# Portfolio overlap — WAUAX vs FPFIX Comparing **Western Asset Total Return Unconstrained Fund** (2026-02-27) and **FPA Flexible Fixed Income Fund** (2026-03-31). - Shared positions: 2 - Western Asset Total Return Unconstrained Fund covered by FPA Flexible Fixed Income Fund: 0.05959352358589498982517582274 - FPA Flexible Fixed Income Fund covered by Western Asset Total Return Unconstrained Fund: 0.05959352358589498982517582274 ## Western Asset Total Return Unconstrained Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | US TREASURY N/B | 0.148826 | ✓ | | US TREASURY N/B | 0.058869 | | | US TREASURY N/B | 0.044195 | | | US TREASURY N/B | 0.041376 | | | US TREASURY N/B | 0.040263 | | | India Government Bond | 0.025083 | | | GNMA II TBA 30 YR 3 JUMBOS | 0.023228 | | | Presidencia da Republica | 0.021848 | | | NETFLIX INC | 0.015335 | | | Presidencia da Republica | 0.015027 | | | Teva Pharmaceutical Finance Netherlands II BV | 0.014470 | | | US TREASURY N/B | 0.012684 | | | SANDS CHINA LTD | 0.010901 | | | US TREASURY N/B | 0.009186 | | | SANDS CHINA LTD | 0.008881 | | | Alternative Loan Trust 2005-28CB | 0.007997 | | | Government National Mortgage Association, TBA | 0.007981 | | | OHA Credit Funding 18 Ltd | 0.007692 | | | U.S. Treasury Inflation-Protected Indexed Notes | 0.007684 | | | FN MA4643 | 0.007616 | | | Fannie Mae Connecticut Avenue Securities | 0.007388 | | | HUMANA INC SR UNSECURED 06/38 8.15 | 0.007335 | | | Fannie Mae Connecticut Avenue Securities, Series 2023-R06, Class 1M2 | 0.006875 | | | US TREASURY N/B | 0.006686 | | | US TREASURY N/B | 0.006504 | | | CWHEQ Revolving Home Equity Loan Trust Series 2007-A | 0.006361 | | | MF1, Series 2024-FL16, Class A | 0.006353 | | | SWCH COMMERCIAL MORTGAGE TRUST SWCH 2025 DATA A 144A | 0.006284 | | | OCEAN TRAILS CLO X OCTR 2020-10A ER | 0.006179 | | | CD 2017-CD5 A4 | 0.006074 | | | BANK 2018-BNK15 BANK 2018 BN15 B | 0.006012 | | | BX Commercial Mortgage Trust 2021-XL2 | 0.005985 | | | HAYFIN US XV LTD HAYFN 2024-15A D1 | 0.005845 | | | BX Commercial Mortgage Trust, Series 2019-IMC, Class F | 0.005840 | | | KAZMUNAYGAS NATIONAL CO JSC 3.5% 04/14/2033 144A | 0.005832 | | | Galaxy XXV CLO Ltd | 0.005803 | | | SANDS CHINA LTD | 0.005716 | | | DISH DBS CORP SR SECURED 144A 12/28 5.75 | 0.005618 | | | DC Commercial Mortgage Trust, Series 2023-DC, Class A | 0.005594 | | | Freddie Mac Pool | 0.005553 | | | TESLA SUSTAINABLE ENERGY TRUST TSET 2024 1A A3 144A | 0.005322 | | | BVCLN 2025-EDU1 C | 0.005306 | | | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3 | 0.005279 | | | CSC HOLDINGS LLC REGD 144A P/P 4.50000000 | 0.005218 | | | PRXNA 3.061 07/13/31 | 0.005178 | | | Lloyds Banking Group PLC | 0.005173 | | | Extended Stay America Trust Series 22-ESH Class D | 0.005114 | | | BLACK DIAMOND CLO 202 FRN | 0.005094 | | | MF1 LLC, Series 2025-FL19, Class A | 0.004904 | | | NSLT 2021-A APT2 | 0.004863 | | ## FPA Flexible Fixed Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | US TREASURY N/B | 0.088300 | | | US TREASURY N/B | 0.084873 | | | US TREASURY N/B | 0.066083 | | | US TREASURY N/B | 0.058503 | ✓ | | U.S. Treasury Bills | 0.034496 | | | U.S. Treasury Bills | 0.026086 | | | US TREASURY N/B | 0.022459 | | | U.S. Treasury Bills | 0.017073 | | | J.P. Morgan Mortgage Trust 2022-1 | 0.009304 | | | MSILF Treasury Portfolio, Class Institutional | 0.007690 | | | FN FS1967 | 0.007164 | | | FR RB5104 | 0.006793 | | | SCE RECOVERY FUNDING LLC SR SECURED 03/36 4.453 | 0.006301 | | | FR RB5110 | 0.006188 | | | FHMS K096 A2 | 0.006110 | | | FN MA4473 | 0.005958 | | | OBX Trust, Series 2021-J1, Class A4 | 0.005884 | | | Fannie Mae Pool | 0.005799 | | | FHMS K754 A2 | 0.005483 | | | GS Mortgage-Backed Securities Trust 2022-PJ5 | 0.005399 | | | FN FS1680 | 0.005335 | | | FORDF 2018-4 A | 0.005122 | | | FNMA UMBS, 20 Year | 0.005037 | | | VZMT 2024-2 A 144A 4.83% 12-22-31 | 0.005003 | | | Fannie Mae Pool | 0.004989 | | | MIDCAP FINL. ISSUER 6.50% | 0.004912 | | | CNP 4.255 12/15/35 A-1 | 0.004905 | | | FR RB5113 | 0.004864 | | | FHMS K094 A2 | 0.004814 | | | FHMS K095 A2 | 0.004670 | | | Progress Residential Trust, Series 2024-SFR4, Class A | 0.004439 | | | Fannie Mae REMICS | 0.004234 | | | JP Morgan Mortgage Trust 2021-11 | 0.004173 | | | Fortress Credit Opportunities IX CLO Ltd. | 0.004155 | | | FR RB5084 | 0.004132 | | | VIRGINIA POWER | 0.004094 | | | GMREV 2024-1 A | 0.004093 | | | Fannie Mae REMICS | 0.004062 | | | TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2024-1 TALNT 2024-1A A | 0.004058 | | | JP Morgan Mortgage Trust 2021-13 | 0.004019 | | | JP MORGAN MORTGAGE TRUST 2021 6 | 0.004009 | | | VERIZON MASTER TRUST VZMT 2023 6 A 144A | 0.003992 | | | WHP TERM B 1LN 02/20/2032 | 0.003973 | | | FHMS K117 A2 | 0.003965 | | | FHMS K751 A2 | 0.003929 | | | AMERICAN TOWER T | 0.003897 | | | Freddie Mac Non Gold Pool | 0.003718 | | | Sequoia Mortgage Trust 2021-6 | 0.003715 | | | RCKT MORTGAGE TRUST | 0.003654 | | | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-3A CL A REGD 144A P/P 5.23000000 | 0.003625 | | ## Sources - N-PORT (fund A) — accession `0000940400-26-014694` (as of 2026-02-27) - N-PORT (fund B) — accession `0001193125-26-236266` (as of 2026-03-31) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _