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Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset Ultra-Short Income Fund

ARMZX | Fund

$9.03

$431 M

0.00%

0.70%

Vitals

YTD Return

1.9%

1 yr return

6.5%

3 Yr Avg Return

2.3%

5 Yr Avg Return

2.2%

Net Assets

$431 M

Holdings in Top 10

19.6%

52 WEEK LOW AND HIGH

$9.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 47.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$250

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Western Asset Ultra-Short Income Fund

ARMZX | Fund

$9.03

$431 M

0.00%

0.70%

ARMZX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.51%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Western Asset Ultra-Short Income Fund
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Nov 23, 1999
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    S. Leech

Fund Description

Under normal circumstances, the fund will invest its assets in debt obligations, other fixed income securities and related investments. The fund may invest in all types of U.S. dollar denominated short-term debt instruments, including bank obligations, commercial paper and asset-backed securities, mortgage-backed securities (including U.S. government and privately issued mortgage-backed securities, collateralized mortgage obligations and mortgage-related derivative securities), U.S. government agency or instrumentality securities, corporate loans, corporate debt securities, structured instruments and repurchase agreements.
The fund focuses on investment grade bonds (that is, securities rated in the Baa/BBB categories or above or, if unrated, determined to be of comparable credit quality by the fund’s subadviser), but may invest up to 10% of its assets in below investment grade bonds (commonly known as “high yield” or “junk” bonds).
Although the fund may invest in securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration, as estimated by the subadviser of less than or equal to one year. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).
The fund may invest up to 25% of its assets in U.S. dollar-denominated securities of foreign issuers, including mortgage-backed securities and asset-backed securities issued by foreign entities.
Instead of, and/or in addition to, investing directly in particular securities, the fund may use instruments such as derivatives, including options and futures contracts, and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The fund may use one or more types of these instruments without limit. For additional information regarding derivatives, see “More on the fund’s investment strategies, investments and risks—Derivatives” in the fund’s Prospectus.
The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes.
The fund may borrow money to buy additional securities or for other purposes.
Read More

ARMZX - Performance

Return Ranking - Trailing

Period ARMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -1.3% 2.8% 26.73%
1 Yr 6.5% -0.8% 12.2% 15.28%
3 Yr 2.3%* -2.1% 5.8% 51.46%
5 Yr 2.2%* -1.0% 3.9% 40.43%
10 Yr 2.0%* -4.5% 27.5% 15.38%

* Annualized

Return Ranking - Calendar

Period ARMZX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -2.3% 4.3% 6.91%
2022 -2.9% -6.5% 0.5% 71.90%
2021 -0.9% -2.1% 0.3% 87.25%
2020 -0.4% -3.1% 1.8% 86.67%
2019 1.0% -1.2% 6.1% 20.65%

Total Return Ranking - Trailing

Period ARMZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -1.3% 2.8% 26.73%
1 Yr 6.5% -0.8% 12.2% 15.28%
3 Yr 2.3%* -2.1% 5.8% 51.46%
5 Yr 2.2%* -1.0% 3.9% 40.43%
10 Yr 2.0%* -4.5% 27.5% 15.38%

* Annualized

Total Return Ranking - Calendar

Period ARMZX Return Category Return Low Category Return High Rank in Category (%)
2023 6.8% 0.8% 12.1% 13.36%
2022 -0.9% -5.1% 2.5% 71.90%
2021 0.2% -2.1% 14.5% 36.76%
2020 1.7% -1.0% 3.6% 43.08%
2019 4.0% 0.3% 9.6% 11.41%

NAV & Total Return History

ARMZX - Holdings

Concentration Analysis

ARMZX Category Low Category High ARMZX % Rank
Net Assets 431 M 25.6 K 22.6 B 64.25%
Number of Holdings 434 2 1291 21.27%
Net Assets in Top 10 85.7 M 32.5 K 18.4 B 70.14%
Weighting of Top 10 19.64% 5.6% 163.3% 51.58%

Top 10 Holdings

  1. Western Asset Premier Institutional Government Reserves 9.59%
  2. Morgan Stanley 1.63%
  3. MUFG BANK LTD/NEW YORK NY 1.12%
  4. GM Financial Revolving Receivables Trust 2021-1 1.12%
  5. BPCE DISC COML PAPER 4/2 YRS 1 0 CP 17/04/2024 1.12%
  6. SOCIETE GENERALE -- CP 1.12%
  7. Wells Fargo Co 1.06%
  8. Freddie Mac Non Gold Pool 1.04%
  9. Fannie Mae Pool 0.94%
  10. Freddie Mac Non Gold Pool 0.90%

Asset Allocation

Weighting Return Low Return High ARMZX % Rank
Bonds 		81.51% 0.00% 128.16% 47.51%
Cash 		10.95% 0.00% 109.89% 28.05%
Other 		7.54% -29.59% 99.92% 50.68%
Convertible Bonds 		2.66% 0.00% 15.25% 52.27%
Stocks 		0.00% 0.00% 97.29% 57.01%
Preferred Stocks 		0.00% 0.00% 0.00% 47.51%

Bond Sector Breakdown

Weighting Return Low Return High ARMZX % Rank
Corporate 		46.91% 0.00% 99.91% 37.27%
Securitized 		34.86% 0.00% 100.00% 33.18%
Cash & Equivalents 		9.59% 0.00% 109.89% 29.41%
Government 		8.81% 0.00% 100.00% 34.55%
Municipal 		0.05% 0.00% 70.39% 37.73%
Derivative 		-0.23% -29.59% 21.59% 83.71%

Bond Geographic Breakdown

Weighting Return Low Return High ARMZX % Rank
US 		81.51% 0.00% 128.16% 41.18%
Non US 		0.00% 0.00% 22.24% 55.66%

ARMZX - Expenses

Operational Fees

ARMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.02% 28.11% 24.20%
Management Fee 0.30% 0.00% 1.19% 67.42%
12b-1 Fee 0.25% 0.00% 1.00% 60.67%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

ARMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% 42.86%
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

ARMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ARMZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 47.00% 0.00% 369.54% 21.51%

ARMZX - Distributions

Dividend Yield Analysis

ARMZX Category Low Category High ARMZX % Rank
Dividend Yield 0.00% 0.00% 8.14% 88.24%

Dividend Distribution Analysis

ARMZX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

ARMZX Category Low Category High ARMZX % Rank
Net Income Ratio 0.51% -1.30% 14.86% 46.95%

Capital Gain Distribution Analysis

ARMZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

ARMZX - Fund Manager Analysis

Managers

S. Leech

Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976

John Bellows

Start Date

Tenure

Tenure Rank

Jun 30, 2016

5.92

5.9%

– Western Asset Management Company, LLC – Portfolio Manager, 2012- – U.S. Department of the Treasury – Acting Assistant Secretary for Economic Policy; Deputy Assistant Secretary for Microeconomic Analysis; Senior Advisor in the Office of Economic Policy, 2009-2011 – University of California, Berkeley, PhD Economics – Dartmouth College, B.A. Economics, magna cum laude – Chartered Financial Analyst

Nicholas Mastroianni

Start Date

Tenure

Tenure Rank

Sep 01, 2021

0.75

0.8%

Portfolio Manager and has been employed by Western Asset as an investment professional for at least the past five years

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 0.13

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