searching across various asset classes including equities, fixed income and convertibles in seeking to meet the fund’s investment objective. The fund normally invests at least 25% of its total assets in equity securities and at least 25% of its total assets in fixed-income securities, including money market securities and the value of convertible and preferred securities that can be attributed to their debt characteristics.


Overall Morningstar Rating As of 06/30/2020

Rating Category: Allocation--50% to 70% Equity

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.

Historical Morningstar Rating As of 06/30/2020

Years Ratings Funds
in category
3 Stars
3 Stars

Morningstar Style Box As of05/31/2020

Strategy, Benefits, Results


  • Manage Income Distributions. We set the fund’s fixed monthly
    income distribution rate each year based on the market environment and our outlook for income potential.

  • Diversify Holdings. We aim to create a diversified portfolio of
    stocks and fixed income securities to support monthly income distributions.

  • Research and Evaluate. We conduct a bottom-up assessment of company’s security prices and income potential relative to our own long-term expectations and portfolio goals.

  • Find the Right Mix. We actively seek an optimal mix of equity and fixed income investments by evaluating changing economic, market and industry conditions.


  • Fixed monthly income distributions, which are pre-determined for each calendar year.

  • Broadly diversified and actively managed to adapt to changing markets.

  • Experienced management team culled from Franklin Templeton Multi-Asset Solutions, the Franklin Equity Group, and the Franklin Templeton Fixed Income Group®

Selling The Fund

  1. Highlight the fund’s experienced management team comprised of members of Franklin Templeton Multi-Asset Solutions, Franklin Equity Group and Franklin Templeton Fixed Income Group.

  2. Emphasize the fund’s balanced approach with exposure to both equities and fixed income securities.

  3. Highlight the fund’s managed income distribution policy and how it aims to provide a consistent stream of monthly income.