Morningstar

Western Asset Ultra-Short Income Fund Class I SBAYX

Morningstar Medalist Rating
Medalist Rating as of | See Franklin Templeton Investment Hub
  • NAV / 1-Day Return 9.22  /  −0.11 %
  • Total Assets 497.1M
  • Adj. Expense Ratio
    0.380%
  • Expense Ratio 0.380%
  • Distribution Fee Level Above Average
  • Share Class Type Institutional
  • Category Ultrashort Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Limited
  • Min. Initial Investment 1M
  • Status Open
  • TTM Yield 4.13%
  • Effective Duration 0.63 years

USD | NAV as of Jul 22, 2026 | 1-Day Return as of Jul 22, 2026, 12:50 AM GMT+0

Morningstar’s Analysis SBAYX

Will SBAYX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SBAYX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the SBAYX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of SBAYX’s parent organization’s priorities and whether they’re in line with investors’ interests.

null Morningstar Automated Analysis

Morningstar Automated Analysis

Summary

Western Asset Ultra-Short Income I holds a quantitatively derived Neutral Morningstar Medalist Rating. The rating suggests the model does not express a clear expectation of outperformance or underperformance relative to peers over a full market cycle.

by Morningstar Automated Analysis
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Portfolio Holdings SBAYX

More SBAYX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 9.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

United States Treasury Notes 4%

3.16 16M
Government

Western Asset Prem Instl Govtt Rsrv Pref

2.96 15M
Cash and Equivalents

United States Treasury Bills 0%

1.75 9M
Government

Swedbank Sparbanken Svenge Ab 3.75%

1.22 6M
Cash and Equivalents

Credit Agricole Corporate & Investment Bank New York Branch 3.8%

1.02 5M
Cash and Equivalents

Citigroup Inc. 4.643%

0.97 5M
Corporate

Wells Fargo & Co. 5.707%

0.91 4M
Corporate

Federal Home Loan Banks 0%

0.87 4M
Government

Mars Inc. 4.6%

0.86 4M
Corporate

Federal Home Loan Mortgage Corp. 3.279%

0.64 3M
Securitized

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