# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-25-010423
**Filing Date:** 2025-11
**Character Count:** 311125
**Document Hash:** f6bae182ed6a67781fd1fc4311225129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010423.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010423

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000874835

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06310
- **FILM NUMBER:** 251519711

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE PORTFOLIOS II
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREENWICH STREET SERIES FUND
- **DATE OF NAME CHANGE:** 19970902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHEARSON SERIES FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Western Asset Variable Global High Yield Bond Portfolio (Series ID: S000017004)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047256 | Class I      | QLMYIX          |
| C000047257 | Class II     | QLMYTX          |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 75.6%** | **Corporate Bonds & Notes — 75.6%** | **Corporate Bonds & Notes — 75.6%** | **Corporate Bonds & Notes — 75.6%** | **Corporate Bonds & Notes — 75.6%** |
| **Communication Services — 12.5%** | **Communication Services — 12.5%** | **Communication Services — 12.5%** | **Communication Services — 12.5%** | **Communication Services — 12.5%** |
| *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp;&nbsp; $1521737<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 293,769<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 386572<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 826439<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 526989<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173403<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/20/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 881424<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *4610333* |
| *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 696431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 558627<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 256000<br>| &nbsp;&nbsp;&nbsp; 234880<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 679103<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2169041* |
| *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 284749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 473559<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 330091<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/1/61 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp;&nbsp; 1615543<br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 341349<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 299785<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 997870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 540129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 1207000<br>| &nbsp;&nbsp;&nbsp; 1328847<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 715130<br>| &nbsp;&nbsp;&nbsp; 737817<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 328847<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 47794<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 265853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 337136<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/13/45 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 376686<br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 275500<br>| &nbsp;&nbsp;&nbsp; 248814<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunrise FinCo I BV, Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 381348<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 277292<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 464841<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 490000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 575989<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *10323567* |
| *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 622761<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 266388<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 137690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 161431<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; $683697<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/27/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 710369<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 197793<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2780129* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **19883070** |
| **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** | **Consumer Discretionary — 14.0%** |
| *Automobile Components — 2.5%* | *Automobile Components — 2.5%* | *Automobile Components — 2.5%* | *Automobile Components — 2.5%* | *Automobile Components — 2.5%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 196885<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 665633<br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 544547<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109883<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 248113<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 220459<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 786452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/14/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 385552<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 387588<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 421563<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *3966675* |
| *Automobiles — 0.8%* | *Automobiles — 0.8%* | *Automobiles — 0.8%* | *Automobiles — 0.8%* | *Automobiles — 0.8%* |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 433635<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 876175<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1309810* |
| *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* |
| &nbsp;&nbsp;&nbsp; B&M European Value Retail SA, Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 320000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 415217<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marks & Spencer PLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 998049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/14/31 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 1951823<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3365089* |
| *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Carriage Services Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 151725<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 130000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 155301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes (3 mo. EURIBOR + 3.375%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 117926<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verisure Holding AB, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 650000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 789779<br> <sup>(a)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1214731* |
| *Hotels, Restaurants & Leisure — 5.9%* | *Hotels, Restaurants & Leisure — 5.9%* | *Hotels, Restaurants & Leisure — 5.9%* | *Hotels, Restaurants & Leisure — 5.9%* | *Hotels, Restaurants & Leisure — 5.9%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490000<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 748736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1064986<br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 220000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 261859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 789658<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 410972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marston's Issuer PLC, Secured Notes (SONIA + 2.669%) | &nbsp;&nbsp; 6.738% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 853000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1009536<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 344816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120082<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 514528<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; $150870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 595629<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 188288<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 118146<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 581132<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp;&nbsp; 664890<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 549357<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *9357956* |
| *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 443032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 222650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 378886<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1044568* |
| *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 390668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 194654<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 134400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 342402<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 395555<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1457679* |
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH, Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 190000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 231744<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 648000<br>| &nbsp;&nbsp;&nbsp; 336960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Third Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 24300<br>| &nbsp;&nbsp;&nbsp; 8869<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *577573* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **22294081** |
| **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
| *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/27/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 444809<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 344494<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 393708<br> <sup>(d)</sup><br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1183011* |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *137358*<br> <sup>(a)</sup><br>|
| *Food Products — 0.5%* | *Food Products — 0.5%* | *Food Products — 0.5%* | *Food Products — 0.5%* | *Food Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *814910*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2135279** |
| **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** |
| *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 279667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 776748<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 410000<br> <sup>(a)(e)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1466415* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — 11.0%* | *Oil, Gas & Consumable Fuels — 11.0%* | *Oil, Gas & Consumable Fuels — 11.0%* | *Oil, Gas & Consumable Fuels — 11.0%* | *Oil, Gas & Consumable Fuels — 11.0%* |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; $178859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 618426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 268320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1024208<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 630379<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 689007<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. <br> USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9995<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year <br> Treasury Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 455493<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51940<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 673332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 10.051% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 340541<br>| &nbsp;&nbsp;&nbsp; 335432<br> <sup>(a)(f)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 488367<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 378612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pan American Energy LLC, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 523023<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 377167<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 3/19/49 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 334900<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 783392<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1526683<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1223146<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 406718<br>|
| &nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 397696<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 389204<br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 125408<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 year Treasury <br> Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 804000<br>| &nbsp;&nbsp;&nbsp; 817149<br> <sup>(a)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 387367<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 547151<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 369333<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 443926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then 5 <br> year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 773588<br> <sup>(a)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 357230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 686289<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 210071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 67760<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 170048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 293231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/21/27 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 243646<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *17427467* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **18893882** |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Financials — 9.4%** | **Financials — 9.4%** | **Financials — 9.4%** | **Financials — 9.4%** | **Financials — 9.4%** |
| *Banks — 4.3%* | *Banks — 4.3%* | *Banks — 4.3%* | *Banks — 4.3%* | *Banks — 4.3%* |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 <br> then 10 year Treasury Constant Maturity Rate + 5.034%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/24/32 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; $761896<br> <sup>(a)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to 1/10/28 <br> then 10 year Treasury Constant Maturity Rate + 5.353%) | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 410666<br> <sup>(a)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity <br> Rate + 2.650%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/18/33 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1592015<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144431<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (2.976% to 11/5/29 then SOFR + 1.422%) | &nbsp;&nbsp; 2.976% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 473423<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year <br> Treasury Constant Maturity Rate + 2.600%) | &nbsp;&nbsp; 4.198% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp;&nbsp; 1910699<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5 <br> year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 227974<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then 3 mo. Term <br> SOFR + 1.250%) | &nbsp;&nbsp; 2.580% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 627317<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then <br> 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 747243<br> <sup>(f)(g)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *6895664* |
| *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1287026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 <br> year Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 310095<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3590000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(h)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAY Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 330000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 396049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 267830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 year <br> SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 442901<br> <sup>(a)(f)(g)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *2703901* |
| *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *490647*<br> <sup>(a)</sup><br>|
| *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 368899<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 144999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 167519<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 608813<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 789955<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 410822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 588198<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 190905<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 277609<br>| &nbsp;&nbsp;&nbsp; 264471<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 310474<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3845055* |
| *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154576<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; $470002<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *624578* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *389193*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **14949038** |
| **Health Care — 4.3%** | **Health Care — 4.3%** | **Health Care — 4.3%** | **Health Care — 4.3%** | **Health Care — 4.3%** |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *133465*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* | *Health Care Providers & Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 342246<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 1007330<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 605192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 383539<br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 452045<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2790352* |
| *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 902741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 673846<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 62538<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(h)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 143000<br>| &nbsp;&nbsp;&nbsp; 140579<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1110280<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 373590<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 711303<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *3974877* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **6898694** |
| **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 195726<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154429<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 490513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 1008218<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31393<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1962823* |
| *Building Products — 0.7%* | *Building Products — 0.7%* | *Building Products — 0.7%* | *Building Products — 0.7%* | *Building Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 196604<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 390594<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 549411<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1136609* |
| *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* |
| &nbsp;&nbsp;&nbsp; Boels Topholding BV, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 260000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 317250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 217377<br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 539183<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; $561481<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 275432<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1910723* |
| *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* |
| &nbsp;&nbsp;&nbsp; AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 470677<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 250876<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower <br> Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 567428<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1288981* |
| *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *252624*<br> <sup>(a)</sup><br>|
| *Machinery — 2.0%* | *Machinery — 2.0%* | *Machinery — 2.0%* | *Machinery — 2.0%* | *Machinery — 2.0%* |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 200000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 211598<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 339422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HTA Group Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 624003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 456531<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380774<br>|
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 1020000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1199769<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *3212097* |
| *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* | *Marine Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *377546*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 0.8%* | *Passenger Airlines — 0.8%* | *Passenger Airlines — 0.8%* | *Passenger Airlines — 0.8%* | *Passenger Airlines — 0.8%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 369104<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 167005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 243631<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 229174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 536042<br>| &nbsp;&nbsp;&nbsp; 228,150<br> \*<sup>(a)(b)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1237064* |
| *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 8/12/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 390480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 291071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 292515<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *974066* |
| *Transportation Infrastructure — 1.4%* | *Transportation Infrastructure — 1.4%* | *Transportation Infrastructure — 1.4%* | *Transportation Infrastructure — 1.4%* | *Transportation Infrastructure — 1.4%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 787969<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gatwick Airport Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 600000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 804393<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mersin Uluslararasi Liman Isletmeciligi AS, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 624590<br> <sup>(a)</sup><br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *2216952* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **14569485** |
| **Information Technology — 3.9%** | **Information Technology — 3.9%** | **Information Technology — 3.9%** | **Information Technology — 3.9%** | **Information Technology — 3.9%** |
| *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 466077<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 768438<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 460428<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *1694943* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; $183752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 213929<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *397681* |
| *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 196461<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 362112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 130000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 159228<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *912766* |
| *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Amkor Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 586632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 460096<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *1046728* |
| *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 690208<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 285317<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225143<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rackspace Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 165337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TeamSystem SpA, Senior Secured Notes (3 mo. EURIBOR + 3.500%) | &nbsp;&nbsp; 5.526% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 320000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 377679<br> <sup>(a)(f)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *1743684* |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 243194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203983<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *447177* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6242979** |
| **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** |
| *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Azelis Finance NV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/25/29 | &nbsp;&nbsp; 180000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 218983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 127350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 PLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 290000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 320789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 669645<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1837202* |
| *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* | *Containers & Packaging — 0.4%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 429526<br>| &nbsp;&nbsp;&nbsp; 12886<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380229<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 192820<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *585935* |
| *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 268031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1115134<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 1670229<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 331078<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *3384472* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5807609** |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** |
| *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; $397580<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 191399<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trust Fibra Uno, Senior Notes | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 392433<br> <sup>(d)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *981412* |
| *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 433288<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 325626<br> <sup>(a)</sup><br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *758914* |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500% PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 211883<br>| &nbsp;&nbsp;&nbsp; 12713<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 172148<br>| &nbsp;&nbsp;&nbsp; 3443<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 226374<br>| &nbsp;&nbsp;&nbsp; 4528<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 then <br> 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 311709<br>| &nbsp;&nbsp;&nbsp; 2338<br> <sup>(d)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 84534<br>| &nbsp;&nbsp;&nbsp; 1479<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Essendi SA, Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 110000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 136549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Essendi SA, Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 100000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 121205<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 436621<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *718876* |
| *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 460000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 541985<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 620834<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180583<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *1487783* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3946985** |
| **Utilities — 2.8%** | **Utilities — 2.8%** | **Utilities — 2.8%** | **Utilities — 2.8%** | **Utilities — 2.8%** |
| *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eskom Holdings, Senior Notes | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 564517<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249901<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1210930<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254938<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/16/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88920<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 338854<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2863010* |
| *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *552238*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* |
| &nbsp;&nbsp;&nbsp; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 681313<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 381399<br> <sup>(a)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *1062712* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4477960** |
| **Total Corporate Bonds & Notes (Cost — $118,363,398)** | **Total Corporate Bonds & Notes (Cost — $118,363,398)** | **Total Corporate Bonds & Notes (Cost — $118,363,398)** | **Total Corporate Bonds & Notes (Cost — $118,363,398)** | &nbsp;&nbsp; **120099062** |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Sovereign Bonds — 11.8%** | **Sovereign Bonds — 11.8%** | **Sovereign Bonds — 11.8%** | **Sovereign Bonds — 11.8%** | **Sovereign Bonds — 11.8%** |
| *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/9/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; $402866<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 593808<br> <sup>(a)</sup><br>|
| *Total Angola* | *Total Angola* | *Total Angola* | *Total Angola* | &nbsp;&nbsp; *996674* |
| *Argentina — 1.8%* | *Argentina — 1.8%* | *Argentina — 1.8%* | *Argentina — 1.8%* | *Argentina — 1.8%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 154402<br>| &nbsp;&nbsp;&nbsp; 112605<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 275134<br>| &nbsp;&nbsp;&nbsp; 186128<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 1349180<br>| &nbsp;&nbsp;&nbsp; 707645<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 2642308<br>| &nbsp;&nbsp;&nbsp; 1549053<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 33334<br>| &nbsp;&nbsp;&nbsp; 33751<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 373132<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *2962314* |
| *Bahrain — 0.3%* | *Bahrain — 0.3%* | *Bahrain — 0.3%* | *Bahrain — 0.3%* | *Bahrain — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/19/44 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *466203*<br> <sup>(a)</sup><br>|
| *Brazil — 0.7%* | *Brazil — 0.7%* | *Brazil — 0.7%* | *Brazil — 0.7%* | *Brazil — 0.7%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 554482<br>|
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/12/31 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 509603<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *1064085* |
| *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/4/44 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *372576*<br> <sup>(a)</sup><br>|
| *Dominican Republic — 0.9%* | *Dominican Republic — 0.9%* | *Dominican Republic — 0.9%* | *Dominican Republic — 0.9%* | *Dominican Republic — 0.9%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 324015<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 143670<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 392698<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 1/27/45 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 623130<br> <sup>(a)</sup><br>|
| *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | &nbsp;&nbsp; *1483513* |
| *Ecuador — 0.6%* | *Ecuador — 0.6%* | *Ecuador — 0.6%* | *Ecuador — 0.6%* | *Ecuador — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *976313*<br> <sup>(a)</sup><br>|
| *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/16/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238621<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 6.588% | &nbsp;&nbsp; 2/21/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 303856<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.600% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 695935<br> <sup>(a)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *1238412* |
| *Guatemala — 0.4%* | *Guatemala — 0.4%* | *Guatemala — 0.4%* | *Guatemala — 0.4%* | *Guatemala — 0.4%* |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/24/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *605101*<br> <sup>(a)</sup><br>|
| *Ivory Coast — 0.7%* | *Ivory Coast — 0.7%* | *Ivory Coast — 0.7%* | *Ivory Coast — 0.7%* | *Ivory Coast — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 89389<br>| &nbsp;&nbsp;&nbsp; 88637<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1010607<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *1099244* |
| *Jordan — 0.5%* | *Jordan — 0.5%* | *Jordan — 0.5%* | *Jordan — 0.5%* | *Jordan — 0.5%* |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bond, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *816415*<br> <sup>(a)</sup><br>|
| *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/28/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *308627*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* | *Nigeria — 0.5%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/28/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; $261447<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.143% | &nbsp;&nbsp; 2/23/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 346478<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199170<br> <sup>(a)</sup><br>|
| *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | &nbsp;&nbsp; *807095* |
| *Oman — 0.3%* | *Oman — 0.3%* | *Oman — 0.3%* | *Oman — 0.3%* | *Oman — 0.3%* |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/17/48 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *440053*<br> <sup>(d)</sup><br>|
| *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bond, Senior Notes | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 1/29/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *496182*<br> <sup>(a)</sup><br>|
| *Senegal — 0.2%* | *Senegal — 0.2%* | *Senegal — 0.2%* | *Senegal — 0.2%* | *Senegal — 0.2%* |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/13/48 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *288329*<br> <sup>(a)</sup><br>|
| *South Africa — 0.5%* | *South Africa — 0.5%* | *South Africa — 0.5%* | *South Africa — 0.5%* | *South Africa — 0.5%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 492900<br>|
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/27/47 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 306058<br>|
| *Total South Africa* | *Total South Africa* | *Total South Africa* | *Total South Africa* | &nbsp;&nbsp; *798958* |
| *Turkey — 2.1%* | *Turkey — 2.1%* | *Turkey — 2.1%* | *Turkey — 2.1%* | *Turkey — 2.1%* |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/14/26 | &nbsp;&nbsp; 2090000<br>| &nbsp;&nbsp;&nbsp; 2090990<br>|
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 703463<br>|
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/16/43 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 505642<br>|
| *Total Turkey* | *Total Turkey* | *Total Turkey* | *Total Turkey* | &nbsp;&nbsp; *3300095* |
| *Ukraine — 0.2%* | *Ukraine — 0.2%* | *Ukraine — 0.2%* | *Ukraine — 0.2%* | *Ukraine — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (0.000% to <br> 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 20796<br>| &nbsp;&nbsp;&nbsp; 11011<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (0.000% to <br> 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 77713<br>| &nbsp;&nbsp;&nbsp; 32513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (4.500% to <br> 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 100180<br>| &nbsp;&nbsp;&nbsp; 56518<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (0.000% to <br> 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 65672<br>| &nbsp;&nbsp;&nbsp; 32123<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (4.500% to <br> 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 133249<br>| &nbsp;&nbsp;&nbsp; 73782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (0.000% to <br> 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 54728<br>| &nbsp;&nbsp;&nbsp; 26771<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond (4.500% to <br> 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 147285<br>| &nbsp;&nbsp;&nbsp; 80554<br> <sup>(a)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *313272* |
| **Total Sovereign Bonds (Cost — $18,498,544)** | **Total Sovereign Bonds (Cost — $18,498,544)** | **Total Sovereign Bonds (Cost — $18,498,544)** | **Total Sovereign Bonds (Cost — $18,498,544)** | &nbsp;&nbsp; **18833461** |
| **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2022-17A ER (3 mo. Term SOFR + 4.650%) | &nbsp;&nbsp; 8.975% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 480934<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2022-27A DR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 7.025% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120421<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2024-30A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.818% | &nbsp;&nbsp; 1/15/37 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311247<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.982% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202291<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A D1NR (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.818% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 337894<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 9.425% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149640<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A CRR (3 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 7.044% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250007<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 7.419% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 437919<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR + 7.150%) | &nbsp;&nbsp; 11.475% | &nbsp;&nbsp; 10/20/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 493672<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 10.268% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 303012<br> <sup>(a)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 8.219% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; $310743<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 9.075% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119703<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2021-14A ER (3 mo. Term SOFR + 6.450%) | &nbsp;&nbsp; 10.775% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 604493<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, 2025-2A ER (3 mo. Term SOFR + 4.400%) | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 4/22/34 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 415897<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2017-1A ER3 (3 mo. Term SOFR + <br> 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189194<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2019-6A ER2 (3 mo. Term SOFR + <br> 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 147771<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 10.075% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 453792<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2022-16A DRR (3 mo. Term SOFR + <br> 2.400%) | &nbsp;&nbsp; 6.725% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 497530<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., 2024-76A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.218% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402245<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., 2024-77A E (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 9.168% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 523500<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.780% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 161662<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.506% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220566<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 9.018% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 417614<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2022-1A DR (3 mo. Term SOFR + 4.190%) | &nbsp;&nbsp; 8.508% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211758<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.228% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221887<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nassau Ltd., 2021-IA DR (3 mo. Term SOFR + 3.600%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 8/26/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 379058<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.568% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282356<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 12.149% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 401520<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%) | &nbsp;&nbsp; 10.665% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 373727<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%) | &nbsp;&nbsp; 11.015% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193894<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., 2020-1A ER2 (3 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 10.332% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 384868<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.775% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220761<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.275% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130979<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 373130<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAD CLO Ltd., 2023-21A D1R (3 mo. Term SOFR + 2.600%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 452250<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.140% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 334107<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 8.629% | &nbsp;&nbsp; 4/18/37 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132344<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 7.025% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 383180<br> <sup>(a)(f)</sup><br>|
| **Total Asset-Backed Securities (Cost — $12,014,149)** | **Total Asset-Backed Securities (Cost — $12,014,149)** | **Total Asset-Backed Securities (Cost — $12,014,149)** | **Total Asset-Backed Securities (Cost — $12,014,149)** | &nbsp;&nbsp; **12027566** |
| **Senior Loans — 3.9%** | **Senior Loans — 3.9%** | **Senior Loans — 3.9%** | **Senior Loans — 3.9%** | **Senior Loans — 3.9%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 89540<br>| &nbsp;&nbsp;&nbsp; 87960<br> <sup>(f)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 522348<br> <sup>(k)(l)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **610308** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; ABC Technologies Inc., Term Loan B |  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 510125<br> <sup>(h)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR + <br> 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 377700<br>| &nbsp;&nbsp;&nbsp; 137624<br> <sup>(f)(k)(l)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *647749* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + 6.800%)  | 10.803% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 399345<br>| &nbsp;&nbsp;&nbsp; $*365401*<br> <sup>(f)(k)(l)</sup><br>|
| *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* | *Hotels, Restaurants & Leisure — 1.1%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term SOFR + <br> 2.250%) | 6.413% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 443250<br>| &nbsp;&nbsp;&nbsp; 442789<br> <sup>(f)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + 3.250%) | 7.413% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 491094<br>| &nbsp;&nbsp;&nbsp; 490942<br> <sup>(f)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term SOFR + <br> 1.750%) | 5.752% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 392411<br> <sup>(f)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + 2.000%) | 6.163% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 394000<br>| &nbsp;&nbsp;&nbsp; 394429<br> <sup>(f)(k)(l)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1720571* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2733721** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term SOFR + <br> 2.250%)  | 6.252% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 343812<br>| &nbsp;&nbsp;&nbsp;&nbsp; **344143**<br> <sup>(f)(k)(l)</sup><br>|
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + 4.000%)  | 8.163% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 138255<br>| &nbsp;&nbsp;&nbsp;&nbsp; *138958*<br> <sup>(f)(k)(l)</sup><br>|
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + 4.000%)  | 8.163% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *100125*<br> <sup>(f)(k)(l)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **239083** |
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)  | 6.413% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 358200<br>| &nbsp;&nbsp;&nbsp;&nbsp; **358383**<br> <sup>(f)(k)(l)</sup><br>|
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 Dollar Term Loan B (1 mo. Term SOFR + 2.000%)  | 6.166% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 265626<br>| &nbsp;&nbsp;&nbsp;&nbsp; *266152*<br> <sup>(f)(k)(l)</sup><br>|
| *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* |
| &nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, Initial Term Loan (1 mo. Term SOFR + 4.000%) | 8.163% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 351000<br> <sup>(f)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 877800<br>| &nbsp;&nbsp;&nbsp; 912126<br> <sup>(k)(l)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *1263126* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1529278** |
| **Sovereign Bonds — 0.2%** |  |  |  |  |
| *Tanzania — 0.2%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government of the United Republic of Tanzania, Term Loan A2 (6 mo. Term SOFR <br> + 5.450%)  | 9.584% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **398000**<br> <sup>(f)(h)(i)(k)(l)</sup><br>|
| **Total Senior Loans (Cost — $6,629,828)** | **Total Senior Loans (Cost — $6,629,828)** | **Total Senior Loans (Cost — $6,629,828)** | **Total Senior Loans (Cost — $6,629,828)** | &nbsp;&nbsp; **6212916** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.276% |  | &nbsp;&nbsp; 12537 | &nbsp;&nbsp;&nbsp; 317939<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.981% |  | &nbsp;&nbsp; 3941 | &nbsp;&nbsp;&nbsp; 91037<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.583% |  | &nbsp;&nbsp; 7229 | &nbsp;&nbsp;&nbsp; 172556<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $582,768)** | **Total Preferred Stocks (Cost — $582,768)** | **Total Preferred Stocks (Cost — $582,768)** | **Total Preferred Stocks (Cost — $582,768)** | &nbsp;&nbsp; **581532** |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(n)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 (Cost — $209,999) | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; **$212629**<br> <sup>(a)(f)</sup><br>|
| **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 66450<br>| &nbsp;&nbsp;&nbsp;&nbsp; **163633**<br> <sup>(c)</sup><br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 27858<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1253**<br> <sup>(d)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $73,741)** | **Total Convertible Bonds & Notes (Cost — $73,741)** | **Total Convertible Bonds & Notes (Cost — $73,741)** | **Total Convertible Bonds & Notes (Cost — $73,741)** | &nbsp;&nbsp; **164886** |
|  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 46<br> \*<sup>(h)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 20733 | &nbsp;&nbsp;&nbsp; 7,878<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7924** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 77927 | &nbsp;&nbsp;&nbsp; **1,152**<br> \*<sup>(h)</sup><br>|
| **Total Common Stocks (Cost — $292,764)** | **Total Common Stocks (Cost — $292,764)** | **Total Common Stocks (Cost — $292,764)** | **Total Common Stocks (Cost — $292,764)** | &nbsp;&nbsp;&nbsp; **9076**<br>|
|  |  | Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $179,338) |  |  | &nbsp;&nbsp; 14732<br>| &nbsp;&nbsp;&nbsp; **5,598**<br> \*<sup>(h)(o)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $156,844,529)** | **Total Investments before Short-Term Investments (Cost — $156,844,529)** | **Total Investments before Short-Term Investments (Cost — $156,844,529)** | **Total Investments before Short-Term Investments (Cost — $156,844,529)** | &nbsp;&nbsp; **158146726** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $2,185,991)  | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 2185991<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2185991**<br> <sup>(p)(q)</sup><br>|
| **Total Investments — 100.9% (Cost — $159,030,520)** | **Total Investments — 100.9% (Cost — $159,030,520)** | **Total Investments — 100.9% (Cost — $159,030,520)** | **Total Investments — 100.9% (Cost — $159,030,520)** | &nbsp;&nbsp; **160332717** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.9)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.9)% | &nbsp;&nbsp;&nbsp; (1398115)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$158934602** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

 **Western Asset Variable Global High Yield Bond Portfolio**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | 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 <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | The coupon payment on this security is currently in default as of September 30, 2025. |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(g)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Value is less than $1. |
| <sup>(k)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(l)</sup> | Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(m)</sup> | All or a portion of this loan has not settled as of September 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are <br> for the settled portion of the loan.<br>|
| <sup>(n)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> 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 <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(o)</sup> | Restricted security (Note 3). |
| <sup>(p)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(q)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio ownership of at least 5% of the <br> outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At September 30, 2025, the total <br> market value of investments in Affiliated Companies was $2,185,991 and the cost was $2,185,991 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| EUR |  | Euro |
| EURIBOR |  | Euro Interbank Offered Rate |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| JSC |  | Joint Stock Company |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| SONIA |  | Sterling Overnight Index Average |
| USD |  | United States Dollar |

---

At September 30, 2025, the Portfolio had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $14740232 | &nbsp;&nbsp;&nbsp;&nbsp; $14632172 | &nbsp;&nbsp;&nbsp;&nbsp; $(108060) |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Variable Global High Yield Bond Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2655958 | &nbsp;&nbsp;&nbsp;&nbsp; $2653200 | &nbsp;&nbsp;&nbsp;&nbsp; $2758 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(105302)** |

---

At September 30, 2025, the Portfolio had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | &nbsp;&nbsp; 1093857 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1288658 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $(3134) |
| USD | &nbsp;&nbsp; 541467 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 459993 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 872 |
| USD | &nbsp;&nbsp; 982056 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 719155 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 14775 |
| USD | &nbsp;&nbsp; 2547109 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2155227 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 14240 |
| USD | &nbsp;&nbsp; 400686 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 340721 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$27017** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| EUR |  | Euro |
| GBP |  | British Pound |
| USD |  | United States Dollar |

---

At September 30, 2025, the Portfolio had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.45 Index | $1527000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$117933** | &nbsp;&nbsp;&nbsp; **$116071** | &nbsp;&nbsp;&nbsp; **$1862** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) <br> pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit <br> event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

This Schedule of Investments is unaudited and is intended to provide information about the Portfolio's investments as of the date of the schedule. Other information regarding the Portfolio is available in the Portfolio's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Variable Global High Yield Bond Portfolio (the "Portfolio") is a separate diversified investment series of Legg Mason Partners Variable 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.

Shares of the Portfolio may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The Portfolio 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 Portfolio and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(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, including exchange-traded funds ("ETFs"), 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 Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio 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 Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Portfolio's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio's pricing policies, and reporting to the Portfolio's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolio, 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, 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 quarterly.

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Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

The Portfolio 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 Portfolio's own assumptions in determining the fair value of investments)

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 Portfolio's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $18558450 | &nbsp;&nbsp; $335432 | &nbsp;&nbsp; $18893882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 14949038 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 14949038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 6898694 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6898694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 79357448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79357448 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18833461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18833461 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 12027566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12027566 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 398000 | &nbsp;&nbsp; 398000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 5814916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5814916 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $581532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 581532 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 212629 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212629 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 164886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164886 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 7878 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 5598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5598 |
| Total Long-Term Investments | &nbsp;&nbsp; 589410 | &nbsp;&nbsp; 156823884 | &nbsp;&nbsp; 733432 | &nbsp;&nbsp; 158146726 |
| Short-Term Investments† | &nbsp;&nbsp; 2185991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2185991 |
| **Total Investments** | &nbsp;&nbsp; **$2775401** | &nbsp;&nbsp; **$156823884** | &nbsp;&nbsp; **$733432** | &nbsp;&nbsp; **$160332717** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $2758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2758 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $30151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1862 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1862 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$2758** | &nbsp;&nbsp; **$32013** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$34771** |
| **Total** | &nbsp;&nbsp; **$2778159** | &nbsp;&nbsp; **$156855897** | &nbsp;&nbsp; **$733432** | &nbsp;&nbsp; **$160367488** |

---

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Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $108060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $108060 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3134 |
| **Total** | &nbsp;&nbsp; **$108060** | &nbsp;&nbsp; **$3134** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$111194** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2025. The following transactions were effected in such company for the period ended September 30, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $3355791 | $26037648 | 26037648 | $27207448 | 27207448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $22537 |  | $2185991 |

---

**3. Restricted securities**

The following Portfolio investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 9/30/2025<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 120 | 3/25 | $1461 | $46 | &nbsp;&nbsp; $0.38<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 14732 | 3/25 | 179338 | 5598 | 0.38<br> 0.00 <br><sup>(a)</sup><br>|
|  |  |  | **$180799** | **$5644** | &nbsp;&nbsp; <br> &nbsp;&nbsp; **0.00%** <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than 0.005%.

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Western Asset Variable Global High Yield Bond Portfolio 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Partners Variable Income Trust

- **b. Investment Company Act file number:** 811-06310

- **c. CIK number of Registrant:** 0000874835

- **d. LEI of Registrant:** 549300HMB5WZ1N3QY685

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Variable Global High Yield Bond Portfolio

- **b. EDGAR series identifier (if any):** S000017004

- **c. LEI of Series:** 549300DNX2ZRYZEQYB09

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $163488234.56

**Total Liabilities:** $4508471.54

**Net Assets:** $158979763.02

**Delayed Delivery Securities:** $2705675.00

**Cash Not Reported:** $1285797.40

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 27.73000000 | **1-Year:** 398.93000000 | **5-Year:** 5609.88000000 | **10-Year:** 1252.65000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 374.54000000 | **1-Year:** 11965.26000000 | **5-Year:** 31673.24000000 | **10-Year:** 11694.22000000 | **30-Year:** 724.94000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047257 | 0.76%                | 1.35%                | 0.74%                |
| Class ID C000047256 | 0.95%                | 1.41%                | 0.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $403607.13               | $-94339.30                                 |
| Month 2  | $-214391.10              | $1572085.21                                |
| Month 3  | $557295.64               | $-52087.66                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Global High Yield USD Hedged

- **Index Identifier:** NA

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144381.44    | 0.09%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $514528.30    | 0.32%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14239.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |   2642308 | PA      | $1549053.32   | 0.97%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    520000 | PA      | $522347.80    | 0.33%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $406717.55    | 0.26%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                        | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47793.50     | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN CO IN                                | Tengizchevroil Finance Co International Ltd                                      | CUSIP: 000000000<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |    550000 | PA      | $547151.23    | 0.34%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    160000 | PA      | $170048.32    | 0.11%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    510000 | PA      | $539183.22    | 0.34%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                    | Provincia de Cordoba                                                             | CUSIP: 74408DAF1<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    390000 | PA      | $373132.50    | 0.23%             | 2032-07-02      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1010000 | PA      | $876175.00    | 0.55%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $188288.42    | 0.12%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View CLO XVI Ltd                                                        | CUSIP: 62432UAU5<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |    210000 | PA      | $211757.89    | 0.13%             | 2034-04-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                                 | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $390593.64    | 0.25%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14732 | NS      | $5598.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                         | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196604.59    | 0.12%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MARSTONS ISSUER PLC                                     | Marston's Issuer PLC                                                             | CUSIP: 000000000<br>LEI: 213800HQB746UJ9UWM15 | Long             | DBT              | CORP              | GB        |    853000 | PA      | $1009535.74   | 0.64%             | 2035-07-16      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $266387.57    | 0.17%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                  | Bausch Health Americas Inc                                                       | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    680000 | PA      | $673846.00    | 0.42%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                    | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154950.07    | 0.10%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    510000 | PA      | $540129.27    | 0.34%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    780000 | PA      | $773588.09    | 0.49%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                           | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    500000 | PA      | $492900.10    | 0.31%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                              | XAI CORP                                                                         | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    877800 | PA      | $912126.37    | 0.57%             | 2028-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XXVII LTD                                                           | CUSIP: 89642VAJ7<br>LEI: 254900JOSDBR04E6JB79 | Long             | ABS-CBDO         | CORP              | KY        |    130000 | PA      | $132343.72    | 0.08%             | 2037-04-18      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $588197.48    | 0.37%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    730000 | PA      | $748736.18    | 0.47%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    600000 | PA      | $623130.00    | 0.39%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    430000 | PA      | $442900.43    | 0.28%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650DG2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383539.42    | 0.24%             | 2029-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ATP TOW/ANDEAN TELECOM                                  | ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    550000 | PA      | $567428.40    | 0.36%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAB3<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    780000 | PA      | $761896.43    | 0.48%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                   | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $310474.20    | 0.20%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                  | First Brands Group LLC                                                           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    377699 | PA      | $137624.15    | 0.09%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1270000 | PA      | $976312.50    | 0.61%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    370000 | PA      | $342401.31    | 0.22%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN CO IN                                | Tengizchevroil Finance Co International Ltd                                      | CUSIP: 88034QAC1<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $369332.80    | 0.23%             | 2030-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     89389 | PA      | $88637.56     | 0.06%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                 | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    750000 | PA      | $787968.75    | 0.50%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    154402 | PA      | $112605.09    | 0.07%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    260000 | PA      | $277291.82    | 0.17%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                      | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |    340541 | PA      | $335432.44    | 0.21%             | 2029-09-30      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490647.05    | 0.31%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $161431.30    | 0.10%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $872.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                         | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    100000 | PA      | $100125.50    | 0.06%             | 2031-07-31      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    440000 | PA      | $456530.80    | 0.29%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 30 Ltd                                                                  | CUSIP: 03165UAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $311246.73    | 0.20%             | 2037-01-15      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1050000 | PA      | $1010606.63   | 0.64%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2022-2 Ltd                                                           | CUSIP: 67402RBQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $282356.31    | 0.18%             | 2037-10-15      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                 | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    430000 | PA      | $452045.24    | 0.28%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2020000 | PA      | $1521736.70   | 0.96%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                  | Millicom International Cellular SA                                               | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $710368.43    | 0.45%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    147285 | PA      | $80553.98     | 0.05%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN IV                                       | Teva Pharmaceutical Finance Netherlands IV BV                                    | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |    690000 | PA      | $711303.06    | 0.45%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                                 | Dream Finders Homes Inc                                                          | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $443031.60    | 0.28%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $180582.95    | 0.11%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    460000 | PA      | $541985.22    | 0.34%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 6 Ltd                                          | CUSIP: 38137XAL7<br>LEI: 549300MI5PVR6JHGVV87 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $147770.64    | 0.09%             | 2035-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183751.98    | 0.12%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                          | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    220000 | PA      | $229174.00    | 0.14%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    880000 | PA      | $902741.00    | 0.57%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | Greywolf CLO IV Ltd                                                              | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    160000 | PA      | $161662.24    | 0.10%             | 2034-04-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    665000 | PA      | $664890.28    | 0.42%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    260000 | PA      | $275432.30    | 0.17%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                              | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $121205.12    | 0.08%             | 2030-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31392.99     | 0.02%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RACKSPACE FINANCE LLC                                   | Rackspace Finance LLC                                                            | CUSIP: 75008WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $165336.60    | 0.10%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    460000 | PA      | $433635.06    | 0.27%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    133249 | PA      | $73782.12     | 0.05%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $190905.32    | 0.12%             | 2029-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                                   | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $195726.53    | 0.12%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    590000 | PA      | $605192.50    | 0.38%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                       | Elevation CLO 2021-14 Ltd                                                        | CUSIP: 28623TAJ3<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $604493.10    | 0.38%             | 2038-01-20      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                         | BHN MERGER SUB INC                                                               | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    138604 | PA      | $139307.61    | 0.09%             | 2029-03-12      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |   1620000 | PA      | $1592014.50   | 1.00%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| B&M EUROPEAN VALUE RET                                  | B&M European Value Retail SA                                                     | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | DBT              | CORP              | LU        |    320000 | PA      | $415217.60    | 0.26%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                               | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401519.96    | 0.25%             | 2034-10-15      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $133465.11    | 0.08%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    700000 | PA      | $665633.29    | 0.42%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                          | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    400000 | PA      | $392433.28    | 0.25%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $683697.36    | 0.43%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                            | Carnival PLC                                                                     | CUSIP: 14365CAA1<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1064986.41   | 0.67%             | 2029-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                           | PPM CLO 8 Ltd                                                                    | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $373129.53    | 0.23%             | 2038-04-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     27858 | PA      | $1253.63      | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS                                     | Coca-Cola Icecek AS                                                              | CUSIP: 000000000<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $393708.00    | 0.25%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1007329.65   | 0.63%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                           | CUSIP: 699149AK6<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    560000 | PA      | $496182.40    | 0.31%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    620000 | PA      | $593808.19    | 0.37%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    100180 | PA      | $56518.09     | 0.04%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    730000 | PA      | $768438.02    | 0.48%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $362112.10    | 0.23%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    810000 | PA      | $293768.90    | 0.18%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TANZANIA PRIVATE BL                                     | TANZANIA PRIVATE BL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TZ        |    400000 | PA      | $398000.00    | 0.25%             | 2031-04-30      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $170971.04    | 0.11%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 17 Ltd                                                                   | CUSIP: 00120EAE4<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $480934.30    | 0.30%             | 2035-01-21      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                         | CUSIP: 221602AC9<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    350000 | PA      | $372575.75    | 0.23%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                           | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    600000 | PA      | $624002.72    | 0.39%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    210000 | PA      | $137689.65    | 0.09%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    275500 | PA      | $248814.02    | 0.16%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                     | Turkiye Government International Bond                                            | CUSIP: 900123CK4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    700000 | PA      | $703462.94    | 0.44%             | 2026-10-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    550000 | PA      | $558626.75    | 0.35%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                          | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   2293733 | NS      | $2293733.02   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89770 | PA      | $88186.28     | 0.06%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | RAD CLO 21 Ltd                                                                   | CUSIP: 750099AS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $452250.00    | 0.28%             | 2037-01-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $150870.12    | 0.09%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                  | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    750000 | PA      | $786452.25    | 0.49%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                   | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    358200 | PA      | $358382.68    | 0.23%             | 2032-02-10      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82543.68     | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | Virgin Media Finance PLC                                                         | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $464841.35    | 0.29%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                       | MFA Financial Inc                                                                | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      7229 | NS      | $172556.23    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     20797 | PA      | $11010.90     | 0.01%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $549357.07    | 0.35%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| QAZAQGAZ NC JSC                                         | QazaqGaz NC JSC                                                                  | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    400000 | PA      | $397696.35    | 0.25%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    260000 | PA      | $265853.38    | 0.17%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View Clo XIX Ltd                                                        | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $221886.83    | 0.14%             | 2038-10-17      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| ENDO LUX FIN CO I SARL                                  | ENDO LUXEMBOURG FINANCE CO I SARL / ENDO US INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    250000 | PA      | $0.00         | 0.00%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  3 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    410000 | PA      | $410971.70    | 0.26%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    380000 | PA      | $380229.44    | 0.24%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    300000 | PA      | $303856.34    | 0.19%             | 2028-02-21      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2020-3 Ltd                                                              | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $383180.45    | 0.24%             | 2038-01-20      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    380000 | PA      | $385551.80    | 0.24%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    240000 | PA      | $238620.69    | 0.15%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $62538.01     | 0.04%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                     | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    900000 | PA      | $689006.70    | 0.43%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    340000 | PA      | $334900.00    | 0.21%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                    | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $378886.54    | 0.24%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                            | CUSIP: 81720TAD7<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    460000 | PA      | $288328.81    | 0.18%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                    | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    220000 | PA      | $217376.72    | 0.14%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173402.55    | 0.11%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $369104.40    | 0.23%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                      | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    120000 | PA      | $127350.00    | 0.08%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                 | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      3941 | NS      | $91037.10     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RAY FINANCING LLC                                       | RAY Financing LLC                                                                | CUSIP: 000000000<br>LEI: 254900IA5MVMGDF40Z19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $396048.45    | 0.25%             | 2031-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    950000 | PA      | $826439.53    | 0.52%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                 | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1349180 | PA      | $707644.91    | 0.45%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ABCTEC Second Out TL                                    | ABCTEC Second Out TL                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $510125.00    | 0.32%             | 2031-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    430000 | PA      | $342245.60    | 0.22%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                             | CUSIP: 41809JAA3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    780000 | PA      | $816414.60    | 0.51%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    850000 | PA      | $679103.25    | 0.43%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $386572.50    | 0.24%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    330000 | PA      | $310095.32    | 0.20%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $167004.48    | 0.11%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $344815.73    | 0.22%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                          | CUSIP: 105756BX7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    550000 | PA      | $554482.50    | 0.35%             | 2026-04-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MKS Instruments Inc                                     | MKS INSTRUMENTS INC                                                              | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |    266810 | PA      | $267338.01    | 0.17%             | 2029-08-17      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                           | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    245000 | PA      | $243645.66    | 0.15%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       134 | NC      | $-108060.28   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $433288.43    | 0.27%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     66450 | PA      | $163632.71    | 0.10%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                              | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    490000 | PA      | $460428.40    | 0.29%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | US        |    580000 | PA      | $581132.03    | 0.37%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    540000 | PA      | $544547.15    | 0.34%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                                      | Sunrise FinCo I BV                                                               | CUSIP: 000000000<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $381348.00    | 0.24%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    760000 | PA      | $789954.88    | 0.50%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES XLIV CLO Ltd                                                                | CUSIP: 04016NBR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250007.43    | 0.16%             | 2034-04-15      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| CT INVESTMENT GMBH                                      | CT Investment GmbH                                                               | CUSIP: 000000000<br>LEI: 529900VYBTC7HKBCNB72 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $231744.03    | 0.15%             | 2030-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $673332.25    | 0.42%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                                     | Marks & Spencer PLC                                                              | CUSIP: 57069PAA0<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $998048.86    | 0.63%             | 2037-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | EURO FX CURR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       -18 | NC      | $2758.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN INTERNATIONAL INC                                 | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380774.06    | 0.24%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                    | Vermilion Energy Inc                                                             | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $293230.61    | 0.18%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                              | Essendi SA                                                                       | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    110000 | PA      | $136549.20    | 0.09%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                          | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    490000 | PA      | $575989.11    | 0.36%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                                      | CUSIP: 03755QAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $202291.44    | 0.13%             | 2034-10-20      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                            | CUSIP: 05674RAD6<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    510000 | PA      | $466203.03    | 0.29%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    340000 | PA      | $337136.42    | 0.21%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                          | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $410822.00    | 0.26%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    220000 | PA      | $227973.68    | 0.14%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $620833.60    | 0.39%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    211883 | PA      | $12713.00     | 0.01%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRUPO TELEVISA SAB                                      | Grupo Televisa SAB                                                               | CUSIP: 40049JBA4<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |    540000 | PA      | $376685.63    | 0.24%             | 2045-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473423.15    | 0.30%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    450000 | PA      | $460096.20    | 0.29%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    410000 | PA      | $392698.00    | 0.25%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                                 | Gatwick Airport Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $804392.72    | 0.51%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $470002.50    | 0.30%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $552238.36    | 0.35%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                 | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |   2110000 | PA      | $1951823.01   | 1.23%             | 2031-01-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $292515.16    | 0.18%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                                   | Carriage Services Inc                                                            | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $151724.56    | 0.10%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    440000 | PA      | $455493.28    | 0.29%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144430.58    | 0.09%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                             | CAESARS ENTERTAIN INC                                                            | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    443250 | PA      | $442789.02    | 0.28%             | 2031-02-06      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    360000 | PA      | $368899.20    | 0.23%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     65672 | PA      | $32123.33     | 0.02%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 27 Ltd                                                                  | CUSIP: 00173UBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120421.22    | 0.08%             | 2037-01-20      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                    | Provincia de Cordoba                                                             | CUSIP: 000000000<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |     33334 | PA      | $33750.68     | 0.02%             | 2025-12-10      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                              | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    440000 | PA      | $390479.58    | 0.25%             | 2031-08-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | CN        |     77927 | NS      | $1151.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                                 | RED PLANET BORROWER LLC                                                          | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |    360000 | PA      | $351000.00    | 0.22%             | 2032-09-08      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | GoldenTree Loan Management US CLO 16 Ltd                                         | CUSIP: 38090AAY4<br>LEI: 549300KYU0TCMXRAI217 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $497529.80    | 0.31%             | 2038-01-20      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    180000 | PA      | $178859.21    | 0.11%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $325625.45    | 0.20%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125407.80    | 0.08%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    510000 | PA      | $561480.93    | 0.35%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                 | INEOS Quattro Finance 2 Plc                                                      | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $320789.10    | 0.20%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails CLO XIV Ltd                                                         | CUSIP: 67515MAG3<br>LEI: 254900TWRKR5CRS1OX19 | Long             | ABS-CBDO         | CORP              | JE        |    370000 | PA      | $373727.34    | 0.24%             | 2038-01-20      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    715130 | PA      | $737817.50    | 0.46%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    690000 | PA      | $627317.21    | 0.39%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA                                        | Pampa Energia SA                                                                 | CUSIP: 697660AF5<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     90000 | PA      | $88920.00     | 0.06%             | 2034-12-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                     | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    610000 | PA      | $630378.97    | 0.40%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                          | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    760000 | PA      | $669644.89    | 0.42%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH                                  | TK Elevator Midco GmbH                                                           | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |   1020000 | PA      | $1199769.26   | 0.75%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1024208.18   | 0.64%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     54728 | PA      | $26770.36     | 0.02%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                    | AGNC Investment Corp                                                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     12537 | NS      | $317938.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                                | Northriver Midstream Finance LP                                                  | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $378612.05    | 0.24%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AZELIS FINANCE NV                                       | Azelis Finance NV                                                                | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |    180000 | PA      | $218983.44    | 0.14%             | 2029-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                  | CUSIP: 491798AG9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    300000 | PA      | $308626.94    | 0.19%             | 2028-02-28      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    536042 | PA      | $228150.40    | 0.14%             | 2030-03-12      | Variable      | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                     | Turkiye Government International Bond                                            | CUSIP: 900123CJ7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2090000 | PA      | $2090990.26   | 1.32%             | 2026-04-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1350000 | PA      | $1223146.13   | 0.77%             | 2038-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS                                     | Coca-Cola Icecek AS                                                              | CUSIP: 1912ERAA8<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |    350000 | PA      | $344494.50    | 0.22%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                 | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $220458.63    | 0.14%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    740000 | PA      | $622761.13    | 0.39%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    550000 | PA      | $526988.94    | 0.33%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    650000 | PA      | $690207.95    | 0.43%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 65412JAD5<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    350000 | PA      | $346477.89    | 0.22%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    340000 | PA      | $357229.61    | 0.22%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                    | LHOME Mortgage Trust 2025-RTL1                                                   | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $212628.89    | 0.13%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $67760.00     | 0.04%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    256000 | PA      | $234880.00    | 0.15%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV                             | CUSIP: 36268NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    100000 | PA      | $144999.28    | 0.09%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                            | Carnival PLC                                                                     | CUSIP: 000000000<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $261858.88    | 0.16%             | 2031-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    400000 | PA      | $440053.04    | 0.28%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9994.64      | 0.01%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222649.56    | 0.14%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    270000 | PA      | $268320.11    | 0.17%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196460.76    | 0.12%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $747243.09    | 0.47%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                                    | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    740000 | PA      | $776747.85    | 0.49%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                           | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152496.58    | 0.10%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $330090.80    | 0.21%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                  | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    190000 | PA      | $196884.67    | 0.12%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                                        | Grupo Nutresa SA                                                                 | CUSIP: 40055CAA1<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    760000 | PA      | $814910.00    | 0.51%             | 2030-05-12      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $267830.27    | 0.17%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    120000 | PA      | $120081.90    | 0.08%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                                           | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    350000 | PA      | $328847.07    | 0.21%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo XVI Ltd                                                         | CUSIP: 674914AA4<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $193893.73    | 0.12%             | 2038-01-20      | Floating      | 11.02%                | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                          | Golub Capital Partners CLO 76 B Ltd                                              | CUSIP: 38180BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $402245.36    | 0.25%             | 2037-10-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     84534 | PA      | $1479.34      | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    440000 | PA      | $421562.59    | 0.27%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                              | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    240000 | PA      | $250876.32    | 0.16%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    970000 | PA      | $1110279.46   | 0.70%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                    | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $279667.08    | 0.18%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    850000 | PA      | $881424.02    | 0.55%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $324015.00    | 0.20%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    330000 | PA      | $341349.36    | 0.21%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    670000 | PA      | $695935.37    | 0.44%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1060000 | PA      | $1115133.78   | 0.70%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                                     | Verisure Holding AB                                                              | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    650000 | PA      | $789778.68    | 0.50%             | 2028-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                                    | Amkor Technology Inc                                                             | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    580000 | PA      | $586631.35    | 0.37%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |    320000 | PA      | $377679.47    | 0.24%             | 2031-07-31      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                     | STATION CASINOS LLC                                                              | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    394000 | PA      | $394429.46    | 0.25%             | 2031-03-14      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL        | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    450000 | PA      | $444808.53    | 0.28%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1207000 | PA      | $1328846.65   | 0.84%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| AECOM                                                   | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    460000 | PA      | $470676.60    | 0.30%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                                   | Cellnex Finance Co SA                                                            | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $211598.14    | 0.13%             | 2033-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1210930.04   | 0.76%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $466076.70    | 0.29%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    804000 | PA      | $817149.42    | 0.51%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387588.40    | 0.24%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 47                          | Octagon Investment Partners 47 Ltd                                               | CUSIP: 67576YAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $384868.29    | 0.24%             | 2038-01-22      | Floating      | 10.33%                | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299784.60    | 0.19%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |    130000 | PA      | $130978.81    | 0.08%             | 2037-07-20      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAC9<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    500000 | PA      | $500435.00    | 0.31%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                          | Eskom Holdings                                                                   | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    570000 | PA      | $564517.27    | 0.36%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     24300 | PA      | $8869.50      | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company            | FLUTTER ENTERTAINMENT PLC                                                        | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    393000 | PA      | $392410.50    | 0.25%             | 2030-11-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20733 | NS      | $7878.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    172147 | PA      | $3442.95      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXVI Ltd                                                               | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $417614.48    | 0.26%             | 2038-01-25      | Floating      | 9.02%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $395555.30    | 0.25%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAN AMERICAN ENERGY LLC                                 | Pan American Energy LLC/Argentina                                                | CUSIP: 69784DAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |    500000 | PA      | $523022.50    | 0.33%             | 2032-04-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387366.72    | 0.24%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05962GAJ8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $410666.40    | 0.26%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                     | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    230000 | PA      | $243193.77    | 0.15%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA                                        | Pampa Energia SA                                                                 | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    250000 | PA      | $254937.50    | 0.16%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                   | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    160000 | PA      | $167518.56    | 0.11%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109883.02    | 0.07%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MERSIN ULUSLARARASI LIMA                                | Mersin Uluslararasi Liman Isletmeciligi AS                                       | CUSIP: 590454AC8<br>LEI: 635400DAFN6NT43HM530 | Long             | DBT              | CORP              | TR        |    600000 | PA      | $624590.24    | 0.39%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                       | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    200000 | PA      | $203983.20    | 0.13%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $197792.97    | 0.12%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $263.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51939.75     | 0.03%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                        | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $334106.52    | 0.21%             | 2040-07-15      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2590000 | PA      | $1615543.06   | 1.02%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    130000 | PA      | $155301.23    | 0.10%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154429.12    | 0.10%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO L                                                                     | CUSIP: 03771LAA2<br>LEI: 2549007IRDJIM26V8J63 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149640.08    | 0.09%             | 2038-01-20      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    630000 | PA      | $686289.37    | 0.43%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1600000 | PA      | $1526683.36   | 0.96%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    370000 | PA      | $377166.90    | 0.24%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2020000 | PA      | $1910699.25   | 1.20%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154575.60    | 0.10%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    500000 | PA      | $192820.00    | 0.12%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    320000 | PA      | $338853.44    | 0.21%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    530000 | PA      | $549410.72    | 0.35%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $997869.60    | 0.63%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    275134 | PA      | $186127.88    | 0.12%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    360000 | PA      | $381398.76    | 0.24%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.HY.45.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $119841.30    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    470000 | PA      | $443925.86    | 0.28%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $608812.81    | 0.38%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                                | B3 SA - Brasil Bolsa Balcao                                                      | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |   1370000 | PA      | $1287025.95   | 0.81%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $331077.76    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                    | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |    399345 | PA      | $365400.84    | 0.23%             | 2030-06-25      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    110000 | PA      | $118146.05    | 0.07%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                    | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $137358.38    | 0.09%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285316.96    | 0.18%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3134.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                     | Turkiye Government International Bond                                            | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    680000 | PA      | $505641.86    | 0.32%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    240000 | PA      | $248113.20    | 0.16%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    950000 | PA      | $1008218.16   | 0.63%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249901.08    | 0.16%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    650000 | PA      | $681313.20    | 0.43%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    648000 | PA      | $336960.00    | 0.21%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2022-II Ltd                                                         | CUSIP: 12567QAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $119702.88    | 0.08%             | 2035-04-19      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |    850000 | PA      | $789657.48    | 0.50%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $291071.48    | 0.18%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US CLO 1 Ltd                                          | CUSIP: 38136HAS8<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $189193.74    | 0.12%             | 2034-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2021-1 Ltd                                                     | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $310743.32    | 0.20%             | 2034-11-22      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                | SGUS LLC                                                                         | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    277609 | PA      | $264471.43    | 0.17%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    610000 | PA      | $618426.36    | 0.39%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     77713 | PA      | $32513.02     | 0.02%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                 | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    240000 | PA      | $252623.52    | 0.16%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    240000 | PA      | $243630.48    | 0.15%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                          | CUSIP: 105756CE8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    550000 | PA      | $509602.50    | 0.32%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225143.41    | 0.14%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    226374 | PA      | $4527.48      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    160000 | PA      | $134400.00    | 0.08%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    143000 | PA      | $140579.37    | 0.09%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    370000 | PA      | $377545.78    | 0.24%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $159228.12    | 0.10%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                 | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3590000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                             | Bear Mountain Park CLO Ltd                                                       | CUSIP: 07403KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    300000 | PA      | $303012.00    | 0.19%             | 2037-07-15      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $601974.00    | 0.38%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $143670.00    | 0.09%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    370000 | PA      | $390668.20    | 0.25%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                               | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    344679 | PA      | $345009.47    | 0.22%             | 2028-03-31      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       120 | NS      | $45.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $117926.15    | 0.07%             | 2031-06-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 65412JAA1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $199169.64    | 0.13%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    380000 | PA      | $389203.98    | 0.24%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                          | Golub Capital Partners CLO 77 B Ltd                                              | CUSIP: 38180TAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $523499.60    | 0.33%             | 2038-01-25      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                            | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    400000 | PA      | $402865.61    | 0.25%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                       | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $595629.46    | 0.37%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    490000 | PA      | $488367.46    | 0.31%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                   | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    900000 | PA      | $783391.50    | 0.49%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $373590.05    | 0.23%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $194654.00    | 0.12%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2020-1 Ltd                                               | CUSIP: 05766CAG1<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $493671.86    | 0.31%             | 2035-10-20      | Floating      | 11.48%                | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    470000 | PA      | $490512.68    | 0.31%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                       | Jamestown CLO IX Ltd                                                             | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220566.48    | 0.14%             | 2034-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $436620.42    | 0.27%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                    | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $268031.14    | 0.17%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213929.40    | 0.13%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $191398.86    | 0.12%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    190000 | PA      | $210070.65    | 0.13%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $397580.16    | 0.25%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194964.51    | 0.12%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                          | Bain Capital Credit CLO 2020-3 Ltd                                               | CUSIP: 05684CBA2<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $437919.02    | 0.28%             | 2034-10-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                              | FERTITTA ENTERTAINMENT L                                                         | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    491094 | PA      | $490941.94    | 0.31%             | 2029-01-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                          | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    429526 | PA      | $12885.77     | 0.01%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOELS TOPHOLDING BV                                     | Boels Topholding BV                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |    260000 | PA      | $317250.33    | 0.20%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                   | Directv Financing LLC                                                            | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69227.99     | 0.04%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                                    | Fort Greene Park CLO LLC                                                         | CUSIP: 18914KAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $415896.52    | 0.26%             | 2034-04-22      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14775.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1580000 | PA      | $1670228.89   | 1.05%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                     | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    370000 | PA      | $389192.60    | 0.24%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    260000 | PA      | $261447.52    | 0.16%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                        | CUSIP: 401494AS8<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    600000 | PA      | $605100.75    | 0.38%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $473559.42    | 0.30%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 8 Ltd                                          | CUSIP: 38136NBG0<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $453791.93    | 0.29%             | 2034-10-20      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| Nassau LTD                                              | Nassau 2021-I Ltd                                                                | CUSIP: 631704AP8<br>LEI: 5493000NDRKPTT45F149 | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $379057.79    | 0.24%             | 2034-08-26      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 18 Ltd                                                        | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |    220000 | PA      | $220761.11    | 0.14%             | 2037-04-20      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    311709 | PA      | $2337.82      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                   | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    670000 | PA      | $696430.83    | 0.44%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2019-II Ltd                                                      | CUSIP: 03755CBJ2<br>LEI: 549300OKB854VBBC1981 | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $337893.90    | 0.21%             | 2038-01-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                               | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    330000 | PA      | $339422.49    | 0.21%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    270000 | PA      | $284748.75    | 0.18%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                           | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    380000 | PA      | $306058.32    | 0.19%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Legg Mason Partners Variable Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer