Western Asset's Global Core Full Discretion composite includes portfolios that employ an active, team-managed investment approach around a long-term, value-oriented investment 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 150 basis points annually over a 3- to 5-year period while approximating benchmark risk.

Construct a portfolio using global fixed-income markets and currencies with a bias towards non-sovereign securities, especially corporate and mortgage-backed securities. Value can be added through bloc and currency allocation as well as sector concentration and issue selection. Portfolio risk is controlled through broad diversification across markets/sectors, duration control and active hedging of currency exposure.