Our goal1
Long-term capital appreciation
What we invest in
The Portfolio invests primarily in equity securities of medium- and large-sized U.S. companies, but can also invest in small companies. The focus is on seeking investments among a strong core of growth and value stocks. The Portfolio primarily consists of "blue-chip" companies dominant in their industries, where the managers find the best opportunities for growth at a reasonable price. The Portfolio may also invest in companies with prospects for sustained earnings growth and/or a cyclical earnings record.
Our approach
The Portfolio's managers identify companies they believe are well positioned for long-term growth through such characteristics as strong or improving financial profiles; recognized industry leadership; effective management teams; and the desire to earn consistent returns for shareholders. The managers may sometimes hold a significant portion of assets in cash, waiting for buying opportunities that meet their selection criteria, or to provide a hedge against market declines.
What should I know before investing?
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. Fixed income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise the value of fixed income securities falls. 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. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
Additional risks may include those risks associated with investing in high yield securities. Please see the prospectus for more information.
Meet your ClearBridge managers
Scott K. Glasser and Michael Kagan are co-managers of your Portfolio, with 18 and 24 years of investment industry experience, respectively.
They're part of the senior management team at ClearBridge Advisors, Legg Mason's largest equity manager. ClearBridge offers institutional and individual investors a variety of traditional and alternative equity strategies. With an investment heritage dating back over 45 years, ClearBridge offers distinctive manager insights and proprietary fundamental research.
Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.
Prior to November 2, 2009, the Fund was known as Legg Mason Partners Variable Appreciation Portfolio . The Fund’s investment objective, portfolio managers and investment strategy have not changed. Please see the prospectus for details.
Effective August 6, 2009, Michael Kagan joined the Fund's management team as a co-portfolio manager.
1 There is no guarantee that the Portfolio’s objective will be met.
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 59½ 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.All investment managers and Legg Mason Investor Services, LLC are subsidiaries of Legg Mason, Inc.
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