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Fixed Income

WAPSX Western Asset Core Plus Bond Fund

  • Access to high quality bonds. Seeks to maximize total return from a diversified portfolio of high quality bonds that includes limited exposure to opportunistic debt sectors.
  • Experienced portfolio management Team. Actively managed by a seasoned portfolio management team, backed by a deep team of credit specialists, who leverage the global breadth of Western Asset's vast investment platform.
  • Core portfolio holding. Can be used as a traditional core bond holding.

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NAV 1 $0.02(0.22%)
$9.14
As of 06/09/2026
YTD Total Returns At NAV 2
-0.04%
As of 06/09/2026
Total Net Assets
$3.59B
As of 05/31/2026 (Updated Monthly)

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Overview

Fund Facts

Fund description

Seeks to maximize total return from an actively managed, well-diversified core fixed-income portfolio of high-quality securities that includes limited exposure to opportunistic debt sectors. Uses the global breadth of Western Asset's investment platform, fundamental value-oriented investment philosophy and a process that combines top-down macroeconomic views with bottom-up fundamental research.

Benchmark
Bloomberg U.S. Aggregate Index
Dividend Frequency, if any
Monthly
Fund Inception Date
07/08/1998
Distribution Rate at NAV3As of 06/09/2026 (Updated Daily)
5.02%
30-Day SEC Yield—With Waiver4,5,6As of 05/31/2026 (Updated Monthly)
5.03%
30-Day SEC Yield—Without Waiver5,6As of 05/31/2026 (Updated Monthly)
5.03%
Effective DurationAs of 05/31/2026 (Updated Monthly)
6.11 Years

Sales Charges, Expenses & Fees

As of 05/01/2026
Gross Expense Ratio7
0.43%
Net Expense Ratio7,8
0.43%
Maximum Initial Charge
—
CDSC
N/A
12b-1 Fee
0.00%

Identifiers

Ticker
WAPSX
Fund Number
7272
CUSIP Code
957663669

Average Annual Total Returns

View performance section for additional info As of 05/31/2026

Class IS

  • 5.58%1 Year
  • 3.93%3 Years
  • -1.22%5 Years
  • 1.87%10 Years
  • 4.26%Since Inception
    08/04/2008

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.

Top Sectors

View portfolio section for additional info

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

Agency Mortgage-Backed Securities33.22%
Investment-Grade Credit29.79%
Commercial Mortgage Backed Securities8.99%
Treasury7.84%
Non-Agency Mortgage Backed Securities5.61%

Additional Fund Info

Share Class Inception Date
08/04/2008
Investment Style
Multi-Sector
Lipper Classification
Core Plus Bond Funds
Morningstar Category9
Intermediate Core-Plus 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.

Commentary Highlights

March 31, 2026
  • Markets:  The first quarter of 2026 was characterized by elevated geopolitical risk and accelerating AI-driven disruption across the software sector and its incumbent business models. The period was shaped by a series of international developments, including the capture and indictment of Nicolás Maduro, escalating diplomatic tensions between the US and European NATO allies over Greenland, and a US-Israeli military operation against Iran.
  • Contributors  : TIPS positioning along with positive issue selection within high-yield credit, agency MBS and structured products contributed to performance.
  • Detractors  : Yield curve positioning was a detractor as the curve bear-flattened.
  • Outlook  : Geopolitical tensions remain a defining feature of the outlook, with the Middle East conflict introducing ongoing uncertainty and contributing to oil price volatility as supply routes face occasional disruption. Even with these pressures, the global economic backdrop is gradually improving as fiscal support, easier financial conditions and moderating inflation help strengthen the 2026 outlook.
Western Asset logo
Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

June 4, 2026

US Treasuries—Buyers still exist, but at a price

May 22, 2026

Global bond yields—The kettle is whistling

May 20, 2026

Key Convictions: Second quarter 2026

May 13, 2026

Asian bonds—no longer just an EM trade
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Performance

Risk Measures

As of 05/31/2026

Class IS - Without Sales Charge (NAV)
Measured against: Bloomberg U.S. Aggregate Index
Statistics
Alpha (%)
Beta
R-Squared
Historical Tracking Error
Information Ratio
Upside Capture Ratio
Downside Capture Ratio
Standard Deviation (%)
Class IS
Sharpe Ratio (%)
Class IS

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.

Ratings 10

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 2 out of 5 stars  
As of 05/31/2026
3 Years
3 Years: 2 out of 5 stars  
503 Funds in category
5 Years
5 Years: 1 out of 5 stars  
459 Funds in category
10 Years
10 Years: 2 out of 5 stars  
363 Funds in category
Rating Category
Intermediate Core-Plus 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.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box
As of 05/31/2026
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.

©2026 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.

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Portfolio

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Distributions & Tax

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Pricing

Daily Fund Prices

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Documents

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. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. 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. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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

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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.

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. 

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.

The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

Footnotes

  1. 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.

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.

  4. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  5. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  6. 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.

  7. 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.

  8. Net Expense Ratio represents the expense ratio applicable to investors. 

  9. ©2026 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.

  10. 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. ©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.

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