Fixed Income

QLMYTX Western Asset Variable Global High Yield Bond Portfolio

Overview

See the risks and other important information.

Fund Facts

Fund description

Strives to maximize total return by investing in high-yield bonds issued by U.S. and foreign corporations and governments. Offers the flexibility to select securities of any maturity or duration, as well as up to 35% of its assets in sovereign debt issued by emerging market governmental issuers. Utilizes a time-tested, value-oriented investment process led by a deep and experienced team of credit specialists.

Benchmark: Bloomberg Global High Yield Index (Hedged)
Fund Inception Date: 05/01/1998
Share Class Inception Date: 02/26/2004

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 1.06%
Net Expense Ratio^2,3: 1.06%
12b-1 Fee: 0.25%

Identifiers

Ticker: QLMYTX
Fund Number: 7884
CUSIP Code: 52467K821
Bloomberg Code: QLMYTX US

Additional Fund Info

Asset Class: Fixed Income
Morningstar Category⁴: High Yield Bond
Lipper Classification: Global Income Funds
Investment Style: High Yield

Manager and Commentary

About the Team

Western Asset

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

Latest Insights

November 19, 2025

Muni Monthly: October 2025

October 30, 2025

Key Convictions: Fourth quarter 2025

October 30, 2025

October FOMC recap—fog in the forecast

October 7, 2025

Charting the next chapter in EM central bank reserve management

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $158.47 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 381

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Effective Duration

Fund: 3.67 Years

Cash Flow

Fund: 6.81%

Geographic Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Geographic Allocation
Geography	Fund
United States	49.29%
Mexico	4.31%
United Kingdom	4.11%
Canada	3.95%
Cayman Islands	3.58%
Turkiye	3.54%
Other	3.16%
Brazil	2.96%
Argentina	2.37%
Italy	1.81%
Germany	1.73%
Israel	1.51%
Dominican Republic	1.46%
Colombia	1.35%
France	1.32%
South Africa	1.30%
Luxembourg	1.13%
Guatemala	1.11%
Netherlands	1.04%
Chile	0.94%
Kazakhstan	0.84%
Egypt	0.80%
Sweden	0.75%
Ivory Coast	0.72%
Ecuador	0.68%
Republic of Angola	0.64%
Hong Kong	0.61%
Jordan	0.53%
Nigeria	0.53%
United Arab Emirates	0.50%
Bahrain	0.30%
Oman	0.29%
Japan	0.28%
Spain	0.13%
Cash & Cash Equivalents	0.44%

Holdings
As of 11/30/2025 (Updated Monthly)

Republic of Turkey 4.2500% Mat 04/14/2026

MERCADOLIBRE INC 3.1250% Mat 01/14/2031

INTESA SANPAOL 4.198 6/32 4.1980% Mat 06/01/2032

FIRST QUANTUM MINERALS LTD 8.0000% Mat 03/01/2033

BBVA Bancomer S.A. Texas (144A) 5.1250% Mat 01/18/2033

CHARTER COMM OPT LLC/CAP 3.8500% Mat 04/01/2061

PEMEX PROJ FDG MASTER TR 6.6250% Mat 06/15/2035

ALTICE FINANCING SA 5.7500% Mat 08/15/2029

ECHOSTAR CORP 10.7500% Mat 11/30/2029

B3 S.A. - Brasil Bolsa Balc?o - 144A 4.1250% Mat 09/20/2031

Distributions & Tax

Federal ID Number 133986365

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 05	0.393593	—	—	—	—	—	—	—	—
	0.393593	—	—	—	—	—	—	—	—

Dec 05

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 1.08%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 99.06%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Western Asset Variable Global High Yield Bond PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Western Asset Variable Global High Yield Bond Portfolio - Class II	Download Document
Checkbox	Semi-Annual Report - Western Asset Variable Global High Yield Bond Portfolio - Class II	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset Variable Global High Yield Bond PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Western Asset Variable Global High Yield Bond Portfolio	Download Document
Checkbox	Summary Prospectus - Western Asset Variable Global High Yield Bond Portfolio	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Variable Income Trust Book 39Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Western Asset Variable Global High Yield Bond PortfolioMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset Variable Global High Yield Bond PortfolioMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

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

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

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

The Bloomberg Global High-Yield Index is a multi-currency measure of the global high-yield debt market. The Index represents the union of the U.S. High-Yield, Pan-European High-Yield and U.S. Emerging Markets (EM) Hard Currency High-Yield Indices.
Source: Bloomberg Indices.

Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the lowest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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