Fund info

Western Asset Total Return Unconstrained Fund is an actively managed open-end mutual fund focused on flexible, broad-market fixed income. The fund’s primary objective is to maximize total return, using an unconstrained approach that is not managed to a benchmark and allows significant latitude across duration, yield curve, sector, country, and currency positioning. It invests across major bond sectors with a bias toward non-Treasuries, including agency and non-agency mortgage-backed securities, investment-grade and high-yield corporates, asset-backed securities, commercial mortgage-backed securities, collateralized loan obligations, Treasuries, and selective emerging markets sovereign and corporate debt. Portfolio construction emphasizes diversified risk sources, active security selection, and tactical allocations that reflect the current macroeconomic environment while maintaining overall risk controls. The strategy leverages Western Asset’s global research platform and fundamental, value-oriented process to pursue consistent total return across market cycles. Positioned within the nontraditional bond category, it offers investors a flexible fixed income allocation intended to complement traditional core bond holdings by broadening sources of return beyond benchmark-constrained exposures.