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 |
| Institutional Select: | August 4, 2008 |
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| Performance Benchmark: |
Barclays Capital U.S. Corporate High Yield Index - 2% Issuer Cap^*
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| Total Fund Assets: |
$490.9 million (as of 3/31/09)
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| Ticker Symbol: |
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| Institutional: | WAHYX |
| Institutional Select: | WAHSX |
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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. High-yield bonds are rated below investment grade and involve greater credit and liquidity risk than higher-rated securities. 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.
^Effective 9/1/05, the Fund changed its comparative index from the Barclays Capital High Yield Index to the Barclays Capital U.S. Corporate High Yield Index - 2% Issuer Cap. As a result of significant changes to the Barclays Capital High Yield Index composition and Barclays Capital index methodology rules, Western Asset has determined that the Barclays Capital U.S. Corporate High Yield Index - 2% Issuer Cap, is more representative of the overall high yield market and therefore more accurately reflects the types of securities in which the Fund invests.
*Prior to November 2008, the Barclays Capital U.S. Corporate High Yield Index - 2% Issuer Cap Index operated under the name Lehman Brothers U.S. Corporate High Yield Index - 2% Issuer Cap Index.
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