52467W882
ClearBridge Variable Appreciation Portfolio
NAV 1
$72.83
Overall Morningstar Rating
Rating Category: Large Blend
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
| Large | Size | |||
|---|---|---|---|---|
| Medium | ||||
| Small | ||||
| Value | Blend | Growth | ||
| Style | ||||
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.
Historical Morningstar Ratings
| Years | 3 |
| Ratings | |
| Number of Funds In Category | 245 |
| Years | 5 |
| Ratings | |
| Number of Funds In Category | 234 |
| Years | 10 |
| Ratings | |
| Number of Funds In Category | 205 |
©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.
Overview
- Fund Description
- Meet Your Manager
Fund Description
- Invests primarily in equity securities of U.S. companies. Typically focusing on medium and large cap companies, but may also invest in small cap companies
- Seeks long-term capital appreciation potential in a core equity holding that seeks to strike a careful balance between reward and risk
- Targets companies with effective management, superior earnings growth and strong or improving fundamentals
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.
Fund Information
Portfolio Managers
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Month End As of 09/30/2025 | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception 10/16/1991 | |
|---|---|---|---|---|---|---|
| Class I - Without Sales Charge (NAV) (%) | 15.75 | 22.19 | 14.87 | 14.02 | 9.98 | |
| S&P 500 Index (%) | 17.60 | 24.94 | 16.47 | 15.30 | 10.84 |
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. The performance returns do not reflect the deduction of insurance contract charges and expenses imposed in connection with investing in a variable annuity or insurance contracts, including but not limited to administrative fees, account charges and surrender charges, which if reflected, would reduce performance. Performance for other share classes will vary due to differences in sales charge structure and class expenses. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.
Calendar Year Returns
Calendar Year Returns
Chart
Month End As of 09/30/2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class I - Without Sales Charge (NAV) (%) | 13.37 | 22.65 | 19.71 | -12.44 | 23.66 | 14.78 | 29.86 | -1.74 | 19.54 | 9.77 | 1.60 | 10/16/1991 | |
| S&P 500 Index (%) | 14.83 | 25.02 | 26.29 | -18.11 | 28.71 | 18.40 | 31.49 | -4.38 | 21.83 | 11.96 | 1.38 | — |
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. The performance returns do not reflect the deduction of insurance contract charges and expenses imposed in connection with investing in a variable annuity or insurance contracts, including but not limited to administrative fees, account charges and surrender charges, which if reflected, would reduce performance. Performance for other share classes will vary due to differences in sales charge structure and class expenses. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $10,000 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.
1991
2025
Chart
Month End As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 10/16/1991 | |
|---|---|---|---|---|---|---|---|---|
| Class I - Without Sales Charge (NAV) (%) | 13.37 | 15.75 | 82.43 | 100.02 | 271.30 | 559.47 | 2,425.49 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 3,205.07 |
Historical Cumulative Total Returns
2025
Date Selected As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 10/16/1991 | |
|---|---|---|---|---|---|---|---|---|
| Class I - Without Sales Charge (NAV) (%) | 13.37 | 15.75 | 82.43 | 100.02 | 271.30 | 559.47 | 2,425.49 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 3,205.07 |
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. The performance returns do not reflect the deduction of insurance contract charges and expenses imposed in connection with investing in a variable annuity or insurance contracts, including but not limited to administrative fees, account charges and surrender charges, which if reflected, would reduce performance. Performance for other share classes will vary due to differences in sales charge structure and class expenses. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.
Risk Measures
Risk Measures
| Statistics | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| Alpha (%) | 0.66 | -0.20 | -0.01 |
| Beta | 0.88 | 0.90 | 0.90 |
| R-Squared | 0.94 | 0.96 | 0.97 |
| Historical Tracking Error | 3.39 | 3.24 | 2.86 |
| Information Ratio | -0.81 | -0.49 | -0.45 |
| Upside Capture Ratio | 85.62 | 88.19 | 89.66 |
| Downside Capture Ratio | 86.64 | 91.91 | 92.59 |
| Standard Deviation (%) | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| Class I - Without Sales Charge (NAV) | 13.09 | 14.46 | 14.01 |
| Sharpe Ratio (%) | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| Class I - Without Sales Charge (NAV) | 1.32 | 0.82 | 0.86 |
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. The performance returns do not reflect the deduction of insurance contract charges and expenses imposed in connection with investing in a variable annuity or insurance contracts, including but not limited to administrative fees, account charges and surrender charges, which if reflected, would reduce performance. Performance for other share classes will vary due to differences in sales charge structure and class expenses. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.
Portfolio
Assets
Positions
| Fund | Benchmark | |
|---|---|---|
| Number of Holdings | 59 | 503 |
Portfolio Allocations
Sector Allocation
Chart
| Fund | Benchmark | ||
|---|---|---|---|
| Information Technology | 28.75% | 34.78% | |
| Communication Services | 13.53% | 10.14% | |
| Financials | 13.38% | 13.54% | |
| Industrials | 11.82% | 8.29% | |
| Health Care | 7.39% | 8.86% | |
| Consumer Discretionary | 7.15% | 10.54% | |
| Consumer Staples | 6.39% | 4.91% | |
| Materials | 4.99% | 1.77% | |
| Energy | 3.28% | 2.89% | |
| Utilities | 1.37% | 2.35% | |
| Real Estate | 0.85% | 1.94% |
Portfolio Holdings
- Holdings
- Top Ten Holdings
Holdings
Holdings
Top Ten Holdings
Top Equity Issuers
Chart
| Fund | ||
|---|---|---|
| Microsoft Corp | 9.09% | |
| NVIDIA Corp | 7.37% | |
| Alphabet Inc | 5.24% | |
| Apple Inc | 4.50% | |
| Meta Platforms Inc | 3.89% | |
| Broadcom Inc | 3.37% | |
| Amazon.com Inc | 3.00% | |
| JPMorgan Chase & Co | 2.91% | |
| Bank of America Corp | 2.64% | |
| Walmart Inc | 2.44% |
Distributions & Tax
Distribution Schedules
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
Current Year Distributions Per Share
| Record Date | Ex-Dividend Date | Reinvestment Date | Payable Date | Reinvestment Price | Long-Term Capital Gains | Short-Term Capital Gains | Income | Total Distribution Per Share |
|---|---|---|---|---|---|---|---|---|
| 06/10/2025 | 06/11/2025 | 06/11/2025 | 06/11/2025 | $66.01 | $0.32842 | $0.03972 | $0.011513 | $0.379653 |
Historical Distributions Per Share
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
- 2012
- 2011
- 2010
- 2009
- 2008
- 2007
- 2006
- 2005
- 2004
- 2003
- 2002
- 2000
- Since Inception
| Record Date | Ex-Dividend Date | Reinvestment Date | Payable Date | Reinvestment Price | Long-Term Capital Gains | Short-Term Capital Gains | Income | Total Distribution Per Share |
|---|---|---|---|---|---|---|---|---|
| 12/05/2024 | 12/06/2024 | 12/06/2024 | 12/06/2024 | $66.30 | $6.29508 | $0.05367 | $0.476625 | $6.825375 |
| 06/10/2024 | 06/11/2024 | 06/11/2024 | 06/11/2024 | $65.11 | $0.59558 | $0.00623 | $0.033587 | $0.635397 |
| 12/07/2023 | 12/08/2023 | 12/08/2023 | 12/08/2023 | $56.53 | $1.12522 | $0.10013 | $0.527162 | $1.752512 |
| 06/12/2023 | 06/13/2023 | 06/13/2023 | 06/13/2023 | $55.20 | $0.33299 | — | $0.008535 | $0.341525 |
| 12/08/2022 | 12/09/2022 | 12/09/2022 | 12/09/2022 | $50.95 | $2.13119 | — | $0.541753 | $2.672943 |
| 06/15/2022 | 06/16/2022 | 06/16/2022 | 06/16/2022 | $49.10 | $0.48757 | — | $0.037666 | $0.525236 |
| 12/09/2021 | 12/10/2021 | 12/10/2021 | 12/10/2021 | $60.58 | $1.78995 | $0.05652 | $0.368914 | $2.215384 |
| 06/17/2021 | 06/17/2021 | — | 06/17/2021 | $57.29 | $0.3724 | — | — | $0.3724 |
| 12/10/2020 | 12/11/2020 | 12/11/2020 | 12/11/2020 | $50.51 | $1.05638 | — | $0.48276 | $1.53914 |
| 06/17/2020 | 06/18/2020 | 06/18/2020 | 06/18/2020 | $43.83 | $0.41401 | $0.03515 | $0.022217 | $0.471377 |
| 12/12/2019 | 12/13/2019 | 12/13/2019 | 12/13/2019 | $45.94 | $1.51567 | $0.04196 | $0.590679 | $2.148309 |
| 06/19/2019 | 06/20/2019 | 06/20/2019 | 06/20/2019 | $44.85 | $1.35523 | — | $0.040914 | $1.396144 |
| 12/13/2018 | 12/14/2018 | 12/14/2018 | 12/14/2018 | $40.05 | $1.5457 | — | $0.543332 | $2.089032 |
| 06/20/2018 | 06/21/2018 | 06/21/2018 | 06/21/2018 | $42.41 | $0.31238 | $0.0135 | $0.017668 | $0.343548 |
| 12/14/2017 | 12/15/2017 | 12/15/2017 | 12/15/2017 | $42.00 | $1.23613 | $0.0629 | $0.485753 | $1.784783 |
| 06/12/2017 | 06/13/2017 | 06/13/2017 | 06/13/2017 | $39.81 | $0.11433 | — | $0.005182 | $0.119512 |
| 12/16/2016 | 12/19/2016 | 12/19/2016 | 12/19/2016 | $37.08 | $0.71078 | — | $0.477049 | $1.187829 |
| 06/07/2016 | 06/08/2016 | 06/08/2016 | 06/08/2016 | $36.23 | $0.10422 | — | $0.006568 | $0.110788 |
| 12/16/2015 | 12/17/2015 | 12/17/2015 | 12/17/2015 | $34.70 | $0.78033 | — | $0.422198 | $1.202528 |
| 06/23/2015 | 06/24/2015 | 06/24/2015 | 06/24/2015 | $36.27 | $0.16667 | $0.00931 | $0.013595 | $0.189575 |
| 12/17/2014 | 12/18/2014 | 12/18/2014 | 12/18/2014 | $35.42 | $1.06838 | $0.01306 | $0.406606 | $1.488046 |
| 06/11/2014 | 06/12/2014 | 06/12/2014 | 06/12/2014 | $34.49 | $0.29853 | — | $0.011 | $0.30953 |
| 12/17/2013 | 12/18/2013 | 12/18/2013 | 12/18/2013 | $32.80 | $1.08796 | — | $0.394213 | $1.482173 |
| 12/19/2012 | 12/20/2012 | 12/20/2012 | 12/20/2012 | $27.35 | — | — | $0.411131 | $0.411131 |
| 06/19/2012 | 06/20/2012 | 06/20/2012 | 06/20/2012 | $25.74 | — | — | $0.024626 | $0.024626 |
| 12/20/2011 | 12/21/2011 | 12/21/2011 | 12/21/2011 | $23.40 | — | — | $0.349909 | $0.349909 |
| 06/07/2011 | 06/08/2011 | 06/08/2011 | 06/08/2011 | $23.95 | — | — | $0.03631 | $0.03631 |
| 12/21/2010 | 12/22/2010 | 12/22/2010 | 12/22/2010 | $23.42 | — | — | $0.338089 | $0.338089 |
| 06/17/2010 | 06/18/2010 | 06/18/2010 | 06/18/2010 | $21.31 | — | — | $0.01632 | $0.01632 |
| 12/21/2009 | 12/22/2009 | 12/22/2009 | 12/22/2009 | $21.13 | — | — | $0.320009 | $0.320009 |
| 06/17/2009 | 06/18/2009 | 06/18/2009 | 06/18/2009 | $17.99 | — | — | $0.085058 | $0.085058 |
| 12/18/2008 | 12/19/2008 | 12/19/2008 | 12/19/2008 | $17.28 | — | — | $0.295029 | $0.295029 |
| 06/18/2008 | 06/19/2008 | 06/19/2008 | 06/19/2008 | $24.80 | $0.82031 | $0.12795 | $0.008758 | $0.957018 |
| 12/20/2007 | 12/21/2007 | 12/21/2007 | 12/21/2007 | $26.56 | $1.97488 | $0.1378 | $0.293594 | $2.406274 |
| 06/21/2007 | 06/22/2007 | 06/22/2007 | 06/22/2007 | $28.05 | $0.21685 | $0.02125 | $0.011212 | $0.249312 |
| 12/26/2006 | 12/27/2006 | 12/27/2006 | 12/27/2006 | $26.89 | $0.75129 | — | $0.292839 | $1.044129 |
| 06/22/2006 | 06/23/2006 | 06/23/2006 | 06/23/2006 | $24.57 | $0.02158 | — | $0.001824 | $0.023404 |
| 12/27/2005 | 12/28/2005 | 12/28/2005 | 12/28/2005 | $24.38 | — | — | $0.203527 | $0.203527 |
| 08/18/2005 | 08/19/2005 | 08/19/2005 | 08/19/2005 | $23.82 | — | — | $0.002533 | $0.002533 |
| 12/27/2004 | 12/28/2004 | 12/28/2004 | 12/28/2004 | $23.45 | — | — | $0.2432 | $0.2432 |
| 06/24/2004 | 06/25/2004 | 06/25/2004 | 06/25/2004 | $22.33 | — | — | $0.0106 | $0.0106 |
| 12/29/2003 | 12/30/2003 | 12/30/2003 | 12/30/2003 | $21.74 | — | — | $0.1225 | $0.1225 |
| 07/24/2003 | 07/25/2003 | 07/25/2003 | 07/25/2003 | $19.60 | — | — | $0.005 | $0.005 |
| 12/26/2002 | 12/27/2002 | 12/27/2002 | 12/27/2002 | $17.47 | — | — | $0.1236 | $0.1236 |
| 08/27/2002 | 08/28/2002 | 08/28/2002 | 08/28/2002 | $18.32 | — | — | $0.1651 | $0.1651 |
| 06/27/2000 | 06/29/2000 | 06/29/2000 | 06/26/2000 | $22.76 | — | — | $0.1683 | $0.1683 |
| 06/29/2000 | 06/29/2000 | — | 06/29/2000 | $22.79 | $0.3137 | — | — | $0.3137 |
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 Chart
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
Chart
Historical Data - Daily Fund Prices
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
Historical Pricing Results From 09/30/2025 To 10/31/2025
| Date | NAV | NAV Change | NAV Change (%) |
|---|---|---|---|
| 10/31/2025 | $72.83 | $-0.02 | -0.03% |
| 10/30/2025 | $72.85 | $-0.70 | -0.95% |
| 10/29/2025 | $73.55 | $-0.05 | -0.07% |
| 10/28/2025 | $73.60 | $0.14 | 0.19% |
| 10/27/2025 | $73.46 | $0.79 | 1.09% |
| 10/24/2025 | $72.67 | $0.37 | 0.51% |
| 10/23/2025 | $72.30 | $0.34 | 0.47% |
| 10/22/2025 | $71.96 | $-0.37 | -0.51% |
| 10/21/2025 | $72.33 | $-0.05 | -0.07% |
| 10/20/2025 | $72.38 | $0.68 | 0.95% |
| 10/17/2025 | $71.70 | $0.40 | 0.56% |
| 10/16/2025 | $71.30 | $-0.51 | -0.71% |
| 10/15/2025 | $71.81 | $0.28 | 0.39% |
| 10/14/2025 | $71.53 | $-0.07 | -0.10% |
| 10/13/2025 | $71.60 | $0.95 | 1.34% |
| 10/10/2025 | $70.65 | $-1.55 | -2.15% |
| 10/09/2025 | $72.20 | $-0.30 | -0.41% |
| 10/08/2025 | $72.50 | $0.26 | 0.36% |
| 10/07/2025 | $72.24 | $-0.29 | -0.40% |
| 10/06/2025 | $72.53 | $0.24 | 0.33% |
| 10/03/2025 | $72.29 | $0.11 | 0.15% |
| 10/02/2025 | $72.18 | $0.00 | 0.00% |
| 10/01/2025 | $72.18 | $0.14 | 0.19% |
| 09/30/2025 | $72.04 | $0.39 | 0.54% |
Documents
Regulatory Documents
Regulatory Documents
Summary Prospectus
Prospectus
Annual Financial Statements And Other Information
Annual Report
Statement Of Additional Information
Semi-Annual Report
Semi-Annual Financial Statements And Other Information
Risks
What Are the 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. 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. 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
Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.
VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.
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Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.
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.
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.