Class I - With Sales Charge (POP) (%)
Fixed Income
SBAYX Western Asset Ultra-Short Income Fund
Popular Documents
Total Net Assets
$403.98M
As of 10/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
Seeks current income and capital preservation while maintaining liquidity. A primarily investment grade portfolio with the majority of investments in investment grade U.S. dollar denominated short-term debt instruments. Designed to be less sensitive to interest rate volatility by normally maintaining a dollar weighted average effective duration of less than or equal to one year.
- Benchmark
- ICE BofA 3-Month U.S. Treasury Bill
- Additional Benchmark
- FTSE 6 Month U.S. Treasury Bill Index
- Dividend Frequency, if any
- Monthly
- Fund Inception Date
- 06/22/1992
- Distribution Rate at NAV
4 As of 11/13/2025 (Updated Daily) - 4.06%
- Effective Duration
As of 10/31/2025 (Updated Monthly) - 0.64 Years
Identifiers
- Ticker
- SBAYX
- Fund Number
- 7724
- CUSIP Code
- 52468A889
Average Annual Total Returns As of 10/31/2025
Class I
- 5.33%1 Year
- 6.27%3 Years
- 3.52%5 Years
- 3.10%10 Years
- 2.37%Since Inception
10/17/2002
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
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 10/17/2002
- Investment Style
- Multi-Sector
- Lipper Classification
- Short Investment Grade Debt Funds
- Morningstar Category
- Ultrashort 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
October 30, 2025
October 30, 2025
October 13, 2025
October 7, 2025
Performance
Calendar Year Returns
As of 10/31/2025
Class I - Without Sales Charge (NAV) (%)
ICE BofA 3-Month U.S. Treasury Bill (%)
FTSE 6 Month U.S. Treasury Bill Index (%)
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.
Ratings 3
©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 of10/31/2025 (Updated Monthly)
- Total Net Assets
- $403.98 Million
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 454
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Weighted Average Life
- Fund
- 1.46 Years
- Fund
- 4.49%
- Fund
- 0.64 Years
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Credit | 51.53% |
Asset-Backed Securities | 17.01% |
Residential Mortgage-Backed Securities | 12.02% |
Commercial Mortgage Backed Securities | 6.02% |
Treasury | 5.74% |
Emerging Market | 2.76% |
Discount Note | 2.14% |
Bank Obligations | 1.85% |
Commercial Paper | 1.55% |
Agency | 0.36% |
Equity | 0.00% |
Other Cash | -0.99% |
Holdings
As of 10/31/2025 (Updated Monthly)
US TREASURY NOTE 4.0000% Mat 07/31/2032
Morgan St VAR 12/10/26 0.9850%
FEDERAL HOME LOAN BANK DISCOUN
MUFG BK LTD N Y BRH DIS 0.0 19 0.0000% Mat 11/19/2025
NORDEA BK ABP NEW YORK BRH 24N 4.4300% Mat 11/24/2025
US TREASURY BILL
MARS INC 4.6000% Mat 03/01/2028
Toronto-Dominion Bank 1.2000% Mat 06/03/2026
FREDDIE MAC NON GOLD POOL 3.2780% Mat 01/01/2049
CITIGROUP INC 4.6430% Mat 05/07/2028
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
- Distribution Frequency
- MonthlyThis fund is an Accrual fund.
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 4.06%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/22/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Western Asset Ultra-Short Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Western Asset Ultra-Short Income Fund - Class I | |||
| Annual Financial Statements and Other Information - Western Asset Ultra-Short Income Fund | |||
| Semi-Annual Report - Western Asset Ultra-Short Income Fund - Class I | |||
| Semi-Annual Financial Statements and Other Information - Western Asset Ultra-Short Income Fund | |||
| Prospectus - Western Asset Ultra-Short Income Fund | |||
| Summary Prospectus - Western Asset Ultra-Short Income Fund | |||
| Statement of Additional Information - Legg Mason Partners Income Trust Book 7 | |||
| Fiscal Q1 Holdings - Western Asset Ultra-Short Income Fund | |||
| Fiscal Q3 Holdings - Western Asset Ultra-Short Income Fund |
Additional Resources
| Name | Download | Add to Cart | |
|---|---|---|---|
| Franklin Templeton Closed-End Funds Announce Share Repurchases for the Third Quarter of 2023, Franklin Templeton Closed-End Funds Announce Share Repurchases for the Third Quarter of 2023 |
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. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. 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. These and other risks are discussed in the fund’s prospectus.
Important 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.
You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.
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 ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
FTSE 6 Month U.S. Treasury Bill Index tracks the performance of six-month U.S. Treasury bills.
Source: FTSE.
The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
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.
Prior to April 22, 2020, this Fund was known as the Western Asset Adjustable Rate Income Fund. At that time, the investment objective, strategy and benchmark also changed.