Western Asset Absolute Return Portfolio
Investment Objective:
To maximize long-term total return.
Investments:
The Fund has a flexible investment strategy and will invest in a variety of securities and instruments and use a variety of investment techniques in pursuing its objective.
The Fund invests primarily in U.S. government obligations, corporate obligations, mortgage- and other asset-backed securities, obligations of non-U.S. issuers, including obligations of non-U.S. governments, international agencies or supranational organizations, and debt obligations of corporate and governmental issuers in emerging market countries. The Fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns.
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| Inception Date: |
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| Institutional: | July 6, 2006 |
| Financial Intermediary: | September 6, 2006 |
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| Performance Benchmark: |
The Portfolio is not measured against a benchmark.
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| Total Fund Assets: |
$560.6 million (as of 3/31/08)
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| Ticker Symbol: |
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| Institutional: | WAARX |
| Financial Intermediary: | WARIX |
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Investment Risks:
Bonds are subject to a variety of risks, including interest rate, credit and inflation risk. As interest rates rise, bond prices fall, reducing the value of the Fund's share price.
Investors in the Portfolio should be able to withstand short-term fluctuations in the fixed income markets in return for potentially high returns over the long term. Non-U.S. investments are subject to currency fluctuations, social, economic and political risks. High yield fixed income securities are subject to greater fluctuations in value and greater risk of loss of income and principal due to default by the issuer than are higher rated bonds.
To the extent that the Fund invests in asset-backed, mortgage-backed or mortgage-related securities, its exposure to pre-payment and extension risks may be greater than investments in other fixed income securities. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
An investor cannot invest directly in an index. Click here for Index Definitions.
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