Our goal
High current income. Capital appreciation is a secondary
objective.
What we invest in
The Fund invests in high yield corporate bonds, debentures and notes.
Our approach
Western Asset’s approach emphasizes team management
and intensive proprietary research to identify undervalued securities with the potential to outperform over the long term. The teams employ multiple investment strategies in an effort to manage
risk and create diversified portfolios. including sector rotation, issue selection and duration management.
What should I know before investing?
All investments are subject to risks, including the possible
loss of principal. The Fund’s investments are subject to credit risk, inflation risk, and interest rate risk. As interest rates rise, bond prices fall, reducing the value of the Fund’s share price. The Fund may invest in lower-rated high yield bonds which are subject to greater credit risk (risk of default) than higher-rated obligations.
Investments in foreign securities involve risks, including the possibility of losses due to changes in currency exchange rates and negative developments in the political, economic, or regulatory
structure of specific countries or regions. These risks are greater in emerging markets. Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss. The Fund may make significant investments in derivative instruments. Derivative instruments
can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
Meet your Western Asset managers
Western Asset uses a team-based approach to managing your fund, with team members averaging 17 years of investment industry experience. One of the world’s largest and leading fixed-income managers, Western Asset has focused exclusively on fixed income since its founding in 1971. They offer investors a broad range of core and specialized bond portfolios from across the
fixed-income universe, all managed using a long-term, value-oriented investment process.
Category: High Current Yield Funds
Rankings Details >
| FUND DATA | |
| Trading Symbol |
MHY |
| NAV Symbol |
XMHYX |
| Cusip |
95766L107 |
| Listed Exchange |
NYSE |
| Inception Date |
Mar-26-1993 |
| Fiscal Year End |
Feb |
| Distribution Frequency |
Monthly |
| Shares Outstanding |
46.32 million |
| DAILY | As of Mar-12-2010 |
| Market Price |
$6.20 |
| Net Asset Value |
$5.91 |
| Premium/Discount |
4.91% |
| Distribution Rate (Market price)* |
9.68% |
| Distribution Rate (NAV)* |
10.15% |
| 52 Week High/Low Market Price |
$6.20 / $3.96 |
| 52 Week High/Low NAV |
$5.96 / $3.96 |
| 52 Week Average/Premium Discount |
1.83% |
The Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Shares of the funds are bought and sold through non-affiliated broker/dealers and trade on the NYSE/NYSE Alternext. *Distribution Rate is calculated by annualizing the amount of the most recent distribution paid, excluding special distributions, divided by the previous trading day's closing market price or NAV. Distributions may include investment income, realized capital gains, and/or return of capital. The Distribution Rate will change based on changes in market price and distribution amounts, may not include all amounts distributed by the fund, and is not a quotation of Fund performance. For more information about a distribution's composition refer to the distribution press release or Section 19 notice located in the press release section of our website.
Like other public companies, closed-end funds have a one-time initial public offering. Thus, once their shares are first issued, shares are not continually offered by the closed-end fund, but trade in the open market through a stock exchange. Also, like other common stocks, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end exchange-traded funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.
Net Asset Value (NAV) is a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding. However, the price at which an investor may buy or sell common shares of the fund is at the fund's market price as determined by supply of and demand for the fund's common shares, which may be more or less than the fund's NAV.
Unless otherwise specified, all investment managers and Legg Mason Investors Services, LLC, are subsidiaries of Legg Mason Inc.
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