Western Asset High Yield Portfolio
Investment Objective:
To maximize total return, consistent with prudent investment management.
Investments:
The Fund invests primarily in U.S. dollar-denominated fixed income securities that are rated below investment grade at the time of purchase by one or more nationally recognized statistical rating organizations or are of comparable quality as determined by the Adviser.
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| Inception Date: |
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| Institutional: | September 28, 2001 |
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| Performance Benchmark: |
Lehman Brothers High Yield Index, 2% Issuer Constrained*
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| Total Fund Assets: |
$800.0 million (as of 3/31/08)
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| Ticker Symbol: |
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| Institutional: | WAHYX |
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Investment Risks:
Bonds are subject to a variety of risks, including interest rate, credit and inflation risk. As interest rates rise, bond prices fall, reducing the value of the Fund's share price.
High yield fixed income securities are subject to greater fluctuations in value and greater risk of loss of income and principal due to default by the issuer than are higher rated bonds.
To the extent that the Fund invests in asset-backed, mortgage-backed or mortgage-related securities, its exposure to pre-payment and extension risks may be greater than investments in other fixed income securities. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
An investor cannot invest directly in an index. Click here for Index Definitions.
*Effective 9/1/05, the Fund changed its comparative index from the Lehman High Yield Index to the Lehman High Yield Index, 2% Issuer Constrained. As a result of significant changes to the Lehman High Yield Index composition and Lehman index methodology rules, Western Asset has determined that the Lehman High Yield Index, 2% Issuer Constrained, is more representative of the overall high yield market and therefore more accurately reflects the types of securities in which the Fund invests.
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