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10 October 2018
10-Year Treasury Yield Tops 3%
3:24
Western Asset Portfolio Manager John Bellows appeared on CNBC to discuss the rising US Treasury rates and his outlook for domestic growth and inflation.
24 September 2018
Bond Yields, Financial Conditions and the Fed
4:26
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg Daybreak Americas to discuss Treasury bond yields, the strength of the US dollar and the outlook for Federal Reserve (Fed) actions.
24 September 2018
Valuations, Leverage and the High-Yield Market
1:33
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg talking about corporate leverage levels and why we’re reducing our risk in the corporate bond space.
14 August 2018
The Appeal of Bonds From Indonesia and China
4:05
Western Asset Head of Investment Management, Asia (ex-Japan) Desmond Soon was on Bloomberg Asia Pacific to discuss Indonesia’s potential global dollar bond offering, China’s bond market opening to more foreign investors and how those two countries’ fundamentals differ significantly from other struggling EM nations.
14 August 2018
Tapping Into China’s Massive Bond Market
3:00
Western Asset’s Desmond Soon appeared on Bloomberg to comment about the US$10 trillion Chinese bond market, the People’s Bank of China’s efforts to maintain a weaker yuan versus the US dollar and steps foreign investors can take to ease into China’s bond market.
21 June 2018
Fixed-Income and Rising Trade Tensions
2:18
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg TV to discuss the implications of rising trade tensions between the US and China.
21 June 2018
EM Local Currency Bonds, FX and Latin America
4:36
Western Asset Portfolio Manager Bonnie Wongtrakool joined Bloomberg Daybreak to discuss emerging markets (EM) asset prices, the appeal of EM local currency bonds and which Latin American countries Western Asset thinks are currently attractive.
16 May 2018
Impact of Legalized Sports Betting
2:31
Western Asset’s Robert Amodeo was on Bloomberg TV to comment on the recent legalization of sports betting in the US and its potential impact on the municipal bond market.
11 May 2018
Goldilocks Economy?
0:57
Western Asset’s Mike Buchanan was on Bloomberg’s Real Yield to discuss the economy, inflation and Fed expectations.
11 May 2018
EM Investing and Central Bank Credibility
1:25
Western Asset’s Mike Buchanan appeared on Bloomberg’s Real Yield to share his views on central bank credibility when investing in EM.
2 May 2018
Fed Policy Update
1:36
Western Asset’s John Bellows was on CNBC’s Power Lunch with co-anchor Tyler Mathisen to discuss the latest Fed meeting.
2 May 2018
The Fed’s “Do No Harm” Approach
1:16
Western Asset’s John Bellows appeared on CNBC’s Power Lunch to talk about the Fed keeping rates unchanged in May 2018.
27 April 2018
Risk and Portfolio Diversification
1:44
Western Asset’s Bonnie Wongtrakool was on Bloomberg Real Yield to discuss the flattening of the yield curve and our approach to risk.
27 April 2018
Attractive Technicals for US Dollar Assets
1:00
Western Asset’s Bonnie Wongtrakool describes the appeal of US assets to overseas investors and the strong demand from US pension funds for longer-dated bonds.
28 March 2018
Tariffs Likely Not Inflationary
1:11
Western Asset’s John Bellows appeared on Bloomberg Daybreak Americas and commented on the effect new tariffs may have on inflation.
28 March 2018
Where Are the Opportunities?
1:30
Portfolio Manager John Bellows discusses Western Asset’s approach to diversified fixed-income investing and offers his thoughts on opportunities in today’s turbulent market.
23 March 2018
On China’s Reaction to Trump Tariffs
3:14
Western Asset’s John Bellows weighs in on China’s potential retaliation in response to the Trump tariffs.
23 February 2018
Wage Inflation in Doubt
3:40
Western Asset's Bonnie Wongtrakool was on Bloomberg Daybreak discussing wage inflation, the health of the consumer balance sheet, and why we feel corporate bonds and the banking sector are still attractive.
23 February 2018
Finding Rising Stars
2:10
Western Asset's Bonnie Wongtrakool was on Bloomberg Daybreak describing how to identify "rising stars" or bonds we believe may be upgraded by the rating agencies.
9 February 2018
Volatility, Fundamentals and the Market
1:31
Western Asset’s Bonnie Wongtrakool was on Bloomberg Real Yield discussing the recent uptick in volatility and its relationship to both economic fundamentals and market sentiment.
9 February 2018
What About Cash?
0:57
Western Asset’s Bonnie Wongtrakool addresses the question of whether or not now is the right time to put your “dry powder” to work.
22 December 2017
CIO Ken Leech Profiled on Bloomberg.com
Bloomberg spotlights Ken Leech’s long-term investment success and how the Western Asset Core Plus Bond Fund beat 98% of intermediate bond funds in 2017, over both three- and five-year periods.
Article Excerpt
Kenneth Leech isn’t as well known as star bond managers like Jeffrey Gundlach and Bill Gross. Based on his performance, maybe he should be.
29 December 2017
What to Expect from US Tax Reform and the New Fed Chair in 2018
2:46
Julien Scholnick comments on US tax reform’s effect on bond issuance, then discusses how the Fed’s new Chairman, Jay Powell, is expected to raise rates three times in 2018 but inflation may change that.
29 December 2017
Outlook for High Yield
0:49
Julien Scholnick describes the opportunities in the high-yield sector in 2018, and the importance of identifying “rising stars.”
29 December 2017
US Inflation Expectations and Eurozone Growth in 2018
2:55
Julien Scholnick describes the factors driving the long end of the yield curve as we enter 2018, and then comments on the disparity between US and Eurozone bond rates and why we expect the spread to converge over time.
14 December 2017
Low-Inflation Outlook and Fixed-Income
1:10
Portfolio Manager John Bellows comments on the significance of the Fed’s unchanged view on inflation, and the rationale for owning some interest-rate risk.
13 November 2017
The Continued Search for Yield
6:27
Desmond Soon appeared on Bloomberg TV to comment on the continued search for yield in fixed-income.
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10-Year Treasury Yield Tops 3%  10 October 2018
Western Asset Portfolio Manager John Bellows appeared on CNBC to discuss the rising US Treasury rates and his outlook for domestic growth and inflation.
3:24
Bond Yields, Financial Conditions and the Fed  24 September 2018
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg Daybreak Americas to discuss Treasury bond yields, the strength of the US dollar and the outlook for Federal Reserve (Fed) actions.
4:26
Valuations, Leverage and the High-Yield Market  24 September 2018
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg talking about corporate leverage levels and why we’re reducing our risk in the corporate bond space.
1:33
The Appeal of Bonds From Indonesia and China  14 August 2018
Western Asset Head of Investment Management, Asia (ex-Japan) Desmond Soon was on Bloomberg Asia Pacific to discuss Indonesia’s potential global dollar bond offering, China’s bond market opening to more foreign investors and how those two countries’ fundamentals differ significantly from other struggling EM nations.
4:05
Tapping Into China’s Massive Bond Market  14 August 2018
Western Asset’s Desmond Soon appeared on Bloomberg to comment about the US$10 trillion Chinese bond market, the People’s Bank of China’s efforts to maintain a weaker yuan versus the US dollar and steps foreign investors can take to ease into China’s bond market.
3:00
Fixed-Income and Rising Trade Tensions  21 June 2018
Western Asset Portfolio Manager Bonnie Wongtrakool was on Bloomberg TV to discuss the implications of rising trade tensions between the US and China.
2:18
EM Local Currency Bonds, FX and Latin America  21 June 2018
Western Asset Portfolio Manager Bonnie Wongtrakool joined Bloomberg Daybreak to discuss emerging markets (EM) asset prices, the appeal of EM local currency bonds and which Latin American countries Western Asset thinks are currently attractive.
4:36
Impact of Legalized Sports Betting  16 May 2018
Western Asset’s Robert Amodeo was on Bloomberg TV to comment on the recent legalization of sports betting in the US and its potential impact on the municipal bond market.
2:31
Goldilocks Economy?  11 May 2018
Western Asset’s Mike Buchanan was on Bloomberg’s Real Yield to discuss the economy, inflation and Fed expectations.
0:57
EM Investing and Central Bank Credibility  11 May 2018
Western Asset’s Mike Buchanan appeared on Bloomberg’s Real Yield to share his views on central bank credibility when investing in EM.
1:25
Fed Policy Update  2 May 2018
Western Asset’s John Bellows was on CNBC’s Power Lunch with co-anchor Tyler Mathisen to discuss the latest Fed meeting.
1:36
The Fed’s “Do No Harm” Approach  2 May 2018
Western Asset’s John Bellows appeared on CNBC’s Power Lunch to talk about the Fed keeping rates unchanged in May 2018.
1:16
Risk and Portfolio Diversification  27 April 2018
Western Asset’s Bonnie Wongtrakool was on Bloomberg Real Yield to discuss the flattening of the yield curve and our approach to risk.
1:44
Attractive Technicals for US Dollar Assets  27 April 2018
Western Asset’s Bonnie Wongtrakool describes the appeal of US assets to overseas investors and the strong demand from US pension funds for longer-dated bonds.
1:00
Tariffs Likely Not Inflationary  28 March 2018
Western Asset’s John Bellows appeared on Bloomberg Daybreak Americas and commented on the effect new tariffs may have on inflation.
1:11
Where Are the Opportunities?  28 March 2018
Portfolio Manager John Bellows discusses Western Asset’s approach to diversified fixed-income investing and offers his thoughts on opportunities in today’s turbulent market.
1:30
On China’s Reaction to Trump Tariffs  23 March 2018
Western Asset’s John Bellows weighs in on China’s potential retaliation in response to the Trump tariffs.
3:14
Wage Inflation in Doubt  23 February 2018
Western Asset's Bonnie Wongtrakool was on Bloomberg Daybreak discussing wage inflation, the health of the consumer balance sheet, and why we feel corporate bonds and the banking sector are still attractive.
3:40
Finding Rising Stars  23 February 2018
Western Asset's Bonnie Wongtrakool was on Bloomberg Daybreak describing how to identify "rising stars" or bonds we believe may be upgraded by the rating agencies.
2:10
Volatility, Fundamentals and the Market  9 February 2018
Western Asset’s Bonnie Wongtrakool was on Bloomberg Real Yield discussing the recent uptick in volatility and its relationship to both economic fundamentals and market sentiment.
1:31
What About Cash?  9 February 2018
Western Asset’s Bonnie Wongtrakool addresses the question of whether or not now is the right time to put your “dry powder” to work.
0:57
  CIO Ken Leech Profiled on Bloomberg.com  22 December 2017
Bloomberg spotlights Ken Leech’s long-term investment success and how the Western Asset Core Plus Bond Fund beat 98% of intermediate bond funds in 2017, over both three- and five-year periods.
What to Expect from US Tax Reform and the New Fed Chair in 2018  29 December 2017
Julien Scholnick comments on US tax reform’s effect on bond issuance, then discusses how the Fed’s new Chairman, Jay Powell, is expected to raise rates three times in 2018 but inflation may change that.
2:46
Outlook for High Yield  29 December 2017
Julien Scholnick describes the opportunities in the high-yield sector in 2018, and the importance of identifying “rising stars.”
0:49
US Inflation Expectations and Eurozone Growth in 2018  29 December 2017
Julien Scholnick describes the factors driving the long end of the yield curve as we enter 2018, and then comments on the disparity between US and Eurozone bond rates and why we expect the spread to converge over time.
2:55
Low-Inflation Outlook and Fixed-Income  14 December 2017
Portfolio Manager John Bellows comments on the significance of the Fed’s unchanged view on inflation, and the rationale for owning some interest-rate risk.
1:10
The Continued Search for Yield  13 November 2017
Desmond Soon appeared on Bloomberg TV to comment on the continued search for yield in fixed-income.
6:27

IMPORTANT DISCLOSURES AND COPYRIGHT INFORMATION

The opinions and views expressed in this video are as of 10 October 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 24 September 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 24 September 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 14 August 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 14 August 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 21 June 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 21 June 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 16 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 11 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 11 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 2 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 2 May 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 27 April 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 27 April 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 28 March 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 28 March 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 23 March 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 23 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 23 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 9 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 9 February 2018. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this material are as of 22 December 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This material is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this material should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 29 December 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 29 December 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 29 December 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 14 December 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.
The opinions and views expressed in this video are as of 13 November 2017. Such opinions are subject to change and may differ from others in the Firm, or the Firm as a whole. This video is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or product. Statements in this video should not be considered investment advice and are not intended to be relied upon as a factual prediction or forecast of future events or performance or a guarantee of future results. Likewise, past results are not indicative of future investment results. Employees and/or clients of Western Asset Management may have a position in the securities mentioned.