Western Asset's Japan Core Full Discretion 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 sectors of the fixed-income market in seeking to add value while minimizing risk.

Exceed the benchmark return by 100 to 125 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. This strategy allows for opportunistic investments in high yield, emerging market and 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.