ClearBridge Dividend Strategy Portfolios
Year to Date Returns (Net)
9.84%
Year to Date Returns (Pure Gross)
11.48%
Overview
- Investment Overview
- Investment Process
- Meet Your Manager
Investment Overview
ClearBridge Dividend Strategy Portfolios invest primarily in dividend-paying stocks that offer the potential for income growth and capital appreciation over time. The investment team believes that companies that exhibit market leadership, coupled with solid balance sheets and strong dividend profiles, are attractive investment candidates for the long-term investor.
Investment Objective
The strategy seeks:
- Attractive dividend yield1
- Powerful compounding of dividends
- Risk management in volatile markets
1. Dividends and yields represent past performance. There is no assurance they will continue to be paid in the future.
Key Differentiators
Stock level:
- Does not employ yield screen
- Obsessive focus on business model and industry structure/dynamics
Portfolio level:
- Focuses on diversification, not relative benchmark positioning
- Target superior risk-adjusted returns through upside participation and risk management
Diversification does not guarantee a profit or protect against a loss. There is no guarantee that the Portfolio's objectives will be met.
Investment Process
Investment Process
Step 1 - Idea Generation
- Targets an investment universe comprised of industry leaders and global champions in secularly attractive industries with strong balance sheets, brand and market presence
- Focuses on companies that offer robust dividend growth and sustainable payout ratios
Step 2 - Fundamental Analysis
- Performs proprietary analysis on companies across all market sectors -- includes business model evaluation, financial and management analysis to better determine valuation
- Conducts traditional fundamental research with the goal of answering the question, “Can this company grow and sustain its dividend?”
Step 3 - Portfolio Construction
- Typical portfolio consists of 40–60 securities with relatively low turnover (15–25%)
- Limits position size to 1–3%
- Emphasizes diversification over relative sector positioning
Step 4 - Risk Management
- Takes a team approach to monitoring the portfolio
- Attempts to mitigate risk through stock selection of high-quality businesses with low leverage/financial risk and avoiding those with material binary risk (e.g. biotech)
- Limits weighting in sectors with outsized exposure to single-factor risk (e.g. E&P)
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.
ClearBridge 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 09/30/2025 | 1 Year | 3 Years | 5 Years | 7 Years | 10 Years | 15 Years | 20 Years | Since Inception 05/31/2003 | |
|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Dividend Strategy Portfolios - Net (%) | 10.19 | 16.81 | 12.21 | 10.12 | 10.92 | 10.57 | 8.41 | 8.23 | |
| ClearBridge Dividend Strategy Portfolios - Pure Gross (%) | 12.40 | 19.14 | 14.46 | 12.33 | 13.14 | 12.79 | 10.59 | 10.40 | |
| S&P 500 Index (%) | 17.60 | 24.94 | 16.47 | 14.45 | 15.30 | 14.64 | 10.97 | 11.17 |
Past performance is no guarantee of future results. 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.
Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net Composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Clearbridge Investments, LLC (“ClearBridge”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the ClearBridge Dividend Strategy investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Clearbridge and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Clearbridge or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by ClearBridge and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. ClearBridge Investments, LLC claims 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 09/30/2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Dividend Strategy Portfolios - Net (%) | 9.84 | 15.14 | 12.29 | -8.89 | 24.73 | 5.37 | 27.21 | -5.99 | 16.26 | 12.50 | -4.85 | 05/31/2003 | |
| ClearBridge Dividend Strategy Portfolios - Pure Gross (%) | 11.48 | 17.44 | 14.54 | -7.03 | 27.21 | 7.49 | 29.73 | -4.08 | 18.57 | 14.75 | -2.92 | 05/31/2003 | |
| 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 | — |
Past performance is no guarantee of future results. 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.
Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net Composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Clearbridge Investments, LLC (“ClearBridge”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the ClearBridge Dividend Strategy investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Clearbridge and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Clearbridge or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by ClearBridge and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. ClearBridge Investments, LLC claims 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.
2003
2025
Chart
Quarter End As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 05/31/2003 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Dividend Strategy Portfolios - Net (%) | 9.84 | 10.19 | 59.40 | 77.93 | 181.87 | 351.51 | 484.94 | |
| ClearBridge Dividend Strategy Portfolios - Pure Gross (%) | 11.48 | 12.40 | 69.13 | 96.47 | 243.73 | 508.06 | 811.85 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 965.32 |
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 05/31/2003 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Dividend Strategy Portfolios - Net (%) | 9.84 | 10.19 | 59.40 | 77.93 | 181.87 | 351.51 | 484.94 | |
| ClearBridge Dividend Strategy Portfolios - Pure Gross (%) | 11.48 | 12.40 | 69.13 | 96.47 | 243.73 | 508.06 | 811.85 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 965.32 |
Past performance is no guarantee of future results. 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.
Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net Composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Clearbridge Investments, LLC (“ClearBridge”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the ClearBridge Dividend Strategy investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Clearbridge and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Clearbridge or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by ClearBridge and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. ClearBridge Investments, LLC claims 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 Sep-30-2025
Chart
| Net |
| Pure Gross |
| S&P 500 Index |
Past performance is no guarantee of future results. 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.
Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net Composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Clearbridge Investments, LLC (“ClearBridge”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the ClearBridge Dividend Strategy investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Clearbridge and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Clearbridge or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by ClearBridge and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. ClearBridge Investments, LLC claims 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) | -1.69 | -2.77 | -1.57 | -2.00 |
| Beta (Net) | 0.84 | 0.77 | 0.82 | 0.84 |
| R-Squared (Net) | 0.89 | 0.78 | 0.85 | 0.89 |
| Historical Tracking Error (Net) | 7.13 | 6.22 | 6.08 | 5.09 |
| Historical Tracking Error (Pure Gross) | 7.13 | 6.22 | 6.08 | 5.09 |
| Information Ratio (Pure Gross) | -0.73 | -0.93 | -0.33 | -0.42 |
| Information Ratio (Net) | -1.04 | -1.31 | -0.70 | -0.86 |
| Standard Deviation (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Standard Deviation (Net) | 8.75 | 11.61 | 13.99 | 13.59 |
| Sharpe Ratio (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Sharpe Ratio (Net) | 0.77 | 0.98 | 0.68 | 0.68 |
| Sharpe Ratio (Pure Gross) | 0.93 | 1.16 | 0.82 | 0.83 |
Past performance is no guarantee of future results. 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.
Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Fees: Pure Gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net Composite returns referenced above represent Pure Gross composite performance of the portfolio reduced by an annual fee of 2.02%, the maximum fee charged by Primerica Advisors to clients invested in the strategy through the Lifetime Investment Platform wrap fee program. The Net of fee composite returns presented in the strategy GIPS report are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio.
Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Returns for periods less than one year are not annualized.
For Primerica Lifetime Investment Platform accounts, Clearbridge Investments, LLC (“ClearBridge”), through Franklin Templeton Private Portfolio Group, LLC (FTPPG), will provide a model portfolio for the ClearBridge Dividend Strategy investment strategy to PFS Investments, Inc. (“Primerica Advisors”). Clearbridge and FTPPG anticipate that Primerica Advisors will generally follow the model in managing client accounts. However, Primerica Advisors, not Clearbridge or FTPPG, has investment authority and discretion over client accounts on the Lifetime Investment Platform. Accounts managed by Primerica Advisors through the Lifetime Investment Platform, utilizing the model will experience performance results different from the performance results of accounts managed by ClearBridge and FTPPG on a discretionary basis outside of the platform due to the fees charged by Primerica Advisors, and due to Primerica Advisors’ management of its program and each client’s account under the program.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. ClearBridge Investments, LLC claims 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 | 53 | 503 |
Portfolio Statistics
| Portfolio | Benchmark | |
|---|---|---|
| Price to Earnings (12-Month Forward) | 19.72x | 25.04x |
| Price to Book | 6.13x | 8.18x |
| Weighted Average Market Capitalization (USD) | $519.08 Billion | $1,321.55 Billion |
| Dividend Yield | 2.21% | 1.15% |
| Median Market Cap (USD) | $140.17 Billion | $403.16 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 | ||
|---|---|---|---|
| Information Technology | 14.62% | 34.78% | |
| Financials | 14.09% | 13.54% | |
| Health Care | 11.16% | 8.86% | |
| Energy | 10.63% | 2.89% | |
| Industrials | 9.56% | 8.29% | |
| Communication Services | 9.49% | 10.14% | |
| Consumer Staples | 8.30% | 4.91% | |
| Materials | 5.64% | 1.77% | |
| Real Estate | 5.15% | 1.94% | |
| Utilities | 4.72% | 2.35% | |
| Consumer Discretionary | 3.15% | 10.54% | |
| Cash & Cash Equivalents | 3.49% | — |
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
Chart
| Portfolio | Benchmark | ||
|---|---|---|---|
| 10-50 Billion | 9.06% | 11.50% | |
| 50-250 Billion | 58.33% | 31.73% | |
| 250-500 Billion | 12.41% | 10.67% | |
| >500 Billion | 20.20% | 45.80% |
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 | ||
|---|---|---|
| Microsoft Corp | 4.20% | |
| Broadcom Inc | 3.60% | |
| Exxon Mobil Corp | 3.56% | |
| Enbridge Inc | 3.45% | |
| Sempra | 3.16% | |
| Nestle SA | 2.90% | |
| Williams Cos Inc/The | 2.82% | |
| Becton Dickinson & Co | 2.70% | |
| JPMorgan Chase & Co | 2.41% | |
| Comcast Corp | 2.34% |
Documents
Product Literature
Factsheet - ClearBridge Dividend Strategy Portfolios - PRIMERICA
Portfolio Holdings - ClearBridge Dividend Strategy Portfolios
Mailed hardcopies unavailable.
Product Commentary - PRIMERICA - ClearBridge Dividend Strategy Portfolios
Brochure - ClearBridge Dividend Strategy Portfolios: The power of dividends
Pitchbook - PRIMERICA - ClearBridge Dividend Strategy Portfolios
Additional Resources
ClearBridge Dividend Strategy SMA Trade Rationale - Buy - MMC (8/27/2025)
Mailed hardcopies unavailable.
ClearBridge Dividend Strategy SMA Trade Rationale - Buy - ODFL (8/27/2025)
Mailed hardcopies unavailable.
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. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. 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.
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 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 claims 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.
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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 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.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
FINANCIAL ADVISORS: Please call Franklin Templeton at (800) DIAL BEN/342-5236 for more information.
Footnotes
Dividend yield is calculated without the deduction of fees and expenses.