ClearBridge Value Portfolios
Year to Date Returns (Net)
8.85%
Year to Date Returns (Pure Gross)
12.10%
Effective September 30, 2024, ClearBridge All Cap Value Portfolios was renamed ClearBridge Value Portfolios.
Overview
- Investment Overview
- Investment Process
- Meet Your Manager
Investment Overview
The ClearBridge Value Portfolios focus on large-, medium- and small-company stocks.
Investment Objective
The strategy seeks: long-term capital growth. Current income is a secondary consideration.
Investment Philosophy
What we believe:
The stock market is a complex adaptive system
- It dynamically aggregates the views of participants, providing assessments of investment value
- As such, markets broadly adjust quickly to reflect new information, making it challenging for information-driven investment strategies to earn excess returns
Inefficiencies occur in markets
- Inefficiencies occur, particularly when diversity of thought breaks down (e.g., investors panic or get greedy all at once), as well as when the time horizon extends beyond the market’s often myopic frame
To generate excess returns consistently, we must find and exploit these inefficiencies
- We do this through an explicit analysis of market expectations, compared with the expectations we have developed through our review of the company’s economic returns, capital allocation and competitive strategy
Portfolio Positioning
- Designed for investors seeking a value portfolio, with the ability to invest in all market capitalizations
- Offers a long-term buy-and-hold strategy, which may reduce portfolio turnover
Key Differentiators
Process
- Repeatable, proprietary process designed to form explicit variant perceptions relative to expectations embedded in the stock price.
Team
- Robust, frequent communication to surface diverse perspectives and to improve the questions we ask and the assumptions we make.
Portfolio Construction
- Diversification across industries, economic drivers and macroeconomic and quantitative factors to build a resilient portfolio that maximizes risk-adjusted returns and is able to outperform in a variety of market conditions.
Diversification does not guarantee a profit or protect against a loss. Market, security and/or other investment considerations may result in higher turnover from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account. There is no guarantee that the Portfolio's objectives will be met.
Investment Process
Investment Process
Step 1- Discovery: Diversity Breakdowns and Embedded Expectations
Look for diversity breakdowns:
- High-level industry trends and competitive strategy
- Quantitative screens covering multiple sources of return and risk
Embedded expectations for growth, returns and investment needs
Step 2 - Valuation: Probabilistic Analysis of Business Value and Variant Perception
Valuation:
- Multiple analytical tools to understand drivers of business value
Probabilistic Approach:
- Build scenario analysis and simulations to explore business value under different assumptions
Variant Perception:
- Develop an explicit narrative of how investment case differs from embedded expectations
Systematic Updating:
- Actively recalibrate model and probabilities based on new information
Step 3 - Portfolio Construction: Balance of Risk and Return
- Bottom-up weighting decisions to maximize risk-adjusted potential return across industries, economic drivers of returns, as well as macroeconomic and quantitative factor exposures relative to strategy’s benchmark
- Robust team discussions help avoid individual behavioral biases: overconfidence, anchoring, loss aversion, framing effects, confirmation bias
The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved.
Meet Your Manager
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.
Portfolio Managers
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk/Return Profile
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Quarter End As of 12/31/2025 | 1 Year | 3 Years | 5 Years | 7 Years | 10 Years | 15 Years | 20 Years | 25 Years | |
|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Value Portfolios - Net (%) | 8.85 | 11.28 | 8.95 | 8.50 | 7.07 | 6.32 | 4.91 | 4.91 | |
| ClearBridge Value Portfolios - Pure Gross (%) | 12.10 | 14.59 | 12.20 | 11.74 | 10.27 | 9.49 | 8.05 | 8.05 | |
| Russell 1000 Value Index (%) | 15.91 | 13.90 | 11.33 | 12.10 | 10.53 | 10.78 | 8.32 | 7.71 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Calendar Year Returns
Calendar Year Returns
Chart
Quarter End As of 12/31/2025 | YTD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Value Portfolios - Net (%) | 8.85 | 8.85 | 14.34 | 10.71 | -10.23 | 24.14 | -3.20 | 19.10 | -15.72 | 14.59 | 15.80 | 12/31/1993 | |
| ClearBridge Value Portfolios - Pure Gross (%) | 12.10 | 12.10 | 17.73 | 14.01 | -7.51 | 27.80 | -0.27 | 22.63 | -13.15 | 17.99 | 19.23 | 12/31/1993 | |
| Russell 1000 Value Index (%) | 15.91 | 15.91 | 14.37 | 11.46 | -7.54 | 25.16 | 2.80 | 26.54 | -8.27 | 13.66 | 17.34 | — |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $100k does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
1993
2025
Chart
Quarter End As of 12/31/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 12/31/1993 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Value Portfolios - Net (%) | 8.85 | 8.85 | 37.79 | 53.54 | 97.96 | 150.66 | — | |
| ClearBridge Value Portfolios - Pure Gross (%) | 12.10 | 12.10 | 50.46 | 77.84 | 165.70 | 289.83 | — | |
| Russell 1000 Value Index (%) | 15.91 | 15.91 | 47.76 | 70.99 | 172.13 | 364.20 | — |
Historical Cumulative Total Returns
2025
Date Selected As of 12/31/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 12/31/1993 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Value Portfolios - Net (%) | 8.85 | 8.85 | 37.79 | 53.54 | 97.96 | 150.66 | 650.96 | |
| ClearBridge Value Portfolios - Pure Gross (%) | 12.10 | 12.10 | 50.46 | 77.84 | 165.70 | 289.83 | 1,823.82 | |
| Russell 1000 Value Index (%) | 15.91 | 15.91 | 47.76 | 70.99 | 172.13 | 364.20 | 1,795.22 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk/Return Profile
Risk/Return Profile (%)
Based on a 10 year period ending Dec-31-2025
Chart
| Pure Gross |
| Net |
| Russell 1000 Value Index |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk Measures
Risk Measures
| Statistics | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Alpha (Net of Fees) | -8.69 | -2.34 | -2.30 | -3.60 |
| Beta (Net) | 1.27 | 1.01 | 1.04 | 1.08 |
| R-Squared (Net) | 0.93 | 0.89 | 0.93 | 0.95 |
| Historical Tracking Error (Net) | 3.64 | 4.43 | 4.21 | 4.18 |
| Historical Tracking Error (Pure Gross) | 3.64 | 4.43 | 4.21 | 4.18 |
| Information Ratio (Pure Gross) | -1.05 | 0.16 | 0.21 | -0.06 |
| Information Ratio (Net) | -1.94 | -0.59 | -0.56 | -0.83 |
| Standard Deviation (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Standard Deviation (Net) | 10.99 | 13.52 | 15.79 | 17.17 |
| Sharpe Ratio (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Sharpe Ratio (Net) | 0.43 | 0.50 | 0.42 | 0.36 |
| Sharpe Ratio (Pure Gross) | 0.70 | 0.71 | 0.60 | 0.53 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Portfolio
Positions
| Portfolio | Benchmark | |
|---|---|---|
| Number of Issuers | 65 | 866 |
Portfolio Statistics
| Portfolio | Benchmark | |
|---|---|---|
| Median Market Cap (USD) | $76.77 Billion | $132.47 Billion |
| Dividend Yield | 1.68% | 1.74% |
| Price to Earnings (12-Month Forward) | 15.93x | 18.50x |
| Estimated 3-5 Year EPS Growth | 12.75% | 11.73% |
| Price to Book | 4.14x | 4.57x |
| Weighted Average Market Capitalization (USD) | $273.17 Billion | $348.02 Billion |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Allocations
- Sector
- Market Capitalization
Sector
Sector Allocation
Chart
| Portfolio | Benchmark | ||
|---|---|---|---|
| Financials | 23.32% | 22.28% | |
| Health Care | 15.82% | 12.21% | |
| Industrials | 10.71% | 13.00% | |
| Energy | 9.31% | 5.71% | |
| Materials | 8.02% | 4.05% | |
| Information Technology | 7.06% | 11.32% | |
| Communication Services | 6.60% | 8.45% | |
| Utilities | 4.76% | 4.36% | |
| Consumer Discretionary | 4.47% | 7.43% | |
| Consumer Staples | 4.07% | 7.23% | |
| Real Estate | 1.89% | 3.96% | |
| Cash & Cash Equivalents | 3.98% | — |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Market Capitalization
Market Capitalization Allocation 2
Chart
| Portfolio | ||
|---|---|---|
| <10 Billion | 10.99% | |
| 10-50 Billion | 34.54% | |
| 50-250 Billion | 33.01% | |
| 250-500 Billion | 13.57% | |
| >500 Billion | 7.89% |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Holdings
Top Equity Issuers
Chart
| Portfolio | ||
|---|---|---|
| Alphabet Inc | 4.42% | |
| Bank of America Corp | 3.76% | |
| Fairfax Financial Holdings Ltd | 3.69% | |
| Johnson & Johnson | 2.95% | |
| Amazon.com Inc | 2.54% | |
| Micron Technology Inc | 2.47% | |
| Chevron Corp | 2.22% | |
| EQT Corp | 2.21% | |
| Walt Disney Co/The | 2.18% | |
| CVS Health Corp | 2.04% |
Documents
Product Documents
Factsheet
Product Commentary
Disclosure
Risks
What Are the Risks?
All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks.
Important Information
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated sub-advisers: ClearBridge Investments, LLC. Management is implemented by FTPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.
Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares. Returns reflect reinvestment of dividends and capital gains. Performance figures for periods shorter than one year represent cumulative figures and are not annualized. All performance is reported in US dollars.
ClearBridge Investments, LLC, Franklin Templeton Investment Solutions, Martin Currie, Royce Investment Partners, Western Asset Management Company, LLC, and Franklin Templeton claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Professional money management may not be suitable for all investors. Factual information relating to the securities discussed was obtained from sources believed to be reliable, but there can be no guarantee as to its accuracy. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in the material.
You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.
Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.
Important data provider notices and terms available at www.franklintempletondatasources.com.
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.
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Footnotes
Dividend yield is calculated without the deduction of fees and expenses.
Capitalization Rate is calculated without the deduction of fees and expenses.