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Related Resources Prospectus Proxy Voting Western Asset Global High Yield Bond Portfolio Investment Objective1 The Fund seeks to maximize total return Investment Philosophy: The managers seek incremental return over the benchmark by making astute industry and market sector allocations, while seeking to manage risk through heavy issuer diversification and a disciplined review/sell process which can help minimize individual company risk to the portfolio. They believe a focus on long-term credit fundamentals, in addition to avoiding liquidity and refinancing risk, can provide consistent long-term returns in any market. Benchmark:2 Citigroup High Yield Market Index Investment Process: Individual security selection is driven by the managers' economic view, industry outlook and rigorous credit analysis. The managers then select those individual securities that appear to be most undervalued and to offer the highest potential returns relative to the amount of credit, interest rate, liquidity and other risk presented by these securities. The managers allocate the Fund's investments across a broad range of issuers and industries, which can help to reduce risk. In evaluating the issuer's credit worthiness, the managers use fundamental analysis and consider the following factors: The strength of the issuer's financial resources The issuer's sensitivity to economic conditions and trends The issuer's operating history Experience and track record of issuer's management Investment Managers: S. Kenneth Leech Stephen A. Walsh Mike Buchanan Timothy J. Settel Ian R. Edmonds 1These investment objectives should not be relied upon as an indication of future results and there is no guarantee that they will be met. 2The Citigroup High Yield Market Index is a broad-based unmanaged index of high yield securities. Investors cannot invest directly in an index. Prior to October 2, 2006, this fund was known as Salomon Brothers Institutional High Yield Bond Fund. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund. To obtain a free prospectus, please call your financial professional or access one from this page. Please read the prospectus carefully before investing. The Fund may invest in high yield and foreign securities, including emerging markets, which involve risks beyond those inherent in solely higher-rated and domestic investments. As interest rates rise, bond prices fall, reducing the value of the Fund's share price. High yield bonds involve greater credit and liquidity risks than investment grade bonds. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations, and changes in political and economic conditions. These risks are magnified in emerging or developing markets. The Fund may, but need not, invest in derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Managed by Western Asset Management Company. Information on Sales Charges, Breakpoints, Sales Charge Waivers and Exchanges Click here for more information about: Class A shares: - what are the front-end sales loads charged on the purchase of Class A shares - how to qualify for reduced sales charges or breakpoints - what kinds of accounts can be combined to qualify for reduced sales charges - what waivers of front-end sales charges are available Class B shares: - what are the contingent deferred sales charges payable upon redemption - what waivers of deferred sales charges are available Class C shares: - what are the contingent deferred sales charges payable upon redemption - what waivers of deferred sales charges are available Class Y shares: - who is eligible to purchase Class Y shares Exchange privileges Investment Products: Not FDIC Insured | No Bank Guarantee | May Lose Value

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