0001752724-22-173789.txt : 20220808 0001752724-22-173789.hdr.sgml : 20220808 20220808112215 ACCESSION NUMBER: 0001752724-22-173789 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220808 DATE AS OF CHANGE: 20220808 EFFECTIVENESS DATE: 20220808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN ASSET FUNDS INC CENTRAL INDEX KEY: 0000863520 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-06110 FILM NUMBER: 221143165 BUSINESS ADDRESS: STREET 1: 100 INTERNATIONAL DRIVE CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-454-2760 MAIL ADDRESS: STREET 1: 100 INTERNATIONAL DRIVE STREET 2: 7TH FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: LM INSTITUTIONAL FUND ADVISORS I INC DATE OF NAME CHANGE: 19980818 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN ASSET TRUST INC DATE OF NAME CHANGE: 19920703 0000863520 S000000711 Western Asset Intermediate Bond Fund C000002076 Class I WATIX C000066986 Class IS WABSX C000113698 CLASS A WATAX C000113699 CLASS C WATCX C000113700 CLASS R WATRX 0000863520 S000000716 Western Asset High Yield Fund C000002086 Class I WAHYX C000066991 Class IS WAHSX C000113710 CLASS A WAYAX C000113711 CLASS C WAYCX C000113712 CLASS R WAYRX C000144367 Class A2 WHAYX 0000863520 S000012738 Western Asset Total Return Unconstrained Fund C000034298 Class I WAARX C000034299 Class FI WARIX C000066992 Class IS WAASX C000113713 CLASS A WAUAX C000113714 CLASS C WAUCX C000113715 CLASS R WAURX C000139590 CLASS A2 WRTUX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000863520 XXXXXXXX 811-06110 false false false N-1A S000000711 C000066986 C000002076 C000113699 C000113700 C000113698 S000012738 C000066992 C000113714 C000034299 C000113713 C000139590 C000113715 C000034298 S000000716 C000066991 C000113710 C000113712 C000113711 C000144367 C000002086 Western Asset Funds Inc 811-06110 0000863520 5493004NC00X8WKL1P34 620 Eighth Avenue 47th Floor New York 10018 US-NY US 1-877-721-1926 Western Asset Management Company Limited 10 Exchange Square Primrose Street London GB EC2A 2EN 44-20-7422-3000 Records related to its function as sub-advisor. The Bank of New York Mellon 240 Greenwich Street New York 10286 1-212-495-1784 Records related to its function as custodian. Western Asset Management Company Pte. Ltd. 1 George Street #23-01 Singapore SG 049145 65-6428-3600 Records related to its function as sub-advisor. Franklin Templeton Investor Services, LLC 3344 Quality Drive Rancho Cordova 95670 1-916-463-2075 Records related to its function as transfer agent. Western Asset Management Company, LLC 385 East Colorado Boulevard Pasadena 91101 1-626-844-9400 Records related to its function as sub-advisor. Western Asset Funds Inc 100 International Drive Baltimore 21202 1-410-539-0000 Records related to its function as registrant. BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington 19809 1-302-791-1700 Records related to its function as transfer agent. Western Asset Management Company Ltd. 5-1 Marunouchi 1-Chome Chiyoda-Ku Tokyo JP 100-6536 81-03-4520-4300 Records related to its function as sub-advisor. Legg Mason Partners Fund Advisor, LLC 280 Park Avenue New York 10017 1-305-529-4400 Records related to its function as advisor. Franklin Distributors, LLC One Franklin Parkway San Mateo 94403-1906 1-800-632-2350 Records related to its function as distributor. N N N-1A 7 Y Peter J. Taylor N/A N Jane Trust N/A Y Michael Larson N/A N Susan B. Kerley N/A N Robert Abeles, Jr. 001369504 N Avedick B. Poladian N/A N William E. B. Siart N/A N Ronald L. Olson N/A Y Jane F. Dasher N/A N Jaynie Miller Studenmund N/A N Anita L. DeFrantz N/A N Ted P. Becker N/A 620 Eighth Avenue 47th Floor New York 10018 XXXXXX N N N N N N Franklin Distributors, LLC 008-53089 000109064 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N Western Asset Intermediate Bond Fund S000000711 549300NZV8UE1KQUNO03 N 5 0 0 N/A N N N N N/A N/A N/A Rule 22d-1 (17 CFR 270.22d-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N Legg Mason Partners Fund Advisor, LLC 801-66785 000140432 549300POFVK5JLWUL193 N Western Asset Management Company Limited 801-21068 000110427 549300IVCLHPHPOYT226 Y GB N Western Asset Management Company, LLC 801-08162 000110441 549300C5A561UXUICN46 Y N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N Franklin Templeton Investor Services, LLC 084-01036 N/A Y N Y Bank of America Merill Lynch PriceServe N/A N IHS MARKIT GROUP HOLDINGS LIMITED 2138005LTLTVZ4WMEX25 GB N Virtu Financial, Inc. 5493001OPW2K42CH3884 N Refinitiv US LLC 213800HQORQAP68CJJ04 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv Benchmark Services Limited N/A N THE CLEARING HOUSE PAYMENTS COMPANY L.L.C. 549300KIB86ZLHRUV723 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Franklin Templeton Investor Services, LLC 084-01036 SEC File number Y N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N Y Legg Mason Partners Fund Advisor, LLC 549300POFVK5JLWUL193 Y N N Franklin Distributors, LLC 008-53089 000109064 N/A 0.00000000 ROYCE FUND SERVICES, LLC 008-28663 000014470 N/A 0.00000000 Clarion Partners Securities, LLC 008-69204 000166384 N/A 0.00000000 Franklin Templeton Investment Services, Inc. 008-43206 000027884 N/A 0.00000000 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 8754.15000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 17791.95000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 10984.78000000 R.J. O'Brien Securities, LLC 008-67587 000143624 549300BSZNPQJNYIAD03 48604.39000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 18052.24000000 Marex North America Securities LLC 008-70580 000307508 984500E3F678110C8570 7304.06000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 23456.52000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 18055.27000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 29324.18000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 7215.68000000 196611.43000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 85716379.32000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 21950283.60000000 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 23884796.35000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 98969181.84000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 112299358.88000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 80658537.28000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 50959433.42000000 DEUTSCHE BANK SECURITIES, INC. 008-17822 000002525 9J6MBOOO7BECTDTUZW19 32221017.32000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 232516702.79000000 AMHERST PIERPONT 008-68282 000150696 N/A 59006297.56000000 908710702.42000000 N 1016304641.35000000 0.00000000 Committed 2675000000.00000000 N N N N Western Asset Total Return Unconstrained Fund S000012738 549300TRHXU9STZER182 N 6 0 1 N/A N N N N N/A N/A N/A Rule 22d-1 (17 CFR 270.22d-1) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y Legg Mason Partners Fund Advisor, LLC 801-66785 000140432 549300POFVK5JLWUL193 N Western Asset Management Company Limited 801-21068 000110427 549300IVCLHPHPOYT226 Y GB N Western Asset Management Company, LLC 801-08162 000110441 549300C5A561UXUICN46 Y N Western Asset Management Company Pte. Ltd. 801-67298 000142188 549300GGQQAH8OMMCX51 Y SG N Western Asset Management Company Ltd 801-68224 000143388 549300ILBTC2ZDZBT448 Y JP N Franklin Templeton Investor Services, LLC 084-01036 N/A Y N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N Y Refinitiv US LLC 213800HQORQAP68CJJ04 N Bank of America Merill Lynch PriceServe N/A N IHS MARKIT GROUP HOLDINGS LIMITED 2138005LTLTVZ4WMEX25 GB N Refinitiv Benchmark Services Limited N/A N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Virtu Financial, Inc. 5493001OPW2K42CH3884 N Bloomberg L.P. 549300B56MD0ZC402L06 N THE CLEARING HOUSE PAYMENTS COMPANY L.L.C. 549300KIB86ZLHRUV723 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N Franklin Templeton Investor Services, LLC 084-01036 SEC File number Y N Y Legg Mason Partners Fund Advisor, LLC 549300POFVK5JLWUL193 Y N N Franklin Distributors, LLC 008-53089 000109064 N/A 0.00000000 Clarion Partners Securities, LLC 008-69204 000166384 N/A 0.00000000 ROYCE FUND SERVICES, LLC 008-28663 000014470 N/A 0.00000000 Franklin Templeton Investment Services, Inc. 008-43206 000027884 N/A 0.00000000 BNP PARIBAS SECURITIES CORP. 008-32682 000015794 RCNB6OTYUAMMP879YW96 12531.88000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 39014.81000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 23833.73000000 J.P. MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 10841.27000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 24998.76000000 R.J. O'Brien Securities, LLC 008-67587 000143624 549300BSZNPQJNYIAD03 22394.33000000 NORTH AMERICAN CLEARING, INC. 008-48519 000039118 N/A 761196.99000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 55057.92000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 71280.22000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 73745.18000000 1125295.13000000 AMHERST PIERPONT 008-68282 000150696 N/A 56535943.75000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 106448834.92000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 220363683.34000000 BMO CAPITAL MARKETS CORP. 008-34344 000016686 RUC0QBLBRPRCU4W1NE59 88309730.42000000 CITADEL CLEARING LLC 008-69521 000172693 5493001I7IJ4CW6Q9N27 121584947.16000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 112888669.04000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 34861269.71000000 HSBC SECURITIES (USA), INC. 008-41562 000019585 CYYGQCGNHMHPSMRL3R97 48642341.09000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 101618719.13000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 126050986.48000000 1199253047.34000000 N 988830728.16000000 0.00000000 Committed 2675000000.00000000 N N N N Western Asset High Yield Fund S000000716 549300HG2T246COYEU52 N 5 0 1 N/A N N N N N/A N/A N/A Rule 22d-1 (17 CFR 270.22d-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y N Legg Mason Partners Fund Advisor, LLC 801-66785 000140432 549300POFVK5JLWUL193 N Western Asset Management Company Limited 801-21068 000110427 549300IVCLHPHPOYT226 Y GB N Western Asset Management Company, LLC 801-08162 000110441 549300C5A561UXUICN46 Y N Franklin Templeton Investor Services, LLC 084-01036 N/A Y N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N Y Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N Virtu Financial, Inc. 5493001OPW2K42CH3884 N THE CLEARING HOUSE PAYMENTS COMPANY L.L.C. 549300KIB86ZLHRUV723 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bank of America Merill Lynch PriceServe N/A N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Refinitiv Benchmark Services Limited N/A N IHS MARKIT GROUP HOLDINGS LIMITED 2138005LTLTVZ4WMEX25 GB N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N Franklin Templeton Investor Services, LLC 084-01036 SEC File number Y N Y Legg Mason Partners Fund Advisor, LLC 549300POFVK5JLWUL193 Y N N Franklin Templeton Investment Services, Inc. 008-43206 000027884 N/A 0.00000000 Franklin Distributors, LLC 008-53089 000109064 N/A 0.00000000 Clarion Partners Securities, LLC 008-69204 000166384 N/A 0.00000000 ROYCE FUND SERVICES, LLC 008-28663 000014470 N/A 0.00000000 ROSENTHAL COLLINS GROUP, L.L.C. N/A N/A 5493001JB5LOVW7VVW14 83.04000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 134.94000000 STONEX FINANCIAL INC. 008-51269 000045993 549300LNKU6K5TJCRG93 825.00000000 Stifel, Nicolaus & Company, Incorporated 008-01447 000000793 5WUVMA08EYG4KEUPW589 2249.34000000 R.J. O'Brien Securities, LLC 008-67587 000143624 549300BSZNPQJNYIAD03 76.12000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 474.02000000 CITIGROUP GLOBAL MARKETS INC. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 141.86000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 287.18000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 186.84000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 2744.52000000 7508.90000000 WELLS FARGO SECURITIES, LLC 008-65876 000126292 VYVVCKR63DVZZN70PB21 10949095.67000000 MARKETAXESS CORPORATION 008-50727 000044542 GPSMMRI21JE7ZCVYF972 11613952.17000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 13421076.98000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 38521061.70000000 CitiGroup Global Markets Inc. 008-08177 000007059 MBNUM2BPBDO7JBLYG310 22794274.66000000 CREDIT SUISSE SECURITIES (USA) LLC 008-00422 000000816 1V8Y6QCX6YMJ2OELII46 23196645.35000000 Merrill Lynch Professional Clearing Corp. 008-33359 000016139 549300PMHS66E71I2D34 42346527.98000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 84675044.79000000 JEFFERIES LLC 008-15074 000002347 58PU97L1C0WSRCWADL48 12117521.07000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 31496022.95000000 327798634.92000000 N 218161314.72000000 0.00000000 Committed 2675000000.00000000 N N N N false false true false false false INTERNAL CONTROL RPT 2 internalcontrolrpt_wafi.htm PDFtoHTML Conversion Output

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Western Asset Funds Inc. and Shareholders of Western Asset High Yield Fund, Western Asset Intermediate Bond Fund, and Western Asset Total Return Unconstrained Fund

In planning and performing our audits of the financial statements of Western Asset High Yield Fund, Western Asset Intermediate Bond Fund, and Western Asset Total Return Unconstrained Fund (each a series of Western Asset Funds Inc., hereafter collectively referred to as the "Funds") as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of the Board of Directors of Western Asset Funds Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 19, 2022