correspw1
February 26,
2010
Prospectus
Legg Mason Western Asset
Variable Money
Market Portfolio
Shares of the fund are offered only to insurance company
separate accounts which fund certain variable annuity and
variable life insurance contracts and to qualified retirement
and pension plans. This Prospectus should be read together with
the prospectus for those contracts.
The Securities and Exchange Commission has not approved or
disapproved these securities or determined whether this
Prospectus is accurate or complete. Any statement to the
contrary is a crime.
INVESTMENT PRODUCTS: NOT FDIC
INSURED NO BANK GUARANTEE MAY
LOSE VALUE
2 | Legg Mason Western Asset Variable Money
Market Portfolio
Fees
and expenses of the fund
The accompanying table describes the fees and expenses that you
may pay if you buy and hold shares of the fund.
The fee table and expense example do not reflect expenses
incurred from investing through a separate account or qualified
plan and do not reflect variable annuity or life insurance
contract charges. If they did, the returns would be lower and
the overall fees and expenses would be higher than those
shown. Detailed information about the cost of investing in
this fund through a separate account or qualified plan is
presented in the contract prospectus through which the
funds shares are offered to you.
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Shareholder
fees (paid
directly from your
investment) (%)
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|
Maximum sales charge (load) imposed on purchases
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|
N/A
|
|
|
|
|
Maximum deferred sales charge (load)
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|
N/A
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|
|
|
|
|
|
|
|
|
|
|
Annual
fund operating expenses
(expenses that
you pay each year as a percentage of the value of your
investment) (%)
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|
Management fees
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|
0.45
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|
|
|
|
Distribution and service (12b-1) fees
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None
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|
|
|
|
Other expenses
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0.05
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|
|
|
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Total annual fund operating
expenses1
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0.50
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1 |
Total annual fund operating expenses has been
restated to reflect current fees and expenses and does not
reflect any expenses of participation in the Treasury Guarantee
Program which terminated on September 18, 2009.
|
Example
This example is intended to help you compare the cost of
investing in the fund with the cost of investing in other mutual
funds. The example does not include expenses incurred from
investing through a separate account or qualified plan. If the
example included these expenses, the figures shown would be
higher. The example assumes:
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|
You invest $10,000 in the fund for the time periods indicated
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|
|
Your investment has a 5% return each year and the funds
operating expenses remain the same
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|
You reinvest all distributions and dividends without a sales
charge
|
Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
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|
|
|
|
|
|
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Number
of years you own your shares ($)
|
|
1 year
|
|
3 years
|
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5 years
|
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10 years
|
|
|
|
With or without redemption at end of period
|
|
51
|
|
160
|
|
279
|
|
629
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|
|
|
February 26,
2010
Prospectus
Legg Mason Western Asset
Variable
Adjustable Rate Income Portfolio
Shares of the fund are offered only to insurance company
separate accounts, which fund certain variable annuity and
variable life insurance contracts, and to qualified retirement
and pension plans. This Prospectus should be read together with
the prospectus for those contracts.
The Securities and Exchange Commission has not approved or
disapproved these securities or determined whether this
Prospectus is accurate or complete. Any statement to the
contrary is a crime.
INVESTMENT PRODUCTS: NOT FDIC
INSURED NO BANK GUARANTEE MAY
LOSE VALUE
2 | Legg Mason Western Asset Variable Adjustable
Rate Income Portfolio
Fees
and expenses of the fund
The accompanying table describes the fees and expenses that you
may pay if you buy and hold shares of the fund.
The fee table and expense example do not reflect expenses
incurred from investing through a separate account or qualified
plan and do not reflect variable annuity or life insurance
contract charges. If they did, the returns would be lower and
the overall fees and expenses would be higher than those
shown. Detailed information about the cost of investing in
this fund through a separate account or qualified plan is
presented in the contract prospectus through which the
funds shares are offered to you.
|
|
|
|
|
|
|
Shareholder
fees (paid
directly from your
investment) (%)
|
|
Maximum sales charge (load) imposed on purchases
|
|
|
N/A
|
|
|
|
|
Maximum deferred sales charge (load)
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Annual
fund operating expenses
(expenses that
you pay each year as a percentage of the value of your
investment) (%)
|
|
Management fees
|
|
|
0.55
|
|
|
|
|
Distribution and service (12b-1) fees
|
|
|
0.25
|
|
|
|
|
Other expenses
|
|
|
0.56
|
|
|
|
|
Total annual fund operating expenses
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|
|
1.36
|
|
|
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Fees forgone and/or
expenses
reimbursed1
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|
(0.36
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)
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|
Total annual fund operating expenses after forgoing fees
and/or
reimbursing expenses
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|
1.00
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|
|
|
|
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1 |
The manager has agreed to forgo fees
and/or
reimburse operating expenses (other than interest, brokerage,
taxes and extraordinary expenses), so that total annual
operating expenses are not expected to exceed 1.00%. This
arrangement cannot be terminated prior to December 31, 2011
without the Board of Trustees consent. The manager is permitted
to recapture amounts forgone or reimbursed to the fund during
the same fiscal year if the funds total annual operating
expenses have fallen to a level below the limit described above.
|
Example
This example is intended to help you compare the cost of
investing in the fund with the cost of investing in other mutual
funds. The example does not include expenses incurred from
investing through a separate account or qualified plan. If the
example included these expenses, the figures shown would be
higher. The example assumes:
|
|
|
You invest $10,000 in the fund for the time periods indicated
|
|
|
Your investment has a 5% return each year and the funds
operating expenses remain the same
|
|
|
You reinvest all distributions and dividends without a sales
charge
|
Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of years you own your shares ($)
|
|
1 year
|
|
3 years
|
|
5 years
|
|
10 years
|
|
|
|
With or without redemption at end of period
|
|
|
102
|
|
|
|
358
|
|
|
|
674
|
|
|
|
1,571
|
|
|
|
|
February 26,
2010
Prospectus
Legg Mason Western Asset
Variable High
Income Portfolio
Shares of the fund are offered only to insurance company
separate accounts, which fund certain variable annuity and
variable life insurance contracts, and to qualified retirement
and pension plans. This Prospectus should be read together with
the prospectus for those contracts.
The Securities and Exchange Commission has not approved or
disapproved these securities or determined whether this
Prospectus is accurate or complete. Any statement to the
contrary is a crime.
INVESTMENT PRODUCTS: NOT FDIC
INSURED NO BANK GUARANTEE MAY
LOSE VALUE
2 | Legg Mason Western Asset Variable High Income
Portfolio
Fees
and expenses of the fund
The accompanying table describes the fees and expenses that you
may pay if you buy and hold shares of the fund.
The fee table and expense example do not reflect expenses
incurred from investing through a separate account or qualified
plan and do not reflect variable annuity or life insurance
contract charges. If they did, the returns would be lower and
the overall fees and expenses would be higher than those
shown. Detailed information about the cost of investing in
this fund through a separate account or qualified plan is
presented in the contract prospectus through which the
funds shares are offered to you.
|
|
|
|
|
|
|
Shareholder
fees (paid
directly from your
investment) (%)
|
|
Maximum sales charge (load) imposed on purchases
|
|
|
N/A
|
|
|
|
|
Maximum deferred sales charge (load)
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Annual
fund operating expenses
(expenses that
you pay each year as a percentage of the value of your
investment) (%)
|
|
Management fees
|
|
|
0.60
|
|
|
|
|
Distribution and service (12b-1) fees
|
|
|
None
|
|
|
|
|
Other expenses
|
|
|
0.15
|
|
|
|
|
Total annual fund operating expenses
|
|
|
0.75
|
|
|
|
|
Example
This example is intended to help you compare the cost of
investing in the fund with the cost of investing in other mutual
funds. The example does not include expenses incurred from
investing through a separate account or qualified plan. If the
example included these expenses, the figures shown would be
higher. The example assumes:
|
|
|
You invest $10,000 in the fund for the time periods indicated
|
|
|
Your investment has a 5% return each year and the funds
operating expenses remain the same
|
|
|
You reinvest all distributions and dividends without a sales
charge
|
Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
Number
of years you own your shares ($)
|
|
1 year
|
|
3 years
|
|
5 years
|
|
10 years
|
|
|
|
With or without redemption at end of period
|
|
77
|
|
240
|
|
417
|
|
930
|
|
|
|