Western Asset's Absolute Return composite includes portfolios that employ an actively managed, diversified fixed-income portfolios. Portfolio construction is based on Western's fundamental view of the fixed-income markets and is independent of broad market benchmarks.

Maximize return consistent with the current market environment and outperform the broad market over a 3- to 7-year period.

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.