Western Asset Total Return Unconstrained Fund

C000139590 Fund Overview

Western Asset Total Return Unconstrained Fund is a US mutual fund managed by Western Asset Funds INC, categorised as Long Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Western Asset Funds INC
• Category: Long Total / Aggregate Bond
• Assets under management: $42.29M
• 1-year return: 7.2%
• SEC CIK: 0000863520
• SEC series ID: S000012738
• Share class ID: C000139590

C000139590 Investment Objective and Strategy

Western Asset Total Return Unconstrained Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Western Asset Funds INC.

Investment objective

Maximize long-term total return.

Principal investment strategy

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. Under normal market conditions, the fund will invest at least 50% of its net assets in debt and fixed income securities rated at least in the Baa or BBB categories 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 subadvisers). These securities are known as investment grade securities. The fund intends to 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, bond and interest rate futures, options on bonds, options on bond and interest rate futures, swaps, foreign currency futures, forwards and options, options on swaps, options on forwards and commodity and commodity index futures, options, swaps and structured notes. In particular, the fund may use certain derivatives, including 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/or futures contracts (including options on futures contracts) to a significant extent, although the amounts invested in these instruments may change from time to time. Other derivative instruments may also be used to a significant extent from time to time.

The fund may use currency related transactions involving options and futures contracts (sometimes referred to as futures), indexed securities and other derivative instruments (collectively, Financial Instruments). These Financial Instruments may be used without limit, for either hedging purposes, or to implement a currency investment strategy. The subadvisers use fundamental investment techniques to select issues. In deciding among the securities and instruments in which the fund may invest, the subadvisers may take into account the credit quality, country of issue, interest rate, liquidity, maturity and yield of a security or instrument as well as other factors, including the funds dollar-weighted average effective duration and prevailing or anticipated market conditions. Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration (including futures positions), as estimated by the funds subadvisers, within the range of -3 to 8 years.

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). Although the fund may invest in debt and fixed income securities of any credit quality, including securities that are in default, under normal market conditions it is expected that the fund will maintain a dollar-weighted average credit quality of portfolio holdings of at least the Baa/BBB categories or their equivalent (as determined by the subadvisers). In addition, under normal market conditions, at the time of purchase: No more than 50% of the funds net assets may be invested in non-U.S. dollar denominated securities. No more than 25% of the funds net assets may be invested in un-hedged non-U.S.

dollar denominated securities. No more than 25% of the funds net assets may be invested in non-U.S. dollar denominated securities that are not investment grade securities. Securities rated below investment grade are commonly known as junk bonds or high yield securities. No more than 25% of the funds net assets may be invested in securities of non-U.S. issuers that are not investment grade securities. No more than 50% of the funds net assets may be invested in a combination of non-U.S. dollar denominated securities, emerging market securities and securities that are not investment grade securities. The fund is permitted to invest in securities issued or guaranteed by the government of the United States or any of the G-7 countries, including their agencies, instrumentalities and political sub-divisions, without limit; however, (i) no more than 10% of the funds net assets may be invested in securities issued or guaranteed by a single government that is a non-G-7 country, including its agencies, instrumentalities and sub-divisions; (ii) no more than 10% of the funds net assets may be invested in private mortgage-backed and asset-backed securities of a single issuer unless the collateral relating to such securities is credit-independent of the issuer and the securitys credit enhancement is independent of the issuer, in which case no more than 25% of the funds net assets may be invested in private mortgage-backed and asset-backed securities of such issuer; and (iii) other than as described above, no more than 5% of the funds net assets may be invested in the obligations of any single issuer.

The aggregate initial futures margin and options premiums required to establish commodity interest positions will not exceed 5% of the net assets of the fund, after taking into account unrealized profits and unrealized losses on any such positions; provided, however, that if an option is in-the-money at the time of purchase, the amount by which the option is in-the-money may be excluded in computing such 5%.

C000139590 Holdings

Top 10 holdings of Western Asset Total Return Unconstrained Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000139590 holdings

C000139590 Portfolio Allocation

Asset-class allocation of Western Asset Total Return Unconstrained Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000139590 Performance

Total returns for C000139590 (as of 2026-10-01), from SEC filings.

C000139590 Risk Information

Risk metrics for C000139590, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.9%

C000139590 Costs and Fees

C000139590 costs about $117 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.17%
• Gross expense ratio: 1.17%
• Portfolio turnover: 177%
• Brokerage commissions: 6.11 bps of average net assets (SEC N-CEN)

C000139590 Cashflows

Over the 12 months to 2026-05, Western Asset Total Return Unconstrained Fund had net outflows of $93.51M, from monthly SEC N-PORT filings.

C000139590 Debt Constituents

Largest debt holdings of Western Asset Total Return Unconstrained Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000139590 Prospectus and SEC Filings

Official Western Asset Total Return Unconstrained Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-09-24
• Prospectus (485BPOS) — filed 2025-09-24
• Prospectus (485BPOS) — filed 2024-09-24
• Portfolio holdings (N-PORT) — filed 2026-07-22
• Portfolio holdings (N-PORT) — filed 2026-04-24
• Portfolio holdings (N-PORT) — filed 2026-01-23
• Annual census (N-CEN) — filed 2026-08-12
• Annual census (N-CEN) — filed 2025-08-08

Related Funds

Other Long Total / Aggregate Bond funds tracked on ABC INVEST:

• Dodge & Cox Income Fund (DODIX)
• Bond Fund Of America (ABNDX)
• Fidelity U.S. Bond Index Fund (FUBFX)
• Baird Aggregate Bond Fund (BAGIX)
• PGIM Total Return Bond Fund (PDBAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.