# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0001133228-25-008701
**Filing Date:** 2025-8
**Character Count:** 302301
**Document Hash:** 2a334ac80196ed8c30be46eab4fddb18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008701.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001133228-25-008701

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06310
- **FILM NUMBER:** 251238336

**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'? 2025-07-17LMF7600_WesternAssetLongCreditVIT_ClassI_TSRSemiAnnual

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, 17th 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: **June 30, 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

---

| | |
|:---|:---|
| **Western Asset Long Credit VIT**  | ![image](img456_202405131420813.jpg) |
| Class I  | ![image](img456_202405131420813.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img456_202405131420813.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Western Asset Long Credit VIT for the period January 1, 2025, to June 30, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class I<sup>1</sup>  | $23 | 0.45% |

---

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

† Annualized.

1 Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $279069264 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 998 |
| **Portfolio Turnover Rate** | 44% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4476img003.jpg)

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

---

| | |
|:---|:---|
| ![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 1 7997-STSR-0825

28.711.29.58.88.56.65.44.64.43.43.21.41.31.20.80.60.4 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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.

![](img045fff731.gif)

**Western Asset**

**Long Credit VIT**

**Financial Statements and Other Important Information**

**Semi-Annual** \| June 30, 2025

![](img8b12cf0e2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_SOI-Header-SOI-4495_1) | **1** |
| [Statement of Assets and Liabilities](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_SAL-Header-SAL-4495_1) | **44** |
| [Statement of Operations](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_SOP-Header-SOP-4495_1) | **45** |
| [Statements of Changes in Net Assets](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_SOC-Header-SOC-4495_1) | **46** |
| [Financial Highlights](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_FH-Header-Financialhighlights-4495_1) | **47** |
| [Notes to Financial Statements](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_NTF-Header-Notestofinancialstatements-4495_1) | **49** |
| [Changes in and Disagreements with Accountants](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_TSR-TOCTSRDisclosures-4495_1) | **65** |
| [Results of Meeting(s) of Shareholders](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_TSR-TOCTSRDisclosures-4495_1) | **65** |
| [Remuneration Paid to Directors, Officers and Others](#xx_aa978e4b-79e8-4327-9dba-8ae3681885ef_TSR-TOCTSRDisclosures-4495_1) | **65** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

June 30, 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 — 90.3%** | **Corporate Bonds & Notes — 90.3%** | **Corporate Bonds & Notes — 90.3%** | **Corporate Bonds & Notes — 90.3%** | **Corporate Bonds & Notes — 90.3%** |
| **Communication Services — 8.4%** | **Communication Services — 8.4%** | **Communication Services — 8.4%** | **Communication Services — 8.4%** | **Communication Services — 8.4%** |
| Diversified Telecommunication Services — 3.0% | Diversified Telecommunication Services — 3.0% | Diversified Telecommunication Services — 3.0% | Diversified Telecommunication Services — 3.0% | Diversified Telecommunication Services — 3.0% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp; $65683<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 403726<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 198027<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 53461<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 98025<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/9/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 166604<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 731578<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp; 1073706<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 1031446<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 336176<br>|
| Frontier California Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 620898<br>|
| Frontier Communications Holdings LLC, Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101378<br> <sup>(a)</sup><br>|
| Frontier Communications Holdings LLC, Secured <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141925<br> <sup>(a)</sup><br>|
| Telefonica Emisiones SA, Senior Notes | &nbsp;&nbsp; 7.045% | &nbsp;&nbsp; 6/20/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 333249<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 155522<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 101000<br>| &nbsp;&nbsp; 90617<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 175439<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 232003<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 487939<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 339581<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 408781<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 169098<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/22/51 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 372093<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/23/54 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 512596<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/22/61 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 172696<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 8472247 |
| Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% |
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201625<br> <sup>(a)</sup><br>|
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 234540<br>|
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 276541<br>|
| Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 125875<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 76000<br>| &nbsp;&nbsp; 56905<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 183262<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp; 5602<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 1084350 |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% | Interactive Media & Services — 0.6% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; $246814<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 362578<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 163552<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 221109<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 478213<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/63 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 273160<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/64 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58685<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 1804111 |
| Media — 3.1% | Media — 3.1% | Media — 3.1% | Media — 3.1% | Media — 3.1% |
| 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; 20196<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; 501663<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; 166967<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; 149831<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; 709848<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; 500000<br>| &nbsp;&nbsp; 416055<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; 240410<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; 390000<br>| &nbsp;&nbsp; 330018<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 169186<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 157829<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 554312<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 361608<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 324539<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 262559<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 439377<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; $1090000<br>| &nbsp;&nbsp; $640564<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 248783<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.987% | &nbsp;&nbsp; 11/1/63 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 118188<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 323158<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; 978552<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 1003807<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 393885<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 8511335 |
| Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% |
| America Movil SAB de CV, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 177610<br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152160<br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220318<br>|
| SoftBank Corp., Senior Notes | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 320000<br> <sup>(a)(b)</sup><br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 260790<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68007<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 464419<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 273487<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 241638<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 106287<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 541575<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 830242<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 3656533 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **23528576** |
| **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 144236<br> <sup>(a)</sup><br>|
| ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 305260<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 449496 |
| Automobiles — 1.6% | Automobiles — 1.6% | Automobiles — 1.6% | Automobiles — 1.6% | Automobiles — 1.6% |
| American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/10/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 207931<br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/13/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 171193<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; 176129<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.122% | &nbsp;&nbsp; 11/7/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 363411<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50826<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 190772<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 225796<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 149694<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/8/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153311<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/24/31 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; $255887<br> <sup>(a)</sup><br>|
| Mclaren Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp; 1484570<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; 131588<br> <sup>(a)</sup><br>|
| Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28632<br> <sup>(a)</sup><br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 3.522% | &nbsp;&nbsp; 9/17/25 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 517108<br> <sup>(a)</sup><br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 194443<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; 141165<br>|
| Toyota Motor Credit Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142281<br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 4584737 |
| Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% |
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 177121<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/26/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202326<br> <sup>(a)</sup><br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/9/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 279197<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 2/9/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 259584<br>|
| Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/26/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 392920<br> <sup>(a)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1311148 |
| 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; 381795<br>|
| Massachusetts Institute of Technology, Senior <br> Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/1/2111 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249801<br>|
| Washington University, Senior Notes | &nbsp;&nbsp; 3.524% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 107648<br>|
| Washington University, Senior Notes | &nbsp;&nbsp; 4.349% | &nbsp;&nbsp; 4/15/2122 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 137677<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 876921 |
| Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 393464<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 193337<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; 148169<br>|
| Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1098777<br> <sup>(a)</sup><br>|
| International Game Technology PLC, Senior <br> Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 267748<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; 236903<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 183650<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 247712<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82259<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/9/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 162504<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 515504<br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 187782<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp; $20083<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; 101307<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; 50337<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; 82280<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; 214179<br> <sup>(a)</sup><br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/18/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 564344<br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 609322<br>|
| Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 192338<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 5551999 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/30/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 275188<br>|
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 195897<br> <sup>(a)</sup><br>|
| Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 238910<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; 39948<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 480869<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 90536<br>|
| Lithia Motors Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 95448<br> <sup>(a)</sup><br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 148036<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 76906<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 509266<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1875816 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **14925305** |
| **Consumer Staples — 4.6%** | **Consumer Staples — 4.6%** | **Consumer Staples — 4.6%** | **Consumer Staples — 4.6%** | **Consumer Staples — 4.6%** |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 137606<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 234894<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 536365<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 481793<br>|
| Coca-Cola Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 1/14/55 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 421562<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 1812220 |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Albertsons Cos. Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $400000<br>| &nbsp;&nbsp; $399921<br> <sup>(a)</sup><br>|
| 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; 75878<br> <sup>(a)</sup><br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 341971<br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 360052<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1177822 |
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.390% | &nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201320<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; 379047<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; 155547<br> <sup>(a)</sup><br>|
| 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; 667934<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; 212319<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 314278<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 323994<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 330991<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 698789<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/65 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 569462<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; 164967<br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/4/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 59114<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 4077762 |
| 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; 264473<br> <sup>(a)</sup><br>|
| Tobacco — 2.0% | Tobacco — 2.0% | Tobacco — 2.0% | Tobacco — 2.0% | Tobacco — 2.0% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 222499<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 94913<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 588027<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/9/42 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 260298<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 133239<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; 1234179<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 2/14/59 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70306<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 104099<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 137102<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 47398<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.079% | &nbsp;&nbsp; 8/2/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 518038<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 535005<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 506753<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued | Tobacco — continued |
| BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 5.931% | &nbsp;&nbsp; 2/2/29 | &nbsp;&nbsp; $290000<br>| &nbsp;&nbsp; $304425<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 156973<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 288493<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112253<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/16/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 111076<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/21/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 122093<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 5547169 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **12879446** |
| **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** |
| 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; 125208<br>|
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 95482<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 220690 |
| Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% |
| Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 231616<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; 270231<br> <sup>(c)(d)</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; 71733<br> <sup>(c)(d)</sup><br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 322637<br> <sup>(a)(b)</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; 62493<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; 314957<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; 72423<br> <sup>(a)</sup><br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152737<br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57403<br>|
| ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 9/15/63 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 153231<br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 464014<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 243840<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 217955<br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 176862<br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133469<br> <sup>(a)</sup><br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 126325<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 324068<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 184379<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; $370000<br>| &nbsp;&nbsp; $308164<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18022<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 375222<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 494955<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/2/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 42267<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 357239<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 210952<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; 825714<br> <sup>(c)(d)</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; 112328<br> <sup>(c)(d)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 599555<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; 147303<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 163175<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 140153<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 136238<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; 50645<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 341447<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 422967<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 247559<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 146469<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239279<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 351719<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 270009<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 529612<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 782247<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 1/31/60 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 58279<br>|
| Enterprise Products Operating LLC, Senior Notes <br> (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 7.573% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 89616<br> <sup>(d)</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; 384579<br> <sup>(d)</sup><br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9154<br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 80155<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101843<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20032<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50630<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; 60211<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; $310000<br>| &nbsp;&nbsp; $268313<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; 122849<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; 202470<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; 200291<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; 112795<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 371129<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13792<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40399<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 147990<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 230155<br>|
| New Generation Gas Gathering LLC, Senior <br> Secured Notes (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 10.016% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 380541<br>| &nbsp;&nbsp; 374832<br> <sup>(a)(d)(e)(f)</sup><br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 358933<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153575<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 36767<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 34421<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 279802<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/46 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 45755<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 540884<br>|
| Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200253<br> <sup>(a)</sup><br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72663<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 3/19/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 104574<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 309889<br>|
| Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 349847<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 115521<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; 53617<br>|
| Puma International Financing SA, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 298612<br> <sup>(a)</sup><br>|
| Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/12/41 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 214446<br> <sup>(a)</sup><br>|
| QatarEnergy, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/12/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 135213<br> <sup>(a)</sup><br>|
| Saudi Arabian Oil Co., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/2/55 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp; 1140759<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; 116288<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; 299999<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64507<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120478<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19828<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 955571<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| 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; $173415<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121813<br>|
| Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 269049<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; 242628<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; 180000<br> <sup>(a)(b)</sup><br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129291<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 413706<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 177016<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 534687<br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 328376<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 656627<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230360<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69988<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 23382285 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **23602975** |
| **Financials — 28.4%** | **Financials — 28.4%** | **Financials — 28.4%** | **Financials — 28.4%** | **Financials — 28.4%** |
| Banks — 13.0% | Banks — 13.0% | Banks — 13.0% | Banks — 13.0% | Banks — 13.0% |
| 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; 204401<br> <sup>(a)(d)</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; 412171<br>|
| Banco Mercantil del Norte SA, Junior <br> Subordinated Notes (8.750% to 5/20/35 then 10 <br> year Treasury Constant Maturity Rate + 4.299%) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 242654<br> <sup>(a)(c)(d)</sup><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; 204200<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; 467489<br> <sup>(c)(d)</sup><br>|
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 6.607% | &nbsp;&nbsp; 11/7/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 640172<br>|
| Banco Santander SA, Senior Notes | &nbsp;&nbsp; 5.439% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 415717<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; 203782<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| 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; $183189<br> <sup>(d)</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; 620396<br> <sup>(d)</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; 537449<br> <sup>(d)</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; 407016<br> <sup>(d)</sup><br>|
| Bank of America Corp., Senior Notes (3.593% to <br> 7/21/27 then 3 mo. Term SOFR + 1.632%) | &nbsp;&nbsp; 3.593% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 1030000<br>&nbsp;&nbsp; 1014388<br> <sup>(d)</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; 393547<br> <sup>(d)</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; 51386<br> <sup>(d)</sup><br>|
| 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; 843448<br> <sup>(d)</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; 245813<br> <sup>(d)</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; 430199<br> <sup>(d)</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; 358375<br> <sup>(d)</sup><br>|
| Bank of Nova Scotia, Junior Subordinated Notes <br> (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; 329753<br> <sup>(d)</sup><br>|
| Barclays PLC, Junior Subordinated Notes <br> (7.625% to 9/15/35 then USD 5 year SOFR ICE <br> Swap Rate + 3.686%) | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 450000<br>&nbsp;&nbsp; 453057<br> <sup>(c)(d)</sup><br>|
| Barclays PLC, Senior Notes (5.785% to 2/25/35 <br> then SOFR + 1.590%) | &nbsp;&nbsp; 5.785% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 200000<br>&nbsp;&nbsp; 204519<br> <sup>(d)</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; 294544<br> <sup>(a)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (7.450% to 6/27/35 then 5 year Treasury <br> Constant Maturity Rate + 3.134%) | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 6/27/35 | &nbsp;&nbsp; 740000<br>&nbsp;&nbsp; 746290<br> <sup>(a)(c)(d)</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; 1102368<br> <sup>(a)(c)(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| BPCE SA, Senior Notes (6.027% to 5/28/35 then <br> SOFR + 1.956%) | &nbsp;&nbsp; 6.027% | &nbsp;&nbsp; 5/28/36 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp; $608020<br> <sup>(a)(d)</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; 483307<br> <sup>(a)(d)</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; 1170000<br>| &nbsp;&nbsp; 1220921<br> <sup>(a)(d)</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; 950000<br>| &nbsp;&nbsp; 960109<br> <sup>(a)(b)(d)</sup><br>|
| Citibank NA, Senior Notes | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 4/30/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 416825<br>|
| Citibank NA, Senior Notes (4.876% to 11/19/26 <br> then SOFR + 0.712%) | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 11/19/27 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 362287<br> <sup>(d)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes <br> (6.950% to 2/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.726%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 808817<br> <sup>(c)(d)</sup><br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 264600<br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/23/48 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 164444<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; 28349<br> <sup>(d)</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; 30247<br> <sup>(d)</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; 810000<br>| &nbsp;&nbsp; 795623<br> <sup>(d)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 436972<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 85431<br>|
| Citigroup Inc., Subordinated Notes (6.020% to <br> 1/24/35 then SOFR + 1.830%) | &nbsp;&nbsp; 6.020% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82196<br> <sup>(d)</sup><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; 225396<br> <sup>(d)</sup><br>|
| Commonwealth Bank of Australia, Subordinated <br> Notes | &nbsp;&nbsp; 3.305% | &nbsp;&nbsp; 3/11/41 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 193044<br> <sup>(a)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 499768<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; 252133<br> <sup>(a)(d)</sup><br>|
| Credit Agricole SA, Junior Subordinated Notes <br> (8.125% to 12/23/25 then USD 5 year ICE Swap <br> Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202669<br> <sup>(a)(c)(d)</sup><br>|
| Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.301% | &nbsp;&nbsp; 7/12/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 318901<br> <sup>(a)</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; 279090<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| 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; $323678<br> <sup>(a)(d)</sup><br>|
| HSBC Holdings PLC, Junior Subordinated Notes <br> (6.950% to 9/11/34 then 5 year Treasury <br> Constant Maturity Rate + 3.191%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/11/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 231793<br> <sup>(c)(d)</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; 186639<br> <sup>(d)</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; 334265<br> <sup>(d)</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; 201177<br> <sup>(d)</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; 224199<br> <sup>(d)</sup><br>|
| HSBC Holdings PLC, Senior Notes (5.790% to <br> 5/13/35 then SOFR + 1.880%) | &nbsp;&nbsp; 5.790% | &nbsp;&nbsp; 5/13/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 298387<br> <sup>(d)</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; 214830<br> <sup>(d)</sup><br>|
| HSBC Holdings PLC, Subordinated Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 365044<br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/23/49 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp; 799560<br> <sup>(a)</sup><br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 11/28/53 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1380997<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; 256429<br> <sup>(c)(d)</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; 610812<br> <sup>(c)(d)</sup><br>|
| 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; 553878<br> <sup>(d)</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; 270471<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.157% <br> to 4/22/41 then SOFR + 1.460%) | &nbsp;&nbsp; 3.157% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 641342<br> <sup>(d)</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; 175318<br> <sup>(d)</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; 118559<br> <sup>(d)</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; 371021<br> <sup>(d)</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; 183246<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| 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; $566728<br> <sup>(d)</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; 942733<br> <sup>(d)</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; 210201<br> <sup>(d)</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; 97852<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/16/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 171714<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; 198932<br> <sup>(d)</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; 366021<br> <sup>(d)</sup><br>|
| 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; 312493<br> <sup>(a)(c)(d)</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; 360941<br> <sup>(d)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61490<br>|
| Sumitomo Mitsui Financial Group Inc., Senior <br> Notes (SOFR + 1.190%) | &nbsp;&nbsp; 5.567% | &nbsp;&nbsp; 7/8/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200000<br> <sup>(b)(d)</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; 500000<br> <sup>(b)(d)</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; 143667<br> <sup>(d)</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; 596737<br> <sup>(d)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 186579<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; 786504<br> <sup>(d)</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; 835766<br> <sup>(d)</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; 182248<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.211% to <br> 12/3/34 then SOFR + 1.380%) | &nbsp;&nbsp; 5.211% | &nbsp;&nbsp; 12/3/35 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 471994<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| 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; $51181<br> <sup>(d)</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; 20654<br> <sup>(d)</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; 505978<br> <sup>(d)</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; 32803<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/2/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 370128<br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 625080<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 36265541 |
| Capital Markets — 7.6% | Capital Markets — 7.6% | Capital Markets — 7.6% | Capital Markets — 7.6% | Capital Markets — 7.6% |
| Ameriprise Financial Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205446<br>|
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 428781<br>|
| Ares Management Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/11/54 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 292888<br>|
| Bank of New York Mellon Corp., Senior Notes <br> (5.316% to 6/6/35 then SOFR + 1.350%) | &nbsp;&nbsp; 5.316% | &nbsp;&nbsp; 6/6/36 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 316575<br> <sup>(d)</sup><br>|
| BlackRock Funding Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/54 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 115195<br>|
| BlackRock Funding Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 1/8/55 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 165844<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; 315829<br> <sup>(c)(d)</sup><br>|
| Charles Schwab Corp., Senior Notes (5.643% to <br> 5/19/28 then SOFR + 2.210%) | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 5/19/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 186621<br> <sup>(d)</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; 106268<br> <sup>(d)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1192831<br> <sup>(a)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 12/17/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 229470<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; 197528<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; 190814<br> <sup>(a)</sup><br>|
| Daimler Truck Finance North America LLC, <br> Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/25/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150368<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; 140534<br> <sup>(c)(d)</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; 475865<br> <sup>(c)(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| 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; $138370<br> <sup>(c)(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 620464<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/8/44 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 116897<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; 1219791<br> <sup>(d)</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; 929029<br> <sup>(d)</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; 777030<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.536% to 1/28/35 then SOFR + 1.380%) | &nbsp;&nbsp; 5.536% | &nbsp;&nbsp; 1/28/36 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 656563<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (5.561% to 11/19/44 then SOFR + 1.580%) | &nbsp;&nbsp; 5.561% | &nbsp;&nbsp; 11/19/45 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 679781<br> <sup>(d)</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; 1420000<br>| &nbsp;&nbsp; 1421065<br> <sup>(d)</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; 115407<br> <sup>(d)</sup><br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 161838<br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 271762<br>|
| KKR Group Finance Co. VII LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 274806<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (1.593% to <br> 5/4/26 then SOFR + 0.879%) | &nbsp;&nbsp; 1.593% | &nbsp;&nbsp; 5/4/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 253761<br> <sup>(d)</sup><br>|
| 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; 113883<br> <sup>(d)</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; 91135<br> <sup>(d)</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; 380588<br> <sup>(d)</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; 1020000<br>| &nbsp;&nbsp; 997552<br> <sup>(d)</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; 379957<br> <sup>(d)</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; 248793<br> <sup>(d)</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; 712688<br> <sup>(d)</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; 391004<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| 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; $143763<br> <sup>(d)</sup><br>|
| Morgan Stanley, Subordinated Notes (5.948% <br> to 1/19/33 then 5 year Treasury Constant <br> Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205823<br> <sup>(d)</sup><br>|
| Morgan Stanley Bank NA, Senior Notes <br> (4.447% to 10/15/26 then SOFR + 0.680%) | &nbsp;&nbsp; 4.447% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 470810<br> <sup>(d)</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; 255382<br> <sup>(d)</sup><br>|
| Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104202<br> <sup>(a)</sup><br>|
| Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 479009<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; 71955<br>|
| S&P Global Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 43066<br>|
| UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 421820<br>|
| UBS Group AG, Junior Subordinated Notes <br> (7.000% to 8/10/30 then USD 5 year SOFR ICE <br> Swap Rate + 3.077%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 299184<br> <sup>(a)(c)(d)</sup><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; 980000<br>| &nbsp;&nbsp; 978422<br> <sup>(a)(c)(d)</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; 262554<br> <sup>(a)(c)(d)</sup><br>|
| 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; 521510<br> <sup>(a)(c)(d)</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; 161415<br> <sup>(a)(d)</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; 760000<br>| &nbsp;&nbsp; 777482<br> <sup>(a)(d)</sup><br>|
| UBS Group AG, Senior Notes (9.016% to <br> 11/15/32 then SOFR + 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 482341<br> <sup>(a)(d)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 21341759 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| 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; 155964<br> <sup>(d)</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; 507600<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| 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; $302868<br> <sup>(d)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 966432 |
| Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% | Financial Services — 2.2% |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 155932<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; 504150<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; 87987<br> <sup>(d)</sup><br>|
| Atlas Warehouse Lending Co. LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 343749<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; 462791<br>|
| Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 335900<br>|
| Citadel LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41374<br> <sup>(a)</sup><br>|
| Citadel LP, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 407464<br> <sup>(a)</sup><br>|
| ILFC E-Capital Trust I, Ltd. GTD | &nbsp;&nbsp; 6.430% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 436092<br> <sup>(a)(d)</sup><br>|
| ILFC E-Capital Trust II, Ltd. GTD | &nbsp;&nbsp; 6.680% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 247793<br> <sup>(a)(d)</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; 431682<br> <sup>(a)</sup><br>|
| 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; 686916<br> <sup>(a)</sup><br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91739<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 245378<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 583495<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 394727<br>|
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/26/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48243<br>|
| National Securities Clearing Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/20/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 264449<br> <sup>(a)</sup><br>|
| PayPal Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 40870<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; 185429<br> <sup>(a)</sup><br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45530<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 6041690 |
| Insurance — 5.2% | Insurance — 5.2% | Insurance — 5.2% | Insurance — 5.2% | Insurance — 5.2% |
| AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/30/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 268425<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; 238645<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; 393382<br> <sup>(a)</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; 419776<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp; $144836<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; 107746<br> <sup>(a)</sup><br>|
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 184990<br>|
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 769567<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280294<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 374341<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; 638464<br> <sup>(d)</sup><br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 237122<br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 422845<br>|
| Belrose Funding Trust II, Senior Notes | &nbsp;&nbsp; 6.792% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 439917<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 295946<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112213<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/23/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 402389<br>|
| Chubb INA Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 12/15/61 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 86508<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; 690000<br>| &nbsp;&nbsp; 697986<br> <sup>(a)(c)(d)</sup><br>|
| Global Atlantic Fin Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92304<br> <sup>(a)</sup><br>|
| Markel Group Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/16/54 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109976<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 87631<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 480116<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 186973<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 81773<br>|
| Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 636593<br>|
| Massachusetts Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/1/77 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 197731<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; 354887<br> <sup>(a)(d)</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; 770433<br> <sup>(a)(d)</sup><br>|
| MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 220310<br>|
| MetLife Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 72581<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; 400000<br>| &nbsp;&nbsp; 411471<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| Metropolitan Life Global Funding I, Senior <br> Secured Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/28/33 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp; $172616<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; 68533<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; 332790<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; 101322<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; 422150<br> <sup>(a)(d)</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; 404015<br> <sup>(a)(d)</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; 442408<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; 765844<br> <sup>(a)</sup><br>|
| Northwestern Mutual Life Insurance Co., <br> Subordinated Notes | &nbsp;&nbsp; 6.170% | &nbsp;&nbsp; 5/29/55 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 501649<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; 298871<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; 543173<br> <sup>(a)</sup><br>|
| Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/4/49 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 104966<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 14376508 |
| 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; 107243<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; 36255<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; 65165<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; 110786<br> <sup>(b)</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; 319449 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **79311379** |
| **Health Care — 9.5%** | **Health Care — 9.5%** | **Health Care — 9.5%** | **Health Care — 9.5%** | **Health Care — 9.5%** |
| Biotechnology — 1.7% | Biotechnology — 1.7% | Biotechnology — 1.7% | Biotechnology — 1.7% | Biotechnology — 1.7% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 295377<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 11/21/39 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 771731<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; $140000<br>| &nbsp;&nbsp; $137328<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 651268<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 360031<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 320283<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 306621<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 226748<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 163900<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 228305<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 371286<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 389175<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 134534<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 132266<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44799<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 286477<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 4820129 |
| Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% |
| Becton Dickinson & Co., Senior Notes | &nbsp;&nbsp; 4.669% | &nbsp;&nbsp; 6/6/47 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 154489<br>|
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 383257<br>|
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 6.377% | &nbsp;&nbsp; 11/22/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 280374<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 113303<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 114268<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 525085<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 460206<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/15/64 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 257970<br>|
| Stryker Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 234522<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2523474 |
| Health Care Providers & Services — 5.3% | Health Care Providers & Services — 5.3% | Health Care Providers & Services — 5.3% | Health Care Providers & Services — 5.3% | Health Care Providers & Services — 5.3% |
| Aetna Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 81877<br>|
| Aetna Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 65571<br>|
| Bon Secours Mercy Health Inc., Secured Notes | &nbsp;&nbsp; 3.464% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 86547<br>|
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 185310<br>|
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 295885<br>|
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 97738<br>|
| Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 276214<br>|
| Cencora Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 221866<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 129047<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220314<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 319847<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 332038<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| Cigna Group, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $57605<br>|
| Cleveland Clinic Foundation, Senior Notes | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 1/1/2114 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 84123<br>|
| CommonSpirit Health, Secured Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 184410<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 369643<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90265<br>|
| CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.548% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 179001<br>|
| CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/27/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 133067<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; 145417<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; 80374<br> <sup>(d)</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; 196443<br> <sup>(d)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 8/21/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 543890<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 184167<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 113308<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp; 982625<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 587729<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 198187<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 57295<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 550789<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112591<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 226362<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 94114<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 193255<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 323087<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 473734<br>|
| Horizon Mutual Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 246230<br> <sup>(a)</sup><br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 372193<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 129406<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 107902<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27969<br>|
| Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 2.810% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 328623<br>|
| Laboratory Corp. of America Holdings, Senior <br> Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 234734<br>|
| Orlando Health Obligated Group, Senior Notes | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154324<br>|
| Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 288708<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 237331<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp; $170072<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 793611<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121269<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142745<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 470659<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58480<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 361271<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 902336<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 280649<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 264233<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 2/15/63 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 548418<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 14714898 |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133192<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79374<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 11/13/50 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 327096<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 343177<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/22/54 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 234307<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 11/15/63 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 227670<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 229948<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/14/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59477<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 158991<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/14/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 206674<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 136400<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/14/64 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 66334<br>|
| GlaxoSmithKline Capital Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 429774<br>|
| Takeda US Financing Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/7/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 290148<br> <sup>(b)</sup><br>|
| Takeda US Financing Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 7/7/55 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 754320<br> <sup>(b)</sup><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; 201302<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; 218424<br>|
| Teva Pharmaceutical Finance Netherlands III BV, <br> Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 374539<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4471147 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **26529648** |
| **Industrials — 6.6%** | **Industrials — 6.6%** | **Industrials — 6.6%** | **Industrials — 6.6%** | **Industrials — 6.6%** |
| Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 236365<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/30/30 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; $254773<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; 1500313<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 128521<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 165169<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 98961<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 134389<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp; 964207<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 5/1/64 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 98947<br>|
| Czechoslovak Group AS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/10/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 403978<br> <sup>(a)(b)</sup><br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 134842<br>|
| HEICO Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 379720<br>|
| Hexcel Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/26/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 244297<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91257<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91528<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60172<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/31/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 164426<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 97908<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/31/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 97965<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 708096<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.090% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 86615<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 262529<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 252949<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 480721<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 385132<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 326454<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 421818<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 11/16/38 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 193656<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 345461<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 82129<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/16/48 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 111842<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 79636<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 19263<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/27/53 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 268251<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 296208<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 9668498 |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| FedEx Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 203335<br> <sup>(a)</sup><br>|
| United Parcel Service Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/14/55 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 338917<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 542252 |

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| 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; $102267<br>|
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64363<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 166630 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| California Institute of Technology, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/1/2111 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 305111<br>|
| Element Fleet Management Corp., Senior Notes | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 233665<br> <sup>(a)</sup><br>|
| Rollins Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/24/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100419<br>|
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370279<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; 243432<br>|
| Waste Management Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 192655<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1445561 |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| Vinci SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 502227<br> <sup>(a)</sup><br>|
| 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; 155038<br>|
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 124741<br>|
| Norfolk Southern Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 219689<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 288747<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.973% | &nbsp;&nbsp; 9/16/62 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 424865<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 4/6/71 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 192070<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 1250112 |
| Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% |
| Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 246908<br>|
| Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/28/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203730<br> <sup>(a)</sup><br>|
| Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 257458<br> <sup>(a)</sup><br>|
| Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/28/65 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 238260<br> <sup>(a)</sup><br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 946356 |
| Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% |
| Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 319164<br>|
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104780<br>|
| Otis Worldwide Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 195778<br>|
| Park-Ohio Industries Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 293237<br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 912959 |
| Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104916<br> <sup>(a)</sup><br>|
| American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 46667<br>| &nbsp;&nbsp; 46589<br> <sup>(a)</sup><br>|
| American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 74928<br>| &nbsp;&nbsp; 73084<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **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 |
| British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; $13435<br>| &nbsp;&nbsp; $12862<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; 47813<br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140391<br> <sup>(a)</sup><br>|
| Mileage Plus Holdings LLC/Mileage Plus <br> Intellectual Property Assets Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120232<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 320547<br> <sup>(a)</sup><br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 10/7/28 | &nbsp;&nbsp; 137197<br>| &nbsp;&nbsp; 128058<br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 315253<br>| &nbsp;&nbsp; 322685<br>|
| United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 426258<br>| &nbsp;&nbsp; 425694<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 1742871 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| 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; 264700<br> <sup>(c)(d)</sup><br>|
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 106966<br>|
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 217291<br>|
| Aircastle Ltd./Aircastle Ireland DAC, Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 302656<br> <sup>(a)</sup><br>|
| Aircastle Ltd./Aircastle Ireland DAC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154341<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 1045954 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18378458** |
| **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** |
| Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† |
| Jabil Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102646<br>|
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Accenture Capital Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/4/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 554939<br>|
| Kyndryl Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 90357<br>|
| Kyndryl Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 199395<br>|
| PayPal Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 203168<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 1047859 |
| Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% |
| Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 434153<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 267584<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205755<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 359022<br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 209119<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; $520000<br>| &nbsp;&nbsp; $533738<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; 416863<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 421753<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; 314241<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 8/12/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 222217<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 35307<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/5/52 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 372441<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/10/53 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 232832<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/12/61 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 96964<br>|
| KLA Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100695<br>|
| KLA Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 164194<br>|
| Lam Research corp., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 98208<br>|
| Lam Research Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/60 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 31180<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 172983<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 2.703% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 78329<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 124777<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 93117<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62818<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 3.366% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 110174<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 282046<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 220325<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179275<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 240197<br>|
| TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 144834<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6225141 |
| Software — 1.6% | Software — 1.6% | Software — 1.6% | Software — 1.6% | Software — 1.6% |
| Autodesk Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 81405<br>|
| Cadence Design Systems Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 290119<br>|
| Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62189<br>|
| Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 248417<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 339953<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 555795<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 11/9/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 356235<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/6/53 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1327118<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/25/61 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 94071<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111142<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 131846<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101335<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50417<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; $560000<br>| &nbsp;&nbsp; $557180<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 4307222 |
| 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; 156777<br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 295767<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 452544 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **12135412** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| OCP SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/23/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179589<br> <sup>(a)</sup><br>|
| OCP SA, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/23/51 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 349838<br> <sup>(a)</sup><br>|
| OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 520793<br> <sup>(a)</sup><br>|
| Sasol Financing USA LLC, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198202<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; 341119<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1589541 |
| Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% | Construction Materials — 0.3% |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152266<br> <sup>(a)</sup><br>|
| CRH America Finance Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/9/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 204218<br>|
| CRH SMW Finance DAC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/9/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 287213<br>|
| St. Marys Cement Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/2/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 364523<br> <sup>(a)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 1008220 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Smurfit Kappa Treasury ULC, Senior Notes | &nbsp;&nbsp; 5.777% | &nbsp;&nbsp; 4/3/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197897<br>|
| Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% |
| Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200089<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; 197320<br> <sup>(a)</sup><br>|
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 210993<br>|
| Barrick North America Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151686<br>|
| BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/8/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69321<br>|
| Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153688<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; 446291<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; 421045<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; 48923<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98855<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71138<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 217497<br>|
| Glencore Finance Canada Ltd., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/25/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 191151<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/8/28 | &nbsp;&nbsp; $140000<br>| &nbsp;&nbsp; $143124<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.634% | &nbsp;&nbsp; 4/4/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112171<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 367426<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/23/51 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 53183<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; 342381<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 758888<br> <sup>(a)</sup><br>|
| Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 278434<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; 346131<br>|
| Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/14/55 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 380853<br>|
| Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 213860<br>|
| Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 355508<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 5829956 |
| 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; 70877<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8696491** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| 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; 182771<br>|
| Alexandria Real Estate Equities Inc., Senior <br> Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/18/51 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 194150<br>|
| Alexandria Real Estate Equities Inc., Senior <br> Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 233288<br>|
| Ventas Realty LP, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109678<br>|
| Welltower OP LLC, Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 104367<br>|
| Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 824254 |
| Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† |
| Prologis LP, Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 63893<br>|
| Prologis LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 131549<br>|
| Total Industrial REITs | Total Industrial REITs | Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 195442 |
| 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; 28417<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; 242661<br>|
| Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% |
| Public Storage Operating Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 219557<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1510331** |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 10.9%** | **Utilities — 10.9%** | **Utilities — 10.9%** | **Utilities — 10.9%** | **Utilities — 10.9%** |
| Electric Utilities — 9.5% | Electric Utilities — 9.5% | Electric Utilities — 9.5% | Electric Utilities — 9.5% | Electric Utilities — 9.5% |
| AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; $180000<br>| &nbsp;&nbsp; $132418<br>|
| AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 92402<br>|
| Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 181428<br>|
| Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151249<br>|
| American Transmission Systems Inc., Senior <br> Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 149686<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; 348659<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; 244372<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; 100521<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; 179924<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 104178<br>|
| CenterPoint Energy Houston Electric LLC, Senior <br> Secured Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 88425<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; 104966<br>|
| Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 3.348% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 176330<br> <sup>(a)</sup><br>|
| Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 1/24/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197659<br> <sup>(a)</sup><br>|
| Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 4.677% | &nbsp;&nbsp; 2/9/51 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 348809<br> <sup>(a)</sup><br>|
| Commonwealth Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 275095<br>|
| Commonwealth Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 321288<br>|
| Connecticut Light and Power Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 172170<br>|
| Constellation Energy Generation LLC, Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 96986<br>|
| Constellation Energy Generation LLC, Senior <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 118199<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 427827<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; 173927<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; 140630<br>|
| DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 205222<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp; $71260<br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200128<br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 154065<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 170635<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 143926<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 226174<br>|
| Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 149200<br>|
| Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 257590<br>|
| Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 380706<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 108113<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 88051<br>|
| Duke Energy Progress LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 162382<br>|
| Duke Energy Progress LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 276170<br>|
| Edison International, Junior Subordinated Notes <br> (5.375% to 3/15/26 then 5 year Treasury <br> Constant Maturity Rate + 4.698%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 358728<br> <sup>(c)(d)</sup><br>|
| EDP Finance BV, Senior Notes | &nbsp;&nbsp; 1.710% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 187164<br> <sup>(a)</sup><br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 206109<br> <sup>(a)</sup><br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/13/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102223<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; 542322<br> <sup>(a)</sup><br>|
| Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 321904<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; 310551<br>|
| Entergy Mississippi LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150321<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201734<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49372<br>|
| Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 85976<br>|
| Evergy Kansas Central Inc., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 180342<br>|
| Evergy Kansas Central Inc., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98811<br>|
| Exelon Corp., Junior Subordinated Notes <br> (6.500% to 3/15/35 then 5 year Treasury <br> Constant Maturity Rate + 1.975%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142506<br> <sup>(d)</sup><br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 267561<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 536139<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp; $407139<br>|
| FirstEnergy Pennsylvania Electric Co., Senior <br> Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112247<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; 120118<br>|
| FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197996<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 144372<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 115005<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 162654<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/65 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 325029<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 306651<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 142856<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 314488<br>|
| Indianapolis Power & Light Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 259445<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; 124736<br>|
| Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 176569<br>|
| Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 105946<br>|
| Jersey Central Power & Light Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59851<br>|
| Kentucky Utilities Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 114474<br>|
| MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 85739<br>|
| Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 280896<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; 107439<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; 184258<br> <sup>(d)</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; 133211<br> <sup>(d)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 360792<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; 276748<br>|
| Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 442680<br>|
| Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91263<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; 307398<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; 432316<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; 241829<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; 122299<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; 327126<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; $670000<br>| &nbsp;&nbsp; $649306<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 322114<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; 165006<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; 191087<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; 167341<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; 269268<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; 130052<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; 128904<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; 306660<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; 221592<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 401567<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; 290500<br>|
| PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 395739<br>|
| PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 459866<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; 20841<br> <sup>(d)</sup><br>|
| Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101821<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; 39984<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; 94952<br> <sup>(d)</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; 345839<br>|
| Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 156375<br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/16/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 238061<br> <sup>(a)</sup><br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/16/54 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 677763<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; 220833<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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 |
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp; $192037<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 114196<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 112964<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 315633<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 736625<br>|
| Southern California Edison Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 86264<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; 41825<br> <sup>(d)</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; 309442<br> <sup>(d)</sup><br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 205440<br>|
| Trans-Allegheny Interstate Line Co., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101789<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; 90259<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 195445<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 426523<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/30/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40764<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; 144724<br>|
| Wisconsin Power and Light Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 57434<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 26412938 |
| 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; 88615<br>|
| Snam SpA, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/28/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 204428<br> <sup>(a)</sup><br>|
| Snam SpA, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp; 592904<br> <sup>(a)</sup><br>|
| Southern California Gas Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 305884<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 1191831 |
| Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% |
| AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 347144<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; 185822<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued |
| Capital Power US Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.257% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp; $192612<br> <sup>(a)</sup><br>|
| Capital Power US Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.189% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 278764<br> <sup>(a)</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; 1004342 |
| Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% |
| Ameren Illinois Co., First Mortgage Bonds | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 158260<br>|
| CenterPoint Energy Resources Corp., Senior <br> Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61035<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 174045<br>|
| Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 204878<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; 262713<br>|
| Northern States Power Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 559545<br>|
| PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 85418<br>|
| San Diego Gas & Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 53882<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; 57846<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; 113205<br>|
| Wisconsin Public Service Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 73712<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1804539 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **30413650** |
| **Total Corporate Bonds & Notes (Cost — $246,421,899)** | **Total Corporate Bonds & Notes (Cost — $246,421,899)** | **Total Corporate Bonds & Notes (Cost — $246,421,899)** | **Total Corporate Bonds & Notes (Cost — $246,421,899)** | &nbsp;&nbsp; **251911671** |
| **Sovereign Bonds — 3.4%** | **Sovereign Bonds — 3.4%** | **Sovereign Bonds — 3.4%** | **Sovereign Bonds — 3.4%** | **Sovereign Bonds — 3.4%** |
| 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; 223740<br> <sup>(a)</sup><br>|
| Benin — 0.0%†† | Benin — 0.0%†† | Benin — 0.0%†† | Benin — 0.0%†† | Benin — 0.0%†† |
| Benin Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 7.960% | &nbsp;&nbsp; 2/13/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 189920<br> <sup>(a)</sup><br>|
| Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% | Bermuda — 0.1% |
| Bermuda Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 8/20/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 178460<br> <sup>(a)</sup><br>|
| Bermuda Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 145537<br> <sup>(a)</sup><br>|
| Total Bermuda | Total Bermuda | Total Bermuda | Total Bermuda | &nbsp;&nbsp; 323997 |
| 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; 249637<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| 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; $298344<br>|
| Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% |
| Colombia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 209871<br>|
| Indonesia — 0.2% | Indonesia — 0.2% | Indonesia — 0.2% | Indonesia — 0.2% | Indonesia — 0.2% |
| Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/11/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197323<br>|
| Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/30/49 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 359174<br>|
| Total Indonesia | Total Indonesia | Total Indonesia | Total Indonesia | &nbsp;&nbsp; 556497 |
| Israel — 0.7% | Israel — 0.7% | Israel — 0.7% | Israel — 0.7% | Israel — 0.7% |
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 193414<br>|
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/12/34 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 314313<br>|
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/3/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 140876<br>|
| Israel Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/12/54 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1307808<br>|
| Total Israel | Total Israel | Total Israel | Total Israel | &nbsp;&nbsp; 1956411 |
| Ivory Coast — 0.3% | Ivory Coast — 0.3% | Ivory Coast — 0.3% | Ivory Coast — 0.3% | Ivory Coast — 0.3% |
| Ivory Coast Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/30/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 217515<br> <sup>(a)</sup><br>|
| Ivory Coast Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.075% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 367266<br> <sup>(a)</sup><br>|
| Ivory Coast Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 193158<br> <sup>(a)</sup><br>|
| Total Ivory Coast | Total Ivory Coast | Total Ivory Coast | Total Ivory Coast | &nbsp;&nbsp; 777939 |
| Jordan — 0.1% | Jordan — 0.1% | Jordan — 0.1% | Jordan — 0.1% | Jordan — 0.1% |
| Jordan Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/7/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199766<br> <sup>(a)</sup><br>|
| Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% | Mexico — 1.2% |
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202650<br> <sup>(b)</sup><br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 336700<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/7/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 395760<br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 — continued | Mexico — continued | Mexico — continued | Mexico — continued | Mexico — continued |
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/29/38 | &nbsp;&nbsp; $280000<br>| &nbsp;&nbsp; $284620<br> <sup>(b)</sup><br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 8/14/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 154010<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp; 814241<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 144725<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/7/54 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 701480<br>|
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/12/2110 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 253280<br>|
| Total Mexico | Total Mexico | Total Mexico | Total Mexico | &nbsp;&nbsp; 3287466 |
| Panama — 0.2% | Panama — 0.2% | Panama — 0.2% | Panama — 0.2% | Panama — 0.2% |
| Panama Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 2.252% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 352231<br>|
| Panama Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 3.870% | &nbsp;&nbsp; 7/23/60 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 166034<br>|
| Total Panama | Total Panama | Total Panama | Total Panama | &nbsp;&nbsp; 518265 |
| Paraguay — 0.0%†† | Paraguay — 0.0%†† | Paraguay — 0.0%†† | Paraguay — 0.0%†† | Paraguay — 0.0%†† |
| Paraguay Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/30/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 172000<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; 338043<br> <sup>(a)</sup><br>|
| 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; 198986<br> <sup>(a)</sup><br>|
| **Total Sovereign Bonds (Cost — $9,563,410)** | **Total Sovereign Bonds (Cost — $9,563,410)** | **Total Sovereign Bonds (Cost — $9,563,410)** | **Total Sovereign Bonds (Cost — $9,563,410)** | &nbsp;&nbsp; **9500882** |
| **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; 1041827<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; 137070<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; 526407<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 1705304 |
| 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; 20625<br>|

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% |
| Chicago, IL, Transit Authority, Sales Tax Receipts <br> Revenue, Build America Bonds, Series B  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $206693<br>|
| Illinois State, GO, Pension Funding, Series 2003  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 130882 | &nbsp;&nbsp; 131386<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 338079 |
| 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; 86424<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; 80690<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; 286605<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; 94490<br>|
| Fiscal 2025, Series D | &nbsp;&nbsp; 5.114% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47120<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; 387087<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; 521241<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 1049938 |
| 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; 126971<br>|
| Meldahl Hydroelectric Project, Build America <br> Bonds, Series E | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138916<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 265887 |
| **Total Municipal Bonds (Cost — $3,868,985)** | **Total Municipal Bonds (Cost — $3,868,985)** | **Total Municipal Bonds (Cost — $3,868,985)** | **Total Municipal Bonds (Cost — $3,868,985)** | &nbsp;&nbsp; **3833552** |
| **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** |
| AMMC CLO Ltd., 2020-23A BR2 (3 mo. Term <br> SOFR + 2.050%) | &nbsp;&nbsp; 6.330% | &nbsp;&nbsp; 4/17/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230000<br> <sup>(a)(d)</sup><br>|
| Apidos CLO Ltd., 2013-12A BRR (3 mo. Term <br> SOFR + 1.450%) | &nbsp;&nbsp; 5.706% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 429262<br> <sup>(a)(d)</sup><br>|
| Carlyle Global Market Strategies CLO Ltd., <br> 2015-5A A2R3 (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.919% | &nbsp;&nbsp; 1/20/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160157<br> <sup>(a)(d)</sup><br>|
| CarMax Auto Owner Trust, 2024-1 D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41059<br>|
| Galaxy CLO Ltd., 2018-26A BR (3 mo. Term SOFR <br> + 1.600%) | &nbsp;&nbsp; 5.926% | &nbsp;&nbsp; 11/22/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250363<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; $197403<br>| &nbsp;&nbsp; $187858<br> <sup>(a)</sup><br>|
| Harbor Park CLO Ltd., 2018-1A B1R (3 mo. Term <br> SOFR + 1.700%) | &nbsp;&nbsp; 5.969% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220900<br> <sup>(a)(d)</sup><br>|
| Hilton Grand Vacations Trust, 2023-1A C | &nbsp;&nbsp; 6.940% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 45551<br>| &nbsp;&nbsp; 47016<br> <sup>(a)</sup><br>|
| J.G. Wentworth LLC, 2017-2A B | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 9/17/74 | &nbsp;&nbsp; 123837<br>| &nbsp;&nbsp; 111988<br> <sup>(a)</sup><br>|
| J.G. Wentworth LLC, 2018-2A B | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/77 | &nbsp;&nbsp; 48370<br>| &nbsp;&nbsp; 43950<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; 180493<br>| &nbsp;&nbsp; 168408<br> <sup>(a)</sup><br>|
| OZLM Funding Ltd., 2012-2A A2RA (3 mo. Term <br> SOFR + 1.800%) | &nbsp;&nbsp; 6.080% | &nbsp;&nbsp; 7/30/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 251050<br> <sup>(a)(d)</sup><br>|
| PFS Financing Corp., 2024-A A (30 Day Average <br> SOFR + 0.850%) | &nbsp;&nbsp; 5.154% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160294<br> <sup>(a)(d)</sup><br>|
| PFS Financing Corp., 2024-A B (30 Day Average <br> SOFR + 1.300%) | &nbsp;&nbsp; 5.604% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100220<br> <sup>(a)(d)</sup><br>|
| Renew Financial, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 11/20/58 | &nbsp;&nbsp; 361797<br>| &nbsp;&nbsp; 353089<br> <sup>(a)</sup><br>|
| Renew Financial, 2024-1A A | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 337008<br>| &nbsp;&nbsp; 333331<br> <sup>(a)</sup><br>|
| SLM Private Education Loan Trust, 2010-C A5 (1 <br> mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 9.176% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 139938<br>| &nbsp;&nbsp; 146753<br> <sup>(a)(d)</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; 106090<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; 39690<br>| &nbsp;&nbsp; 35391<br> <sup>(a)</sup><br>|
| Verdelite Static CLO Ltd., 2024-1A B (3 mo. Term <br> SOFR + 1.650%) | &nbsp;&nbsp; 5.919% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 268811<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $3,634,391)** | **Total Asset-Backed Securities (Cost — $3,634,391)** | **Total Asset-Backed Securities (Cost — $3,634,391)** | **Total Asset-Backed Securities (Cost — $3,634,391)** | &nbsp;&nbsp; **3645990** |
| **U.S. Government & Agency Obligations — 1.2%** | **U.S. Government & Agency Obligations — 1.2%** | **U.S. Government & Agency Obligations — 1.2%** | **U.S. Government & Agency Obligations — 1.2%** | **U.S. Government & Agency Obligations — 1.2%** |
| U.S. Government Obligations — 1.2% | U.S. Government Obligations — 1.2% | U.S. Government Obligations — 1.2% | U.S. Government Obligations — 1.2% | U.S. Government Obligations — 1.2% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2171462<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 414036<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131127<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100086<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 530870<br>|
| **Total U.S. Government & Agency Obligations (Cost — $3,314,559)** | **Total U.S. Government & Agency Obligations (Cost — $3,314,559)** | **Total U.S. Government & Agency Obligations (Cost — $3,314,559)** | **Total U.S. Government & Agency Obligations (Cost — $3,314,559)** | &nbsp;&nbsp; **3347581** |
| **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** | **Senior Loans — 0.8%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| X Corp., Term Loan B1 (1 mo. Term SOFR + <br> 6.600%) | 10.927% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 646683<br>| &nbsp;&nbsp; 632589<br> <sup>(d)(g)(h)</sup><br>|
| X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 331075<br> <sup>(g)(h)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **963664** |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† | Hotels, Restaurants & Leisure — 0.0%†† |
| Caesars Entertainment Inc., Incremental Term <br> Loan B1 (1 mo. Term SOFR + 2.250%)  | 6.577% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; $148125<br>| &nbsp;&nbsp; **$148218**<br> <sup>(d)(g)(h)</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%)  | 7.046% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 349355<br>| &nbsp;&nbsp; **349936**<br> <sup>(d)(g)(h)</sup><br>|
| **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%)  | 6.177% | &nbsp;&nbsp; 9/7/27 | &nbsp;&nbsp; 171163<br>| &nbsp;&nbsp; **171752**<br> <sup>(d)(g)(h)</sup><br>|
| **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| NRG Energy Inc., Term Loan (3 mo. Term SOFR + <br> 1.750%)  | 6.030% | &nbsp;&nbsp; 4/16/31 | &nbsp;&nbsp; 424625<br>| &nbsp;&nbsp; 425952<br> <sup>(d)(g)(h)</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%)  | 6.327% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 288550<br>| &nbsp;&nbsp; 285327<br> <sup>(d)(g)(h)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **711279** |
| **Total Senior Loans (Cost — $2,357,491)** | **Total Senior Loans (Cost — $2,357,491)** | **Total Senior Loans (Cost — $2,357,491)** | **Total Senior Loans (Cost — $2,357,491)** | &nbsp;&nbsp; **2344849** |
| **Collateralized Mortgage Obligations**<sup>(i)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— 0.8%** |
| BRAVO Residential Funding Trust, 2023-NQM5 <br> A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 64818<br>| &nbsp;&nbsp; 65288<br> <sup>(a)</sup><br>|
| BRAVO Residential Funding Trust, 2023-NQM5 <br> A3 | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 64925<br>| &nbsp;&nbsp; 65465<br> <sup>(a)</sup><br>|
| CRSO Trust, 2023-BRND A | &nbsp;&nbsp; 7.121% | &nbsp;&nbsp; 7/10/40 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 42009<br> <sup>(a)</sup><br>|
| Federal National Mortgage Association (FNMA) <br> — CAS, 2023-R08 1M1 (30 Day Average SOFR + <br> 1.500%) | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 218231<br>| &nbsp;&nbsp; 218984<br> <sup>(a)(d)</sup><br>|
| Federal National Mortgage Association (FNMA) <br> — CAS, 2023-R08 1M2 (30 Day Average SOFR + <br> 2.500%) | &nbsp;&nbsp; 6.805% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 483793<br> <sup>(a)(d)</sup><br>|
| FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.795% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133490<br> <sup>(a)(d)</sup><br>|
| Greystone CRE Notes, 2024-HC3 D (1 mo. Term <br> SOFR + 5.333%) | &nbsp;&nbsp; 9.644% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109599<br> <sup>(a)(d)</sup><br>|
| GS Mortgage Securities Corp. Trust, 2023-SHIP <br> A | &nbsp;&nbsp; 4.466% | &nbsp;&nbsp; 9/10/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99414<br> <sup>(a)(d)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 469541<br> <sup>(a)(d)</sup><br>|
| OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 64663<br>| &nbsp;&nbsp; 65527<br> <sup>(a)</sup><br>|
| OBX Trust, 2024-NQM15 A2 | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 86242<br>| &nbsp;&nbsp; 86339<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-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 |
| **Collateralized Mortgage Obligations**<sup>(i)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(i)</sup> **— continued** |
| OBX Trust, 2024-NQM15 A3 | &nbsp;&nbsp; 5.722% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; $146612<br>| &nbsp;&nbsp; $146875<br> <sup>(a)</sup><br>|
| PRKCM Trust, 2024-AFC1 A2 | &nbsp;&nbsp; 6.636% | &nbsp;&nbsp; 3/25/59 | &nbsp;&nbsp; 285290<br>| &nbsp;&nbsp; 288347<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,235,824)** | **Total Collateralized Mortgage Obligations (Cost — $2,235,824)** | **Total Collateralized Mortgage Obligations (Cost — $2,235,824)** | **Total Collateralized Mortgage Obligations (Cost — $2,235,824)** | &nbsp;&nbsp; **2274671** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 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% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| AGNC Investment Corp., Non Voting Shares (3 <br> mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.215% |  | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 106717<br> <sup>(d)</sup><br>|
| Chimera Investment Corp., Non Voting Shares <br> (7.750% to 9/30/25 then 3 mo. USD LIBOR + <br> 4.743%) | &nbsp;&nbsp; 7.750% |  | &nbsp;&nbsp; 2136 | &nbsp;&nbsp; 48210<br> <sup>(d)</sup><br>|
| **Total Preferred Stocks (Cost — $151,289)** | **Total Preferred Stocks (Cost — $151,289)** | **Total Preferred Stocks (Cost — $151,289)** | **Total Preferred Stocks (Cost — $151,289)** | &nbsp;&nbsp; **154927** |
| **Total Investments before Short-Term Investments (Cost — $271,547,848)** | **Total Investments before Short-Term Investments (Cost — $271,547,848)** | **Total Investments before Short-Term Investments (Cost — $271,547,848)** | **Total Investments before Short-Term Investments (Cost — $271,547,848)** | &nbsp;&nbsp; **277014123** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| Western Asset Premier Institutional Government <br> Reserves, Premium Shares <br> (Cost — $1,169,518)  | &nbsp;&nbsp; 4.301% |  | &nbsp;&nbsp; 1169518<br>| &nbsp;&nbsp; **1169518**<br> <sup>(j)(k)</sup><br>|
| **Total Investments — 99.7% (Cost — $272,717,366)** | **Total Investments — 99.7% (Cost — $272,717,366)** | **Total Investments — 99.7% (Cost — $272,717,366)** | **Total Investments — 99.7% (Cost — $272,717,366)** | &nbsp;&nbsp; **278183641** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 885623 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$279069264** |

---

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

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 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> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(d)</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>(e)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(f)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(g)</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>(h)</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>(i)</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>(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 June 30, 2025, the total market value of investments in Affiliated <br> Companies was $1,169,518 and the cost was $1,169,518 (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 |
| LIBOR | —  | London Interbank Offered Rate |
| SOFR | —  | Secured Overnight Financing Rate |
| USD | —  | United States Dollar |

---

At June 30, 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:** <br>|  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; $47234424 | &nbsp;&nbsp; $47429344 | &nbsp;&nbsp; $194920 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 34403239 | &nbsp;&nbsp; 34771000 | &nbsp;&nbsp; 367761 |

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

 **Western Asset Long Credit VIT**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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** <br> **continued**<br>|  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; $3754246 | &nbsp;&nbsp; $3812250 | &nbsp;&nbsp; $58004 |
| U.S. Treasury Long-Term <br> Bonds<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 22055368 | &nbsp;&nbsp; 22747344 | &nbsp;&nbsp; 691976 |
|  |  |  |  |  | &nbsp;&nbsp; 1312661 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 25120932 | &nbsp;&nbsp; 25709767 | &nbsp;&nbsp; (588835)<br>|
| U.S. Treasury Ultra Long-<br> Term Bonds<br>| &nbsp;&nbsp; 102 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 11703873 | &nbsp;&nbsp; 12150750 | &nbsp;&nbsp; (446877)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (1035712)<br>|
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp; **$276949** |

---

At June 30, 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>Appreciation<br>|
| JPY | 29287186 | &nbsp;&nbsp; USD | 200082 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; **$3675** |

---

&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 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $271,547,848) | &nbsp;&nbsp; $277014123 |
| Investments in affiliated securities, at value (Cost — $1,169,518) | &nbsp;&nbsp; 1169518 |
| Foreign currency, at value (Cost — $53) | &nbsp;&nbsp; 56 |
| Cash | &nbsp;&nbsp; 520015 |
| Interest receivable | &nbsp;&nbsp; 3831781 |
| Receivable for securities sold  | &nbsp;&nbsp; 3456089 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 796405 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 18633 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 5176 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 3675 |
| **Total Assets** | &nbsp;&nbsp; **286815471** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 7550207 |
| Investment management fee payable | &nbsp;&nbsp; 94174 |
| Payable for Portfolio shares repurchased | &nbsp;&nbsp; 3288 |
| Trustees' fees payable | &nbsp;&nbsp; 51 |
| Accrued expenses | &nbsp;&nbsp; 98487 |
| **Total Liabilities** | &nbsp;&nbsp; **7746207** |
| **Total Net Assets** | &nbsp;&nbsp; **$279069264** |
| **Net Assets:** |  |
| Par value (Note 5) | &nbsp;&nbsp; $285 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 267593701 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 11475278 |
| **Total Net Assets** | &nbsp;&nbsp; **$279069264** |
| **Shares Outstanding:** |  |
| Class I | &nbsp;&nbsp; 28535264 |
| **Net Asset Value:** |  |
| Class I (and redemption price) | &nbsp;&nbsp; $9.78 |

---

See Notes to Financial Statements.

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Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $7000524 |
| Dividends from affiliated investments | &nbsp;&nbsp; 51100 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 3696 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (12534)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **7042786** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 414090 |
| Fees recaptured by investment manager (Note 2) | &nbsp;&nbsp; 35450 |
| Fund accounting fees | &nbsp;&nbsp; 34884 |
| Audit and tax fees | &nbsp;&nbsp; 26360 |
| Legal fees | &nbsp;&nbsp; 6641 |
| Shareholder reports | &nbsp;&nbsp; 3998 |
| Trustees' fees | &nbsp;&nbsp; 3540 |
| Commitment fees (Note 7) | &nbsp;&nbsp; 963 |
| Insurance | &nbsp;&nbsp; 662 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 22 |
| Custody fees | &nbsp;&nbsp; 1 |
| Miscellaneous expenses  | &nbsp;&nbsp; 5790 |
| **Total Expenses** | &nbsp;&nbsp; **532401** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (1559)<br>|
| **Net Expenses** | &nbsp;&nbsp; **530842** |
| **Net Investment Income** | &nbsp;&nbsp; **6511944** |
| **Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 686424 |
| Futures contracts | &nbsp;&nbsp; 334178 |
| Swap contracts | &nbsp;&nbsp; 8621 |
| Forward foreign currency contracts | &nbsp;&nbsp; 2987 |
| Foreign currency transactions | &nbsp;&nbsp; 6 |
| **Net Realized Gain**  | &nbsp;&nbsp; **1032216** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 3159397 |
| Futures contracts | &nbsp;&nbsp; 473695 |
| Forward foreign currency contracts | &nbsp;&nbsp; 25490 |
| Foreign currencies | &nbsp;&nbsp; 4 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **3658586** |
| **Net Gain on Investments, Futures Contracts, Swap Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **4690802** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$11202746** |

---

See Notes to Financial Statements.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended June 30, 2025 (unaudited) <br>and the Year Ended December 31, 2024<br>| 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $6511944 | $11854719 |
| Net realized gain  | &nbsp;&nbsp; 1032216 | 1589165 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3658586 | (12317766)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **11202746** | **1126118** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1500017)<br>| (12904444)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1500017)**<br>| **(12904444)**<br>|
| **Portfolio Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 51388324 | 30879225 |
| Reinvestment of distributions | &nbsp;&nbsp; 1500017 | 12904430 |
| Cost of shares repurchased  | &nbsp;&nbsp; (2189886)<br>| (38136763)<br>|
| **Increase in Net Assets From Portfolio Share Transactions** | &nbsp;&nbsp; **50698455** | **5646892** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **60401184** | **(6131434)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 218668080 | 224799514 |
| **End of period** | &nbsp;&nbsp; **$279069264** | **$218668080** |

---

See Notes to Financial Statements.

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

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<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | 2023<sup>3</sup> <br>|
| **Net asset value, beginning of period** | $9.39 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 0.26 | 0.53 | 0.33 |
| Net realized and unrealized gain (loss) | 0.18 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.07 )<sup>4</sup><br>|
| **Total income from operations** | **0.44** | **0.04** | **0.26** |
| **Less distributions from:** |  |  |  |
| Net investment income | (0.05)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gains |  | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — |
| **Total distributions**  | **(0.05)**<br>| &nbsp;&nbsp; **(0.58)**<br>| &nbsp;&nbsp; **(0.33)**<br>|
| **Net asset value, end of period** | $9.78 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.93 |
| **Total return**<sup>5</sup> <br>| **4.62%**<br>| **0.40%**<br>| **2.85%** <br><sup>6</sup><br>|
| **Net assets, end of period (millions)** | $279 | &nbsp;&nbsp; $219 | &nbsp;&nbsp; $225 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.45 %<sup>7,8</sup><br>| 0.45 %<sup>7,9</sup><br>| 0.60 %<sup>8,9</sup><br>|
| Net expenses<sup>10,11</sup> <br>| 0.45 <br><sup>78</sup><br>| 0.45 <br><sup>7</sup><br>| 0.45 <br><sup>8</sup><br>|
| Net investment income | 5.50 <br><sup>8</sup><br>| 5.39 | 5.31 <br><sup>8</sup><br>|
| **Portfolio turnover rate** | **44%**<br>| &nbsp;&nbsp; **77%** <br><sup>12</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 Semi-Annual Report

------

Financial Highlights (cont'd)

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

<sup>2</sup> For the six months ended June 30, 2025 (unaudited).

<sup>3</sup> For the period May 1, 2023 (inception date) to December 31, 2023.

<sup>4</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>5</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>6</sup> Performance data is shown as of the date the Portfolio began to invest in accordance with its investment objective and guidelines. 

<sup>7</sup> Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

<sup>8</sup> Annualized.

<sup>9</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>10</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, 2026 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>11</sup> Reflects fee waivers and/or expense reimbursements.

<sup>12</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.

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

&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

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Notes to Financial Statements (unaudited) (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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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; $23228143 | &nbsp;&nbsp; $374832 | &nbsp;&nbsp; $23602975 |
| Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 228308696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228308696 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 9500882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9500882 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3833552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3833552 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3645990 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3645990 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3347581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3347581 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2344849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2344849 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2274671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2274671 |
| Preferred Stocks | &nbsp;&nbsp; $154927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154927 |
| Total Long-Term Investments | &nbsp;&nbsp; 154927 | &nbsp;&nbsp; 276484364 | &nbsp;&nbsp; 374832 | &nbsp;&nbsp; 277014123 |
| Short-Term Investments† | &nbsp;&nbsp; 1169518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1169518 |
| **Total Investments** | &nbsp;&nbsp; **$1324445** | &nbsp;&nbsp; **$276484364** | &nbsp;&nbsp; **$374832** | &nbsp;&nbsp; **$278183641** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1312661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1312661 |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $3675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3675 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$1312661** | &nbsp;&nbsp; **$3675** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1316336** |
| **Total** | &nbsp;&nbsp; **$2637106** | &nbsp;&nbsp; **$276488039** | &nbsp;&nbsp; **$374832** | &nbsp;&nbsp; **$279499977** |

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Western Asset Long Credit VIT 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (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; $1035712 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1035712 |

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&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 unfavorable change in the foreign exchange rate underlying the forward foreign currency

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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 June 30, 2025, the Portfolio did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the six months ended June 30, 2025, see Note 4.

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Notes to Financial Statements (unaudited) (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

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Notes to Financial Statements (unaudited) (cont'd)

denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

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.

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Western Asset Long Credit VIT 2025 Semi-Annual Report

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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 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 June 30, 2025, the Portfolio did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(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

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Notes to Financial Statements (unaudited) (cont'd)

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 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, credits earned, if any, are recognized as income.

**(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, 2024, 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 tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(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.

**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.

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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% 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, 2026 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 six months ended June 30, 2025, fees waived and/or expenses reimbursed amounted to $1,559, 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 June 30, 2025, the Portfolio had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

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| | |
|:---|:---|
|  | Class I |
| Expires December 31, 2025 | &nbsp;&nbsp; $42290 |
| Expires December 31, 2026 | &nbsp;&nbsp; — |
| Expires December 31, 2027 | &nbsp;&nbsp; — |
| **Total fee waivers/expense reimbursements subject to recapture** | &nbsp;&nbsp; **$42290** |

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Western Asset Long Credit VIT 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

For the six months ended June 30, 2025, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

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| | |
|:---|:---|
|  | Class I |
| FTFA recaptured | &nbsp;&nbsp; $35450 |

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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 six months ended June 30, 2025, the Portfolio incurred transfer agent fees as reported on the Statement of Operations, of which $21 was earned by Investor Services.

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 six months ended June 30, 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; $145269578 | &nbsp;&nbsp; $27203800 |
| Sales | &nbsp;&nbsp; 79778611 | &nbsp;&nbsp; 25624230 |

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At June 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $272953572 | &nbsp;&nbsp; $6703875 | &nbsp;&nbsp; $(1473806) | &nbsp;&nbsp; $5230069 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312661 | &nbsp;&nbsp; (1035712) | &nbsp;&nbsp; 276949 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3675 |

---

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

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

**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 June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1312661 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1312661 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $3675 | &nbsp;&nbsp; 3675 |
| **Total** | &nbsp;&nbsp; **$1312661** | &nbsp;&nbsp; **$3675** | &nbsp;&nbsp; **$1316336** |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1035712 |

---

&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. 

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's Statement of Operations for the six months ended June 30, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $334178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $334178 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8621 | &nbsp;&nbsp; 8621 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $2987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2987 |
| **Total** | &nbsp;&nbsp; **$334178** | &nbsp;&nbsp; **$2987** | &nbsp;&nbsp; **$8621** | &nbsp;&nbsp; **$345786** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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; $473695 | &nbsp;&nbsp; — | &nbsp;&nbsp; $473695 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $25490 | &nbsp;&nbsp; 25490 |
| **Total** | &nbsp;&nbsp; **$473695** | &nbsp;&nbsp; **$25490** | &nbsp;&nbsp; **$499185** |

---

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

During the six months ended June 30, 2025, the volume of derivative activity for the Portfolio was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $92918230 |
| Futures contracts (to sell) | &nbsp;&nbsp; 19737041 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 681544 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 405738 |
|  | Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (sell protection)† | &nbsp;&nbsp; $158571 |

---

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

---

| | |
|:---|:---|
| \* | Based on the average of the market values at each month-end during the period. |
| † | At June 30, 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. |

---

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 June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<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>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; $3675 | &nbsp;&nbsp; — | &nbsp;&nbsp; $3675 | &nbsp;&nbsp; — | &nbsp;&nbsp; $3675 |

---

&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 June 30, 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.

------

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Transactions in shares of the Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>June 30, 2025 | Six Months Ended <br>June 30, 2025 | Year Ended <br>December 31, 2024 | Year Ended <br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5333169 | &nbsp;&nbsp;&nbsp; $51388324 | &nbsp;&nbsp;&nbsp; 3291842 | &nbsp;&nbsp;&nbsp; $30879225 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 156089 | &nbsp;&nbsp;&nbsp; 1500017 | &nbsp;&nbsp;&nbsp; 1330275 | &nbsp;&nbsp;&nbsp; 12904430 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (229592)<br>| &nbsp;&nbsp;&nbsp; (2189886)<br>| &nbsp;&nbsp;&nbsp; (3996272)<br>| &nbsp;&nbsp;&nbsp; (38136763)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **5259666** | &nbsp;&nbsp;&nbsp; **$50698455** | &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 for all or some portion of the six months ended June 30, 2025. The following transactions were effected in such company for the six months ended June 30, 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 | $77829866 | 77829866 | $85298779 | 85298779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>June 30, <br>2025<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $51100 |  | $1169518 |

---

**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 30, 2026.

Western Asset Long Credit VIT 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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 six months ended June 30, 2025.

**8. Deferred capital losses**

As of December 31, 2024, the Portfolio had deferred capital losses of $1,776,166, which have no expiration date, that will be available to offset future taxable capital gains.

**9. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**10. Operating segments**

The Portfolio has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Portfolio's financial position or results of operations.

The Portfolio operates as a single operating segment, which is an investment portfolio. The Portfolio's Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. 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 Semi-Annual Report

------

&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

------

(This page intentionally left blank.)

------

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© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

Franklin Templeton Funds Privacy and Security Notice

**Your Privacy Is Our Priority**

Franklin Templeton\* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors' non-public personal information to anyone and only share it as described in this notice.

**Information We Collect** 

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

&nbsp;&nbsp;&nbsp;&nbsp;• Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

&nbsp;&nbsp;&nbsp;&nbsp;• Other general information that we may obtain about you such as demographic information.

**Disclosure Policy**

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

Franklin Templeton Funds Privacy and Security Notice

(cont'd)

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

**Confidentiality and Security**

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors' non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at

https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

\*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

![](img963120b73.jpg)

**36280-SFSOI 8/25**© 2025 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) Not applicable.

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-efp17026_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-efp17026_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: | August 19, 2025 |

---

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: | August 19, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |

---

Date: August 19, 2025

## 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: | August 19, 2025 | /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: | August 19, 2025 | /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 **June 30, 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 Income Trust | Legg Mason Partners Variable Income Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |

---

Date: August 19, 2025 Date: August 19, 2025

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.