ClearBridge Variable Dividend Strategy

Objective And Strategy

Objective
High level of current income, with long-term capital appreciation as its secondary objective.

Strategy
Under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time. This policy includes companies which the sub-adviser expects to initiate dividend payments within the next 12 to 24 months. The fund may invest up to 50% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts.

Principal Risks

* The Fund could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. This fund may invest in securities rated below investment grade or "junk bonds." Junk bonds may be sensitive to economic changes, political changes, or adverse developments specific to a company.