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Western Asset Inflation Indexed Plus Bond Portfolio


Investment Objective:

To maximize total return, consistent with preservation of capital.

Investments:
Under normal market conditions, the Fund invests at least 80% of its net assets in inflation-indexed fixed income securities without regard to the country of issuance, and at least 70% of its net assets in U.S. Treasury Inflation Protected Securities. The average modified duration of the Fund is expected to range within 3 years of that of its benchmark, typically fluctuating within a range of 6 to 12 years, although this may vary. Although the Fund is expected to maintain an average credit quality of at least A/A, it may invest up to 30% of its net assets in securities rated below AAA/Aaa, including securities rated below investment grade.

Inception Date:  
Institutional:March 1, 2001
Financial Intermediary:June 28, 2007
Institutional Select:December 18, 2008

Performance Benchmark: Barclays Capital U.S. TIPS Index*

Total Fund Assets: $472.2 million (as of 6/30/09)

Ticker Symbol:  
Institutional:WAIIX
Financial Intermediary:WATPX
Institutional Select:WAFSX
Investment Risks:
Investments in bonds are subject to interest rate and credit risks. As interest rates rise, bond prices fall, reducing the value of the Fund's share price. Asset-backed, mortgage-backed or mortgage-related securities are exposed to prepayment and extension risks which may be greater than investments in other fixed income securities. Derivatives, such as options and futures, can be illiquid and may disproportionately have a potentially large impact on performance.

An investor cannot invest directly in an index. Click here for Index Definitions.

*Prior to November 2008, the Barclays Capital U.S. TIPS Index operated under the name Lehman Brothers U.S. TIPS Index.

FIXED INCOME
> Western Asset Inflation Indexed Plus Bond Portfolio
EQUITY




All investments involve risk, including possible loss of principal.

Legg Mason Investor Services, LLC; Batterymarch Financial Management, Inc.; Brandywine Global Investment Management, LLC; ClearBridge Advisors, LLC; Esemplia Emerging Markets; Global Currents Investment Management, LLC; Legg Mason Capital Management, Inc.; Royce & Associates, LLC and Western Asset Management Co. are subsidiaries of Legg Mason, Inc.

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