Equity

SOPAX ClearBridge Dividend Strategy Fund

Access to quality companies. Seeks to invest in high-quality stocks with an attractive or improving dividend profile.
Emphasis on dividends. Seeks a combination of dividend income, dividend growth and long-term capital appreciation.
Core portfolio holdings. Focusing on companies that have a long history of paying and raising dividends provides investors an income stream and risk mitigation.

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to invest in high-quality stocks with an attractive or improving dividend profile. Seeks a combination of dividend income, dividend growth and long-term capital appreciation. Uses fundamental analysis to select a diversified portfolio of companies with long histories of paying and raising dividends.

Benchmark: S&P 500 Index
Dividend Frequency, if any: Quarterly
30-Day SEC Yield—With Waiver ^4,5,6As of 10/31/2025 (Updated Monthly): 1.24%
30-Day SEC Yield—Without Waiver ^4,6As of 10/31/2025 (Updated Monthly): 1.24%
Fund Inception Date: 09/16/1985

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁷: 1.00%
Net Expense Ratio^7,8: 1.00%
Maximum Initial Charge: 5.50%
CDSC⁹: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: SOPAX
Fund Number: 7078
CUSIP Code: 52469H636

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

3.84%1 Year
12.13%3 Years
12.66%5 Years
11.00%10 Years
9.18%Since Inception
11/06/1992

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 Equity as a % of Total (Updated Monthly)

Information Technology15.49%

Financials14.31%

Health Care11.93%

Energy10.34%

Communication Services10.04%

Additional Fund Info

Share Class Inception Date: 11/06/1992
Investment Style: Large Cap
Lipper Classification: Equity Income Funds
Morningstar Category: Large Value

Manager and Commentary

About the Team

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.

Commentary Highlights

September 30, 2025

Markets: The third quarter continued the post-Liberation Day rebound for U.S. equity markets, with animal spirits driving the S&P 500 Index to record highs. Investor optimism was fueled by better-than-feared tariff outcomes, the passing of the One Big Beautiful Bill Act in July, anticipated interest rate cuts — the Federal Reserve delivered with a 25 bps cut in September and signaled further easing — and robust corporate earnings.
Contributors: Stock selection in the industrials, IT, health care and utilities sectors proved beneficial.
Detractors: An underweight to IT and an overweight to consumer staples detracted. Stock selection in the communication services and real estate sectors also detracted.
Outlook: With investors continuing to be complacent in the face of historically high valuations, we continue to emphasize investments with more modest valuations. The gap between the valuation of our portfolio and the market remains as wide as it has ever been. We believe this positions us both for better potential appreciation and lower downside risk

For complete information, please see the full commentary

Managed Fund Since 2019

Managed Fund Since 2009

Latest ClearBridge Insights

November 3, 2025

AOR Update: Data dearth and the dashboard

October 20, 2025

AOR Update (Podcast): Bubble or Boom?

October 10, 2025

The Long View: Bubble or boom?

September 18, 2025

Infrastructure in the rapidly changing policy landscape

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class A - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

S&P 500 Index (%)

Month End

As of 10/31/2025

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. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 4 out of 5 stars
1084 Funds in category

5 Years: 5 Years: 3 out of 5 stars
1027 Funds in category

10 Years: 10 Years: 5 out of 5 stars
842 Funds in category

Rating Category: Large Value

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

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

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.

©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.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $8.77 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 56
Benchmark: 503

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Dividend Yield ¹⁰

Fund: 2.22%
Benchmark: 1.12%

Weighted Average Market Capitalization (USD)

Fund: $562.12 Billion
Benchmark: $1,442.44 Billion

Median Market Cap (USD)
The weighted median is calculated by first ranking all of the companies in the specified universe in ascending order based on the specified formula. All of the weights for the companies are summed. Then, the function steps through the sorted list while keeping a running total of the weights. The value returned by the function as the weighted median value is that belonging to the company straddling the 50% barrier.

Fund: $146.77 Billion
Benchmark: $415.43 Billion

Portfolio Turnover

Fund: 19.00%
Benchmark: —

Price to Earnings (12-Month Trailing)

Fund: 22.11x
Benchmark: 28.93x

Price to Book

Fund: 6.18x
Benchmark: 8.11x

Price to Earnings (12-Month Forward)

Fund: 19.07x
Benchmark: 25.25x

Asset Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	99.05%
Bond	0.46%
Cash	0.49%

Holdings
As of 10/31/2025 (Updated Monthly)

Microsoft Corp

Broadcom Inc.

Exxon Mobil Corp

Sempra Energy

Enbridge Inc.

Alphabet Inc. Class A

Nestle S.A. Sponsored ADR

Becton Dickinson & Co.

Williams Cos Inc

JPMorgan Chase & Co.

Portfolio holdings are based on the 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.

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions: June, December

Proposed 2025 distribution dates for some Franklin Templeton Specialist Investment Managers (excluding ETFs).

Rates and Yields Read important information about results and other investment disclosures

30-Day SEC Yield ^4,5,6

As of 10/31/2025 (Updated Monthly)

w/ Waiver 1.24%

w/o Waiver 1.24%

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
Distribution amounts may be estimates

12/18/2025

09/29/2025

06/27/2025

03/28/2025

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 or statement of additional information for specific information regarding distributions.

Pricing

Pricing History

As of 11/13/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV ¹(Net Asset Value): $31.61
NAV Change ¹: $-0.36
NAV Change (%) ¹: -1.13%
POP ¹¹(Public Offering Price): $33.45

52-Week Range

Highest NAV: $33.32
Lowest NAV: $27.10

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Product Commentary - ClearBridge Dividend Strategy Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge Dividend Strategy Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge Dividend Strategy Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Prospectus - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Summary Prospectus - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Statement of Additional Information - ClearBridge Dividend Strategy FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge Dividend Strategy FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge Dividend Strategy FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small- and mid-cap investments. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Prior to May 1, 2015, this Fund had a different investment objective and followed different investment strategies under the name “ClearBridge Equity Income Fund”. Prior to December 7, 2009, the fund had different investment objectives, investment policies and investment strategies under the name “Legg Mason ClearBridge Capital and Income Fund

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©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.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
Dividend yield is calculated without the deduction of fees and expenses.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

SOPAX ClearBridge Dividend Strategy Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Class A

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest ClearBridge Insights

Performance

Average Annual Total Returns

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Asset Allocation

Holdings
As of 10/31/2025 (Updated Monthly)

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Distributions Per Share
Distribution amounts may be estimates

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

SOPAX ClearBridge Dividend Strategy Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest ClearBridge Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³