April 30, 2010
Prospectus
Legg Mason
ClearBridge
ClearBridge
Variable
Appreciation
Portfolio
Appreciation
Portfolio
Class I Shares
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 ClearBridge Variable Appreciation Portfolio
Fees and expenses of the fund
The accompanying table describes the fees and expenses that you may pay if you buy and hold Class I 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 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 fund’s 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 | 0.72 | |||||
Distribution and service (12b-1) fees | None | |||||
Other expenses | 0.05 | |||||
Total annual fund operating expenses | 0.77 | |||||
Example
This example is intended to help you compare the cost of investing in Class I shares of 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 $10,000 in the fund for the time periods indicated |
• | Your investment has a 5% return each year and the fund’s operating expenses remain the same |
• | You reinvest all distributions and dividends without a sales charge |
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Number of years you own your shares ($) | 1 year | 3 years | 5 years | 10 years | ||||||||||||||
With or without redemption at end of period | 79 | 246 | 428 | 955 | ||||||||||||||