# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0001133228-26-001922
**Filing Date:** 2026-2
**Character Count:** 326089
**Document Hash:** 845ddb35ec0772e382aedfbd3be6c504
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001922.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001133228-26-001922

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**EFFECTIVENESS DATE**: 20260224

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06310
- **FILM NUMBER:** 26669766

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Long Credit VIT (Series ID: S000080158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241838 | Class I      | LLAAX           |

?xml version='1.0' encoding='ASCII'? 2026-01-14LMF7600_WesternAssetLongCreditVIT_ClassI_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06310**

**Legg Mason Partners Variable Income Trust**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17<sup>th</sup> Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: **877-6LM-FUND/656-3863**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Long Credit VIT**  | **Western Asset Long Credit VIT**  |
| Class I  | Annual Shareholder Report \| December 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Long Credit VIT for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class I | $46 | 0.44% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class I shares of Western Asset Long Credit VIT returned 8.59%. The Fund compares its performance to the Bloomberg U.S. Long Credit Index and the Custom Benchmark†, which returned 7.77% and 7.84%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Duration and yield curve positioning |
| ↑ | Issue selection within the banking sector (overweight Goldman Sachs, UBS Group, and Intesa Sanpaolo S.p.A.) |
| ↑ | Issue selection within basic industry (overweight OCP S.A. and Glencore Funding LLC) |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | An underweight to sovereigns |
| ↓ | Issue selection within information technology (overweight Oracle) |
| ↓ | An underweight to consumer non-cyclicals |

---

**Use of derivatives and the impact on performance:**

The Fund utilized Treasury futures and credit swaps to manage rates positioning and credit exposure. In aggregate, these derivatives contributed to performance.

Western Asset Long Credit VIT PAGE 1 7997-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class I** 5/1/2023 — 12/31/2025

![image](ts6121img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(5/1/2023)** |
| **Class I**  | 8.59 | 4.39 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | 3.88 |
| **Bloomberg U.S. Long Credit Index**  | 7.77 | 3.89 |
| **Custom Benchmark**<sup>†</sup>  | 7.84 | 4.73 |

---

† The Fund's Composite Benchmark is comprised of 60% Bloomberg U.S Long Credit Index and 40% Bloomberg U.S. Intermediate Credit Index.

Performance does not reflect expenses incurred from investing through variable annuity or variable life insurance products, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class I inception date is May 1, 2023. Performance data is shown as of the date the class began to invest in accordance with its investment objective and guidelines.

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

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $280604847 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 939 |
| **Total Management Fee Paid** | $910374 |
| **Portfolio Turnover Rate** | 101% |

---

Western Asset Long Credit VIT PAGE 2 7997-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6121img005.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

As of August 19, 2025, the Fund's named portfolio management team consists of Michael C. Buchanan, Ryan K. Brist, Dan Alexander, and Molly Schwartz.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Long Credit VIT PAGE 3 7997-ATSR-0226

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Robert Abeles, Jr., possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Abeles, Jr. as the Audit Committee's financial expert. Mr. Abeles, Jr. is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $146,739 in December 31, 2024 and $148,206 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $30,000 in December 31, 2024 and $30,000 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment manager or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $334,889 in December 31, 2024 and $344,935 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](img508b18961.gif)

**Western Asset**

**Long Credit VIT**

**Financial Statements and Other Important Information**

**Annual** \| December 31, 2025

![](imgea8ac5992.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_SOI-Header-SOI-4495_1) | **1** |
| [Statement of Assets and Liabilities](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_SAL-Header-SAL-4495_1) | **42** |
| [Statement of Operations](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_SOP-Header-SOP-4495_1) | **43** |
| [Statements of Changes in Net Assets](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_SOC-Header-SOC-4495_1) | **44** |
| [Financial Highlights](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_FH-Header-Financialhighlights-4495_1) | **45** |
| [Notes to Financial Statements](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_NTF-Header-Notestofinancialstatements-4495_1) | **47** |
| [Report of Independent Registered Public Accounting](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_RIRPAF-Header-Auditletter-4495_1) [Firm](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_RIRPAF-Header-Auditletter-4495_1) | **63** |
| [Important Tax Information](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_ITI-Header-Importanttaxinformation-4495_1) | **64** |
| [Changes in and Disagreements with Accountants](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_TSR-TOCTSRDisclosures-4495_1) | **65** |
| [Results of Meeting(s) of Shareholders](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_TSR-TOCTSRDisclosures-4495_1) | **65** |
| [Remuneration Paid to Directors, Officers and Others](#xx_0d264427-6a12-4090-bc6a-87d6cdcb8e4f_TSR-TOCTSRDisclosures-4495_1) | **65** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** |
| **Communication Services — 9.0%** | **Communication Services — 9.0%** | **Communication Services — 9.0%** | **Communication Services — 9.0%** | **Communication Services — 9.0%** |
| Diversified Telecommunication Services — 2.5% | Diversified Telecommunication Services — 2.5% | Diversified Telecommunication Services — 2.5% | Diversified Telecommunication Services — 2.5% | Diversified Telecommunication Services — 2.5% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp; $66744<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 406749<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 201830<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 53474<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 97117<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/9/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 165803<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp; 1059532<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 1019727<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 330420<br>|
| Frontier California Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 426000<br>| &nbsp;&nbsp; 436015<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 158785<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 101000<br>| &nbsp;&nbsp; 92268<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 177288<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233852<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 493867<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 344954<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 409424<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 168554<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/22/51 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 369710<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/23/54 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 509181<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/22/61 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 168956<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 6964250 |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202889<br> <sup>(a)</sup><br>|
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 235623<br>|
| Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 125740<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 190687<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp; 5952<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 760891 |
| Interactive Media & Services — 2.6% | Interactive Media & Services — 2.6% | Interactive Media & Services — 2.6% | Interactive Media & Services — 2.6% | Interactive Media & Services — 2.6% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 446638<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 248800<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 360229<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 169056<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 166885<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 348255<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 260616<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Interactive Media & Services — continued | Interactive Media & Services — continued | Interactive Media & Services — continued | Interactive Media & Services — continued | Interactive Media & Services — continued |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp; $164977<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 211749<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 221909<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 379638<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 932759<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 456263<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 778028<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/63 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 259646<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/64 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 55701<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/65 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp; 1852118<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 7313267 |
| Media — 2.5% | Media — 2.5% | Media — 2.5% | Media — 2.5% | Media — 2.5% |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20238<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 494500<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 163800<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 145962<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 666083<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 39167<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 226209<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 165602<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170162<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 156751<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 532568<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 351395<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Media — continued | Media — continued | Media — continued | Media — continued | Media — continued |
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; $350000<br>| &nbsp;&nbsp; $314649<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp; 613156<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.987% | &nbsp;&nbsp; 11/1/63 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 48973<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 331218<br>|
| Paramount Global, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/30/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 259723<br>|
| Time Warner Cable Enterprises LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; 970902<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 986291<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 379744<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 7037093 |
| Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% |
| America Movil SAB de CV, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 180957<br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 222134<br>|
| SoftBank Corp., Senior Notes | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 321296<br> <sup>(a)</sup><br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 265300<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68850<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 473605<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 276946<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 246039<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 107071<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 832683<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 2994881 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **25070382** |
| **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 322964<br> <sup>(a)</sup><br>|
| Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% |
| American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/10/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 211051<br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/13/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 173024<br> <sup>(a)</sup><br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 183324<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.122% | &nbsp;&nbsp; 11/7/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 376082<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52319<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 196092<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233463<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 155535<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/8/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154999<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/24/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 258811<br> <sup>(a)</sup><br>|
| Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 131858<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued | Automobiles — continued |
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; $280000<br>| &nbsp;&nbsp; $242200<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 8/9/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142327<br>|
| Toyota Motor Credit Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 143702<br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 2654787 |
| Broadline Retail — 1.5% | Broadline Retail — 1.5% | Broadline Retail — 1.5% | Broadline Retail — 1.5% | Broadline Retail — 1.5% |
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 181835<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/26/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 208537<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/9/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 294249<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 2/9/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 271908<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/26/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 405905<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 180250<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 3/20/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 398813<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/20/35 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 458320<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/20/55 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 410227<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/20/65 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 572756<br>|
| MercadoLibre Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 823019<br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 4205819 |
| Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% | Diversified Consumer Services — 0.3% |
| Massachusetts Institute of Technology, Senior <br> Notes | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 380569<br>|
| Massachusetts Institute of Technology, Senior <br> Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/1/2111 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250660<br>|
| Washington University, Senior Notes | &nbsp;&nbsp; 3.524% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 109300<br>|
| Washington University, Senior Notes | &nbsp;&nbsp; 4.349% | &nbsp;&nbsp; 4/15/2122 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 136840<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 877369 |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |
| Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270337<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 819388<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 195559<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 147246<br>|
| Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp; 1212775<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239022<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 184591<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 254017<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83603<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/9/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 164141<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 523166<br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198141<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; $420000<br>| &nbsp;&nbsp; $421454<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101844<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51132<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82809<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 215848<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 271233<br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/18/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 582682<br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 638313<br>|
| Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198273<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 6855574 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 182182<br> <sup>(a)</sup><br>|
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 235456<br> <sup>(a)</sup><br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 40876<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 482376<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 91082<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 151096<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 79140<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 307486<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1387512 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **16486207** |
| **Consumer Staples — 4.4%** | **Consumer Staples — 4.4%** | **Consumer Staples — 4.4%** | **Consumer Staples — 4.4%** | **Consumer Staples — 4.4%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 675445<br>|
| Coca-Cola Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 1/14/55 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 424527<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 1099972 |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Albertsons Cos. Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76935<br> <sup>(a)</sup><br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 343196<br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 362787<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 782918 |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.390% | &nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206098<br> <sup>(a)</sup><br>|
| Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.761% | &nbsp;&nbsp; 12/9/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 402298<br> <sup>(a)</sup><br>|
| JBS USA LUX Sarl/JBS USA Food Co./JBS USA <br> Foods Group, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 157873<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Food Products — continued | Food Products — continued | Food Products — continued | Food Products — continued | Food Products — continued |
| JBS USA LUX Sarl/JBS USA Food Co./JBS USA <br> Foods Group, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/25/55 | &nbsp;&nbsp; $650000<br>| &nbsp;&nbsp; $663192<br> <sup>(a)</sup><br>|
| JM Smucker Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 214830<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 319645<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 195357<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 408705<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 167585<br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/4/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 59751<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 2795334 |
| Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% |
| Procter & Gamble Co., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/3/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 885234<br>|
| Procter & Gamble Co., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/3/35 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1283711<br>|
| Total Household Products | Total Household Products | Total Household Products | Total Household Products | &nbsp;&nbsp; 2168945 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| L'Oreal SA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 265901<br> <sup>(a)</sup><br>|
| Tobacco — 1.8% | Tobacco — 1.8% | Tobacco — 1.8% | Tobacco — 1.8% | Tobacco — 1.8% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 223827<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 97381<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 598444<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/9/42 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 267650<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 135654<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 742273<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 105883<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 139247<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 48726<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.079% | &nbsp;&nbsp; 8/2/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 530075<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 544756<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 518588<br>|
| BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 5.931% | &nbsp;&nbsp; 2/2/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 304721<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 160476<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 290297<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 113736<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/16/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 111557<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/21/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 124090<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 5057381 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **12170451** |
| **Energy — 7.8%** | **Energy — 7.8%** | **Energy — 7.8%** | **Energy — 7.8%** | **Energy — 7.8%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 128343<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued |
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; $110000<br>| &nbsp;&nbsp; $97126<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 225469 |
| Oil, Gas & Consumable Fuels — 7.7% | Oil, Gas & Consumable Fuels — 7.7% | Oil, Gas & Consumable Fuels — 7.7% | Oil, Gas & Consumable Fuels — 7.7% | Oil, Gas & Consumable Fuels — 7.7% |
| Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233320<br> <sup>(a)</sup><br>|
| BP Capital Markets PLC, Senior Notes (6.125% <br> to 6/18/35 then 5 year Treasury Constant <br> Maturity Rate + 1.924%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/18/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 278583<br> <sup>(b)(c)</sup><br>|
| BP Capital Markets PLC, Senior Notes (6.450% <br> to 3/1/34 then 5 year Treasury Constant <br> Maturity Rate + 2.153%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 74584<br> <sup>(b)(c)</sup><br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 327337<br> <sup>(a)</sup><br>|
| Columbia Pipelines Holding Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62425<br> <sup>(a)</sup><br>|
| Columbia Pipelines Operating Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 321250<br> <sup>(a)</sup><br>|
| Columbia Pipelines Operating Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.544% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 74895<br> <sup>(a)</sup><br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154371<br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57792<br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 9/15/63 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 154280<br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 470184<br> <sup>(a)</sup><br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 183969<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129483<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 242135<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 190954<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 165863<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111505<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133873<br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (6.500% to 11/15/26 then 5 year Treasury <br> Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 827076<br> <sup>(b)(c)</sup><br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (6.500% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 2.676%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99714<br> <sup>(c)</sup><br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (6.750% to 2/15/36 then 5 year Treasury <br> Constant Maturity Rate + 2.475%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 180784<br> <sup>(c)</sup><br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (7.125% to 5/15/30 then 5 year Treasury <br> Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 113064<br> <sup>(b)(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp; $596447<br> <sup>(a)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 146731<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 165505<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 140480<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 135068<br> <sup>(a)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51457<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 346664<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 427164<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 113959<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 147342<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 242879<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 356295<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 271582<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 536485<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 785576<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 1/31/60 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 58535<br>|
| Enterprise Products Operating LLC, Senior Notes <br> (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 7.099% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90013<br> <sup>(c)</sup><br>|
| Enterprise Products Operating LLC, Senior Notes <br> (5.375% to 2/15/28 then 3 mo. Term SOFR + <br> 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 388869<br> <sup>(c)</sup><br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9313<br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 80704<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20001<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50297<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60827<br>|
| Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 275262<br> <sup>(a)</sup><br>|
| Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 124855<br> <sup>(a)</sup><br>|
| Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 867937<br> <sup>(a)</sup><br>|
| Greensaif Pipelines Bidco Sarl, Senior Secured <br> Notes | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 2/23/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 209457<br> <sup>(a)</sup><br>|
| Greensaif Pipelines Bidco Sarl, Senior Secured <br> Notes | &nbsp;&nbsp; 6.103% | &nbsp;&nbsp; 8/23/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 208659<br> <sup>(a)</sup><br>|
| Gulfstream Natural Gas System LLC, Senior <br> Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 410961<br> <sup>(a)</sup><br>|
| Kinder Morgan Energy Partners LP, Senior Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 115182<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 378242<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14032<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40647<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| MPLX LP, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp; $150994<br>|
| New Generation Gas Gathering LLC, Senior <br> Secured Notes (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 9.639% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 416216<br>| &nbsp;&nbsp; 432865<br> <sup>(a)(c)(d)(e)</sup><br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 366153<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 159954<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 39751<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 37710<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 280513<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/46 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 47058<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 524176<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72382<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 3/19/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108896<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 329725<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 117952<br>|
| Plains All American Pipeline LP/PAA Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 55380<br>|
| Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/12/41 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 223634<br> <sup>(a)</sup><br>|
| Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/12/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 140221<br> <sup>(a)</sup><br>|
| Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 123507<br> <sup>(a)</sup><br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 231805<br> <sup>(a)</sup><br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 306486<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 65506<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122987<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20193<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 973993<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 172029<br>|
| Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 268701<br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 271942<br> <sup>(a)</sup><br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 247137<br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 366372<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 184457<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111333<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51057<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 130637<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 421454<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp; $180395<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 552301<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 334110<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 658738<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 234057<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71523<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 21642952 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **21868421** |
| **Financials — 29.3%** | **Financials — 29.3%** | **Financials — 29.3%** | **Financials — 29.3%** | **Financials — 29.3%** |
| Banks — 13.4% | Banks — 13.4% | Banks — 13.4% | Banks — 13.4% | Banks — 13.4% |
| ABN AMRO Bank NV, Senior Notes (6.339% to <br> 9/18/26 then 1 year Treasury Constant Maturity <br> Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203117<br> <sup>(a)(c)</sup><br>|
| Banco Bilbao Vizcaya Argentaria SA, Senior <br> Notes | &nbsp;&nbsp; 5.381% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 415116<br>|
| Banco Santander Mexico SA Institucion de <br> Banca Multiple Grupo Financiero Santander <br> Mexico, SAB de CV, Senior Notes | &nbsp;&nbsp; 5.621% | &nbsp;&nbsp; 12/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 208300<br> <sup>(a)</sup><br>|
| Banco Santander SA, Junior Subordinated <br> Notes (9.625% to 11/21/33 then 5 year Treasury <br> Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 483253<br> <sup>(b)(c)</sup><br>|
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 6.607% | &nbsp;&nbsp; 11/7/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 640697<br>|
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1401832<br>|
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 5.439% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 420220<br>|
| Banco Santander SA, Senior Notes (5.365% to <br> 7/15/27 then 1 year Treasury Constant Maturity <br> Rate + 0.950%) | &nbsp;&nbsp; 5.365% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203967<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (1.922% to <br> 10/24/30 then SOFR + 1.370%) | &nbsp;&nbsp; 1.922% | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 187879<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (2.831% to <br> 10/24/50 then SOFR + 1.880%) | &nbsp;&nbsp; 2.831% | &nbsp;&nbsp; 10/24/51 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 632102<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (2.972% to <br> 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 548911<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (3.311% to <br> 4/22/41 then SOFR + 1.580%) | &nbsp;&nbsp; 3.311% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 418354<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.443% to <br> 1/20/47 then 3 mo. Term SOFR + 2.252%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 1/20/48 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 400232<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (5.468% to <br> 1/23/34 then SOFR + 1.650%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52103<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Bank of America Corp., Senior Notes (5.511% to <br> 1/24/35 then SOFR + 1.310%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; $820000<br>| &nbsp;&nbsp; $855442<br> <sup>(c)</sup><br>|
| Bank of America Corp., Subordinated Notes <br> (2.482% to 9/21/31 then 5 year Treasury <br> Constant Maturity Rate + 1.200%) | &nbsp;&nbsp; 2.482% | &nbsp;&nbsp; 9/21/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 254579<br> <sup>(c)</sup><br>|
| Bank of America Corp., Subordinated Notes <br> (5.518% to 10/25/34 then SOFR + 1.738%) | &nbsp;&nbsp; 5.518% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 440620<br> <sup>(c)</sup><br>|
| Bank of Montreal, Junior Subordinated Notes <br> (7.300% to 11/26/34 then 5 year Treasury <br> Constant Maturity Rate + 3.010%) | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 11/26/84 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 373361<br> <sup>(c)</sup><br>|
| Bank of Nova Scotia, Junior Subordinated <br> Notes (8.625% to 10/27/27 then 5 year Treasury <br> Constant Maturity Rate + 4.389%) | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/27/82 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 329448<br> <sup>(c)</sup><br>|
| BBVA Mexico SA Institucion De Banca Multiple <br> Grupo Financiero BBVA Mexico, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 297439<br> <sup>(a)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (6.875% to 12/15/33 then 5 year Treasury <br> Constant Maturity Rate + 2.853%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 974614<br> <sup>(a)(b)(c)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (8.500% to 8/14/28 then 5 year Treasury <br> Constant Maturity Rate + 4.354%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1106471<br> <sup>(a)(b)(c)</sup><br>|
| BPCE SA, Senior Notes (6.293% to 1/14/35 then <br> SOFR + 2.040%) | &nbsp;&nbsp; 6.293% | &nbsp;&nbsp; 1/14/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 491225<br> <sup>(a)(c)</sup><br>|
| BPCE SA, Subordinated Notes (6.915% to <br> 1/14/45 then SOFR + 2.610%) | &nbsp;&nbsp; 6.915% | &nbsp;&nbsp; 1/14/46 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 492566<br> <sup>(a)(c)</sup><br>|
| CaixaBank SA, Senior Notes (5.581% to 7/3/35 <br> then SOFR + 1.790%) | &nbsp;&nbsp; 5.581% | &nbsp;&nbsp; 7/3/36 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 390574<br> <sup>(a)(c)</sup><br>|
| Citibank NA, Senior Notes | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 4/30/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 423242<br>|
| Citigroup Inc., Junior Subordinated Notes <br> (6.625% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1433521<br> <sup>(b)(c)</sup><br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 269448<br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/23/48 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 167764<br>|
| Citigroup Inc., Senior Notes (2.904% to 11/3/41 <br> then SOFR + 1.379%) | &nbsp;&nbsp; 2.904% | &nbsp;&nbsp; 11/3/42 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 29668<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (5.174% to 9/11/35 <br> then SOFR + 1.488%) | &nbsp;&nbsp; 5.174% | &nbsp;&nbsp; 9/11/36 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 858318<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (5.333% to 3/27/35 <br> then SOFR + 1.465%) | &nbsp;&nbsp; 5.333% | &nbsp;&nbsp; 3/27/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30703<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (5.612% to 3/4/55 <br> then SOFR + 1.746%) | &nbsp;&nbsp; 5.612% | &nbsp;&nbsp; 3/4/56 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 428478<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; $440000<br>| &nbsp;&nbsp; $440234<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 87839<br>|
| Comerica Inc., Senior Notes (5.982% to 1/30/29 <br> then SOFR + 2.155%) | &nbsp;&nbsp; 5.982% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 229547<br> <sup>(c)</sup><br>|
| Commonwealth Bank of Australia, Subordinated <br> Notes | &nbsp;&nbsp; 3.305% | &nbsp;&nbsp; 3/11/41 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 200367<br> <sup>(a)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes <br> (3.758% to 4/6/32 then 1 year Treasury <br> Constant Maturity Rate + 1.420%) | &nbsp;&nbsp; 3.758% | &nbsp;&nbsp; 4/6/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 255776<br> <sup>(a)(c)</sup><br>|
| Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.301% | &nbsp;&nbsp; 7/12/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 319548<br> <sup>(a)</sup><br>|
| Credit Agricole SA, Senior Notes (4.818% to <br> 9/25/32 then SOFR + 1.360%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; 839214<br> <sup>(a)(c)</sup><br>|
| Danske Bank A/S, Senior Notes (4.298% to <br> 4/1/27 then 1 year Treasury Constant Maturity <br> Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280651<br> <sup>(a)(c)</sup><br>|
| DNB Bank ASA, Senior Notes (4.384% to <br> 11/4/30 then SOFR + 1.049%) | &nbsp;&nbsp; 4.384% | &nbsp;&nbsp; 11/4/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 727399<br> <sup>(a)(c)</sup><br>|
| DNB Bank ASA, Senior Notes (4.853% to <br> 11/5/29 then SOFR + 1.050%) | &nbsp;&nbsp; 4.853% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 326609<br> <sup>(a)(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (2.804% to <br> 5/24/31 then SOFR + 1.187%) | &nbsp;&nbsp; 2.804% | &nbsp;&nbsp; 5/24/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 192202<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.130% to <br> 11/19/27 then SOFR + 1.040%) | &nbsp;&nbsp; 5.130% | &nbsp;&nbsp; 11/19/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 336219<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.133% to <br> 11/6/35 then SOFR + 1.430%) | &nbsp;&nbsp; 5.133% | &nbsp;&nbsp; 11/6/36 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 571778<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.450% to <br> 3/3/35 then SOFR + 1.560%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/3/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206434<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.597% to <br> 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 224156<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (6.332% to <br> 3/9/43 then SOFR + 2.650%) | &nbsp;&nbsp; 6.332% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 219181<br> <sup>(c)</sup><br>|
| HSBC Holdings PLC, Subordinated Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 373908<br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/23/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 297129<br> <sup>(a)</sup><br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 11/28/53 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 966076<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Junior Subordinated <br> Notes (3.650% to 6/1/26 then 5 year Treasury <br> Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 258696<br> <sup>(b)(c)</sup><br>|
| JPMorgan Chase & Co., Junior Subordinated <br> Notes (6.500% to 4/1/30 then 5 year Treasury <br> Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 613524<br> <sup>(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| JPMorgan Chase & Co., Senior Notes (2.580% <br> to 4/22/31 then 3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 2.580% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; $620000<br>| &nbsp;&nbsp; $566938<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.739% <br> to 10/15/29 then 3 mo. Term SOFR + 1.510%) | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 275213<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.157% <br> to 4/22/41 then 3 mo. Term SOFR + 1.460%) | &nbsp;&nbsp; 3.157% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 660789<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.328% <br> to 4/22/51 then SOFR + 1.580%) | &nbsp;&nbsp; 3.328% | &nbsp;&nbsp; 4/22/52 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 177371<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.897% <br> to 1/23/48 then 3 mo. Term SOFR + 1.482%) | &nbsp;&nbsp; 3.897% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 119761<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.260% <br> to 2/22/47 then 3 mo. Term SOFR + 1.842%) | &nbsp;&nbsp; 4.260% | &nbsp;&nbsp; 2/22/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 373725<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.810% <br> to 10/22/35 then SOFR + 1.190%) | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 10/22/36 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 705277<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.294% <br> to 7/22/34 then SOFR + 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 185766<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.502% <br> to 1/24/35 then SOFR + 1.315%) | &nbsp;&nbsp; 5.502% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 575160<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.534% <br> to 11/29/44 then SOFR + 1.550%) | &nbsp;&nbsp; 5.534% | &nbsp;&nbsp; 11/29/45 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 955238<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.766% <br> to 4/22/34 then SOFR + 1.490%) | &nbsp;&nbsp; 5.766% | &nbsp;&nbsp; 4/22/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 213238<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (6.254% <br> to 10/23/33 then SOFR + 1.810%) | &nbsp;&nbsp; 6.254% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 98972<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/16/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 174845<br>|
| JPMorgan Chase & Co., Subordinated Notes <br> (5.576% to 7/23/35 then SOFR + 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 517416<br> <sup>(c)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes <br> (4.425% to 11/4/30 then 1 year Treasury <br> Constant Maturity Rate + 0.820%) | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 11/4/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 867557<br> <sup>(c)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes <br> (4.943% to 11/4/35 then 1 year Treasury <br> Constant Maturity Rate + 0.970%) | &nbsp;&nbsp; 4.943% | &nbsp;&nbsp; 11/4/36 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 356310<br> <sup>(c)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior <br> Notes (4.080% to 4/19/27 then 1 year Treasury <br> Constant Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200132<br> <sup>(c)</sup><br>|
| NatWest Group PLC, Senior Notes (5.115% to <br> 5/23/30 then 1 year Treasury Constant Maturity <br> Rate + 1.050%) | &nbsp;&nbsp; 5.115% | &nbsp;&nbsp; 5/23/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 369849<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Nordea Bank Abp, Junior Subordinated Notes <br> (6.300% to 3/25/32 then 5 year Treasury <br> Constant Maturity Rate + 2.660%) | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 9/25/31 | &nbsp;&nbsp; $320000<br>| &nbsp;&nbsp; $328097<br> <sup>(a)(b)(c)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes <br> (4.812% to 10/21/31 then SOFR + 1.259%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 366519<br> <sup>(c)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62583<br>|
| Santander UK Group Holdings PLC, Senior <br> Notes (5.136% to 9/22/35 then SOFR + 1.578%) | &nbsp;&nbsp; 5.136% | &nbsp;&nbsp; 9/22/36 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239461<br> <sup>(c)</sup><br>|
| Sumitomo Mitsui Financial Group Inc., <br> Subordinated Notes (5.796% to 7/8/45 then <br> SOFR + 1.780%) | &nbsp;&nbsp; 5.796% | &nbsp;&nbsp; 7/8/46 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 507902<br> <sup>(c)</sup><br>|
| Synovus Financial Corp., Senior Notes (6.168% <br> to 11/1/29 then SOFR + 2.347%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 145541<br> <sup>(c)</sup><br>|
| Toronto-Dominion Bank, Junior Subordinated <br> Notes (8.125% to 10/31/27 then 5 year Treasury <br> Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 601537<br> <sup>(c)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 189771<br>|
| Truist Financial Corp., Senior Notes (4.964% to <br> 10/23/35 then SOFR + 1.395%) | &nbsp;&nbsp; 4.964% | &nbsp;&nbsp; 10/23/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 395891<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.068% to <br> 4/30/40 then SOFR + 2.530%) | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 4/30/41 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 807292<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (4.611% to <br> 4/25/52 then SOFR + 2.130%) | &nbsp;&nbsp; 4.611% | &nbsp;&nbsp; 4/25/53 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 843894<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.013% to <br> 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 182914<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.150% to <br> 4/23/30 then SOFR + 1.500%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 423305<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.389% to <br> 4/24/33 then SOFR + 2.020%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 4/24/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52037<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.574% to <br> 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20727<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.605% to <br> 4/23/35 then SOFR + 1.740%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 4/23/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 513780<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (6.491% to <br> 10/23/33 then SOFR + 2.060%) | &nbsp;&nbsp; 6.491% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 33226<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/2/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 165175<br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 639471<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 37742731 |
| Capital Markets — 7.3% | Capital Markets — 7.3% | Capital Markets — 7.3% | Capital Markets — 7.3% | Capital Markets — 7.3% |
| Ameriprise Financial Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 207807<br>|
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 433054<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Ares Management Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/11/54 | &nbsp;&nbsp; $310000<br>| &nbsp;&nbsp; $293845<br>|
| Carlyle Group Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/19/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 424137<br>|
| Charles Schwab Corp., Junior Subordinated <br> Notes (4.000% to 12/1/30 then 10 year Treasury <br> Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 317711<br> <sup>(b)(c)</sup><br>|
| Charles Schwab Corp., Senior Notes (5.853% to <br> 5/19/33 then SOFR + 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 107171<br> <sup>(c)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1117415<br> <sup>(a)</sup><br>|
| Daimler Truck Finance North America LLC, <br> Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199131<br> <sup>(a)</sup><br>|
| Daimler Truck Finance North America LLC, <br> Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/18/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 194348<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated <br> Notes (6.125% to 11/10/34 then 10 year <br> Treasury Constant Maturity Rate + 2.400%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/10/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142034<br> <sup>(b)(c)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated <br> Notes (6.850% to 2/10/30 then 5 year Treasury <br> Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 480212<br> <sup>(b)(c)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated <br> Notes (7.500% to 2/10/29 then 5 year Treasury <br> Constant Maturity Rate + 3.156%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/10/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 138508<br> <sup>(b)(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 383689<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/8/44 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 120621<br>|
| Goldman Sachs Group Inc., Senior Notes <br> (2.650% to 10/21/31 then SOFR + 1.264%) | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1246118<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (4.369% to 10/21/30 then SOFR + 1.060%) | &nbsp;&nbsp; 4.369% | &nbsp;&nbsp; 10/21/31 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 419089<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (4.939% to 10/21/35 then SOFR + 1.330%) | &nbsp;&nbsp; 4.939% | &nbsp;&nbsp; 10/21/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 993103<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.016% to 10/23/34 then SOFR + 1.420%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 10/23/35 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 945366<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.330% to 7/23/34 then SOFR + 1.550%) | &nbsp;&nbsp; 5.330% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 791413<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.734% to 1/28/55 then SOFR + 1.696%) | &nbsp;&nbsp; 5.734% | &nbsp;&nbsp; 1/28/56 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp; 869812<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.851% to 4/25/34 then SOFR + 1.552%) | &nbsp;&nbsp; 5.851% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 116989<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 169193<br>|
| Golub Capital Private Credit Fund, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151100<br> <sup>(a)</sup><br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 266107<br>|
| KKR Group Finance Co. VII LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 281803<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Morgan Stanley, Senior Notes (3.217% to <br> 4/22/41 then SOFR + 1.485%) | &nbsp;&nbsp; 3.217% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp; $117619<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (4.892% to <br> 10/22/35 then SOFR + 1.314%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 10/22/36 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp; 1219581<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.320% to <br> 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92678<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.449% to <br> 7/20/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.449% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 381886<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.516% to <br> 11/19/54 then SOFR + 1.710%) | &nbsp;&nbsp; 5.516% | &nbsp;&nbsp; 11/19/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 692399<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.587% to <br> 1/18/35 then SOFR + 1.418%) | &nbsp;&nbsp; 5.587% | &nbsp;&nbsp; 1/18/36 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 386786<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.664% to <br> 4/17/35 then SOFR + 1.757%) | &nbsp;&nbsp; 5.664% | &nbsp;&nbsp; 4/17/36 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 252071<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.831% to <br> 4/19/34 then SOFR + 1.580%) | &nbsp;&nbsp; 5.831% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 722885<br> <sup>(c)</sup><br>|
| Morgan Stanley, Subordinated Notes (2.484% <br> to 9/16/31 then SOFR + 1.360%) | &nbsp;&nbsp; 2.484% | &nbsp;&nbsp; 9/16/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 404659<br> <sup>(c)</sup><br>|
| Morgan Stanley, Subordinated Notes (5.942% <br> to 2/7/34 then 5 year Treasury Constant <br> Maturity Rate + 1.800%) | &nbsp;&nbsp; 5.942% | &nbsp;&nbsp; 2/7/39 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 147208<br> <sup>(c)</sup><br>|
| Morgan Stanley Bank NA, Senior Notes <br> (5.504% to 5/26/27 then SOFR + 0.865%) | &nbsp;&nbsp; 5.504% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 255135<br> <sup>(c)</sup><br>|
| Morgan Stanley Private Bank NA, Senior Notes <br> (4.734% to 7/18/30 then SOFR + 1.080%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 283893<br> <sup>(c)</sup><br>|
| Northern Trust Corp., Subordinated Notes <br> (5.117% to 11/19/35 then 5 year Treasury <br> Constant Maturity Rate + 1.050%) | &nbsp;&nbsp; 5.117% | &nbsp;&nbsp; 11/19/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199802<br> <sup>(c)</sup><br>|
| Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104252<br> <sup>(a)</sup><br>|
| Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 483994<br> <sup>(a)</sup><br>|
| Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 73330<br>|
| Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/11/55 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp; 1087317<br>|
| S&P Global Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44021<br>|
| UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 427731<br>|
| UBS Group AG, Junior Subordinated Notes <br> (7.125% to 2/10/35 then USD 5 year SOFR ICE <br> Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 512675<br> <sup>(a)(b)(c)</sup><br>|
| UBS Group AG, Junior Subordinated Notes <br> (9.250% to 11/13/28 then 5 year Treasury <br> Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 264048<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| UBS Group AG, Junior Subordinated Notes <br> (9.250% to 11/13/33 then 5 year Treasury <br> Constant Maturity Rate + 4.758%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/33 | &nbsp;&nbsp; $450000<br>| &nbsp;&nbsp; $527997<br> <sup>(a)(b)(c)</sup><br>|
| UBS Group AG, Senior Notes (3.179% to <br> 2/11/42 then 1 year Treasury Constant Maturity <br> Rate + 1.100%) | &nbsp;&nbsp; 3.179% | &nbsp;&nbsp; 2/11/43 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 167106<br> <sup>(a)(c)</sup><br>|
| UBS Group AG, Senior Notes (5.010% to <br> 3/23/36 then SOFR + 1.340%) | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/23/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 446207<br> <sup>(a)(c)</sup><br>|
| UBS Group AG, Senior Notes (5.580% to 5/9/35 <br> then SOFR + 1.760%) | &nbsp;&nbsp; 5.580% | &nbsp;&nbsp; 5/9/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 280861<br> <sup>(a)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 20385917 |
| Consumer Finance — 1.2% | Consumer Finance — 1.2% | Consumer Finance — 1.2% | Consumer Finance — 1.2% | Consumer Finance — 1.2% |
| American Express Co., Senior Notes (4.918% to <br> 7/20/32 then SOFR + 1.220%) | &nbsp;&nbsp; 4.918% | &nbsp;&nbsp; 7/20/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 549741<br> <sup>(c)</sup><br>|
| American Express Co., Senior Notes (5.532% to <br> 4/25/29 then SOFR + 1.090%) | &nbsp;&nbsp; 5.532% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 156513<br> <sup>(c)</sup><br>|
| American Express Co., Senior Notes (5.667% to <br> 4/25/35 then SOFR + 1.790%) | &nbsp;&nbsp; 5.667% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 517561<br> <sup>(c)</sup><br>|
| American Express Co., Subordinated Notes <br> (5.915% to 4/25/34 then SOFR + 1.630%) | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 308765<br> <sup>(c)</sup><br>|
| Midcap Financial Issuer Trust, Junior <br> Subordinated Notes (1 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.430% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp; 1270000<br> <sup>(a)(c)(d)(f)</sup><br>|
| Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 560000<br> <sup>(a)(d)(f)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 3362580 |
| Financial Services — 2.0% | Financial Services — 2.0% | Financial Services — 2.0% | Financial Services — 2.0% | Financial Services — 2.0% |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 644089<br>|
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 10/29/41 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 515115<br>|
| Apollo Global Management Inc., Senior Notes <br> (6.000% to 12/15/34 then 5 year Treasury <br> Constant Maturity Rate + 2.168%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 89307<br> <sup>(c)</sup><br>|
| Atlas Warehouse Lending Co. LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 358152<br> <sup>(a)</sup><br>|
| Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 466740<br>|
| Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 336415<br>|
| ILFC E-Capital Trust I, Ltd. GTD | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 437065<br> <sup>(a)(c)</sup><br>|
| ILFC E-Capital Trust II, Ltd. GTD | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 251172<br> <sup>(a)(c)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 431054<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; $680000<br>| &nbsp;&nbsp; $692396<br> <sup>(a)</sup><br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 245551<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 594827<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 195689<br>|
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/26/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48860<br>|
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 187358<br> <sup>(a)</sup><br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 46370<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 5540160 |
| Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% |
| AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/30/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 272076<br> <sup>(a)</sup><br>|
| AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 9/16/40 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 245924<br> <sup>(a)</sup><br>|
| AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 402620<br> <sup>(a)</sup><br>|
| Allianz SE, Junior Subordinated Notes (6.550% <br> to 4/30/34 then 5 year Treasury Constant <br> Maturity Rate + 2.317%) | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 10/30/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 208426<br> <sup>(a)(b)(c)</sup><br>|
| Allianz SE, Subordinated Notes (6.350% to <br> 9/6/33 then 5 year Treasury Constant Maturity <br> Rate + 3.232%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 9/6/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 431080<br> <sup>(a)(c)</sup><br>|
| AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 149595<br> <sup>(a)</sup><br>|
| AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.833% | &nbsp;&nbsp; 3/11/51 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 114799<br> <sup>(a)</sup><br>|
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 328571<br>|
| Asurion LLC and Asurion Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 425632<br> <sup>(a)</sup><br>|
| Athene Holding Ltd., Junior Subordinated Notes <br> (6.875% to 6/28/35 then 5 year Treasury <br> Constant Maturity Rate + 2.582%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/28/55 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 639844<br> <sup>(c)</sup><br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 233682<br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 387318<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10260<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/23/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 406056<br>|
| Chubb INA Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 12/15/61 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 85974<br>|
| Dai-ichi Life Insurance Co. Ltd., Subordinated <br> Notes (6.200% to 1/16/35 then 5 year Treasury <br> Constant Maturity Rate + 2.515%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/16/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 513848<br> <sup>(a)(b)(c)</sup><br>|
| Global Atlantic Fin Co., Senior Notes (7.250% to <br> 3/1/31 then 5 year Treasury Constant Maturity <br> Rate + 3.550%) | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 884543<br> <sup>(a)(c)</sup><br>|
| Manulife Financial Corp., Senior Notes | &nbsp;&nbsp; 4.986% | &nbsp;&nbsp; 12/11/35 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp; 1087740<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued |
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $89837<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 486425<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 186545<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 82817<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 635905<br>|
| Massachusetts Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/1/77 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 193953<br> <sup>(a)</sup><br>|
| Meiji Yasuda Life Insurance Co., Subordinated <br> Notes (5.800% to 9/11/34 then 5 year Treasury <br> Constant Maturity Rate + 3.033%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/11/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 366634<br> <sup>(a)(c)</sup><br>|
| Meiji Yasuda Life Insurance Co., Subordinated <br> Notes (6.100% to 6/11/35 then 5 year Treasury <br> Constant Maturity Rate + 2.911%) | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 6/11/55 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 799288<br> <sup>(a)(c)</sup><br>|
| MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 220445<br>|
| MetLife Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 73193<br>|
| MetLife Inc., Subordinated Notes (6.350% to <br> 3/15/35 then 5 year Treasury Constant Maturity <br> Rate + 2.078%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 253231<br> <sup>(c)</sup><br>|
| Metropolitan Life Global Funding I, Senior <br> Secured Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/28/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 175003<br> <sup>(a)</sup><br>|
| New York Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69802<br> <sup>(a)</sup><br>|
| New York Life Insurance Co., Subordinated <br> Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 334603<br> <sup>(a)</sup><br>|
| New York Life Insurance Co., Subordinated <br> Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/15/69 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 101681<br> <sup>(a)</sup><br>|
| Nippon Life Insurance Co., Subordinated Notes <br> (6.250% to 9/13/33 then 5 year Treasury <br> Constant Maturity Rate + 2.954%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/13/53 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 434809<br> <sup>(a)(c)</sup><br>|
| Nippon Life Insurance Co., Subordinated Notes <br> (6.500% to 4/30/35 then 5 year Treasury <br> Constant Maturity Rate + 3.189%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/30/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 420191<br> <sup>(a)(c)</sup><br>|
| Northwestern Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 6.063% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 447176<br> <sup>(a)</sup><br>|
| Northwestern Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 9/30/47 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 777859<br> <sup>(a)</sup><br>|
| Northwestern Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 6.170% | &nbsp;&nbsp; 5/29/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 339924<br> <sup>(a)</sup><br>|
| Reliance Standard Life Global Funding II, <br> Secured Notes | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 9/28/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 304106<br> <sup>(a)</sup><br>|
| Teachers Insurance & Annuity Association of <br> America, Subordinated Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 556889<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued |
| Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/4/49 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp; $105686<br>|
| Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 7/24/55 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 214639<br>|
| Wynnton Funding Trust II, Senior Notes | &nbsp;&nbsp; 5.991% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 373588<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 14872217 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Blackstone Holdings Finance Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 4/22/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 108508<br> <sup>(a)</sup><br>|
| Blackstone Holdings Finance Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37316<br> <sup>(a)</sup><br>|
| Blackstone Holdings Finance Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 1/30/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 67281<br> <sup>(a)</sup><br>|
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112640<br>|
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 21219<br> <sup>(a)</sup><br>|
| Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 346964 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **82250569** |
| **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** |
| Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 298126<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 11/21/39 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 786364<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 138430<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 651115<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 360026<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 320795<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 228451<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 165674<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 231475<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 372352<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 390599<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 136652<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 135065<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45360<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 288878<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 4549362 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| Becton Dickinson & Co., Senior Notes | &nbsp;&nbsp; 4.669% | &nbsp;&nbsp; 6/6/47 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 156837<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 43000<br>| &nbsp;&nbsp; 44544<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 114885<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; $449000<br>| &nbsp;&nbsp; $451327<br>|
| Stryker Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 236267<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1003860 |
| Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% | Health Care Providers & Services — 4.5% |
| Aetna Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 86098<br>|
| Aetna Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 67484<br>|
| Bon Secours Mercy Health Inc., Secured Notes | &nbsp;&nbsp; 3.464% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87837<br>|
| Cencora Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 225745<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 129053<br>|
| CHS/Community Health Systems Inc., Secured <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp; 218283<br> <sup>(a)</sup><br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 325790<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 339926<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58227<br>|
| Cleveland Clinic Foundation, Senior Notes | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 1/1/2114 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 84693<br>|
| CommonSpirit Health, Secured Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 190885<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 373054<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91719<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.548% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 182095<br>|
| CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/27/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 136048<br> <sup>(a)</sup><br>|
| CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/27/62 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 147237<br> <sup>(a)</sup><br>|
| CVS Health Corp., Junior Subordinated Notes <br> (6.750% to 12/10/34 then 5 year Treasury <br> Constant Maturity Rate + 2.516%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83594<br> <sup>(c)</sup><br>|
| CVS Health Corp., Junior Subordinated Notes <br> (7.000% to 3/10/30 then 5 year Treasury <br> Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 199443<br> <sup>(c)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 186075<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 115310<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp; 1010443<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 599833<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 200464<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 58302<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 331258<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 114976<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 231035<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 96648<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 196027<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 328417<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Horizon Mutual Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; $241939<br> <sup>(a)</sup><br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 378339<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 132925<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 110724<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28354<br>|
| Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 2.810% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 342223<br>|
| Laboratory Corp. of America Holdings, Senior <br> Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 238435<br>|
| Orlando Health Obligated Group, Senior Notes | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 156798<br>|
| Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 293742<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 173370<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 802520<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122951<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 145005<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 481208<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59591<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 372016<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 909079<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 283305<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 267161<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 2/15/63 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 554165<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 12589849 |
| Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 135186<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 80232<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 11/13/50 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 331749<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/22/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 186725<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233262<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/14/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60201<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 158974<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/14/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 206218<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 135382<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/14/64 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 66189<br>|
| GlaxoSmithKline Capital Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 293075<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 259257<br>|
| Teva Pharmaceutical Finance Netherlands III BV, <br> Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202422<br>|
| Teva Pharmaceutical Finance Netherlands III BV, <br> Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 220256<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Teva Pharmaceutical Finance Netherlands III BV, <br> Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp; $143934<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2713062 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **20856133** |
| **Industrials — 6.2%** | **Industrials — 6.2%** | **Industrials — 6.2%** | **Industrials — 6.2%** | **Industrials — 6.2%** |
| Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 882103<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1527260<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 132821<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 172019<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 101947<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 137911<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 989013<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 5/1/64 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 102643<br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 137594<br>|
| Hexcel Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/26/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 251745<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92542<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 251200<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/31/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 166703<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100024<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/31/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99299<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 717709<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.090% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 87313<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 262787<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 252736<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 483667<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 387995<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 327928<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 426899<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 11/16/38 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 197674<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 353661<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 83798<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/16/48 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 113674<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 80872<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 19580<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/27/53 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 270501<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 297327<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 9508945 |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| United Parcel Service Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/14/55 | &nbsp;&nbsp; $330000<br>| &nbsp;&nbsp; $340870<br>|
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 96000<br>| &nbsp;&nbsp; 103024<br>|
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64927<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 167951 |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| California Institute of Technology, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/1/2111 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 295717<br>|
| Rollins Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/24/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102077<br>|
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 382671<br> <sup>(a)</sup><br>|
| Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 244772<br>|
| Waste Management Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 194980<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1220217 |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205086<br> <sup>(a)</sup><br>|
| Vinci SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 503238<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 708324 |
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 155929<br>|
| Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 127729<br>|
| Norfolk Southern Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 221663<br>|
| Uber Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 189116<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 289407<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.973% | &nbsp;&nbsp; 9/16/62 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 428805<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 4/6/71 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 192699<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 1449419 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| General Electric Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/29/36 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233632<br>|
| Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 245900<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 479532 |
| Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% |
| Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 324216<br>|
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 105997<br>|
| Otis Worldwide Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 197246<br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 627459 |
| Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% |
| American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 23333<br>| &nbsp;&nbsp; 23379<br> <sup>(a)</sup><br>|
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 71113<br>| &nbsp;&nbsp; 70241<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued | Passenger Airlines — continued |
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/11/34 | &nbsp;&nbsp; $230000<br>| &nbsp;&nbsp; $231744<br>|
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/11/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 308660<br>|
| British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 11756<br>| &nbsp;&nbsp; 11444<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48973<br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50312<br> <sup>(a)</sup><br>|
| Southwest Airlines Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 332684<br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 328801<br> <sup>(a)</sup><br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 10/7/28 | &nbsp;&nbsp; 132487<br>| &nbsp;&nbsp; 126778<br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 307881<br>| &nbsp;&nbsp; 322712<br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 415174<br>| &nbsp;&nbsp; 426693<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2282421 |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |
| Air Lease Corp., Junior Subordinated Notes <br> (6.000% to 12/15/29 then 5 year Treasury <br> Constant Maturity Rate + 2.560%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/24/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 257727<br> <sup>(b)(c)</sup><br>|
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 216024<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 473751 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **17414818** |
| **Information Technology — 5.0%** | **Information Technology — 5.0%** | **Information Technology — 5.0%** | **Information Technology — 5.0%** | **Information Technology — 5.0%** |
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 376121<br>|
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 305924<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 682045 |
| IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† | IT Services — 0.0%†† |
| Kyndryl Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 91325<br>|
| Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% |
| Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 433502<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 269870<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 207707<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 365185<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 338231<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 725831<br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 209286<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 537090<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 420819<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 316902<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 8/12/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 231341<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 35713<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/5/52 | &nbsp;&nbsp; $450000<br>| &nbsp;&nbsp; $373023<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/10/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 65238<br>|
| KLA Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101501<br>|
| KLA Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 163461<br>|
| Lam Research corp., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 100236<br>|
| Lam Research Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/60 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 31421<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 2.703% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 80751<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 126223<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 94894<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64049<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 3.366% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 115064<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 284459<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 221531<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 182396<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 249975<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 151267<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6496966 |
| Software — 2.3% | Software — 2.3% | Software — 2.3% | Software — 2.3% | Software — 2.3% |
| Autodesk Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82237<br>|
| Cadence Design Systems Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 291551<br>|
| Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62747<br>|
| Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 247201<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 324679<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/26/45 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 993989<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 499658<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 11/9/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 316408<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/6/53 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1171346<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/3/55 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 238318<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1072855<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/25/61 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 83856<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111548<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 132814<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102264<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50836<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 556110<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 6338417 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 8.100% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 157648<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; $320000<br>| &nbsp;&nbsp; $296697<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 454345 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14063098** |
| **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112690<br>|
| OCP SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/23/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 187474<br> <sup>(a)</sup><br>|
| OCP SA, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/23/51 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 381225<br> <sup>(a)</sup><br>|
| OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 576831<br> <sup>(a)</sup><br>|
| Sociedad Quimica y Minera de Chile SA, Senior <br> Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/10/51 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 378000<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1636220 |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92861<br>|
| CRH America Finance Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/9/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 295900<br>|
| CRH SMW Finance DAC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/9/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 288782<br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 677543 |
| Metals & Mining — 2.0% | Metals & Mining — 2.0% | Metals & Mining — 2.0% | Metals & Mining — 2.0% | Metals & Mining — 2.0% |
| Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201269<br> <sup>(a)</sup><br>|
| Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/5/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201443<br> <sup>(a)</sup><br>|
| Antofagasta PLC, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/9/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 319533<br> <sup>(a)</sup><br>|
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 219323<br>|
| Barrick North America Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152955<br>|
| BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/8/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69798<br>|
| Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 155791<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 442791<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 438371<br> <sup>(a)</sup><br>|
| First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 526055<br> <sup>(a)</sup><br>|
| Freeport Minerals Corp., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 48581<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99745<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72233<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 222829<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/8/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 143685<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.893% | &nbsp;&nbsp; 4/4/54 | &nbsp;&nbsp; 349000<br>| &nbsp;&nbsp; 347475<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 640630<br> <sup>(a)</sup><br>|
| Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 350523<br>|
| Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/14/55 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 296070<br>|
| Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 220664<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; $360000<br>| &nbsp;&nbsp; $364180<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 5533944 |
| Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72069<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7919776** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Alexandria Real Estate Equities Inc., Senior <br> Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/18/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 186178<br>|
| Alexandria Real Estate Equities Inc., Senior <br> Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/18/51 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 195922<br>|
| Alexandria Real Estate Equities Inc., Senior <br> Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 234838<br>|
| Ventas Realty LP, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110612<br>|
| Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 727550 |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Prologis LP, Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 64704<br>|
| Prologis LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 133121<br>|
| Total Industrial REITs | Total Industrial REITs | Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 197825 |
| Real Estate Management & Development — 0.0%†† | Real Estate Management & Development — 0.0%†† | Real Estate Management & Development — 0.0%†† | Real Estate Management & Development — 0.0%†† | Real Estate Management & Development — 0.0%†† |
| Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 125551<br> <sup>(a)</sup><br>|
| Residential REITs — 0.0%†† | Residential REITs — 0.0%†† | Residential REITs — 0.0%†† | Residential REITs — 0.0%†† | Residential REITs — 0.0%†† |
| Invitation Homes Operating Partnership LP, <br> Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29133<br>|
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Kimco Realty OP LLC, Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 248492<br>|
| Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 419786<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1748337** |
| **Utilities — 10.4%** | **Utilities — 10.4%** | **Utilities — 10.4%** | **Utilities — 10.4%** | **Utilities — 10.4%** |
| Electric Utilities — 9.1% | Electric Utilities — 9.1% | Electric Utilities — 9.1% | Electric Utilities — 9.1% | Electric Utilities — 9.1% |
| AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 134211<br>|
| AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 93347<br>|
| Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 182759<br>|
| Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153634<br>|
| Alliant Energy Corp., Junior Subordinated Notes <br> (5.750% to 4/1/31 then 5 year Treasury <br> Constant Maturity Rate + 2.077%) | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249906<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| American Electric Power Co. Inc., Junior <br> Subordinated Notes (6.050% to 3/15/36 then 5 <br> year Treasury Constant Maturity Rate + 1.940%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $589809<br> <sup>(c)</sup><br>|
| American Transmission Systems Inc., Senior <br> Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 153297<br> <sup>(a)</sup><br>|
| Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 352494<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 245887<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101887<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 181864<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp; 102315<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 105048<br>|
| Commonwealth Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 274699<br>|
| Commonwealth Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 322618<br>|
| Connecticut Light and Power Co., First <br> Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 173377<br>|
| Constellation Energy Generation LLC, Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 97617<br>|
| Constellation Energy Generation LLC, Senior <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 120016<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 434441<br>|
| Dominion Energy South Carolina Inc., First <br> Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 176154<br>|
| Dominion Energy South Carolina Inc., First <br> Mortgage Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 140558<br>|
| DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 205953<br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72235<br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202308<br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 155735<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 172838<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 146691<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 228526<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; $140000<br>| &nbsp;&nbsp; $150414<br>|
| Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 256688<br>|
| Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 377605<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 109982<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 88031<br>|
| Duke Energy Progress LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 164953<br>|
| Duke Energy Progress LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 278365<br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206716<br> <sup>(a)</sup><br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/13/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 565109<br> <sup>(a)</sup><br>|
| Entergy Louisiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 312779<br>|
| Entergy Mississippi LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152758<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205470<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50150<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87477<br>|
| Evergy Kansas Central Inc., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99455<br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 272311<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 555202<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 415597<br>|
| FirstEnergy Pennsylvania Electric Co., Senior <br> Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112397<br> <sup>(a)</sup><br>|
| FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121002<br>|
| FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201053<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 146724<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 116883<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 162911<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/65 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 325381<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 307980<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 144585<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 318300<br>|
| Indianapolis Power & Light Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 259380<br> <sup>(a)</sup><br>|
| Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 125978<br>|
| Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 179724<br>|
| Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 104618<br>|
| Jersey Central Power & Light Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60711<br>|
| Kentucky Utilities Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 117670<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; $90000<br>| &nbsp;&nbsp; $85620<br>|
| Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 285547<br> <sup>(a)</sup><br>|
| Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 107554<br> <sup>(a)</sup><br>|
| NextEra Energy Capital Holdings Inc., Senior <br> Notes (6.375% to 8/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.053%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 185922<br> <sup>(c)</sup><br>|
| NextEra Energy Capital Holdings Inc., Senior <br> Notes (6.500% to 8/15/35 then 5 year Treasury <br> Constant Maturity Rate + 1.979%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 137034<br> <sup>(c)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 367555<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 429777<br> <sup>(a)</sup><br>|
| Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 278245<br>|
| Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92079<br> <sup>(a)</sup><br>|
| Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 312707<br> <sup>(a)</sup><br>|
| Oncor Electric Delivery Co. LLC, Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 433048<br> <sup>(a)</sup><br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 244768<br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 123781<br> <sup>(a)</sup><br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 330285<br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 650819<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 167964<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 198271<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 172854<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 278204<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 135090<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133735<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 321619<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 235196<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; $400000<br>| &nbsp;&nbsp; $422682<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 308142<br>|
| PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 395791<br>|
| PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 448294<br>|
| PacifiCorp, Junior Subordinated Notes (7.375% <br> to 9/15/30 then 5 year Treasury Constant <br> Maturity Rate + 3.319%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20400<br> <sup>(c)</sup><br>|
| Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103665<br> <sup>(a)</sup><br>|
| Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/16/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40316<br> <sup>(a)</sup><br>|
| PG&E Corp., Junior Subordinated Notes <br> (7.375% to 3/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.883%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104210<br> <sup>(c)</sup><br>|
| PG&E Wildfire Recovery Funding LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 4.674% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 350846<br>|
| Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 158769<br>|
| Public Service Co. of Colorado, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 334691<br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 477489<br> <sup>(a)</sup><br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/18/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 381733<br> <sup>(a)</sup><br>|
| Sierra Pacific Power Co., Senior Secured Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220368<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 194966<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 118102<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 116671<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 332502<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 764482<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90743<br>|
| Southern Co., Junior Subordinated Notes <br> (4.000% to 1/15/26 then 5 year Treasury <br> Constant Maturity Rate + 3.733%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp; 42135<br> <sup>(c)</sup><br>|
| Southern Co., Junior Subordinated Notes <br> (6.375% to 3/15/35 then 5 year Treasury <br> Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 313278<br> <sup>(c)</sup><br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 207519<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Trans-Allegheny Interstate Line Co., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $102790<br> <sup>(a)</sup><br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91326<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 199780<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 426886<br>|
| Vistra Operations Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/30/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41315<br> <sup>(a)</sup><br>|
| Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 147371<br>|
| Wisconsin Power and Light Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 58419<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 25447938 |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 89471<br>|
| Southern California Gas Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 308446<br>|
| Spire Inc., Junior Subordinated Notes (6.250% <br> to 6/1/31 then 5 year Treasury Constant <br> Maturity Rate + 2.556%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 607936<br> <sup>(c)</sup><br>|
| Spire Inc., Junior Subordinated Notes (6.450% <br> to 6/1/36 then 5 year Treasury Constant <br> Maturity Rate + 2.327%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 289259<br> <sup>(c)</sup><br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 1295112 |
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |
| AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 354748<br> <sup>(a)</sup><br>|
| AES Corp., Junior Subordinated Notes (6.950% <br> to 7/15/30 then 5 year Treasury Constant <br> Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 188404<br> <sup>(c)</sup><br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 543152 |
| Multi-Utilities — 0.7% | Multi-Utilities — 0.7% | Multi-Utilities — 0.7% | Multi-Utilities — 0.7% | Multi-Utilities — 0.7% |
| Ameren Illinois Co., First Mortgage Bonds | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 159410<br>|
| CenterPoint Energy Resources Corp., Senior <br> Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62008<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 175484<br>|
| Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206784<br> <sup>(a)</sup><br>|
| Northern States Power Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 265125<br>|
| Northern States Power Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 564171<br>|
| PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 85174<br>|
| PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 149555<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| San Diego Gas & Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; $80000<br>| &nbsp;&nbsp; $55435<br>|
| San Diego Gas & Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58396<br>|
| San Diego Gas & Electric Co., Senior Secured <br> Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 116129<br>|
| Wisconsin Public Service Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 76179<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1973850 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **29260052** |
| **Total Corporate Bonds & Notes (Cost — $242,819,354)** | **Total Corporate Bonds & Notes (Cost — $242,819,354)** | **Total Corporate Bonds & Notes (Cost — $242,819,354)** | **Total Corporate Bonds & Notes (Cost — $242,819,354)** | &nbsp;&nbsp; **249108244** |
| **Sovereign Bonds — 3.5%** | **Sovereign Bonds — 3.5%** | **Sovereign Bonds — 3.5%** | **Sovereign Bonds — 3.5%** | **Sovereign Bonds — 3.5%** |
| Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% | Bahamas — 0.1% |
| Bahamas Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/24/36 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 246030<br> <sup>(a)</sup><br>|
| Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% |
| Bermuda Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 8/20/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 182200<br> <sup>(a)</sup><br>|
| Bermuda Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 153450<br> <sup>(a)</sup><br>|
| Total Bermuda | Total Bermuda | Total Bermuda | Total Bermuda | &nbsp;&nbsp; 335650 |
| Brazil — 0.1% | Brazil — 0.1% | Brazil — 0.1% | Brazil — 0.1% | Brazil — 0.1% |
| Brazilian Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/13/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 257985<br>|
| Chile — 0.1% | Chile — 0.1% | Chile — 0.1% | Chile — 0.1% | Chile — 0.1% |
| Chile Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 309080<br>|
| Indonesia — 0.1% | Indonesia — 0.1% | Indonesia — 0.1% | Indonesia — 0.1% | Indonesia — 0.1% |
| Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/30/49 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 366065<br>|
| Israel — 0.4% | Israel — 0.4% | Israel — 0.4% | Israel — 0.4% | Israel — 0.4% |
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 196752<br>|
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/3/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 147098<br>|
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/12/54 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 886886<br>|
| Total Israel | Total Israel | Total Israel | Total Israel | &nbsp;&nbsp; 1230736 |
| Ivory Coast — 0.1% | Ivory Coast — 0.1% | Ivory Coast — 0.1% | Ivory Coast — 0.1% | Ivory Coast — 0.1% |
| Ivory Coast Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 217874<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Mexico — 1.8% | Mexico — 1.8% | Mexico — 1.8% | Mexico — 1.8% | Mexico — 1.8% |
| Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp; $1019840<br> <sup>(a)</sup><br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205732<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 616590<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 346800<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/7/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 406300<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/29/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 292880<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 8/14/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 161200<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp; 851295<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 151300<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/7/54 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 732640<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/12/2110 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 269600<br>|
| Total Mexico | Total Mexico | Total Mexico | Total Mexico | &nbsp;&nbsp; 5054177 |
| Panama — 0.1% | Panama — 0.1% | Panama — 0.1% | Panama — 0.1% | Panama — 0.1% |
| Panama Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.870% | &nbsp;&nbsp; 7/23/60 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 192806<br>|
| Paraguay — 0.1% | Paraguay — 0.1% | Paraguay — 0.1% | Paraguay — 0.1% | Paraguay — 0.1% |
| Paraguay Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/30/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 187884<br> <sup>(a)</sup><br>|
| Poland — 0.1% | Poland — 0.1% | Poland — 0.1% | Poland — 0.1% | Poland — 0.1% |
| Bank Gospodarstwa Krajowego, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/9/54 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 353862<br> <sup>(a)</sup><br>|
| South Africa — 0.3% | South Africa — 0.3% | South Africa — 0.3% | South Africa — 0.3% | South Africa — 0.3% |
| Republic of South Africa Government <br> International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/11/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 484065<br> <sup>(a)</sup><br>|
| Republic of South Africa Government <br> International Bond, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/11/55 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 278038<br> <sup>(a)</sup><br>|
| Total South Africa | Total South Africa | Total South Africa | Total South Africa | &nbsp;&nbsp; 762103 |
| Supranational — 0.1% | Supranational — 0.1% | Supranational — 0.1% | Supranational — 0.1% | Supranational — 0.1% |
| Africa Finance Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205466<br> <sup>(a)</sup><br>|
| **Total Sovereign Bonds (Cost — $9,451,287)** | **Total Sovereign Bonds (Cost — $9,451,287)** | **Total Sovereign Bonds (Cost — $9,451,287)** | **Total Sovereign Bonds (Cost — $9,451,287)** | &nbsp;&nbsp; **9719718** |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — 1.9%** | **Asset-Backed Securities — 1.9%** | **Asset-Backed Securities — 1.9%** | **Asset-Backed Securities — 1.9%** | **Asset-Backed Securities — 1.9%** |
| Apex Credit CLO LLC, 2021-2A CR (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.634% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; $310000<br>| &nbsp;&nbsp; $310147<br> <sup>(a)(c)</sup><br>|
| Apollo Aviation Securitization Equity Trust, <br> 2024-1A A2 | &nbsp;&nbsp; 6.261% | &nbsp;&nbsp; 5/16/49 | &nbsp;&nbsp; 265909<br>| &nbsp;&nbsp; 273613<br> <sup>(a)</sup><br>|
| Ares CLO Ltd., 2017-44A BRR (3 mo. Term SOFR <br> + 1.750%) | &nbsp;&nbsp; 5.655% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 702524<br> <sup>(a)(c)</sup><br>|
| CarMax Auto Owner Trust, 2024-1 D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40837<br>|
| Driven Brands Funding LLC, 2020-2A A2 | &nbsp;&nbsp; 3.237% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 631906<br>| &nbsp;&nbsp; 613008<br> <sup>(a)</sup><br>|
| Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; 189562<br>| &nbsp;&nbsp; 189574<br> <sup>(a)</sup><br>|
| Hilton Grand Vacations Trust, 2023-1A C | &nbsp;&nbsp; 6.940% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 35259<br>| &nbsp;&nbsp; 36491<br> <sup>(a)</sup><br>|
| J.G. Wentworth LLC, 2017-2A B | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 9/17/74 | &nbsp;&nbsp; 118278<br>| &nbsp;&nbsp; 107816<br> <sup>(a)</sup><br>|
| J.G. Wentworth LLC, 2018-2A B | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/77 | &nbsp;&nbsp; 46119<br>| &nbsp;&nbsp; 42217<br> <sup>(a)</sup><br>|
| Jimmy Johns Funding LLC, 2022-1A A2I | &nbsp;&nbsp; 4.077% | &nbsp;&nbsp; 4/30/52 | &nbsp;&nbsp; 308800<br>| &nbsp;&nbsp; 306269<br> <sup>(a)</sup><br>|
| Lunar Structured Aircraft Portfolio Notes, <br> 2021-1 A | &nbsp;&nbsp; 2.636% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 170269<br>| &nbsp;&nbsp; 162632<br> <sup>(a)</sup><br>|
| PFS Financing Corp., 2024-A A (30 Day Average <br> SOFR + 0.850%) | &nbsp;&nbsp; 4.834% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160033<br> <sup>(a)(c)</sup><br>|
| PFS Financing Corp., 2024-A B (30 Day Average <br> SOFR + 1.300%) | &nbsp;&nbsp; 5.284% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100021<br> <sup>(a)(c)</sup><br>|
| Point Broadband Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 322772<br> <sup>(a)</sup><br>|
| Renew Financial, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 11/20/58 | &nbsp;&nbsp; 349039<br>| &nbsp;&nbsp; 343821<br> <sup>(a)</sup><br>|
| Renew Financial, 2024-1A A | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 315936<br>| &nbsp;&nbsp; 316344<br> <sup>(a)</sup><br>|
| Romark CLO Ltd., 2021-5A BR (3 mo. Term SOFR <br> + 1.800%) | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 671675<br> <sup>(a)(c)</sup><br>|
| SLM Private Education Loan Trust, 2010-C A5 (1 <br> mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 8.615% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 130064<br>| &nbsp;&nbsp; 136862<br> <sup>(a)(c)</sup><br>|
| SMB Private Education Loan Trust, 2023-C B | &nbsp;&nbsp; 6.360% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 105439<br> <sup>(a)</sup><br>|
| SoFi Professional Loan Program Trust, 2021-A <br> AFX | &nbsp;&nbsp; 1.030% | &nbsp;&nbsp; 8/17/43 | &nbsp;&nbsp; 35764<br>| &nbsp;&nbsp; 31716<br> <sup>(a)</sup><br>|
| Verdelite Static CLO Ltd., 2024-1A B (3 mo. Term <br> SOFR + 1.650%) | &nbsp;&nbsp; 5.534% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 269724<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $5,191,546)** | **Total Asset-Backed Securities (Cost — $5,191,546)** | **Total Asset-Backed Securities (Cost — $5,191,546)** | **Total Asset-Backed Securities (Cost — $5,191,546)** | &nbsp;&nbsp; **5243535** |
| **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** |
| U.S. Government Obligations — 1.5% | U.S. Government Obligations — 1.5% | U.S. Government Obligations — 1.5% | U.S. Government Obligations — 1.5% | U.S. Government Obligations — 1.5% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 273656<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp; 2468428<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp; 1350413<br>|
| **Total U.S. Government & Agency Obligations (Cost — $4,118,694)** | **Total U.S. Government & Agency Obligations (Cost — $4,118,694)** | **Total U.S. Government & Agency Obligations (Cost — $4,118,694)** | **Total U.S. Government & Agency Obligations (Cost — $4,118,694)** | &nbsp;&nbsp; **4092497** |

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** |
| California — 0.6% | California — 0.6% | California — 0.6% | California — 0.6% | California — 0.6% |
| California State, GO, Build America Bonds  | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; $900000 | &nbsp;&nbsp; $1048381<br>|
| Regents of the University of California, CA, <br> General Revenue, Series AD  | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 5/15/2112 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 137163<br>|
| San Francisco Bay Area, CA, Toll Authority <br> Bridge Revenue, Build America Bonds, Series <br> F-2  | &nbsp;&nbsp; 6.263% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528133<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 1713677 |
| Florida — 0.0%†† | Florida — 0.0%†† | Florida — 0.0%†† | Florida — 0.0%†† | Florida — 0.0%†† |
| Miami-Dade County, FL, Seaport Revenue, <br> Series 2023 | &nbsp;&nbsp; 6.224% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20651<br>|
| Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% |
| Chicago, IL, Transit Authority, Sales Tax <br> Receipts Revenue, Build America Bonds, Series <br> B  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 193237 | &nbsp;&nbsp; 204658<br>|
| Illinois State, GO, Pension Funding, Series 2003  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 130882 | &nbsp;&nbsp; 134195<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 338853 |
| Michigan — 0.1% | Michigan — 0.1% | Michigan — 0.1% | Michigan — 0.1% | Michigan — 0.1% |
| Regents of the University of Michigan, MI, <br> General Revenue, Series A | &nbsp;&nbsp; 4.454% | &nbsp;&nbsp; 4/1/2122 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 85727<br>|
| Minnesota — 0.0%†† | Minnesota — 0.0%†† | Minnesota — 0.0%†† | Minnesota — 0.0%†† | Minnesota — 0.0%†† |
| Regents of the University of Minnesota, MN, <br> GO, Series 2022 | &nbsp;&nbsp; 4.048% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 80627<br>|
| New Jersey — 0.1% | New Jersey — 0.1% | New Jersey — 0.1% | New Jersey — 0.1% | New Jersey — 0.1% |
| New Jersey State Turnpike Authority Revenue, <br> Build America Bonds, Series A | &nbsp;&nbsp; 7.102% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292403<br>|
| New York — 0.4% | New York — 0.4% | New York — 0.4% | New York — 0.4% | New York — 0.4% |
| New York City, NY, GO: |  |  |  |  |
| Fiscal 2025, Series D | &nbsp;&nbsp; 5.094% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94200<br>|
| Fiscal 2025, Series D | &nbsp;&nbsp; 5.114% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46854<br>|
| New York State Dormitory Authority Revenue, <br> New York University, Series B  | &nbsp;&nbsp; 5.832% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 387272<br>|
| Port Authority of New York & New Jersey <br> Revenue, Consolidated Series 164  | &nbsp;&nbsp; 5.647% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533199<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 1061525 |
| Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% |
| American Municipal Power Inc., OH, Revenue: |  |  |  |  |
| Combined Hydroelectric Projects, Build <br> America Bonds, Series B | &nbsp;&nbsp; 8.084% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 125879<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

------

Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued |
| Meldahl Hydroelectric Project, Build America <br> Bonds, Series E | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; $135000 | &nbsp;&nbsp; $139569<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 265448 |
| **Total Municipal Bonds (Cost — $3,856,761)** | **Total Municipal Bonds (Cost — $3,856,761)** | **Total Municipal Bonds (Cost — $3,856,761)** | **Total Municipal Bonds (Cost — $3,856,761)** | &nbsp;&nbsp; **3858911** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.3%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.3%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.3%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.3%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.3%** |
| Arbor Realty Commercial Real Estate Notes LLC, <br> 2025-FL1 C (1 mo. Term SOFR + 2.693%) | &nbsp;&nbsp; 6.427% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230021<br> <sup>(a)(c)</sup><br>|
| BRAVO Residential Funding Trust, 2023-NQM5 <br> A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 57566<br>| &nbsp;&nbsp; 57893<br> <sup>(a)</sup><br>|
| BRAVO Residential Funding Trust, 2023-NQM5 <br> A3 | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 57662<br>| &nbsp;&nbsp; 57979<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Credit Risk Trust, 2025-<br> MN12 M2 (30 Day Average SOFR + 2.750%) | &nbsp;&nbsp; 6.624% | &nbsp;&nbsp; 11/25/45 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 682132<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association (FNMA) <br> — CAS, 2023-R08 1M1 (30 Day Average SOFR <br> + 1.500%) | &nbsp;&nbsp; 5.374% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 143565<br>| &nbsp;&nbsp; 143845<br> <sup>(a)(c)</sup><br>|
| FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.544% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 132762<br> <sup>(a)(c)</sup><br>|
| Greystone CRE Notes, 2024-HC3 D (1 mo. Term <br> SOFR + 5.333%) | &nbsp;&nbsp; 9.083% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110797<br> <sup>(a)(c)</sup><br>|
| GS Mortgage Securities Corp. Trust, 2023-SHIP <br> A | &nbsp;&nbsp; 4.322% | &nbsp;&nbsp; 9/10/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99866<br> <sup>(a)(c)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 465763<br> <sup>(a)(c)</sup><br>|
| NYC Commercial Mortgage Trust, 2025-28L E | &nbsp;&nbsp; 6.693% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1005120<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 54018<br>| &nbsp;&nbsp; 54538<br> <sup>(a)</sup><br>|
| OBX Trust, 2024-NQM15 A2 | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 72563<br>| &nbsp;&nbsp; 73171<br> <sup>(a)</sup><br>|
| OBX Trust, 2024-NQM15 A3 | &nbsp;&nbsp; 5.722% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 123357<br>| &nbsp;&nbsp; 123976<br> <sup>(a)</sup><br>|
| PRKCM Trust, 2024-AFC1 A2 | &nbsp;&nbsp; 6.636% | &nbsp;&nbsp; 3/25/59 | &nbsp;&nbsp; 230943<br>| &nbsp;&nbsp; 233408<br> <sup>(a)</sup><br>|
| Redwood Funding Trust, 2025-3 A | &nbsp;&nbsp; 6.231% | &nbsp;&nbsp; 12/27/56 | &nbsp;&nbsp; 279844<br>| &nbsp;&nbsp; 282575<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $3,719,462)** | **Total Collateralized Mortgage Obligations (Cost — $3,719,462)** | **Total Collateralized Mortgage Obligations (Cost — $3,719,462)** | **Total Collateralized Mortgage Obligations (Cost — $3,719,462)** | &nbsp;&nbsp; **3753846** |
| **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| X Corp., Term Loan B3  | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; **339453**<br> <sup>(h)(i)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Truist Insurance Holdings LLC, 2024 Term Loan B <br> (3 mo. Term SOFR + 2.750%)  | 6.422% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 349355<br>| &nbsp;&nbsp; **350375**<br> <sup>(c)(h)(i)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Asplundh Tree Expert LLC, 2021 Refinancing <br> Term Loan (1 mo. Term SOFR + 1.750%)  | 5.566% | &nbsp;&nbsp; 9/7/27 | &nbsp;&nbsp; $170232<br>| &nbsp;&nbsp; **$171063**<br> <sup>(c)(h)(i)</sup><br>|
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† |
| Talen Energy Supply LLC, 2025 Incremental Term <br> Loan B (3 mo. Term SOFR + 2.000%)  | 5.672% | &nbsp;&nbsp; 11/25/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90127<br> <sup>(c)(h)(i)</sup><br>|
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Vistra Zero Operating Co. LLC, Initial Term Loan <br> (1 mo. Term SOFR + 2.000%)  | 5.716% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 288550<br>| &nbsp;&nbsp; 286205<br> <sup>(c)(h)(i)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **376332** |
| **Total Senior Loans (Cost — $1,236,161)** | **Total Senior Loans (Cost — $1,236,161)** | **Total Senior Loans (Cost — $1,236,161)** | **Total Senior Loans (Cost — $1,236,161)** | &nbsp;&nbsp; **1237223** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† |
| AGNC Investment Corp., Non Voting Shares (3 <br> mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 8.863% |  | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 100614<br> <sup>(c)</sup><br>|
| Chimera Investment Corp., Non Voting Shares (3 <br> mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.690% |  | &nbsp;&nbsp; 2136 | &nbsp;&nbsp; 45561<br> <sup>(c)</sup><br>|
| **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | &nbsp;&nbsp; **146175** |
| **Total Investments before Short-Term Investments (Cost — $270,540,924)** | **Total Investments before Short-Term Investments (Cost — $270,540,924)** | **Total Investments before Short-Term Investments (Cost — $270,540,924)** | **Total Investments before Short-Term Investments (Cost — $270,540,924)** | &nbsp;&nbsp; **277160149** |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $794,937)  | &nbsp;&nbsp; 3.739% |  | &nbsp;&nbsp; 794937<br>| &nbsp;&nbsp; **794937**<br> <sup>(j)(k)</sup><br>|
| **Total Investments — 99.1% (Cost — $271,335,861)** | **Total Investments — 99.1% (Cost — $271,335,861)** | **Total Investments — 99.1% (Cost — $271,335,861)** | **Total Investments — 99.1% (Cost — $271,335,861)** | &nbsp;&nbsp; **277955086** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 2649761 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$280604847** |

---

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

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

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Schedule of Investments (cont'd)

December 31, 2025

 **Western Asset Long Credit VIT**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(d)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(e)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(f)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to <br> multiple contracts under the same loan.<br>|
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive <br> approval from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Portfolio. At December 31, 2025, the total market value of investments in Affiliated <br> Companies was $794,937 and the cost was $794,937 (Note 6).<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO | —  | Collateralized Loan Obligation |
| DAC | —  | Designated Activity Company |
| GO | —  | General Obligation |
| GTD | —  | Guaranteed |
| ICE | —  | Intercontinental Exchange |
| SOFR | —  | Secured Overnight Financing Rate |
| USD | —  | United States Dollar |

---

See Notes to Financial Statements.

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Western Asset Long Credit VIT 2025 Annual Report

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 **Western Asset Long Credit VIT**

At December 31, 2025, the Portfolio had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; $45910431 | &nbsp;&nbsp; $45933594 | &nbsp;&nbsp; $23163 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 34558000 | &nbsp;&nbsp; 34540282 | &nbsp;&nbsp; (17718)<br>|
| U.S. Treasury Long-Term <br> Bonds<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 26171653 | &nbsp;&nbsp; 25893000 | &nbsp;&nbsp; (278653)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (273208)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 1122951 | &nbsp;&nbsp; 1124375 | &nbsp;&nbsp; (1424)<br>|
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 256 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 29536933 | &nbsp;&nbsp; 29444001 | &nbsp;&nbsp; 92932 |
| U.S. Treasury Ultra Long-Term <br> Bonds<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; 4064004 | &nbsp;&nbsp; 4012000 | &nbsp;&nbsp; 52004 |
|  |  |  |  |  | &nbsp;&nbsp; 143512 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp; **$(129696)**<br>|

---

At December 31, 2025, the Portfolio had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Depreciation<br>|
| JPY | 29287186 | &nbsp;&nbsp; USD | 195695 | JPMorgan Chase & Co. | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; **$(8454)**<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| JPY |  | Japanese Yen |
| USD | —  | United States Dollar |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

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Statement of Assets and Liabilities

December 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $270,540,924) | &nbsp;&nbsp; $277160149 |
| Investments in affiliated securities, at value (Cost — $794,937) | &nbsp;&nbsp; 794937 |
| Foreign currency, at value (Cost — $53) | &nbsp;&nbsp; 56 |
| Cash | &nbsp;&nbsp; 3741 |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 3765814 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 963848 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 1031 |
| Deposits with brokers | &nbsp;&nbsp; 1 |
| Prepaid expenses | &nbsp;&nbsp; 945 |
| **Total Assets** | &nbsp;&nbsp; **282690522** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 1830000 |
| Investment management fee payable | &nbsp;&nbsp; 84632 |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 38720 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 8454 |
| Payable for Portfolio shares repurchased | &nbsp;&nbsp; 1727 |
| Trustees' fees payable | &nbsp;&nbsp; 37 |
| Accrued expenses | &nbsp;&nbsp; 122105 |
| **Total Liabilities** | &nbsp;&nbsp; **2085675** |
| **Total Net Assets** | &nbsp;&nbsp; **$280604847** |
| **Net Assets:** |  |
| Par value (Note 5) | &nbsp;&nbsp; $292 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 273803522 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 6801033 |
| **Total Net Assets** | &nbsp;&nbsp; **$280604847** |
| **Shares Outstanding:** |  |
| Class I | &nbsp;&nbsp; 29229092 |
| **Net Asset Value:** |  |
| Class I (and redemption price) | &nbsp;&nbsp; $9.60 |

---

See Notes to Financial Statements.

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Western Asset Long Credit VIT 2025 Annual Report

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Statement of Operations

For the Year Ended December 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $15046075 |
| Dividends from affiliated investments | &nbsp;&nbsp; 78412 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 13169 |
| **Total Investment Income** | &nbsp;&nbsp; **15137656** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 912627 |
| Fees recaptured by investment manager (Note 2) | &nbsp;&nbsp; 77740 |
| Fund accounting fees | &nbsp;&nbsp; 70470 |
| Audit and tax fees | &nbsp;&nbsp; 49523 |
| Legal fees | &nbsp;&nbsp; 18434 |
| Trustees' fees | &nbsp;&nbsp; 9473 |
| Commitment fees (Note 7) | &nbsp;&nbsp; 2252 |
| Insurance | &nbsp;&nbsp; 1647 |
| Custody fees | &nbsp;&nbsp; 1009 |
| Interest expense  | &nbsp;&nbsp; 148 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 42 |
| Miscellaneous expenses  | &nbsp;&nbsp; 7564 |
| **Total Expenses** | &nbsp;&nbsp; **1150929** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (2253)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1148676** |
| **Net Investment Income** | &nbsp;&nbsp; **13988980** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 2599897 |
| Futures contracts | &nbsp;&nbsp; 788435 |
| Swap contracts | &nbsp;&nbsp; 8944 |
| Forward foreign currency contracts | &nbsp;&nbsp; (5255)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 7 |
| **Net Realized Gain**  | &nbsp;&nbsp; **3392028** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 4312347 |
| Futures contracts | &nbsp;&nbsp; 67050 |
| Forward foreign currency contracts | &nbsp;&nbsp; 13361 |
| Foreign currencies | &nbsp;&nbsp; 4 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **4392762** |
| **Net Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **7784790** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$21773770** |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

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Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Years Ended December 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $13988980 | $11854719 |
| Net realized gain  | &nbsp;&nbsp; 3392028 | 1589165 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4392762 | (12317766)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **21773770** | **1126118** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (16745286)<br>| (12904444)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(16745286)**<br>| **(12904444)**<br>|
| **Portfolio Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 52144247 | 30879225 |
| Reinvestment of distributions | &nbsp;&nbsp; 16745286 | 12904430 |
| Cost of shares repurchased  | &nbsp;&nbsp; (11981250)<br>| (38136763)<br>|
| **Increase in Net Assets From Portfolio Share Transactions** | &nbsp;&nbsp; **56908283** | **5646892** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **61936767** | **(6131434)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 218668080 | 224799514 |
| **End of year** | &nbsp;&nbsp; **$280604847** | **$218668080** |

---

See Notes to Financial Statements.

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Western Asset Long Credit VIT 2025 Annual Report

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Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended December 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended December 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended December 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended December 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | 2023<sup>2</sup> <br>|
| **Net asset value, beginning of year** | $9.39 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 0.52 | 0.53 | 0.33 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.07 )<sup>3</sup><br>|
| **Total income from operations** | **0.81** | **0.04** | **0.26** |
| **Less distributions from:** |  |  |  |
| Net investment income | (0.56)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains | (0.04)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — |
| **Total distributions** | **(0.60)**<br>| &nbsp;&nbsp; **(0.58)**<br>| &nbsp;&nbsp; **(0.33)**<br>|
| **Net asset value, end of year** | $9.60 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.93 |
| **Total return**<sup>4</sup> <br>| **8.59%**<br>| **0.40%**<br>| **2.85%** <br><sup>5</sup><br>|
| **Net assets, end of year (millions)** | $281 | &nbsp;&nbsp; $219 | &nbsp;&nbsp; $225 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.44 %<sup>6</sup><br>| 0.45 %<sup>6,7</sup><br>| 0.60 %<sup>7,8</sup><br>|
| Net expenses<sup>9,10</sup> <br>| 0.44 <br><sup>6</sup><br>| 0.45 <br><sup>6</sup><br>| 0.45 <br><sup>8</sup><br>|
| Net investment income | 5.36 | 5.39 | 5.31 <br><sup>8</sup><br>|
| **Portfolio turnover rate** | **101%**<br>| &nbsp;&nbsp; **77%** <br><sup>11</sup><br>| &nbsp;&nbsp; **29%**<br>|

---

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

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Annual Report

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Financial Highlights (cont'd)

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period May 1, 2023 (inception date) to December 31, 2023.

<sup>3</sup> Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain presented in the Statement of Operations due to the timing of the sales and repurchases of Portfolio shares in relation to fluctuating market values of the investments of the Portfolio. 

<sup>4</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Performance data is shown as of the date the Portfolio began to invest in accordance with its investment objective and guidelines. 

<sup>6</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>7</sup> Ratio includes 0.01% and 0.11%, for the year ended December 31, 2024 and for the period ended December 31, 2023, respectively, of non-recurring organizational and/or offering costs related to the inception of the Portfolio. 

<sup>8</sup> Annualized.

<sup>9</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.45%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>10</sup> Reflects fee waivers and/or expense reimbursements.

<sup>11</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rate for the respective year presented would have been 76%. 

See Notes to Financial Statements.

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Western Asset Long Credit VIT 2025 Annual Report

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Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

Western Asset Long Credit VIT (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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(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 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

Western Asset Long Credit VIT 2025 Annual Report

------

Notes to Financial Statements (cont'd)

calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Portfolio's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio's pricing policies, and reporting to the Portfolio's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolio, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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.

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Western Asset Long Credit VIT 2025 Annual Report

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $21435556 | &nbsp;&nbsp; $432865 | &nbsp;&nbsp; $21868421 |
| Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 227239823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 227239823 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 9719718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9719718 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5243535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5243535 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4092497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4092497 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3858911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3858911 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3753846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3753846 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1237223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1237223 |
| Preferred Stocks | &nbsp;&nbsp; $146175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 146175 |
| Total Long-Term Investments | &nbsp;&nbsp; 146175 | &nbsp;&nbsp; 276581109 | &nbsp;&nbsp; 432865 | &nbsp;&nbsp; 277160149 |
| Short-Term Investments† | &nbsp;&nbsp; 794937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 794937 |
| **Total Investments** | &nbsp;&nbsp; **$941112** | &nbsp;&nbsp; **$276581109** | &nbsp;&nbsp; **$432865** | &nbsp;&nbsp; **$277955086** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $168099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $168099 |
| **Total** | &nbsp;&nbsp; **$1109211** | &nbsp;&nbsp; **$276581109** | &nbsp;&nbsp; **$432865** | &nbsp;&nbsp; **$278123185** |

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Western Asset Long Credit VIT 2025 Annual Report

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Notes to Financial Statements (cont'd)

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| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $297795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $297795 |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8454 |
| **Total** | &nbsp;&nbsp; **$297795** | &nbsp;&nbsp; **$8454** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$306249** |

---

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Futures contracts.** The Portfolio uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Portfolio is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Portfolio each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Portfolio recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Portfolio may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Forward foreign currency contracts.** The Portfolio enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolio bears the risk of an

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unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(d) Swap agreements.** The Portfolio invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Portfolio has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Portfolio is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Portfolio is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Portfolio's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are recognized as a realized gain or loss in the Statement of Operations.

The Portfolio's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of December 31, 2025, the Portfolio did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the year ended December 31, 2025, see Note 4.

Western Asset Long Credit VIT 2025 Annual Report

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Notes to Financial Statements (cont'd)

**<u>Credit default swaps</u>**

The Portfolio enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Portfolio may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Portfolio has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Portfolio generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Portfolio could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Portfolio effectively adds leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, 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. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Portfolio's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio's exposure to the counterparty). As the protection seller, the Portfolio's maximum risk is the notional amount of the contract. CDS

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are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**(e) Loan participations.** The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Portfolio assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Portfolio and the borrower. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(f) Securities traded on a when-issued and delayed delivery basis.** The Portfolio may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Portfolio with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Portfolio at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(g) Credit and market risk.** The Portfolio invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Portfolio's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Portfolio. The Portfolio's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

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Notes to Financial Statements (cont'd)

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(h) Foreign investment risks.** The Portfolio's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(i) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Portfolio may invest in certain securities or engage in other transactions where the Portfolio is exposed to counterparty credit risk in addition to broader market risks. The Portfolio may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Portfolio's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Portfolio to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Portfolio has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit

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related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Portfolio's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of December 31, 2025, the Portfolio held forward foreign currency contracts with credit related contingent features which had a liability position of $8,454. If a contingent feature in the master agreements would have been triggered, the Portfolio would have been required to pay this amount to its derivatives counterparties.

**(j) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Portfolio determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Portfolio may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(k) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to

Western Asset Long Credit VIT 2025 Annual Report

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Notes to Financial Statements (cont'd)

shareholders of the Portfolio are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(l) Compensating balance arrangements.** The Portfolio had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Portfolio's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.

**(m) Federal and other taxes.** It is the Portfolio's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Portfolio intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Portfolio's financial statements.

Management has analyzed the Portfolio's tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2025, no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(n) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Portfolio had no reclassifications.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Portfolio's investment manager. Western Asset Management Company, LLC ("Western Asset"), Western Asset Management Company Limited ("Western Asset London"), are the Portfolio's subadvisers. FTFA, Western Asset and Western Asset London, are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.35% of the Portfolio's average daily net assets.

FTFA provides administrative and certain oversight services to the Portfolio. FTFA delegates to the subadvisers the day-to-day portfolio management of the Portfolio. Western Asset London, provide certain subadvisory services related to currency transactions and investments in non-U.S. dollar denominated securities and related foreign currency instruments. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Portfolio. In turn, Western Asset pays Western Asset London, monthly a subadvisory fee in an amount equal to 100%

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of the management fee paid to Western Asset on the assets that Western Asset allocates to each such non-U.S. subadviser to manage.

As a result of an expense limitation arrangement between the Portfolio and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.45%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board's consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the year ended December 31, 2025, fees waived and/or expenses reimbursed amounted to $2,253, all of which was an affiliated money market fund waiver.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Portfolio, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at December 31, 2025, the Portfolio had no remaining fee waivers and/or expense reimbursements subject to recapture by FTFA.

For the year ended December 31, 2025, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

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| | |
|:---|:---|
|  | Class I |
| FTFA recaptured | &nbsp;&nbsp; $77740 |

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Franklin Distributors, LLC ("Franklin Distributors") serves as the Portfolio's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Portfolio's shareholder servicing agent and acts as the Portfolio's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. The Portfolio pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, the Portfolio reimburses Investor Services for out of pocket expenses incurred. For the year ended December 31, 2025, the Portfolio incurred transfer agent fees as reported on the Statement of Operations, of which $42 was earned by Investor Services.

Western Asset Long Credit VIT 2025 Annual Report

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Notes to Financial Statements (cont'd)

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

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| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $238264749 | &nbsp;&nbsp; $87057603 |
| Sales | &nbsp;&nbsp; 176893240 | &nbsp;&nbsp; 84499090 |

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At December 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $271566449 | &nbsp;&nbsp; $8245617 | &nbsp;&nbsp; $(1856980) | &nbsp;&nbsp; $6388637 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 168099 | &nbsp;&nbsp; (297795) | &nbsp;&nbsp; (129696) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8454) | &nbsp;&nbsp; (8454) |

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**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at December 31, 2025.

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| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $168099 |

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| | | | |
|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $297795 | &nbsp;&nbsp; — | &nbsp;&nbsp; $297795 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $8454 | &nbsp;&nbsp; 8454 |
| **Total** | &nbsp;&nbsp; **$297795** | &nbsp;&nbsp; **$8454** | &nbsp;&nbsp; **$306249** |

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

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Western Asset Long Credit VIT 2025 Annual Report

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The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's Statement of Operations for the year ended December 31, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Portfolio's derivatives and hedging activities during the period.

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| | | | | |
|:---|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $788435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $788435 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8944 | &nbsp;&nbsp; 8944 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(5255)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5255)<br>|
| **Total** | &nbsp;&nbsp; **$788435** | &nbsp;&nbsp; **$(5255)**<br>| &nbsp;&nbsp; **$8944** | &nbsp;&nbsp; **$792124** |

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| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $67050 | &nbsp;&nbsp; — | &nbsp;&nbsp; $67050 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $13361 | &nbsp;&nbsp; 13361 |
| **Total** | &nbsp;&nbsp; **$67050** | &nbsp;&nbsp; **$13361** | &nbsp;&nbsp; **$80411** |

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During the year ended December 31, 2025, the volume of derivative activity for the Portfolio was as follows:

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| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $100547278 |
| Futures contracts (to sell) | &nbsp;&nbsp; 27107292 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 456358 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 218474 |
|  | Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (sell protection)† | &nbsp;&nbsp; $85385 |

---

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

---

| | |
|:---|:---|
| \* | Based on the average of the market values at each month-end during the period. |
| † | At December 31, 2025, there were no open positions held in this derivative. |
| \*\* | Based on the average of the notional amounts at each month-end during the period. |

---

Western Asset Long Credit VIT 2025 Annual Report

------

Notes to Financial Statements (cont'd)

The following table presents the Portfolio's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Portfolio as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; — | &nbsp;&nbsp; $(8454) | &nbsp;&nbsp; $(8454) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(8454) |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(8454)** | &nbsp;&nbsp; **$(8454)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(8454)** |

---

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

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Shares of beneficial interest**

At December 31, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Portfolio has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of the Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>December 31, 2025 | Year Ended <br>December 31, 2025 | Year Ended <br>December 31, 2024 | Year Ended <br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5409409 | &nbsp;&nbsp;&nbsp; $52144247 | &nbsp;&nbsp;&nbsp; 3291842 | &nbsp;&nbsp;&nbsp; $30879225 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1744138 | &nbsp;&nbsp;&nbsp; 16745286 | &nbsp;&nbsp;&nbsp; 1330275 | &nbsp;&nbsp;&nbsp; 12904430 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1200053)<br>| &nbsp;&nbsp;&nbsp; (11981250)<br>| &nbsp;&nbsp;&nbsp; (3996272)<br>| &nbsp;&nbsp;&nbsp; (38136763)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **5953494** | &nbsp;&nbsp;&nbsp; **$56908283** | &nbsp;&nbsp;&nbsp; **625845** | &nbsp;&nbsp;&nbsp; **$5646892** |

---

**6. 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

------

Western Asset Long Credit VIT 2025 Annual Report

------

for all or some portion of the year ended December 31, 2025. The following transactions were effected in such company for the year ended December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional <br> Government <br> Reserves, Premium <br> Shares<br>| $8638431 | $114108432 | 114108432 | $121951926 | 121951926 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>December 31, <br>2025<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $78412 |  | $794937 |

---

**7. Redemption facility**

The Portfolio, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Portfolio shall, in addition to interest charged on any borrowings made by the Portfolio and other costs incurred by the Portfolio, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Portfolio did not utilize the Global Credit Facility during the year ended December 31, 2025.

Western Asset Long Credit VIT 2025 Annual Report

------

Notes to Financial Statements (cont'd)

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

**8. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended December 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $16745286 | &nbsp;&nbsp; $11196587 |
| Net long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 1707857 |
| **Total distributions paid** | &nbsp;&nbsp; **$16745286** | &nbsp;&nbsp; **$12904444** |

---

As of December 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $356225 |
| Undistributed long-term capital gains — net | &nbsp;&nbsp; 56784 |
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; 137534 |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 6250490 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$6801033** |

---

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

<sup>(a)</sup> Other book/tax temporary differences are attributable to the tax deferral of losses on straddles, the realization for tax purposes of unrealized gains (losses) on futures, foreign currency contracts and book/tax differences in the timing of the deductibility of various expenses. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales. 

**9. Operating segments**

The Portfolio operates as a single operating segment, which is an investment portfolio. A management group assigned to the Portfolio within the Portfolio's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Portfolio's operating results and allocating resources in accordance with the Portfolio's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Portfolio's Schedule of Investments provides details of the Portfolio's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Western Asset Long Credit VIT 2025 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason Partners Variable Income Trust and Shareholders of Western Asset Long Credit VIT**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Long Credit VIT (one of the portfolios constituting Legg Mason Partners Variable Income Trust, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period May 1, 2023 (inception date) through December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2025, the results of its operations for the year ended December 31, 2025, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period May 1, 2023 (inception date) through December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management and the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 13, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Western Asset Long Credit VIT 2025 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Portfolio is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Portfolio hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended December 31, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Section 163(j) Interest Earned | §163(j) | $13810699 |
| Interest Earned from Federal Obligations | Note (1) | $156930 |

---

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

------

Western Asset Long Credit VIT

------

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. | Refer to the financial statements included herein. |

---

Western Asset Long Credit VIT

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Western Asset

Long Credit VIT

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chair

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

**Independent registered**

**public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**Western Asset Long Credit VIT**

The Portfolio is a separate investment series of Legg Mason Partners Variable Income Trust, a Maryland statutory trust.

Western Asset Long Credit VIT

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Portfolio's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Portfolio at 877-6LM-FUND/656-3863.

Information on how the Portfolio voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Portfolio uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Portfolio at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Long Credit VIT. This report is not authorized for distribution to prospective investors in the Portfolio unless preceded or accompanied by a current prospectus.

**Investors should consider the Portfolio's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Portfolio. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img16ddcfcc3.jpg)

**36280-AFSOI 2/26**© 2026 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](walcv-efp22508_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](walcv-efp22508_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](walcv-efp22508_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Legg Mason Partners Variable Income Trust**

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | February 24, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Chief Executive Officer |
| Date: | February 24, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | February 24, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Variable Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Variable Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Legg Mason Partners Variable Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Legg Mason Partners Variable | Legg Mason Partners Variable |
| Income Trust | Income Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: February 24, 2026 | Date: February 24, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.