WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
CORPORATE BONDS & NOTES - 62.1%
COMMUNICATION SERVICES - 14.2%
Diversified Telecommunication Services - 3.6%
Cogent Communications Group Inc., Senior Secured Notes		5.375	%		3/1/22		740,000		$	760,350	(a)
Intelsat Jackson Holdings SA, Senior Notes		5.500	%		8/1/23		325,000			290,063
Telecom Italia Finance SA, Senior Notes		7.750	%		1/24/33		220,000	EUR		320,065
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		1,090,000			1,099,537	(a)
Turk Telekomunikasyon AS, Senior Notes		6.875	%		2/28/25		750,000			720,316	(a)
UPCB Finance IV Ltd., Senior Secured Notes		5.375	%		1/15/25		1,450,000			1,475,375	(a)
Windstream Services LLC/Windstream Finance Corp., Secured Notes		10.500	%		6/30/24		1,065,000			790,762	*(a)(b)
Total Diversified Telecommunication Services										5,456,468
Entertainment - 0.1%
Netflix Inc., Senior Notes		5.875	%		11/15/28		190,000			201,162	(a)
Interactive Media & Services - 0.2%
Match Group Inc., Senior Notes		5.000	%		12/15/27		250,000			253,125	(a)
Media - 7.6%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		2,640,000			2,593,800	(a)
Altice Luxembourg SA, Senior Notes		7.750	%		5/15/22		2,780,000			2,790,425	(a)
American Media LLC, Secured Notes		10.500	%		12/31/26		110,000			108,350	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		700,000			706,125	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		540,000			533,871	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		1,030,000			869,063
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		3,030,000			2,643,675
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		1/15/25		504,000	GBP		673,666	(c)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.250	%		1/15/26		500,000			505,000	(a)
Total Media										11,423,975
Wireless Telecommunication Services - 2.7%
CSC Holdings LLC, Senior Notes		6.625	%		10/15/25		900,000			956,250	(a)
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		570,000			608,119	(a)
Millicom International Cellular SA, Senior Notes		5.125	%		1/15/28		220,000			211,475	(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		1,640,000			1,580,550

See Notes to Schedule of Investments.

1

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Wireless Telecommunication Services - (continued)
Sprint Corp., Senior Notes		7.875	%		9/15/23		480,000		$	504,000
Sprint Corp., Senior Notes		7.125	%		6/15/24		230,000			234,025
Total Wireless Telecommunication Services										4,094,419
TOTAL COMMUNICATION SERVICES										21,429,149
CONSUMER DISCRETIONARY - 7.4%
Auto Components - 1.2%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		610,000			449,875	(a)
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		820,000			796,671
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		530,000			534,150	(a)
Total Auto Components										1,780,696
Diversified Consumer Services - 0.7%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		330,000			339,075	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.250	%		4/15/24		140,000			140,350	(a)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		470,000			471,274	(a)
Weight Watchers International Inc., Senior Notes		8.625	%		12/1/25		190,000			171,475	(a)
Total Diversified Consumer Services										1,122,174
Hotels, Restaurants & Leisure - 2.2%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		180,000			178,650	(a)
Carrols Restaurant Group Inc., Secured Notes		8.000	%		5/1/22		470,000			481,398
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		330,000			334,950
Marston’s Issuer PLC, Secured Bonds (5.641% to 7/15/19 then 3 mo. GBP LIBOR + 2.550%)		5.641	%		7/15/35		603,000	GBP		643,224	(c)(d)
Pinnacle Bidco PLC, Senior Secured Notes		6.375	%		2/15/25		110,000	GBP		147,747	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		630,000	GBP		739,795	(c)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		870,000			850,425	(a)
Total Hotels, Restaurants & Leisure										3,376,189
Household Durables - 0.4%
Lennar Corp., Senior Notes		4.750	%		11/29/27		560,000			562,362
Specialty Retail - 2.1%
Hertz Corp., Senior Notes		5.875	%		10/15/20		490,000			490,490
Masaria Investments SAU, Senior Secured Notes		5.000	%		9/15/24		130,000	EUR		146,548	(a)

See Notes to Schedule of Investments.

2

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Specialty Retail - (continued)
Masaria Investments SAU, Senior Secured Notes (3 mo. EURIBOR + 5.250%, 5.250% Floor)		5.250	%		9/15/24		360,000	EUR	$	402,465	(a)(d)
Maxeda DIY Holding BV, Senior Secured Notes		6.125	%		7/15/22		479,000	EUR		527,281	(c)
Maxeda DIY Holding BV, Senior Secured Notes		6.125	%		7/15/22		260,000	EUR		286,207	(a)
Party City Holdings Inc., Senior Notes		6.625	%		8/1/26		860,000			857,850	(a)
ServiceMaster Co. LLC, Senior Notes		5.125	%		11/15/24		438,000			440,737	(a)
Total Specialty Retail										3,151,578
Textiles, Apparel & Luxury Goods - 0.8%
CBR Fashion Finance BV, Senior Secured Notes		5.125	%		10/1/22		300,000	EUR		320,241	(c)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		880,000			872,608	(a)
Total Textiles, Apparel & Luxury Goods										1,192,849
TOTAL CONSUMER DISCRETIONARY										11,185,848
CONSUMER STAPLES - 0.8%
Food Products - 0.6%
Pilgrim’s Pride Corp., Senior Notes		5.750	%		3/15/25		120,000			121,800	(a)
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		830,000			838,300	(a)
Total Food Products										960,100
Household Products - 0.2%
Spectrum Brands Inc., Senior Notes		5.750	%		7/15/25		290,000			293,625
TOTAL CONSUMER STAPLES										1,253,725
ENERGY - 12.0%
Oil, Gas & Consumable Fuels - 12.0%
Berry Petroleum Co. Escrow		—			—		630,000			0	*(e)(f)(g)
Berry Petroleum Co. Escrow		—			—		120,000			0	*(e)(f)(g)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.625	%		7/15/26		305,000			312,625	(a)
Chesapeake Energy Corp., Senior Notes		8.000	%		6/15/27		1,365,000			1,351,350
Ecopetrol SA, Senior Notes		4.125	%		1/16/25		670,000			678,382
Lukoil International Finance BV, Senior Notes		4.750	%		11/2/26		960,000			977,040	(a)
Magnum Hunter Resources Corp. Escrow		—			—		810,000			0	*(e)(f)(g)
MEG Energy Corp., Senior Notes		6.375	%		1/30/23		370,000			343,637	(a)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		975,000			914,062	(a)
NGL Energy Partners LP/NGL Energy Finance Corp., Senior Notes		7.500	%		11/1/23		370,000			384,652
Oasis Petroleum Inc., Senior Notes		6.250	%		5/1/26		230,000			219,650	(a)

See Notes to Schedule of Investments.

3

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		870,000	$	959,044
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		710,000		720,295
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		3,240,000		3,217,320
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		340,000		337,076
Range Resources Corp., Senior Notes		4.875	%		5/15/25		1,050,000		979,125
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		90,000		101,448	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.875	%		4/15/26		950,000		1,008,900	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.375	%		2/1/27		115,000		118,163
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		70,000		75,688	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		230,000		227,413
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		90,000		97,988	(a)
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		1,250,000		1,275,000	(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		1,490,000		1,409,540	(a)
Ultrapar International SA, Senior Notes		5.250	%		10/6/26		480,000		484,800	(a)
Whiting Petroleum Corp., Senior Notes		6.625	%		1/15/26		560,000		551,600
YPF SA, Senior Notes		8.500	%		7/28/25		700,000		689,500	(a)
YPF SA, Senior Notes		6.950	%		7/21/27		890,000		793,657	(a)
TOTAL ENERGY									18,227,955
FINANCIALS - 9.0%
Banks - 7.5%
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		540,000		587,566
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		380,000		389,025	(d)(h)
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)		5.125	%		1/18/33		1,320,000		1,218,690	(a)(d)
CIT Group Inc., Senior Notes		5.250	%		3/7/25		240,000		255,972

See Notes to Schedule of Investments.

4

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Banks - (continued)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		570,000		$	581,939	(d)(h)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		520,000			529,404	(d)(h)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		400,000			396,374	(d)(h)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		700,000			677,041	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		2,520,000			2,462,382	(a)
Itau Unibanco Holding SA, Subordinated Notes		5.650	%		3/19/22		400,000			418,004	(c)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		160,000			177,001
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		210,000			224,175	(d)(h)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		920,000			982,600
Santander UK Group Holdings PLC, Junior Subordinated Notes (7.375% to 6/24/22 then GBP 5 year Swap Rate + 5.543%)		7.375	%		6/24/22		310,000	GBP		416,705	(c)(d)(h)
TC Ziraat Bankasi AS, Senior Notes		5.125	%		5/3/22		550,000			500,468	(a)
TC Ziraat Bankasi AS, Senior Notes		5.125	%		9/29/23		460,000			401,380	(a)
UBS Group Funding Switzerland AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		590,000			599,213	(a)(d)(h)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		500,000			504,766	(a)(d)
Total Banks										11,322,705
Consumer Finance - 0.1%
Navient Corp., Senior Notes		6.750	%		6/15/26		210,000			201,600
Diversified Financial Services - 1.2%
ASP AMC Merger Sub Inc., Senior Notes		8.000	%		5/15/25		160,000			72,800	(a)
DAE Funding LLC, Senior Notes		5.750	%		11/15/23		720,000			741,600	(a)
Garfunkelux Holdco 3 SA, Senior Secured Notes		7.500	%		8/1/22		450,000	EUR		465,723	(c)

See Notes to Schedule of Investments.

5

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Diversified Financial Services - (continued)
Jerrold Finco PLC, Senior Secured Notes		6.125	%		1/15/24		220,000	GBP	$	288,770	(a)
LHC3 PLC, Senior Secured Notes (4.125% Cash or 4.875% PIK)		4.125	%		8/15/24		220,000	EUR		250,795	(a)(i)
Total Diversified Financial Services										1,819,688
Insurance - 0.2%
Galaxy Bidco Ltd., Senior Secured Notes		6.375	%		11/15/20		280,000	GBP		363,227	(c)
TOTAL FINANCIALS										13,707,220
HEALTH CARE - 6.7%
Health Care Equipment & Supplies - 0.2%
IDH Finance PLC, Senior Secured Notes		6.250	%		8/15/22		280,000	GBP		312,627	(c)
Health Care Providers & Services - 2.8%
Air Medical Group Holdings Inc., Senior Notes		6.375	%		5/15/23		100,000			84,500	(a)
BioScrip Inc., First Lien Notes (1 mo. USD LIBOR + 7.000%)		8.224	%		6/30/22		459,000			479,655	(d)(f)(j)
Centene Corp., Senior Notes		5.375	%		6/1/26		800,000			837,000	(a)
CHS/Community Health Systems Inc., Senior Secured Notes		8.000	%		3/15/26		410,000			394,625	(a)
DaVita Inc., Senior Notes		5.000	%		5/1/25		470,000			452,140
HCA Inc., Senior Notes		5.875	%		5/1/23		10,000			10,687
HCA Inc., Senior Notes		5.875	%		2/15/26		270,000			292,275
HCA Inc., Senior Notes		5.625	%		9/1/28		290,000			307,400
HCA Inc., Senior Secured Notes		5.000	%		3/15/24		530,000			562,519
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		950,000			906,300
Total Health Care Providers & Services										4,327,101
Pharmaceuticals - 3.7%
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		2,280,000			2,262,900	(a)
Nidda BondCo GmbH, Senior Notes		5.000	%		9/30/25		280,000	EUR		300,339	(c)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		1,100,000			1,049,128
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		2,200,000			1,964,004
Total Pharmaceuticals										5,576,371
TOTAL HEALTH CARE										10,216,099
INDUSTRIALS - 3.4%
Airlines - 0.0%
Continental Airlines 2000-1 Class B Pass-Through Trust, Secured Bonds		8.388	%		11/1/20		30			33

See Notes to Schedule of Investments.

6

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Building Products - 0.8%
Cemex SAB de CV		5.700	%		1/11/25		350,000		$	359,450	(c)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		890,000			852,175	(a)
Total Building Products										1,211,625
Commercial Services & Supplies - 1.3%
GFL Environmental Inc., Senior Notes		5.375	%		3/1/23		350,000			332,500	(a)
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		150,000			158,250
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		140,000			141,750
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		1,320,000			1,287,264
Total Commercial Services & Supplies										1,919,764
Containers & Packaging - 0.2%
Hercule Debtco Sarl, Senior Secured Notes (6.750% Cash or 7.500% PIK)		6.750	%		6/30/24		260,000	EUR		274,010	(a)(i)
Industrial Conglomerates - 0.1%
General Electric Co., Junior Subordinated Notes (5.000% to 1/21/21 then 3 mo. USD LIBOR + 3.330%)		5.000	%		1/21/21		130,000			121,612	(d)(h)
Marine - 0.2%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes		8.125	%		11/15/21		440,000			349,800	(a)
Trading Companies & Distributors - 0.6%
Beacon Roofing Supply Inc., Senior Notes		4.875	%		11/1/25		930,000			882,337	(a)
Transportation Infrastructure - 0.2%
Neovia Logistics Services LLC/SPL Logistics Finance Corp., Senior Secured Notes		8.875	%		8/1/20		340,000			324,700	(a)
TOTAL INDUSTRIALS										5,083,881
INFORMATION TECHNOLOGY - 1.1%
Internet Software & Services - 0.2%
IPD 3 BV, Senior Secured Notes		4.500	%		7/15/22		260,000	EUR		301,343	(a)
Semiconductors & Semiconductor Equipment - 0.3%
Amkor Technology Inc., Senior Notes		6.625	%		9/15/27		410,000			416,919	(a)
Software - 0.2%
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., Senior Notes		6.000	%		7/15/25		230,000			239,775	(a)
Technology Hardware, Storage & Peripherals - 0.4%
Western Digital Corp., Senior Notes		4.750	%		2/15/26		720,000			689,400
TOTAL INFORMATION TECHNOLOGY										1,647,437

See Notes to Schedule of Investments.

7

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
MATERIALS - 6.0%
Chemicals - 0.3%
Monitchem HoldCo 2 SA, Secured Notes		6.875	%		6/15/22		350,000	EUR	$	356,836	(c)
Containers & Packaging - 2.4%
ARD Securities Finance SARL, Senior Secured Notes (8.750% PIK)		8.750	%		1/31/23		1,057,562			1,004,684	(a)(i)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		1,380,000			1,383,450	(a)
Greif Inc., Senior Notes		6.500	%		3/1/27		500,000			512,500	(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		720,000			720,000
Total Containers & Packaging										3,620,634
Metals & Mining - 2.8%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		370,000			393,125	(a)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		250,000			270,780	(a)
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		450,000			464,625	(a)
First Quantum Minerals Ltd., Senior Notes		7.000	%		2/15/21		402,000			409,537	(a)
Freeport-McMoRan Inc., Senior Notes		6.875	%		2/15/23		610,000			648,887
Freeport-McMoRan Inc., Senior Notes		3.875	%		3/15/23		690,000			681,796
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		395,000			390,063
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		750,000			686,250
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		360,000			316,804
Midwest Vanadium Pty Ltd., Senior Secured Notes		13.250	%		2/15/18		391,562			1,468	*(a)(k)
Total Metals & Mining										4,263,335
Paper & Forest Products - 0.5%
Mercer International Inc., Senior Notes		7.375	%		1/15/25		750,000			789,375	(a)
TOTAL MATERIALS										9,030,180
REAL ESTATE - 0.6%
Equity Real Estate Investment Trusts (REITs) - 0.4%
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		630,000			538,259
Real Estate Management & Development - 0.2%
Tesco Property Finance 6 PLC, Senior Secured Notes		5.411	%		7/13/44		240,812	GBP		367,247	(c)
TOTAL REAL ESTATE										905,506
UTILITIES - 0.9%
Electric Utilities - 0.3%
Pampa Energia SA, Senior Notes		7.500	%		1/24/27		480,000			425,424	(a)
Gas Utilities - 0.3%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes		5.875	%		3/1/27		550,000			523,875

See Notes to Schedule of Investments.

8

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Independent Power and Renewable Electricity Producers - 0.3%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		420,000		$	408,598	(a)
TOTAL UTILITIES										1,357,897
TOTAL CORPORATE BONDS & NOTES (Cost - $92,960,169)										94,044,897
SOVEREIGN BONDS - 24.2%
Argentina - 4.2%
Argentina POM Politica Monetaria, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		67.546	%		6/21/20		24,650,000	ARS		628,004	(d)
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		710,000			604,299
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/26/27		890,000			722,791
Argentine Republic Government International Bond, Senior Notes		5.875	%		1/11/28		3,080,000			2,371,985
Autonomous City of Buenos Aires Argentina, Senior Notes		7.500	%		6/1/27		600,000			534,360	(a)
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		890,000			740,925	(a)
Provincia de Buenos Aires, Senior Notes		7.875	%		6/15/27		1,100,000			805,750	(a)
Total Argentina										6,408,114
Brazil - 4.0%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		987,000	BRL		263,115
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		2,675,000	BRL		721,550
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		1,226,000	BRL		331,946
Brazilian Government International Bond, Senior Notes		4.250	%		1/7/25		4,380,000			4,464,359
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		300,000			302,928
Total Brazil										6,083,898
Colombia - 0.7%
Colombia Government International Bond, Senior Notes		4.000	%		2/26/24		1,000,000			1,032,260
Costa Rica - 0.2%
Costa Rica Government International Bond, Senior Notes		7.000	%		4/4/44		350,000			334,863	(a)

See Notes to Schedule of Investments.

9

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Croatia - 0.3%
Croatia Government International Bond, Senior Notes		6.625	%		7/14/20		360,000	$	376,732	(a)
Dominican Republic - 0.6%
Dominican Republic International Bond, Senior Notes		5.500	%		1/27/25		200,000		206,252	(a)
Dominican Republic International Bond, Senior Notes		6.850	%		1/27/45		600,000		644,250	(a)
Total Dominican Republic									850,502
Ecuador - 1.3%
Ecuador Government International Bond, Senior Notes		10.750	%		3/28/22		250,000		280,313	(a)
Ecuador Government International Bond, Senior Notes		8.750	%		6/2/23		650,000		683,312	(c)
Ecuador Government International Bond, Senior Notes		7.950	%		6/20/24		980,000		978,775	(c)
Total Ecuador									1,942,400
Egypt - 0.6%
Egypt Government International Bond, Senior Notes		6.125	%		1/31/22		240,000		243,321	(c)
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		400,000		397,928	(a)
Egypt Government International Bond, Senior Notes		7.600	%		3/1/29		270,000		277,821	(a)
Total Egypt									919,070
El Salvador - 0.2%
El Salvador Government International Bond, Senior Notes		6.375	%		1/18/27		300,000		295,128	(a)
Ghana - 0.5%
Ghana Government International Bond, Senior Notes		10.750	%		10/14/30		290,000		353,849	(a)
Ghana Government International Bond, Senior Notes		8.125	%		3/26/32		430,000		429,054	(a)
Total Ghana									782,903
Guatemala - 0.4%
Guatemala Government Bond, Senior Notes		4.375	%		6/5/27		620,000		597,246	(a)
Honduras - 0.5%
Honduras Government International Bond, Senior Notes		6.250	%		1/19/27		700,000		742,875	(a)

See Notes to Schedule of Investments.

10

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Indonesia - 2.9%
Indonesia Government International Bond, Senior Notes		4.125	%		1/15/25		1,500,000		$	1,541,026	(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		1,500,000			1,501,602	(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		650,000			633,490
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/22		10,499,000,000	IDR		739,472
Total Indonesia										4,415,590
Ivory Coast - 0.2%
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		200,000			184,698	(a)
Ivory Coast Government International Bond, Senior Notes, Step Bond		5.750	%		12/31/32		181,000			171,985	(c)
Total Ivory Coast										356,683
Mexico - 0.2%
Mexican Bonos, Bonds		6.500	%		6/9/22		7,540,000	MXN		374,478
Nigeria - 0.3%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		260,000			257,606	(c)
Nigeria Government International Bond, Senior Notes		7.875	%		2/16/32		200,000			208,361	(a)
Total Nigeria										465,967
Paraguay - 0.5%
Paraguay Government International Bond, Senior Notes		5.000	%		4/15/26		350,000			369,663	(a)
Paraguay Government International Bond, Senior Notes		5.400	%		3/30/50		370,000			388,731	(a)
Total Paraguay										758,394
Russia - 1.0%
Russian Federal Bond - OFZ		8.150	%		2/3/27		34,070,000	RUB		522,278
Russian Federal Bond - OFZ		7.050	%		1/19/28		68,933,000	RUB		980,574
Total Russia										1,502,852
Senegal - 0.2%
Senegal Government International Bond		6.250	%		5/23/33		250,000			240,689	(a)
South Africa - 0.1%
Republic of South Africa Government International Bond, Senior Notes		4.875	%		4/14/26		200,000			198,615

See Notes to Schedule of Investments.

11

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Sri Lanka - 0.7%
Sri Lanka Government International Bond, Senior Notes		6.250	%		10/4/20		750,000		$	763,003	(c)
Sri Lanka Government International Bond, Senior Notes		6.250	%		7/27/21		240,000			243,581	(c)
Total Sri Lanka										1,006,584
Turkey - 2.5%
Turkey Government International Bond, Senior Notes		4.250	%		4/14/26		3,570,000			3,007,525
Turkey Government International Bond, Senior Notes		4.875	%		10/9/26		900,000			778,849
Total Turkey										3,786,374
Ukraine - 1.4%
Ukraine Government International Bond, Senior Notes		7.750	%		9/1/20		900,000			899,504	(a)
Ukraine Government International Bond, Senior Notes		7.750	%		9/1/24		250,000			241,428	(a)
Ukraine Government International Bond, Senior Notes		7.750	%		9/1/26		400,000			376,930	(a)
Ukraine Government International Bond, Senior Notes		7.375	%		9/25/32		600,000			536,244	(a)
Total Ukraine										2,054,106
Uruguay - 0.5%
Uruguay Government International Bond, Senior Notes		8.500	%		3/15/28		30,280,000	UYU		791,284	(c)
Venezuela - 0.2%
Venezuela Government International Bond, Senior Notes		7.750	%		10/13/19		1,074,000			312,803	*(b)(c)
TOTAL SOVEREIGN BONDS (Cost - $39,345,957)										36,630,410
SENIOR LOANS - 5.2%
COMMUNICATION SERVICES - 1.6%
Media - 1.6%
Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		4.500	%		4/30/25		2,168,510			2,156,701	(d)(l)(m)
Lamar Media Corp., Term Loan B (1 mo. USD LIBOR + 1.750%)		4.250	%		3/14/25		316,800			316,401	(d)(l)(m)
TOTAL COMMUNICATION SERVICES										2,473,102

See Notes to Schedule of Investments.

12

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER DISCRETIONARY - 2.5%
Hotels, Restaurants & Leisure - 0.8%
Aramark Services Inc., Term Loan B3 (1 mo. USD LIBOR + 1.750%)		4.249	%		3/11/25		626,556	$	622,636	(d)(l)(m)
Hilton Worldwide Finance LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		4.236	%		10/25/23		568,352		567,185	(d)(l)(m)
Total Hotels, Restaurants & Leisure									1,189,821
Specialty Retail - 1.7%
PetSmart Inc., Term Loan B2 (1 mo. USD LIBOR + 3.000%)		5.490	%		3/11/22		2,806,087		2,523,725	(d)(l)(m)
TOTAL CONSUMER DISCRETIONARY									3,713,546
INDUSTRIALS - 0.4%
Air Freight & Logistics - 0.4%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		4.488	%		1/15/25		588,320		584,543	(d)(l)(m)
MATERIALS - 0.6%
Containers & Packaging - 0.6%
Reynolds Group Holdings Inc., Incremental U.S. Term Loan (1 mo. USD LIBOR + 2.750%)		5.249	%		2/6/23		983,662		973,387	(d)(l)(m)
UTILITIES - 0.1%
Electric Utilities - 0.1%
Panda Temple Power LLC, Second Lien Term Loan (1 mo. USD LIBOR +8.000% PIK)		10.482	%		2/7/23		166,362		166,084	(d)(i)(l)(m)
TOTAL SENIOR LOANS (Cost - $8,013,515)									7,910,662
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 3.2%
U.S. Government Obligations - 3.2%
U.S. Treasury Notes		1.750	%		3/31/22		1,000,000		986,016
U.S. Treasury Notes		1.625	%		8/15/22		500,000		490,186
U.S. Treasury Notes		1.875	%		8/31/22		650,000		642,395
U.S. Treasury Notes		2.500	%		3/31/23		900,000		909,211
U.S. Treasury Notes		1.625	%		5/31/23		600,000		585,445
U.S. Treasury Notes		2.625	%		6/30/23		800,000		812,594
U.S. Treasury Notes		2.125	%		2/29/24		480,000		477,244
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $4,848,074)									4,903,091

See Notes to Schedule of Investments.

13

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY							SHARES		VALUE
COMMON STOCKS - 0.9%
COMMUNICATION SERVICES - 0.0%
Media - 0.0%
New Cotai LLC/New Cotai Capital Corp., Class B Shares							2	$	44,067	*(e)(f)
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Bossier Casino Venture Holdco Inc.							26,303		5,489	*(e)(f)
ENERGY - 0.7%
Energy Equipment & Services - 0.2%
Hercules Offshore Inc. (Escrow)							17,554		13,865	*(e)(f)
KCAD Holdings I Ltd.							75,024,286		235,426	*(e)(f)
Total Energy Equipment & Services									249,291
Oil, Gas & Consumable Fuels - 0.5%
Berry Petroleum Corp.							51,110		589,810	*
Montage Resources Corp.							12,088		181,799	*
MWO Holdings LLC							211		16,118	*(e)(f)
Total Oil, Gas & Consumable Fuels									787,727
TOTAL ENERGY									1,037,018
UTILITIES - 0.2%
Electric Utilities - 0.2%
Panda Temple Power LLC							11,090		238,435	*(f)
TOTAL COMMON STOCKS (Cost - $3,541,187)									1,325,009
	RATE			MATURITY DATE		FACE AMOUNT†
CONVERTIBLE BONDS & NOTES - 0.7%
COMMUNICATION SERVICES - 0.7%
Interactive Media & Services - 0.2%
Twitter Inc., Senior Notes		1.000	%		9/15/21		210,000		198,127
Twitter Inc., Senior Notes		0.250	%		6/15/24		130,000		120,624
Total Interactive Media & Services									318,751
Media - 0.5%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		280,000		232,014
DISH Network Corp., Senior Notes		3.375	%		8/15/26		570,000		485,640
Total Media									717,654
TOTAL CONVERTIBLE BONDS & NOTES (Cost - $1,123,830)									1,036,405

See Notes to Schedule of Investments.

14

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.1%
Argentina - 0.1%
Bonos de la Nacion Argentina con Ajuste por CER, Bonds (Cost - $144,709)		4.000	%		3/6/20		5,928,679	ARS	$	131,594
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $149,977,441)										145,982,068
SHORT-TERM INVESTMENTS - 2.0%
SOVEREIGN BONDS - 0.2%
Argentina Treasury Bill (Cost - $305,304)		(66.322	)%		5/31/19		9,760,000	ARS		269,973	(n)
						SHARES
MONEY MARKET FUNDS - 1.8%
Western Asset Government Cash Management Portfolio LLC (Cost - $2,728,039)		2.440	%				2,728,039			2,728,039	(o)
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,033,343)										2,998,012
TOTAL INVESTMENTS - 98.4% (Cost - $153,010,784)										148,980,080
Other Assets in Excess of Liabilities - 1.6%										2,407,101
TOTAL NET ASSETS - 100.0%									$	151,387,181

See Notes to Schedule of Investments.

15

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

† Face amount denominated in U.S. dollars, unless otherwise noted.

* Non-income producing security.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(b) The coupon payment on these securities is currently in default as of March 31, 2019.

(c) 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 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 Board of Trustees.

(d) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(e) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

(f) Security is valued using significant unobservable inputs (Note 1).

(g) Value is less than $1.

(h) Security has no maturity date. The date shown represents the next call date.

(i) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.

(j) Restricted security (Note 3).

(k) The maturity principal is currently in default as of March 31, 2019.

(l) Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(m) Interest rates disclosed represent the effective rates on senior loans.

(n) Rate shown represents yield-to-maturity.

(o) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Portfolio ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control. At March 31, 2019, the total market value of investments in Affiliated Companies was $2,728,039 and the cost was $2,728,039 (Note 2).

Abbreviations used in this schedule:

ARS	— Argentine Peso
BRL	— Brazilian Real
CER	— Coeficente de Establilzacion de Referencia
EUR	— Euro
EURIBOR	— Euro Interbank Offered Rate
GBP	— British Pound
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
PIK	— Payment-In-Kind
RUB	— Russian Ruble
USD	— United States Dollar
UYU	— Uruguayan Peso

See Notes to Schedule of Investments.

16

WESTERN ASSET VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

At March 31, 2019, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Sell:
Euro Currency Futures		27		6/19	$	3,855,702	$	3,809,869	$	45,833

At March 31, 2019, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	110,000		USD	126,714	Barclays Bank PLC		4/17/19	$	(3,127	)
EUR	180,000		USD	204,094	Barclays Bank PLC		4/17/19		(1,862	)
EUR	200,000		USD	227,533	Barclays Bank PLC		4/17/19		(2,832	)
GBP	14,645		USD	18,818	Barclays Bank PLC		4/17/19		275
USD	169,845		EUR	150,000	Barclays Bank PLC		4/17/19		1,319
USD	131,848		GBP	100,000	Barclays Bank PLC		4/17/19		1,481
USD	264,937		GBP	200,000	Barclays Bank PLC		4/17/19		4,203
USD	395,058		GBP	300,000	Barclays Bank PLC		4/17/19		3,957
USD	462,997		GBP	350,000	Barclays Bank PLC		4/17/19		6,712
USD	88,570		EUR	76,302	Citibank N.A.		4/17/19		2,844
USD	2,915,025		GBP	2,271,188	Citibank N.A.		4/17/19		(45,854	)
Total								$	(32,884	)

Abbreviations 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.

17

Notes to Schedule of Investments (unaudited)

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 following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the 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.

18

Notes to Schedule of Investments (unaudited) (continued)

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio’s pricing policies, and reporting to the Board of Trustees. 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 of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The 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 – 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.

19

Notes to Schedule of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Energy		—	$	18,227,955	$	0	*	$	18,227,955
Health Care		—		9,736,444		479,655			10,216,099
Other Corporate Bonds & Notes		—		65,600,843		—			65,600,843
Sovereign Bonds		—		36,630,410		—			36,630,410
Senior Loans		—		7,910,662		—			7,910,662
U.S. Government & Agency Obligations		—		4,903,091		—			4,903,091
Common Stocks:
Communication Services		—		—		44,067			44,067
Consumer Discretionary		—		—		5,489			5,489
Energy	$	771,609		—		265,409			1,037,018
Utilities		—		—		238,435			238,435
Convertible Bonds & Notes		—		1,036,405		—			1,036,405
Non-U.S. Treasury Inflation Protected Securities		—		131,594		—			131,594
Total Long-Term Investments		771,609		144,177,404		1,033,055			145,982,068
Short-Term Investments†:
Sovereign Bonds		—		269,973		—			269,973
Money Market Funds		—		2,728,039		—			2,728,039
Total Short-Term Investments		—		2,998,012		—			2,998,012
Total Investments	$	771,609	$	147,175,416	$	1,033,055		$	148,980,080
Other Financial Instruments:
Futures Contracts	$	45,833		—		—		$	45,833
Forward Foreign Currency Contracts		—	$	20,791		—			20,791
Total Other Financial Instruments	$	45,833	$	20,791		—		$	66,624
Total	$	817,442	$	147,196,207	$	1,033,055		$	149,046,704

20

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	53,675		—	$	53,675

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

2. Transactions with affiliated companies

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. The Portfolio may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Portfolio’s subadviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Portfolio’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended March 31, 2019. The following transactions were effected in shares of such companies for the period ended March 31, 2019.

	Affiliate Value at December 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC	$	700,862	$	11,408,037		11,408,037	$	9,380,860		9,380,860		—	$	7,250		—	$	2,728,039

21

Notes to Schedule of Investments (unaudited) (continued)

3. Restricted securities

The following Portfolio investment is restricted as to resale.

Security	Face Amount		Acquisition Date		Cost		Value at 3/31/2019		Value Per Unit		Percent of Net Assets
BioScrip Inc., First Lien Notes, 8.224%, due 6/30/22	$	459,000		6/17	$	455,800	$	479,655	$	104.50		0.32	%

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Schedule of investments (unaudited) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 34.6%
COMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 1.0%
AT&T Inc., Senior Notes		3.400	%		5/15/25		40,000	$	39,619
AT&T Inc., Senior Notes		4.350	%		6/15/45		360,000		330,891
AT&T Inc., Senior Notes		4.500	%		3/9/48		50,000		46,996
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		200,000		201,750	(a)
Telefonica Emisiones SA, Senior Notes		4.103	%		3/8/27		200,000		203,049
UPCB Finance IV Ltd., Senior Secured Notes		5.375	%		1/15/25		200,000		203,500	(a)
Verizon Communications Inc., Senior Notes		3.500	%		11/1/24		40,000		40,980
Verizon Communications Inc., Senior Notes		3.376	%		2/15/25		59,000		59,750
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		150,000		143,189
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		154,000		163,006
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		50,000		51,244
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		84,677
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		260,000		292,868
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		70,000		74,690
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		10,000		11,720
Verizon Communications Inc., Senior Notes		4.522	%		9/15/48		170,000		174,736
Total Diversified Telecommunication Services									2,122,665
Entertainment - 0.0%
Netflix Inc., Senior Notes		5.375	%		2/1/21		30,000		31,228
Viacom Inc., Senior Notes		4.250	%		9/1/23		40,000		41,606
Walt Disney Co., Senior Notes		6.650	%		11/15/37		50,000		69,042	(a)
Total Entertainment									141,876
Media - 1.9%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		300,000		294,750	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.375	%		5/1/25		70,000		72,450	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		220,000		221,925	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		20,000		19,773	(a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		3.579	%		7/23/20		110,000		110,820
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		160,000		168,974

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		120,000	$	119,186
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		220,000		232,019
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		180,000		181,230
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.834	%		10/23/55		30,000		34,013
Comcast Corp., Senior Notes		3.375	%		8/15/25		30,000		30,420
Comcast Corp., Senior Notes		3.950	%		10/15/25		160,000		167,482
Comcast Corp., Senior Notes		3.150	%		3/1/26		40,000		39,835
Comcast Corp., Senior Notes		4.150	%		10/15/28		480,000		505,666
Comcast Corp., Senior Notes		4.250	%		10/15/30		150,000		159,501
Comcast Corp., Senior Notes		3.900	%		3/1/38		80,000		78,728
Comcast Corp., Senior Notes		4.700	%		10/15/48		30,000		32,571
Comcast Corp., Senior Notes		3.999	%		11/1/49		165,000		160,792
DISH DBS Corp., Senior Notes		7.875	%		9/1/19		70,000		71,050
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		100,000		84,375
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		20,000		17,450
Fox Corp., Senior Notes		4.030	%		1/25/24		80,000		82,981	(a)
Fox Corp., Senior Notes		4.709	%		1/25/29		130,000		139,509	(a)
Fox Corp., Senior Notes		5.476	%		1/25/39		30,000		33,229	(a)
Myriad International Holdings BV, Senior Notes		4.850	%		7/6/27		290,000		298,525	(a)
NBCUniversal Media LLC, Senior Notes		5.950	%		4/1/41		20,000		24,628
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		200,000		221,248
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		10,000		11,665
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		90,000		92,403
Univision Communications Inc., Senior Secured Notes		5.125	%		2/15/25		100,000		93,625	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.250	%		1/15/26		200,000		202,000	(a)
Warner Media LLC, Senior Notes		6.250	%		3/29/41		60,000		70,004
Total Media									4,072,827

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - 0.3%
Sprint Communications Inc., Senior Notes		7.000	%		3/1/20		120,000	$	123,450	(a)
Sprint Corp., Senior Notes		7.250	%		9/15/21		90,000		94,725
Sprint Corp., Senior Notes		7.625	%		2/15/25		40,000		40,900
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		290,000		295,039
Vodafone Group PLC, Senior Notes		5.250	%		5/30/48		100,000		99,292
Total Wireless Telecommunication Services									653,406
TOTAL COMMUNICATION SERVICES									6,990,774
CONSUMER DISCRETIONARY - 1.5%
Auto Components - 0.1%
American Axle & Manufacturing Inc., Senior Notes		6.625	%		10/15/22		33,000		33,866
ZF North America Capital Inc., Senior Notes		4.750	%		4/29/25		160,000		155,548	(a)
Total Auto Components									189,414
Automobiles - 0.6%
BMW US Capital LLC, Senior Notes		1.850	%		9/15/21		20,000		19,543	(a)
Ford Motor Co., Senior Notes		4.750	%		1/15/43		50,000		39,273
Ford Motor Credit Co. LLC, Senior Notes		3.200	%		1/15/21		200,000		197,206
General Motors Financial Co. Inc., Senior Notes		2.450	%		11/6/20		50,000		49,482
General Motors Financial Co. Inc., Senior Notes		4.375	%		9/25/21		990,000		1,011,467
Total Automobiles									1,316,971
Hotels, Restaurants & Leisure - 0.4%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		40,000		39,700	(a)
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.375	%		11/1/23		130,000		137,337
Hilton Domestic Operating Co. Inc., Senior Notes		5.125	%		5/1/26		30,000		30,578	(a)
Hilton Worldwide Finance LLC/Hilton World-wide Finance Corp., Senior Notes		4.625	%		4/1/25		10,000		10,125
Hilton Worldwide Finance LLC/Hilton World-wide Finance Corp., Senior Notes		4.875	%		4/1/27		30,000		30,450
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		230,000		237,650
NCL Corp. Ltd., Senior Notes		4.750	%		12/15/21		129,000		130,774	(a)
Sands China Ltd., Senior Notes		5.125	%		8/8/25		200,000		208,738
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		80,000		78,200	(a)
Total Hotels, Restaurants & Leisure									903,552

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Household Durables - 0.2%
Lennar Corp., Senior Notes		4.500	%		4/30/24		50,000	$	50,875
Lennar Corp., Senior Notes		5.250	%		6/1/26		10,000		10,325
Lennar Corp., Senior Notes		5.000	%		6/15/27		20,000		20,125
Lennar Corp., Senior Notes		4.750	%		11/29/27		50,000		50,211
Newell Brands Inc., Senior Notes		3.850	%		4/1/23		70,000		69,259
Newell Brands Inc., Senior Notes		4.200	%		4/1/26		60,000		57,322
Toll Brothers Finance Corp., Senior Notes		4.375	%		4/15/23		40,000		40,250
William Lyon Homes Inc., Senior Notes		7.000	%		8/15/22		20,000		20,100
Total Household Durables									318,467
Internet & Direct Marketing Retail - 0.2%
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		130,000		130,997
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		60,000		62,452
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		120,000		143,301
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		90,000		95,437
Total Internet & Direct Marketing Retail									432,187
Textiles, Apparel & Luxury Goods - 0.0%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		10,000		10,077	(a)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		50,000		49,580	(a)
Total Textiles, Apparel & Luxury Goods									59,657
TOTAL CONSUMER DISCRETIONARY									3,220,248
CONSUMER STAPLES - 2.2%
Beverages - 0.9%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		260,000		261,010	(a)
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		290,000		291,723	(a)
Anheuser-Busch InBev Finance Inc., Senior Notes		2.650	%		2/1/21		74,000		73,801
Anheuser-Busch InBev Finance Inc., Senior Notes		3.300	%		2/1/23		120,000		121,785
Anheuser-Busch InBev Worldwide Inc., Senior Notes		2.500	%		7/15/22		160,000		158,586
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		1/12/24		10,000		10,180
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		120,000		125,118

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Beverages - (continued)
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		80,000	$	81,423
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		480,000		511,844
Constellation Brands Inc., Senior Notes		4.750	%		11/15/24		90,000		96,225
Cott Holdings Inc., Senior Notes		5.500	%		4/1/25		60,000		60,750	(a)
Pernod Ricard SA, Senior Notes		5.500	%		1/15/42		150,000		170,565	(a)
Total Beverages									1,963,010
Food & Staples Retailing - 0.1%
Walgreens Boots Alliance Inc., Senior Notes		3.450	%		6/1/26		80,000		78,369
Walmart Inc., Senior Notes		3.700	%		6/26/28		220,000		231,933
Total Food & Staples Retailing									310,302
Food Products - 0.3%
Danone SA, Senior Notes		2.589	%		11/2/23		420,000		411,244	(a)
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		20,000		20,173
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		50,000		49,352
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		40,000		38,665
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		70,000		71,312	(a)
Total Food Products									590,746
Tobacco - 0.9%
Altria Group Inc., Senior Notes		9.250	%		8/6/19		120,000		122,677
Altria Group Inc., Senior Notes		3.490	%		2/14/22		50,000		50,808
Altria Group Inc., Senior Notes		2.850	%		8/9/22		130,000		129,752
Altria Group Inc., Senior Notes		3.800	%		2/14/24		80,000		81,469
Altria Group Inc., Senior Notes		4.400	%		2/14/26		60,000		61,727
Altria Group Inc., Senior Notes		4.800	%		2/14/29		160,000		165,097
Altria Group Inc., Senior Notes		5.375	%		1/31/44		30,000		29,984
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		480,000		454,931
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		180,000		157,976
Philip Morris International Inc., Senior Notes		1.875	%		11/1/19		190,000		189,122
Philip Morris International Inc., Senior Notes		2.900	%		11/15/21		30,000		30,173
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		190,000		188,395
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		140,000		138,843
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		10,000		9,879
Reynolds American Inc., Senior Notes		3.250	%		6/12/20		12,000		12,019
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		80,000		82,246
Total Tobacco									1,905,098
TOTAL CONSUMER STAPLES									4,769,156

See Notes to Schedule of Investments.

5

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ENERGY - 4.8%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes		3.800	%		11/15/25		110,000	$	112,527
Halliburton Co., Senior Notes		4.850	%		11/15/35		20,000		20,996
Halliburton Co., Senior Notes		5.000	%		11/15/45		10,000		10,648
Total Energy Equipment & Services									144,171
Oil, Gas & Consumable Fuels - 4.7%
Anadarko Petroleum Corp., Senior Notes		4.850	%		3/15/21		32,000		33,184
Anadarko Petroleum Corp., Senior Notes		5.550	%		3/15/26		20,000		21,801
Anadarko Petroleum Corp., Senior Notes		6.450	%		9/15/36		190,000		218,882
Anadarko Petroleum Corp., Senior Notes		6.200	%		3/15/40		70,000		78,698
Anadarko Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		36,519
Antero Resources Corp., Senior Notes		5.375	%		11/1/21		70,000		70,525
Apache Corp., Senior Notes		4.375	%		10/15/28		180,000		181,505
Apache Corp., Senior Notes		5.100	%		9/1/40		170,000		167,453
Apache Corp., Senior Notes		4.250	%		1/15/44		90,000		79,898
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		50,000		51,000	(a)
BP Capital Markets America Inc., Senior Notes		3.216	%		11/28/23		190,000		192,355
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		230,000		234,343
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		40,000		41,209
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		190,000		193,954
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes		5.125	%		6/30/27		40,000		42,050
Chesapeake Energy Corp., Senior Notes		6.625	%		8/15/20		10,000		10,312
Chesapeake Energy Corp., Senior Notes		6.125	%		2/15/21		30,000		31,050
Chesapeake Energy Corp., Senior Notes		5.375	%		6/15/21		70,000		70,000
Chevron Corp., Senior Notes		2.954	%		5/16/26		160,000		161,309
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		10,000		10,393
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		80,000		79,828
CNOOC Finance 2015 USA LLC, Senior Notes		3.500	%		5/5/25		490,000		496,175
Concho Resources Inc., Senior Notes		4.375	%		1/15/25		30,000		30,850
Concho Resources Inc., Senior Notes		3.750	%		10/1/27		20,000		19,856
Concho Resources Inc., Senior Notes		4.300	%		8/15/28		120,000		123,896
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		50,000		50,383
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		70,000		71,996
Devon Energy Corp., Senior Notes		3.250	%		5/15/22		60,000		60,597
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		160,000		181,700

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		10,000	$	11,037
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		180,000		188,789
Diamondback Energy Inc., Senior Notes		5.375	%		5/31/25		40,000		41,850
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		180,000		187,200
Energy Transfer Operating LP, Senior Notes		4.500	%		4/15/24		200,000		208,645
Energy Transfer Operating LP, Senior Notes		4.950	%		6/15/28		30,000		31,494
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		60,000		64,397
Energy Transfer Operating LP, Senior Notes		6.250	%		4/15/49		10,000		11,217
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		170,000		178,808
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		30,000		31,788
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		90,000		91,397
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		40,000		43,366
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		200,000		210,180	(a)
Kerr-McGee Corp., Senior Notes		6.950	%		7/1/24		220,000		252,981
Kerr-McGee Corp., Senior Notes		7.875	%		9/15/31		70,000		88,816
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		3/1/21		40,000		40,379
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		9/1/23		70,000		70,943
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		10,000		10,440
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		30,000		31,018
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		60,000		78,372
Kinder Morgan Inc., Senior Notes		5.300	%		12/1/34		70,000		75,929
MPLX LP, Senior Notes		4.000	%		3/15/28		210,000		208,897
MPLX LP, Senior Notes		4.800	%		2/15/29		10,000		10,536
MPLX LP, Senior Notes		4.500	%		4/15/38		120,000		114,161
MPLX LP, Senior Notes		4.700	%		4/15/48		210,000		200,942
MPLX LP, Senior Notes		5.500	%		2/15/49		80,000		85,454
Noble Energy Inc., Senior Notes		4.150	%		12/15/21		150,000		153,676
Noble Energy Inc., Senior Notes		3.850	%		1/15/28		100,000		98,600
Noble Energy Inc., Senior Notes		4.950	%		8/15/47		50,000		49,460
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		125,000		125,312
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		90,000		91,957
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		60,000		59,735
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		70,000		76,656
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		40,000		42,441
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		110,000		112,752

See Notes to Schedule of Investments.

7

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		50,000	$	52,294
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		644,000		654,954
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		430,000		474,010
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		170,000		168,810
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		30,000		29,742
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		90,000		87,385
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		250,000		261,200
Range Resources Corp., Senior Notes		5.000	%		3/15/23		150,000		147,562
Range Resources Corp., Senior Notes		4.875	%		5/15/25		40,000		37,300
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		110,000		121,285
Schlumberger Holdings Corp., Senior Notes		3.000	%		12/21/20		50,000		50,229	(a)
Schlumberger Holdings Corp., Senior Notes		4.000	%		12/21/25		30,000		30,957	(a)
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		240,000		239,236
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		10,000		11,173
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		160,000		175,021
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		130,000		135,368
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32		50,000		68,123
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.250	%		11/15/23		30,000		29,962
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.875	%		4/15/26		30,000		31,860	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.375	%		2/1/27		10,000		10,275
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		40,000		43,250	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		50,000		54,437	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		130,000		162,661
Whiting Petroleum Corp., Senior Notes		5.750	%		3/15/21		50,000		50,825
Williams Cos. Inc., Senior Notes		5.250	%		3/15/20		50,000		51,076
Williams Cos. Inc., Senior Notes		7.875	%		9/1/21		110,000		121,616
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		50,000		50,929
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		30,000		37,711

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		240,000	$	305,838
WPX Energy Inc., Senior Notes		6.000	%		1/15/22		10,000		10,425
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		70,000		79,100
Total Oil, Gas & Consumable Fuels									10,205,960
TOTAL ENERGY									10,350,131
FINANCIALS - 14.4%
Banks - 10.7%
Banco Santander SA, Senior Notes		3.848	%		4/12/23		200,000		201,819
Banco Santander SA, Senior Notes		4.379	%		4/12/28		400,000		404,840
Bank of America Corp., Senior Notes		3.300	%		1/11/23		90,000		91,194
Bank of America Corp., Senior Notes		3.500	%		4/19/26		150,000		151,418
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		393,000		391,619	(b)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		1,061,000		1,038,427	(b)
Bank of America Corp., Senior Notes (3.550% to 3/5/23 then 3 mo. USD LIBOR + 0.780%)		3.550	%		3/5/24		190,000		193,039	(b)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		130,000		129,730	(b)
Bank of America Corp., Senior Notes (3.946% to 1/23/48 then 3 mo. USD LIBOR + 1.190%)		3.946	%		1/23/49		420,000		410,946	(b)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		110,000		112,212	(b)
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		130,000		132,654
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		40,000		41,725
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		260,000		267,358
Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE Swap Rate + 1.432%)		3.803	%		12/15/32		30,000		29,038	(b)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		1,010,000		1,098,966
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		410,000		422,225	(a)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		360,000		373,578	(a)(b)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		400,000	$	432,195	(a)(b)
BNP Paribas SA, Subordinated Notes		4.625	%		3/13/27		200,000		204,778	(a)
CIT Group Inc., Senior Notes		4.750	%		2/16/24		80,000		83,100
CIT Group Inc., Senior Notes		5.250	%		3/7/25		60,000		63,993
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		70,000		71,466	(b)(c)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		50,000		50,904	(b)(c)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		37,000		55,686
Citigroup Inc., Senior Notes		4.650	%		7/30/45		145,000		154,430
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		20,000		20,290
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		10,000		10,362
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		80,000		81,382
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		700,000		719,864
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		170,000		170,880
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		13,000		14,344
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		70,000		72,641
Commonwealth Bank of Australia, Senior Notes		3.900	%		7/12/47		40,000		40,181	(a)
Cooperatieve Rabobank UA, Junior Subordinated Notes (11.000% to 6/30/19 then 3 mo. USD LIBOR + 10.868%)		11.000	%		6/30/19		455,000		465,237	(a)(b)(c)
Cooperatieve Rabobank UA, Senior Notes		4.625	%		12/1/23		390,000		407,618
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		250,000		257,938
Credit Agricole SA, Junior Subordinated Notes (8.375% to 10/13/19 then 3 mo. USD LIBOR + 6.982%)		8.375	%		10/13/19		680,000		700,400	(a)(b)(c)
Credit Agricole SA, Subordinated Notes (4.000% to 1/10/28 then USD 5 year ICE Swap Rate + 1.644%)		4.000	%		1/10/33		250,000		241,448	(a)(b)
Danske Bank AS, Senior Notes		5.000	%		1/12/22		200,000		205,198	(a)
Fifth Third Bancorp, Senior Notes		3.650	%		1/25/24		100,000		102,467
HSBC Holdings PLC, Junior Subordinated Notes (6.250% to 3/23/23 then USD 5 year ICE Swap Rate + 3.453%)		6.250	%		3/23/23		200,000		199,867	(b)(c)
HSBC Holdings PLC, Junior Subordinated Notes (6.375% to 9/17/24 then USD 5 year ICE Swap Rate + 3.705%)		6.375	%		9/17/24		250,000		251,709	(b)(c)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		200,000	$	198,187	(b)(c)
HSBC Holdings PLC, Senior Notes		3.400	%		3/8/21		280,000		282,572
HSBC Holdings PLC, Senior Notes		4.300	%		3/8/26		270,000		280,418
HSBC Holdings PLC, Senior Notes		3.900	%		5/25/26		420,000		425,648
HSBC Holdings PLC, Senior Notes (4.583%to 6/19/28 then 3 mo. USD LIBOR + 1.535%)		4.583	%		6/19/29		400,000		420,804	(b)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		200,000		194,837	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		200,000		195,335	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,070,000		1,034,906	(a)
JPMorgan Chase & Co., Senior Notes		4.250	%		10/15/20		350,000		358,041
JPMorgan Chase & Co., Senior Notes		2.550	%		3/1/21		40,000		39,883
JPMorgan Chase & Co., Senior Notes (3.509% to 1/23/28 then 3 mo. USD LIBOR + 0.945%)		3.509	%		1/23/29		400,000		397,620	(b)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		320,000		332,246	(b)
JPMorgan Chase & Co., Senior Notes (4.203% to 7/23/28 then 3 mo. USD LIBOR + 1.260%)		4.203	%		7/23/29		140,000		146,168	(b)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		60,000		63,916	(b)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		60,000		61,548
JPMorgan Chase & Co., Subordinated Notes		4.125	%		12/15/26		140,000		144,646
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		50,000		51,975
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		170,000		188,393
Lloyds Banking Group PLC, Senior Notes		4.375	%		3/22/28		200,000		204,984
Lloyds Banking Group PLC, Senior Notes (3.574% to 11/7/27 then 3 mo. USD LIBOR + 1.205%)		3.574	%		11/7/28		200,000		192,226	(b)
Lloyds Banking Group PLC, Subordinated Notes		4.500	%		11/4/24		210,000		213,520
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		100,000		110,626
Nordea Bank Abp, Subordinated Notes		4.875	%		5/13/21		530,000		543,965	(a)
Royal Bank of Canada, Senior Notes		2.150	%		10/26/20		100,000		99,361
Royal Bank of Canada, Senior Notes		3.200	%		4/30/21		110,000		111,270

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Royal Bank of Scotland Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		200,000	$	204,614	(b)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		130,000		138,846
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		630,000		647,024
Santander Holdings USA Inc., Senior Notes		4.500	%		7/17/25		70,000		72,204
Santander UK PLC, Senior Notes		2.375	%		3/16/20		60,000		59,812
Standard Chartered PLC, Subordinated Notes		5.700	%		3/26/44		340,000		369,787	(a)
Sumitomo Mitsui Financial Group Inc., Senior Notes		2.058	%		7/14/21		290,000		285,097
Svenska Handelsbanken AB, Senior Notes		3.350	%		5/24/21		250,000		252,923
Toronto-Dominion Bank, Senior Notes		3.250	%		6/11/21		130,000		131,544
UBS Group Funding Switzerland AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		350,000		355,465	(a)(b)(c)
UBS Group Funding Switzerland AG, Senior Notes		3.491	%		5/23/23		300,000		301,566	(a)
UBS Group Funding Switzerland AG, Senior Notes		4.253	%		3/23/28		300,000		312,244	(a)
UniCredit SpA, Senior Notes		6.572	%		1/14/22		430,000		450,159	(a)
US Bank NA, Senior Notes		3.150	%		4/26/21		250,000		252,436
Wachovia Capital Trust III Ltd. Gtd., Junior Subordinated Bonds (the greater of 3 mo. USD LIBOR + 0.930% or 5.570%)		5.570	%		4/29/19		320,000		316,328	(b)(c)
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		60,000		61,779
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		190,000		185,445
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		210,000		219,719
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		50,000		51,165
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		560,000		583,544
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		320,000		329,187
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		300,000		319,940
Wells Fargo & Co., Subordinated Notes		4.400	%		6/14/46		40,000		39,929
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		270,000		283,742
Westpac Banking Corp., Senior Notes		2.300	%		5/26/20		20,000		19,919
Westpac Banking Corp., Senior Notes		2.600	%		11/23/20		110,000		109,856
Total Banks									23,216,535

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - 1.6%
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.550	%		4/17/26		250,000	$	261,355
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.875	%		5/15/45		330,000		358,460
Goldman Sachs Group Inc., Senior Notes		2.600	%		4/23/20		50,000		49,868
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		300,000		315,257
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		100,000		100,221
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		40,000		40,799
Goldman Sachs Group Inc., Senior Notes		3.500	%		1/23/25		190,000		189,674
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		100,000		98,760
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		100,000		123,518
Goldman Sachs Group Inc., Senior Notes		4.750	%		10/21/45		170,000		181,065
Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. USD LIBOR + 1.510%)		3.691	%		6/5/28		280,000		277,569	(b)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)		3.814	%		4/23/29		140,000		138,818	(b)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		260,000		265,949	(b)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		200,000		204,915
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		190,000		231,900
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		250,000		264,780
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		380,000		381,709	(b)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		110,000		115,952	(b)
Total Capital Markets									3,600,569
Consumer Finance - 0.1%
American Express Credit Corp., Senior Notes		2.375	%		5/26/20		110,000		109,664
Navient Corp., Senior Notes		8.000	%		3/25/20		60,000		62,550
Total Consumer Finance									172,214
Diversified Financial Services - 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.500	%		5/15/21		220,000		224,839

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Diversified Financial Services - (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		5.000	%		10/1/21		150,000		$	155,703
DAE Funding LLC, Senior Notes		5.750	%		11/15/23		70,000			72,100	(a)
GE Capital International Funding Co. Unlimited Co., Senior Notes		2.342	%		11/15/20		202,000			199,573
International Lease Finance Corp., Senior Notes		6.250	%		5/15/19		40,000			40,147
International Lease Finance Corp., Senior Notes		8.250	%		12/15/20		90,000			97,239
International Lease Finance Corp., Senior Notes		8.625	%		1/15/22		90,000			102,261
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		30,000			32,361
Magnolia Finance X Ltd., 2015-3GNA A1 (3 mo. GBP LIBOR + 2.483%)		3.408	%		3/12/20		1,185,094	GBP		1,504,937	(a)(b)(d)(e)
Magnolia Finance X Ltd., 2015-3GNA A2 (3 mo. GBP LIBOR + 3.750%)		4.675	%		3/12/20		356,491	GBP		452,705	(a)(b)(d)(e)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		90,000			92,466	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		10,000			9,975	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		50,000			52,033	(a)
Syngenta Finance NV, Senior Notes		3.933	%		4/23/21		200,000			201,005	(a)
Total Diversified Financial Services										3,237,344
Insurance - 0.5%
American International Group Inc., Senior Notes		3.750	%		7/10/25		130,000			130,210
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		190,000			199,162
Chubb INA Holdings Inc., Senior Notes		2.300	%		11/3/20		40,000			39,816
Reliance Standard Life Global Funding II, Senior Secured Notes		2.500	%		1/15/20		40,000			39,830	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		8,000			11,011	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		530,000			593,148	(a)
Total Insurance										1,013,177
TOTAL FINANCIALS										31,239,839
HEALTH CARE - 3.2%
Biotechnology - 0.3%
AbbVie Inc., Senior Notes		3.600	%		5/14/25		90,000			90,285
Amgen Inc., Senior Notes		2.125	%		5/1/20		20,000			19,927

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Biotechnology - (continued)
Amgen Inc., Senior Notes		4.663	%		6/15/51		29,000	$	29,213
Celgene Corp., Senior Notes		2.250	%		8/15/21		100,000		98,459
Celgene Corp., Senior Notes		5.000	%		8/15/45		110,000		115,603
Gilead Sciences Inc., Senior Notes		2.550	%		9/1/20		30,000		29,971
Gilead Sciences Inc., Senior Notes		3.500	%		2/1/25		50,000		51,075
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		100,000		102,053
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		100,000		104,820
Total Biotechnology									641,406
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		56,000		58,264
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		80,000		89,674
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		80,000		92,638
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		200,000		200,117
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		31,000		31,492
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		10,000		10,335
Medtronic Inc., Senior Notes		3.500	%		3/15/25		210,000		216,747
Total Health Care Equipment & Supplies									699,267
Health Care Providers & Services - 2.1%
Aetna Inc., Senior Notes		2.800	%		6/15/23		30,000		29,478
Anthem Inc., Senior Notes		2.950	%		12/1/22		160,000		159,954
Anthem Inc., Senior Notes		3.350	%		12/1/24		50,000		50,377
Anthem Inc., Senior Notes		3.650	%		12/1/27		170,000		169,991
Cardinal Health Inc., Senior Notes		2.616	%		6/15/22		60,000		59,224
Cardinal Health Inc., Senior Notes		3.079	%		6/15/24		70,000		68,367
Centene Corp., Senior Notes		5.625	%		2/15/21		40,000		40,650
Centene Corp., Senior Notes		4.750	%		5/15/22		70,000		71,487
Centene Corp., Senior Notes		6.125	%		2/15/24		70,000		73,433
Centene Corp., Senior Notes		5.375	%		6/1/26		40,000		41,850	(a)
Cigna Corp., Senior Notes		3.400	%		9/17/21		90,000		90,956	(a)
Cigna Corp., Senior Notes		3.750	%		7/15/23		230,000		235,952	(a)
Cigna Corp., Senior Notes		4.125	%		11/15/25		70,000		72,514	(a)
Cigna Corp., Senior Notes		4.375	%		10/15/28		160,000		166,115	(a)
CVS Health Corp., Senior Notes		3.350	%		3/9/21		80,000		80,640
CVS Health Corp., Senior Notes		2.750	%		12/1/22		60,000		59,204
CVS Health Corp., Senior Notes		3.700	%		3/9/23		350,000		355,825
CVS Health Corp., Senior Notes		4.100	%		3/25/25		130,000		133,584
CVS Health Corp., Senior Notes		3.875	%		7/20/25		160,000		162,068
CVS Health Corp., Senior Notes		4.300	%		3/25/28		870,000		882,326
CVS Health Corp., Senior Notes		5.125	%		7/20/45		150,000		152,673

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
HCA Inc., Senior Notes		5.375	%		9/1/26		80,000	$	84,500
HCA Inc., Senior Notes		5.625	%		9/1/28		100,000		106,000
HCA Inc., Senior Secured Notes		5.250	%		4/15/25		30,000		32,255
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		30,000		32,190
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		40,000		41,143
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		70,000		74,529
Humana Inc., Senior Notes		3.950	%		3/15/27		390,000		394,415
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Senior Notes		6.375	%		8/1/23		70,000		71,487	(a)
Medtronic Global Holdings SCA, Senior Notes		3.350	%		4/1/27		170,000		173,126
UnitedHealth Group Inc., Senior Notes		2.700	%		7/15/20		100,000		100,226
UnitedHealth Group Inc., Senior Notes		2.875	%		12/15/21		60,000		60,352
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		100,000		104,479
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		40,000		41,922
Total Health Care Providers & Services									4,473,292
Pharmaceuticals - 0.5%
Allergan Funding SCS, Senior Notes		3.800	%		3/15/25		240,000		243,352
Allergan Funding SCS, Senior Notes		4.550	%		3/15/35		60,000		58,854
Allergan Funding SCS, Senior Notes		4.750	%		3/15/45		20,000		19,906
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		10,000		10,625	(a)
Bausch Health Cos. Inc., Senior Notes		5.625	%		12/1/21		32,000		32,010	(a)
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		150,000		148,875	(a)
Bausch Health Cos. Inc., Senior Notes		9.000	%		12/15/25		70,000		76,303	(a)
Eli Lilly & Co., Senior Notes		3.100	%		5/15/27		30,000		30,141
Teva Pharmaceutical Finance Co. BV, Senior Notes		3.650	%		11/10/21		20,000		19,609
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		50,000		49,023
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		1.700	%		7/19/19		50,000		49,894
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		410,000		391,039
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		40,000		35,709
Wyeth LLC, Senior Notes		5.950	%		4/1/37		10,000		12,738
Total Pharmaceuticals									1,178,078
TOTAL HEALTH CARE									6,992,043

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INDUSTRIALS - 1.9%
Aerospace & Defense - 0.5%
Boeing Co., Senior Notes		4.875	%		2/15/20		160,000	$	162,948
Lockheed Martin Corp., Senior Notes		3.100	%		1/15/23		10,000		10,116
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		110,000		113,631
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		30,000		32,581
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		150,000		148,027
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		280,000		275,596
United Technologies Corp., Senior Notes		3.950	%		8/16/25		150,000		155,928
United Technologies Corp., Senior Notes		4.125	%		11/16/28		100,000		103,984
United Technologies Corp., Senior Notes		4.500	%		6/1/42		30,000		31,062
Total Aerospace & Defense									1,033,873
Air Freight & Logistics - 0.1%
United Parcel Service Inc., Senior Notes		2.500	%		4/1/23		50,000		49,898
United Parcel Service Inc., Senior Notes		3.050	%		11/15/27		30,000		30,003
XPO Logistics Inc., Senior Notes		6.500	%		6/15/22		30,000		30,675	(a)
Total Air Freight & Logistics									110,576
Airlines - 0.1%
Delta Air Lines Pass-Through Trust		6.875	%		5/7/19		14,035		14,079	(a)
Delta Air Lines Pass-Through Trust		6.821	%		8/10/22		29,938		32,778
United Airlines Pass Through Trust		5.375	%		8/15/21		23,479		24,164
United Airlines Pass Through Trust		4.625	%		9/3/22		47,078		47,852
United Airlines Pass-Through Trust		4.750	%		4/11/22		61,168		62,208
Total Airlines									181,081
Commercial Services & Supplies - 0.3%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		180,000		180,740
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		240,000		246,639
United Rentals North America Inc., Senior Notes		5.750	%		11/15/24		120,000		123,750
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		30,000		31,650
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		20,000		19,504
Waste Management Inc., Senior Notes		3.500	%		5/15/24		20,000		20,503
Total Commercial Services & Supplies									622,786
Electrical Equipment - 0.1%
Eaton Corp., Senior Notes		2.750	%		11/2/22		270,000		269,137
Eaton Corp., Senior Notes		4.150	%		11/2/42		30,000		30,097
Total Electrical Equipment									299,234

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Industrial Conglomerates - 0.4%
General Electric Co., Senior Notes		5.500	%		1/8/20		10,000	$	10,219
General Electric Co., Senior Notes		4.650	%		10/17/21		22,000		22,810
General Electric Co., Senior Notes		6.750	%		3/15/32		60,000		69,348
General Electric Co., Senior Notes		5.875	%		1/14/38		30,000		31,956
General Electric Co., Senior Notes		6.875	%		1/10/39		551,000		652,517
General Electric Co., Senior Notes		4.500	%		3/11/44		170,000		155,560
General Electric Co., Subordinated Notes		5.300	%		2/11/21		20,000		20,707
Total Industrial Conglomerates									963,117
Machinery - 0.0%
Allison Transmission Inc., Senior Notes		5.000	%		10/1/24		10,000		10,013	(a)
Road & Rail - 0.3%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		70,000		72,850
Union Pacific Corp., Senior Notes		3.950	%		9/10/28		240,000		251,822
Union Pacific Corp., Senior Notes		4.500	%		9/10/48		220,000		233,848
Total Road & Rail									558,520
Trading Companies & Distributors - 0.0%
Beacon Roofing Supply Inc., Senior Notes		4.875	%		11/1/25		40,000		37,950	(a)
Transportation Infrastructure - 0.1%
DP World PLC, Senior Notes		5.625	%		9/25/48		220,000		229,520	(a)
TOTAL INDUSTRIALS									4,046,670
INFORMATION TECHNOLOGY - 1.3%
Communications Equipment - 0.0%
Harris Corp., Senior Notes		5.054	%		4/27/45		30,000		33,134
IT Services - 0.3%
First Data Corp., Senior Secured Notes		5.375	%		8/15/23		180,000		184,275	(a)
Visa Inc., Senior Notes		3.150	%		12/14/25		210,000		213,383
Visa Inc., Senior Notes		4.300	%		12/14/45		130,000		143,650
Total IT Services									541,308
Semiconductors & Semiconductor Equipment - 0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		90,000		86,315
Intel Corp., Senior Notes		3.700	%		7/29/25		40,000		41,965
Total Semiconductors & Semiconductor Equipment									128,280
Software - 0.7%
Microsoft Corp., Senior Notes		1.550	%		8/8/21		150,000		146,474
Microsoft Corp., Senior Notes		2.400	%		2/6/22		210,000		209,794
Microsoft Corp., Senior Notes		2.875	%		2/6/24		200,000		202,317
Microsoft Corp., Senior Notes		2.700	%		2/12/25		70,000		70,081
Microsoft Corp., Senior Notes		2.400	%		8/8/26		300,000		291,129

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Software - (continued)
Microsoft Corp., Senior Notes		3.300	%		2/6/27		370,000	$	380,194
Microsoft Corp., Senior Notes		3.450	%		8/8/36		10,000		10,112
Microsoft Corp., Senior Notes		3.750	%		2/12/45		110,000		112,972
Microsoft Corp., Senior Notes		3.950	%		8/8/56		50,000		52,225
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		110,000		112,769
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		30,000		31,430
Total Software									1,619,497
Technology Hardware, Storage & Peripherals - 0.2%
Apple Inc., Senior Notes		2.000	%		11/13/20		110,000		109,247
Apple Inc., Senior Notes		1.550	%		8/4/21		80,000		78,363
Apple Inc., Senior Notes		2.450	%		8/4/26		200,000		193,408
Dell International LLC/EMC Corp., Senior Notes		7.125	%		6/15/24		70,000		74,226	(a)
Total Technology Hardware, Storage & Peripherals									455,244
TOTAL INFORMATION TECHNOLOGY									2,777,463
MATERIALS - 1.3%
Containers & Packaging - 0.1%
Berry Global Inc., Secured Notes		4.500	%		2/15/26		20,000		19,054	(a)
Pactiv LLC, Senior Notes		8.375	%		4/15/27		250,000		256,250
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA, Senior Secured Notes		5.125	%		7/15/23		10,000		10,175	(a)
Total Containers & Packaging									285,479
Metals & Mining - 1.1%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		200,000		212,500	(a)
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		300,000		297,453	(a)
ArcelorMittal, Senior Notes		6.125	%		6/1/25		90,000		99,676
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		230,000		263,214
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		170,000		199,900
Freeport-McMoRan Inc., Senior Notes		4.000	%		11/14/21		140,000		141,225
Freeport-McMoRan Inc., Senior Notes		3.550	%		3/1/22		30,000		29,737
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		10,000		9,875
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		20,000		17,600
Glencore Funding LLC, Senior Notes		2.875	%		4/16/20		30,000		29,891	(a)
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		80,000		78,910	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		60,000		61,148	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		10,000		10,108	(a)
Glencore Funding LLC, Senior Notes		4.625	%		4/29/24		130,000		134,411	(a)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - (continued)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		90,000	$	87,421	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		90,000		86,519	(a)
Midwest Vanadium Pty Ltd., Senior Secured Notes		13.250	%		2/15/18		298,333		1,119	*(a)(f)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		390,000		407,144
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		10,000		10,363
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		149,000		171,201
Total Metals & Mining									2,349,415
Paper & Forest Products - 0.1%
Resolute Forest Products Inc., Senior Notes		5.875	%		5/15/23		150,000		149,250
TOTAL MATERIALS									2,784,144
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		3.750	%		9/17/24		330,000		337,156	(a)
UTILITIES - 0.7%
Electric Utilities - 0.7%
Berkshire Hathaway Energy Co., Senior Notes		6.125	%		4/1/36		147,000		184,849
Duke Energy Carolinas LLC		5.300	%		2/15/40		160,000		193,356
FirstEnergy Corp., Senior Notes		4.250	%		3/15/23		320,000		333,992
FirstEnergy Corp., Senior Notes		3.900	%		7/15/27		200,000		203,101
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		340,000		450,125
FirstEnergy Corp., Senior Notes		4.850	%		7/15/47		150,000		161,085
Pacific Gas & Electric Co., Senior Notes		3.500	%		10/1/20		60,000		55,500	*(g)
TOTAL UTILITIES									1,582,008
TOTAL CORPORATE BONDS & NOTES (Cost - $74,052,873)									75,089,632
MORTGAGE-BACKED SECURITIES - 30.6%
FHLMC - 10.0%
Federal Home Loan Mortgage Corp. (FHLMC)		4.000	%		4/1/49		2,750,000		2,830,942	(h)
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		4/1/49		1,000,000		1,043,759	(h)
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		4/1/49		300,000		317,719	(h)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.500	%		6/1/38		1,594,399		1,688,364
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.000	%		6/1/41-1/1/49		1,713,833		1,823,026
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		3/1/43-4/1/49		5,283,699		5,375,097

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FHLMC - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		6/1/43		4,372,270	$	4,531,095
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		10/1/46-5/1/47		4,042,976		4,035,835
Total FHLMC									21,645,837
FNMA - 11.7%
Federal National Mortgage Association (FNMA)		3.820	%		1/1/29		490,000		524,387
Federal National Mortgage Association (FNMA)		3.830	%		1/1/29		490,000		524,296
Federal National Mortgage Association (FNMA)		3.500	%		4/1/34-4/1/49		6,800,000		6,903,762	(h)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/40- 6/1/57		2,299,156		2,395,708
Federal National Mortgage Association (FNMA)		3.500	%		1/1/44-3/1/57		3,398,508		3,451,247
Federal National Mortgage Association (FNMA)		3.000	%		7/1/46-9/1/47		6,926,138		6,910,566
Federal National Mortgage Association (FNMA)		4.500	%		5/1/47-9/1/57		2,111,049		2,218,034
Federal National Mortgage Association (FNMA)		5.000	%		10/1/48- 11/1/48		1,326,532		1,403,821
Federal National Mortgage Association (FNMA)		5.000	%		4/1/49		300,000		317,208	(h)
Federal National Mortgage Association (FNMA)		3.000	%		5/1/49		800,000		795,724	(h)
Total FNMA									25,444,753
GNMA - 8.9%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-11/15/42		295,558		297,846
Government National Mortgage Association (GNMA) II		3.500	%		3/20/45-11/20/47		2,513,251		2,570,178
Government National Mortgage Association (GNMA) II		4.000	%		10/20/45-12/20/47		2,317,688		2,401,794
Government National Mortgage Association (GNMA) II		3.000	%		1/20/47-4/20/48		1,489,143		1,497,426
Government National Mortgage Association (GNMA) II		4.500	%		6/20/48-1/20/49		2,469,369		2,569,520

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		5.000	%		11/20/48-1/20/49		2,087,475	$	2,189,205
Government National Mortgage Association (GNMA) II		3.000	%		4/20/49		400,000		401,750	(h)
Government National Mortgage Association (GNMA) II		3.500	%		4/20/49		3,700,000		3,780,287	(h)
Government National Mortgage Association (GNMA) II		4.000	%		4/20/49		2,600,000		2,684,652	(h)
Government National Mortgage Association (GNMA) II		4.500	%		4/20/49		940,000		976,443	(h)
Total GNMA									19,369,101
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $66,474,699)									66,459,691
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - 11.0%
BAMLL Commercial Mortgage Securities Trust, 2014-FL1 E		4.328	%		12/15/31		260,000		255,091	(a)(b)
Banc of America Funding Trust, 2015-R4 6A1 (1 mo. USD LIBOR + 0.140%)		2.630	%		8/27/36		142,271		142,215	(a)(b)
Banc of America Funding Trust, 2015-R4 6A2 (1 mo. USD LIBOR + 0.140%)		2.630	%		8/27/36		780,000		765,732	(a)(b)
Bank, 2017-BNK5 A5		3.390	%		6/15/60		640,000		649,761
Bank, 2017-BNK7 A5		3.435	%		9/15/60		190,000		194,496
Bank, 2017-BNK7 XA, IO		0.814	%		9/15/60		3,257,560		165,463	(b)
BCAP LLC Trust, 2011-RR5 11A4 (1 mo. USD LIBOR + 0.150%)		2.640	%		5/28/36		1,025,025		1,018,670	(a)(b)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		360,000		361,916	(a)(b)
BX Commercial Mortgage Trust (1 mo. USD LIBOR + 2.050%)		4.534	%		11/15/35		278,041		279,257	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-2A B1		2.966	%		5/25/35		200,469		157,597	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A1 (1 mo. USD LIBOR + 0.250%)		2.736	%		8/25/35		691,914		687,906	(a)(b)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. USD LIBOR + 0.300%)		2.786	%		8/25/35		754,979		754,005	(a)(b)
Cold Storage Trust, 2017-ICE3 B (1 mo. LIBOR + 1.250%)		3.734	%		4/15/36		200,000		200,261	(a)(b)
Credit Suisse Mortgage Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.620%)		8.104	%		7/15/32		800,000		787,533	(a)(b)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		1,932,017		1,893,331	(a)(b)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
CSMC Trust, 2018-PLUM A (1 mo. USD LIBOR + 3.231%)		5.715	%		8/15/20		200,000	$	200,253	(a)(b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, KF57 A (1 mo. USD LIBOR + 0.540%)		3.030	%		12/25/28		60,000		60,142	(b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.430%)		3.946	%		2/15/37		2,936,211		455,744	(b)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		1.681	%		2/15/38		60,563		3,799	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2016-DNA1 M2 (1 mo. USD LIBOR + 2.900%)		5.386	%		7/25/28		815,753		830,167	(b)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA2 M2 (1 mo. USD LIBOR + 3.450%)		5.936	%		10/25/29		460,000		497,686	(b)
Federal Home Loan Mortgage Corp. (FHLMC)-STACR, 2017-HRP1 B1 (1 mo. USD LIBOR + 4.600%)		7.086	%		12/25/42		670,000		716,926	(b)
Federal National Mortgage Association (FNMA) - CAS, 2018-C05 1B1 (1 mo. USD LIBOR + 4.250%)		6.736	%		1/25/31		200,000		203,086	(a)(b)
Federal National Mortgage Association (FNMA) - CAS, 2016-C04 1M2 (1 mo. USD LIBOR + 4.250%)		6.736	%		1/25/29		480,000		528,529	(a)(b)
Federal National Mortgage Association (FNMA) ACES, 2019-M1 A2		3.555	%		9/25/28		360,000		377,300	(b)
Federal National Mortgage Association (FNMA) REMIC, 2006-115 EI, IO (-1.000 x 1 mo. USD LIBOR + 6.640%)		4.155	%		12/25/36		2,518,017		457,327	(b)
Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO		1.465	%		8/25/55		508,301		25,945	(b)
Federal National Mortgage Association (FNMA) REMIC, 2016-60 QS, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		3.615	%		9/25/46		874,802		128,487	(b)
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		501,357		498,831	(a)(b)
GE Capital Commercial Mortgage Corp., 2007-C1 AJ		5.439	%		12/10/49		3,570,000		861,882	(b)
Government National Mortgage Association (GNMA), 2012-034 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		3.562	%		3/20/42		787,077		112,930	(b)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. LIBOR + 6.600%)		4.118	%		4/16/42		441,300	$	89,742	(b)
Government National Mortgage Association (GNMA), 2013-101 IO		0.562	%		10/16/54		5,904,664		172,669	(b)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.756	%		8/16/54		2,629,553		122,812	(b)
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		3.618	%		10/16/46		411,554		81,854	(b)
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC		4.500	%		11/16/45		2,177,139		450,329
Government National Mortgage Association (GNMA), 2018-108 A		3.250	%		5/16/59		89,500		89,445	(b)
Government National Mortgage Association (GNMA), 2018-118 AC		3.200	%		5/16/49		148,736		148,066
Government National Mortgage Association (GNMA), 2018-123 AH		3.250	%		9/16/52		39,746		39,639
Government National Mortgage Association (GNMA), 2018-99 A		3.200	%		1/16/52		29,715		29,683
Government National Mortgage Association (GNMA), 2015-167 OI, IO		4.000	%		4/16/45		298,048		57,217
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.300%)		3.784	%		9/15/31		530,000		522,871	(a)(b)
GS Mortgage Securities Corp. II, 2018-SRP5 B (1 mo. USD LIBOR + 2.500%)		4.984	%		9/15/31		530,000		522,822	(a)(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LDPX AJFX		5.438	%		1/15/49		1,210,000		260,654	(a)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		6.234	%		5/15/28		195,089		192,898	(a)(b)
JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 A4		2.822	%		8/15/49		200,000		196,462
JPMorgan Mortgage Trust, 2018-3 A1		3.500	%		9/25/48		1,020,824		1,030,763	(a)(b)
JPMorgan Mortgage Trust, 2018-4 A1		3.500	%		10/25/48		387,130		386,147	(a)(b)
JPMorgan Mortgage Trust, 2018-5 A1		3.500	%		10/25/48		1,317,958		1,314,611	(a)(b)
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		5,403		5,439
Morgan Stanley Capital I Trust, 2007-IQ16 AJ		6.113	%		12/12/49		197,390		151,129	(b)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. USD LIBOR + 0.850%)		3.334	%		11/15/34		300,000		$	299,135	(a)(b)
Morgan Stanley Resecuritization Trust, 2015-R3 7A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		3.102	%		4/26/47		319,353			315,011	(a)(b)
Morgan Stanley Resecuritization Trust, 2015-R3 7A2 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		3.102	%		4/26/47		730,000			713,532	(a)(b)
Morgan Stanley Resecuritization Trust, 2015-R3 9A1 (1 mo. USD LIBOR + 0.260%)		3.010	%		4/26/47		209,066			209,608	(a)(b)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		929,422			941,337	(a)(b)
Nomura Resecuritization Trust, 2015-5R 4A1 (1 mo. USD LIBOR + 0.140%)		3.594	%		7/26/37		255,372			256,487	(a)(b)
Towd Point Mortgage Funding PLC, 2016-V1A A1 (3 mo. GBP LIBOR + 1.200%)		2.059	%		2/20/54		617,878	GBP		807,621	(a)(b)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		101,541			102,941	(a)(b)
Wells Fargo Commercial Mortgage Trust, 2017-RB1, XA		1.278	%		3/15/50		2,204,414			178,225	(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $25,956,311)										23,961,417
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 9.8%
U.S. Government Agencies - 0.0%
Federal Home Loan Bank (FHLB)		2.125	%		2/11/20		100,000			99,729
U.S. Government Obligations - 9.8%
U.S. Treasury Bonds		3.750	%		11/15/43		6,770,000			7,938,089
U.S. Treasury Bonds		2.500	%		2/15/45		100,000			94,377
U.S. Treasury Bonds		2.875	%		8/15/45		1,850,000			1,875,112
U.S. Treasury Bonds		3.000	%		5/15/47		3,800,000			3,939,012
U.S. Treasury Bonds		2.750	%		8/15/47		1,490,000			1,469,105
U.S. Treasury Bonds		2.750	%		11/15/47		2,620,000			2,582,849
U.S. Treasury Bonds		3.000	%		2/15/48		1,230,000			1,272,906
U.S. Treasury Bonds		3.125	%		5/15/48		1,460,000			1,548,456
U.S. Treasury Bonds		3.000	%		8/15/48		400,000			414,148
U.S. Treasury Notes		2.500	%		2/15/22		10,000			10,074
U.S. Treasury Notes		2.625	%		2/15/29		80,000			81,480
Total U.S. Government Obligations										21,225,608
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $20,760,541)										21,325,337

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 7.6%
Argentina - 0.6%
Argentina POM Politica Monetaria, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		67.546	%		6/21/20		750,000	ARS	$	19,108	(b)
Argentine Bonos del Tesoro		18.200	%		10/3/21		9,410,000	ARS		154,029
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		350,000			302,575
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		460,000			391,517
Argentine Republic Government International Bond, Senior Notes		3.750	%		12/31/38		530,000			308,063	(b)
Provincia de Buenos Aires, Senior Notes		6.500	%		2/15/23		160,000			130,800	(a)
Total Argentina										1,306,092
Brazil - 1.3%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		2,228,000	BRL		593,943
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		5,048,000	BRL		1,361,639
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		276,000	BRL		74,728
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		200,000			201,952
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		710,000			656,129
Total Brazil										2,888,391
China - 0.6%
China Government Bond, Senior Notes		3.390	%		5/21/25		1,500,000	CNY		227,009	(j)
China Government Bond, Senior Notes		3.310	%		11/30/25		7,500,000	CNY		1,127,845	(j)
Total China										1,354,854
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		240,000			271,128
Ecuador - 0.1%
Ecuador Government International Bond, Senior Notes		7.875	%		1/23/28		200,000			190,950	(a)
Egypt - 0.1%
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		200,000			198,964	(a)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Indonesia - 0.4%
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		390,000		$	395,646	(j)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		260,000			253,396
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		300,000			296,125
Total Indonesia										945,167
Kenya - 0.1%
Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		200,000			205,802	(j)
Kuwait - 0.3%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		670,000			685,778	(a)
Mexico - 2.2%
Mexican Bonos, Bonds		10.000	%		12/5/24		2,000,000	MXN		113,216
Mexican Bonos, Bonds		8.000	%		11/7/47		37,020,000	MXN		1,812,009
Mexican Bonos, Senior Notes		7.750	%		11/13/42		55,940,000	MXN		2,679,379
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		230,000			223,313
Total Mexico										4,827,917
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		200,000			198,158	(a)
Peru - 0.1%
Peruvian Government International Bond, Senior Notes		6.550	%		3/14/37		20,000			27,025
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		120,000			154,260
Total Peru										181,285
Poland - 0.2%
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		320,000			335,174
Qatar - 0.3%
Qatar Government International Bond, Senior Notes		4.000	%		3/14/29		200,000			206,436	(a)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		330,000			347,831	(a)
Total Qatar										554,267

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Russia - 1.0%
Russian Federal Bond - OFZ		7.000	%		1/25/23		12,270,000	RUB	$	181,886
Russian Federal Bond - OFZ		7.000	%		8/16/23		53,550,000	RUB		791,082
Russian Federal Bond - OFZ		8.150	%		2/3/27		7,520,000	RUB		115,278
Russian Federal Bond - OFZ		7.050	%		1/19/28		67,452,000	RUB		959,506
Total Russia										2,047,752
United Arab Emirates - 0.1%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		260,000			257,881	(a)
TOTAL SOVEREIGN BONDS (Cost - $17,909,649)										16,449,560
SENIOR LOANS - 2.4%
COMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.0%
Level 3 Financing Inc., 2024 Term Loan B (1 mo. USD LIBOR + 2.250%)		4.736	%		2/22/24		120,000			118,800	(b)(k)(l)
Media - 0.4%
Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		4.500	%		4/30/25		64,886			64,532	(b)(k)(l)
Numericable U.S. LLC, USD Term Loan B12 (1 mo. USD LIBOR + 3.688%)		6.171	%		1/31/26		141,603			133,956	(b)(k)(l)
Univision Communications Inc., 2017 Replacement Term Loan (1 mo. USD LIBOR + 2.750%)		5.249	%		3/15/24		290,588			274,503	(b)(k)(l)
UPC Financing Partnership, Term Loan Facility AR (1 mo. USD LIBOR + 2.500%)		4.984	%		1/15/26		94,582			94,351	(b)(k)(l)
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.500%)		4.984	%		4/15/25		230,000			224,394	(b)(k)(l)
Total Media										791,736
Wireless Telecommunication Services - 0.0%
Sprint Communications Inc., Term Loan (1 mo. USD LIBOR + 2.500%)		5.000	%		2/2/24		5,909			5,743	(b)(k)(l)
TOTAL COMMUNICATION SERVICES										916,279
CONSUMER DISCRETIONARY - 0.9%
Auto Components - 0.1%
American Axle & Manufacturing Inc., Term Loan B (1 mo. USD LIBOR + 2.250%)		4.740	%		4/6/24		47,063			46,073	(b)(k)(l)
Panther BF Aggregator 2 LP, USD Term Loan		—			3/18/26		210,000			207,895	(e)(m)
Total Auto Components										253,968
Commercial Services & Supplies - 0.0%
Atlantic Aviation FBO Inc., Term Loan (1 mo. USD LIBOR + 3.750%)		6.250	%		12/6/25		29,925			30,186	(b)(e)(k)(l)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, Term Loan B1 (1 mo. USD LIBOR +2.750%)		5.243-5.249	%		5/2/22		105,402	$	104,498	(b)(k)(l)
Hotels, Restaurants & Leisure - 0.5%
1011778 BC Unlimited Liability Co., Term Loan B3 (1 mo. USD LIBOR + 2.250%)		4.749	%		2/16/24		86,430		85,080	(b)(k)(l)
Alterra Mountain Company, Initial Term Loan		—			7/31/24		120,000		119,575	(m)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		5.249	%		12/23/24		308,454		305,425	(b)(k)(l)
Golden Nugget Inc., Term Loan B (1 mo. USD LIBOR + 2.750%)		5.234-5.249	%		10/4/23		100,547		99,667	(b)(k)(l)
Hilton Worldwide Finance LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		4.236	%		10/25/23		138,276		137,992	(b)(k)(l)
Scientific Games International Inc., Initial Term Loan B5		5.249-5.329	%		8/14/24		175,947		171,391	(b)(k)(l)
Wyndham Hotels & Resorts Inc., Term Loan B (1 mo. USD LIBOR + 1.750%)		4.249	%		5/30/25		248,750		245,990	(b)(k)(l)
Total Hotels, Restaurants & Leisure									1,165,120
Specialty Retail - 0.2%
Academy Ltd., Initial Term Loan (1 mo. USD LIBOR + 4.000%)		6.489-6.490	%		7/1/22		259,233		187,458	(b)(k)(l)
Michaels Stores Inc., 2018 New Replacement Term Loan B (1 mo. USD LIBOR + 2.500%)		4.991-4.999	%		1/30/23		116,480		114,223	(b)(k)(l)
Party City Holdings Inc., 2018 Replacement Term Loan (1 mo. USD LIBOR + 2.500%)		5.000	%		8/19/22		33,044		32,850	(b)(k)(l)
Total Specialty Retail									334,531
TOTAL CONSUMER DISCRETIONARY									1,888,303
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Albertson’s LLC, 2018 Term Loan B7 (1 mo. USD LIBOR + 3.000%)		5.499	%		11/17/25		121,726		120,395	(b)(k)(l)
Food Products - 0.0%
Post Holdings Inc., Term Loan A (1 mo. USD LIBOR + 2.000%)		4.490	%		5/24/24		70,138		69,700	(b)(k)(l)
TOTAL CONSUMER STAPLES									190,095

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FINANCIALS - 0.2%
Capital Markets - 0.1%
Edelman Financial Center LLC, First Lien Initial Term Loan B		—			7/21/25		79,800	$	79,451	(m)
First Eagle Holdings Inc., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		5.351	%		12/2/24		39,900		39,800	(b)(e)(k)(l)(m)
Focus Financial Partners LLC, Term Loan B2		—			7/3/24		9,975		9,946	(m)
LPL Holdings Inc., Term Loan B		—			9/23/24		20,000		19,874	(e)(m)
RPI Finance Trust, Initial Term Loan B6 (1 mo. USD LIBOR + 2.000%)		4.499	%		3/27/23		96,257		95,786	(b)(k)(l)
Total Capital Markets									244,857
Diversified Financial Services - 0.0%
Intelsat Jackson Holdings SA, Term Loan B3		—			11/27/23		50,000		49,156	(m)
Insurance - 0.1%
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		5.499	%		11/3/24		59,850		59,541	(b)(k)(l)(m)
Asurion LLC, Term Loan B4		—			8/4/22		109,685		109,274	(m)
Total Insurance									168,815
TOTAL FINANCIALS									462,828
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.0%
Envision Healthcare Corp., Initial Term Loan (1 mo. USD LIBOR + 3.750%)		6.249	%		10/10/25		39,900		37,398	(b)(k)(l)
Health Care Providers & Services - 0.2%
Jaguar Holding Co. II, 2018 Term Loan (1 mo. USD LIBOR + 2.500%)		4.999	%		8/18/22		129,500		128,314	(b)(k)(l)
LifePoint Health Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		6.982	%		11/16/25		99,750		98,940	(b)(k)(l)
MPH Acquisition Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 2.750%)		5.351	%		6/7/23		140,634		136,291	(b)(k)(l)
Total Health Care Providers & Services									363,545
Health Care Technology - 0.1%
AthenaHealth Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		7.197	%		2/11/26		110,000		108,533	(b)(k)(l)
Change Healthcare Holdings LLC, Closing Date Term Loan (1 mo. USD LIBOR + 2.750%)		5.249	%		3/1/24		72,340		71,436	(b)(k)(l)
Total Health Care Technology									179,969
Pharmaceuticals - 0.0%
Bausch Health Cos. Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		5.481	%		6/2/25		72,947		72,505	(b)(k)(l)
Catalent Pharma Solutions Inc., Dollar Term Loan (1 mo. USD LIBOR + 2.250%)		4.749	%		5/20/24		37,464		37,354	(b)(k)(l)
Total Pharmaceuticals									109,859
TOTAL HEALTH CARE									690,771

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
INDUSTRIALS - 0.1%
Air Freight & Logistics - 0.0%
XPO Logistics Inc., Refinancing Term Loan (1 mo. USD LIBOR + 2.000%)		4.499	%		2/24/25		47,719	$	46,932	(b)(k)(l)
Building Products - 0.0%
Quikrete Holdings Inc., Initial First Lien Term Loan (1 mo. USD LIBOR + 2.750%)		5.249	%		11/15/23		10,931		10,658	(b)(k)(l)
Commercial Services & Supplies - 0.0%
ServiceMaster Co. LLC, Term Loan C (1 mo. USD LIBOR + 2.500%)		4.993	%		11/8/23		7,081		7,072	(b)(k)(l)
Professional Services - 0.0%
Trans Union LLC, 2017 Replacement Term Loan B3 (1 mo. USD LIBOR + 2.000%)		4.499	%		4/10/23		81,406		80,788	(b)(k)(l)
Trading Companies & Distributors - 0.1%
Beacon Roofing Supply Inc., Initial Term Loan (1 mo. USD LIBOR + 2.250%)		4.749	%		1/2/25		89,268		87,046	(b)(k)(l)
BrightView Landscapes LLC, Initial Term Loan (1 mo. USD LIBOR + 2.500%)		5.000	%		8/15/25		59,550		59,325	(b)(e)(k)(l)
Total Trading Companies & Distributors									146,371
TOTAL INDUSTRIALS									291,821
INFORMATION TECHNOLOGY - 0.2%
IT Services - 0.1%
First Data Corp., 2022 New Dollar Term Loan D (1 mo. USD LIBOR + 2.000%)		4.486	%		7/8/22		10,000		9,986	(b)(k)(l)
First Data Corp., 2024 New Dollar Term Loan A (1 mo. USD LIBOR + 2.000%)		4.486	%		4/26/24		81,876		81,723	(b)(k)(l)
McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.750%)		6.249	%		9/30/24		49,875		49,806	(b)(k)(l)
Total IT Services									141,515
Semiconductors & Semiconductor Equipment - 0.0%
ON Semiconductor Corp., 2018 New Replacement Term Loan B3 (1 mo. USD LIBOR + 1.750%)		4.249	%		3/31/23		40,911		40,553	(b)(k)(l)
Software - 0.1%
Dell International LLC, Refinancing Term Loan B (1 mo. USD LIBOR + 2.000%)		4.500	%		9/7/23		137,177		135,771	(b)(k)(l)
Technology Hardware, Storage & Peripherals - 0.0%
Western Digital Corp., New Term Loan B4 (1 mo. USD LIBOR + 1.750%)		4.249	%		4/29/23		42,451		41,389	(b)(k)(l)
TOTAL INFORMATION TECHNOLOGY									359,228

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.1%
Construction Materials - 0.0%
American Builders & Contractors Supply Co. Inc., Term Loan B2 (1 mo. USD LIBOR + 2.000%)		4.499	%		10/31/23		55,961	$	54,557	(b)(k)(l)
Containers & Packaging - 0.1%
Berry Global Inc., Term Loan Q (2 mo. USD LIBOR + 2.000%)		4.610	%		10/3/22		115,172		114,646	(b)(k)(l)
Reynolds Group Holdings Inc., Incremental U.S. Term Loan (1 mo. USD LIBOR + 2.750%)		5.249	%		2/6/23		122,831		121,548	(b)(k)(l)
Total Containers & Packaging									236,194
TOTAL MATERIALS									290,751
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
MGM Growth Properties Operating Partnership LP, Term Loan B (1 mo. USD LIBOR + 2.000%)		4.499	%		3/21/25		149,440		147,447	(b)(k)(l)
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		4.491	%		12/20/24		14,545		14,333	(b)(k)(l)
Total Equity Real Estate Investment Trusts (REITs)									161,780
Real Estate Management & Development - 0.0%
CityCenter Holdings LLC, Refinancing Term Loan (1 mo. USD LIBOR + 2.250%)		4.749	%		4/18/24		26,594		26,106	(b)(k)(l)
TOTAL REAL ESTATE									187,886
TOTAL SENIOR LOANS (Cost - $5,425,122)									5,277,962
ASSET-BACKED SECURITIES - 1.7%
Community Funding CLO, 2015-1A A		5.750	%		11/1/27		246,159		257,794	(a)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		280,000		292,415
SBA Small Business Investment Cos, 2018-10B 1		3.548	%		9/11/28		180,732		186,959
SBA Small Business Investment Cos., 2019-10A 1		3.113	%		3/10/29		300,000		304,593
SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. USD LIBOR + 0.290%)		2.901	%		6/15/39		1,027,584		999,649	(b)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		1,092		1,198,927	(a)
Sofi Consumer Loan Program LLC, 2017-1 A		3.280	%		1/26/26		216,479		217,276	(a)
Upstart Securitization Trust, 2017-2 A		2.508	%		3/20/25		117,128		117,056	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $3,768,152)									3,574,669

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.1%
U.S. Treasury Bonds, Inflation Indexed		1.375	%		2/15/44		475,218	$	525,303
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/45		940,649		904,429
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/49		840,252		862,277
TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES (Cost - $2,158,266)									2,292,009
						SHARES
PREFERRED STOCKS - 0.4%
FINANCIALS - 0.4%
Banks - 0.1%
GMAC Capital Trust I (3 mo. USD LIBOR + 5.785%)		8.469	%				9,199		239,542	(b)
Diversified Financial Services - 0.3%
Citigroup Capital XIII (3 mo. USD LIBOR + 6.370%)		9.121	%				19,800		541,530	(b)
TOTAL PREFERRED STOCKS (Cost - $695,604)									781,072
COMMON STOCKS - 0.2%
COMMUNICATION SERVICES - 0.0%
Media - 0.0%
New Cotai LLC/New Cotai Capital Corp., Class B Shares							1		22,033	*(d)(e)
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Bossier Casino Venture Holdco Inc.							22,038		4,599	*(d)(e)
ENERGY - 0.2%
Energy Equipment & Services - 0.2%
KCAD Holdings I Ltd.							108,106,087		339,237	*(d)(e)
Oil, Gas & Consumable Fuels - 0.0%
MWO Holdings LLC							146		11,153	*(d)(e)
TOTAL ENERGY									350,390
TOTAL COMMON STOCKS (Cost - $1,030,181)									377,022

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%
Eurodollar Futures, Call @ $97.38				12/16/19			26		26,000	$	15,925
U.S. Treasury 10-Year Notes Futures, Call @ $125.00				4/5/19			5		5,000		547
U.S. Treasury 10-Year Notes Futures, Call @ $124.75				4/26/19			14		14,000		4,594
U.S. Treasury 10-Year Notes Futures, Put @ $122.50				4/26/19			20		20,000		938
U.S. Treasury 10-Year Notes Futures, Put @ $123.00				4/26/19			16		16,000		1,750
U.S. Treasury 10-Year Notes Futures, Put @ $124.25				4/26/19			22		22,000		12,031
U.S. Treasury Long-Term Bonds Futures, Call @ $146.00				4/26/19			7		7,000		26,359
U.S. Treasury Long-Term Bonds Futures, Call @ $159.00				4/26/19			8		8,000		625
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS											62,769
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.1%
U.S. Dollar/Australian Dollar, Put @ $0.74		Citibank N.A.		4/2/19			2,160,000		2,160,000		0	(n)
U.S. Dollar/Euro, Call @ $1.14		Citibank N.A.		11/4/19			4,803,874		4,803,874		88,780
U.S. Dollar/Euro, Put @ $1.16		Goldman Sachs Group Inc.		6/21/19			2,150,000		2,150,000		6,118
U.S. Dollar/Mexican Peso, Put @ 19.00MXN		Citibank N.A.		4/11/19			2,910,000		2,910,000		3,306
TOTAL OTC PURCHASED OPTIONS											98,204
TOTAL PURCHASED OPTIONS (Cost - $210,061)											160,973
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $218,441,459)											215,749,344
			RATE			MATURITY DATE		FACE AMOUNT†
SHORT-TERM INVESTMENTS - 6.3%
COMMERCIAL PAPER - 3.0%
Banco Santander SA				2.701	%		5/1/19		1,750,000		1,746,043	(o)
Mitsubishi UFJ Trust and Banking				2.668	%		5/30/19		820,000		816,458	(o)(p)
Mizuho Bank Ltd.				2.662	%		6/13/19		2,190,000		2,178,368	(o)(p)
Standard Chartered Bank				2.713	%		7/24/19		1,750,000		1,735,303	(o)(p)
TOTAL COMMERCIAL PAPER (Cost - $6,477,006)											6,476,172

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SECURITY	RATE			SHARES		VALUE
MONEY MARKET FUNDS - 3.3%
Western Asset Government Cash Management Portfolio LLC (Cost - $7,205,371)		2.440	%		7,205,371		7,205,371	(q)
TOTAL SHORT-TERM INVESTMENTS (Cost - $13,682,377)							13,681,543
TOTAL INVESTMENTS - 105.8% (Cost - $232,123,836)							229,430,887
Liabilities in Excess of Other Assets - (5.8)%							(12,498,706	)
TOTAL NET ASSETS - 100.0%						$	216,932,181

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

† Face amount/notional amount denominated in U.S. dollars, unless otherwise noted.

* Non-income producing security.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(c) Security has no maturity date. The date shown represents the next call date.

(d) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

(e) Security is valued using significant unobservable inputs (Note 1).

(f) The maturity principal is currently in default as of March 31, 2019.

(g) The coupon payment on these securities is currently in default as of March 31, 2019.

(h) This security is traded on a to-be-announced (“TBA”) basis. At March 31, 2019, the Portfolio held TBA securities with a total cost of $19,908,112.

(i) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

(j) 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 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 Board of Trustees.

(k) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(l) Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(m) All or a portion of this loan is unfunded as of March 31, 2019. The interest rate for fully unfunded term loans is to be determined.

(n) Value is less than $1.

(o) Rate shown represents yield-to-maturity.

(p) Commercial paper exempt from registration under Section 4(2) of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(q) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Portfolio ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control. At March 31, 2019, the total market value of investments in Affiliated Companies was $7,205,371 and the cost was $7,205,371 (Note 2).

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

Abbreviations used in this schedule:

ACES	— Alternative Credit Enhancement Securities
ARS	— Argentine Peso
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateral Loan Obligation
CMT	— Constant Maturity Treasury
CNY	— Chinese Yuan Renminbi
GBP	— British Pound
ICE	— Intercontinental Exchange
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
PAC	— Planned Amortization Class
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

SCHEDULE OF WRITTEN OPTIONS

EXCHANGE-TRADED WRITTEN OPTIONS

SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT†		VALUE
Euro-Bund Futures, Call		4/26/19	$	168.50		9		9,000	$	392
Euro-Bund Futures, Put		4/26/19		164.50		9		9,000		89
Eurodollar Futures, Call		12/16/19		97.63		52		52,000		16,900
U.S. Treasury 5-Year Notes Futures, Call		4/26/19		115.25		40		40,000		27,500
U.S. Treasury 5-Year Notes Futures, Call		4/26/19		116.25		28		28,000		5,469
U.S. Treasury 5-Year Notes Futures, Call		4/26/19		116.50		28		28,000		3,937
U.S. Treasury 5-Year Notes Futures, Call		5/24/19		115.50		13		13,000		8,430
U.S. Treasury 5-Year Notes Futures, Put		4/26/19		115.00		42		42,000		2,625
U.S. Treasury 5-Year Notes Futures, Put		4/26/19		115.50		7		7,000		1,367
U.S. Treasury 5-Year Notes Futures, Put		5/24/19		114.00		13		13,000		406
U.S. Treasury 10-Year Notes Futures, Call		4/5/19		125.25		28		28,000		2,188
U.S. Treasury 10-Year Notes Futures, Call		4/5/19		125.50		20		20,000		1,250
U.S. Treasury 10-Year Notes Futures, Call		4/26/19		122.50		30		30,000		52,969
U.S. Treasury 10-Year Notes Futures, Call		4/26/19		123.00		24		24,000		31,875
U.S. Treasury 10-Year Notes Futures, Call		4/26/19		123.50		19		19,000		17,812
U.S. Treasury 10-Year Notes Futures, Call		4/26/19		125.75		28		28,000		3,500
U.S. Treasury 10-Year Notes Futures, Call		5/24/19		124.00		40		40,000		33,750
U.S. Treasury 10-Year Notes Futures, Put		4/5/19		123.50		34		34,000		2,125
U.S. Treasury 10-Year Notes Futures, Put		4/5/19		124.25		14		14,000		4,812

See Notes to Schedule of Investments.

37

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Schedule of investments (unaudited) (cont’d) March 31, 2019

SCHEDULE OF WRITTEN OPTIONS (continued)
SECURITY		EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
U.S. Treasury 10-Year Notes Futures, Put			4/26/19	$	121.00			10		10,000	$	0	(a)
U.S. Treasury 10-Year Notes Futures, Put			4/26/19		123.50			37		37,000		8,094
U.S. Treasury 10-Year Notes Futures, Put			4/26/19		123.75			14		14,000		4,375
U.S. Treasury 10-Year Notes Futures, Put			5/24/19		120.50			10		10,000		313
U.S. Treasury Long-Term Bonds Futures, Call			4/26/19		147.00			6		6,000		17,250
U.S. Treasury Long-Term Bonds Futures, Call			4/26/19		148.00			6		6,000		12,562
U.S. Treasury Long-Term Bonds Futures, Put			4/26/19		146.50			3		3,000		469
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $113,468)											$	259,497
OTC WRITTEN OPTIONS
	COUNTERPARTY
Interest rate swaption with Goldman Sachs Group Inc., Call	Goldman Sachs Group Inc.		4/1/19	$	3.10			3,210,000		3,210,000	$	0	(a)
Interest rate swaption with Goldman Sachs Group Inc., Put	Goldman Sachs Group Inc.		4/1/19		2.80			3,210,000		3,210,000		33,636
U.S. Dollar/Mexican Peso, Call	Citibank N.A.		4/11/19		20.00	MXN		2,910,000		2,910,000		4,102
TOTAL OTC WRITTEN OPTIONS (Premiums received - $42,987)											$	37,738
TOTAL WRITTEN OPTIONS (Premiums received - $156,455)											$	297,235

† Notional amount denominated in U.S. dollars, unless otherwise noted.

(a) Value is less than $1.

Abbreviation used in this schedule:

MXN — Mexican Peso

At March 31, 2019, the Portfolio had the following open futures contracts:

	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Buy:
90-Day Eurodollar		367		12/19	$	88,988,874	$	89,520,475	$	531,601
90-Day Eurodollar		93		6/20		22,638,692		22,732,687		93,995
90-Day Eurodollar		16		3/21		3,897,429		3,915,200		17,771
Euro		2		6/19		283,378		282,213		(1,165	)
Euro-BTP		30		6/19		4,252,617		4,356,989		104,372
Mexican Peso		10		6/19		253,850		254,250		400
U.S. Treasury 2-Year Notes		132		6/19		28,026,716		28,128,375		101,659
U.S. Treasury 10-Year Notes		121		6/19		15,053,522		15,030,469		(23,053	)
U.S. Treasury Ultra Long-Term Bonds		191		6/19		30,942,797		32,088,000		1,145,203
										1,970,783

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) March 31, 2019

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
Euro-Bund		160		6/19	$	29,212,118	$	29,854,703	$	(642,585	)
Euro-Buxl		7		6/19		1,431,747		1,504,962		(73,215	)
Japanese 10-Year Bonds		5		6/19		6,890,697		6,915,095		(24,398	)
U.S. Treasury 5-Year Notes		78		6/19		9,002,738		9,034,594		(31,856	)
U.S. Treasury Long-Term Bonds		60		6/19		8,728,474		8,979,375		(250,901	)
U.S. Treasury Ultra 10-Year Note Futures		50		6/19		6,489,738		6,639,063		(149,325	)
										(1,172,280	)
Net unrealized appreciation on open futures contracts									$	798,503

At March 31, 2019, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	500,000	USD	380,754	Barclays Bank PLC		4/1/19	$	(6,572	)
USD	380,778	CAD	500,000	JPMorgan Chase & Co.		4/1/19		6,596
USD	150,928	MXN	2,925,017	Citibank N.A.		4/15/19		635
USD	1,905,160	MXN	36,950,000	Citibank N.A.		4/15/19		6,601
INR	103,040,000	USD	1,452,505	Barclays Bank PLC		4/16/19		30,816
BRL	5,152,400	USD	1,388,937	Barclays Bank PLC		4/17/19		(74,599	)
CAD	9,949,101	USD	7,495,970	Barclays Bank PLC		4/17/19		(47,477	)
CNY	17,564,000	USD	2,616,416	Barclays Bank PLC		4/17/19		(2,902	)
TWD	479,800	USD	15,656	Barclays Bank PLC		4/17/19		(71	)
USD	2,053,932	AUD	2,869,682	Barclays Bank PLC		4/17/19		15,554
USD	1,541,603	BRL	6,040,000	Barclays Bank PLC		4/17/19		846
USD	1,400,999	CNH	9,644,198	Barclays Bank PLC		4/17/19		(33,482	)
USD	2,547,058	CNY	17,564,000	Barclays Bank PLC		4/17/19		(66,456	)
ZAR	6,640,000	USD	473,947	Barclays Bank PLC		4/17/19		(14,778	)
AUD	3,246,116	USD	2,330,190	Citibank N.A.		4/17/19		(24,425	)
BRL	100,000	USD	26,678	Citibank N.A.		4/17/19		(1,169	)
BRL	1,870,000	USD	498,876	Citibank N.A.		4/17/19		(21,853	)
BRL	4,260,000	USD	1,136,476	Citibank N.A.		4/17/19		(49,783	)
CAD	2,911,849	USD	2,179,627	Citibank N.A.		4/17/19		357
EUR	70,000	USD	79,360	Citibank N.A.		4/17/19		(714	)
EUR	200,000	USD	228,612	Citibank N.A.		4/17/19		(3,910	)
EUR	365,297	USD	424,028	Citibank N.A.		4/17/19		(13,614	)
IDR	52,560,495,000	USD	3,609,800	Citibank N.A.		4/17/19		72,615
JPY	290,092,387	USD	2,700,443	Citibank N.A.		4/17/19		(78,731	)

See Notes to Schedule of Investments.

39

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	3,000,000		USD	155,768	Citibank N.A.		4/17/19	$	(1,670	)
MXN	3,000,000		USD	156,020	Citibank N.A.		4/17/19		(1,922	)
MXN	5,000,000		USD	261,862	Citibank N.A.		4/17/19		(5,033	)
MXN	73,315,112		USD	3,778,682	Citibank N.A.		4/17/19		(12,781	)
RUB	60,986,431		USD	898,908	Citibank N.A.		4/17/19		27,715
USD	2,521,290		BRL	9,770,000	Citibank N.A.		4/17/19		29,039
USD	29,885		COP	95,707,000	Citibank N.A.		4/17/19		(101	)
USD	80,626		EUR	70,000	Citibank N.A.		4/17/19		1,980
USD	113,766		EUR	100,000	Citibank N.A.		4/17/19		1,415
USD	168,678		EUR	150,000	Citibank N.A.		4/17/19		151
USD	203,086		EUR	180,000	Citibank N.A.		4/17/19		855
USD	226,247		EUR	200,000	Citibank N.A.		4/17/19		1,545
USD	283,803		EUR	250,000	Citibank N.A.		4/17/19		2,926
USD	1,784,198		GBP	1,390,125	Citibank N.A.		4/17/19		(28,066	)
USD	3,627		JPY	400,000	Citibank N.A.		4/17/19		12
USD	2,752,314		JPY	295,691,238	Citibank N.A.		4/17/19		80,002
USD	1,016,647		MXN	19,695,000	Citibank N.A.		4/17/19		4,995
BRL	1,870,000		USD	499,212	JPMorgan Chase & Co.		4/17/19		(22,190	)
BRL	8,290,000		USD	2,211,315	JPMorgan Chase & Co.		4/17/19		(96,600	)
CNH	9,644,198		USD	1,431,952	JPMorgan Chase & Co.		4/17/19		2,529
PHP	101,355,000		USD	1,915,611	JPMorgan Chase & Co.		4/17/19		10,512
USD	1,919,239		PHP	101,355,000	JPMorgan Chase & Co.		4/17/19		(6,884	)
USD	15,542		TWD	479,800	JPMorgan Chase & Co.		4/17/19		(43	)
BRL	6,040,000		USD	1,531,013	Barclays Bank PLC		7/17/19		(1,257	)
USD	2,612,252		CNY	17,564,000	Barclays Bank PLC		7/17/19		(577	)
BRL	9,770,000		USD	2,504,358	Citibank N.A.		7/17/19		(29,901	)
TWD	479,800		USD	15,602	JPMorgan Chase & Co.		7/17/19		72
USD	1,431,145		CNH	9,644,198	JPMorgan Chase & Co.		7/17/19		(2,785	)
USD	1,901,238		PHP	101,355,000	JPMorgan Chase & Co.		7/17/19		(11,858	)
ARS	6,850,000		USD	139,327	JPMorgan Chase & Co.		9/23/19		(13,151	)
Total								$	(377,587	)

See Notes to Schedule of Investments.

40

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

Abbreviations used in this table:

ARS	— Argentine Peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
PHP	— Philippine Peso
RUB	— Russian Ruble
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

At March 31, 2019, the Portfolio had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†	PAYMENTS RECEIVED BY THE PORTFOLIO†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		130,770,000	MXN		4/5/21	28-Day TIIE - Banxico every 28 days	7.351% every 28 days	$	(1,106	)	$	(82,529)
		2,210,000	GBP		10/26/21	1.271% semi-annually	6-Month GBP LIBOR semi-annually		1,073			(18,411	)
		10,883,000	GBP		10/30/21	1.385% annually	3-Month GBP LIBOR annually		(3,911	)		(59,010	)
		4,100,000			12/18/21	3-Month LIBOR quarterly	2.851% semi-annually		25,305			29,705
		146,200,000	MXN		4/6/22	28-Day TIIE - Banxico every 28 days	7.330% every 28 days		(2,704	)		(106,033	)
		10,901,000			6/19/24	3-Month LIBOR quarterly	Daily Federal Funds Effective Rate + 0.254% quarterly		—			2,530
		2,852,000			12/31/25	2.25% semi-annually	3-Month LIBOR quarterly		3,915			7,996

See Notes to Schedule of Investments.

41

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

CENTRALLY CLEARED INTEREST RATE SWAPS
		NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†	PAYMENTS RECEIVED BY THE PORTFOLIO†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
			7,777,000			12/31/25	2.250% annually	Daily Federal Funds Effective Rate annually	$	(46,982	)	$	(46,735	)
			12,249,000			1/31/26	2.500% semi-annually	3-Month LIBOR quarterly		(164,848	)		29,828
			3,930,000			2/15/36	3-Month LIBOR quarterly	3.000% semi annually		2,222			233,801
			2,961,000			2/15/44	3.330% semi-annually	3-Month LIBOR quarterly		(139	)		(398,804	)
			2,516,000			5/15/44	2.875% semi-annually	3-Month LIBOR quarterly		10,942			(135,092	)
			2,960,000			5/15/44	3.000% semi-annually	3-Month LIBOR quarterly		2,294			(218,762	)
			2,601,000			8/15/44	2.750% semi-annually	3-Month LIBOR quarterly		(2,697	)		(63,467	)
			213,300	EUR		8/23/47	1.498% annually	6-Month EURIBOR semi-annually		(271	)		(26,791	)
	Total								$	(176,907	)	$	(851,774	)

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†	PAYMENTS RECEIVED BY THE PORTFOLIO†	UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
Citibank N.A.		16,865,000	BRL		1/2/20	BRL-CDI**	8.410%**		—	$	110,715
Citibank N.A.		3,400,000	BRL		1/2/20	BRL-CDI**	8.410%**	$	414		21,930
Citibank N.A.		5,900,000	BRL		1/2/20	BRL-CDI**	8.410%**		2,706		37,788
Citibank N.A.		3,800,000	BRL		1/2/20	BRL-CDI**	8.410%**		1,085		24,893
Citibank N.A.		1,785,000	BRL		1/2/20	BRL-CDI**	8.410%**		967		11,236
Total								$	5,172	$	206,562

See Notes to Schedule of Investments.

42

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2019

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE PORTFOLIO†		MARKET VALUE3		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION
Markit CDX.NA.HY.32 Index	$	2,870,000		6/20/24		5.000% quarterly	$	190,755	$	174,805	$	15,950
Markit CDX.NA.IG.32 Index		25,180,000		6/20/24		1.000% quarterly		447,121		405,119		42,002
Total	$	28,050,000					$	637,876	$	579,924	$	57,952

1 If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

2 The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

3 The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

* Notional amount denominated in U.S. dollars, unless otherwise noted.

** One time payment made at termination date.

Abbreviations used in this table:
BRL	— Brazilian Real
EUR	— Euro
EURIBOR	— Euro Interbank Offered Rate
GBP	— British Pound
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

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.

43

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Core Plus VIT 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 following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the 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 of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio’s pricing policies, and reporting to the Board of Trustees. 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.

44

Notes to Schedule of Investments (unaudited) (continued)

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

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

The 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 – 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.

45

Notes to Schedule of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes:
Financials		—	$	29,282,197	$	1,957,642	$	31,239,839
Other Corporate Bonds & Notes		—		43,849,793		—		43,849,793
Mortgage-Backed Securities		—		66,459,691		—		66,459,691
Collateralized Mortgage Obligations		—		23,961,417		—		23,961,417
U.S. Government & Agency Obligations		—		21,325,337		—		21,325,337
Sovereign Bonds		—		16,449,560		—		16,449,560
Senior Loans:
Consumer Discretionary		—		1,650,222		238,081		1,888,303
Financials		—		403,154		59,674		462,828
Industrials		—		232,496		59,325		291,821
Other Senior Loans		—		2,635,010		—		2,635,010
Asset-Backed Securities		—		3,574,669		—		3,574,669
U.S. Treasury Inflation Protected Securities		—		2,292,009		—		2,292,009
Preferred Stocks	$	781,072		—		—		781,072
Common Stocks:
Communication Services		—		—		22,033		22,033
Consumer Discretionary		—		—		4,599		4,599
Energy		—		—		350,390		350,390
Purchased Options:
Exchange-Traded Purchased Options		62,769		—		—		62,769
OTC Purchased Options		—		98,204		—		98,204
Total Long-Term Investments		843,841		212,213,759		2,691,744		215,749,344
Short-Term Investments†:
Commercial Paper		—		6,476,172		—		6,476,172
Money Market Funds		—		7,205,371		—		7,205,371
Total Short-Term Investments		—		13,681,543		—		13,681,543
Total Investments	$	843,841	$	225,895,302	$	2,691,744	$	229,430,887

46

Notes to Schedule of Investments (unaudited) (continued)

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	1,995,001		—		—	$	1,995,001
Forward Foreign Currency Contracts		—	$	297,768		—		297,768
Centrally Cleared Interest Rate Swaps		—		303,860		—		303,860
OTC Interest Rate Swaps‡		—		211,734		—		211,734
Centrally Cleared Credit
Default Swaps on Credit
Indices - Sell Protection		—		57,952		—		57,952
Total Other Financial Instruments	$	1,995,001	$	871,314		—	$	2,866,315
Total	$	2,838,842	$	226,766,616	$	2,691,744	$	232,297,202
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	259,497		—		—	$	259,497
OTC Written Options		—	$	37,738		—		37,738
Futures Contracts		1,196,498		—		—		1,196,498
Forward Foreign Currency Contracts		—		675,355		—		675,355
Centrally Cleared Interest Rate Swaps		—		1,155,634		—		1,155,634
Total	$	1,455,995	$	1,868,727		—	$	3,324,722

† See Schedule of Investments for additional detailed categorizations.

‡ Value includes any premium paid or received with respect to swap contracts.

47

Notes to Schedule of Investments (unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Investments in Securities	Balance as of December 31, 2018		Accrued premiums/ discounts			Realized gain (loss)1			Change in unrealized appreciation (depreciation)2			Purchases
Corporate Bonds & Notes:
Consumer Discretionary	$	389,605		—			—			—			—
Financials		1,920,803	$	1,310		$	(6,257	)	$	41,786			—
Industrials		33,363		(235	)		—			—			—
Mortgage-Backed Securities		1,001,668		—			—			—			—
Senior Loans:
Consumer Discretionary		29,813		9			(75	)		434		$	207,900
Financials		—		—			(100	)		(201	)		59,975
Industrials		57,163		4			(149	)		2,307			—
Preferred Stocks:
Industrials		6,774		—			(648,189	)		641,415			—
Common Stocks:
Communication Services		17,650		—			—			4,383			—
Consumer Discretionary		277,238		—			233,242			(228,563	)		0	*
Energy		243,130		—			—			107,260			—
Industrials		20		—			(144,455	)		144,435			—
Total	$	3,977,227	$	1,088		$	(565,983	)	$	713,256		$	267,875

Investments in Securities (cont’d)	Sales			Transfers into Level 33		Transfers out of Level 34			Balance as of March 31, 2019		Net change in unrealized appreciation (depreciation) for investments in securities still held at March 31, 20192
Corporate Bonds & Notes:
Consumer Discretionary	$	(389,605	)		—		—			—		—
Financials		—			—		—		$	1,957,642	$	41,786
Industrials		—			—	$	(33,128	)		—		—

48

Notes to Schedule of Investments (unaudited) (continued)

Investments in Securities (cont’d)	Sales			Transfers into Level 33		Transfers out of Level 34			Balance as of March 31, 2019			Net change in unrealized appreciation (depreciation) for investments in securities still held at March 31, 20192
Mortgage-Backed Securities		—			—	$	(1,001,668	)		—			—
Senior Loans:
Consumer Discretionary		—			—		—		$	238,081		$	434
Financials		—			—		—			59,674	(201)
Industrials		—			—		—			59,325			2,307
Preferred Stocks:
Industrials		—			—		—			—			—
Common Stocks:
Communication Services		—			—		—			22,033			4,383
Consumer Discretionary	$	(277,318	)		—		—			4,599			4,599
Energy		—			—		—			350,390			107,260
Industrials		—			—		—			—			—
Total	$	(666,923	)		—	$	(1,034,796	)	$	2,691,744		$	160,568

* Amount represents less than $1.

¹  This amount is included in net realized gain (loss) from investment transactions in the accompanying Statement of Operations.

²  Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

³  Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

⁴  Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

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Notes to Schedule of Investments (unaudited) (continued)

2. Transactions with affiliated companies

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. The Portfolio may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Portfolio’s subadviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Portfolio’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended March 31, 2019. The following transactions were effected in shares of such companies for the period ended March 31, 2019.

	Affiliate Value at December 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC	$	10,338,307	$	19,367,064		19,367,064	$	22,500,000		22,500,000		—	$	33,261		—	$	7,205,371

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