# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-26-021639
**Filing Date:** 2026-5
**Character Count:** 350849
**Document Hash:** ee96979f8700132c6782c664f383db90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021639.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021639

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261031902

**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)

March 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

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

&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>(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 75.0%** | **Corporate Bonds & Notes — 75.0%** | **Corporate Bonds & Notes — 75.0%** | **Corporate Bonds & Notes — 75.0%** | **Corporate Bonds & Notes — 75.0%** |
| **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** |
| *Diversified Telecommunication Services — 3.3%* | *Diversified Telecommunication Services — 3.3%* | *Diversified Telecommunication Services — 3.3%* | *Diversified Telecommunication Services — 3.3%* | *Diversified Telecommunication Services — 3.3%* |
| &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; $1416446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 162000<br>| &nbsp;&nbsp;&nbsp; 147418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 342988<br>| &nbsp;&nbsp;&nbsp; 325288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 724086<br>| &nbsp;&nbsp;&nbsp; 686747<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; 524582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 731053<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; 80000<br>| &nbsp;&nbsp;&nbsp; 81529<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; 859535<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 412353<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5184951* |
| *Entertainment — 0.8%* | *Entertainment — 0.8%* | *Entertainment — 0.8%* | *Entertainment — 0.8%* | *Entertainment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 449688<br>|
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 73050<br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 347025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OAK-Eagle Acquireco Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104755<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OAK-Eagle Acquireco Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 170000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 200831<br> <sup>(a)(b)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *1175349* |
| *Media — 6.2%* | *Media — 6.2%* | *Media — 6.2%* | *Media — 6.2%* | *Media — 6.2%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 234000<br>| &nbsp;&nbsp;&nbsp; 231178<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; 464976<br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 548208<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 309756<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/1/61 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp;&nbsp; 1513990<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; 345942<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; 69932<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 306486<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; 1006509<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; 525703<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; 1304605<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; 723002<br> <sup>(c)</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; 45077<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 233423<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; 335831<br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 433536<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 297024<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; 300000<br>| &nbsp;&nbsp;&nbsp; 246167<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; 524156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 207570<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *9673071* |
| *Wireless Telecommunication Services — 1.8%* | *Wireless Telecommunication Services — 1.8%* | *Wireless Telecommunication Services — 1.8%* | *Wireless Telecommunication Services — 1.8%* | *Wireless Telecommunication Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 535590<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; $229865<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; 126252<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; 147139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 624119<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; 684228<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; 180901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 241593<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2769687* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **18803058** |
| **Consumer Discretionary — 13.9%** | **Consumer Discretionary — 13.9%** | **Consumer Discretionary — 13.9%** | **Consumer Discretionary — 13.9%** | **Consumer Discretionary — 13.9%** |
| *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 847478<br> <sup>(a)</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; 108960<br> <sup>(a)</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; 245569<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cyprium Corp./Cyprium Holdings Luxembourg SARL, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 389257<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; 217578<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; 520000<br>| &nbsp;&nbsp;&nbsp; 527707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 212978<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; 383405<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; 418455<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *3351387* |
| *Automobiles — 1.2%* | *Automobiles — 1.2%* | *Automobiles — 1.2%* | *Automobiles — 1.2%* | *Automobiles — 1.2%* |
| &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; 418111<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; 1580000<br>| &nbsp;&nbsp;&nbsp; 1498409<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1916520* |
| *Broadline Retail — 1.8%* | *Broadline Retail — 1.8%* | *Broadline Retail — 1.8%* | *Broadline Retail — 1.8%* | *Broadline Retail — 1.8%* |
| &nbsp;&nbsp;&nbsp; B&M European Value Retail PLC, Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 320000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 399961<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; 979404<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/14/31 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1378449<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *2757814* |
| *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* |
| &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; 141782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes (3 mo. EURIBOR + 3.375%) | &nbsp;&nbsp; 5.525% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 109993<br> <sup>(a)(e)</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; 765321<br> <sup>(a)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1017096* |
| *Hotels, Restaurants & Leisure — 5.2%* | *Hotels, Restaurants & Leisure — 5.2%* | *Hotels, Restaurants & Leisure — 5.2%* | *Hotels, Restaurants & Leisure — 5.2%* | *Hotels, Restaurants & Leisure — 5.2%* |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global Solutions Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 175175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 384001<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; 1050483<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; 247965<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; 775625<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; 151269<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; 240000<br>| &nbsp;&nbsp;&nbsp; 235313<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marston's Issuer PLC, Secured Notes (SONIA + 2.669%) | &nbsp;&nbsp; 6.413% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 853000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1052257<br> <sup>(d)(e)</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; 336465<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; $576408<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; 116660<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; 496571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 389244<br> <sup>(a)</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; 188457<br>|
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium <br> Operations LLC, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240552<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 375450<br> <sup>(a)</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; 585000<br>| &nbsp;&nbsp;&nbsp; 584432<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; 534885<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *8056867* |
| *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; 390000<br>| &nbsp;&nbsp;&nbsp; 373579<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; 216878<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; 372330<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *962787* |
| *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* |
| &nbsp;&nbsp;&nbsp; Gee Automotive Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 381429<br> <sup>(a)</sup><br>|
| &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; 368434<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; 171427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1584965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 389733<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 389216<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *3285204* |
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &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;&nbsp; *222426*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **21570101** |
| **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** |
| *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco <br> SL, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/27/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 438221<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; 335771<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; 383738<br> <sup>(d)</sup><br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1157730* |
| *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; *132120*<br> <sup>(a)</sup><br>|
| *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 805790<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 363256<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1169046* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2458896** |
| **Energy — 12.1%** | **Energy — 12.1%** | **Energy — 12.1%** | **Energy — 12.1%** | **Energy — 12.1%** |
| *Energy Equipment & Services — 0.4%* | *Energy Equipment & Services — 0.4%* | *Energy Equipment & Services — 0.4%* | *Energy Equipment & Services — 0.4%* | *Energy Equipment & Services — 0.4%* |
| &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; 278130<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 |
| *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; $407153<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *685283* |
| *Oil, Gas & Consumable Fuels — 11.7%* | *Oil, Gas & Consumable Fuels — 11.7%* | *Oil, Gas & Consumable Fuels — 11.7%* | *Oil, Gas & Consumable Fuels — 11.7%* | *Oil, Gas & Consumable Fuels — 11.7%* |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 385943<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 182495<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; 630174<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; 790000<br>| &nbsp;&nbsp;&nbsp; 826553<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; 618986<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 663345<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then <br> 3 mo. Term SOFR + 4.417%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10009<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then <br> 5 year Treasury Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 449002<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 904163<br> <sup>(a)</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; 51890<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; 662981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 340540<br>| &nbsp;&nbsp;&nbsp; 354168<br> <sup>(a)(e)(g)(h)</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; 507301<br> <sup>(a)</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; 371349<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; 531575<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; 377151<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; 327153<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; 714299<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; 1492335<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1213920<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 394176<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; 397248<br> <sup>(a)</sup><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; 123596<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; 174948<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 year <br> Treasury Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 804000<br>| &nbsp;&nbsp;&nbsp; 821516<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 344889<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; 275000<br>| &nbsp;&nbsp;&nbsp; 274336<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; 369859<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; 250000<br>| &nbsp;&nbsp;&nbsp; 232025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 <br> then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1285912<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 124859<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; 676921<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; 208960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 291643<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; 67284<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; 390000<br>| &nbsp;&nbsp;&nbsp; 413323<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; 312915<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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 |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/21/27 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; $246116<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; *18035318* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **18720601** |
| **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** |
| *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to <br> 1/24/32 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; 743960<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to <br> 1/10/28 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; 401091<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA <br> Mexico, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury <br> Constant Maturity Rate + 2.650%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/18/33 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1575555<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 <br> year Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280400<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141079<br> <sup>(e)(f)</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; 472366<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 <br> year Treasury Constant Maturity Rate + 2.600%) | &nbsp;&nbsp; 4.198% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp;&nbsp; 1890419<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 <br> then 5 year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225877<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then 3 mo. <br> Term SOFR + 1.250%) | &nbsp;&nbsp; 2.580% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 623772<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to <br> 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 724880<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ueno Bank SA, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 3/6/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 257694<br> <sup>(a)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *7337093* |
| *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 986406<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 <br> then 10 year Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 305490<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3590000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(i)</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; 382324<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; 262945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then <br> USD 5 year SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 422959<br> <sup>(a)(e)(f)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *2360124* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *742220*<br> <sup>(a)(e)</sup><br>|
| *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 354425<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; 153027<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; 771611<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; 308460<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1587523* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* |
| &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; $144689<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 208190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 519144<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *872023* |
| *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; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 206468<br> <sup>(a)</sup><br>|
| &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; 342367<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *548835* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13447818** |
| **Health Care — 5.0%** | **Health Care — 5.0%** | **Health Care — 5.0%** | **Health Care — 5.0%** | **Health Care — 5.0%** |
| *Health Care Providers & Services — 2.5%* | *Health Care Providers & Services — 2.5%* | *Health Care Providers & Services — 2.5%* | *Health Care Providers & Services — 2.5%* | *Health Care Providers & Services — 2.5%* |
| &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; 413947<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 147998<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; 760000<br>| &nbsp;&nbsp;&nbsp; 816324<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; 420000<br>| &nbsp;&nbsp;&nbsp; 436430<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; 383384<br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 382663<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 353266<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 982257<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; *3916269* |
| *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; 901726<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; 674193<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; 60100<br> <sup>(a)</sup><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; 1085595<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; 371248<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; 699205<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *3792067* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **7708336** |
| **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &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; 193515<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; 152857<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; 81727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 723925<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; 31173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 384069<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1567266* |
| *Building Products — 1.0%* | *Building Products — 1.0%* | *Building Products — 1.0%* | *Building Products — 1.0%* | *Building Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 351223<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 185794<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 364184<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; 537819<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1439020* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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 — 1.7%* | *Commercial Services & Supplies — 1.7%* | *Commercial Services & Supplies — 1.7%* | *Commercial Services & Supplies — 1.7%* | *Commercial Services & Supplies — 1.7%* |
| &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; $303065<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9917<br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 532768<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 544432<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207845<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 206230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323172<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 505174<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2632603* |
| *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; 380000<br>| &nbsp;&nbsp;&nbsp; 379934<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; 246099<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; 558095<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1184128* |
| *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *483801*<br> <sup>(a)</sup><br>|
| *Machinery — 1.3%* | *Machinery — 1.3%* | *Machinery — 1.3%* | *Machinery — 1.3%* | *Machinery — 1.3%* |
| &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; 201588<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170081<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; 611322<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; 380000<br>| &nbsp;&nbsp;&nbsp; 389806<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; 379468<br>|
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 192873 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 222954<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1975219* |
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &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; 362327<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; 222475<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 215724<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *800526* |
| *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* |
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 8/12/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 386887<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92347<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; 287166<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 367758<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 749541<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1883699* |
| *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* | *Transportation Infrastructure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 356911<br> <sup>(a)</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; 612080<br> <sup>(a)</sup><br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *968991* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12935253** |
| **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| &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;&nbsp; *767807*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; $261252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 496078<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; *757330* |
| *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 299048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 243154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 47638<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; 142035<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *930543* |
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Amkor Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 378921<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 374583<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *753504* |
| *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 540752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 417663<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; 249194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 354380<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; 214039<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; 195000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TeamSystem SpA, Senior Secured Notes (3 mo. EURIBOR + 3.500%) | &nbsp;&nbsp; 5.516% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 320000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 356092<br> <sup>(a)(e)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2327120* |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *254762*<br> <sup>(a)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5791066** |
| **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** |
| *Chemicals — 1.3%* | *Chemicals — 1.3%* | *Chemicals — 1.3%* | *Chemicals — 1.3%* | *Chemicals — 1.3%* |
| &nbsp;&nbsp;&nbsp; ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 780573<br> <sup>(a)</sup><br>|
| &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; 208181<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 174685<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; 119464<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; 686288<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1969191* |
| *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 228699<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; 270000<br>| &nbsp;&nbsp;&nbsp; 280285<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; 1648893<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; 326033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 683578<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *3167488* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5136679** |
| **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** |
| *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 149072<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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 REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 3.692% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; $116372<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 116813<br>|
| &nbsp;&nbsp;&nbsp; Trust 2401, Senior Notes | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 385402<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 529984<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1297643* |
| *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; 435965<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; 323150<br> <sup>(a)</sup><br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *759115* |
| *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% <br> PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 220888<br>| &nbsp;&nbsp;&nbsp; 11553<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% <br> PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 179895<br>| &nbsp;&nbsp;&nbsp; 2698<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% <br> PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 237466<br>| &nbsp;&nbsp;&nbsp; 3265<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 <br> then 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 311709<br>| &nbsp;&nbsp;&nbsp; 2338<br> <sup>(d)(f)</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; 86859<br>| &nbsp;&nbsp;&nbsp; 651<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; 127981<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; 113491<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; 429259<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; *691236* |
| *Specialized REITs — 1.6%* | *Specialized REITs — 1.6%* | *Specialized REITs — 1.6%* | *Specialized REITs — 1.6%* | *Specialized REITs — 1.6%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142783<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; 496087<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; 610222<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; 176928<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1028651<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *2454671* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5202665** |
| **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; 152304<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; 561964<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1001417<br> <sup>(a)</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; 260912<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; 93119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 382843<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; 335348<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2787907* |
| *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 <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *386185*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* |
| &nbsp;&nbsp;&nbsp; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *462123*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 |
| *Water Utilities — 0.4%* | *Water Utilities — 0.4%* | *Water Utilities — 0.4%* | *Water Utilities — 0.4%* | *Water Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nova Securitisation SARL, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; $*687799*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4324014** |
| **Total Corporate Bonds & Notes (Cost — $115,864,046)** | **Total Corporate Bonds & Notes (Cost — $115,864,046)** | **Total Corporate Bonds & Notes (Cost — $115,864,046)** | **Total Corporate Bonds & Notes (Cost — $115,864,046)** | &nbsp;&nbsp; **116098487** |
| **Sovereign Bonds — 11.0%** | **Sovereign Bonds — 11.0%** | **Sovereign Bonds — 11.0%** | **Sovereign Bonds — 11.0%** | **Sovereign Bonds — 11.0%** |
| *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; 403872<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; 602837<br> <sup>(a)</sup><br>|
| *Total Angola* | *Total Angola* | *Total Angola* | *Total Angola* | &nbsp;&nbsp; *1006709* |
| *Argentina — 1.6%* | *Argentina — 1.6%* | *Argentina — 1.6%* | *Argentina — 1.6%* | *Argentina — 1.6%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 135102<br>| &nbsp;&nbsp;&nbsp; 118761<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 247620<br>| &nbsp;&nbsp;&nbsp; 207630<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (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; 974782<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1073575<br>| &nbsp;&nbsp;&nbsp; 811891<br> <sup>(a)</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; 399516<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *2512580* |
| *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; *412758*<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; 550880<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; 506000<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *1056880* |
| *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; *370199*<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; 311010<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; 138585<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; 378799<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; 587070<br> <sup>(a)</sup><br>|
| *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | &nbsp;&nbsp; *1415464* |
| *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; 1143000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *951262*<br> <sup>(a)</sup><br>|
| *Egypt — 0.6%* | *Egypt — 0.6%* | *Egypt — 0.6%* | *Egypt — 0.6%* | *Egypt — 0.6%* |
| &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; 298923<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; 687522<br> <sup>(a)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *986445* |
| *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; *594600*<br> <sup>(a)</sup><br>|
| *Ivory Coast — 0.9%* | *Ivory Coast — 0.9%* | *Ivory Coast — 0.9%* | *Ivory Coast — 0.9%* | *Ivory Coast — 0.9%* |
| &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; 991768<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/25/41 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 334639<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *1326407* |
| *Jordan — 0.3%* | *Jordan — 0.3%* | *Jordan — 0.3%* | *Jordan — 0.3%* | *Jordan — 0.3%* |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bond, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *388386*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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; $261234<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; 353276<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; 202795<br> <sup>(a)</sup><br>|
| *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | *Total Nigeria* | &nbsp;&nbsp; *817305* |
| *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; *416819*<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; *493220*<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; *235354*<br> <sup>(a)</sup><br>|
| *South Africa — 0.8%* | *South Africa — 0.8%* | *South Africa — 0.8%* | *South Africa — 0.8%* | *South Africa — 0.8%* |
| &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; 489715<br>|
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/11/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 418050<br> <sup>(a)</sup><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; 297691<br>|
| *Total South Africa* | *Total South Africa* | *Total South Africa* | *Total South Africa* | &nbsp;&nbsp; *1205456* |
| *Turkey — 1.6%* | *Turkey — 1.6%* | *Turkey — 1.6%* | *Turkey — 1.6%* | *Turkey — 1.6%* |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/14/26 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1291353<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; 699897<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; 478795<br>|
| *Total Turkey* | *Total Turkey* | *Total Turkey* | *Total Turkey* | &nbsp;&nbsp; *2470045* |
| *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 <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 20796<br>| &nbsp;&nbsp;&nbsp; 12231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 77713<br>| &nbsp;&nbsp;&nbsp; 33414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 100180<br>| &nbsp;&nbsp;&nbsp; 53641<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 65672<br>| &nbsp;&nbsp;&nbsp; 30653<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 133249<br>| &nbsp;&nbsp;&nbsp; 70195<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 54728<br>| &nbsp;&nbsp;&nbsp; 25550<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 147285<br>| &nbsp;&nbsp;&nbsp; 76140<br> <sup>(a)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *301824* |
| **Total Sovereign Bonds (Cost — $16,642,081)** | **Total Sovereign Bonds (Cost — $16,642,081)** | **Total Sovereign Bonds (Cost — $16,642,081)** | **Total Sovereign Bonds (Cost — $16,642,081)** | &nbsp;&nbsp; **16961713** |
| **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 350181<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2022-17A ER (3 mo. Term SOFR + 4.650%) | &nbsp;&nbsp; 8.320% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 454774<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2022-27A DR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119092<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96386<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A D1NR (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 332487<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 8.768% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 146722<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A CRR (3 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.422% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 247290<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR + <br> 7.150%) | &nbsp;&nbsp; 10.818% | &nbsp;&nbsp; 10/20/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 472777<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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; Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 9.622% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; $269881<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 307423<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.915% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 305445<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., 2025-4A E (3 mo. Term SOFR + 6.130%) | &nbsp;&nbsp; 9.888% | &nbsp;&nbsp; 10/18/38 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 368124<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 110401<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2021-14A ER (3 mo. Term SOFR + 6.450%) | &nbsp;&nbsp; 10.118% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 524836<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, 2025-2A ER (3 mo. Term SOFR + 4.400%) | &nbsp;&nbsp; 8.069% | &nbsp;&nbsp; 4/22/34 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 392592<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.463% | &nbsp;&nbsp; 4/16/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 295684<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 9.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 455965<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2022-16A DRR (3 mo. Term <br> SOFR + 2.400%) | &nbsp;&nbsp; 6.068% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 485430<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., 2024-77A E (3 mo. Term SOFR + <br> 4.850%) | &nbsp;&nbsp; 8.518% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 495436<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 158413<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 218614<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Katayma CLO Ltd., 2024-2A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.168% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 319848<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 8.368% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 399997<br> <sup>(a)(e)</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; 211379<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.922% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 278057<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 11.504% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 368580<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%) | &nbsp;&nbsp; 10.008% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 316596<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%) | &nbsp;&nbsp; 10.358% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 181666<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., 2020-1A ER2 (3 mo. Term SOFR + <br> 6.000%) | &nbsp;&nbsp; 9.669% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 367837<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.118% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219854<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 6.618% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128755<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 369533<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 8.572% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 320468<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., 2026-16A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.405% | &nbsp;&nbsp; 4/18/39 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 469118<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 7.968% | &nbsp;&nbsp; 4/18/37 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129934<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.370% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 167719<br> <sup>(a)(e)</sup><br>|
| **Total Asset-Backed Securities (Cost — $11,304,084)** | **Total Asset-Backed Securities (Cost — $11,304,084)** | **Total Asset-Backed Securities (Cost — $11,304,084)** | **Total Asset-Backed Securities (Cost — $11,304,084)** | &nbsp;&nbsp; **10857294** |
| **Senior Loans — 4.3%** | **Senior Loans — 4.3%** | **Senior Loans — 4.3%** | **Senior Loans — 4.3%** | **Senior Loans — 4.3%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* |
| &nbsp;&nbsp;&nbsp; OAK-Eagle Acquireco Inc., Term Loan B  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/24/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **487550**<br> <sup>(j)</sup><br>|
| **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** |
| *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 | 11.918-11.950% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 564646<br>| &nbsp;&nbsp;&nbsp; 543502<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 176928<br>| &nbsp;&nbsp;&nbsp; 517<br> \*<sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR + <br> 7.000%) | &nbsp;&nbsp; 10.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 227880<br>| &nbsp;&nbsp;&nbsp; 868<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR + <br> 10.000%) | &nbsp;&nbsp; 13.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 78491<br>| &nbsp;&nbsp;&nbsp; 19132<br> <sup>(e)(k)(l)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *564019* |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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 — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%)  | &nbsp;&nbsp; 10.506% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 699345<br>| &nbsp;&nbsp;&nbsp; $*516117*<br> <sup>(e)(j)(k)(l)</sup><br>|
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term SOFR + <br> 4.250%)  | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *352678*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1432814** |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2026 Refinancing Term Loan  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/19/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **391096**<br> <sup>(j)</sup><br>|
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| *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 B2 (1 mo. Term SOFR + <br> 3.500%)  | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 137562<br>| &nbsp;&nbsp;&nbsp;&nbsp; *135997*<br> <sup>(e)(k)(l)</sup><br>|
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 448816<br>| &nbsp;&nbsp;&nbsp; 441166<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | &nbsp;&nbsp; 7.668% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 99500<br>| &nbsp;&nbsp;&nbsp; 96639<br> <sup>(e)(k)(l)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *537805* |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B14  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *280758*<br> <sup>(j)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **954560** |
| **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** |
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Initial Term Loan  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *361712*<br> <sup>(j)</sup><br>|
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 239396<br>| &nbsp;&nbsp;&nbsp;&nbsp; *235356*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **597068** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 149806<br>| &nbsp;&nbsp;&nbsp; 18,726<br> \*<sup>(h)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 63305<br>| &nbsp;&nbsp;&nbsp; 62672<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 393206<br>| &nbsp;&nbsp;&nbsp; 275244<br> <sup>(h)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 15700<br>| &nbsp;&nbsp;&nbsp; 15543<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 31008<br>| &nbsp;&nbsp;&nbsp; 30698<br> <sup>(e)(k)(l)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **402883** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 1 LLC, Term Loan | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 923429<br> <sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC, Initial Term Loan | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 916700<br> <sup>(g)(k)(l)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *1840129* |
| *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)  | &nbsp;&nbsp; 7.518% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *179125*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2019254** |

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **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 |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term SOFR + <br> 4.000%)  | &nbsp;&nbsp; 7.675% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 383932<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$368176**<br> <sup>(e)(k)(l)</sup><br>|
| **Total Senior Loans (Cost — $7,241,778)** | **Total Senior Loans (Cost — $7,241,778)** | **Total Senior Loans (Cost — $7,241,778)** | **Total Senior Loans (Cost — $7,241,778)** | &nbsp;&nbsp; **6653401** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 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%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 4.959%) | &nbsp;&nbsp; 8.641% |  | &nbsp;&nbsp; 12537 | &nbsp;&nbsp;&nbsp; 304273<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 5.005%) | &nbsp;&nbsp; 8.705% |  | &nbsp;&nbsp; 3941 | &nbsp;&nbsp;&nbsp; 77717<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.289% |  | &nbsp;&nbsp; 7229 | &nbsp;&nbsp;&nbsp; 153038<br> <sup>(e)</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; **535028** |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco | &nbsp;&nbsp;&nbsp; Altice France Luxco |  | &nbsp;&nbsp; 13451 | &nbsp;&nbsp;&nbsp; **228,935**<br> \*<br>|
| **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; 30<br> \*<sup>(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 20733 | &nbsp;&nbsp;&nbsp; 5,183<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5213** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC | &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC |  | &nbsp;&nbsp; 165572 | &nbsp;&nbsp;&nbsp; **165,572**<br> \*<sup>(g)(h)</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. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 77927 | &nbsp;&nbsp;&nbsp; **595**<br> \*<sup>(g)</sup><br>|
| **Total Common Stocks (Cost — $458,336)** | **Total Common Stocks (Cost — $458,336)** | **Total Common Stocks (Cost — $458,336)** | **Total Common Stocks (Cost — $458,336)** | &nbsp;&nbsp;&nbsp; **400315**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &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; **237531**<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; **663**<br> <sup>(d)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $74,167)** | **Total Convertible Bonds & Notes (Cost — $74,167)** | **Total Convertible Bonds & Notes (Cost — $74,167)** | **Total Convertible Bonds & Notes (Cost — $74,167)** | &nbsp;&nbsp; **238194** |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</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; **212345**<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

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

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Expiration <br>Date <br>| Rights | Value |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco (Cost — $0) | &nbsp;&nbsp; — | &nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp; **$9,977**<br> \*<br>|
|  |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 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%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $179,338) |  | &nbsp;&nbsp; 14732<br>| &nbsp;&nbsp;&nbsp; **3,683**<br> \*<sup>(a)(g)(n)</sup><br>|
| **Total Investments — 98.2% (Cost — $152,556,597)** | **Total Investments — 98.2% (Cost — $152,556,597)** | **Total Investments — 98.2% (Cost — $152,556,597)** | &nbsp;&nbsp; **151970437** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; 2755083 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$154725520** |

---

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

---

| | |
|:---|:---|
| † | 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> | Securities traded on a when-issued or delayed delivery basis. |
| <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> | 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>(f)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <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> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(n)</sup> | Restricted security (Note 3). |
| <sup>(o)</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>|

---

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

See Notes to Schedule of Investments.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

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

---

| | | |
|:---|:---|:---|
| **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 |
| DIP |  | Debtor-in-possession |
| EUR |  | Euro |
| EURIBOR |  | Euro Interbank Offered Rate |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| JSC |  | Joint Stock Company |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| SONIA |  | Sterling Overnight Index Average |
| USD |  | United States Dollar |

---

At March 31, 2026, 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; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $14698631 | &nbsp;&nbsp;&nbsp;&nbsp; $14496078 | &nbsp;&nbsp;&nbsp;&nbsp; $(202553) |
| **Contracts to Sell:** |  |  |  |  |  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2632815 | &nbsp;&nbsp;&nbsp;&nbsp; 2606737 | &nbsp;&nbsp;&nbsp;&nbsp; 26078 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(176475)** |

---

At March 31, 2026, 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>|
| USD | &nbsp;&nbsp; 408791 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 303540 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $7036 |
| USD | &nbsp;&nbsp; 2157552 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1838642 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 30670 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 78000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 104281 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; (1043) |
| **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; **$36663** |

---

&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 |

---

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 2026 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.

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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; $18366433 | &nbsp;&nbsp; $354168 | &nbsp;&nbsp; $18720601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 13447818 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 13447818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 83930068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83930068 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 16961713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16961713 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 10857294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10857294 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 889312 | &nbsp;&nbsp; 543502 | &nbsp;&nbsp; 1432814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 108913 | &nbsp;&nbsp; 293970 | &nbsp;&nbsp; 402883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4817704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4817704 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $535028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 535028 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 5183 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165572 | &nbsp;&nbsp; 165572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 229530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 229530 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 238194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238194 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 212345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212345 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 9977 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9977 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 3683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3683 |
| **Total Investments** | &nbsp;&nbsp; **$540211** | &nbsp;&nbsp; **$150073014** | &nbsp;&nbsp; **$1357212** | &nbsp;&nbsp; **$151970437** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $26078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $26078 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $37706 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37706 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$26078** | &nbsp;&nbsp; **$37706** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$63784** |
| **Total** | &nbsp;&nbsp; **$566289** | &nbsp;&nbsp; **$150110720** | &nbsp;&nbsp; **$1357212** | &nbsp;&nbsp; **$152034221** |

---

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Western Asset Variable Global High Yield Bond Portfolio 2026 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $202553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $202553 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1043 |
| **Total** | &nbsp;&nbsp; **$202553** | &nbsp;&nbsp; **$1043** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$203596** |

---

&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 March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026. <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>2025 | 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>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $45426 | $8590743 | 8590743 | $8636169 | 8636169 |

---

&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>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $6763 |  |  |

---

**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 3/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 120 | 3/25 | $1461 | $30 | &nbsp;&nbsp; $0.25<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 14732 | 3/25 | 179338 | 3683 <br><sup>(b)</sup><br>| 0.25<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$180799** | **$3713** | &nbsp;&nbsp; <br> **0.00%** <br><sup>(a)</sup><br>|

---

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

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

<sup>(b)</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 registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board. 

------

Western Asset Variable Global High Yield Bond Portfolio 2026 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:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $157024576.12

**Total Liabilities:** $2216774.68

**Net Assets:** $154807801.44

**Delayed Delivery Securities:** $296826.00

**Cash Not Reported:** $1080824.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.13000000 | **1-Year:** 758.85000000 | **5-Year:** 4957.94000000 | **10-Year:** 2467.88000000 | **30-Year:** 67.78000000

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

- **3-Month:** 123.06000000 | **1-Year:** 11180.75000000 | **5-Year:** 33003.99000000 | **10-Year:** 10032.04000000 | **30-Year:** 500.91000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047257 | 0.77%                | 0.46%                | -1.67%               |
| Class ID C000047256 | 0.81%                | 0.64%                | -1.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-129232.24              | $591916.83                                 |
| Month 2  | $235422.81               | $-333998.23                                |
| Month 3  | $191928.59               | $-3613913.50                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Energy Transfer LP                                                                   | ET V7.125 PERP G                                                                                                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    440000 | PA      | $449002.40    | 0.29%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Elevation Clo 2021-14 Ltd/ Elevation Clo 2021-14 Llc                                 | AWPT 2021-14A ER                                                                                                                                       | CUSIP: 28623TAJ3<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $524835.78    | 0.34%             | 2038-01-20      | Floating      | 10.12%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | GBP/USD FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1042.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                                                          | BBVASM V5.125 01/18/33 144A                                                                                                                            | CUSIP: 05533UAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1575555.30   | 1.02%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 10.75 11/30/29 .                                                                                                                                  | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1207000 | PA      | $1304604.98   | 0.84%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                 | ANGOL 8.25 05/09/28 144A                                                                                                                               | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    400000 | PA      | $403871.63    | 0.26%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP                                                                       | UNIT 8.625 06/15/32 Feb                                                                                                                                | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $529984.40    | 0.34%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| B&M EUROPEAN VALUE RETAIL PLC                                                        | BMELN 4 11/15/28                                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    320000 | PA      | $399961.25    | 0.26%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO XIX LTD                                                            | MVEW 2025-1A D1                                                                                                                                        | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $211378.71    | 0.14%             | 2038-10-18      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Valor                                                                                | Valor                                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    165572 | NS      | $165572.00    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Galaxy XXII CLO Ltd/Galaxy XXII CLO LLC                                              | GALXY 2016-22A DR4                                                                                                                                     | CUSIP: 36320TBT9<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $295684.29    | 0.19%             | 2034-04-17      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                     | ABR 8.5 12/15/28 144A                                                                                                                                  | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    210000 | PA      | $206467.34    | 0.13%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDINGS LLC                                                        | SUMMPL 8.625 10/31/29 144A                                                                                                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $174948.19    | 0.11%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 5.05 03/15/42 *                                                                                                                                    | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    680000 | PA      | $449687.89    | 0.29%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.58 04/22/32                                                                                                                                     | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    690000 | PA      | $623771.99    | 0.40%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                                                   | TIGO 4.5 04/27/31 REGS                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $684228.52    | 0.44%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 7.75 10/15/31 144A                                                                                                                                 | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335347.72    | 0.22%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                  | AXL 6.375 10/15/32 144A                                                                                                                                | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108960.28    | 0.07%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                            | XYZ 6 08/15/33 144A                                                                                                                                    | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    360000 | PA      | $354424.87    | 0.23%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                          | Asurion First-lien Term Loan B-14 375 2033-02-09                                                                                                       | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    290000 | PA      | $280757.70    | 0.18%             | 2033-03-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                 | ASUCOR 8 12/31/32 144A                                                                                                                                 | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519144.00    | 0.34%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                                                 | WW INTERNATIONAL INC                                                                                                                                   | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | N/A       |    699345 | PA      | $516116.74    | 0.33%             | 2030-06-24      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 6.5 02/01/29 144A                                                                                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $229865.40    | 0.15%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Apidos Clo L                                                                         | APID 2024-50A E                                                                                                                                        | CUSIP: 03771LAA2<br>LEI: 2549007IRDJIM26V8J63 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $146722.32    | 0.09%             | 2038-01-20      | Variable      | 8.77%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                        | HLSTWR 7.5 06/04/29 144A                                                                                                                               | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    600000 | PA      | $611321.56    | 0.39%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                   | DOMREP 6.85 01/27/45 144A                                                                                                                              | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    600000 | PA      | $587070.00    | 0.38%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                            | IVYCST 6.75 02/25/41 144A                                                                                                                              | CUSIP: 221625AX4<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    380000 | PA      | $334638.84    | 0.22%             | 2041-02-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                 | TURKEY 4.875 10/09/26 11Y                                                                                                                              | CUSIP: 900123CK4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    700000 | PA      | $699897.09    | 0.45%             | 2026-10-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RR LTD 2021-18                                                                       | RRAM 2021-18A DR                                                                                                                                       | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $320467.65    | 0.21%             | 2040-07-16      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | SOAF 5.65 09/27/47 30Y                                                                                                                                 | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    380000 | PA      | $297690.77    | 0.19%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 4.75 01/15/34 144A                                                                                                                                 | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    460000 | PA      | $496087.24    | 0.32%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CT Investment GmbH                                                                   | CBRSER 6.375 04/15/30 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 529900VYBTC7HKBCNB72 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $222426.42    | 0.14%             | 2030-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                                                     | TKCHOL 8.5 08/15/30 144A                                                                                                                               | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $363256.20    | 0.23%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY LP                                                      | FPH 8 10/01/30 144A                                                                                                                                    | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $429259.02    | 0.28%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Carnival PLC                                                                         | CCL 1 10/28/29                                                                                                                                         | CUSIP: 14365CAA1<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1050482.82   | 0.68%             | 2029-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                                             | COSTAR 7 04/04/44 144A                                                                                                                                 | CUSIP: 221602AC9<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    350000 | PA      | $370198.50    | 0.24%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Grupo Televisa S.A.B.                                                                | TELVIS 5 05/13/45                                                                                                                                      | CUSIP: 40049JBA4<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |    540000 | PA      | $335830.87    | 0.22%             | 2045-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                     | TEVA 4.1 10/01/46                                                                                                                                      | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $371248.05    | 0.24%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | CHRD 6 10/01/30 144A                                                                                                                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182494.80    | 0.12%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                                                      | BTHREE 4.125 09/20/31 144A                                                                                                                             | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |   1070000 | PA      | $986406.25    | 0.64%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL FOUR US CLO IV LTD                                                           | C4US 2025-4A E                                                                                                                                         | CUSIP: 14016AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $368124.10    | 0.24%             | 2038-10-18      | Variable      | 9.89%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                              | MIK 11 03/15/34 144A                                                                                                                                   | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1584965.08   | 1.02%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                 | VIKCRU 5.875 10/15/33 144A                                                                                                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    380000 | PA      | $375450.20    | 0.24%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                     | ABR 7.875 07/15/30 144A                                                                                                                                | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    370000 | PA      | $342367.19    | 0.22%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V4 PERP H                                                                                                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    330000 | PA      | $305489.97    | 0.20%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 5.875 01/15/31 144A                                                                                                                               | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    120000 | PA      | $116659.90    | 0.08%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                       | ECOPET 8.375 01/19/36                                                                                                                                  | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    610000 | PA      | $618986.29    | 0.40%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Azelis Finance NV                                                                    | AZELIS 4.75 09/25/29 144A                                                                                                                              | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |    180000 | PA      | $208181.53    | 0.13%             | 2029-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                        | NGERIA 7.875 02/16/32 144A                                                                                                                             | CUSIP: 65412JAA1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $202795.24    | 0.13%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL HOLDINGS (US) INC                                                  | GFLCN 5.5 02/01/34 144A                                                                                                                                | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $206229.64    | 0.13%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boels Topholding Bv                                                                  | BOELST 5.75 05/15/30 144A                                                                                                                              | CUSIP: 000000000<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |    260000 | PA      | $303065.17    | 0.20%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Aes Andes S.A                                                                        | AES 6.25 03/14/32 144A                                                                                                                                 | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    450000 | PA      | $462123.45    | 0.30%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Kodiak BP LLC                                                                        | Kodiak Building Partners Term Loan B 375 2031-11-18                                                                                                    | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |    240000 | PA      | $240319.20    | 0.16%             | 2031-12-04      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| ARES XLIV CLO LTD                                                                    | ARES 2017-44A CRR                                                                                                                                      | CUSIP: 04016NBR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247290.43    | 0.16%             | 2034-04-17      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Goldentree Loan Management US CLO 8 Ltd.                                             | GLM 2020-8A ERR                                                                                                                                        | CUSIP: 38136NBG0<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $455965.39    | 0.29%             | 2034-10-20      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                            | TIBX 8.25 06/30/32 144A                                                                                                                                | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    440000 | PA      | $417663.36    | 0.27%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (Province Of)                                                           | BUENOS 6.625 09/01/37 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |   1073575 | PA      | $811891.22    | 0.52%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                   | DOMREP 7.05 02/03/31 144A                                                                                                                              | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $311010.00    | 0.20%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp/ Canadas Wonderland Company/ Millennium Operations LLC  | FUN 8.625 01/15/32 144A                                                                                                                                | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240551.60    | 0.16%             | 2032-01-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VCI Asset Holdings 1 LLC                                                             | VCI ASSET HOLDINGS 1 LLC                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    860000 | PA      | $923429.30    | 0.60%             | 2030-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 0.75 07/09/30                                                                                                                                   | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    247620 | PA      | $207629.57    | 0.13%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO 8.625 04/15/29                                                                                                                                     | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207844.48    | 0.13%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 4.5 02/01/34 144A                                                                                                                               | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    100180 | PA      | $53640.52     | 0.03%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CLOVER CLO 2021-1 LLC                                                                | FTGPK 2025-2A ER                                                                                                                                       | CUSIP: 18914KAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    420000 | PA      | $392591.81    | 0.25%             | 2034-04-24      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy Inc.                                                                | VETCN 7.25 02/15/33 144A                                                                                                                               | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | RF                | CA        |    310000 | PA      | $312915.49    | 0.20%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.875 PERP GG                                                                                                                                       | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141079.12    | 0.09%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO INC                                                  | MIWIDO 6.75 04/01/32 144A                                                                                                                              | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $364183.72    | 0.24%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                                                      | NEXUS BUYER LLC                                                                                                                                        | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |     99750 | PA      | $96882.19     | 0.06%             | 2031-07-31      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                                | Jane Street Group Term Loan B 200 2031-12-01                                                                                                           | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    450000 | PA      | $442329.75    | 0.29%             | 2031-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Third DIP New Money TL                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     31008 | PA      | $30698.23     | 0.02%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| OHA CR FDG LTD 2024-18                                                               | OAKC 2024-18A D1                                                                                                                                       | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |    220000 | PA      | $219853.66    | 0.14%             | 2037-04-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 5.625 07/15/34 144A                                                                                                                                | CUSIP: 86765KAN9<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |    350000 | PA      | $344888.55    | 0.22%             | 2034-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                | DTV 8.875 02/01/30 144a                                                                                                                                | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69931.77     | 0.05%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                                             | WYNFIN 7.125 02/15/31 144A                                                                                                                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $534885.45    | 0.35%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AAR Corp.                                                                            | AIR 6.75 03/15/29 144A                                                                                                                                 | CUSIP: 00253PAA6<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193514.43    | 0.13%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 11/15/33 144A                                                                                                                                    | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    970000 | PA      | $982256.92    | 0.63%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                         | AM 5.75 10/15/33 144A                                                                                                                                  | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    390000 | PA      | $385942.52    | 0.25%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                              | EQMSRM 8.625 05/15/32 144A                                                                                                                             | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261252.25    | 0.17%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                                             | WCC 5.5 04/15/34 144A                                                                                                                                  | CUSIP: 95081QAU8<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    490000 | PA      | $483801.01    | 0.31%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners Llc                                                 | HOWARD 6.625 01/15/34 144A                                                                                                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $662981.22    | 0.43%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                   | DOMREP 4.875 09/23/32 144A                                                                                                                             | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $138585.00    | 0.09%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 6 03/15/34 144A                                                                                                                                    | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    380000 | PA      | $367757.84    | 0.24%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | ISATLN 9 09/15/29 144A                                                                                                                                 | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    730000 | PA      | $767806.70    | 0.50%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Capstone Borrower Inc.                                                               | CVT 8 06/15/30 144A                                                                                                                                    | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    160000 | PA      | $153027.18    | 0.10%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MAGNETITE XXVI LTD                                                                   | MAGNE 2020-26A ER2                                                                                                                                     | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $399997.25    | 0.26%             | 2038-01-25      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 3.85 04/01/61                                                                                                                                     | CUSIP: 161175BY9<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $1513989.52   | 0.98%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                             | EA 6.25 07/01/33 144a                                                                                                                                  | CUSIP: 000000000<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    170000 | PA      | $200831.30    | 0.13%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                                               | athenahealth Term Loan B 300 2029-02-01                                                                                                                | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    239395 | PA      | $235355.67    | 0.15%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CYH 6.875 04/15/29 144A                                                                                                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    430000 | PA      | $413947.15    | 0.27%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                                                              | GUATEM 5.375 04/24/32 144A                                                                                                                             | CUSIP: 401494AS8<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    600000 | PA      | $594600.00    | 0.38%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | CE 7 02/15/31                                                                                                                                          | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174685.03    | 0.11%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                  | AXON 6.125 03/15/30 144A                                                                                                                               | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152856.90    | 0.10%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO 2022-2 LTD                                                               | OAKCL 2022-2A D1R2                                                                                                                                     | CUSIP: 67402RBQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $278057.33    | 0.18%             | 2037-10-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 8.375 06/01/31 144A                                                                                                                             | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124859.44    | 0.08%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 8 03/01/33 144A                                                                                                                                   | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1580000 | PA      | $1648892.74   | 1.07%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 7.25 02/15/34 144A                                                                                                                                | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $326032.64    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 4.125 12/01/30 144A                                                                                                                             | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    210000 | PA      | $126251.70    | 0.08%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPW 3.692 06/05/28                                                                                                                                     | CUSIP: 55342UAL8<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    100000 | PA      | $116371.91    | 0.08%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD                                                                     | BHCCN 10 04/15/32 144A                                                                                                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    880000 | PA      | $901726.32    | 0.58%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                             | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       677 | NS      | $9977.01      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| APH/APH2/APH3 SOMERSET INVESTOR 2 LLC / AQUARIAN INSURANCE HOLDINGS LLC              | AQUARI 7.875 11/01/29 144A                                                                                                                             | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $208190.25    | 0.13%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                    | SFRFP 6.5 04/15/32 144A                                                                                                                                | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    342988 | PA      | $325287.76    | 0.21%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                 | Agnc Investment Corp DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE OF 6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRE | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     12537 | NS      | $304272.99    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7.25 07/01/31 144A                                                                                                                              | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    690000 | PA      | $723925.23    | 0.47%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Arcosa Inc                                                                           | ACA 6.875 08/15/32 144A                                                                                                                                | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246099.12    | 0.16%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V8 PERP                                                                                                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $724879.50    | 0.47%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Next Properties Trust 2401                                                           | NEXTPR 4.869 01/15/30 144A                                                                                                                             | CUSIP: 89834MAA4<br>LEI: 254900QDKZ8ZURT6FD83 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $385402.00    | 0.25%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| VFH Parent LLC & Valor Co-Issuer Inc.                                                | VIRT 7.5 06/15/31 144A                                                                                                                                 | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308459.40    | 0.20%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AGL CLO 17 LTD                                                                       | AGL 2022-17A ER                                                                                                                                        | CUSIP: 00120EAE4<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $454773.65    | 0.29%             | 2035-01-22      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                 | AHTLN 2.45 08/12/31 144A                                                                                                                               | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    440000 | PA      | $386887.56    | 0.25%             | 2031-08-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                        | Spirit Aviation Holdings Inc. WT EXP                                                                                                                   | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14732 | NS      | $3683.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                           | STENOR 7.375 06/01/31 144A                                                                                                                             | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    370000 | PA      | $382662.51    | 0.25%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.5 PERP OO                                                                                                                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225877.30    | 0.15%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dream Finders Homes Inc                                                              | DFH 6.875 09/15/30 144A                                                                                                                                | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $373579.01    | 0.24%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                       | ZFFNGR 6.75 04/23/30 144A                                                                                                                              | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    220000 | PA      | $212978.11    | 0.14%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon A.S.                                                           | TURKTI 7.375 05/20/29 144A                                                                                                                             | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    850000 | PA      | $859534.68    | 0.56%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IPD 3 B.V.                                                                           | IPDEBV F 06/15/31 144a                                                                                                                                 | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $109992.88    | 0.07%             | 2031-06-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Ocean Trails Clo XIV Ltd.                                                            | OCTR 2023-14A ER                                                                                                                                       | CUSIP: 67515MAG3<br>LEI: 254900TWRKR5CRS1OX19 | Long             | ABS-CBDO         | CORP              | JE        |    370000 | PA      | $316595.83    | 0.20%             | 2038-01-20      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                    | ABEGET 11.25 02/21/30 144A                                                                                                                             | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45077.25     | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 47 LTD                                                   | OCT47 2020-1A ER2                                                                                                                                      | CUSIP: 67576YAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $367837.11    | 0.24%             | 2038-01-22      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V6.625 PERP B                                                                                                                                       | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10008.93     | 0.01%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                               | TRICGR L 06/29/26 1                                                                                                                                    | CUSIP: 31935HAM9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |     78491 | PA      | $19132.21     | 0.01%             | 2026-06-29      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                                                      | Blackhawk Network Holdings Term Loan B 350 2029-03-01                                                                                                  | CUSIP: 09238FAN1<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    137907 | PA      | $136338.31    | 0.09%             | 2029-03-12      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| ABC TECHNOLOGIES INC                                                                 | ABC TECHNOLOGIES INC/CANADA                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    550852 | PA      | $530224.35    | 0.34%             | 2031-09-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                | DTV 10 02/15/31 144A                                                                                                                                   | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $306485.78    | 0.20%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                                         | PEMEX 6.625 06/15/35                                                                                                                                   | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1600000 | PA      | $1492334.88   | 0.96%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 4.5 05/01/32                                                                                                                                      | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $464976.43    | 0.30%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                              | ZIGGO 5.25 01/15/33 144A                                                                                                                               | CUSIP: 000000000<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    490000 | PA      | $524155.56    | 0.34%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Icecek AS                                                                  | CCOLAT 4.5 01/20/29 144A                                                                                                                               | CUSIP: 1912ERAA8<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |    350000 | PA      | $335770.96    | 0.22%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CYH 6.125 04/01/30 144A                                                                                                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    170000 | PA      | $147997.68    | 0.10%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                                         | ROCKIE 6.75 03/15/33 144A                                                                                                                              | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123596.16    | 0.08%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                                 | YPFDAR 6.95 07/21/27 144A                                                                                                                              | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    245000 | PA      | $246115.62    | 0.16%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                        | NGERIA 6.5 11/28/27 REGS                                                                                                                               | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    260000 | PA      | $261234.23    | 0.17%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                               | AMKR 5.875 10/01/33 144A                                                                                                                               | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    380000 | PA      | $378920.38    | 0.24%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Limited                                                           | ESKOM 4.314 07/23/27                                                                                                                                   | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    570000 | PA      | $561964.31    | 0.36%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 2.85 03/08/29                                                                                                                                   | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $188457.38    | 0.12%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                    | SFRFP 6.875 07/15/32 144A                                                                                                                              | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    724086 | PA      | $686747.40    | 0.44%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                              | MRP 6.25 09/15/32 144A                                                                                                                                 | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $176927.90    | 0.11%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Marks and Spencer plc                                                                | MARSPE 7.125 12/01/37 144A                                                                                                                             | CUSIP: 57069PAA0<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $979404.08    | 0.63%             | 2037-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V2.976 11/05/30                                                                                                                                      | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472366.10    | 0.31%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                       | CRWV 9.25 06/01/30 144A                                                                                                                                | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243153.60    | 0.16%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                       | ZFFNGR 6.875 04/23/32 144A                                                                                                                             | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    440000 | PA      | $418454.52    | 0.27%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 6.25 09/15/33 144A                                                                                                                                | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    150000 | PA      | $145655.01    | 0.09%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB (publ)                                                           | VERISR 7.125 02/01/28 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    650000 | PA      | $765321.22    | 0.49%             | 2028-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                         | WMS 5.375 03/01/34 144A                                                                                                                                | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    360000 | PA      | $351223.49    | 0.23%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.5 06/15/34 144A                                                                                                                               | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    280000 | PA      | $291642.96    | 0.19%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nova Securitisation S.a r.l.                                                         | SBSPAB 5.75 02/03/31 144A                                                                                                                              | CUSIP: 66984FAA5<br>LEI: 636700QG9R13IDZO4Y16 | Long             | DBT              | CORP              | LU        |    710000 | PA      | $687798.73    | 0.44%             | 2031-02-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SAS                                                                    | SFRFP 10 01/15/33 144A                                                                                                                                 | CUSIP: 020956AA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    162000 | PA      | $147418.04    | 0.10%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | NOG 7.875 10/15/33 144A                                                                                                                                | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    490000 | PA      | $507300.92    | 0.33%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                              | EQMSRM 8 03/15/33 144A                                                                                                                                 | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    480000 | PA      | $496077.82    | 0.32%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 11.75 01/31/29 144A                                                                                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    740000 | PA      | $535589.80    | 0.35%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Aeropuertos Dominicanos Siglo XXI SA                                                 | AERDOS 7 06/30/34 144A                                                                                                                                 | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    350000 | PA      | $356910.75    | 0.23%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO XVI LTD                                                             | OCTR 2024-16A E                                                                                                                                        | CUSIP: 674914AA4<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $181666.28    | 0.12%             | 2038-01-20      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                                        | DISH 5.75 12/01/28 144A                                                                                                                                | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1006509.44   | 0.65%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Park-Ohio Industries, Inc.                                                           | PKOH 8.5 08/01/30 144A                                                                                                                                 | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    380000 | PA      | $389805.90    | 0.25%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7 06/01/32 144A                                                                                                                                 | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31172.76     | 0.02%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                                 | GTX 7.75 05/31/32 144A                                                                                                                                 | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217577.85    | 0.14%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                        | MPEL 6.5 09/24/33 144A                                                                                                                                 | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $576408.44    | 0.37%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC DIP New Money Term Loan 10/25                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     63305 | PA      | $62672.21     | 0.04%             | 2040-01-02      | None          | 11.68%                | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                        | PETBRA 6.9 03/19/49                                                                                                                                    | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    340000 | PA      | $327152.87    | 0.21%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Tengizchevroil Finance Company International Ltd.                                    | TENGIZ 3.25 08/15/30 144A                                                                                                                              | CUSIP: 88034QAC1<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $369858.53    | 0.24%             | 2030-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bahrain (Kingdom of)                                                                 | BHRAIN 6 09/19/44 144A                                                                                                                                 | CUSIP: 05674RAD6<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    510000 | PA      | $412758.29    | 0.27%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                  | AXL 7.75 10/15/33 144A                                                                                                                                 | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    870000 | PA      | $847478.31    | 0.55%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc.                                                             | VSNT 7.25 01/30/31 144A                                                                                                                                | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297024.09    | 0.19%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                    | VENTGL 4.125 08/15/31 144A                                                                                                                             | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232025.13    | 0.15%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7.25 06/15/33 144A                                                                                                                                 | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287165.76    | 0.19%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Titan International, Inc.                                                            | TWI 7 04/30/28                                                                                                                                         | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    380000 | PA      | $379468.46    | 0.25%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                    | ABEGET 10.5 11/15/30 144A                                                                                                                              | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    260000 | PA      | $233422.64    | 0.15%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 0 02/01/36 144A                                                                                                                                 | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     54728 | PA      | $25549.58     | 0.02%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                            | TIBX 9 09/30/29 144A                                                                                                                                   | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    560000 | PA      | $540752.02    | 0.35%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                | ALTICE 5.75 08/15/29 144a                                                                                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2020000 | PA      | $1416446.02   | 0.91%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa Sa                                                                     | NUTRES 8 05/12/30 144A                                                                                                                                 | CUSIP: 40055CAA1<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    760000 | PA      | $805790.00    | 0.52%             | 2030-05-12      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                       | CRWV 9 02/01/31 144A                                                                                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47638.45     | 0.03%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                          | CRGYFN 8.375 01/15/34 144A                                                                                                                             | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    790000 | PA      | $826553.30    | 0.53%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO 10.25 04/15/31                                                                                                                                     | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    510000 | PA      | $544432.03    | 0.35%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                             | EA 8.75 07/01/34 144A                                                                                                                                  | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104754.67    | 0.07%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                        | MPEL 5.375 12/04/29 144A                                                                                                                               | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $336464.71    | 0.22%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GOLUB CAP PARTNERS CLO 77B LTD/LLC                                                   | GCBSL 2024-77A E                                                                                                                                       | CUSIP: 38180TAA6<br>LEI: 25490075TUHC39ZVRO61 | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $495435.46    | 0.32%             | 2038-01-25      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                                                     | MELI 3.125 01/14/31                                                                                                                                    | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1378448.50   | 0.89%             | 2031-01-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                   | VGNT 6.375 04/15/34 144A                                                                                                                               | CUSIP: 23292NAB4<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389256.81    | 0.25%             | 2034-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DISH Network Corporation                                                             | DISH 11.75 11/15/27 144A                                                                                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    510000 | PA      | $525702.90    | 0.34%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 5.141 03/15/52 *                                                                                                                                   | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    120000 | PA      | $73050.00     | 0.05%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| VCI ASSET HOLDINGS 2 LLC                                                             | Valor                                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    890000 | PA      | $916700.00    | 0.59%             | 2031-02-06      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle Acquireco, Inc.                                                            | Electronic Arts Term Loan B 350 2033-03-14                                                                                                             | CUSIP: 67123SAB5<br>LEI: 6488ICS9P20290MA1H31 | Long             | LON              | CORP              | US        |    490000 | PA      | $487550.00    | 0.31%             | 2033-03-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                           | APEXC 2021-2A CR                                                                                                                                       | CUSIP: 03755QAJ2<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $96385.47     | 0.06%             | 2034-10-20      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                               | FAIRIC 6.25 09/15/34 144A                                                                                                                              | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    360000 | PA      | $354379.54    | 0.23%             | 2034-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.5 02/15/33 144A                                                                                                                                 | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    520000 | PA      | $505174.28    | 0.33%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                               | ADHERH 8.5 09/30/29 REGS                                                                                                                               | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    220888 | PA      | $11552.46     | 0.01%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KATAYMA CLO II LTD                                                                   | KTAMA 2024-2A D                                                                                                                                        | CUSIP: 485862AG1<br>LEI: 254900HW0KYG9AOGVP97 | Long             | ABS-CBDO         | CORP              | JE        |    320000 | PA      | $319847.46    | 0.21%             | 2037-04-20      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                                               | JBPOIN 8.75 12/15/31 144A                                                                                                                              | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    520000 | PA      | $527706.40    | 0.34%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                               | CAPG 0 PERP REGS                                                                                                                                       | 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      |
| 720 EAST CLO VII LTD                                                                 | NWML 2025-7A E                                                                                                                                         | CUSIP: 81789NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $350181.07    | 0.23%             | 2037-04-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Aag FH UK PLC / Global Auto Holdings PLC                                             | GLOBAU 11.5 08/15/29 144A                                                                                                                              | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $368434.16    | 0.24%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 10.375 05/15/31 144A                                                                                                                              | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    320000 | PA      | $323172.16    | 0.21%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC / Brightstar Global Solutions Corp.                           | BRSL 5.75 01/15/33 144A                                                                                                                                | CUSIP: 108922AA3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    180000 | PA      | $175174.54    | 0.11%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| StoneX Escrow Issuer LLC                                                             | SNEX 6.875 07/15/32 144A                                                                                                                               | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $262945.02    | 0.17%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                               | ADHERH 9.8 09/30/31 REGS                                                                                                                               | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    237466 | PA      | $3265.16      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CXW 4.75 10/15/27                                                                                                                                      | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9916.88      | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                         | PEMEX 6.375 01/23/45                                                                                                                                   | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $394176.45    | 0.25%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                              | SASOL 5.5 03/18/31                                                                                                                                     | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    760000 | PA      | $686287.83    | 0.44%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                      | GEN 6.25 04/01/33 144A                                                                                                                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    220000 | PA      | $214039.23    | 0.14%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG V9 PERP 144a                                                                                                                                    | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1285912.21   | 0.83%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 4.5 02/01/36 144A                                                                                                                               | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    147285 | PA      | $76140.51     | 0.05%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                          | FIBCOP 6 09/30/34 144A                                                                                                                                 | CUSIP: 683879AD2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    550000 | PA      | $524582.36    | 0.34%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | CHRD 6.75 03/15/33 144A                                                                                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    610000 | PA      | $630174.03    | 0.41%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                           | VMED 4.75 07/15/31 144A                                                                                                                                | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $180900.57    | 0.12%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Apld Computeco LLC                                                                   | APLD 9.25 12/15/30 144A                                                                                                                                | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $299048.58    | 0.19%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | SOAF 6.125 12/11/37 144A                                                                                                                               | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    450000 | PA      | $418050.00    | 0.27%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                    | LNW 6.25 10/01/33 144A                                                                                                                                 | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    240000 | PA      | $235312.80    | 0.15%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Contingent TL                                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149805 | PA      | $18725.68     | 0.01%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Senegal (Republic of)                                                                | SENEGL 6.75 03/13/48 144A                                                                                                                              | CUSIP: 81720TAD7<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    460000 | PA      | $235354.48    | 0.15%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                                                 | ALPGEN 6.75 10/15/32 144A                                                                                                                              | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152304.40    | 0.10%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6.125 07/31/34 144A                                                                                                                                | CUSIP: 893647CB1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    390000 | PA      | $384069.04    | 0.25%             | 2034-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Topbuild Corporation                                                                 | BLD 5.625 01/31/34 144A                                                                                                                                | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $372330.35    | 0.24%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                                                 | CAPCOP 6.75 03/31/33 144A                                                                                                                              | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $228699.12    | 0.15%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIATION HOLDINGS INC                                                         | Spirit Aviation Holdings Inc. COM                                                                                                                      | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20733 | NS      | $5183.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rackspace Finance LLC                                                                | RAX 3.5 05/15/28 144A                                                                                                                                  | CUSIP: 75008WAA1<br>LEI: 25490078N5MHLAGLZ689 | Long             | DBT              | CORP              | US        |    390000 | PA      | $195000.00    | 0.13%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding 2021-1 Ltd / Llc                                             | BOBA 2020-1A ERR                                                                                                                                       | CUSIP: 05766CAG1<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $472776.99    | 0.31%             | 2035-10-22      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                              | BLKPRL 6.125 02/15/31 144A                                                                                                                             | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254761.75    | 0.16%             | 2031-02-15      | Fixed         | 6.12%                 | 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      | $307423.19    | 0.20%             | 2034-11-22      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Essendi SA                                                                           | ACCINV 5.375 05/15/30 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $113491.19    | 0.07%             | 2030-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Carnival PLC                                                                         | CCL 4.125 07/15/31 144a                                                                                                                                | CUSIP: 000000000<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $247965.50    | 0.16%             | 2031-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated              | FOUR 5.5 05/15/33 144A                                                                                                                                 | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |    130000 | PA      | $142034.70    | 0.09%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cerdia Finanz Gmbh                                                                   | PLATIN 9.375 10/03/31 144A                                                                                                                             | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    120000 | PA      | $119463.60    | 0.08%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 6.75 02/01/32 144A                                                                                                                                | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $496571.35    | 0.32%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | SOAF 4.3 10/12/28 12Y                                                                                                                                  | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    500000 | PA      | $489715.36    | 0.32%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                     | TEVA 8.125 09/15/31                                                                                                                                    | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    970000 | PA      | $1085594.90   | 0.70%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Mersin Uluslararasi Liman Isletmeciligi A.S.                                         | MERSIN 8.25 11/15/28 144A                                                                                                                              | CUSIP: 590454AC8<br>LEI: 635400DAFN6NT43HM530 | Long             | DBT              | CORP              | TR        |    600000 | PA      | $612080.09    | 0.40%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                     | WULF 7.75 10/15/30 144A                                                                                                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $412352.85    | 0.27%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JAMESTOWN CLO LTD 2016-9                                                             | JTWN 2016-9A CR3                                                                                                                                       | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $218614.18    | 0.14%             | 2034-07-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                         | DHC 7.25 10/15/30 144A                                                                                                                                 | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $323149.76    | 0.21%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.5 05/01/33 144A                                                                                                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    190000 | PA      | $208959.91    | 0.13%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                                   | BANORT V7.625 PERP 144A                                                                                                                                | CUSIP: 05962GAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    400000 | PA      | $401090.80    | 0.26%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                       | ECOPET 5.875 05/28/45                                                                                                                                  | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    900000 | PA      | $663345.46    | 0.43%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Apex Credit Clo 2019-II Ltd.                                                         | APEXC 2019-2A D1NR                                                                                                                                     | CUSIP: 03755CBJ2<br>LEI: 549300OKB854VBBC1981 | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $332486.95    | 0.21%             | 2038-01-25      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO 2022-3 Ltd.                                                        | PLMRS 2022-3A D1R                                                                                                                                      | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |    130000 | PA      | $128755.09    | 0.08%             | 2037-07-20      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                    | POWSOL 6.75 02/15/30 144A                                                                                                                              | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $245569.20    | 0.16%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 3.375 02/15/31 144A                                                                                                                             | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $147139.40    | 0.10%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYPT 6.588 02/21/28 REGS                                                                                                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    300000 | PA      | $298923.38    | 0.19%             | 2028-02-21      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.75 01/15/36 144A                                                                                                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    390000 | PA      | $413322.78    | 0.27%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEAM SERVICES HOLDING, INC                                                           | TEAM Services Term Loan B 525 2033-01-21                                                                                                               | CUSIP: 87821RAB0<br>LEI: 254900SLCOEZGQJACP02 | Long             | LON              | CORP              | US        |    380000 | PA      | $361712.50    | 0.23%             | 2033-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHIP VII LTD                                                    | VIKCRU 5.625 02/15/29 144A                                                                                                                             | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    585000 | PA      | $584432.20    | 0.38%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                                 | NEFINA 8 04/15/30 144A                                                                                                                                 | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $278130.16    | 0.18%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Virgin Media Finance PLC                                                             | VMED 5 07/15/30 144A                                                                                                                                   | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $246166.71    | 0.16%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                 | ANGOL 8.75 04/14/32 144A                                                                                                                               | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    620000 | PA      | $602837.09    | 0.39%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                               | China Aoyuan Group Ltd HKD0.01                                                                                                                         | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | KY        |     77927 | NS      | $595.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6.125 02/15/33 144A                                                                                                                                | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    380000 | PA      | $384001.40    | 0.25%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                               | CAPG 0 09/30/28 REGS                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     27858 | PA      | $662.75       | 0.00%             | 2028-09-30      | None          | 0.00%                 | 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      | $30.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Acrisure Llc / Acrisure Fin Inc                                                      | ACRISU 6.75 07/01/32 144A                                                                                                                              | CUSIP: 004961AA6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144688.97    | 0.09%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Jordan (Kingdom Of)                                                                  | JORDAN 7.75 01/15/28 144A                                                                                                                              | CUSIP: 41809JAA3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    380000 | PA      | $388386.35    | 0.25%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 0 02/01/34 144A                                                                                                                                 | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     77713 | PA      | $33414.41     | 0.02%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Gee Automotive Holdings LLC                                                          | GEEATO 7.25 03/01/31 144A                                                                                                                              | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $381429.56    | 0.25%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 7.375 02/01/36 144A                                                                                                                               | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $548207.92    | 0.35%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 4.5 11/15/31 144a                                                                                                                               | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $624118.53    | 0.40%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                              | LTMCI 7.875 04/15/30 144A                                                                                                                              | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    220000 | PA      | $222475.00    | 0.14%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING 2022-I INV LTD                                                          | CIFC 2022-2A ER                                                                                                                                        | CUSIP: 12567QAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $110401.39    | 0.07%             | 2035-04-19      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Essendi SA                                                                           | ACCINV 6.375 10/15/29 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    110000 | PA      | $127980.47    | 0.08%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc.                                                               | QNTELE 6.25 08/15/33 144A                                                                                                                              | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    370000 | PA      | $374583.19    | 0.24%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corporation                   | SPH 5 06/01/31 144A                                                                                                                                    | CUSIP: 864486AL9<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | DBT              | CORP              | US        |    410000 | PA      | $386184.49    | 0.25%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMUNITY HEALTH SYSTEMS INC                                                         | CYH 10.875 01/15/32 144A                                                                                                                               | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |    760000 | PA      | $816324.36    | 0.53%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                               | CAPG 5.5 09/30/31 REGS                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     86859 | PA      | $651.44       | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 0 02/01/30 144A                                                                                                                                 | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     20797 | PA      | $12231.05     | 0.01%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | ISPIM V4.198 06/01/32                                                                                                                                  | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2020000 | PA      | $1890418.82   | 1.22%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Apld Computeco 2 LLC                                                                 | PFORGE 6.75 03/15/31 144A                                                                                                                              | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198667.82    | 0.13%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                                                                                                                             | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1028651.06   | 0.66%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                            | IVYCST 6.125 06/15/33 144A                                                                                                                             | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1050000 | PA      | $991767.82    | 0.64%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 4.125 07/09/35                                                                                                                                  | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   1349180 | PA      | $974782.55    | 0.63%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Tk Elevator Midco GmbH                                                               | THYELE 4.375 07/15/27 144A                                                                                                                             | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |   1020000 | PA      | $1179081.52   | 0.76%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Hexion Holdings Corporation                                                          | Hexion Term Loan B 400 2029-03-01                                                                                                                      | CUSIP: 00217XAE6<br>LEI: 549300LBB370MUHGLV84 | Long             | LON              | CORP              | US        |    383932 | PA      | $368175.43    | 0.24%             | 2029-03-15      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                              | LVLT 8.5 01/15/36 144A                                                                                                                                 | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    700000 | PA      | $731053.20    | 0.47%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Icecek AS                                                                  | CCOLAT 4.5 01/20/29 REGS                                                                                                                               | CUSIP: 000000000<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $383738.24    | 0.25%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Columbus McKinnon Corp.                                                              | CMCO 7.125 02/01/33 144A                                                                                                                               | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170080.75    | 0.11%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BEAR MOUNTAIN PARK CLO LTD                                                           | BRMTN 2022-1A ER                                                                                                                                       | CUSIP: 07403KAE3<br>LEI: 549300UHUALXUXTG2K29 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $269880.75    | 0.17%             | 2037-07-15      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                         | DHC 4.375 03/01/31                                                                                                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $435965.01    | 0.28%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CYH 9.75 01/15/34 144A                                                                                                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    420000 | PA      | $436429.61    | 0.28%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                            | TIBX 6.625 08/15/33 144A                                                                                                                               | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    280000 | PA      | $249194.32    | 0.16%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS SA DE CV                                                         | PEMEX 6.625 06/15/38                                                                                                                                   | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1350000 | PA      | $1213920.00   | 0.78%             | 2038-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PPM CLO Ltd 2025-8                                                                   | PPMC 2025-8A D1                                                                                                                                        | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $369532.80    | 0.24%             | 2038-04-20      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 8.625 06/01/31 144A                                                                                                                               | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $280285.38    | 0.18%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                        | NGERIA 7.143 02/23/30 144A                                                                                                                             | CUSIP: 65412JAD5<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    350000 | PA      | $353275.37    | 0.23%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                   | NWL 8.5 06/01/28 144A                                                                                                                                  | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216877.50    | 0.14%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                | WOOF 8.25 02/01/31 144A                                                                                                                                | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    390000 | PA      | $389732.58    | 0.25%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Pm General Purchaser Llc                                                             | AMGENE 9.5 10/01/28 144A                                                                                                                               | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1498408.80   | 0.97%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 6.375 02/15/36 144A                                                                                                                               | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    710000 | PA      | $683578.63    | 0.44%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Full House Resorts Inc.                                                              | FLL 8.25 02/15/28 144A                                                                                                                                 | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |    850000 | PA      | $775625.00    | 0.50%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                        | MIDCAP F 01/15/56 144a                                                                                                                                 | CUSIP: 59590AAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $742220.33    | 0.48%             | 2056-01-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | USD/GBP FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7035.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                         | UAL 5.375 03/01/31                                                                                                                                     | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    220000 | PA      | $215724.67    | 0.14%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                               | ADHERH 9 09/30/30 REGS                                                                                                                                 | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    179894 | PA      | $2698.42      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CXW 8.25 04/15/29                                                                                                                                      | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    510000 | PA      | $532767.93    | 0.34%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AMMC CLO 27 LTD                                                                      | AMMC 2022-27A DR                                                                                                                                       | CUSIP: 00173UBA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    120000 | PA      | $119092.24    | 0.08%             | 2037-01-20      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                                                  | OMAN 6.75 01/17/48 REGS                                                                                                                                | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    400000 | PA      | $416818.66    | 0.27%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                  | CCO 7.125 02/15/31 144A                                                                                                                                | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    330000 | PA      | $345942.38    | 0.22%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                         | BRAZIL 6 04/07/26                                                                                                                                      | CUSIP: 105756BX7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    550000 | PA      | $550880.00    | 0.36%             | 2026-04-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                             | FLTR 5.875 06/04/31 144A                                                                                                                               | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    350000 | PA      | $347025.00    | 0.22%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WBI Operations LLC                                                                   | WBI 6.5 10/15/33 144A                                                                                                                                  | CUSIP: 92944BAB7<br>LEI: 254900A83461EGRMOV11 | Long             | DBT              | CORP              | US        |    410000 | PA      | $407152.55    | 0.26%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Boots Group Finco LP/ The Boots Group Luxco S.a.r.l.                                 | BOOTFN 7.375 08/31/32 144*                                                                                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $132120.04    | 0.09%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tengizchevroil Finance Company International Ltd.                                    | TENGIZ 4 08/15/26 REGS                                                                                                                                 | CUSIP: 000000000<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |    275000 | PA      | $274335.95    | 0.18%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL FOUR US CLO I LTD                                                            | C4US 2021-1A DR                                                                                                                                        | CUSIP: 14016TAS8<br>LEI: 549300NMXY8VXHO96C52 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $305444.71    | 0.20%             | 2035-01-18      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                                | ACM 6 08/01/33 144A                                                                                                                                    | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    380000 | PA      | $379933.99    | 0.25%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                   | DOMREP 4.875 09/23/32 REGS                                                                                                                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    410000 | PA      | $378799.00    | 0.24%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SILVER POINT CLO 16 LTD                                                              | SPCLO 2026-16A E                                                                                                                                       | CUSIP: 82810KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    480000 | PA      | $469118.11    | 0.30%             | 2039-04-18      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 6.75 05/01/33 144A                                                                                                                              | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    760000 | PA      | $771611.28    | 0.50%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness                                                                    | LTH 6 11/15/31 144A                                                                                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151268.70    | 0.10%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | EUR/USD FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $30669.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                            | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 275 2031-03-15                                                                            | CUSIP: 89678QAF3<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    390000 | PA      | $391095.90    | 0.25%             | 2031-03-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Granite Ridge Resources Inc                                                          | GRNT 8.875 11/05/29                                                                                                                                    | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |    940000 | PA      | $904162.50    | 0.58%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TEAM SERVICES HOLDING INC                                                            | TEAPUB 9 02/15/33 144A                                                                                                                                 | CUSIP: 87821TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $353266.11    | 0.23%             | 2033-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH                                   | BANORT V6.625 PERP 144A                                                                                                                                | CUSIP: 05973KAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    780000 | PA      | $743960.02    | 0.48%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE BORROWER LLC                                                       | RIVENT 6.25 10/15/30 144A                                                                                                                              | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $389243.87    | 0.25%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATP Tower HoldingsLLC/Andean Telecom Partners Chile SpA                              | ATPTOW 7.875 02/03/30 144A                                                                                                                             | CUSIP: 00193BAA0<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |    550000 | PA      | $558095.11    | 0.36%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7 06/15/30 144A                                                                                                                                    | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92347.56     | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MFA Financial Inc.                                                                   | MFA Financial Inc. 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      7229 | NS      | $153037.93    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Euro FX Futures, Jun-2026,ETH                                                                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       -18 | NC      | $26077.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudera Inc                                                                         | Cloudera First-lien Term Loan 375 2028-07-24                                                                                                           | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    200000 | PA      | $179125.00    | 0.12%             | 2028-10-08      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 0 02/01/35 144A                                                                                                                                 | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     65672 | PA      | $30653.22     | 0.02%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                | ECUA 0 07/31/30 144A                                                                                                                                   | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1143000 | PA      | $951261.75    | 0.61%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                       | ZFFNGR 7.5 03/24/31 144A                                                                                                                               | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    390000 | PA      | $383405.18    | 0.25%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.75 05/01/35 144A                                                                                                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $67284.18     | 0.04%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                | AAL 7.25 02/15/28 144A                                                                                                                                 | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $362326.81    | 0.23%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                | QUIKHO 6.375 03/01/32 144A                                                                                                                             | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    530000 | PA      | $537819.09    | 0.35%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO X                                                                   | OCTR 2020-10A ER                                                                                                                                       | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $368580.04    | 0.24%             | 2034-10-16      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                                                         | BHCCN 6.25 02/15/29 144A                                                                                                                               | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $60100.00     | 0.04%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ueno Bank SA                                                                         | UENOPY 6.7 03/06/31 144A                                                                                                                               | CUSIP: 903934AB3<br>LEI: 98450099V56Z7DB78D05 | Long             | DBT              | CORP              | PY        |    260000 | PA      | $257693.80    | 0.17%             | 2031-03-06      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 3.7 04/01/51                                                                                                                                      | CUSIP: 161175BV5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    500000 | PA      | $309756.31    | 0.20%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                  | AXON 6.25 03/15/33 144A                                                                                                                                | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81727.28     | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corporation                                                       | Chimera Investment Corporation 7.75% SER C FIXED TO FLOAT CUM RED PFD STOCK                                                                            | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      3941 | NS      | $77716.52     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Airlines Contingent                                                           | SPIRIT FUNDED ROLL UP TL                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393206 | PA      | $275243.89    | 0.18%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UBS Group AG                                                                         | UBS V7.125 PERP 144a                                                                                                                                   | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    430000 | PA      | $422958.75    | 0.27%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands IV B.V.                                      | TEVA 5.75 12/01/30                                                                                                                                     | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |    690000 | PA      | $699205.29    | 0.45%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IPD 3 B.V.                                                                           | IPDEBV 5.5 06/15/31 144A                                                                                                                               | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    130000 | PA      | $141781.66    | 0.09%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOYA CLO 2020-3 LTD                                                                  | VOYA 2020-3A D1RR                                                                                                                                      | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    170000 | PA      | $167718.53    | 0.11%             | 2038-01-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                | Petco Animal Supplies Term Loan B 425 2031-01-11                                                                                                       | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    360000 | PA      | $352677.60    | 0.23%             | 2031-01-22      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Second DIP New Money Delayed TL                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     15700 | PA      | $15543.15     | 0.01%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.625 PERP                                                                                                                                          | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    280000 | PA      | $280400.46    | 0.18%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 7 02/15/29 144A                                                                                                                                    | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142783.34    | 0.09%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sally Holdings LLC                                                                   | SBH 6.75 04/01/32                                                                                                                                      | CUSIP: 79546VAQ9<br>LEI: 3GM3SMNQ8UJOJU9DFN26 | Long             | DBT              | CORP              | US        |    380000 | PA      | $389216.14    | 0.25%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 3.875 11/30/30                                                                                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     66450 | PA      | $237531.56    | 0.15%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ray Financing LLC                                                                    | SUNMED 6.5 07/15/31 144A                                                                                                                               | CUSIP: 000000000<br>LEI: 254900IA5MVMGDF40Z19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $382323.85    | 0.25%             | 2031-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                                                               | PARGUY 2.739 01/29/33 144A                                                                                                                             | CUSIP: 699149AK6<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    560000 | PA      | $493220.00    | 0.32%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA                                                    | PETRPE 4.75 06/19/32 144A                                                                                                                              | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    900000 | PA      | $714298.50    | 0.46%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance LP                                                      | NORMID 6.75 07/15/32 144A                                                                                                                              | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $371349.02    | 0.24%             | 2032-07-15      | Fixed         | 6.75%                 | 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      |
| Cellnex Finance Company S.A.U.                                                       | CLNXSM 2 02/15/33 EMTN                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $201588.52    | 0.13%             | 2033-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Teamsystem S.p.A                                                                     | TITANL F 07/31/31 144A                                                                                                                                 | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |    320000 | PA      | $356091.88    | 0.23%             | 2031-07-31      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Pan American Energy SL Argentina Branch                                              | PANAME 8.5 04/30/32 144A                                                                                                                               | CUSIP: 69784DAD0<br>LEI: 529900QG9TOWTXWOBF90 | Long             | DBT              | CORP              | AR        |    500000 | PA      | $531575.02    | 0.34%             | 2032-04-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                              | LVLT 6.875 06/30/33 144A                                                                                                                               | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81528.89     | 0.05%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA                                                                     | PAMPAR 7.95 09/10/31 144A                                                                                                                              | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    250000 | PA      | $260912.50    | 0.17%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS INC                                                           | BHCCN 8.5 01/31/27 144A                                                                                                                                | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    680000 | PA      | $674192.80    | 0.44%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Qazaqgaz National Co JSC                                                             | KZTGKZ 4.375 09/26/27 144A                                                                                                                             | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    400000 | PA      | $397248.01    | 0.26%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPW 5 10/15/27                                                                                                                                         | CUSIP: 55342UAH7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    160000 | PA      | $149072.01    | 0.10%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                              | MRP 6.375 08/01/30 144A                                                                                                                                | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $610221.98    | 0.39%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MasterBrand Inc                                                                      | MASBRA 7 07/15/32 144A                                                                                                                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185794.03    | 0.12%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9.875 02/01/32 144A                                                                                                                             | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    630000 | PA      | $676921.14    | 0.44%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Marston's Issuer PLC                                                                 | MARSLN V0 07/16/35 B1                                                                                                                                  | CUSIP: 000000000<br>LEI: 213800HQB746UJ9UWM15 | Long             | ABS-O            | CORP              | GB        |    853000 | PA      | $1052256.71   | 0.68%             | 2035-07-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                     | AMCX 10.5 07/15/32 144A                                                                                                                                | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    234000 | PA      | $231177.75    | 0.15%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 6.75 11/30/30                                                                                                                                     | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    715130 | PA      | $723002.15    | 0.47%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LHOME MTG TR 2025-RTL1                                                               | LHOME 2025-RTL1 M1                                                                                                                                     | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $212345.36    | 0.14%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                               | TRICGR L 06/29/26 2                                                                                                                                    | CUSIP: 31935HAN7<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    227880 | PA      | $868.22       | 0.00%             | 2026-06-29      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                              | TLN 6.5 02/01/36 144A                                                                                                                                  | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    380000 | PA      | $382842.68    | 0.25%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                 | NSANY 4.81 09/17/30 144A                                                                                                                               | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    460000 | PA      | $418111.11    | 0.27%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                                                   | New Generation Gas Gathering LLC                                                                                                                       | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |    340541 | PA      | $354167.98    | 0.23%             | 2029-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Central America Bottling Corporation / Cbc Bottling Holdco S L / Beliv Holdco S L    | CAMEBO 5.25 04/27/29 144A                                                                                                                              | CUSIP: 15239XAA6<br>LEI: 549300DT8SH0CF6BTT37 | Long             | DBT              | CORP              | VG        |    450000 | PA      | $438220.80    | 0.28%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 6 01/15/36 144A                                                                                                                                    | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1001417.12   | 0.65%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3.25 08/15/29                                                                                                                                      | CUSIP: 126650DG2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383384.27    | 0.25%             | 2029-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LUXCO3 DUMMY EQUITY                                                                  | LUXCO3 DUMMY EQUITY                                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13451 | NS      | $228934.56    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC FALCON I INC                                                                     | NEWARC 9.75 03/01/33 144A                                                                                                                              | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $780572.70    | 0.50%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 5.375 11/15/33 144A                                                                                                                                | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    770000 | PA      | $749540.79    | 0.48%             | 2033-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYPT 7.6003 03/01/29 144A                                                                                                                             | CUSIP: 03846JW71<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    670000 | PA      | $687521.90    | 0.44%             | 2029-03-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                           | VMED 6.75 01/15/33 144A                                                                                                                                | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $241593.38    | 0.16%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREYWOLF CLO IVR-R LTD                                                               | GWOLF 2019-1A CR2                                                                                                                                      | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    160000 | PA      | $158413.09    | 0.10%             | 2034-04-17      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                                                              | NXST 6.5 09/15/33 144A                                                                                                                                 | CUSIP: 65346UAB5<br>LEI: 52990083ZRR5UT591988 | Long             | DBT              | CORP              | US        |    430000 | PA      | $433536.32    | 0.28%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cordoba (Province Of)                                                                | PDCAR 9.75 07/02/32 144A                                                                                                                               | CUSIP: 74408DAF1<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    390000 | PA      | $399516.00    | 0.26%             | 2032-07-02      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TRINITAS CLO XXVIII LTD / LLC                                                        | TRNTS 2024-27A D1                                                                                                                                      | CUSIP: 89642VAJ7<br>LEI: 254900JOSDBR04E6JB79 | Long             | ABS-CBDO         | CORP              | KY        |    130000 | PA      | $129934.34    | 0.08%             | 2037-04-20      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Futures, Jun-2026,ETH                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       134 | NC      | $-202552.57   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| First Brands Group LLC                                                               | First Brands (Trico Group) Term Loan B (Add-on) 500 2027-03-01                                                                                         | CUSIP: 31935HAG2<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    176928 | PA      | $516.63       | 0.00%             | 2027-03-30      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| Goldentree Loan Management US Clo 16 Ltd. / Goldentree Loan Management Clo 16 LLC    | GLM 2022-16A DRR                                                                                                                                       | CUSIP: 38090AAY4<br>LEI: 549300KYU0TCMXRAI217 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $485430.20    | 0.31%             | 2038-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA                                                                     | PAMPAR 7.875 12/16/34 144A                                                                                                                             | CUSIP: 697660AF5<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     90000 | PA      | $93118.50     | 0.06%             | 2034-12-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS LTD                                                             | GLOBAU 8.75 01/15/32 144A                                                                                                                              | CUSIP: 00033GAB1<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $171426.76    | 0.11%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                 | TURKEY 4.875 04/16/43 30Y                                                                                                                              | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    680000 | PA      | $478795.46    | 0.31%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 1 07/09/29                                                                                                                                      | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    135101 | PA      | $118760.89    | 0.08%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                            | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 225 2028-03-01                                                                            | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    342947 | PA      | $343689.00    | 0.22%             | 2028-03-31      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                         | BRAZIL 3.75 09/12/31                                                                                                                                   | CUSIP: 105756CE8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    550000 | PA      | $506000.00    | 0.33%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                 | TURKEY 4.25 04/14/26 11Y                                                                                                                               | CUSIP: 900123CJ7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1290000 | PA      | $1291352.93   | 0.83%             | 2026-04-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                              | ZIGGO 7.5 01/15/33 144A                                                                                                                                | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $207569.76    | 0.13%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                     | PR 6.25 02/01/33 144A                                                                                                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    370000 | PA      | $377150.62    | 0.24%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN V7.875 PERP 144A                                                                                                                                   | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    804000 | PA      | $821515.94    | 0.53%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners Llc                                                 | HOWARD 7.375 07/15/32 144A                                                                                                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51889.85     | 0.03%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                | UKRAIN 4.5 02/01/35 144A                                                                                                                               | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    133249 | PA      | $70194.73     | 0.05%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPW 4.625 08/01/29                                                                                                                                     | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $116812.47    | 0.08%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer