NPORT-EX 2 LMF6900LM093024.htm EDGAR HTML
Schedule of Investments (unaudited)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 76.8%
Communication Services — 11.9%
Diversified Telecommunication Services — 3.7%
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
2,020,000
 
 $1,625,219
 (a)
Altice France Holding SA, Senior Secured Notes
10.500%
5/15/27
810,000
 
280,963
 (a)
Altice France SA, Senior Secured Notes
5.125%
7/15/29
450,000
 
316,867
 (a)
Altice France SA, Senior Secured Notes
5.500%
10/15/29
950,000
 
666,462
 (a)
IHS Holding Ltd., Senior Notes
5.625%
11/29/26
500,000
 
492,726
 (a)
Level 3 Financing Inc., Senior Secured Notes
11.000%
11/15/29
220,000
 
243,942
 (a)
Optics Bidco SpA, Senior Secured Notes
6.000%
9/30/34
750,000
 
762,989
 (a)
Orange SA, Junior Subordinated Notes (2.375% to 4/15/25 then EUR 5
year Swap Rate + 2.359%)
2.375%
1/15/25
100,000
 EUR
110,444
 (b)(c)(d)
Telecom Argentina SA, Senior Notes
9.500%
7/18/31
370,000
 
384,430
 (a)
Turk Telekomunikasyon AS, Senior Notes
7.375%
5/20/29
850,000
 
872,718
 (a)
Total Diversified Telecommunication Services
5,756,760
Entertainment — 0.6%
Banijay Entertainment SAS, Senior Secured Notes
8.125%
5/1/29
870,000
 
904,977
 (a)
Interactive Media & Services — 0.7%
Match Group Holdings II LLC, Senior Notes
3.625%
10/1/31
1,190,000
 
1,066,625
 (a)
Media — 4.6%
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
3.700%
4/1/51
500,000
 
319,418
 
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
3.850%
4/1/61
2,590,000
 
1,589,809
 
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured
Notes
5.875%
8/15/27
194,000
 
190,612
 (a)
DISH DBS Corp., Senior Notes
5.875%
11/15/24
280,000
 
278,628
 
DISH DBS Corp., Senior Notes
5.125%
6/1/29
840,000
 
564,364
 
DISH DBS Corp., Senior Secured Notes
5.750%
12/1/28
1,040,000
 
910,620
 (a)
iHeartCommunications Inc., Senior Secured Notes
6.375%
5/1/26
290,000
 
254,089
 
Sirius XM Radio Inc., Senior Notes
4.125%
7/1/30
700,000
 
635,301
 (a)
Sunrise FinCo I BV, Senior Secured Notes
4.875%
7/15/31
400,000
 
378,812
 (c)
United Group BV, Senior Secured Notes
5.250%
2/1/30
150,000
 EUR
164,051
 (a)
Univision Communications Inc., Senior Secured Notes
6.625%
6/1/27
400,000
 
401,572
 (a)
Virgin Media Finance PLC, Senior Notes
5.000%
7/15/30
700,000
 
616,416
 (a)
Virgin Media Secured Finance PLC, Senior Secured Notes
5.500%
5/15/29
400,000
 
383,957
 (a)
VZ Secured Financing BV, Senior Secured Notes
5.000%
1/15/32
370,000
 
341,167
 (a)
Total Media
7,028,816
Wireless Telecommunication Services — 2.3%
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
740,000
 
715,740
 (a)
CSC Holdings LLC, Senior Notes
6.500%
2/1/29
360,000
 
298,428
 (a)
CSC Holdings LLC, Senior Notes
4.125%
12/1/30
210,000
 
153,211
 (a)
CSC Holdings LLC, Senior Notes
3.375%
2/15/31
250,000
 
177,463
 (a)
CSC Holdings LLC, Senior Notes
4.500%
11/15/31
1,050,000
 
765,257
 (a)
See Notes to Schedule of Investments.
1
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Wireless Telecommunication Services — continued
Millicom International Cellular SA, Senior Notes
4.500%
4/27/31
750,000
 
 $676,661
 (c)
Vmed O2 UK Financing I PLC, Senior Secured Notes
4.750%
7/15/31
810,000
 
721,817
 (a)
Total Wireless Telecommunication Services
3,508,577
 
Total Communication Services
18,265,755
Consumer Discretionary — 16.0%
Automobile Components — 2.7%
Adient Global Holdings Ltd., Senior Notes
4.875%
8/15/26
900,000
 
892,265
 (a)
American Axle & Manufacturing Inc., Senior Notes
6.500%
4/1/27
220,000
 
220,746
 
American Axle & Manufacturing Inc., Senior Notes
5.000%
10/1/29
700,000
 
643,356
 
Clarios Global LP/Clarios US Finance Co., Senior Notes
8.500%
5/15/27
400,000
 
402,052
 (a)
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
7.750%
5/31/32
210,000
 
215,073
 (a)
JB Poindexter & Co. Inc., Senior Notes
8.750%
12/15/31
720,000
 
762,130
 (a)
ZF North America Capital Inc., Senior Notes
6.875%
4/14/28
1,070,000
 
1,080,989
 (a)
Total Automobile Components
4,216,611
Broadline Retail — 2.2%
B&M European Value Retail SA, Senior Secured Notes
4.000%
11/15/28
320,000
 GBP
401,560
 (c)
Marks & Spencer PLC, Senior Notes
7.125%
12/1/37
900,000
 
993,204
 (a)
MercadoLibre Inc., Senior Notes
3.125%
1/14/31
2,110,000
 
1,913,543
 
Total Broadline Retail
3,308,307
Distributors — 0.6%
Ritchie Bros Holdings Inc., Senior Notes
7.750%
3/15/31
850,000
 
906,321
 (a)
Diversified Consumer Services — 1.8%
Carriage Services Inc., Senior Notes
4.250%
5/15/29
270,000
 
250,377
 (a)
IPD 3 BV, Senior Secured Notes
8.000%
6/15/28
100,000
 EUR
118,083
 (a)
IPD 3 BV, Senior Secured Notes (3 mo. EURIBOR + 3.375%)
6.856%
6/15/31
100,000
 EUR
111,782
 (a)(d)
Prime Security Services Borrower LLC/Prime Finance Inc., Senior
Secured Notes
5.750%
4/15/26
750,000
 
754,042
 (a)
Service Corp. International, Senior Notes
5.125%
6/1/29
530,000
 
530,611
 
Verisure Holding AB, Senior Secured Notes
7.125%
2/1/28
650,000
 EUR
756,212
 (a)
WW International Inc., Senior Secured Notes
4.500%
4/15/29
890,000
 
205,420
 (a)
Total Diversified Consumer Services
2,726,527
Hotels, Restaurants & Leisure — 7.5%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes
3.500%
2/15/29
460,000
 
431,616
 (a)
888 Acquisitions Ltd., Senior Secured Notes
7.558%
7/15/27
1,050,000
 EUR
1,148,134
 (a)
Caesars Entertainment Inc., Senior Secured Notes
7.000%
2/15/30
490,000
 
512,237
 (a)
Caesars Entertainment Inc., Senior Secured Notes
6.500%
2/15/32
240,000
 
248,409
 (a)
Carnival Corp., Senior Notes
6.000%
5/1/29
180,000
 
182,488
 (a)
Carnival Holdings Bermuda Ltd., Senior Notes
10.375%
5/1/28
530,000
 
572,237
 (a)
Carnival PLC, Senior Notes
1.000%
10/28/29
1,000,000
 EUR
969,454
 
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
470,000
 
471,039
 (a)
Hilton Domestic Operating Co. Inc., Senior Notes
6.125%
4/1/32
880,000
 
906,752
 (a)
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%)
7.716%
7/16/35
853,000
 GBP
918,128
 (c)(d)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
350,000
 
328,538
 (a)
NCL Corp. Ltd., Senior Notes
3.625%
12/15/24
408,000
 
407,656
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
220,000
 
235,448
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
4.250%
7/1/26
920,000
 
910,267
 (a)
See Notes to Schedule of Investments.
2
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Hotels, Restaurants & Leisure — continued
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
8/31/26
500,000
 
 $505,223
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
4/1/28
150,000
 
151,996
 (a)
Sands China Ltd., Senior Notes
2.850%
3/8/29
200,000
 
181,780
 
TUI Cruises GmbH, Senior Notes
6.500%
5/15/26
226,122
 EUR
255,700
 (c)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
5.625%
2/15/29
665,000
 
663,301
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
100,000
 
98,875
 (a)
Wynn Macau Ltd., Senior Notes
4.875%
10/1/24
400,000
 
400,000
 (a)
Wynn Macau Ltd., Senior Notes
5.125%
12/15/29
300,000
 
282,150
 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
7.125%
2/15/31
630,000
 
680,099
 (a)
Total Hotels, Restaurants & Leisure
11,461,527
Specialty Retail — 1.1%
FirstCash Inc., Senior Notes
4.625%
9/1/28
500,000
 
483,134
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
200,000
 
187,307
 (a)
Michaels Cos. Inc., Senior Secured Notes
5.250%
5/1/28
530,000
 
391,720
 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
3/1/32
590,000
 
606,507
 
Total Specialty Retail
1,668,668
Textiles, Apparel & Luxury Goods — 0.1%
CT Investment GmbH, Senior Secured Notes
6.375%
4/15/30
190,000
 EUR
217,042
 (a)
 
Total Consumer Discretionary
24,505,003
Consumer Staples — 1.4%
Beverages — 0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL,
Senior Notes
5.250%
4/27/29
450,000
 
438,022
 (a)
Coca-Cola Icecek AS, Senior Notes
4.500%
1/20/29
350,000
 
340,165
 (a)
Total Beverages
778,187
Consumer Staples Distribution & Retail — 0.5%
Afflelou SAS, Senior Secured Notes
6.000%
7/25/29
100,000
 EUR
114,615
 (a)
Albertsons Cos. Inc/Safeway Inc./New Albertsons LP/Albertsons LLC,
Senior Notes
3.250%
3/15/26
750,000
 
725,900
 (a)
Total Consumer Staples Distribution & Retail
840,515
Food Products — 0.4%
Bellis Acquisition Co. PLC, Senior Secured Notes
4.500%
2/16/26
170,000
 GBP
223,588
 (a)
Lamb Weston Holdings Inc., Senior Notes
4.375%
1/31/32
400,000
 
371,367
 (a)
Total Food Products
594,955
 
Total Consumer Staples
2,213,657
Energy — 9.0%
Energy Equipment & Services — 0.2%
Noble Finance II LLC, Senior Notes
8.000%
4/15/30
270,000
 
278,790
 (a)
Oil, Gas & Consumable Fuels — 8.8%
Chesapeake Energy Corp., Senior Notes
5.500%
2/1/26
400,000
 
399,577
 (a)
Crescent Energy Finance LLC, Senior Notes
9.250%
2/15/28
230,000
 
240,033
 (a)
Crescent Energy Finance LLC, Senior Notes
7.625%
4/1/32
270,000
 
270,309
 (a)
Ecopetrol SA, Senior Notes
8.375%
1/19/36
610,000
 
624,106
 
Ecopetrol SA, Senior Notes
5.875%
5/28/45
900,000
 
676,201
 
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then
3 mo. USD LIBOR + 4.155%)
6.625%
2/15/28
10,000
 
9,894
 (b)(d)
See Notes to Schedule of Investments.
3
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then
5 year Treasury Constant Maturity Rate + 5.306%)
7.125%
5/15/30
590,000
 
 $604,175
 (b)(d)
EQM Midstream Partners LP, Senior Notes
7.500%
6/1/30
240,000
 
263,750
 (a)
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes
8.375%
11/1/33
400,000
 
431,552
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
7.375%
7/15/32
50,000
 
51,825
 (a)
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term
SOFR + 5.750%)
10.342%
9/30/29
97,298
 
95,838
 (a)(d)(e)
Northriver Midstream Finance LP, Senior Secured Notes
6.750%
7/15/32
370,000
 
382,185
 (a)(f)
Pan American Energy LLC, Senior Notes
8.500%
4/30/32
500,000
 
528,355
 (a)
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
370,000
 
376,242
 (a)
Petrobras Global Finance BV, Senior Notes
6.900%
3/19/49
340,000
 
342,027
 
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
900,000
 
712,051
 (a)
Petroleos Mexicanos, Senior Notes
6.625%
6/15/35
1,600,000
 
1,307,545
 
Petroleos Mexicanos, Senior Notes
6.625%
6/15/38
1,350,000
 
1,024,065
 
Petroleos Mexicanos, Senior Notes
6.375%
1/23/45
500,000
 
348,875
 
Puma International Financing SA, Senior Notes
7.750%
4/25/29
420,000
 
432,285
 (a)
Range Resources Corp., Senior Notes
8.250%
1/15/29
560,000
 
580,108
 
Southwestern Energy Co., Senior Notes
5.375%
3/15/30
320,000
 
319,246
 
Southwestern Energy Co., Senior Notes
4.750%
2/1/32
770,000
 
737,206
 
Tengizchevroil Finance Co. International Ltd., Senior Secured Notes
4.000%
8/15/26
550,000
 
538,005
 (c)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
4.125%
8/15/31
470,000
 
437,344
 (a)
Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29
then 5 year Treasury Constant Maturity Rate + 5.440%)
9.000%
9/30/29
430,000
 
436,189
 (a)(b)(d)
Venture Global LNG Inc., Senior Secured Notes
8.375%
6/1/31
340,000
 
359,246
 (a)
Venture Global LNG Inc., Senior Secured Notes
9.875%
2/1/32
350,000
 
389,136
 (a)
Viper Energy Inc., Senior Notes
5.375%
11/1/27
370,000
 
369,100
 (a)
YPF SA, Senior Notes
6.950%
7/21/27
245,000
 
238,535
 (a)
Total Oil, Gas & Consumable Fuels
13,525,005
 
Total Energy
13,803,795
Financials — 8.8%
Banks — 4.4%
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to
1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)
6.625%
1/24/32
780,000
 
725,967
 (a)(b)(d)
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to
1/10/28 then 10 year Treasury Constant Maturity Rate + 5.353%)
7.625%
1/10/28
400,000
 
403,252
 (a)(b)(d)
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
1,620,000
 
1,542,094
 (a)(d)
Citigroup Inc., Senior Notes (2.976% to 11/5/29 then SOFR + 1.422%)
2.976%
11/5/30
500,000
 
465,504
 (d)
Comerica Bank, Subordinated Notes
4.000%
7/27/25
450,000
 
446,208
 
Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year
Treasury Constant Maturity Rate + 2.600%)
4.198%
6/1/32
2,020,000
 
1,802,233
 (a)(d)
JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then 3 mo.
Term SOFR + 1.250%)
2.580%
4/22/32
690,000
 
615,672
 (d)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to
3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)
8.000%
9/27/29
690,000
 
740,968
 (b)(d)
Total Banks
6,741,898
See Notes to Schedule of Investments.
4
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Capital Markets — 1.3%
B3 SA - Brasil Bolsa Balcao, Senior Notes
4.125%
9/20/31
1,370,000
 
 $1,263,855
 (a)
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30
then 10 year Treasury Constant Maturity Rate + 3.079%)
4.000%
12/1/30
330,000
 
295,529
 (b)(d)
Credit Suisse AG AT1 Claim
—
—
3,590,000
 
107,700
 *(e)(g)
RAY Financing LLC, Senior Secured Notes
6.500%
7/15/31
330,000
 EUR
377,946
 (a)
Total Capital Markets
2,045,030
Financial Services — 2.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
3.400%
10/29/33
630,000
 
557,651
 
Boost Newco Borrower LLC, Senior Secured Notes
7.500%
1/15/31
910,000
 
977,228
 (a)
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior
Secured Notes
8.500%
1/15/31
100,000
 GBP
145,007
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
600,000
 
636,234
 (a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes
2.875%
10/15/26
810,000
 
778,270
 (a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes
3.625%
3/1/29
200,000
 
188,221
 (a)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
300,000
 
314,885
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
7.875%
5/1/27
410,000
 
400,561
 (a)
Total Financial Services
3,998,057
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
280,000
 
293,947
 (a)
Starwood Property Trust Inc., Senior Notes
6.000%
4/15/30
430,000
 
430,618
 (a)(f)
Total Mortgage Real Estate Investment Trusts (REITs)
724,565
 
Total Financials
13,509,550
Health Care — 4.9%
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes
6.250%
4/1/29
130,000
 
134,106
 (a)
Health Care Providers & Services — 2.6%
Centene Corp., Senior Notes
2.625%
8/1/31
500,000
 
429,137
 
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
950,000
 
1,048,073
 (a)
CVS Health Corp., Senior Notes
3.250%
8/15/29
400,000
 
377,988
 
Legacy LifePoint Health LLC, Senior Secured Notes
4.375%
2/15/27
800,000
 
785,216
 (a)
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
430,000
 
447,096
 (a)
Tenet Healthcare Corp., Secured Notes
6.250%
2/1/27
880,000
 
881,922
 
Total Health Care Providers & Services
3,969,432
Pharmaceuticals — 2.2%
Cheplapharm Arzneimittel GmbH, Senior Secured Notes
5.500%
1/15/28
560,000
 
543,646
 (a)
Cidron Aida Finco Sarl, Senior Secured Notes
6.250%
4/1/28
360,000
 GBP
459,491
 (a)
Endo Finance Holdings Inc., Senior Secured Notes
8.500%
4/15/31
370,000
 
396,930
 (a)
Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Escrow
—
—
250,000
 
0
 *(a)(e)(g)(h)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
3.150%
10/1/26
1,770,000
 
1,702,663
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
500,000
 
372,083
 
Total Pharmaceuticals
3,474,813
 
Total Health Care
7,578,351
Industrials — 13.5%
Aerospace & Defense — 1.7%
Bombardier Inc., Senior Notes
7.500%
2/1/29
470,000
 
497,712
 (a)
See Notes to Schedule of Investments.
5
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Aerospace & Defense — continued
Bombardier Inc., Senior Notes
7.250%
7/1/31
800,000
 
 $846,748
 (a)
TransDigm Inc., Senior Secured Notes
6.750%
8/15/28
500,000
 
515,269
 (a)
TransDigm Inc., Senior Secured Notes
7.125%
12/1/31
650,000
 
688,292
 (a)
Total Aerospace & Defense
2,548,021
Building Products — 0.7%
Masterbrand Inc., Senior Notes
7.000%
7/15/32
190,000
 
199,276
 (a)
Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior
Secured Notes
6.750%
4/1/32
440,000
 
456,391
 (a)
Standard Industries Inc., Senior Notes
5.000%
2/15/27
400,000
 
396,947
 (a)
Total Building Products
1,052,614
Commercial Services & Supplies — 2.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4
Sarl, Senior Secured Notes
4.625%
6/1/28
690,000
 
649,334
 (a)
Boels Topholding BV, Senior Secured Notes
5.750%
5/15/30
260,000
 EUR
298,883
 (a)
CoreCivic Inc., Senior Notes
4.750%
10/15/27
310,000
 
296,227
 
CoreCivic Inc., Senior Notes
8.250%
4/15/29
860,000
 
911,070
 
GEO Group Inc., Senior Notes
10.250%
4/15/31
360,000
 
384,121
 
GEO Group Inc., Senior Secured Notes
8.625%
4/15/29
260,000
 
270,500
 
GFL Environmental Inc., Senior Secured Notes
6.750%
1/15/31
750,000
 
787,562
 (a)
Total Commercial Services & Supplies
3,597,697
Construction & Engineering — 0.5%
Arcosa Inc., Senior Notes
6.875%
8/15/32
240,000
 
251,377
 (a)
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean
Telecom Par, Senior Secured Notes
4.050%
4/27/26
500,000
 
487,817
 (a)
Total Construction & Engineering
739,194
Electrical Equipment — 0.3%
Sensata Technologies Inc., Senior Notes
4.375%
2/15/30
410,000
 
392,232
 (a)
Ground Transportation — 0.2%
XPO Inc., Senior Notes
7.125%
2/1/32
240,000
 
252,860
 (a)
Machinery — 1.8%
Cellnex Finance Co. SA, Senior Notes
2.000%
2/15/33
200,000
 EUR
197,593
 (c)
Esab Corp., Senior Notes
6.250%
4/15/29
330,000
 
339,342
 (a)
HTA Group Ltd., Senior Notes
7.500%
6/4/29
600,000
 
612,000
 (a)
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
460,000
 
458,169
 
TK Elevator Midco GmbH, Senior Secured Notes
4.375%
7/15/27
1,020,000
 EUR
1,128,456
 (a)
Total Machinery
2,735,560
Marine Transportation — 0.2%
Stena International SA, Senior Secured Notes
7.250%
1/15/31
370,000
 
389,157
 (a)
Passenger Airlines — 2.5%
American Airlines Group Inc., Senior Notes
3.750%
3/1/25
700,000
 
693,450
 (a)
American Airlines Inc., Senior Secured Notes
7.250%
2/15/28
360,000
 
368,826
 (a)
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
160,000
 
169,862
 (a)
Delta Air Lines Inc., Senior Notes
2.900%
10/28/24
1,000,000
 
997,331
 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
8.000%
9/20/25
678,000
 
373,112
 (a)
See Notes to Schedule of Investments.
6
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Passenger Airlines — continued
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
8.000%
9/20/25
160,000
 
 $88,050
 (a)
United Airlines Inc., Senior Secured Notes
4.625%
4/15/29
1,270,000
 
1,227,987
 (a)
Total Passenger Airlines
3,918,618
Trading Companies & Distributors — 1.9%
Ashtead Capital Inc., Senior Notes
2.450%
8/12/31
440,000
 
375,954
 (a)
Beacon Roofing Supply Inc., Senior Secured Notes
6.500%
8/1/30
210,000
 
217,547
 (a)
Boise Cascade Co., Senior Notes
4.875%
7/1/30
780,000
 
756,097
 (a)
H&E Equipment Services Inc., Senior Notes
3.875%
12/15/28
920,000
 
864,546
 (a)
United Rentals North America Inc., Senior Notes
5.500%
5/15/27
750,000
 
751,856
 
Total Trading Companies & Distributors
2,966,000
Transportation Infrastructure — 1.4%
Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes
7.000%
6/30/34
750,000
 
786,097
 (a)
Gatwick Airport Finance PLC, Senior Secured Notes
4.375%
4/7/26
600,000
 GBP
786,080
 (c)
Mersin Uluslararasi Liman Isletmeciligi AS, Senior Notes
8.250%
11/15/28
600,000
 
627,105
 (a)
Total Transportation Infrastructure
2,199,282
 
Total Industrials
20,791,235
Information Technology — 2.7%
Communications Equipment — 0.6%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
730,000
 
707,359
 (a)
Viasat Inc., Senior Notes
7.500%
5/30/31
310,000
 
213,813
 (a)
Total Communications Equipment
921,172
Electronic Equipment, Instruments & Components — 0.3%
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
170,000
 
178,559
 (a)
EquipmentShare.com Inc., Senior Secured Notes
8.000%
3/15/33
300,000
 
307,352
 (a)
Total Electronic Equipment, Instruments & Components
485,911
IT Services — 0.7%
Acuris Finance US Inc./Acuris Finance SARL, Senior Secured Notes
5.000%
5/1/28
320,000
 
293,361
 (a)
Amentum Escrow Corp., Senior Notes
7.250%
8/1/32
360,000
 
376,037
 (a)
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
6.750%
8/15/32
350,000
 
365,684
 (a)
Total IT Services
1,035,082
Software — 1.1%
Cloud Software Group Inc., Senior Secured Notes
8.250%
6/30/32
650,000
 
679,968
 (a)
Open Text Holdings Inc., Senior Notes
4.125%
2/15/30
450,000
 
422,854
 (c)
Rackspace Finance LLC, Senior Secured Notes
3.500%
5/15/28
390,000
 
195,653
 (a)
TeamSystem SpA, Senior Secured Notes (3 mo. Euribor + 3.500%)
7.127%
7/31/31
320,000
 EUR
358,316
 (a)(d)
Total Software
1,656,791
 
Total Information Technology
4,098,956
Materials — 5.1%
Chemicals — 1.4%
Azelis Finance NV, Senior Notes
4.750%
9/25/29
180,000
 EUR
204,079
 (a)
Braskem Netherlands Finance BV, Senior Notes
5.875%
1/31/50
600,000
 
470,382
 (c)
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
120,000
 
122,700
 (a)(f)
INEOS Quattro Finance 1 PLC, Senior Notes
3.750%
7/15/26
130,000
 EUR
144,679
 (a)
See Notes to Schedule of Investments.
7
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Chemicals — continued
OCP SA, Senior Notes
4.500%
10/22/25
500,000
 
 $495,964
 (a)
Sasol Financing USA LLC, Senior Notes
5.500%
3/18/31
760,000
 
678,751
 
Total Chemicals
2,116,555
Construction Materials — 0.3%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes
8.875%
11/15/31
430,000
 
464,262
 (a)
Containers & Packaging — 3.0%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)
6.500%
6/30/27
400,000
 
90,577
 (a)(i)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC, Senior Secured Notes
6.000%
6/15/27
580,000
 
584,702
 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes
5.250%
8/15/27
500,000
 
373,183
 (a)
Ball Corp., Senior Notes
2.875%
8/15/30
410,000
 
365,248
 
Ball Corp., Senior Notes
3.125%
9/15/31
850,000
 
755,711
 
Canpack SA/Canpack US LLC, Senior Notes
3.875%
11/15/29
1,160,000
 
1,087,270
 (a)
Graphic Packaging International LLC, Senior Notes
3.500%
3/1/29
750,000
 
707,585
 (a)
Pactiv LLC, Senior Notes
7.950%
12/15/25
570,000
 
589,064
 
Total Containers & Packaging
4,553,340
Metals & Mining — 0.4%
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
660,000
 
700,388
 (a)
 
Total Materials
7,834,545
Real Estate — 1.4%
Health Care REITs — 0.3%
Diversified Healthcare Trust, Senior Notes
4.375%
3/1/31
490,000
 
403,903
 
Hotel & Resort REITs — 0.6%
Service Properties Trust, Senior Notes
8.875%
6/15/32
940,000
 
898,703
 
Real Estate Management & Development — 0.2%
AccorInvest Group SA, Senior Secured Notes
6.375%
10/15/29
110,000
 EUR
126,985
 (a)(f)
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500%
PIK)
8.500%
9/30/29
204,444
 
17,378
 (c)(i)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000%
PIK)
9.000%
9/30/30
157,642
 
4,138
 (c)(i)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800%
PIK)
9.800%
9/30/31
205,719
 
5,400
 (c)(i)
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31
then 1.000%)
0.000%
3/30/2173
311,709
 
3,117
 (b)(c)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
5.500%
9/30/31
80,069
 
1,101
 (c)(i)
Cushman & Wakefield US Borrower LLC, Senior Secured Notes
8.875%
9/1/31
160,000
 
174,829
 (a)
Total Real Estate Management & Development
332,948
Specialized REITs — 0.3%
Iron Mountain Inc., Senior Notes
7.000%
2/15/29
410,000
 
427,680
 (a)
 
Total Real Estate
2,063,234
Utilities — 2.1%
Electric Utilities — 0.9%
Alpha Generation LLC, Senior Notes
6.750%
10/15/32
150,000
 
152,208
 (a)
Eskom Holdings SOC Ltd., Senior Notes
4.314%
7/23/27
570,000
 
553,283
 (c)
See Notes to Schedule of Investments.
8
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Electric Utilities — continued
Pampa Energia SA, Senior Notes
7.950%
9/10/31
340,000
 
 $345,695
 (a)
Vistra Operations Co. LLC, Senior Notes
7.750%
10/15/31
320,000
 
344,758
 (a)
Total Electric Utilities
1,395,944
Gas Utilities — 0.6%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior
Notes
5.875%
3/1/27
290,000
 
289,745
 
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior
Notes
5.000%
6/1/31
730,000
 
681,205
 (a)
Total Gas Utilities
970,950
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp., Senior Secured Notes
5.250%
6/1/26
500,000
 
498,425
 (a)
Lightning Power LLC, Senior Secured Notes
7.250%
8/15/32
360,000
 
378,863
 (a)
Total Independent Power and Renewable Electricity Producers
877,288
 
Total Utilities
3,244,182
Total Corporate Bonds & Notes (Cost — $118,029,614)
117,908,263
Sovereign Bonds — 16.6%
Angola — 0.6%
Angolan Government International Bond, Senior Notes
8.250%
5/9/28
400,000
 
380,582
 (a)
Angolan Government International Bond, Senior Notes
8.750%
4/14/32
620,000
 
557,367
 (a)
Total Angola
937,949
Argentina — 1.8%
Argentine Republic Government International Bond, Senior Notes
1.000%
7/9/29
193,002
 
126,609
 
Argentine Republic Government International Bond, Senior Notes, Step
bond (0.750% to 7/9/27 then 1.750%)
0.750%
7/9/30
330,161
 
200,573
 
Argentine Republic Government International Bond, Senior Notes, Step
bond (4.125% to 7/9/27 then 4.750%)
4.125%
7/9/35
1,349,180
 
650,979
 
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
2,771,777
 
1,326,988
 (a)
Provincia de Cordoba, Senior Notes
6.875%
12/10/25
100,002
 
97,752
 (c)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
390,000
 
361,725
 (a)
Total Argentina
2,764,626
Bahamas — 0.5%
Bahamas Government International Bond, Senior Notes
6.000%
11/21/28
500,000
 
471,175
 (a)
Bahamas Government International Bond, Senior Notes
6.950%
11/20/29
300,000
 
284,922
 (a)
Total Bahamas
756,097
Bahrain — 0.3%
Bahrain Government International Bond, Senior Notes
6.000%
9/19/44
510,000
 
452,580
 (a)
Brazil — 1.0%
Brazil Letras do Tesouro Nacional
0.000%
1/1/26
2,900,000
 BRL
460,594
 
Brazilian Government International Bond, Senior Notes
6.000%
4/7/26
550,000
 
562,486
 
Brazilian Government International Bond, Senior Notes
3.750%
9/12/31
550,000
 
497,748
 
Total Brazil
1,520,828
Colombia — 0.6%
Colombia Government International Bond, Senior Notes
3.250%
4/22/32
1,100,000
 
889,806
 
Costa Rica — 0.2%
Costa Rica Government International Bond, Senior Notes
7.000%
4/4/44
350,000
 
374,430
 (a)
See Notes to Schedule of Investments.
9
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Dominican Republic — 1.5%
Dominican Republic International Bond, Senior Notes
5.500%
2/22/29
480,000
 
 $484,155
 (a)
Dominican Republic International Bond, Senior Notes
4.500%
1/30/30
410,000
 
392,999
 (a)
Dominican Republic International Bond, Senior Notes
7.050%
2/3/31
300,000
 
323,512
 (a)
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
150,000
 
143,062
 (a)
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
410,000
 
391,036
 (c)
Dominican Republic International Bond, Senior Notes
6.850%
1/27/45
600,000
 
641,021
 (a)
Total Dominican Republic
2,375,785
Ecuador — 0.5%
Ecuador Government International Bond, Senior Notes
0.000%
7/31/30
1,270,000
 
711,404
 (a)
Egypt — 0.8%
Egypt Government International Bond, Senior Notes
3.875%
2/16/26
240,000
 
230,983
 (a)
Egypt Government International Bond, Senior Notes
6.588%
2/21/28
300,000
 
287,329
 (c)
Egypt Government International Bond, Senior Notes
7.600%
3/1/29
670,000
 
647,862
 (a)
Total Egypt
1,166,174
Guatemala — 0.4%
Guatemala Government Bond, Senior Notes
5.375%
4/24/32
600,000
 
597,554
 (a)
Indonesia — 1.1%
Indonesia Government International Bond, Senior Notes
3.500%
1/11/28
1,000,000
 
982,705
 
Indonesia Treasury Bond
6.875%
4/15/29
10,500,000,000
 IDR
713,279
 
Total Indonesia
1,695,984
Ivory Coast — 0.7%
Ivory Coast Government International Bond, Senior Notes
5.750%
12/31/32
101,389
 
97,211
 (c)
Ivory Coast Government International Bond, Senior Notes
6.125%
6/15/33
1,050,000
 
991,460
 (a)
Total Ivory Coast
1,088,671
Jordan — 0.5%
Jordan Government International Bond, Senior Notes
7.750%
1/15/28
780,000
 
802,729
 (a)
Kenya — 0.2%
Republic of Kenya Government International Bond, Senior Notes
7.250%
2/28/28
300,000
 
289,205
 (a)
Mexico — 1.2%
Mexican Bonos, Bonds
7.750%
5/29/31
5,260,000
 MXN
248,541
 
Mexican Bonos, Senior Notes
7.750%
11/23/34
22,020,000
 MXN
1,004,258
 
Mexican Bonos, Senior Notes
7.750%
11/13/42
14,770,000
 MXN
626,441
 
Total Mexico
1,879,240
Nigeria — 0.5%
Nigeria Government International Bond, Senior Notes
6.500%
11/28/27
260,000
 
244,511
 (c)
Nigeria Government International Bond, Senior Notes
7.143%
2/23/30
350,000
 
318,296
 (a)
Nigeria Government International Bond, Senior Notes
7.875%
2/16/32
200,000
 
180,415
 (a)
Total Nigeria
743,222
Oman — 0.3%
Oman Government International Bond, Senior Notes
6.750%
1/17/48
400,000
 
434,070
 (c)
Panama — 0.6%
Panama Government International Bond, Senior Notes
2.252%
9/29/32
700,000
 
542,990
 
Panama Government International Bond, Senior Notes
4.500%
5/15/47
500,000
 
380,505
 
Total Panama
923,495
Paraguay — 0.3%
Paraguay Government International Bond, Senior Notes
2.739%
1/29/33
560,000
 
478,035
 (a)
See Notes to Schedule of Investments.
10
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Senegal — 0.2%
Senegal Government International Bond, Senior Notes
6.750%
3/13/48
460,000
 
 $340,360
 (a)
South Africa — 0.5%
Republic of South Africa Government International Bond, Senior Notes
4.300%
10/12/28
500,000
 
484,991
 
Republic of South Africa Government International Bond, Senior Notes
5.650%
9/27/47
380,000
 
317,404
 
Total South Africa
802,395
Turkey — 2.1%
Turkiye Government International Bond, Senior Notes
4.250%
4/14/26
2,090,000
 
2,077,387
 
Turkiye Government International Bond, Senior Notes
4.875%
10/9/26
700,000
 
700,438
 
Turkiye Government International Bond, Senior Notes
4.875%
4/16/43
680,000
 
513,941
 
Total Turkey
3,291,766
Ukraine — 0.2%
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/30
20,796
 
9,179
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/34
77,713
 
26,398
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(1.750% to 8/1/25 then 4.500%)
1.750%
2/1/34
100,180
 
44,799
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/35
65,673
 
28,843
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(1.750% to 8/1/25 then 4.500%)
1.750%
2/1/35
133,250
 
58,297
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/36
54,728
 
23,745
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(1.750% to 8/1/25 then 4.500%)
1.750%
2/1/36
147,285
 
63,638
 (a)
Total Ukraine
254,899
 
Total Sovereign Bonds (Cost — $26,008,427)
25,571,304
Senior Loans — 2.8%
Consumer Discretionary — 1.6%
Automobile Components — 0.4%
First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR +
5.262%)
10.514%
3/30/27
546,141
 
541,363
 (d)(j)(k)
Diversified Consumer Services — 0.1%
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)
8.460%
4/13/28
500,000
 
137,892
 (d)(j)(k)
Hotels, Restaurants & Leisure — 1.1%
Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term SOFR
+ 2.750%)
7.595%
2/6/31
447,750
 
448,415
 (d)(j)(k)
Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR +
3.750%)
8.847%
1/27/29
496,183
 
495,374
 (d)(j)(k)
Flutter Entertainment Public Ltd. Co., Term Loan B (3 mo. Term SOFR +
2.000%)
6.604%
11/29/30
397,000
 
397,921
 (d)(j)(k)
Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + 2.250%)
7.095%
3/14/31
398,000
 
396,900
 (d)(j)(k)
Total Hotels, Restaurants & Leisure
1,738,610
 
Total Consumer Discretionary
2,417,865
See Notes to Schedule of Investments.
11
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Staples — 0.2%
Beverages — 0.2%
Triton Water Holdings Inc., First Lien Initial Term Loan (3 mo. Term SOFR
+ 3.512%)
8.115%
3/31/28
347,308
 
 $347,100
 (d)(j)(k)
 
Financials — 0.1%
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR +
5.000%)
9.845%
3/12/29
139,650
 
140,435
 (d)(j)(k)
 
Information Technology — 0.6%
IT Services — 0.1%
Redstone Holdco 2 LP, First Lien Initial Term Loan (3 mo. Term SOFR +
5.012%)
10.264%
4/27/28
250,000
 
192,383
 (d)(j)(k)
Semiconductors & Semiconductor Equipment — 0.2%
MKS Instruments Inc., 2024 Dollar Term Loan B (1 mo. Term SOFR +
2.250%)
7.170%
8/17/29
305,033
 
305,528
 (d)(j)(k)
Software — 0.3%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)
8.845%
10/16/26
396,883
 
386,094
 (d)(j)(k)
 
Total Information Technology
884,005
Sovereign Bonds — 0.3%
Tanzania — 0.3%
Government of the United Republic of Tanzania, Term Loan A2 (3 mo.
Term SOFR + 5.450%)
10.764%
4/29/31
500,000
 
495,000
 (d)(e)(g)(j)(k)
 
Total Senior Loans (Cost — $4,569,754)
4,284,405
Convertible Bonds & Notes — 0.8%
Communication Services — 0.8%
Media — 0.8%
DISH Network Corp., Senior Notes
3.375%
8/15/26
1,480,000
 
1,198,586
 
 
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes
0.000%
9/30/28
27,858
 
585
 (c)
 
Total Convertible Bonds & Notes (Cost — $1,437,310)
1,199,171
Asset-Backed Securities — 0.4%
Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%)
(Cost — $594,994)
11.243%
10/15/31
600,000
 
602,953
 (a)(d)
 
U.S. Government & Agency Obligations — 0.3%
U.S. Government Obligations — 0.3%
U.S. Treasury Notes (Cost — $463,701)
3.625%
8/31/29
460,000
461,437
 
See Notes to Schedule of Investments.
12
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
 Western Asset Variable Global High Yield Bond Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
 
 
Shares
Value
Common Stocks — 0.0%††
Health Care — 0.0%††
Pharmaceuticals — 0.0%††
Endo Inc.
1,499
 $38,195
 *
 
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd.
77,927
3,072
 *(e)
 
Total Common Stocks (Cost — $38,800)
41,267
 
 
 
 
Expiration
Date
Warrants
 
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
flyExclusive Inc. (Cost — $5,570)
5/28/28
5,817
 
1,995
 *
Total Investments before Short-Term Investments (Cost — $151,148,170)
150,070,795
 
 
Rate
Maturity
Date
Face
Amount†
 
Short-Term Investments — 0.8%
U.S. Treasury Bills
0.000%
10/1/24
300,000
300,000
 (l)
U.S. Treasury Bills
4.693%
11/5/24
1,000,000
995,499
 (l)
 
Total U.S. Treasury Bills (Cost — $1,295,545)
1,295,499
 
Total Short-Term Investments (Cost — $1,295,545)
1,295,499
Total Investments — 98.5% (Cost — $152,443,715)
151,366,294
Other Assets in Excess of Liabilities — 1.5%
2,259,143
Total Net Assets — 100.0%
$153,625,437
 
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
*
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)
Security has no maturity date. The date shown represents the next call date.
(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 fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(f)
Securities traded on a when-issued or delayed delivery basis.
(g)
Security is valued using significant unobservable inputs (Note 1).
(h)
Value is less than $1.
(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 securities.
(j)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(k)
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.
(l)
Rate shown represents yield-to-maturity.
 
See Notes to Schedule of Investments.
13
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2024
 Western Asset Variable Global High Yield Bond Portfolio
Abbreviation(s) used in this schedule:
BRL
—
Brazilian Real
EUR
—
Euro
EURIBOR
—
Euro Interbank Offered Rate
GBP
—
British Pound
IDR
—
Indonesian Rupiah
LIBOR
—
London Interbank Offered Rate
MXN
—
Mexican Peso
PIK
—
Payment-In-Kind
SOFR
—
Secured Overnight Financing Rate
SONIA
—
Sterling Overnight Index Average
USD
—
United States Dollar
At September 30, 2024, the Portfolio had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Depreciation
Contracts to Sell:
Euro
18
12/24
 $2,491,043
 $2,512,463
 $(21,420)
At September 30, 2024, the Portfolio had the following open forward foreign currency contracts: 
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
122,991
EUR
110,000
Bank of America N.A.
10/18/24
 $450
USD
200,552
EUR
180,000
Bank of America N.A.
10/18/24
30
USD
2,538,189
EUR
2,333,302
Bank of America N.A.
10/18/24
(61,146)
USD
348,851
EUR
320,000
BNP Paribas SA
10/18/24
(7,634)
EUR
981,394
USD
1,100,783
Citibank N.A.
10/18/24
(7,495)
GBP
317,613
USD
405,537
Citibank N.A.
10/18/24
19,092
USD
2,319,050
GBP
1,806,315
Goldman Sachs Group Inc.
10/18/24
(95,883)
MXN
16,591,936
USD
877,704
JPMorgan Chase & Co.
10/18/24
(37,449)
USD
908,296
MXN
16,591,935
JPMorgan Chase & Co.
10/18/24
68,041
USD
211,049
EUR
193,000
Morgan Stanley & Co. Inc.
10/18/24
(3,956)
Net unrealized depreciation on open forward foreign currency contracts
$(125,950)
 
Abbreviation(s) used in this table:
EUR
—
Euro
GBP
—
British Pound
MXN
—
Mexican Peso
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.
14
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
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 Portfolio follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities, including exchange-traded funds (“ETFs”), for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio’s Board of Trustees.  
Pursuant to policies adopted by the Board of Trustees, the Portfolio’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio’s pricing policies, and reporting to the Portfolio’s manager and the Board 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.
15
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
The Portfolio uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities carried at fair value:
 
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
—
 $13,401,850
 $107,700
 $13,509,550
Health Care
—
7,578,351
0
*
7,578,351
Other Corporate Bonds & Notes
—
96,820,362
—
96,820,362
Sovereign Bonds
—
25,571,304
—
25,571,304
Senior Loans:
Sovereign Bonds
—
—
495,000
495,000
Other Senior Loans
—
3,789,405
—
3,789,405
Convertible Bonds & Notes
—
1,199,171
—
1,199,171
Asset-Backed Securities
—
602,953
—
602,953
U.S. Government & Agency Obligations
—
461,437
—
461,437
Common Stocks:
Health Care
 $38,195
—
—
38,195
Real Estate
—
3,072
—
3,072
Warrants
—
1,995
—
1,995
Total Long-Term Investments
38,195
149,429,900
602,700
150,070,795
Short-Term Investments†
—
1,295,499
—
1,295,499
Total Investments
$38,195
$150,725,399
$602,700
$151,366,294
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $87,613
—
 $87,613
Total
$38,195
$150,813,012
$602,700
$151,453,907
16
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $21,420
—
—
 $21,420
Forward Foreign Currency Contracts††
—
 $213,563
—
213,563
Total
$21,420
$213,563
—
$234,983
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2024. The following transactions were effected in such company for the period ended September 30, 2024.
 
 
Affiliate
Value at

December 31,
2023
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $507,052
 $45,356,088
45,356,088
 $45,863,140
45,863,140

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
September 30,
2024
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $40,574
—
—
17
Western Asset Variable Global High Yield Bond Portfolio 2024 Quarterly Report