Western Asset's US TIPS 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 in seeking to add value while minimizing risk.

Exceed benchmark return by average of 100 basis points annually over a 3- to 7-year period while approximating benchmark risk.

Construct a well diversified, higher yielding inflation-protected portfolio with a bias towards Treasury Inflation Protected Securities (TIPS). Exposure to the diversifying sectors (which include credit, global inflation-linked securities and mortgage-backed securities) may be derived through derivative and forward transactions. This strategy allows for opportunistic investments in high yield, emerging markets, non-dollar securities, commodities and bank loans.