Western Asset Global High Yield Bond Portfolio

Our goal1

Maximize total return

What we invest in

The Fund invests primarily in high-yield fixed-income securities of U.S. and foreign issuers and targets an average duration of between three and seven years. Up to 20% of assets can be invested in equity and equity-related securities, enabling the Fund's management team to seek opportunities and selectively invest in securities that may enhance total return.

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?

Fixed-income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Risks of high yield securities include greater price volatility, illiquidity and possibility of default. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. International investments are subject to special risks including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The use of leverage may increase volatility and possibility of loss.

Meet your Western Asset managers

Western Asset uses a team-based approach to managing your Fund, with team members averaging over 20 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.

Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.

4 stars Overall Morningstar Rating™

Class I shares of the Fund rated among 499 High Yield Bond Funds as of Jul‑31‑2010. Ratings based upon risk adjusted returns. The Overall Morningstar Rating for the Fund is derived from a weighted average of the performance figures associated with its three‑, five‑ and ten‑ year (if applicable) Morningstar Ratings metrics.

more >

Lipper Rankings

Category: High Current Yield Funds

Rankings Details >

Symbols

CLASSNASDAQCUSIP
ISIHYX52469F473

Morningstar proprietary ratings are as of Jul-31-2010 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Class I shares of the Fund were rated against 499, 428, and 283 funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class I shares of the Fund received Morningstar Ratings of 2, 2, and 5; stars for the 3-, 5- and 10-year periods, respectively. Ratings are for I share classes only; other classes may have different performance characteristics. Classes have a common portfolio.

Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating.

1There is no guarantee that the Fund’s objective will be met.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.

All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services, LLC, is a subsidiary of Legg Mason, Inc.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.


Copyright © 2010 Legg Mason Investor Services, LLC. Member FINRA, SIPC