Investment Commentary and Annual Report to ... - Western Asset
Investment Commentary and Annual Report to ... - Western Asset
Investment Commentary and Annual Report to ... - Western Asset
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<strong>Annual</strong> <strong>Report</strong> <strong>to</strong> ShareholdersManagement’s Discussion of Fund Performance—ContinuedFund’s exposure <strong>to</strong> Fannie Mae <strong>and</strong> Freddie Mac preferreds detracted from performance. The Fund’s exposure <strong>to</strong> the broad highyieldmarket, through a combination of bonds <strong>and</strong> derivatives, also detracted from performance. Specifically, the Fund’s exposure<strong>to</strong> Ford <strong>and</strong> General Mo<strong>to</strong>rs detracted from performance as spreads widened.<strong>Western</strong> <strong>Asset</strong> Management CompanyJanuary 20, 20092
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