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Fixed Income

SGVSX Western Asset Mortgage Total Return Fund

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NAV $0.02(0.24%)
$8.36
As of 05/08/2026
YTD Total Returns At NAV 1
1.56%
As of 05/08/2026
Total Net Assets
$334.83M
As of 04/30/2026 (Updated Monthly)
Morningstar Overall Rating™ 2
As of 04/30/2026

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Overview

Fund Facts

Fund description

Seeks high current return via a portfolio of primarily mortgage-backed securities (Agency, Non-Agency, CMBS), allocating no less than 80% of total portfolio assets to investment grade issues. Uses the global breadth of Western Asset's investment platform, fundamental value-oriented investment philosophy and a process that combines top down macro economic views with bottom up fundamental research. Investors seeking diversification opportunities away from traditional corporate credit markets may find this fund appropriate.

Benchmark
Bloomberg U.S. Mortgage Backed Securities
Dividend Frequency, if any
Monthly
Fund Inception Date
03/20/1984
Distribution Rate at NAVAs of 05/08/2026 (Updated Daily)
5.53%
30-Day SEC Yield—With Waiver3,4,5As of 03/31/2026 (Updated Monthly)
5.29%
30-Day SEC Yield—Without Waiver4,5As of 03/31/2026 (Updated Monthly)
5.29%
Effective DurationAs of 04/30/2026 (Updated Monthly)
5.14 Years

Sales Charges, Expenses & Fees

As of 05/01/2026
Gross Expense Ratio
0.72%
Net Expense Ratio
0.72%
Maximum Initial Charge
—
CDSC
N/A
12b-1 Fee
0.00%

Identifiers

Ticker
SGVSX
Fund Number
7711
CUSIP Code
52469F374

Average Annual Total Returns

View performance section for additional info As of 03/31/2026

Class 1

  • 5.29%1 Year
  • 4.39%3 Years
  • 0.46%5 Years
  • 1.85%10 Years
  • 3.71%Since Inception
    09/12/2000

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 04/30/2026 % of Total (Updated Monthly)

FNMA50.93%
GNMA30.79%
Commercial Mortgage Backed Securities23.78%
FHLMC16.01%
Asset-Backed Securities15.36%

Additional Fund Info

Share Class Inception Date
09/12/2000
Investment Style
Securitized
Lipper Classification
U.S. Mortgage Funds
Morningstar Category
Securitized Bond - Diversified

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Western Asset logo
Portfolio Manager Profile
Years of Experience
Manager Location

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Performance

Ratings 2

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 3 out of 5 stars  
As of 04/30/2026
3 Years
3 Years: 2 out of 5 stars  
85 Funds in category
5 Years
5 Years: 2 out of 5 stars  
71 Funds in category
10 Years
10 Years: 3 out of 5 stars  
43 Funds in category
Rating Category
Securitized Bond - Diversified

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box
As of 04/30/2026
Current Historical
High
Medium
Low
LTD MOD EXT
Duration
Quality

©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Portfolio

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Distributions & Tax

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Pricing

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Documents

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. These and other risks are discussed in the fund’s prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

  1. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  2. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

  3. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  4. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  5. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

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