LM Institutional Fund Advisors I, Inc.
100 Light Street
Baltimore, MD 21202
Supplement dated August 28, 2000 to
Prospectus dated August 1, 2000
Effective September 1, 2000, the management fee for Western Asset Core Portfolio
("Core Portfolio") will be 0.45% of the first $500 million of average net assets
of the Core Portfolio, 0.425% of the next $500 million of average net assets of
the Core Portfolio and 0.40% of the average net assets of the Core Portfolio
over $1 billion.
Effective September 1, 2000, the management fee for Western Asset Core Plus
Portfolio ("Core Plus Portfolio") will be 0.45% of the first $500 million of
average net assets of the Core Plus Portfolio, 0.425% of the next $500 million
of average net assets of the Core Plus Portfolio and 0.40% of the average net
assets of the Core Plus Portfolio over $1 billion.
