The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost.
YTD (Year-To-Date) returns are cumulative figures and are not annualized. YTD returns are calculated from January 1 of the reporting year. Average annual total returns and calendar year returns assuming reinvestment of all distributions at net asset value and the deduction of all fund expenses. Performance would have been lower if fees had not been waived in various periods.Class INST shares are sold at net asset value with no initial or contingent deferred sales charge, but higher initial minimum investment requirements apply.
Performance for other share classes will vary due to differences in sales charge structure and class expenses. All classes of shares are not available through all distribution channels.
Average annual total returns and calendar-year total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.*Change indicates change in the NET ASSET VALUE from the previous business day.
** Gross expenses are the Fund's total annual operating expenses for the share class(es) indicated as of the date of the Fund's most current prospectus and do not reflect fee waivers or reimbursements. These expenses include management fees, 12b-1 distribution and service fees, and other expenses.
*** Net expenses are the Fund's total annual operating expenses for the share classes indicated as of the date of the Fund's most current prospectus and reflect voluntary fee waivers and/or reimbursements, which may be reduced or terminated at any time.
An investor cannot invest directly in an index.
Click here for Index Definitions.Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services is a subsidiary of Legg Mason, Inc.
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