Equity

RGAVX ClearBridge Global Infrastructure Income Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to provide income and capital appreciation by investing primarily in income paying infrastructure companies. The manager looks for attractively valued companies, and for companies it believes can provide sustainable income distributions. Infrastructure companies may include those engaged in the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or that provide raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related, energy-related, water and sewage-related, communications- related, and social services-related assets. May seek investment opportunities in any country, with at least 40% of its investments tied economically to countries outside of the United States, under favorable conditions, and up to 20% in developing or emerging markets.

Benchmark³: FTSE Global Core Infrastructure 50/50 Index-NR
Fund Inception Date: 04/01/2016
Dividend Frequency, if any: Quarterly
Distribution Rate at NAV^4,5As of 02/10/2026 (Updated Daily): 2.19%
30-Day SEC Yield—With Waiver^6,7,8As of 01/31/2026 (Updated Monthly): 2.57%
30-Day SEC Yield—Without Waiver^7,8As of 01/31/2026 (Updated Monthly): 2.43%

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁹: 1.41%
Net Expense Ratio^9,10: 1.31%
Maximum Initial Charge: 5.50%
CDSC¹¹: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: RGAVX
Fund Number: 7201
CUSIP Code: 52471E480

Average Annual Total Returns As of 01/31/2026

View performance section for additional info As of 01/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

22.66%1 Year
8.09%3 Years
7.01%5 Years
—10 Years
7.82%Since Inception
03/31/2016

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 01/31/2026 % of Total (Updated Monthly)

Top Sectors
Electric44.60%
Gas13.38%
Energy Infrastructure9.24%
Airports7.58%
Renewables6.66%

Additional Fund Info

Share Class Inception Date: 03/31/2016
Investment Style: Sector
Lipper Classification: Global Infrastructure Funds
Morningstar Category¹²: Infrastructure

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.

Commentary Highlights

12/31/2025

Markets: Listed infrastructure trailed global equities in the fourth quarter, both delivering a more subdued end to a strong year of performance.
Contributors: On a regional basis, Western Europe was the top portfolio contributor for quarter, with U.K. electric utility SSE and Spanish electric utility Iberdrola the lead performers.
Detractors: Higher production and storage levels and weaker weather forecasts for natural gas kept prices lower most of the quarter, weighing on shares of natural gas utilities and pipeline stocks. Elevated interest rates and lower growth drove largely negative performance from communication tower stocks.
Outlook: Inflection in electricity demand and solid earnings growth helped listed infrastructure performance in 2025, and this looks set to continue in 2026, with the added benefit of lower nominal bond yields.

For complete information, please see the full commentary:

Managed Fund Since 2019

Managed Fund Since 2016

Latest ClearBridge Insights

February 5, 2026

AOR Update: US equities—new year, same rotation

January 15, 2026

AOR Update (Podcast): Is the AI era a repeat of the dot.com era?

January 15, 2026

ESG 2026 outlook: Resilience and evolution

January 14, 2026

International value outlook: A more balanced opportunity set in 2026

Performance

Calendar Year Returns

As of 01/31/2026

Month End

Quarter End

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

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

FTSE Global Core Infrastructure 50/50 Index-NR (%)

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: 2 out of 5 stars
As of 01/31/2026

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

5 Years: 5 Years: 2 out of 5 stars
76 Funds in category

10 Years: —

Rating Category: Infrastructure

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 01/31/2026

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 of01/31/2026 (Updated Monthly)

Total Net Assets: $153.63 Million

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 37
Benchmark: 272

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 18.76x
Benchmark: 18.71x

Weighted Average Market Capitalization (USD)

Fund: $46.54 Billion
Benchmark: $53.22 Billion

Price to Earnings (12-Month Trailing)

Fund: 20.75x
Benchmark: 19.41x

Price to Book

Fund: 2.92x
Benchmark: 2.50x

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: $36.60 Billion
Benchmark: $41.10 Billion

Sector Allocation

As of 01/31/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Electric	44.60%
Gas	13.38%
Energy Infrastructure	9.24%
Airports	7.58%
Renewables	6.66%
Water	5.56%
Rail	4.55%
Toll Roads	4.05%
Other Infrastructure	1.53%
Cash & Cash Equivalents	2.84%

Holdings
As of 01/31/2026 (Updated Monthly)

SSE plc

Entergy Corp

Aena SME SA

Williams Cos Inc

TC Energy Corp.

APA Group NpV

BROOKFIELD RENEWABLE NPV

E.ON SE

Severn Trent Plc

South Bow Corp

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: December

Proposed 2026 distribution dates for some Franklin Templeton specialist investment managers (excluding ETFs).

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

Distribution Rate ^4,5

As of 02/10/2026 (Updated Daily)

At Net Asset Value (NAV) 2.19%

30-Day SEC Yield ^6,7,8

As of 01/31/2026 (Updated Monthly)

w/ Waiver 2.57%

w/o Waiver 2.43%

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
Distributions with future dates are estimates and those figures are not final

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 02/10/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/10/2026

Share Prices

As of 02/10/2026

NAV ¹(Net Asset Value): $16.46
NAV Change ¹: $0.08
NAV Change (%) ¹: 0.49%
POP ¹³(Public Offering Price): $17.42

52-Week Range

Highest NAV: $16.46
Lowest NAV: $12.53

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - ClearBridge Global Infrastructure Income Fund	Download Document
Checkbox	Product Commentary - ClearBridge Global Infrastructure Income Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge Global Infrastructure Income Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge Global Infrastructure Income Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge Global Infrastructure Income Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - ClearBridge Global Infrastructure Income Fund	Download Document
Checkbox	Prospectus - ClearBridge Global Infrastructure Income Fund	Download Document
Checkbox	Summary Prospectus - ClearBridge Global Infrastructure Income Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Income Trust Book 20Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge Global Infrastructure Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge Global Infrastructure Income 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. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Companies in the infrastructure industry may be subject to a variety of factors, including high interest costs, high degrees of leverage, effects of economic slowdowns, increased competition, and impact resulting from government and regulatory policies and practices. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. 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. Investments in energy-related master limited partnerships and midstream entities are subject to risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. 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. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. 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.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

The FTSE Global Core Infrastructure 50/50 includes developed and emerging market infrastructure and infrastructure-related listed securities allocated to 50% utilities, 30% transportation, including capping of 7.5% for railroads/railways, and a 20% mix of other sectors, including pipelines, satellites and telecommunication towers.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Source: FTSE.

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.

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.
Effective June 1, 2025, the fund changed its benchmark to the FTSE Global Core Infrastructure 50/50 Index-NR.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. Distribution Rate includes income and return of capital, if any, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
©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.
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.
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.
Capitalization Rate is calculated without the deduction of fees and expenses.

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RGAVX ClearBridge Global Infrastructure Income 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

Calendar Year Returns

Ratings 14

Portfolio

Sector 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 ¹⁴