Western Asset's Japan Core composite includes portfolios that employ an active, team-managed investment approach around a long-term, value-oriented philosophy. These portfolios use diversified strategies and all investment-grade sectors of the fixed-income market in seeking to add value while minimizing risk.

Exceed the benchmark return by 50 to 75 basis points annually over a 3- to 5-year period while approximating benchmark risk.

Construct a portfolio using all major fixed-income sectors with a bias towards non-government, especially corporate, mortgage-backed and asset-backed securities. This strategy allows for international securities, and derivative positions based on the relative valuation of foreign interest rates and currencies. This portfolio seeks to add value through sector rotation, yield curve positioning, issue selection and duration management.