ThZeal - The Zeal


Western Asset Mortgage Total Return Fund
Class A [SGVAX]
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Western Asset Mortgage Total Return Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class A	$49	0.98%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


Western Asset Mortgage Total Return Fund
Class C [LWMSX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class C	$82	1.65%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


Western Asset Mortgage Total Return Fund
Class C1 [SGSLX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class C1	$87	1.75%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


Western Asset Mortgage Total Return Fund
Class I [SGSYX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class I	$34	0.68%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


Western Asset Mortgage Total Return Fund
Class IS [LMBSX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class IS	$28	0.57%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


Western Asset Mortgage Total Return Fund
Class 1 [SGVSX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class 1	$36	0.72%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$403,447,496
Total Number of Portfolio Holdings*	623
Portfolio Turnover Rate	99%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

Schedule of Investments (unaudited)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Mortgage-Backed Securities — 57.1%
FHLMC — 8.7%
Federal Home Loan Mortgage Corp. (FHLMC)	3.500%	4/1/33- 6/1/48	$4,550,797	$4,137,707
Federal Home Loan Mortgage Corp. (FHLMC)	3.000%	2/1/40- 5/1/50	1,956,164	1,745,471
Federal Home Loan Mortgage Corp. (FHLMC)	2.500%	4/1/41- 11/1/51	7,573,359	6,404,648
Federal Home Loan Mortgage Corp. (FHLMC)	2.000%	9/1/41- 4/1/51	1,403,947	1,148,048
Federal Home Loan Mortgage Corp. (FHLMC)	4.500%	7/1/45- 7/1/49	386,786	373,179
Federal Home Loan Mortgage Corp. (FHLMC)	4.000%	7/1/50	880,154	824,517
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash Fallbacks + 1.619%)	2.883%	11/1/47	326,772	319,192 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash Fallbacks + 1.621%)	3.103%	2/1/50	433,256	417,369 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer Cash Fallbacks + 1.627%)	3.007%	11/1/48	1,564,791	1,475,688 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Gold	4.000%	12/1/33- 8/1/43	4,522,499	4,282,633
Federal Home Loan Mortgage Corp. (FHLMC) Gold	3.000%	10/1/46	15,486,943	13,576,076
Federal Home Loan Mortgage Corp. (FHLMC) Gold	4.500%	4/1/49	337,401	324,117
Total FHLMC				35,028,645
FNMA — 31.5%
Federal National Mortgage Association (FNMA)	7.500%	8/1/29- 4/1/32	70,109	70,198
Federal National Mortgage Association (FNMA)	8.500%	10/1/30	3,799	3,802
Federal National Mortgage Association (FNMA)	3.500%	12/1/34- 3/1/57	9,801,620	8,942,585
Federal National Mortgage Association (FNMA)	3.000%	7/1/35- 1/1/52	8,538,480	7,672,001
Federal National Mortgage Association (FNMA)	2.500%	4/1/41- 9/1/61	4,995,843	4,167,454
Federal National Mortgage Association (FNMA)	4.000%	5/1/42- 4/1/48	4,577,926	4,307,182

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
FNMA — continued
Federal National Mortgage Association (FNMA)	5.000%	11/1/45- 10/1/46	$5,275,277	$5,258,827
Federal National Mortgage Association (FNMA)	4.500%	6/1/48- 1/1/59	9,948,694	9,578,066
Federal National Mortgage Association (FNMA)	2.000%	2/1/51- 3/1/51	687,188	549,052
Federal National Mortgage Association (FNMA)	2.000%	7/1/54	10,100,000	7,900,883 (b)
Federal National Mortgage Association (FNMA)	2.500%	7/1/54	24,300,000	19,845,316 (b)
Federal National Mortgage Association (FNMA)	3.000%	7/1/54	14,100,000	11,996,016 (b)
Federal National Mortgage Association (FNMA)	3.500%	7/1/54	900,000	796,641 (b)
Federal National Mortgage Association (FNMA)	4.000%	7/1/54	1,000,000	915,117 (b)
Federal National Mortgage Association (FNMA)	5.000%	7/1/54	600,000	579,937 (b)
Federal National Mortgage Association (FNMA)	5.500%	7/1/54	17,100,000	16,866,879 (b)
Federal National Mortgage Association (FNMA)	6.000%	7/1/54	17,000,000	17,049,805 (b)
Federal National Mortgage Association (FNMA)	6.500%	7/1/54	10,400,000	10,586,062 (b)
Total FNMA				127,085,823
GNMA — 16.9%
Government National Mortgage Association (GNMA)	8.500%	6/15/25	486	486
Government National Mortgage Association (GNMA)	7.500%	4/15/29- 9/15/31	43,480	43,570
Government National Mortgage Association (GNMA)	6.000%	11/15/32	162,809	167,744
Government National Mortgage Association (GNMA)	5.000%	4/15/40- 5/15/40	323,950	322,235
Government National Mortgage Association (GNMA)	3.000%	9/15/42- 11/15/42	533,192	473,243
Government National Mortgage Association (GNMA)	3.500%	6/15/48- 6/15/50	1,849,290	1,701,332

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
GNMA — continued
Government National Mortgage Association (GNMA)	4.000%	3/15/50	$62,861	$58,554
Government National Mortgage Association (GNMA) II	3.500%	6/20/44- 3/20/52	4,650,671	4,221,886
Government National Mortgage Association (GNMA) II	3.000%	11/20/46- 3/20/52	6,665,106	5,803,926
Government National Mortgage Association (GNMA) II	4.000%	7/20/47- 8/20/50	4,771,510	4,425,747
Government National Mortgage Association (GNMA) II	4.500%	8/20/47- 7/20/50	2,929,538	2,808,921
Government National Mortgage Association (GNMA) II	5.000%	5/20/48- 1/20/53	1,551,076	1,529,917
Government National Mortgage Association (GNMA) II	5.500%	12/20/48- 6/20/49	3,488,056	3,520,599
Government National Mortgage Association (GNMA) II	2.500%	12/20/50- 5/20/51	592,286	498,385
Government National Mortgage Association (GNMA) II	2.000%	2/20/51- 4/20/51	1,296,625	1,017,679
Government National Mortgage Association (GNMA) II	2.000%	7/20/54	12,600,000	10,199,109 (b)
Government National Mortgage Association (GNMA) II	2.500%	7/20/54	3,600,000	3,026,672 (b)
Government National Mortgage Association (GNMA) II	3.000%	7/20/54	2,500,000	2,178,516 (b)
Government National Mortgage Association (GNMA) II	3.500%	7/20/54	3,200,000	2,873,500 (b)
Government National Mortgage Association (GNMA) II	4.000%	7/20/54	1,500,000	1,386,270 (b)
Government National Mortgage Association (GNMA) II	4.500%	7/20/54	1,700,000	1,616,319 (b)
Government National Mortgage Association (GNMA) II	5.000%	7/20/54	3,000,000	2,921,437 (b)
Government National Mortgage Association (GNMA) II	5.500%	7/20/54	4,600,000	4,564,376 (b)
Government National Mortgage Association (GNMA) II	6.000%	7/20/54	6,900,000	6,929,734 (b)
Government National Mortgage Association (GNMA) II	6.500%	7/20/54	4,500,000	4,564,822 (b)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
GNMA — continued
Government National Mortgage Association (GNMA) II (1 mo. FTSE USD IBOR Consumer Cash Fallbacks + 1.783%)	7.212%	6/20/60	$1,375,770	$1,396,613 (a)
Government National Mortgage Association (GNMA) II (1 year Treasury Constant Maturity Rate + 1.132%)	6.147%	8/20/58	3,584	3,589 (a)
Total GNMA				68,255,181

Total Mortgage-Backed Securities (Cost — $242,534,617)				230,369,649
Collateralized Mortgage Obligations(c) — 54.3%
280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + 3.127%)	8.454%	9/15/34	2,500,000	2,226,866 (a)(d)
Alternative Loan Trust, 2006-OA9 2A1B (1 mo. Term SOFR + 0.314%)	5.653%	7/20/46	67,256	54,042 (a)
AOA Mortgage Trust, 2021-1177 A (1 mo. Term SOFR + 0.989%)	6.318%	10/15/38	670,000	630,139 (a)(d)
AREIT Trust, 2021-CRE5 A (1 mo. Term SOFR + 1.194%)	6.523%	11/17/38	375,049	371,495 (a)(d)
BANK, 2021-BN32 XA, IO	0.879%	4/15/54	6,062,782	219,130 (a)
Benchmark Mortgage Trust, 2019-B13 XA, IO	1.245%	8/15/57	9,898,420	386,820 (a)
Benchmark Mortgage Trust, 2020-IG3 C	3.387%	9/15/48	2,000,000	1,050,619 (a)(d)
Benchmark Mortgage Trust, 2021-B25 XA, IO	1.205%	4/15/54	16,720,889	887,132 (a)
BHMS Mortgage Trust, 2018-ATLS C (1 mo. Term SOFR + 2.197%)	7.526%	7/15/35	2,250,000	2,236,386 (a)(d)
BHMS Mortgage Trust, 2018-MZB (1 mo. Term SOFR + 6.934%)	12.262%	7/15/25	1,070,000	1,037,640 (a)(d)
BMP, 2024-MF23 E (1 mo. Term SOFR + 3.389%)	8.718%	6/15/41	1,420,000	1,414,317 (a)(d)
BPR Trust, 2021-TY C (1 mo. Term SOFR + 1.814%)	7.143%	9/15/38	1,060,000	1,044,127 (a)(d)
BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + 3.646%)	8.975%	4/15/34	1,500,000	1,436,738 (a)(d)
BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%)	8.586%	10/15/36	1,070,000	1,025,385 (a)(d)
BX Trust, 2024-VLT4 E (1 mo. Term SOFR + 2.889%)	8.209%	7/15/29	1,200,000	1,197,604 (a)(d)
BXHPP Trust, 2021-FILM C (1 mo. Term SOFR + 1.214%)	6.543%	8/15/36	2,540,000	2,395,630 (a)(d)
CAFL Issuer LLC, 2023-RTL1 A2	9.300%	12/28/30	1,140,000	1,145,196 (d)
CIM Trust, 2021-INV1 AXS, IO	0.190%	7/1/51	81,364,590	822,466 (a)(d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Citigroup Commercial Mortgage Trust, 2015- GC29 D	3.110%	4/10/48	$2,000,000	$1,796,045 (d)
Credit Suisse First Boston Mortgage Securities Corp., 2002-10 2A1	7.500%	5/25/32	110,643	112,004
CSAIL Commercial Mortgage Trust, 2015-C3 C	4.493%	8/15/48	1,100,000	951,984 (a)
CSMC Trust, 2017-CHOP H (PRIME + 4.294%)	12.794%	7/15/32	1,472,000	1,332,284 (a)(d)
CSMC Trust, 2017-RPL1 B1	2.973%	7/25/57	4,076,582	2,698,981 (a)(d)
CSMC Trust, 2017-RPL1 B2	2.973%	7/25/57	4,676,961	2,735,973 (a)(d)
CSMC Trust, 2017-RPL1 B3	2.973%	7/25/57	3,976,476	1,719,165 (a)(d)
CSMC Trust, 2017-RPL1 B4	2.973%	7/25/57	3,926,589	792,778 (a)(d)
CSMC Trust, 2017-RPL3 B3	4.544%	8/1/57	2,629,516	2,506,114 (a)(d)
CSMC Trust, 2022-NWPT A (1 mo. Term SOFR + 3.143%)	8.472%	9/9/24	1,750,000	1,763,008 (a)(d)
DK Note Backed Trust, 2024-SPT1 A	7.086%	4/28/66	608,465	626,709 (d)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily PC REMIC Trust, 2019-RR01 X, IO	1.534%	6/25/28	2,300,000	112,585 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K110 X1, IO	1.811%	4/25/30	1,189,118	90,177 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K115 X1, IO	1.424%	6/25/30	1,289,640	81,405 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K116 X1, IO	1.525%	7/25/30	1,088,407	72,316 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K132 X1, IO	0.608%	8/25/31	11,392,941	335,789 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K141 X1, IO	0.407%	2/25/32	34,186,267	697,331 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K142 X1, IO	0.403%	3/25/32	17,080,078	336,749 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K143 X1, IO	0.450%	4/25/55	66,348,299	1,537,078 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K148 X1, IO	0.391%	7/25/32	25,470,453	493,954 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K155 X1, IO	0.421%	4/25/33	$21,073,797	$465,505 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K742 X1, IO	0.863%	3/25/28	6,151,757	116,031 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1510 X1, IO	0.636%	1/25/34	39,835,301	1,278,526 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1516 X1, IO	1.628%	5/25/35	4,330,231	501,084 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K1520 X1, IO	0.578%	2/25/36	14,920,807	555,570 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K-162 X1, IO	0.570%	12/25/33	25,695,699	801,167 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KG06 X1, IO	0.626%	10/25/31	14,678,372	447,100 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Reference REMIC, R007 ZA	6.000%	5/15/36	301,261	311,217
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2525 AM	4.500%	4/15/32	38,491	37,776
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3027 AS, IO (-1.000 x 30 Day Average SOFR + 6.036%)	0.702%	5/15/29	12,514	406 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3265 SB, IO (-1.000 x 30 Day Average SOFR + 6.026%)	0.692%	1/15/37	25,228	1,465 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3397 GS, IO (-1.000 x 30 Day Average SOFR + 6.886%)	1.552%	12/15/37	217,720	18,952 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3947 SG, IO (-1.000 x 30 Day Average SOFR + 5.836%)	0.502%	10/15/41	198,498	17,415 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3966 SA, IO (-1.000 x 30 Day Average SOFR + 5.786%)	0.452%	12/15/41	1,329,145	111,001 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4048 IK, IO	3.000%	5/15/27	$71,960	$1,925
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4077 TO, PO	0.000%	5/15/41	998,256	825,245
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4085 IO, IO	3.000%	6/15/27	224,218	5,108
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4114 LI, IO	3.500%	10/15/32	1,288,606	112,893
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4134 IM, IO, PAC	3.500%	11/15/42	2,434,336	417,377
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4144 GI, IO, PAC-1	3.000%	12/15/32	881,028	55,252
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4147 IN, IO	3.500%	12/15/32	1,372,858	113,586
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4170 PI, IO, PAC-1	3.000%	1/15/33	1,012,355	51,875
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS, IO, PAC (-1.000 x 30 Day Average SOFR + 6.136%)	0.802%	9/15/42	464,535	37,312 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4210 Z	3.000%	5/15/43	3,418,335	2,695,612
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4377 UZ	3.000%	8/15/44	2,618,038	2,063,893
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4403 IG, IO	3.500%	7/15/32	126,826	2,699
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4715 JS, IO (-1.000 x 30 Day Average SOFR + 6.036%)	0.702%	8/15/47	1,086,950	128,639 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4759 MI, IO, PAC	4.000%	9/15/45	318,141	16,346
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4808 SB, IO (-1.000 x 30 Day Average SOFR + 6.086%)	0.752%	7/15/48	1,099,253	135,696 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4813 CJ	3.000%	8/15/48	289,441	247,855
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4856 IO, IO	5.000%	1/15/49	1,312,178	229,322
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4882 S, IO, PAC (-1.000 x 30 Day Average SOFR + 5.936%)	0.602%	5/15/49	1,455,271	153,451 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4921 SN, IO (-1.000 x 30 Day Average SOFR + 5.936%)	0.600%	10/25/49	$2,791,414	$311,580 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4931 DZ, PAC	2.500%	11/25/49	3,394,421	2,365,078
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4962 SP, IO, PAC (-1.000 x 30 Day Average SOFR + 5.936%)	0.600%	3/25/50	1,454,217	154,019 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4988 AZ	2.000%	7/25/50	3,682,931	2,152,476
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4995 IQ, IO, PAC	2.500%	7/25/50	2,152,898	303,942
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4995 QI, IO, PAC	2.500%	7/25/50	11,081,091	1,598,517
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5000 IB, IO	2.500%	7/25/50	5,614,508	713,934
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5000 UI, IO	2.500%	7/25/50	4,858,066	793,417
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5040 IB, IO	2.500%	11/25/50	132,958	19,169
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5050 IE, IO, PAC	2.000%	12/25/50	3,514,234	438,091
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5058 IL, IO	2.500%	1/25/51	2,073,731	351,896
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5059 IB, IO	2.500%	1/25/51	1,035,692	174,864
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5070 NI, IO	2.000%	2/25/51	4,371,693	603,573
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5078 EI, IO	1.500%	1/25/51	5,150,044	543,659
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5085 IK, IO	2.500%	3/25/51	16,922,706	2,776,634
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5092 IU, IO	2.500%	2/25/51	7,657,418	850,072
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5113 NI, IO, PAC	2.500%	6/25/51	2,291,462	298,699
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5134 KI, IO	2.500%	7/25/48	7,543,730	1,047,423
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5135 DI, IO	2.500%	5/25/48	7,237,748	990,470

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5149 NI, IO, PAC	2.500%	1/25/51	$944,272	$137,122
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5160 IU, IO	2.500%	11/25/50	5,098,504	677,350
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5169 PW, PAC	2.000%	9/25/51	4,700,000	2,986,425
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5178 CY	2.000%	1/25/42	4,400,000	2,915,152
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5180 IP, IO	3.000%	1/25/52	3,216,439	659,030
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5200 KQ, PAC	3.000%	9/25/49	954,415	856,951
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5202 NI, IO	3.000%	8/25/46	1,703,440	232,348
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5209 EQ	3.000%	4/25/52	2,800,000	2,051,404
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5274 IO, IO	2.500%	1/25/51	1,720,437	284,168
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5389 IC, IO	4.500%	11/25/51	483,224	110,426
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2019-HQA4 B2 (30 Day Average SOFR + 6.714%)	12.050%	11/25/49	1,240,000	1,372,194 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-HQA4 B2 (30 Day Average SOFR + 7.000%)	12.335%	12/25/41	2,240,000	2,391,993 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2016-1 B, PO	0.000%	9/25/55	4,392,921	541,927 (d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2016-1 BIO, IO	1.298%	9/25/55	7,516,822	855,477 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2016-1 XSIO, IO	0.075%	9/25/55	48,085,895	195,277 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 312 S1, IO (-1.000 x 30 Day Average SOFR + 5.836%)	0.502%	9/15/43	999,002	106,802 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 317 PO, PO	0.000%	11/15/43	$2,358,278	$1,741,727
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO	0.437%	2/15/38	212,346	11,417 (a)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 408 C37, IO	2.000%	3/25/52	3,759,444	521,735
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA1 B2 (30 Day Average SOFR + 10.114%)	15.450%	7/25/29	2,493,201	2,832,111 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Securitized Participation Interests Trust, 2017-SPI1 B	4.120%	9/25/47	1,813,836	1,328,789 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2018-HRP1 B2 (30 Day Average SOFR + 11.864%)	17.200%	5/25/43	4,872,331	5,940,590 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2019-FTR1 B2 (30 Day Average SOFR + 8.464%)	13.800%	1/25/48	2,810,000	3,393,514 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2016-C04 1B (30 Day Average SOFR + 10.364%)	15.700%	1/25/29	2,294,716	2,634,963 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2016-C06 1B (30 Day Average SOFR + 9.364%)	14.700%	4/25/29	1,868,503	2,130,332 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1B2 (30 Day Average SOFR + 4.000%)	9.335%	1/25/44	1,000,000	1,036,856 (a)(d)
Federal National Mortgage Association (FNMA) ACES, 2019-M11 X1, IO	1.184%	6/25/29	14,533,222	550,262 (a)
Federal National Mortgage Association (FNMA) ACES, 2020-M11 IO, IO	1.892%	1/25/29	5,984,467	368,648 (a)
Federal National Mortgage Association (FNMA) ACES, 2020-M16 X1, IO	0.537%	4/25/32	40,430,904	958,952 (a)
Federal National Mortgage Association (FNMA) ACES, 2020-M24 X1, IO	1.702%	1/25/37	5,311,847	459,856 (a)
Federal National Mortgage Association (FNMA) ACES, 2020-M31 X2, IO	1.314%	12/25/32	17,182,554	897,989 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal National Mortgage Association (FNMA) REMIC, 2003-22 IO, IO	6.000%	4/25/33	$39,861	$5,664
Federal National Mortgage Association (FNMA) REMIC, 2009-6 KZ	5.000%	2/25/49	207,686	204,048
Federal National Mortgage Association (FNMA) REMIC, 2009-59 LB	4.580%	8/25/39	220,303	217,917 (a)
Federal National Mortgage Association (FNMA) REMIC, 2009-74 TX, PAC	5.000%	9/25/39	559,158	558,959
Federal National Mortgage Association (FNMA) REMIC, 2010-2 AI, IO	5.500%	2/25/40	209,425	31,909
Federal National Mortgage Association (FNMA) REMIC, 2010-84 SK, IO (-1.000 x 30 Day Average SOFR + 6.446%)	1.110%	8/25/40	478,934	33,397 (a)
Federal National Mortgage Association (FNMA) REMIC, 2011-59 NZ	5.500%	7/25/41	124,443	127,350
Federal National Mortgage Association (FNMA) REMIC, 2011-144 PT	12.185%	1/25/38	202,055	237,837 (a)
Federal National Mortgage Association (FNMA) REMIC, 2012-14 SL, IO (-1.000 x 30 Day Average SOFR + 6.436%)	1.100%	12/25/40	482,453	4,733 (a)
Federal National Mortgage Association (FNMA) REMIC, 2012-28 B	6.500%	6/25/39	29,035	29,464
Federal National Mortgage Association (FNMA) REMIC, 2012-51 B	7.000%	5/25/42	139,247	146,942
Federal National Mortgage Association (FNMA) REMIC, 2012-75 NS, IO (-1.000 x 30 Day Average SOFR + 6.486%)	1.150%	7/25/42	886,050	95,237 (a)
Federal National Mortgage Association (FNMA) REMIC, 2012-123 BI, IO	3.500%	11/25/32	666,937	61,152
Federal National Mortgage Association (FNMA) REMIC, 2012-135 AI, IO	3.000%	12/25/27	401,259	12,504
Federal National Mortgage Association (FNMA) REMIC, 2012-149 AI, IO	3.000%	1/25/28	832,045	22,993
Federal National Mortgage Association (FNMA) REMIC, 2013-9 BC	6.500%	7/25/42	134,869	140,629
Federal National Mortgage Association (FNMA) REMIC, 2013-9 CB	5.500%	4/25/42	1,083,497	1,099,586
Federal National Mortgage Association (FNMA) REMIC, 2014-47 AI, IO	0.486%	8/25/44	569,877	28,113 (a)
Federal National Mortgage Association (FNMA) REMIC, 2014-47 IA, IO	0.444%	8/25/44	998,728	45,136 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal National Mortgage Association (FNMA) REMIC, 2014-49 KS, IO	0.641%	8/25/44	$850,014	$38,260 (a)
Federal National Mortgage Association (FNMA) REMIC, 2015-39 LZ	3.000%	6/25/45	216,064	186,819
Federal National Mortgage Association (FNMA) REMIC, 2016-48 IA, IO	4.500%	6/25/38	4,635,482	637,145
Federal National Mortgage Association (FNMA) REMIC, 2018-3 IO, IO	4.000%	2/25/48	3,869,941	780,078
Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB	3.500%	10/25/48	1,350,333	1,221,751
Federal National Mortgage Association (FNMA) REMIC, 2019-25 PI, IO	5.000%	5/25/48	951,077	187,339
Federal National Mortgage Association (FNMA) REMIC, 2019-33 ZJ	2.750%	7/25/49	2,376,585	1,619,862
Federal National Mortgage Association (FNMA) REMIC, 2019-38 SH, IO (-1.000 x 30 Day Average SOFR + 5.936%)	0.612%	7/25/49	3,355,761	314,465 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-44 SM, IO (-1.000 x 30 Day Average SOFR + 5.936%)	0.600%	8/25/49	1,760,880	183,715 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-45 BS, IO (-1.000 x 30 Day Average SOFR + 5.936%)	0.600%	8/25/49	1,871,809	198,866 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-57 NS, IO (-1.000 x 30 Day Average SOFR + 5.886%)	0.550%	10/25/49	1,145,195	120,276 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-58 HS, IO (-1.000 x 30 Day Average SOFR + 5.886%)	0.550%	10/25/49	1,675,257	177,487 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-59 SH, IO (-1.000 x 30 Day Average SOFR + 5.886%)	0.550%	10/25/49	3,540,528	360,593 (a)
Federal National Mortgage Association (FNMA) REMIC, 2020-26 SA, IO (-1.000 x 30 Day Average SOFR + 5.836%)	0.500%	5/25/50	1,470,047	156,164 (a)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ	2.000%	7/25/50	1,191,536	697,511
Federal National Mortgage Association (FNMA) REMIC, 2020-61 NI, IO	3.500%	9/25/50	608,385	101,832
Federal National Mortgage Association (FNMA) REMIC, 2020-62 BI, IO	2.000%	9/25/50	1,596,372	186,989

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal National Mortgage Association (FNMA) REMIC, 2020-63 KI, IO	2.500%	9/25/50	$1,756,015	$127,064
Federal National Mortgage Association (FNMA) REMIC, 2020-67 IH, IO	2.000%	9/25/50	2,275,291	307,388
Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO	2.500%	10/25/50	144,339	24,410
Federal National Mortgage Association (FNMA) REMIC, 2020-88 GI, IO	2.500%	12/25/50	1,846,101	277,039
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO	2.500%	12/25/50	1,002,331	158,433
Federal National Mortgage Association (FNMA) REMIC, 2020-93 LI, IO, PAC	2.500%	1/25/51	5,256,888	771,482
Federal National Mortgage Association (FNMA) REMIC, 2021-3 NI, IO	2.500%	2/25/51	706,508	106,317
Federal National Mortgage Association (FNMA) REMIC, 2021-33 AI, IO	2.500%	5/25/47	912,606	124,714
Federal National Mortgage Association (FNMA) REMIC, 2021-42 NI, IO	2.500%	11/25/48	8,010,672	1,082,659
Federal National Mortgage Association (FNMA) REMIC, 2021-46 BI, IO	2.500%	12/25/48	5,286,974	716,603
Federal National Mortgage Association (FNMA) REMIC, 2021-49 GI, IO	2.500%	10/25/48	3,483,045	490,462
Federal National Mortgage Association (FNMA) REMIC, 2021-54 KI, IO	2.500%	5/25/49	788,085	98,880
Federal National Mortgage Association (FNMA) REMIC, 2021-59 TI, IO	2.500%	9/25/51	5,248,289	799,547
Federal National Mortgage Association (FNMA) REMIC, 2021-61 KI, IO	2.500%	4/25/49	1,013,700	149,351
Federal National Mortgage Association (FNMA) REMIC, 2021-63 QI, IO, PAC	2.500%	6/25/51	821,264	106,350
Federal National Mortgage Association (FNMA) REMIC, 2021-74 IO, IO	2.500%	10/25/51	11,759,444	1,981,392
Federal National Mortgage Association (FNMA) REMIC, 2021-85 IN, IO	2.500%	2/25/50	3,972,327	650,554
Federal National Mortgage Association (FNMA) REMIC, 2021-91 IG, IO	2.500%	1/25/52	1,977,878	294,914
Federal National Mortgage Association (FNMA) REMIC, 2022-29 KZ	1.500%	6/25/42	6,809,374	4,762,018
Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC	4.000%	9/25/52	821,368	769,765

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Federal National Mortgage Association (FNMA) STRIPS, 362 6, IO	5.000%	8/25/35	$455,307	$62,934
Federal National Mortgage Association (FNMA) STRIPS, 364 13, IO	6.000%	9/25/35	36,019	5,106
Federal National Mortgage Association (FNMA) STRIPS, 383 18, IO	5.500%	1/25/38	47,121	8,131
Federal National Mortgage Association (FNMA) STRIPS, 383 20, IO	5.500%	7/25/37	35,156	5,754
Federal National Mortgage Association (FNMA) STRIPS, 406 2, IO	4.000%	2/25/41	1,286,926	226,635
Federal National Mortgage Association (FNMA) STRIPS, 407 41, IO	6.000%	1/25/38	26,106	5,435
Federal National Mortgage Association (FNMA) STRIPS, 407 42, IO	6.000%	1/25/38	19,175	3,113
Federal National Mortgage Association (FNMA) STRIPS, 407 C10, IO	5.000%	1/25/38	221,653	34,999
Federal National Mortgage Association (FNMA) STRIPS, 417 C5, IO	3.500%	2/25/43	2,460,020	423,941
Federal National Mortgage Association (FNMA) STRIPS, 418 C15, IO	3.500%	8/25/43	5,787,481	980,225
Federal National Mortgage Association (FNMA) STRIPS, 435 C28, IO	3.500%	9/25/52	1,686,938	310,122
Government National Mortgage Association (GNMA), 2004-59 FP (1 mo. Term SOFR + 0.414%)	5.743%	8/16/34	303,359	302,891 (a)
Government National Mortgage Association (GNMA), 2004-81 SK, IO (-1.000 x 1 mo. Term SOFR + 6.086%)	0.757%	10/16/34	300,867	10,217 (a)
Government National Mortgage Association (GNMA), 2007-17 IB, IO (-1.000 x 1 mo. Term SOFR + 6.136%)	0.797%	4/20/37	1,863,279	59,275 (a)
Government National Mortgage Association (GNMA), 2007-45 QB, IO, PAC (-1.000 x 1 mo. Term SOFR + 6.486%)	1.147%	7/20/37	313,346	21,072 (a)
Government National Mortgage Association (GNMA), 2009-H01 FA (1 mo. Term SOFR + 1.264%)	6.603%	11/20/59	100,941	101,282 (a)
Government National Mortgage Association (GNMA), 2010-4 SI, IO (-1.000 x 1 mo. Term SOFR + 5.986%)	0.657%	11/16/34	610,208	10,128 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Government National Mortgage Association (GNMA), 2010-42 BS, IO (-1.000 x 1 mo. Term SOFR + 6.366%)	1.027%	4/20/40	$3,682	$399 (a)
Government National Mortgage Association (GNMA), 2010-59 SM, IO (-1.000 x 1 mo. Term SOFR + 5.886%)	0.557%	5/16/40	226,820	10,860 (a)
Government National Mortgage Association (GNMA), 2010-85 HS, IO, PAC (-1.000 x 1 mo. Term SOFR + 6.536%)	1.197%	1/20/40	235	0 (a)(e)
Government National Mortgage Association (GNMA), 2010-H02 FA (1 mo. Term SOFR + 0.794%)	6.122%	2/20/60	432,967	432,173 (a)
Government National Mortgage Association (GNMA), 2011-40 EI, IO	4.000%	12/16/25	7,296	23
Government National Mortgage Association (GNMA), 2011-79 KS, IO (-1.000 x 1 mo. Term SOFR + 5.286%)	0.000%	5/20/41	915,830	53,209 (a)
Government National Mortgage Association (GNMA), 2011-113 PQ	5.000%	6/20/39	679,948	677,622
Government National Mortgage Association (GNMA), 2011-142 IO, IO	0.000%	9/16/46	2,451,811	25 (a)
Government National Mortgage Association (GNMA), 2011-146 KS, IO (-1.000 x 1 mo. Term SOFR + 5.986%)	0.657%	11/16/41	697,616	71,579 (a)
Government National Mortgage Association (GNMA), 2012-13 SK, IO (-1.000 x 1 mo. Term SOFR + 6.536%)	1.197%	2/20/41	184,142	13,108 (a)
Government National Mortgage Association (GNMA), 2012-70 IO, IO	0.094%	8/16/52	654,825	263 (a)
Government National Mortgage Association (GNMA), 2013-72 IO, IO	0.568%	11/16/47	7,951,556	158,897 (a)
Government National Mortgage Association (GNMA), 2013-90 PI, IO, PAC-1	3.500%	10/20/41	1,639,522	75,209
Government National Mortgage Association (GNMA), 2013-142 IO, IO	0.956%	9/16/51	1,776,509	29,325 (a)
Government National Mortgage Association (GNMA), 2013-163 IO, IO	1.007%	2/16/46	1,849,757	39,873 (a)
Government National Mortgage Association (GNMA), 2014-2 CI, IO	4.500%	1/20/44	787,839	161,034
Government National Mortgage Association (GNMA), 2014-16 IO, IO	0.419%	6/16/55	2,797,593	35,176 (a)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Government National Mortgage Association (GNMA), 2014-50 IO, IO	0.627%	9/16/55	$1,008,334	$24,907 (a)
Government National Mortgage Association (GNMA), 2014-60 SA, IO (-1.000 x 1 mo. Term SOFR + 5.986%)	0.657%	4/16/44	2,152,927	203,839 (a)
Government National Mortgage Association (GNMA), 2014-91 SB, IO (-1.000 x 1 mo. Term SOFR + 5.486%)	0.157%	6/16/44	846,798	69,193 (a)
Government National Mortgage Association (GNMA), 2014-118 HS, IO (-1.000 x 1 mo. Term SOFR + 6.086%)	0.747%	8/20/44	469,952	53,500 (a)
Government National Mortgage Association (GNMA), 2015-20 PI, IO	3.500%	2/20/45	633,324	103,417
Government National Mortgage Association (GNMA), 2015-167 OI, IO	4.000%	4/16/45	1,801,741	327,964
Government National Mortgage Association (GNMA), 2016-51 NS, IO (-1.000 x 1 mo. Term SOFR + 5.936%)	0.597%	4/20/46	1,499,535	162,306 (a)
Government National Mortgage Association (GNMA), 2016-87 IO, IO	0.635%	8/16/58	2,706,065	71,440 (a)
Government National Mortgage Association (GNMA), 2016-156 PB	2.000%	11/20/46	5,417,124	3,737,347
Government National Mortgage Association (GNMA), 2017-19 SE, IO (-1.000 x 1 mo. Term SOFR + 6.036%)	0.707%	2/16/47	2,122,384	203,688 (a)
Government National Mortgage Association (GNMA), 2017-21 IO, IO	0.632%	10/16/58	7,937,772	285,583 (a)
Government National Mortgage Association (GNMA), 2017-26 IQ, IO	5.000%	2/20/40	3,200,089	640,152
Government National Mortgage Association (GNMA), 2017-41 IO, IO	0.570%	7/16/58	434,809	11,116 (a)
Government National Mortgage Association (GNMA), 2017-190 IO, IO	0.619%	3/16/60	1,399,476	51,331 (a)
Government National Mortgage Association (GNMA), 2018-125 HS, IO (-1.000 x 1 mo. Term SOFR + 6.136%)	0.797%	9/20/48	1,340,390	127,865 (a)
Government National Mortgage Association (GNMA), 2018-134 SM, IO (-1.000 x 1 mo. Term SOFR + 6.086%)	0.747%	10/20/48	2,008,418	176,941 (a)
Government National Mortgage Association (GNMA), 2018-168 PA, PAC-1	4.000%	8/20/48	873,497	815,881

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Government National Mortgage Association (GNMA), 2019-18 TP, PAC	3.500%	2/20/49	$605,296	$544,893
Government National Mortgage Association (GNMA), 2019-85 LS, IO (-1.000 x 1 mo. Term SOFR + 3.176%)	0.000%	7/20/49	14,290,999	250,050 (a)
Government National Mortgage Association (GNMA), 2020-29 JI, IO	0.932%	1/16/60	8,941,345	483,240 (a)
Government National Mortgage Association (GNMA), 2020-33 SD, IO (-1.000 x 1 mo. Term SOFR + 6.036%)	0.697%	7/20/47	819,974	96,538 (a)
Government National Mortgage Association (GNMA), 2020-36 GS, IO (-1.000 x 1 mo. Term SOFR + 5.986%)	0.647%	3/20/50	5,355,589	629,281 (a)
Government National Mortgage Association (GNMA), 2020-38 IO, IO	0.819%	4/16/62	6,544,924	377,505 (a)
Government National Mortgage Association (GNMA), 2020-47 MI, IO, PAC	3.500%	4/20/50	458,909	83,056
Government National Mortgage Association (GNMA), 2020-47 NI, IO, PAC	3.500%	4/20/50	199,461	36,086
Government National Mortgage Association (GNMA), 2020-61 CI, IO, PAC	4.000%	3/20/50	1,109,861	210,004
Government National Mortgage Association (GNMA), 2020-85 CI, IO, PAC	3.500%	4/20/50	1,176,497	199,981
Government National Mortgage Association (GNMA), 2020-89 IA, IO	1.167%	4/16/62	11,836,511	946,760 (a)
Government National Mortgage Association (GNMA), 2020-109 AI, IO	0.838%	5/16/60	4,620,998	268,119 (a)
Government National Mortgage Association (GNMA), 2020-116 GI, IO	2.500%	8/20/50	6,045,638	855,216
Government National Mortgage Association (GNMA), 2020-122 IM, IO	2.500%	8/20/50	2,207,536	305,957
Government National Mortgage Association (GNMA), 2020-123 EI, IO	2.500%	8/20/50	4,257,767	614,800
Government National Mortgage Association (GNMA), 2020-129 IE, IO	2.500%	9/20/50	145,428	19,809
Government National Mortgage Association (GNMA), 2020-160 QI, IO	2.500%	10/20/50	4,765,339	831,156
Government National Mortgage Association (GNMA), 2020-160 VI, IO	2.500%	10/20/50	216,478	29,717
Government National Mortgage Association (GNMA), 2020-160 YI, IO	2.500%	10/20/50	583,095	77,918

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Government National Mortgage Association (GNMA), 2020-181 WI, IO	2.000%	12/20/50	$1,105,545	$121,679
Government National Mortgage Association (GNMA), 2020-191 IX, IO	2.500%	12/20/50	3,807,512	667,460
Government National Mortgage Association (GNMA), 2020-H02 FG (1 mo. Term SOFR + 0.714%)	6.037%	1/20/70	885,004	885,419 (a)
Government National Mortgage Association (GNMA), 2020-H08 BI, IO	0.081%	4/1/70	6,976,110	225,213 (a)
Government National Mortgage Association (GNMA), 2020-H12 F (1 mo. Term SOFR + 0.614%)	5.937%	7/20/70	49,015	48,351 (a)
Government National Mortgage Association (GNMA), 2020-H13 FA (1 mo. Term SOFR + 0.564%)	5.887%	7/20/70	678,093	666,759 (a)
Government National Mortgage Association (GNMA), 2021-7 TI, IO	2.500%	1/16/51	4,590,013	796,134
Government National Mortgage Association (GNMA), 2021-8 AQ	5.000%	1/20/51	708,422	699,569
Government National Mortgage Association (GNMA), 2021-14 AB	1.340%	6/16/63	1,140,521	854,035
Government National Mortgage Association (GNMA), 2021-15 TQ, IO (-1.000 x 1 mo. Term SOFR + 6.186%)	0.847%	12/20/50	20,590,502	1,207,546 (a)
Government National Mortgage Association (GNMA), 2021-21 AH	1.400%	6/16/63	2,915,637	2,163,364
Government National Mortgage Association (GNMA), 2021-29 AG	5.000%	2/20/51	1,065,254	1,040,217
Government National Mortgage Association (GNMA), 2021-29 TI, IO	2.500%	2/20/51	706,061	124,036
Government National Mortgage Association (GNMA), 2021-60 IO, IO	0.826%	5/16/63	4,632,365	278,975 (a)
Government National Mortgage Association (GNMA), 2021-68 IO, IO	0.873%	10/16/62	4,665,730	290,887 (a)
Government National Mortgage Association (GNMA), 2021-121 CI, IO	3.000%	7/20/51	2,821,864	474,357
Government National Mortgage Association (GNMA), 2021-125 IM, IO	3.000%	7/20/51	7,516,707	1,325,367
Government National Mortgage Association (GNMA), 2021-156 IE, IO	2.500%	9/20/51	4,482,235	722,989

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
Government National Mortgage Association (GNMA), 2021-158 IN, IO	2.500%	9/20/51	$7,455,883	$1,083,985
Government National Mortgage Association (GNMA), 2021-158 XB, IO	2.500%	9/20/51	4,858,023	763,618
Government National Mortgage Association (GNMA), 2021-180 IO, IO	0.913%	11/16/63	2,300,024	160,050 (a)
Government National Mortgage Association (GNMA), 2021-216 NI, IO, PAC-1	3.000%	12/20/51	4,057,967	740,149
Government National Mortgage Association (GNMA), 2022-5 LI, IO	3.500%	1/20/52	3,716,159	679,896
Government National Mortgage Association (GNMA), 2022-54 Z	2.000%	10/16/63	1,882,780	877,821 (a)
Government National Mortgage Association (GNMA), 2022-86 C	2.250%	10/16/63	800,000	374,008 (a)
Government National Mortgage Association (GNMA), 2022-139 AL	4.000%	7/20/51	1,200,000	1,063,114
Government National Mortgage Association (GNMA), 2022-147 B	2.200%	10/16/63	6,500,000	4,620,335
Government National Mortgage Association (GNMA), 2022-158 AL	2.100%	8/16/64	5,907,393	4,156,931
Government National Mortgage Association (GNMA), 2023-92 AH	2.000%	6/16/64	2,899,296	2,243,367
Government National Mortgage Association (GNMA), 2023-92 IA, IO	0.611%	6/16/64	1,999,515	115,588 (a)
Government National Mortgage Association (GNMA), 2023-179 IO, IO	0.611%	9/16/63	8,090,852	334,480 (a)
GS Mortgage Securities Corp. II, 2018-SRP5 D (1 mo. Term SOFR + 6.547%)	11.876%	9/15/31	4,450,678	502,020 (a)(d)
GS Mortgage Securities Corp. Trust, 2018- LUAU G (1 mo. Term SOFR + 4.747%)	10.076%	11/15/32	1,070,000	1,055,200 (a)(d)
GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%)	6.393%	10/15/36	360,000	355,810 (a)(d)
GS Mortgage Securities Trust, 2019-GC39 XA, IO	1.290%	5/10/52	38,865,491	1,571,204 (a)
GS Mortgage Securities Trust, 2020-GC47 XA, IO	1.241%	5/12/53	16,914,809	875,115 (a)
GS Mortgage-Backed Securities Trust, 2022- NQM1 B4	4.091%	5/25/62	1,476,249	1,173,616 (a)(d)
GSMPS Mortgage Loan Trust, 2006-RP2 1AF1 (1 mo. Term SOFR + 0.514%)	5.860%	4/25/36	944,837	781,479 (a)(d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
IMPAC CMB Trust, 2007-A A (1 mo. Term SOFR + 0.614%)	5.960%	5/25/37	$176,964	$163,585 (a)(d)
JPMDB Commercial Mortgage Securities Trust, 2017-C7 B	3.985%	10/15/50	420,000	376,200
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (PRIME + 0.693%)	9.193%	5/15/28	2,873,012	2,475,890 (a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2019-COR5 XA, IO	1.617%	6/13/52	15,254,974	777,483 (a)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST H (1 mo. Term SOFR + 7.364%)	12.693%	12/15/36	2,106,000	10,319 (a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-NNN GFX	4.844%	1/16/37	900,000	241,003 (a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYAH H (1 mo. Term SOFR + 3.504%)	9.083%	6/15/38	360,000	212,356 (a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-JP1 C	4.879%	1/15/49	130,000	115,822 (a)
JPMorgan Mortgage Trust, 2021-14 AX4, IO	0.500%	5/25/52	22,349,883	648,846 (a)(d)
JPMorgan Mortgage Trust, 2024-3 AX1, IO	0.343%	5/25/54	38,110,327	744,992 (a)(d)
La Hipotecaria El Salvadorian Mortgage Trust, 2019-1A AAA	4.250%	9/29/46	1,194,528	1,107,925 (d)(f)(g)
MASTR Adjustable Rate Mortgages Trust, 2006-OA1 1A1 (1 mo. Term SOFR + 0.324%)	5.670%	4/25/46	229,747	195,100 (a)
Med Trust, 2021-MDLN F (1 mo. Term SOFR + 4.114%)	9.443%	11/15/38	1,990,447	1,993,383 (a)(d)
Morgan Stanley Mortgage Loan Trust, 2006- 8AR 1A2 (1 mo. Term SOFR + 0.254%)	5.600%	6/25/36	29,386	5,805 (a)
Multifamily CAS Trust, 2020-1 CE (30 Day Average SOFR + 7.614%)	12.950%	3/25/50	4,500,000	4,495,362 (a)(d)
Multifamily Trust, 2016-1 B	12.547%	4/25/46	630,046	626,264 (a)(d)
Natixis Commercial Mortgage Securities Trust, 2019-FAME D	4.544%	8/15/36	1,950,000	1,195,740 (a)(d)
Natixis Commercial Mortgage Securities Trust, 2019-FAME E	4.544%	8/15/36	2,077,000	1,065,709 (a)(d)
New Residential Mortgage Loan Trust, 2014-1A A	3.750%	1/25/54	413,996	385,499 (a)(d)
NovaStar Mortgage Funding Trust, 2006- MTA1 2A1A	0.536%	9/25/46	50,126	44,644 (a)
NYMT Loan Trust Series, 2024-BPL1 A1	7.154%	2/25/29	1,000,000	1,000,935 (d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(c) — continued
OPG Trust, 2021-PORT A (1 mo. Term SOFR + 0.598%)	5.927%	10/15/36	$413,681	$407,003 (a)(d)
PMT Credit Risk Transfer Trust, 2019-2R A (1 mo. Term SOFR + 3.864%)	9.210%	5/30/25	909,671	910,827 (a)(d)
Redwood Funding Trust, 2019-1 PT	4.968%	9/27/24	6,192,946	6,320,085 (d)
Saluda Grade Alternative Mortgage Trust, 2024-RTL4 A2	7.500%	2/25/30	1,140,000	1,089,860 (d)
Starwood Retail Property Trust, 2014-STAR C	8.500%	11/15/27	2,324,000	241,115 (a)(d)
Starwood Retail Property Trust, 2014-STAR D	8.500%	11/15/27	650,000	26,000 (a)(d)
Structured Asset Mortgage Investments II Trust, 2006-AR6 1A1 (1 mo. Term SOFR + 0.474%)	5.820%	7/25/46	65,586	53,522 (a)
Structured Asset Securities Corp., 2005-RF3 1A (1 mo. Term SOFR + 0.464%)	5.810%	6/25/35	126,871	108,626 (a)(d)
Verus Securitization Trust, 2024-1 M1	6.668%	1/25/69	1,650,000	1,657,649 (a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2003-AR5 A7	6.292%	6/25/33	15,799	15,487 (a)
Wells Fargo Commercial Mortgage Trust, 2019-C51 A4	3.311%	6/15/52	1,370,000	1,234,321
Wells Fargo Commercial Mortgage Trust, 2021-C59 XA, IO	1.644%	4/15/54	12,323,969	877,659 (a)

Total Collateralized Mortgage Obligations (Cost — $248,276,988)				219,274,576
			Face Amount/ Units
Asset-Backed Securities — 16.0%
AMMC CLO Ltd., 2024-30A D (3 mo. Term SOFR + 4.500%)	9.791%	1/15/37	$750,000	767,305 (a)(d)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2II	4.723%	6/5/49	298,980	288,422 (d)
Aqua Finance Trust, 2020-AA C	3.970%	7/17/46	3,200,000	2,906,971 (d)
Avis Budget Rental Car Funding AESOP LLC, 2023-8A C	7.340%	2/20/30	3,700,000	3,853,933 (d)
Bain Capital Credit CLO, 2019-2A DR (3 mo. Term SOFR + 3.412%)	8.729%	10/17/32	500,000	495,475 (a)(d)
Bayview Opportunity Master Fund LLC, 2024- EDU1 D (30 Day Average SOFR + 2.750%)	8.085%	6/25/47	1,709,210	1,730,070 (a)(d)
CARS-DB7 LP, 2023-1A A1	5.750%	9/15/53	1,222,200	1,210,934 (d)
Castlelake Aircraft Structured Trust, 2021-1A A	3.474%	1/15/46	397,864	374,572 (d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount/ Units	Value
Asset-Backed Securities — continued
CIFC Funding Ltd., 2022-5A CR (3 mo. Term SOFR + 2.400%)	7.728%	1/16/37	$250,000	$251,967 (a)(d)
College Ave Student Loans LLC, 2021-C D	4.110%	7/26/55	1,500,000	1,347,001 (d)
Conseco Finance Corp., 1997-4 M1	7.220%	2/15/29	337,354	339,205 (a)
Countrywide Asset-Backed Certificates Trust, 2002-S3 M1	4.800%	5/25/32	281	138 (a)
Countrywide Asset-Backed Certificates Trust, 2006-SD3 A1 (1 mo. Term SOFR + 0.774%)	6.120%	7/25/36	52,430	51,413 (a)(d)
Dryden CLO Ltd., 2021-87A D (3 mo. Term SOFR + 3.212%)	8.537%	5/20/34	1,000,000	995,336 (a)(d)
GoodLeap Sustainable Home Solutions Trust, 2021-5CS C	3.500%	10/20/48	1,372,662	974,543 (d)
Sunnova Hestia Issuer LLC, 2023-GRID1 1A	5.750%	12/20/50	2,093,785	2,112,235 (d)
Hertz Vehicle Financing LLC, 2023-4A C	7.510%	3/25/30	1,750,000	1,803,438 (d)
HPS Loan Management Ltd., 10A-16 CR (3 mo. Term SOFR + 3.412%)	8.736%	4/20/34	500,000	498,736 (a)(d)
J.G. Wentworth LLC, 2018-1A B	4.700%	10/15/74	1,761,305	1,528,034 (d)
Lunar Structured Aircraft Portfolio Notes, 2021-1 B	3.432%	10/15/46	786,879	699,599 (d)
Madison Park Funding Ltd., 2018-32A BR (3 mo. Term SOFR + 1.662%)	6.986%	1/22/31	1,000,000	997,439 (a)(d)
Magnetite Ltd., 2020-26A BR (3 mo. Term SOFR + 1.862%)	7.185%	7/25/34	1,100,000	1,102,842 (a)(d)
Mercury Financial Credit Card Master Trust, 2023-1A A	8.040%	9/20/27	1,500,000	1,510,940 (d)
MetroNet Infrastructure Issuer LLC, 2024-1A A2	6.230%	4/20/54	1,200,000	1,214,932 (d)
Mosaic Solar Loan Trust, 2023-4A C	8.800%	5/20/53	2,160,000	2,125,282 (d)
Mosaic Solar Loans LLC, 2024-1A B	6.250%	9/20/49	1,195,415	1,171,447 (d)
Navient Private Education Refi Loan Trust, 2020-BA B	2.770%	1/15/69	5,000,000	4,072,972 (d)
Neuberger Berman CLO Ltd., 2017-16SA BR (3 mo. Term SOFR + 1.662%)	6.990%	4/15/34	750,000	750,805 (a)(d)
Neuberger Berman Loan Advisers CLO Ltd., 2019-31A DR (3 mo. Term SOFR + 3.512%)	8.836%	4/20/31	500,000	500,977 (a)(d)
Peace Park CLO Ltd., 2021-1A D (3 mo. Term SOFR + 3.212%)	8.536%	10/20/34	475,000	476,534 (a)(d)
PEAR LLC, 2021-1 A	2.600%	1/15/34	1,081,803	1,051,142 (d)
Pear LLC, 2024-1 A	6.950%	2/15/36	992,993	993,061 (d)
Progress Residential Trust, 2024-SFR1 D	3.750%	2/17/41	1,000,000	903,617 (d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount/ Units	Value
Asset-Backed Securities — continued
RAAC Trust, 2007-SP1 M3 (1 mo. Term SOFR + 1.614%)	6.960%	3/25/37	$1,027,465	$803,718 (a)
Renew, 2023-1A A	5.900%	11/20/58	1,558,115	1,515,953 (d)
Renew, 2024-1A M	7.506%	11/20/59	1,366,117	1,334,271 (d)
SBA Small Business Investment Cos., 2023- 10B 1	5.688%	9/10/33	2,011,676	2,060,930
SEB Funding LLC, 2024-1A A2	7.386%	4/30/54	1,870,000	1,899,892 (d)
Sesac Finance LLC, 2024-1 A2	6.421%	1/25/54	1,396,500	1,402,682 (d)
Sierra Timeshare Receivables Funding LLC, 2024-1A D	8.020%	1/20/43	1,290,531	1,300,612 (d)
SMB Private Education Loan Trust, 2014-A R	36.575%	9/15/45	22,179	1,592,923 (d)(h)
SMB Private Education Loan Trust, 2015-C R	11.919%	9/18/46	2,751	777,248 (d)(h)
SMB Private Education Loan Trust, 2020-A B	3.000%	8/15/45	2,000,000	1,777,056 (d)
SMB Private Education Loan Trust, 2021-A C	2.990%	1/15/53	3,853,131	3,220,972 (d)
SoFi Professional Loan Program LLC, 2017-F R1	47.504%	1/25/41	25,000	221,092 (d)(h)
SoFi Professional Loan Program Trust, 2020-A BFX	3.120%	5/15/46	3,200,000	2,670,780 (d)
Stonepeak, 2021-1A B	3.821%	2/28/33	1,479,083	1,342,058 (d)
Stratus Static CLO Ltd., 2022-3A CR (3 mo. Term SOFR + 2.400%)	7.718%	10/20/31	1,000,000	1,004,262 (a)(d)
Structured Asset Securities Corp. Mortgage Loan Trust, 2006-ARS1 A1 (1 mo. Term SOFR + 0.334%)	5.680%	2/25/36	1,353,909	37,771 (a)(d)
Thrust Engine Leasing, 2021-1A A	4.163%	7/15/40	876,534	814,134 (d)
TICP CLO Ltd., 2017-7A DR (3 mo. Term SOFR + 3.462%)	8.790%	4/15/33	1,000,000	1,003,306 (a)(d)
VR Funding LLC, 2020-1A B	4.220%	11/15/50	868,792	804,102 (d)

Total Asset-Backed Securities (Cost — $80,771,626)				64,685,079
			Face Amount
Corporate Bonds & Notes — 1.3%
Consumer Discretionary — 0.8%
Automobile Components — 0.2%
ZF North America Capital Inc., Senior Notes	6.875%	4/23/32	$650,000	672,412 (d)

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Hotels, Restaurants & Leisure — 0.4%
Carnival Corp., Senior Notes	6.000%	5/1/29	$820,000	$810,525 (d)
Royal Caribbean Cruises Ltd., Senior Notes	6.250%	3/15/32	820,000	827,401 (d)
Total Hotels, Restaurants & Leisure				1,637,926
Specialty Retail — 0.2%
Lithia Motors Inc., Senior Notes	4.375%	1/15/31	1,000,000	891,386 (d)

Total Consumer Discretionary				3,201,724
Energy — 0.5%
Oil, Gas & Consumable Fuels — 0.5%
Southwestern Energy Co., Senior Notes	4.750%	2/1/32	1,100,000	1,012,605
Venture Global Calcasieu Pass LLC, Senior Secured Notes	4.125%	8/15/31	930,000	835,159 (d)

Total Energy				1,847,764
Total Corporate Bonds & Notes (Cost — $5,011,705)				5,049,488
			Shares
Preferred Stocks — 1.0%
Financials — 1.0%
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
AGNC Investment Corp., Non Voting Shares (6.125% to 4/15/25 then 3 mo. USD LIBOR + 4.697%)	6.125%		79,062	1,907,766 (a)
Chimera Investment Corp., Non Voting Shares (7.750% to 9/30/25 then 3 mo. USD LIBOR + 4.743%)	7.750%		42,567	955,203 (a)
MFA Financial Inc., Non Voting Shares (6.500% to 3/31/25 then 3 mo. USD LIBOR + 5.345%)	6.500%		52,662	1,237,557 (a)

Total Preferred Stocks (Cost — $4,080,011)				4,100,526
		Maturity Date	Face Amount
Convertible Bonds & Notes — 0.4%
Financials — 0.4%
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Two Harbors Investment Corp., Senior Notes (Cost — $1,504,249)	6.250%	1/15/26	$1,600,000	1,536,000
Total Investments before Short-Term Investments (Cost — $582,179,196)				525,015,318

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Shares	Value
Short-Term Investments — 0.7%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $2,625,377)	5.254%	2,625,377	$2,625,377 (i)(j)
Total Investments — 130.8% (Cost — $584,804,573)			527,640,695
Liabilities in Excess of Other Assets — (30.8)%			(124,193,199 )
Total Net Assets — 100.0%			$403,447,496

(a)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(b)	This security is traded on a to-be-announced (“TBA”) basis. At June 30, 2024, the Fund held TBA securities with a total cost of $126,993,570.
(c)	Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(d)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(e)	Value is less than $1.
(f)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(g)	Security is valued using significant unobservable inputs (Note 1).
(h)	Rate shown is the current yield based on income received over the trailing twelve months.
(i)	Rate shown is one-day yield as of the end of the reporting period.
(j)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At June 30, 2024, the total market value of investments in Affiliated Companies was $2,625,377 and the cost was $2,625,377 (Note 8).

Abbreviation(s) used in this schedule:
ACES	—	Alternative Credit Enhancement Securities
CAS	—	Connecticut Avenue Securities
CLO	—	Collateralized Loan Obligation
IBOR	—	Interbank Offered Rate
IO	—	Interest Only
LIBOR	—	London Interbank Offered Rate
PAC	—	Planned Amortization Class
PO	—	Principal Only
REMIC	—	Real Estate Mortgage Investment Conduit
SOFR	—	Secured Overnight Financing Rate
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
USD	—	United States Dollar

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

Western Asset Mortgage Total Return Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Securities Sold Short — (0.2)%
Mortgage-Backed Securities — (0.2)%
FNMA — (0.2)%
Federal National Mortgage Association (FNMA) (Proceeds — $(957,937))	4.500%	7/1/54	$(1,000,000 )	$(942,852 ) (a)

(a)	This security is traded on a to-be-announced (“TBA”) basis and is part of a mortgage dollar roll agreement (Note 1).

At June 30, 2024, the Fund had the following open futures contracts:

	Number of Contracts	Expiration Date	Notional Amount	Market Value	Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes	32	9/24	$6,525,462	$6,535,000	$9,538
U.S. Treasury 5-Year Notes	29	9/24	3,086,738	3,090,766	4,028
U.S. Treasury Long-Term Bonds	2	9/24	233,942	236,625	2,683
					16,249
Contracts to Sell:
U.S. Treasury 10-Year Notes	56	9/24	6,135,580	6,159,125	(23,545 )
Net unrealized depreciation on open futures contracts					$(7,296 )

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

June 30, 2024

Assets:
Investments in unaffiliated securities, at value (Cost — $582,179,196)	$525,015,318
Investments in affiliated securities, at value (Cost — $2,625,377)	2,625,377
Foreign currency, at value (Cost — $103,219)	91,398
Cash	1,005,620
Receivable for securities sold	19,041,066
Interest receivable	2,411,564
Deposits with brokers for open futures contracts	156,698
Receivable for Fund shares sold	84,818
Principal paydown receivable	27,799
Dividends receivable from affiliated investments	5,101
Receivable from brokers — net variation margin on open futures contracts	1,634
Prepaid expenses	20,586
Total Assets	550,486,979
Liabilities:
Payable for securities purchased	145,132,616
Investments sold short, at value (proceeds received — $957,937)	942,852
Payable for Fund shares repurchased	495,523
Investment management fee payable	165,807
Service and/or distribution fees payable	71,452
Distributions payable	47,130
Principal payup payable	5,409
Trustees’ fees payable	2,559
Accrued expenses	176,135
Total Liabilities	147,039,483
Total Net Assets	$403,447,496
Net Assets:
Par value (Note 7)	$495
Paid-in capital in excess of par value	583,602,402
Total distributable earnings (loss)	(180,155,401 )
Total Net Assets	$403,447,496

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited) (cont’d)

June 30, 2024

Net Assets:
Class 1	$14,349,361
Class A	$338,823,848
Class C	$2,061,122
Class C1	$30,687
Class I	$39,111,974
Class IS	$9,070,504
Shares Outstanding:
Class 1	1,757,680
Class A	41,555,429
Class C	252,768
Class C1	3,776
Class I	4,774,748
Class IS	1,106,974
Net Asset Value:
Class 1 (and redemption price)	$8.16
Class A (and redemption price)	$8.15
Class C*	$8.15
Class C1*	$8.13
Class I (and redemption price)	$8.19
Class IS (and redemption price)	$8.19
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)	$8.47

*	Redemption price per share is NAV of Class C and Class C1 shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2024

Investment Income:
Interest	$11,384,623
Dividends from affiliated investments	23,507
Total Investment Income	11,408,130
Expenses:
Investment management fee (Note 2)	1,036,456
Service and/or distribution fees (Notes 2 and 5)	444,603
Transfer agent fees (Notes 2 and 5)	312,306
Registration fees	43,451
Fund accounting fees	35,181
Audit and tax fees	23,482
Shareholder reports	15,816
Legal fees	8,802
Trustees’ fees	5,370
Commitment fees (Note 9)	1,930
Insurance	1,919
Miscellaneous expenses	5,560
Total Expenses	1,934,876
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(564 )
Net Expenses	1,934,312
Net Investment Income	9,473,818
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Loss From:
Investment transactions in unaffiliated securities	(10,297,729 )
Futures contracts	(2,817,419 )
Net Realized Loss	(13,115,148 )
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	5,519,658
Futures contracts	(146,899 )
Securities sold short	15,085
Foreign currencies	(2,811 )
Change in Net Unrealized Appreciation (Depreciation)	5,385,033
Net Loss on Investments, Futures Contracts, Short Sales and Foreign Currency Transactions	(7,730,115 )
Increase in Net Assets From Operations	$1,743,703

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$9,473,818	$21,532,136
Net realized loss	(13,115,148 )	(19,270,901 )
Change in net unrealized appreciation (depreciation)	5,385,033	15,561,805
Increase in Net Assets From Operations	1,743,703	17,823,040
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(9,696,945 )	(21,874,888 )
Decrease in Net Assets From Distributions to Shareholders	(9,696,945 )	(21,874,888 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	15,797,203	50,577,908
Reinvestment of distributions	9,354,110	20,051,959
Cost of shares repurchased	(65,731,313 )	(143,670,369 )
Decrease in Net Assets From Fund Share Transactions	(40,580,000 )	(73,040,502 )
Decrease in Net Assets	(48,533,242 )	(77,092,350 )
Net Assets:
Beginning of period	451,980,738	529,073,088
End of period	$403,447,496	$451,980,738

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class 1 Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.31	$8.36	$10.06	$10.25	$10.37	$10.22
Income (loss) from operations:
Net investment income	0.19	0.38	0.29	0.13	0.24	0.45
Net realized and unrealized gain (loss)	(0.14 )	(0.05 )	(1.64 )	(0.03 )	0.01 3	0.18
Total income (loss) from operations	0.05	0.33	(1.35)	0.10	0.25	0.63
Less distributions from:
Net investment income	(0.20 )	(0.38 )	(0.35 )	(0.29 )	(0.37 )	(0.48 )
Total distributions	(0.20 )	(0.38 )	(0.35 )	(0.29 )	(0.37 )	(0.48 )
Net asset value, end of period	$8.16	$8.31	$8.36	$10.06	$10.25	$10.37
Total return4	0.63 %	4.15 %	(13.60 )%	1.03 %	2.53 %	6.31 %
Net assets, end of period (000s)	$14,349	$15,214	$16,756	$21,899	$24,394	$26,363
Ratios to average net assets:
Gross expenses	0.72 %5	0.71 %	0.69 %	0.66 %	0.70 %	0.67 %
Net expenses6,7	0.72 5	0.71	0.69	0.66	0.69	0.67
Net investment income	4.79 5	4.57	3.18	1.28	2.30	4.32
Portfolio turnover rate8	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Reflects fee waivers and/or expense reimbursements.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
8	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class A Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.30	$8.35	$10.05	$10.24	$10.36	$10.21
Income (loss) from operations:
Net investment income	0.18	0.36	0.27	0.10	0.21	0.42
Net realized and unrealized gain (loss)	(0.14 )	(0.05 )	(1.64 )	(0.02 )	0.02 3	0.19
Total income (loss) from operations	0.04	0.31	(1.37)	0.08	0.23	0.61
Less distributions from:
Net investment income	(0.19 )	(0.36 )	(0.33 )	(0.27 )	(0.35 )	(0.46 )
Total distributions	(0.19 )	(0.36 )	(0.33 )	(0.27 )	(0.35 )	(0.46 )
Net asset value, end of period	$8.15	$8.30	$8.35	$10.05	$10.24	$10.36
Total return4	0.50 %	3.88 %	(13.84 )%	0.77 %	2.25 %	6.01 %
Net assets, end of period (millions)	$339	$365	$404	$520	$521	$506
Ratios to average net assets:
Gross expenses	0.98 %5	0.96 %	0.95 %	0.93 %	0.96 %	0.95 %
Net expenses6,7	0.98 5	0.96	0.95	0.93	0.96	0.94
Net investment income	4.53 5	4.31	2.92	1.03	2.03	4.02
Portfolio turnover rate8	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Reflects fee waivers and/or expense reimbursements.
7	The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
8	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class C Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.30	$8.35	$10.05	$10.24	$10.36	$10.20
Income (loss) from operations:
Net investment income	0.16	0.29	0.20	0.03	0.14	0.35
Net realized and unrealized gain (loss)	(0.15 )	(0.03 )	(1.64 )	(0.02 )	0.02 3	0.19
Total income (loss) from operations	0.01	0.26	(1.44)	0.01	0.16	0.54
Less distributions from:
Net investment income	(0.16 )	(0.31 )	(0.26 )	(0.20 )	(0.28 )	(0.38 )
Total distributions	(0.16 )	(0.31 )	(0.26 )	(0.20 )	(0.28 )	(0.38 )
Net asset value, end of period	$8.15	$8.30	$8.35	$10.05	$10.24	$10.36
Total return4	0.16 %	3.19 %	(14.42 )%	0.07 %5	1.57 %	5.39 %
Net assets, end of period (000s)	$2,061	$2,921	$4,861	$9,514	$14,849	$18,218
Ratios to average net assets:
Gross expenses	1.65 %6	1.64 %	1.62 %	1.62 %	1.64 %	1.64 %
Net expenses7,8	1.65 6	1.63	1.62	1.61	1.64	1.64
Net investment income	3.83 6	3.55	2.20	0.30	1.36	3.36
Portfolio turnover rate9	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	The total return includes a payment by an affiliate to reimburse for an error. Absent this payment, total return would have been (0.03)% for the year ended December 31, 2021.
6	Annualized.
7	Reflects fee waivers and/or expense reimbursements.
8	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
9	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class C1 Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.28	$8.34	$10.06	$10.25	$10.37	$10.22
Income (loss) from operations:
Net investment income	0.15	0.29	0.14	0.03	0.15	0.39
Net realized and unrealized gain (loss)	(0.14 )	(0.03 )	(1.63 )	(0.02 )	0.02 3	0.18
Total income (loss) from operations	0.01	0.26	(1.49)	0.01	0.17	0.57
Less distributions from:
Net investment income	(0.16 )	(0.32 )	(0.23 )	(0.20 )	(0.29 )	(0.42 )
Total distributions	(0.16 )	(0.32 )	(0.23 )	(0.20 )	(0.29 )	(0.42 )
Net asset value, end of period	$8.13	$8.28	$8.34	$10.06	$10.25	$10.37
Total return4	0.10 %	3.18 %	(14.92 )%	0.11 %5	1.72 %	5.65 %
Net assets, end of period (000s)	$31	$44	$61	$498	$1,271	$1,562
Ratios to average net assets:
Gross expenses	2.38 %6	2.32 %	2.60 %	1.58 %	1.49 %	1.36 %
Net expenses7,8	1.75 6	1.75	2.18	1.57	1.49	1.36
Net investment income	3.73 6	3.50	1.48	0.27	1.51	3.75
Portfolio turnover rate9	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	The total return includes a payment by an affiliate to reimburse for an error. Absent this payment, total return would have been 0.01% for the year ended December 31, 2021.
6	Annualized.
7	Reflects fee waivers and/or expense reimbursements.
8	As a result of an expense limitation arrangement, effective June 1, 2022, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C1 shares did not exceed 1.75%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
9	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.34	$8.39	$10.09	$10.28	$10.41	$10.25
Income (loss) from operations:
Net investment income	0.20	0.38	0.29	0.13	0.24	0.44
Net realized and unrealized gain (loss)	(0.15 )	(0.04 )	(1.64 )	(0.02 )	0.01 3	0.21
Total income (loss) from operations	0.05	0.34	(1.35)	0.11	0.25	0.65
Less distributions from:
Net investment income	(0.20 )	(0.39 )	(0.35 )	(0.30 )	(0.38 )	(0.49 )
Total distributions	(0.20 )	(0.39 )	(0.35 )	(0.30 )	(0.38 )	(0.49 )
Net asset value, end of period	$8.19	$8.34	$8.39	$10.09	$10.28	$10.41
Total return4	0.65 %	4.20 %	(13.51 )%	0.96 %	2.56 %	6.41 %
Net assets, end of period (000s)	$39,112	$56,520	$75,811	$125,664	$188,031	$414,949
Ratios to average net assets:
Gross expenses	0.68 %5	0.66 %	0.65 %	0.64 %	0.66 %	0.67 %
Net expenses6,7	0.68 5	0.66	0.65	0.64	0.66	0.67
Net investment income	4.80 5	4.56	3.18	1.27	2.38	4.26
Portfolio turnover rate8	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Reflects fee waivers and/or expense reimbursements.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.70%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
8	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class IS Shares1	20242	2023	2022	2021	2020	2019
Net asset value, beginning of period	$8.34	$8.39	$10.10	$10.29	$10.42	$10.26
Income (loss) from operations:
Net investment income	0.20	0.39	0.31	0.14	0.25	0.43
Net realized and unrealized gain (loss)	(0.14 )	(0.04 )	(1.66 )	(0.02 )	0.01 3	0.23
Total income (loss) from operations	0.06	0.35	(1.35)	0.12	0.26	0.66
Less distributions from:
Net investment income	(0.21 )	(0.40 )	(0.36 )	(0.31 )	(0.39 )	(0.50 )
Total distributions	(0.21 )	(0.40 )	(0.36 )	(0.31 )	(0.39 )	(0.50 )
Net asset value, end of period	$8.19	$8.34	$8.39	$10.10	$10.29	$10.42
Total return4	0.71 %	4.30 %	(13.51 )%	1.16 %	2.56 %	6.52 %
Net assets, end of period (000s)	$9,071	$11,842	$27,811	$28,952	$36,562	$15,120
Ratios to average net assets:
Gross expenses	0.57 %5	0.56 %	0.56 %	0.55 %	0.58 %	0.56 %
Net expenses6,7	0.57 5	0.56	0.56	0.54	0.58	0.56
Net investment income	4.91 5	4.64	3.36	1.36	2.41	4.16
Portfolio turnover rate8	99 %	101 %	58 %	123 %	160 %	115 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Reflects fee waivers and/or expense reimbursements.
7	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.60%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
8	Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 40%, 56%, 43%, 52%, 108% and 74%.

See Notes to Financial Statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

Western Asset Mortgage Total Return Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

(the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Mortgage-Backed Securities	—	$230,369,649	—	$230,369,649
Collateralized Mortgage Obligations	—	218,166,651	$1,107,925	219,274,576
Asset-Backed Securities	—	64,685,079	—	64,685,079
Corporate Bonds & Notes	—	5,049,488	—	5,049,488
Preferred Stocks	$4,100,526	—	—	4,100,526
Convertible Bonds & Notes	—	1,536,000	—	1,536,000
Total Long-Term Investments	4,100,526	519,806,867	1,107,925	525,015,318
Short-Term Investments†	2,625,377	—	—	2,625,377
Total Investments	$6,725,903	$519,806,867	$1,107,925	$527,640,695
Other Financial Instruments:
Futures Contracts††	$16,249	—	—	$16,249
Total	$6,742,152	$519,806,867	$1,107,925	$527,656,944
LIABILITIES
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Securities Sold Short†:
Mortgage-Backed Securities	—	$942,852	—	$942,852
Other Financial Instruments:
Futures Contracts††	$23,545	—	—	23,545
Total	$23,545	$942,852	—	$966,397

†	See Schedule of Investments for additional detailed categorizations.
††	Reflects the unrealized appreciation (depreciation) of the instruments.

(b) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(c) Stripped securities. The Fund may invest in ‘‘Stripped Securities,’’ a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities (“PO”), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities (“IO”), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO’s is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO’s.

(d) Securities traded on a to-be-announced basis. The Fund may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

At June 30, 2024, the Fund held non-cash collateral for TBA securities from JPMorgan Chase & Co. and Morgan Stanley & Co. Inc. in the amounts of $329,897 and $332,106, respectively.

(e) Mortgage dollar rolls. The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

The Fund executes its mortgage dollar rolls entirely in the TBA market, whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Fund accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(f) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(g) Credit and market risk. Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

(h) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(i) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of June 30, 2024, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

(j) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(k) Partnership accounting policy. The Fund records its pro rata share of the income (loss) and capital gains (losses), to the extent of distributions it has received, allocated from the underlying partnerships and accordingly adjusts the cost basis of the underlying partnerships for return of capital. These amounts are included in the Fund’s Statement of Operations.

(l) Distributions to shareholders. Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(m) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(n) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(o) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(p) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. “Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

Average Daily Net Assets	Annual Rate
First $4 billion	0.500 %
Next $2 billion	0.450
Next $2 billion	0.400
Over $8 billion	0.350

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Western Asset monthly 70% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

expenses and acquired fund fees and expenses, to average net assets of Class C, Class C1, Class I and Class IS shares did not exceed 1.75%, 1.75%, 0.70% and 0.60%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares and the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended June 30, 2024, fees waived and/or expenses reimbursed amounted to $564, which included an affiliated money market fund waiver of $464.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at June 30, 2024, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class C1
Expires December 31, 2024	$416
Expires December 31, 2025	289
Expires December 31, 2026	100
Total fee waivers/expense reimbursements subject to recapture	$805

For the six months ended June 30, 2024, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

June 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $7,992 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C and Class C1 shares which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended June 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$8,672	—
CDSCs	1,815	$25

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

	Investments	U.S. Government & Agency Obligations
Purchases	$51,904,245	$504,585,519
Sales	33,471,135	502,616,564

At June 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost/(Proceeds)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Securities	$584,804,573	$10,330,890	$(67,494,768)	$(57,163,878)
Securities sold short	(957,937)	15,085	—	15,085
Futures contracts	—	16,249	(23,545)	(7,296)

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2024.

ASSET DERIVATIVES1
	Interest Rate Risk
Futures contracts2	$16,249

LIABILITY DERIVATIVES1
	Interest Rate Risk
Futures contracts2	$23,545

1	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2	Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended June 30, 2024. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk
Futures contracts	$(2,817,419 )

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk
Futures contracts	$(146,899 )

During the six months ended June 30, 2024, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Futures contracts (to buy)	$57,762,086
Futures contracts (to sell)	2,252,549

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class C1 shares calculated at the annual rate of 0.25%, 1.00%, and 0.70% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended June 30, 2024, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class 1	—	$11,030
Class A	$432,571	276,291
Class C	11,920	1,007
Class C1	112	178
Class I	—	23,585
Class IS	—	215
Total	$444,603	$312,306

For the six months ended June 30, 2024, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class 1	$16
Class A	389
Class C	3
Class C1	100
Class I	46
Class IS	10
Total	$564

6. Distributions to shareholders by class

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Net Investment Income:
Class 1	$354,203	$722,629
Class A	8,022,406	16,750,760
Class C	46,992	144,429
Class C1	613	1,888
Class I	1,036,894	3,146,635
Class IS	235,837	1,108,547
Total	$9,696,945	$21,874,888

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

7. Shares of beneficial interest

At June 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Class 1
Shares sold	—	—	—	—
Shares issued on reinvestment	43,455	$354,203	87,882	$722,616
Shares repurchased	(116,246 )	(946,415 )	(262,135 )	(2,181,379 )
Net decrease	(72,791 )	$(592,212 )	(174,253 )	$(1,458,763 )
Class A
Shares sold	1,355,508	$11,058,924	2,939,551	$24,333,634
Shares issued on reinvestment	974,982	7,937,114	2,016,750	16,562,816
Shares repurchased	(4,794,415 )	(39,095,013 )	(9,299,119 )	(76,441,683 )
Net decrease	(2,463,925 )	$(20,098,975 )	(4,342,818 )	$(35,545,233 )
Class C
Shares sold	764	$6,231	26,957	$225,816
Shares issued on reinvestment	5,653	46,057	16,493	135,912
Shares repurchased	(105,494 )	(863,508 )	(273,753 )	(2,250,150 )
Net decrease	(99,077 )	$(811,220 )	(230,303 )	$(1,888,422 )
Class C1
Shares sold	165	$1,337	323	$2,663
Shares issued on reinvestment	75	613	229	1,878
Shares repurchased	(1,837 )	(15,044 )	(2,516 )	(20,634 )
Net decrease	(1,597 )	$(13,094 )	(1,964 )	$(16,093 )
Class I
Shares sold	385,515	$3,167,505	1,779,002	$14,964,361
Shares issued on reinvestment	98,453	805,414	254,603	2,107,224
Shares repurchased	(2,486,209 )	(20,442,142 )	(4,295,864 )	(35,482,410 )
Net decrease	(2,002,241 )	$(16,469,223 )	(2,262,259 )	$(18,410,825 )
Class IS
Shares sold	190,992	$1,563,206	1,326,412	$11,051,434
Shares issued on reinvestment	25,766	210,709	63,005	521,513
Shares repurchased	(529,218 )	(4,369,191 )	(3,284,623 )	(27,294,113 )
Net decrease	(312,460 )	$(2,595,276 )	(1,895,206 )	$(15,721,166 )

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2024. The following transactions were effected in such company for the six months ended June 30, 2024.

	Affiliate Value at December 31, 2023	Purchased		Sold
	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	—	$42,305,475	42,305,475	$39,680,098	39,680,098

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Western Asset Premier Institutional Government Reserves, Premium Shares	—	$23,507	—	$2,625,377

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 31, 2025.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended June 30, 2024.

10. Deferred capital losses

As of December 31, 2023, the Fund had deferred capital losses of $115,777,665, which have no expiration date, that will be available to offset future taxable capital gains.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

11. Recent accounting pronouncement

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021 for certain LIBOR settings and 2023 for the remainder. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020, through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

Western Asset Mortgage Total Return Fund 2024 Semi-Annual Report

Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the “Executive and Contracts Committee”) considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC) with respect to the Fund and the subadvisory agreement between FTFA and Western Asset Management Company, LLC (“Western Asset” or the “Subadviser”, and together with FTFA, the “Advisers”) with respect to the Fund (collectively, the “Agreements”) at a meeting held on April 30, 2024. At an in-person meeting held on May 16, 2024, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the “Performance Universe”) and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.

As part of their review, the Trustees examined FTFA’s ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadviser’s ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA’s personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA’s senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadviser; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadviser to attract and retain

Western Asset Mortgage Total Return Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA’s and the Subadviser’s risk management processes; the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadviser’s investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA’s and Western Asset’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5-, and 10-year periods ended December 31, 2023. The information comparing the Fund’s performance to that of its Performance Universe, consisting of all funds (including the Fund) classified as retail and institutional U.S. mortgage funds by Broadridge, showed, among other data, that the Fund’s performance for the 10-year period ended December 31, 2023 was above the median, the Fund’s performance for the 3-year period ended December 31, 2023 was slightly below the median and the Fund’s performance for the 1- and 5-year periods ended December 31, 2023 was below the median. The Board noted that the Fund’s performance exceeded the performance of its benchmark index for the 10-year period ended December 31, 2023 and trailed the performance of its benchmark index for the 1-, 3-, and 5-year periods ended December 31, 2023. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadviser. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to the Subadviser because FTFA pays the Subadviser for services

Western Asset Mortgage Total Return Fund

provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund’s Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of institutional U.S. mortgage funds (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund’s Contractual Management Fee and Actual Management Fee were above the median. The Board noted that the Fund’s actual total expense ratio was above the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2025.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund’s Contractual Management Fee and Actual Management Fee were above the median of the peer group. The Board also noted the size of the Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

Western Asset Mortgage Total Return Fund

Western Asset

Mortgage Total Return Fund

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart
Chairman

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Western Asset Management Company, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered
public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

Western Asset Mortgage Total Return Fund

The Fund is a separate investment series of Legg Mason Partners Income Trust, a Maryland statutory trust.

Western Asset Mortgage Total Return Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Mortgage Total Return Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

•

Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

•

Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

•

Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Schedule of Investments	1
Statement of Assets and Liabilities	27
Statement of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	37
Changes in and Disagreements with Accountants	52
Results of Meeting(s) of Shareholders	52
Remuneration Paid to Directors, Officers and Others	52
Board Approval of Management and Subadvisory Agreements	53

	(a) (1) Not applicable.
	Exhibit 99.CODE ETH

	(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.CERT

	(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.906CERT

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 20, 2024

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	August 20, 2024