YTD (Year-to-Date) returns are cumulative figures and are not annualized. YTD returns are calculated from January 1 of the reporting year. Returns assume reinvestment of all distributions at net asset value and the deduction of all fund expenses. Performance data does not reflect trade date adjustment made to the NAV at the month end. Performance would have been lower if fees had not been waived in various periods.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.
Absent fee waivers and/or reimbursements, performance would have been lower.*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. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become higher than the numbers shown in the table above.
***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 would reflect voluntary fee waivers and/or reimbursements, for Class I shares, where these reductions reduce the fund’s gross expenses. These waivers and/or reimbursements may be reduced or terminated at any time. Because Class A, B and C shares of the Fund do not currently have fee waivers or reimbursements, gross and net expense ratios are the same.
An investor cannot invest directly in an index.
Click here for Index Definitions.Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.All investments involve risk, including possible loss of principal.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, LLC, is a subsidiary of Legg Mason, Inc.
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