The fund seeks to maximize total return by holding a core portfolio of primarily investment grade fixed income securities of issuers from around the world. To achieve its investment objective, it may invest all of its assets in its mutual fund counterpart, the Franklin Western Asset Core Plus Bond Fund. A substantial portion of the funds assets may be invested in asset-backed securities and mortgage-backed securities. Up to 20% may be invested in debt instruments not denominated in USD and up to 30% may be allocated to non-investment grade debt. The fund may hold bonds of any maturity, but the fund adviser typically maintains an average effective duration that is within 30% of the average duration of the US bond market. It may also use derivatives for hedging and non-hedging purposes.