Western Asset Management Strategic Bond Opportunities Portfolio
Data updated: 2026-08-27
C000017842 — Western Asset Management Strategic Bond Opportunities Portfolio. Holdings, fees, performance and SEC filings.
C000017842 Fund Overview
Western Asset Management Strategic Bond Opportunities Portfolio is a US mutual fund managed by Brighthouse Funds Trust II, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Brighthouse Funds Trust II
- Category: Intermediate Total / Aggregate Bond
- Assets under management: $1.78B
- 1-year return: 6.2%
- SEC CIK: 0000710826
- SEC series ID: S000006526
- Share class ID: C000017842
C000017842 Investment Objective and Strategy
Western Asset Management Strategic Bond Opportunities Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Brighthouse Funds Trust II.
Investment objective
To maximize total return consistent with preservation of capital.
Principal investment strategy
Western Asset Management Company, LLC (WAM), subadviser to the Portfolio, along with its affiliates, Western Asset Management Company Limited (Western Asset Limited) and Western Asset Management Company Pte. Ltd. (Western Asset Pte. and collectively with WAM and Western Asset Limited, Western Asset or Subadviser), invests, under normal circumstances, at least 80% of the Portfolios net assets in three classes of bonds and other fixed-income securities: (1) U.S. investment grade securities, including U.S. Government securities (e.g., obligations of the U.S. Government or its agencies or instrumentalities) and mortgage-backed securities and other asset-backed securities, and foreign investment grade corporate debt; (2) U.S. and foreign high yield debt of any kind (commonly known as junk bonds); and/or (3) foreign government securities.
The mortgage- and asset-backed securities in which the Portfolio may invest include those guaranteed or issued by the Government National Mortgage Association or the Federal National Mortgage Association, as well as privately issued mortgage- and asset-backed securities, including collateralized mortgage obligations, collateralized loan obligations and other collateralized debt obligations. These mortgage-backed securities may also include credit risk transfer securities, which are fixed- or floating-rate unsecured obligations. Depending on market conditions, the Portfolio may invest without limit in high yield debt, which involves significantly greater risks, including price volatility and risk of default in the payment of interest and principal, than investments in higher-quality securities.
Although Western Asset does not anticipate investing in excess of 75% of the Portfolios assets in domestic and emerging market debt securities that are rated below investment grade, the Portfolio may invest a greater percentage in such securities when, in the opinion of Western Asset, the yield available from such securities outweighs their additional risks. The Portfolio may invest up to 100% of its assets in foreign securities, including emerging markets. The Portfolio may also invest in Treasury Inflation Protected Securities and other inflation-linked bonds, repurchase agreements, mortgage dollar rolls, forward commitments, when-issued securities and delayed delivery securities and bank loans. The Portfolio may invest in securities issued pursuant to Rule 144A under the Securities Act of 1933.
The Portfolio may invest in derivatives to obtain investment exposure, enhance return, or hedge or protect its assets from an unfavorable shift in the value or rate of a reference instrument. The Portfolio may use such derivatives as options, options on futures contracts, currency-related derivatives, swaps, credit default swaps, structured notes and inverse floaters for these purposes. These instruments may be used for any investment purpose, including, for example, in an attempt to adjust the Portfolios duration or to lower its exposure to certain risks (e.g., changes in interest rates). Investment Selection Western Assets investment approach revolves around an investment outlook developed by a team of senior professionals that reviews developments in the economy and the markets and establishes a recommended portfolio structure, including targets for duration, yield curve exposure and sector allocation.
Western Assets investment team implements the strategy in a manner consistent with the investment policies of the Portfolio, using information on the relative credit strength, liquidity, issue structure, event risk, covenant protection and market valuation of available securities. The duration of the Portfolio will generally be approximately 3 to 7 years.
C000017842 Holdings
Top 10 holdings of Western Asset Management Strategic Bond Opportunities Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| National Bank Of Canada | 2.53% |
| Mcclatchy Media Co. LLC | 2.20% |
| Citigroup Global Markets Inc | 1.51% |
| Venture Global Plaque | 1.00% |
| Bank Of Montreal Toronto | 0.84% |
| Inter-American Devel Bk | 0.69% |
| Pm General Purchaser LLC | 0.68% |
| Enterprise Products Oper | 0.64% |
| Tfdxx Lex Blackrock Fed Fund | 0.62% |
| National Bank Financial Inc | 0.62% |
C000017842 Portfolio Allocation
Asset-class allocation of Western Asset Management Strategic Bond Opportunities Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 56.2% |
| Securitized | 28.9% |
| Cash & Equivalents | 15.0% |
| Loans | 13.2% |
| Equity | 0.4% |
| Real Estate | 0.2% |
C000017842 Performance
Total returns for C000017842 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.0% |
| 1 year | 6.2% |
| 3 years (annualised) | 7.2% |
| 5 years (annualised) | 1.5% |
C000017842 Risk Information
Risk metrics for C000017842, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.1%
C000017842 Costs and Fees
C000017842 costs about $57 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.57%
- Gross expense ratio: 0.62%
- Portfolio turnover: 85%
- Brokerage commissions: 0.73 bps of average net assets (SEC N-CEN)
C000017842 Cashflows
Over the 12 months to 2026-06, Western Asset Management Strategic Bond Opportunities Portfolio had net outflows of $66.59M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $121.62M |
| 2026-05 | −$8.13M |
| 2026-04 | −$17.70M |
| 2026-03 | −$33.56M |
| 2026-02 | −$12.81M |
| 2026-01 | −$11.73M |
C000017842 Debt Constituents
Largest debt holdings of Western Asset Management Strategic Bond Opportunities Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Mcclatchy Media Co. LLC | 2.20% |
| Venture Global Plaque | 1.00% |
| Inter-American Devel Bk | 0.69% |
| Pm General Purchaser LLC | 0.68% |
| Enterprise Products Oper | 0.64% |
| Intesa Sanpaolo Spa | 0.59% |
| Nota Do Tesouro Nacional | 0.54% |
| Occidental Petroleum Cor | 0.53% |
| Tutor Perini Corp. | 0.50% |
| First Quantum Minerals L | 0.49% |
C000017842 Prospectus and SEC Filings
Official Western Asset Management Strategic Bond Opportunities Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-24
- Prospectus (485BPOS) — filed 2025-04-25
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-03-11
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.