Fixed Income

ARMLX Western Asset Ultra-Short Income Fund

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 NAVAs of 05/22/2026 (Updated Daily): 4.30%
30-Day SEC Yield—With WaiverAs of 04/30/2026 (Updated Monthly): 4.06%
30-Day SEC Yield—Without WaiverAs of 04/30/2026 (Updated Monthly): 4.05%
Effective DurationAs of 04/30/2026 (Updated Monthly): 0.63 Years

Sales Charges, Expenses & Fees

As of 10/01/2025

Gross Expense Ratio: 0.38%
Net Expense Ratio: 0.35%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: ARMLX
Fund Number: 7131
CUSIP Code: 52470V830

Average Annual Total Returns As of 04/30/2026

View performance section for additional info As of 04/30/2026

Class IS

With Sales Charge (POP)

Without Sales Charge (NAV)

5.12%1 Year
5.89%3 Years
3.80%5 Years
3.31%10 Years
2.85%Since Inception
01/31/2014

Top Sectors

View portfolio section for additional info

As of 04/30/2026 % of Total (Updated Monthly)

Top Sectors
Credit50.76%
Asset-Backed Securities17.57%
Residential Mortgage-Backed Securities10.87%
Commercial Mortgage Backed Securities7.17%
Treasury4.04%

Additional Fund Info

Share Class Inception Date: 01/31/2014
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.