Equity

SOPYX 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): 1.59%
30-Day SEC Yield—Without Waiver ^4,6As of 10/31/2025 (Updated Monthly): 1.59%
Fund Inception Date: 09/16/1985

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁷: 0.73%
Net Expense Ratio^7,8: 0.73%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: SOPYX
Fund Number: 7451
CUSIP Code: 52469H594

Average Annual Total Returns As of 10/31/2025

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

Class I

With Sales Charge (POP)

Without Sales Charge (NAV)

10.22%1 Year
14.58%3 Years
14.32%5 Years
11.98%10 Years
9.27%Since Inception
02/07/1996

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: 02/07/1996
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 I - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class I - 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 ⁹

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

Market Capitalization Allocation

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

Market Capitalization Allocation
Market Capitalization	Fund
10-50 Billion	10.80%
50-250 Billion	55.42%
250-500 Billion	12.38%
>500 Billion	21.41%

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

Williams Cos Inc

Becton Dickinson & Co.

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

Federal ID Number 042903954

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Mar 27	0.116594	0.116594	—	—	—	—	—	—	—
Jun 27	0.235512	0.235512	0.10409	—	—	—	—	—	—
Sep 27	0.104869	0.104869	—	—	—	—	—	—	—
Dec 19	0.168248	0.168248	2.18061	—	—	—	—	—	—
	0.625223	0.625223	2.2847	—	—	—	—	—	—

Mar 27

Jun 27

Sep 27

Dec 19

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 90.37%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

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): $33.03
NAV Change ¹: $-0.38
NAV Change (%) ¹: -1.14%
POP ¹⁰(Public Offering Price): $33.03

52-Week Range

Highest NAV: $34.66
Lowest NAV: $28.27

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 I	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge Dividend Strategy Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge Dividend Strategy Fund - Class I	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.

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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.
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.

SOPYX 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 I

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

Market Capitalization Allocation

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

Distributions & Tax

Federal ID Number 042903954

Distributions per Share ($)

Supplemental Tax Information

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

SOPYX ClearBridge Dividend Strategy Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class I

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest ClearBridge Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Market Capitalization Allocation

Distributions & Tax

Federal ID Number 042903954

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³