Enhanced Liquidity
Western Asset's Enhanced Liquidity mandate is an active team managed strategy that employs a top-down economic and interest rate outlook, combined with a bottom-up security selection process. It seeks a higher return than a money market fund while maintaining a high degree of liquidity.

Enhanced Cash
Western Asset's Enhanced Cash mandate is an active, team managed strategy that employs a high quality, value-oriented approach utilizing diversified strategies and all investment grade sectors of the fixed income market that seeks to add value while minimizing risk.

Money Market
Western Asset's Managed Cash mandate is an active, team managed strategy that employs fundamental and technical analyses to determine sector weightings. The strategy seeks to provide liquidity and a high level of income as is consistent with preservation of capital.

Traditional Fixed Income
Western Asset's traditional fixed income mandates are active, team managed strategies that employ long-term, value-oriented approaches utilizing diversified strategies and all sectors of the fixed income market in an attempt to add value while minimizing risk. The company's investment objective is to exceed the benchmark returns while approximating benchmark risk over a market cycle. Western Asset's approach is to construct portfolios using all major fixed-income sectors with a bias towards non-Treasuries.

Absolute Return
Western Asset's Absolute Return mandates are actively managed, diversified, fixed-income portfolios. The portfolio construction is based on Western Asset's fundamental view of the fixed income markets and is independent of broad market benchmarks. The performance objective is to maximize return consistent with the current market environment and to outperform the broad market over a market cycle.

Portable Alpha
Western Asset's Portable Alpha mandates are active, team managed fixed income portfolios that employ a derivatives overlay to replicate the exposure of a client specific benchmark. Typically, the company uses a short duration strategy that employs a long term value-oriented approach and diversified strategies that seek to add value while minimizing risk. Western Asset then uses futures and/or a total return swap to receive the performance of the benchmark.

Municipal
Western Asset's Municipal mandate is an active, team managed strategy that employs a disciplined investment process focused on relative value investing and sector rotation. The mandate seeks to maximize investment returns while providing relative safety and liquidity by focusing on investment grade securities.

US Tax-Efficient
Western Asset's Tax Efficient mandate is an active team managed strategy focused on relative value investing and sector rotation. The strategy allocates between taxable and tax-exempt markets as it seeks the optimal after-tax return for the client.