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 10/31/2020

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 10/31/2020

Years Ratings Funds
in category
3 Stars
3 Stars

Morningstar Style Box As of09/30/2020

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®