Fixed Income

SSTLX Western Asset Short-Term Bond Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to provide current income while preserving capital and maintaining liquidity via a portfolio of primarily investment grade securities with an average effective maturity of not more than three years. Uses the global breadth of Western Asset's investment platform, fundamental value-oriented investment philosophy and a process that combines top down macro economic views with bottom up fundamental research. May be appropriate for investors that are seeking to mitigate volatility from a low duration fixed income portfolio.

Benchmark³: Bloomberg U.S. Gov/Credit 1-3 Yr. Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 11/11/1991
Distribution Rate at NAV⁴As of 12/12/2025 (Updated Daily): 3.79%
30-Day SEC Yield—With Waiver^5,6,7As of 11/30/2025 (Updated Monthly): 3.58%
30-Day SEC Yield—Without Waiver^5,7As of 11/30/2025 (Updated Monthly): 3.57%
Effective DurationAs of 11/30/2025 (Updated Monthly): 1.98 Years

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁸: 1.03%
Net Expense Ratio^8,9: 1.03%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.50%

Identifiers

Ticker: SSTLX
Fund Number: 7716
CUSIP Code: 52469E708

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Class C1

With Sales Charge (POP)

Without Sales Charge (NAV)

5.07%1 Year
4.53%3 Years
1.49%5 Years
1.90%10 Years
1.70%Since Inception
08/05/2002

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Sectors
Credit48.28%
Asset-Backed Securities17.42%
Residential Mortgage-Backed Securities11.85%
Treasury8.92%
Commercial Mortgage Backed Securities6.69%

Additional Fund Info

Share Class Inception Date: 08/05/2002
Investment Style: Multi-Sector
Lipper Classification: Short Investment Grade Debt Funds
Morningstar Category¹⁰: Short-Term Bond

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Latest Insights

November 19, 2025

Muni Monthly: October 2025

October 30, 2025

Key Convictions: Fourth quarter 2025

October 30, 2025

October FOMC recap—fog in the forecast

October 7, 2025

Charting the next chapter in EM central bank reserve management

Performance

Risk Measures

As of 11/30/2025

Class C1 - Without Sales Charge (NAV)

Measured against: Bloomberg U.S. Gov/Credit 1-3 Yr. Index

Statistics

Alpha (%)

Beta

R-Squared

Historical Tracking Error

Information Ratio

Upside Capture Ratio

Downside Capture Ratio

Standard Deviation (%)

Class C1

Sharpe Ratio (%)

Class C1

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Effective August 2, 2021, Class C1 shares generally convert to Class A shares after the shares have been held for 8 years. Class C1 share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information or contact your Service Agent directly.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 11/30/2025

3 Years: 3 Years: 1 out of 5 stars
530 Funds in category

5 Years: 5 Years: 2 out of 5 stars
500 Funds in category

10 Years: 10 Years: 2 out of 5 stars
383 Funds in category

Rating Category: Short-Term Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 11/30/2025

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $249.71 Million

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Effective Duration

Fund: 1.98 Years

Weighted Average Coupon ¹¹

Fund: 4.16%

Cash Flow

Fund: 4.12%

Weighted Average Life

Fund: 3.36 Years

Sector Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Credit	48.28%
Asset-Backed Securities	17.42%
Residential Mortgage-Backed Securities	11.85%
Treasury	8.92%
Commercial Mortgage Backed Securities	6.69%
Discount Note	3.44%
Emerging Market	2.51%
Agency	0.66%
Bank Obligations	0.28%
Equity	0.00%
Other Cash	-0.05%

Holdings
As of 11/30/2025 (Updated Monthly)

US TREASURY NOTE 0.6250% Mat 07/31/2026

US TREASURY NOTE 3.8750% Mat 07/31/2030

FEDERAL HOME LOAN BANK DISCOUN

ENTERPRISE PRODUCTS OPERATING LLC 3.7000% Mat 02/15/2026

US TREASURY N/B 02/30 4 4.0000%

MARS INC 4.6000% Mat 03/01/2028

GNMA 2022 H08 FA 5.1388% Mat 04/20/2072

US TREASURY BILL

VERIZON C 4.13% 03/16/27

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 133628256

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.009754	—	—	—	0.000126	—	—	—	—
Feb 29	0.009263	—	—	—	0.00012	—	—	—	—
Mar 28	0.010426	—	—	—	0.000135	—	—	—	—
Apr 30	0.010475	—	—	—	0.000136	—	—	—	—
May 31	0.01167	—	—	—	0.000151	—	—	—	—
Jun 28	0.010287	—	—	—	0.000133	—	—	—	—
Jul 31	0.011387	—	—	—	0.000148	—	—	—	—
Aug 30	0.012123	—	—	—	0.000157	—	—	—	—
Sep 30	0.010718	—	—	—	0.000139	—	—	—	—
Oct 31	0.011342	—	—	—	0.000147	—	—	—	—
Nov 29	0.012013	—	—	—	0.000156	—	—	—	—
Dec 31	0.012231	—	—	—	0.000159	—	—	—	—
	0.131689	—	—	—	0.001707	—	—	—	—

Jan 31

Feb 29

Mar 28

Apr 30

May 31

Jun 28

Jul 31

Aug 30

Sep 30

Oct 31

Nov 29

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 12.36%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 93.13%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 12/12/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/12/2025

Share Prices

As of 12/12/2025

NAV ¹(Net Asset Value): $3.71
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹²(Public Offering Price): $3.71

52-Week Range

Highest NAV: $3.73
Lowest NAV: $3.66

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Western Asset Short-Term Bond Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset Short-Term Bond Fund - Class C1	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset Short-Term Bond Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset Short-Term Bond Fund - Class C1	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset Short-Term Bond Fund	Download Document
Checkbox	Prospectus - Western Asset Short-Term Bond Fund	Download Document
Checkbox	Summary Prospectus - Western Asset Short-Term Bond Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Income Trust Book 40Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Western Asset Short-Term Bond FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset Short-Term Bond FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Bloomberg U.S. Gov/Credit 1-3 Yr. Index includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities of one to three years.
Source: Bloomberg Indices.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Effective November 30, 2022, the fund changes its benchmark to the Bloomberg U.S. Gov/Credit 1-3 Yr. Index.
Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Average Coupon is calculated without the deduction of fees and expenses.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

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Individual Investor

Financial Professional

Institutional Investor

SSTLX Western Asset Short-Term Bond Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class C1

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Risk Measures

Ratings 10

Portfolio

Sector Allocation

Distributions & Tax

Federal ID Number 133628256

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹⁰