Legg Mason ClearBridge Variable Equity Income Builder Portfolio

Overview | Full Holdings

Investment Objective¹

High level of current income; long-term capital appreciation is a secondary objective

Meet your ClearBridge Managers

Hersh Cohen (industry since 1969), Michael Clarfeld, CFA (industry since 2000) and Peter Vanderlee, CFA (industry since 1999) are co-managers of your portfolio and oversee the allocation between equity and fixed-income.

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.

Our approach

The Portfolio's managers focus on identifying quality companies that demonstrate industry leadership or that are improving their competitive position through innovation. They believe companies with sound or improving balance sheets, coupled with strong dividend profiles, offer the best potential for long-term investment success.

What should I know before investing?

Equity securities are subject to price fluctuation and possible loss of principal. 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. 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default. Real estate investment trusts (REITs), are closely linked to the performance of the real estate markets. REITS are subject to illiquidity, credit and interest rate risks, as well as risks associated with small- and mid-cap investments. 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. Potential active and frequent trading may result in higher transaction costs and increased investor liability. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance.

Additional risks may include those risks associated with leverage. Please see the prospectus for more information.

Related Resources

Prospectus Class I

Prospectus Class II

Annual/Semi-Annual Report Class I

Annual/Semi-Annual Report Class II

Statement of Additional Information Class I

Statement of Additional Information Class II

An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

Effective August 6, 2009, Hersh Cohen, Peter Vanderlee and Michael Clarfeld assumed the day-to-day management of the equity side of the Portfolio.

1 There is no guarantee that the Portfolio's objective will be met.

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.

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.