Western Asset Core Plus Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Western Asset Core Plus Bond Fund held 1,119 positions with $3.54B in net assets. Its ten largest holdings made up 10.2% of the fund. The WACPX share class costs 0.44% a year. Over the 12 months to May 2026, WACPX returned 5.6%, with dividends reinvested. In 2026 Q2 it added 124 new positions and exited 265.
Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified below.
The fund invests in fixed income securities across various maturities, with day-to-day management delegated to subadvisers who maintain a dollar-weighted average effective duration within 30% of the domestic bond market's average duration. The portfolio holds at least 80% in debt and fixed income securities, with up to 20% in below-investment-grade debt, up to 25% in non-U.S. issuers, and a substantial portion potentially in mortgage-backed and asset-backed securities. The fund may use derivatives including interest rate swaps, credit default swaps, options, and futures contracts to a significant extent for both hedging and return enhancement. Because the fund's duration target is defined relative to the market's average, significant shifts in overall market duration could require substantial portfolio adjustments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.00% · due 2056-07-15 | 1.43% | $50.81M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.25% · due 2035-08-15 | 1.36% | $48.04M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2049-05-15 | 1.35% | $47.92M | — |
BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL 10.00% · due 2033-01-01 | 1.11% | $39.50M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.88% · due 2045-08-15 | 1.09% | $38.63M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.75% · due 2041-02-15 | 0.88% | $31.11M | — |
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2.00% · due 2064-06-16 | 0.76% | $26.84M | — |
BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL 10.00% · due 2027-01-01 | 0.75% | $26.64M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.38% · due 2036-05-15 | 0.73% | $25.74M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.50% · due 2056-07-15 | 0.70% | $24.91M | — |
The 200 largest of 1,119 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 51.07% |
| Securitized | 50.87% |
| Loans | 2.89% |
| Derivatives | 0.17% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 48.5%
- Government
- 12.7%
- Other
- 10.6%
- International
- 6.7%
- 10 other sectors
- 21.5%
- Securitized
- 48.5%
- Government
- 12.7%
- Other
- 10.6%
- International
- 6.7%
- Financials
- 6.0%
- Communication Services
- 3.4%
- Utilities
- 2.7%
- Industrials
- 2.1%
- Health Care
- 2.0%
- Energy
- 1.6%
- Information Technology
- 1.5%
- Consumer Discretionary
- 1.3%
- Consumer Staples
- 0.8%
- Materials
- 0.2%
How it has done
WACPX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.95%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.44% | +5.65% | +12.16% | -5.99% | -7.99% | |
| 0.81% | +5.31% | +11.04% | -7.60% | -8.10% | |
| 0.43% | +5.59% | +12.28% | -5.94% | -7.99% | |
| 0.81% | +5.25% | +10.89% | -7.73% | -8.10% | |
| 1.52% | +4.44% | +8.64% | -10.93% | -8.24% | |
| 1.13% | +4.84% | +9.96% | -9.12% | -8.17% | |
| 1.51% | — | — | — | — |
Fees & fund details
Western Asset Core Plus Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.43% – 1.52%· WACPX 0.44%
- Portfolio turnover
- 83.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
124 new· the largest 4
265 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.6% |
| Floating rate | 19.1% |
| Zero-coupon or unclassified | 1.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.3% |
| 1-3y | 5.5% |
| 3-5y | 9.5% |
| 5-10y | 22.7% |
| 10y+ | 58.6% |
| Unknown | 1.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 56% |
| Credit spreads | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.17 yr |
| High yield | +0.43 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.86 yr | 15% |
| 5 yr | 2.49 yr | 42% |
| 10 yr | 2.05 yr | 35% |
| 30 yr | 0.52 yr | 9% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.58 yr | 13% |
| 5 yr | 2.69 yr | 59% |
| 10 yr | 1.19 yr | 26% |
| 30 yr | 0.12 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.03 | +0.01 | +0.00 | $2.8k | $896 |
| 1 yr | +0.86 | +0.48 | +0.11 | $169.1k | $37.8k |
| 5 yr | +2.49 | +2.41 | +0.28 | $853.4k | $100.8k |
| 10 yr | +2.05 | +1.15 | +0.04 | $408.7k | $14.0k |
| 30 yr | +0.52 | +0.12 | +0.00 | $43.4k | $71 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.90 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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