Western Asset Total Return Unconstrained Fund Class A is an actively managed open-end mutual fund focused on fixed income. Its primary objective is to maximize total return through a flexible, benchmark-agnostic approach that allocates across global bond sectors and utilizes derivatives for both hedging and opportunistic positioning. The strategy emphasizes diversified exposure to interest-rate and credit risk, with material allocations to agency mortgage‑backed securities and U.S. Treasuries, complemented by segments such as CMBS, CLOs, asset-backed securities, and select emerging markets debt. Portfolio construction targets controlled duration and spread risk, allowing managers to adjust interest-rate sensitivity and sector mix as market conditions evolve. The fund typically maintains a substantial share of investment‑grade holdings while retaining latitude to include high-yield and non‑U.S. exposures to enhance total return. Managed by Western Asset, a specialist fixed-income affiliate within Franklin Templeton, the fund serves investors seeking a diversified, unconstrained bond strategy designed to navigate varying rate and credit cycles without reliance on a traditional benchmark.
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