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 securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration within 30% of the average duration of the domestic bond market as a whole as estimated by the funds subadvisers. 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 … 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 securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration within 30% of the average duration of the domestic bond market as a whole as estimated by the funds subadvisers. 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 may invest up to 20% of its total assets in non-U.S. dollar denominated securities. Up to 20% of the funds net assets may be invested in debt securities that are not 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, if unrated, securities of comparable quality at the time of purchase (as determined by the subadvisers). Securities rated in the Baa or BBB categories or above by one or more NRSROs or unrated securities of comparable quality are known as investment grade securities. Securities rated below investment grade are commonly known as junk bonds or high yield 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, swaps, foreign currency futures and forwards. 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 options on futures) 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 | — | $96.98M | 2.62% |
| FNCL 5 4/26 | — | $80.49M | 2.18% |
| FNCL 5.5 4/26 | — | $59.38M | 1.61% |
| US TREASURY N/B | — | $53.49M | 1.45% |
| FNCL 6 4/26 | — | $50.67M | 1.37% |
| U.S. Treasury Bonds | — | $47.37M | 1.28% |
| Presidencia da Republica | NTNFF33 | $39.79M | 1.08% |
| US TREASURY N/B | — | $38.65M | 1.05% |
| FNCL 4.5 4/26 | — | $37.55M | 1.02% |
| G2SF 5.5 4/25 | — | $33.11M | 0.90% |
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 VIT Portfolio · QLMHIX, LVITX | 40% | 0.52% |
| Western Asset Core Bond Fund · WATFX, WAPIX, WACSX, WABAX, WABCX, WABRX, LWACX | 39% | 0.42% |
| Western Asset SMASh Series Core Plus Completion Fund · LMECX | 24% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| FRANKLIN TEMPLETON FUND ADVISER, LLC | Adviser |
| Western Asset Management Company, LLC | Sub-adviser |
| Western Asset Management Company Ltd | Sub-adviser |
| Western Asset Management Company Pte. Ltd. | 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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