Investment objective & strategy
As of April 24, 2025 · prospectusObjective. Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified below.
Strategy. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets, including the amount of borrowing for investment purposes, if any, in debt and fixed income securities. Although the fund may invest in debt and fixed income securities of any maturity, under normal market conditions the target dollar-weighted average effective duration for the fund is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by the funds subadviser. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for … The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets, including the amount of borrowing for investment purposes, if any, in debt and fixed income securities. Although the fund may invest in debt and fixed income securities of any maturity, under normal market conditions the target dollar-weighted average effective duration for the fund is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by the funds subadviser. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer). The fund presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities that are rated in the Baa or BBB categories or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations (NRSROs) or unrated securities of comparable quality at the time of purchase (as determined by the subadviser). These securities are known as investment grade securities. The fund may invest up to 25% of its total assets in the securities of non-U.S. issuers. The fund may invest a substantial portion of its assets in mortgage-backed and asset-backed securities. The fund may also enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options and swaps. In particular, the fund may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps) and futures contracts to a significant extent, although the amounts invested in these instruments may change from time to time. Other instruments may also be used to a significant extent from time to time.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $118.91M | 6.73% |
| US TREASURY N/B | — | $96.43M | 5.46% |
| US TREASURY N/B | — | $27.86M | 1.58% |
| Fannie Mae Pool | — | $15.84M | 0.90% |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-92 AH | — | $14.18M | 0.80% |
| TSMC ARIZONA | — | $13.78M | 0.78% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $13.63M | 0.77% |
| FNCL 5 4/26 | — | $12.63M | 0.71% |
| Fannie Mae Pool | — | $12.09M | 0.68% |
| Government National Mortgage Association Series 2022-63, Class LM | — | $11.17M | 0.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Western Asset Core Plus Bond Fund · WACPX, WACIX, WAPSX, WAPAX, WAPCX, WAPRX, LWCPX | 39% | 0.42% |
| LVIP Western Asset Core Bond Fund | 27% | 0.55% |
| Western Asset Core Plus VIT Portfolio · QLMHIX, LVITX | 27% | 0.52% |
Advisers
| Firm | Role |
|---|---|
| FRANKLIN TEMPLETON FUND ADVISER, LLC | Adviser |
| Western Asset Management Company, LLC | Sub-adviser |
| Western Asset Management Company Limited | Sub-adviser |
Footnotes
- Expense ratio as of April 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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