US Municipal Intermediate*

Description

The strategy includes portfolios that employ an active, team-managed strategy around a disciplined investment process backed by state-of-the-art analytics and risk sensitivity in the allocation and selection phase. The approach is to construct a portfolio using municipal securities and seek to add value through yield curve management, sector allocation and security selection.

Investment Vehicles

Separate Account: Contact your Client Service Executive or call 1-626-844-9400

Performance as of June 30, 2019

Returns for periods greater than one year are annualized. Please see the Performance and Risk Disclosures for more detail.

Portfolio Characteristics as of June 30, 2019

Leverage None
Credit Quality A+
Effective Duration 4.64 years
Spread Duration 5.07 years
Yield-to-Worst 2.18%

Snapshot

Strategy AUM: Total US Municipal Intermediate Assets:
USD7.5 billion (as of June 30, 2019)
Benchmark: Bloomberg Barclays Municipal Bond Index, 1-15 Year Blend (1-17)
Inception Date: 01 Mar 95

Sector Allocation as of June 30, 2019

Sectors Portfolio (%) Benchmark (%)
Education 6.3 5.6
Hospital/Healthcare 6.8 5.7
Housing 1.4 0.9
Industrial Revenue 17.6 3.8
Leasing 5.9 7.0
Local GO 5.7 14.6
CMBS 0.5 0.0
Power 5.5 5.0
Pre-Refunded 8.6 6.4
Solid Waste/Recovery 0.1 0.2
Special Tax 8.3 10.0
State GO 4.5 17.7
Transportation 19.4 14.1
Water & Sewer 8.2 7.8
Variable Rate Demand Notes 0.4 0.0
Other 2.1 0.1
Cash & Cash Equivalents -1.3 0.0
Note: Sector allocation includes look-through to any underlying commingled vehicles if held. All weightings are a percentage of total market value. A negative cash position may be reported, which is primarily due to the portfolio's unsettled trade activity. Data may not sum to 100% due to rounding.
IMPORTANT INFORMATION: All investments involve risk including loss of principal. Past performance is not indicative of future investment results. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients.
* Represented by the US Municipal Intermediate Aggregate Composite.
Employees and/or clients of Western Asset may have a position in the securities mentioned. This has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. It is your responsibility to be aware of and observe the applicable laws and regulations of your country of residence.

Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brasil. Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore. Western Asset Management Company Ltd is a registered Financial Instruments Business Operator and regulated by the Financial Services Agency of Japan. Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority ("FCA"). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK and EEA countries as defined by the FCA or MiFID II rules.