Class R - With Sales Charge (POP) (%)
Fixed Income
WAPRX 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.
Popular Documents
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 NAV
3 As of 12/10/2025 (Updated Daily) - 4.32%
- Effective Duration
As of 11/30/2025 (Updated Monthly) - 6.37 Years
Identifiers
- Ticker
- WAPRX
- Fund Number
- 7828
- CUSIP Code
- 957663446
Average Annual Total Returns As of 11/30/2025
Class R
- 5.05%1 Year
- 3.58%3 Years
- -2.30%5 Years
- 1.42%10 Years
- 1.84%Since Inception
04/30/2012
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 11/30/2025 - Market Value % of Total (Updated Monthly)
Agency Mortgage-Backed Securities31.07% | |
Investment-Grade Credit27.19% | |
Treasury9.51% | |
Commercial Mortgage Backed Securities7.90% | |
Non-Agency Mortgage Backed Securities4.87% |
Additional Fund Info
- Share Class Inception Date
- 04/30/2012
- Investment Style
- Multi-Sector
- Lipper Classification
- Core Plus Bond Funds
- Morningstar Category
9 - 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
June 30, 2025- Markets: During the second quarter, increased volatility was marked by geopolitical shocks and macro crosscurrents. The market saw bouts of risk-off sentiment, most notably following the “Liberation Day” tariff announcement on April 2 and the brief U.S., Iran and Israel conflict. Markets subsequently rebounded as most tariffs were delayed, and Iran and Israel agreed to a tentative ceasefire. The front end of the U.S. Treasury (UST) yield curve declined, while long-end yields rose on concerns of rising deficits and potential inflation reacceleration. Throughout the quarter, credit spreads tightened and emerging market (EM) local yields fell. The S&P 500 Index returned 10.57%, and the U.S. dollar weakened versus most EM and developed market (DM) currencies.
- Contributors: The portfolio’s emerging market exposure was among the largest contributors to performance.
- Detractors: The portfolio’s high-yield corporate bond and bank loan exposures were headwinds for returns.
- Outlook: Global growth is expected to slow given heightened unpredictability, but should remain positive. Overall monetary policy remains restrictive and we believe that central banks will continue to cut rates. The Fed remains well positioned to provide support if the U.S. economy falters. While fundamentals remain positive, spreads are at the tight end of historical ranges in some sectors and warrant caution.
Latest Insights
November 19, 2025
October 30, 2025
October 30, 2025
October 7, 2025
Performance
Calendar Year Returns
As of 11/30/2025
Class R - Without Sales Charge (NAV) (%)
Bloomberg U.S. Aggregate 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 9
©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
- $4.04 Billion
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 1,228
- Benchmark
- 13,974
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Weighted Average Life
- Fund
- 9.40 Years
- Benchmark
- 8.20 Years
- Fund
- 5.02%
- Benchmark
- —
- Fund
- 6.37 Years
- Benchmark
- —
Sector Allocation
As of 11/30/2025 - Market Value % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Agency Mortgage-Backed Securities | 31.07% |
Investment-Grade Credit | 27.19% |
Treasury | 9.51% |
Commercial Mortgage Backed Securities | 7.90% |
Non-Agency Mortgage Backed Securities | 4.87% |
Collateralized Loan Obligation | 4.08% |
Asset-Backed Securities | 3.95% |
High-Yield Credit | 3.03% |
Emerging Markets Corporate | 2.66% |
Bank Loans | 2.26% |
EM Local Currency | 2.24% |
Emerging Markets Government | 1.69% |
Inflation-Linked | 0.81% |
Other | 0.23% |
Cash & Cash Equivalents | -1.50% |
Holdings
As of 11/30/2025 (Updated Monthly)
WA Premier Institutional Gover
US TSY 4.25% 08/15/35
FNMA 4% TBA MBS 30yr Mat 01/01/2056
UNITED STATES TREASURY NOTE/BO 4.0000% Mat 06/30/2032
FANNIE MAE OR FREDDIE MAC 5.5000% Mat 01/01/2055
FNMA 4.5% TBA MBS 30YR Mat 01/01/2056
US TREASURY PRINCIPAL STRIP 0.0000% Mat 05/15/2049
FNMA TBA 30 YR 6 SINGLE FAMILY 6.0000% Mat 01/01/2056
FNMA 5% TBA MBS 30yr Mat 01/01/2056
US TREASURY N/B 2.8750% Mat 08/15/2045
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
- June, December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 4.32%
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
12/15/2025
11/28/2025
10/31/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
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 Core Plus Bond Fund | |||
| Product Commentary - Western Asset Core Plus Bond Fund | |||
| Western Asset Management Core and Core Plus Mutual Fund and SMA Net Flows and AUM |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Western Asset Core Plus Bond Fund - Class R | |||
| Annual Financial Statements and Other Information - Western Asset Core Plus Bond Fund | |||
| Semi-Annual Report - Western Asset Core Plus Bond Fund - Class R | |||
| Semi-Annual Financial Statements and Other Information - Western Asset Core Plus Bond Fund | |||
| Prospectus - Western Asset Core Plus Bond Fund | |||
| Summary Prospectus - Western Asset Core Plus Bond Fund | |||
| Statement of Additional Information - Western Asset Fund, Inc. Book 38 | |||
| Fiscal Q1 Holdings - Western Asset Core Plus Bond Fund | |||
| Fiscal Q3 Holdings - Western Asset Core Plus Bond Fund |
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
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. 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.
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.