Total Return Unconstrained (TRU) Bond

Investment Objective

Maximize return consistent with the current market environment and outperform the broad market over the course of a market cycle.

Investment Style

Construct a portfolio in which the manager intends to actively manage sector, duration and term structure exposure. The manager will be opportunistic and will make tactical changes based on our fundamental assessment of current market conditions.

Investment Vehicles

Separate Account: Contact your CSE or call 1-626-844-9400
Commingled Vehicle Available

Performance as of December 31, 2016

The Total Return Unconstrained (TRU) Bond Composite is not measured against a benchmark. There is no benchmark available which appropriately reflects the strategy of this Composite.

Returns for periods greater than one year are annualized. Please see the Performance Disclosure for more information.

Historical Performance: By Calendar Year

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Snapshot

Strategy AUM: Total Total Return Unconstrained (TRU) Bond Assets:
US$5.0 billion (as of December 31, 2016)
Benchmark: No Benchmark*
Inception Date: 01 Jul 04
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Sector Allocation

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Portfolio Characteristics

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Product Commentary

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Past performance is not indicative of future investment results, the value of any investment can fall as well as rise.
Notional market value represents derivatives notional market value excluding interbank derivatives

The benchmark does not provide an allocation to the "Emerging Markets" sector. The emerging market sector allocation shown for the benchmark is based on Western Asset's emerging market countries definition for comparison purposes.
* The Total Return Unconstrained (TRU) Bond Composite is not measured against a benchmark. There is no benchmark available which appropriately reflects the strategy