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Legg Mason Western Asset US High Yield Fund

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About The Fund

Investment Aim

The Fund seeks to provide a high level of current income by investing at least 70% of its Total Asset Value in high-yielding debt securities (higher yields are generally available from securities rated below investment grade) of US Issuers that are denominated in US dollars. At least 95% of the Fund's Total Asset Value will be US dollar denominated.

Performance Benchmark

Barclays Capital US Corporate High Yield - 2% Issuer Capped Index

Invests principally in high yield debt issued by US companies.
Managed by one of the world's largest fixed income managers.

About the Investment Strategy

The Fund is focused on non-investment grade corporate bonds denominated in US dollars.
Diversification is achieved by spreading portfolio investments across a wide range of bond issuers across different industry sectors.
The investment manager employs bottom-up credit research to issue selection in order to add incremental value.
The manager aims to achieve this by exploiting inefficient markets through identification of undervalued securities, out-of-favour securities, distressed situations, other trading inefficiencies (liquidity, technical factors), potential upgrade candidates and takeover targets/arbitrage situations.
The Fund aims to maintain an average credit quality of B.

About the Investment Team

Founded in 1971, Western Asset Management has decades of experience and is now one of the world's largest managers of fixed income investments. Western Asset Management follows a team-focused approach comprising groups of specialists dedicated to all the major areas of the fixed income market. Its expertise extends globally across major bond markets.

General Fund Literarture

Fact Sheet

Annual Report

Semi-Annual Report

Summary Prospectus


		The Fund may invest up to 100% of its NAV in mortgage related securities, including mortgage-backed securities (MBS), stripped securities and asset-backed securities (ABS), which can involve material additional risks, e.g. counterparty default risk, and may expose the Fund to significant losses.

		The Fund may invest in a single country which may give rise to increased risk over more diversified funds.

		Investors should read and understand the Fund’s most current offering document, including details of risk factors relevant to the Fund and, in particular, the risk of investments in the securities of emerging markets issuers, MBS, stripped securities, ABS and derivatives, before making an investment in the Fund.

		An investment in the Fund may not be suitable for all investors and should not constitute a substantial proportion of an investment portfolio. The investment decision is yours but you should not invest in the Fund unless the intermediary who sells it to you has advised you that it is suitable for you and has explained why, including how buying it would be consistent with your investment objectives.