Report 
 
      
Registrant:   Variable Annuity Portfolios — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/02

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1026107
SEC File #:   811-07893

Telephone #:  800-451-2010
 
 2.
Address:      125 Broad Street 10th Floor
              New York, NY  10004
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
 
↓
Series 1:     SB Small Cap Growth Opportunities Portfolio [ renamed
              Legg Mason Partners Variable Small Cap Growth Opportunities Portfolio ] — S#10849
 
Investment Adviser 
 
 8.1
Name:         Smith Barney Fund Management LLC
Role:         Adviser
SEC File #:   801-08314
Location:     Stamford, CT
 
Administrator 
 
10.1
Name:         Smith Barney Fund Management LLC
SEC File #:   801-08314
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         Salomon Smith Barney Inc.
SEC File #:   008-08177
Location:     New York, NY
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Citicorp Trust Bank, FSB
SEC File #:   085-05517
Location:     New York, NY
 
Independent Public Accountant 
 
13.1
Name:         Pricewaterhousecoopers LLP
Location:     New York, NY
 
Affiliated Broker/Dealer 
 
14.1
Name:         Salomon Smith Barney Inc.
SEC File #:   008-08177
 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  224

The Identification Code of the family for Form N-SAR Filings:  CAMFUNDSNY
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Investment Technology Group Inc.
IRS #:        45-4339369
Commissions paid ($000s):  8
 
20.2
Broker:       Bear Stearns Securities Corp.
IRS #:        13-3299429
Commissions paid ($000s):  3
 
20.3
Broker:       UBS Warburg LLC.
IRS #:        13-2932996
Commissions paid ($000s):  2
 
20.4
Broker:       Lehman Brothers Inc.
IRS #:        13-2518466
Commissions paid ($000s):  2
 
20.5
Broker:       Weeden & Co.
IRS #:        13-3364318
Commissions paid ($000s):  1
 
20.6
Broker:       Robertson Stephens, Inc.
IRS #:        94-2524501
Commissions paid ($000s):  1
 
20.7
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  1
 
20.8
Broker:       Merrill Lynch Pierce Fenner & Smith
IRS #:        13-5674085
Commissions paid ($000s):  1
 
20.9
Broker:       Credit Suisse First Boston Corp.
IRS #:        13-5659485
Commissions paid ($000s):  1
 
20.10
Broker:       First Albany Corp.
IRS #:        14-1391446
Commissions paid ($000s):  1
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  26
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       UBS Warburg LLC
IRS #:        13-2932996
Registrant’s purchases ($000s):  224,044
 
22.2
Entity:       State Street Bank & Trust
IRS #:        04-1867445
Registrant’s purchases ($000s):  162,346
 
22.3
Entity:       Mizuho Securities USA Inc.
IRS #:        22-2537129
Registrant’s purchases ($000s):  17,436
 
22.4
Entity:       Lehman Brothers Inc.
IRS #:        13-2518466
Registrant’s purchases ($000s):  16,598
Registrant’s sales ($000s):  145
 
22.5
Entity:       First Union Securities Corp.
IRS #:        54-0796506
Registrant’s purchases ($000s):  16,098
 
22.6
Entity:       Fuji International Corp.
IRS #:        36-2880742
Registrant’s purchases ($000s):  14,053
 
22.7
Entity:       JP Morgan Chase Securities Inc.
IRS #:        13-3224016
Registrant’s purchases ($000s):  3,536
 
22.8
Entity:       HSBC Securities Inc.
IRS #:        13-2650272
Registrant’s purchases ($000s):  1,460
 
22.9
Entity:       Dresdner Klienworth
IRS #:        13-3894311
Registrant’s purchases ($000s):  64
Registrant’s sales ($000s):  277
 
22.10
Entity:       Charles Schwab Co. Inc.
IRS #:        94-1737782
Registrant’s purchases ($000s):  50
Registrant’s sales ($000s):  176
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  456,346
   Aggregate sales ($000s):  720
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 232
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 933
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 629
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 239
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 426
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 571
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 273
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 387
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 719
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 379
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 488
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 436

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,767
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 2,945

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  2,767
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  No
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.75%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  Yes
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  Yes

Are any of the following types of contracts funded by the Registrant:
    Variable annuity contracts?  Yes
    Scheduled premium variable life contracts?  No
    Flexible premium variable life contracts?  No
    Other types of insurance products registered with the SEC?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes to both
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  7,990
Sales ($000s):      3,792

Monthly average Value of portfolio ($000s):  20,147

Percent turnover (lesser of Purchases or Sales, divided by Value):  19%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 37
Net dividend income ..............................................
 85
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 163
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 7
Custodian fees ...................................................
 43
Postage ..........................................................
 –
Printing expenses ................................................
 32
Directors’ fees ..................................................
 –
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 22
Legal fees .......................................................
 39
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 9
Total expenses ...................................................
 315

Expense reimbursements ($000s):   120

Net investment income ($000s):    -73

Realized capital gains ($000s):   0
Realized capital losses ($000s):  1,931

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  4,791

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 2,289
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 4
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 17,922
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 12
All other assets .................................................
 –
Total assets .....................................................
 20,227

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 136
Amounts owed to affiliated persons ...............................
 8
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 67

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 20,016

Number of shares outstanding (000s):   2,818

Net Asset Value (NAV) per share (to nearest cent):  $7.10

Total number of shareholder accounts:  2,224

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  21,690
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77D:  Policies re: Security Investments?  Yes

EX-99.77Q1: Other Disclosure?  Yes

EX-99.77Q3: Other Info?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Ici Mutualinsurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  145,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  224
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  100
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Series 1
↑List of Funds/Series Reported Here 
 
 7.
Name:         SB Small Cap Growth Opportunities Portfolio [ renamed
              Legg Mason Partners Variable Small Cap Growth Opportunities Portfolio ] — S#10849

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Frances Guggino      
Name:   Frances Guggino
Title:  Controller