# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0001133228-25-008699
**Filing Date:** 2025-8
**Character Count:** 344490
**Document Hash:** f66deca16fccd3235df522bd00d3db39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008699.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001133228-25-008699

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**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:** 251238333

**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 Core Plus VIT Portfolio (Series ID: S000016930)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047111 | Class I      | QLMHIX          |
| C000154792 | Class II     | LVITX           |

?xml version='1.0' encoding='ASCII'? 2025-07-17LMF2100_WesternAssetCorePlusVITPortfolio_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 Core Plus VIT Portfolio**  | ![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 Core Plus VIT Portfolio 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>  | $27 | 0.53% |

---

\* 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** | $129462480 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 903 |
| **Portfolio Turnover Rate** | 83% |

---

\* 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](ts4429img003.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 Core Plus VIT Portfolio PAGE 1 7391-STSR-0825

23.419.215.48.45.84.63.83.43.12.81.61.11.01.00.90.50.10.13.8 ------

---

| | |
|:---|:---|
| **Western Asset Core Plus VIT Portfolio**  | ![image](img456_202405131420813.jpg) |
| Class II  | ![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 Core Plus VIT Portfolio 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 II<sup>1</sup>  | $40 | 0.79% |

---

\* 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** | $129462480 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 903 |
| **Portfolio Turnover Rate** | 83% |

---

\* 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](ts4427img003.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 Core Plus VIT Portfolio PAGE 1 7168-STSR-0825

23.419.215.48.45.84.63.83.43.12.81.61.11.01.00.90.50.10.13.8 ------

&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.

![](imgaad0a9b71.gif)

**Western Asset**

**Core Plus VIT Portfolio** 

**Financial Statements and Other Important Information**

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

![](imgfd770ead2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_SOI-Header-SOI-3183_1) | **1** |
| [Statement of Assets and Liabilities](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_SAL-Header-SAL-3183_1) | **46** |
| [Statement of Operations](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_SOP-Header-SOP-3183_1) | **48** |
| [Statements of Changes in Net Assets](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_SOC-Header-SOC-3183_1) | **49** |
| [Financial Highlights](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_FH-Header-Financialhighlights-3183_1) | **50** |
| [Notes to Financial Statements](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_NTF-Header-Notestofinancialstatements-3183_1) | **52** |
| [Changes in and Disagreements with Accountants](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_TSR-TOCTSRDisclosures-3183_1) | **76** |
| [Results of Meeting(s) of Shareholders](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_TSR-TOCTSRDisclosures-3183_1) | **76** |
| [Remuneration Paid to Directors, Officers and Others](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_TSR-TOCTSRDisclosures-3183_1) | **76** |
| [Board Approval of Management and Subadvisory](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_BAMSA-TOC-Mgmtandsubadvisoryagreements-3183_1) [Agreements](#xx_59a0c266-7a7b-4061-8ba0-a1efcc9bd32f_BAMSA-TOC-Mgmtandsubadvisoryagreements-3183_1) | **77** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 32.3%** | **Corporate Bonds & Notes — 32.3%** | **Corporate Bonds & Notes — 32.3%** | **Corporate Bonds & Notes — 32.3%** | **Corporate Bonds & Notes — 32.3%** |
| **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** |
| Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; $135049<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 146368<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 33491<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152796<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19568<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9891<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp; 56416<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 96000<br>| &nbsp;&nbsp; 64828<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7004<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 20143<br>|
| Telefonica Emisiones SA, Senior Notes | &nbsp;&nbsp; 5.213% | &nbsp;&nbsp; 3/8/47 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 132815<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49388<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 3/22/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 56885<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 68955<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 132000<br>| &nbsp;&nbsp; 118430<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/10/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68070<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 182000<br>| &nbsp;&nbsp; 177389<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99579<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 11/20/40 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 56475<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 38589<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8015<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 40261<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/16/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9742<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/22/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 76213<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 18704<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1665064 |
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 57216<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 21464<br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9319<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 87999 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29618<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39424<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39197<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 108239 |

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; $246780<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 7/23/25 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9999<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 218116<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 151472<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 35682<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 113033<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 85389<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 75437<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8685<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27302<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 33284<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 10/23/55 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30728<br>|
| Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 59234<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39412<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59899<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47958<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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; 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; 40000<br>| &nbsp;&nbsp; 33227<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 100319<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7728<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 34314<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 36042<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 30457<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 120543<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 27000<br>| &nbsp;&nbsp; 15867<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17157<br>|
| DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 26700<br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27281<br> <sup>(a)</sup><br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8675<br> <sup>(a)</sup><br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 32469<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39171<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41334<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10911<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 86463<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 2080254 |
| Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% |
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 359315<br> <sup>(a)</sup><br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100144<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19703<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19800<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 56336<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57773<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 359464<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44785<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45531<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 122141<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 132249<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 192507<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26599<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14645<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 1550992 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5492548** |
| **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** |
| 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; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 194256<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Automobiles — 0.9% | Automobiles — 0.9% | Automobiles — 0.9% | Automobiles — 0.9% | Automobiles — 0.9% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; $39961<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198763<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 108000<br>| &nbsp;&nbsp; 108197<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40661<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10598<br>|
| General Motors Financial Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19919<br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 3.522% | &nbsp;&nbsp; 9/17/25 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 467387<br> <sup>(a)</sup><br>|
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 9/17/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 220960<br> <sup>(a)</sup><br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 69444<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1175890 |
| Broadline Retail — 0.3% | Broadline Retail — 0.3% | Broadline Retail — 0.3% | Broadline Retail — 0.3% | Broadline Retail — 0.3% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/22/37 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 72398<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/3/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 54143<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/22/57 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16387<br>|
| Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 230399<br> <sup>(a)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 373327 |
| Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% |
| Caesars Entertainment Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10267<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112131<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 245707<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91758<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40811<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47637<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71976<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10320<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87098<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7261<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 87422<br>|
| Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/17/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 212419<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 84384<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70471<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 183582<br> <sup>(a)</sup><br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 192177<br>|
| Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 184072<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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 |
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; $232161<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1971654 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 12/6/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9974<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 65394<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 55927<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7886<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 77173<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40321<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 256675 |
| Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† |
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/27/40 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 31955<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4003757** |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 68803<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49663<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 118466 |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79478<br>|
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20276<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60749<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239585<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 320610 |
| 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% |
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71069<br>|
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp; 13148<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 86284<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 78216<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 29609<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199061<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39371<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 64680<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11146<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91618<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(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 |
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; $20607<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91843<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8817<br>|
| Reynolds American Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 77247<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 811647 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1401270** |
| **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** |
| Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† | Energy Equipment & Services — 0.0%†† |
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19263<br>|
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26573<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 45836 |
| Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 74220<br> <sup>(a)</sup><br>|
| BP Capital Markets America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58233<br>|
| BP Capital Markets America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/24/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 70723<br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18176<br> <sup>(a)</sup><br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 3.302% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 137239<br> <sup>(a)</sup><br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29967<br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19041<br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 71757<br>|
| Chevron Corp., Senior Notes | &nbsp;&nbsp; 3.078% | &nbsp;&nbsp; 5/11/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6742<br>|
| Columbia Pipelines Operating Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 94487<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87003<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118363<br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30302<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 23597<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 237085<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108978<br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38271<br> <sup>(a)</sup><br>|
| DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20534<br> <sup>(a)</sup><br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10027<br>|
| Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 74073<br>|
| Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57413<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 152021<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Energy Transfer LP, 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; 50000<br>| &nbsp;&nbsp; $50348<br> <sup>(b)(c)</sup><br>|
| Energy Transfer LP, Junior Subordinated Notes <br> (7.125% to 5/15/30 then 5 year Treasury <br> Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51058<br> <sup>(b)(c)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40605<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30733<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57591<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141807<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8967<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8915<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49374<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99960<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28688<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 112507<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109610<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 88871<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 7.550% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 23832<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9018<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/31/51 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 28915<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38630<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 1/31/60 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 29140<br>|
| Enterprise Products Operating LLC, Senior <br> Notes (5.375% to 2/15/28 then 3 mo. Term <br> SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29583<br> <sup>(c)</sup><br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27461<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70620<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 83496<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100351<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(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 |
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; $48653<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 32870<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.327% | &nbsp;&nbsp; 3/19/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8296<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.452% | &nbsp;&nbsp; 4/15/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 49675<br>|
| Florida Gas Transmission Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112612<br> <sup>(a)</sup><br>|
| KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/24/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201834<br> <sup>(a)</sup><br>|
| Kinder Morgan Energy Partners LP, Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9439<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30033<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 46201<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9003<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10100<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 106225<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8122<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 88980<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48765<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 381420<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 78517<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30715<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68564<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20281<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41894<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20994<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41606<br>|
| Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90893<br> <sup>(a)</sup><br>|
| Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/4/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60051<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 53317<br>|
| Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38940<br> <sup>(a)</sup><br>|
| Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/12/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 179426<br> <sup>(a)</sup><br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 75045<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 8/12/43 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8826<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 143949<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/10/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 31832<br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 246464<br>|
| Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 56678<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 41763<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; $80067<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20302<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59551<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9325<br>|
| Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 46198<br> <sup>(a)</sup><br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 191965<br>|
| Venture Global Calcasieu Pass LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 52519<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 212476<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10715<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10833<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20000<br> <sup>(a)(d)</sup><br>|
| Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19891<br>|
| Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76969<br>|
| Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 42099<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37832<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 33963<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 91214<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 24083<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 179691<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 95386<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 6695394 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6741230** |
| **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** |
| Banks — 5.8% | Banks — 5.8% | Banks — 5.8% | Banks — 5.8% | Banks — 5.8% |
| Bank of America Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/19/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 148988<br>|
| Bank of America Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/21/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 75649<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Bank of America Corp., Senior Notes (2.572% <br> to 10/20/31 then SOFR + 1.210%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; $211589<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (2.592% <br> to 4/29/30 then SOFR + 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 265196<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (2.972% <br> to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17915<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (3.419% <br> to 12/20/27 then 3 mo. Term SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 481000<br>| &nbsp;&nbsp; 470263<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (3.946% <br> to 1/23/48 then 3 mo. Term SOFR + 1.452%) | &nbsp;&nbsp; 3.946% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 39292<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (3.974% <br> to 2/7/29 then 3 mo. Term SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39379<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.083% <br> to 3/20/50 then 3 mo. Term SOFR + 3.412%) | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 103324<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.330% <br> to 3/15/49 then 3 mo. Term SOFR + 1.782%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 132993<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.376% <br> to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60010<br> <sup>(c)</sup><br>|
| Bank of America Corp., Senior Notes (4.571% <br> to 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 177184<br> <sup>(c)</sup><br>|
| Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39963<br>|
| Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119812<br>|
| Bank of Montreal, Subordinated Notes <br> (3.803% to 12/15/27 then USD 5 year ICE <br> Swap Rate + 1.432%) | &nbsp;&nbsp; 3.803% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29230<br> <sup>(c)</sup><br>|
| Bank of Nova Scotia, Subordinated Notes <br> (4.588% to 5/4/32 then 5 year Treasury <br> Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 94687<br> <sup>(c)</sup><br>|
| BNP Paribas SA, Junior Subordinated Notes <br> (8.500% to 8/14/28 then 5 year Treasury <br> Constant Maturity Rate + 4.354%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 211994<br> <sup>(a)(b)(c)</sup><br>|
| BNP Paribas SA, Senior Notes (5.125% to <br> 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 294452<br> <sup>(a)(c)</sup><br>|
| BNP Paribas SA, Senior Notes (5.894% to <br> 12/5/33 then SOFR + 1.866%) | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 12/5/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 212047<br> <sup>(a)(c)</sup><br>|
| BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199955<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 46620<br>|
| Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/30/45 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 39547<br>|
| Citigroup Inc., Senior Notes (2.572% to 6/3/30 <br> then SOFR + 2.107%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 6/3/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 390082<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Citigroup Inc., Senior Notes (3.785% to <br> 3/17/32 then SOFR + 1.939%) | &nbsp;&nbsp; 3.785% | &nbsp;&nbsp; 3/17/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; $74807<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (4.412% to <br> 3/31/30 then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108857<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (4.658% to <br> 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120481<br> <sup>(c)</sup><br>|
| Citigroup Inc., Senior Notes (4.910% to <br> 5/24/32 then SOFR + 2.086%) | &nbsp;&nbsp; 4.910% | &nbsp;&nbsp; 5/24/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49906<br> <sup>(c)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 210245<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 168830<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/6/44 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp; 12149<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 59802<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; 200000<br>| &nbsp;&nbsp; 199350<br> <sup>(a)(c)</sup><br>|
| HSBC Holdings PLC, Senior Notes (2.848% to <br> 6/4/30 then SOFR + 2.387%) | &nbsp;&nbsp; 2.848% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 182828<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.522% <br> to 4/22/30 then SOFR + 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 320086<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.545% <br> to 11/8/31 then SOFR + 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 184930<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/40 then 3 mo. Term SOFR + 2.460%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/41 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 30677<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/50 then SOFR + 2.440%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/51 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 26939<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.509% <br> to 1/23/28 then 3 mo. Term SOFR + 1.207%) | &nbsp;&nbsp; 3.509% | &nbsp;&nbsp; 1/23/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 235126<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27408<br>|
| PNC Financial Services Group Inc., Senior <br> Notes (5.582% to 6/12/28 then SOFR + <br> 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 124299<br> <sup>(c)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 76543<br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51241<br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19640<br>|
| Truist Financial Corp., Senior Notes (6.047% <br> to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101363<br> <sup>(c)</sup><br>|
| US Bancorp, Senior Notes (5.775% to 6/12/28 <br> then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 93470<br> <sup>(c)</sup><br>|
| US Bancorp, Senior Notes (5.836% to 6/10/33 <br> then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52539<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(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 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; $137643<br>|
| Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 209250<br>|
| Wells Fargo & Co., Senior Notes (2.393% to <br> 6/2/27 then SOFR + 2.100%) | &nbsp;&nbsp; 2.393% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 154214<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.350% to <br> 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 45676<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (4.478% to <br> 4/4/30 then 3 mo. Term SOFR + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 109504<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.013% to <br> 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 400945<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.557% to <br> 7/25/33 then SOFR + 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61944<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.574% to <br> 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 123924<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/4/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 162774<br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 96843<br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/46 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 77202<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 7531606 |
| Capital Markets — 2.8% | Capital Markets — 2.8% | Capital Markets — 2.8% | Capital Markets — 2.8% | Capital Markets — 2.8% |
| Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111873<br>|
| Charles Schwab Corp., Senior Notes (6.136% <br> to 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 54119<br> <sup>(c)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 147784<br> <sup>(a)</sup><br>|
| Credit Suisse AG AT1 Claim | —  | —  | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 0<br> \*<sup>(e)(f)(g)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 138410<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 106977<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/21/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17797<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; 260000<br>| &nbsp;&nbsp; 229816<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (2.908% to 7/21/41 then SOFR + 1.472%) | &nbsp;&nbsp; 2.908% | &nbsp;&nbsp; 7/21/42 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 21497<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (3.210% to 4/22/41 then SOFR + 1.513%) | &nbsp;&nbsp; 3.210% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14969<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (3.615% to 3/15/27 then SOFR + 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39455<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes <br> (3.814% to 4/23/28 then 3 mo. Term SOFR + <br> 1.420%) | &nbsp;&nbsp; 3.814% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118109<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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., Senior Notes <br> (4.223% to 5/1/28 then 3 mo. Term SOFR + <br> 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; $258560<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Subordinated <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79908<br>|
| Goldman Sachs Group Inc., Subordinated <br> Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 125874<br>|
| Morgan Stanley, Senior Notes (2.511% to <br> 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26279<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (3.622% to <br> 4/1/30 then SOFR + 3.120%) | &nbsp;&nbsp; 3.622% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 134287<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (3.772% to <br> 1/24/28 then 3 mo. Term SOFR + 1.402%) | &nbsp;&nbsp; 3.772% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197173<br> <sup>(c)</sup><br>|
| Morgan Stanley, Subordinated Notes (2.484% <br> to 9/16/31 then SOFR + 1.360%) | &nbsp;&nbsp; 2.484% | &nbsp;&nbsp; 9/16/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 51000<br> <sup>(c)</sup><br>|
| UBS AG, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 517930<br>|
| UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 172171<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; 260000<br>| &nbsp;&nbsp; 284433<br> <sup>(a)(b)(c)</sup><br>|
| UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250080<br>|
| UBS Group AG, Senior Notes (4.194% to <br> 4/1/30 then SOFR + 3.730%) | &nbsp;&nbsp; 4.194% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 244864<br> <sup>(a)(c)</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; 250000<br>| &nbsp;&nbsp; 309193<br> <sup>(a)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3652558 |
| Consumer Finance — 0.0%†† | Consumer Finance — 0.0%†† | Consumer Finance — 0.0%†† | Consumer Finance — 0.0%†† | Consumer Finance — 0.0%†† |
| American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49991<br>|
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 146186<br>|
| Berkshire Hathaway Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 59270<br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52644<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; 20000<br>| &nbsp;&nbsp; 20204<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41153<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| PayPal Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; $27303<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 346760 |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 154159<br>|
| Teachers Insurance & Annuity Association of <br> America, Subordinated Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 12/16/39 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp; 9030<br> <sup>(a)</sup><br>|
| Teachers Insurance & Annuity Association of <br> America, Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 53998<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 217187 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11798102** |
| **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203971<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 258338<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82156<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122225<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/14/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9061<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 82439<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44799<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 802989 |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Becton Dickinson & Co., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp; 6975<br>|
| Medline Borrower LP/Medline Co-Issuer Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71998<br> <sup>(a)</sup><br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103003<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103880<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 133845<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100045<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 519746 |
| Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% |
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49274<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9218<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140200<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37629<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/20/25 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9992<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29636<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 136000<br>| &nbsp;&nbsp; 135466<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 134346<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 68463<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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 |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp; $7545<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/20/45 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44318<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38427<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 57295<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30045<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60314<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40017<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102973<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 111598<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 408659<br>|
| Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 25215<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26853<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17642<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 87152<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100005<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16083<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16571<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 18686<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 66388<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 35265<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/60 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 5991<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1931266 |
| Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% | Pharmaceuticals — 1.1% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201898<br> <sup>(a)</sup><br>|
| Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 63338<br> <sup>(a)</sup><br>|
| Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14314<br> <sup>(a)</sup><br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82880<br>|
| 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; 5.550% | &nbsp;&nbsp; 2/22/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29288<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/22/64 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29153<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119973<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28057<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 92986<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 12/10/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 43050<br>|
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 62058<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 261693<br>|
| Teva Pharmaceutical Finance Netherlands IV <br> BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203712<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Wyeth LLC, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; $10672<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1376264 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4630265** |
| **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** | **Industrials — 2.8%** |
| Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19739<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38892<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48565<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47609<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16080<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 21206<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 43828<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10509<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31123<br> <sup>(a)</sup><br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8989<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39163<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.054% | &nbsp;&nbsp; 4/27/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18681<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57790<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28886<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 150923<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27734<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 78188<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 140902<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 179336<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 135632<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 96740<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 70864<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 51369<br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51360<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 157345<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62199<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 1633652 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51543<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61737<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 113280 |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Cintas Corp. No 2, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69530<br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 67946<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; $73337<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70053<br> <sup>(a)</sup><br>|
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70776<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 351642 |
| Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† | Electrical Equipment — 0.0%†† |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 60292<br>|
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Burlington Northern Santa Fe LLC, Senior <br> Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 18978<br>|
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 52640<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 198581<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 64861<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 40690<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 375750 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 130895<br>|
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 146882<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 111615<br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 14500<br>| &nbsp;&nbsp; 14467<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50140<br> <sup>(a)</sup><br>|
| Mileage Plus Holdings LLC/Mileage Plus <br> Intellectual Property Assets Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 36070<br> <sup>(a)</sup><br>|
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman <br> Ltd., Senior Secured Notes (11.000% Cash or <br> 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 37838<br>| &nbsp;&nbsp; 27149<br> <sup>(a)(h)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19880<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 126276<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 532479 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102242<br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20900<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20969<br> <sup>(a)</sup><br>|
| QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61962<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; $56462<br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 73542<br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 123753<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 459830 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3657820** |
| **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| 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%†† |
| EquipmentShare.com Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31454<br> <sup>(a)</sup><br>|
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 23707<br>|
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83136<br> <sup>(a)</sup><br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 43495<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 150338 |
| Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19686<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 143453<br> <sup>(a)</sup><br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9710<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203425<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 57160<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 11892<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/10/53 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 27940<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61462<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 52166<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 41878<br>|
| NVIDIA Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/60 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 66247<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70512<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 765531 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 8/8/36 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4493<br>|
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 29869<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9341<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121145<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 118615<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14000<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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 |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/27/54 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; $64036<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40568<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30400<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30250<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49748<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 512465 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1459788** |
| **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** |
| Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% | Chemicals — 0.5% |
| OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 340519<br> <sup>(a)</sup><br>|
| Orbia Advance Corp. SAB de CV, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/11/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 252341<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 592860 |
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/7/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10139<br> <sup>(a)</sup><br>|
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40604<br> <sup>(a)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 50743 |
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| Barrick North America Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/30/41 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60318<br>|
| BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/30/43 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18975<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29713<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40651<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 113477<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49610<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69102<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122475<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50593<br> <sup>(a)</sup><br>|
| Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 139474<br>|
| Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9968<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 704356 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 91127<br> <sup>(a)</sup><br>|
| Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 167679<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 258806 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1606765** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; **83268**<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| American Transmission Systems Inc., Senior <br> Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; $61635<br> <sup>(a)</sup><br>|
| Duke Energy Carolinas LLC, First Mortgage <br> Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50032<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39250<br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92617<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29454<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79128<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 93612<br>|
| Florida Power & Light Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60770<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50724<br>|
| Oglethorpe Power Corp., First Mortgage <br> Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59024<br>|
| Oncor Electric Delivery Co. LLC, Secured <br> Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20108<br> <sup>(a)</sup><br>|
| Oncor Electric Delivery Co. LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40766<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 75792<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 60800<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 21484<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 44943<br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20923<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 901062 |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31593<br> <sup>(a)</sup><br>|
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9617<br>|
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 39028<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 34262<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 82907 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1015562** |
| **Total Corporate Bonds & Notes (Cost — $43,109,117)** | **Total Corporate Bonds & Notes (Cost — $43,109,117)** | **Total Corporate Bonds & Notes (Cost — $43,109,117)** | **Total Corporate Bonds & Notes (Cost — $43,109,117)** | &nbsp;&nbsp; **41890375** |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Mortgage-Backed Securities — 26.4%** | **Mortgage-Backed Securities — 26.4%** | **Mortgage-Backed Securities — 26.4%** | **Mortgage-Backed Securities — 26.4%** | **Mortgage-Backed Securities — 26.4%** |
| FHLMC — 4.1% | FHLMC — 4.1% | FHLMC — 4.1% | FHLMC — 4.1% | FHLMC — 4.1% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 13826<br>| &nbsp;&nbsp; $13445<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | 4/1/33- <br>1/1/38<br>| &nbsp;&nbsp; 101023 | &nbsp;&nbsp; 97645<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | 9/1/40- <br>3/1/52<br>| &nbsp;&nbsp; 2544111 | &nbsp;&nbsp; 2148490<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | 11/1/40- <br>5/1/41<br>| &nbsp;&nbsp; 868025 | &nbsp;&nbsp; 723716<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 644657<br>| &nbsp;&nbsp; 638130<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | 5/1/53- <br>7/1/53<br>| &nbsp;&nbsp; 788744 | &nbsp;&nbsp; 765265<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | 11/1/53- <br>4/1/54<br>| &nbsp;&nbsp; 336177 | &nbsp;&nbsp; 337770<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> (1 year FTSE USD IBOR Consumer Cash <br> Fallbacks + 1.619%) | &nbsp;&nbsp; 3.515% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 162801<br>| &nbsp;&nbsp; 165894<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> (1 year FTSE USD IBOR Consumer Cash <br> Fallbacks + 1.627%) | &nbsp;&nbsp; 3.008% | &nbsp;&nbsp; 11/1/48 | &nbsp;&nbsp; 179557<br>| &nbsp;&nbsp; 176216<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Gold | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 222054<br>| &nbsp;&nbsp; 207193<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 5273764 |
| FNMA — 17.0% | FNMA — 17.0% | FNMA — 17.0% | FNMA — 17.0% | FNMA — 17.0% |
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 510937<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101566<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.500% | 12/1/34- <br>1/1/50<br>| &nbsp;&nbsp; 1214891 | &nbsp;&nbsp; 1127742<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.000% | 4/1/36- <br>6/1/52<br>| &nbsp;&nbsp; 920660 | &nbsp;&nbsp; 853062<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.500% | 9/1/36- <br>6/1/62<br>| &nbsp;&nbsp; 1648769 | &nbsp;&nbsp; 1415611<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.870% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 92506<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.000% | 10/1/40- <br>5/1/52<br>| &nbsp;&nbsp; 2295687 | &nbsp;&nbsp; 1922710<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.000% | 10/1/40- <br>6/1/57<br>| &nbsp;&nbsp; 913947 | &nbsp;&nbsp; 866703<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.500% | 3/1/50- <br>1/1/59<br>| &nbsp;&nbsp; 472706 | &nbsp;&nbsp; 457056<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued | FNMA — continued |
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 230418<br>| &nbsp;&nbsp; $229853<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 154945<br>| &nbsp;&nbsp; 159878<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 1579567<br>| &nbsp;&nbsp; 1580727<br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 475114<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 3814702<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 3894538<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 956656<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 784108<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99993<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1829302<br> <sup>(i)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 826106<br> <sup>(i)</sup><br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 21998870 |
| GNMA — 5.3% | GNMA — 5.3% | GNMA — 5.3% | GNMA — 5.3% | GNMA — 5.3% |
| Government National Mortgage Association <br> (GNMA) | &nbsp;&nbsp; 3.000% | 9/15/42- <br>10/15/42<br>| &nbsp;&nbsp; 76475 | &nbsp;&nbsp; 69400<br>|
| Government National Mortgage Association <br> (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 33971<br>| &nbsp;&nbsp; 31045<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.000% | 10/20/45- <br>11/20/49<br>| &nbsp;&nbsp; 480704 | &nbsp;&nbsp; 455519<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.500% | 1/20/46- <br>10/20/47<br>| &nbsp;&nbsp; 531529 | &nbsp;&nbsp; 488179<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | 1/20/50- <br>4/20/52<br>| &nbsp;&nbsp; 953763 | &nbsp;&nbsp; 838133<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 283386 | &nbsp;&nbsp; 239460<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.500% | 8/20/52- <br>9/20/52<br>| &nbsp;&nbsp; 478582 | &nbsp;&nbsp; 460190<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | 9/20/52- <br>8/20/53<br>| &nbsp;&nbsp; 316692 | &nbsp;&nbsp; 313586<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| GNMA — continued | GNMA — continued | GNMA — continued | GNMA — continued | GNMA — continued |
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/20/53 | &nbsp;&nbsp; 243766<br>| &nbsp;&nbsp; $244967<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 6.500% | 9/20/53- <br>11/20/53<br>| &nbsp;&nbsp; 140249 | &nbsp;&nbsp; 146197<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/54 | &nbsp;&nbsp; 348720<br>| &nbsp;&nbsp; 359604<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 244401<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 339901<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 442336<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 363707<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 185986<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 287211<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 687722<br> <sup>(i)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 701137<br> <sup>(i)</sup><br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 6898681 |
| **Total Mortgage-Backed Securities (Cost — $34,623,508)** | **Total Mortgage-Backed Securities (Cost — $34,623,508)** | **Total Mortgage-Backed Securities (Cost — $34,623,508)** | **Total Mortgage-Backed Securities (Cost — $34,623,508)** | &nbsp;&nbsp; **34171315** |
| **U.S. Government & Agency Obligations — 21.6%** | **U.S. Government & Agency Obligations — 21.6%** | **U.S. Government & Agency Obligations — 21.6%** | **U.S. Government & Agency Obligations — 21.6%** | **U.S. Government & Agency Obligations — 21.6%** |
| U.S. Government Obligations — 21.6% | U.S. Government Obligations — 21.6% | U.S. Government Obligations — 21.6% | U.S. Government Obligations — 21.6% | U.S. Government Obligations — 21.6% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 152972<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 529796<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 752194<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 68850<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144984<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 86767<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91645<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58753<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 358200<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10274<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 126619<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 471750<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 208268<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 117516<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued | U.S. Government Obligations — continued |
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; $322123<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 1149527<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp; 1049025<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp; 905632<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp; 167572<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 43329<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 96237<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 939137<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 711750<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 417772<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 429352<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95328<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29213<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20032<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 511128<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50180<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19255<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40491<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19906<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131889<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110505<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40398<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70689<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2930000 | &nbsp;&nbsp; 2951403<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 1998281<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/31/31 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4568953<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 2760000 | &nbsp;&nbsp; 2811642<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20030<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp; 3793257<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19286<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 419972<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501797<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50082<br>|
| U.S. Treasury Strip Principal (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 293266<br>|
| **Total U.S. Government & Agency Obligations (Cost — $31,727,861)** | **Total U.S. Government & Agency Obligations (Cost — $31,727,861)** | **Total U.S. Government & Agency Obligations (Cost — $31,727,861)** | **Total U.S. Government & Agency Obligations (Cost — $31,727,861)** | &nbsp;&nbsp; **27977027** |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 17.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 17.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 17.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 17.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 17.4%** |
| 280 Park Avenue Mortgage Trust, 2017-280P F <br> (1 mo. Term SOFR + 3.127%) | &nbsp;&nbsp; 7.439% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 394070<br> <sup>(a)(c)</sup><br>|
| Angel Oak Mortgage Trust, 2022-3 A3 | &nbsp;&nbsp; 4.128% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 487564<br>| &nbsp;&nbsp; 453393<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| BANK, 2017-BNK7 A5 | &nbsp;&nbsp; 3.435% | &nbsp;&nbsp; 9/15/60 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; $567239<br>|
| BANK, 2024-5YR7 C | &nbsp;&nbsp; 7.341% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 566090<br> <sup>(c)</sup><br>|
| BBCMS Mortgage Trust, 2025-5C34 A3 | &nbsp;&nbsp; 5.659% | &nbsp;&nbsp; 5/15/58 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 104391<br>|
| Benchmark Mortgage Trust, 2020-IG1 AS | &nbsp;&nbsp; 2.909% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 411273<br> <sup>(c)</sup><br>|
| Benchmark Mortgage Trust, 2022-B32 XA, IO | &nbsp;&nbsp; 0.558% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 4108936<br>| &nbsp;&nbsp; 62335<br> <sup>(c)</sup><br>|
| BLP Commercial Mortgage Trust, 2023-IND A <br> (1 mo. Term SOFR + 1.692%) | &nbsp;&nbsp; 6.004% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170392<br> <sup>(a)(c)</sup><br>|
| BPR Trust, 2021-TY A (1 mo. Term SOFR + <br> 1.164%) | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 9/15/38 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 169852<br> <sup>(a)(c)</sup><br>|
| BRAVO Residential Funding Trust, 2021-NQM2 <br> A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 15006<br>| &nbsp;&nbsp; 14566<br> <sup>(a)(c)</sup><br>|
| BRAVO Residential Funding Trust, 2024-NQM5 <br> A1 | &nbsp;&nbsp; 5.803% | &nbsp;&nbsp; 6/25/64 | &nbsp;&nbsp; 321113<br>| &nbsp;&nbsp; 322694<br> <sup>(a)</sup><br>|
| BX Commercial Mortgage Trust, 2024-KING E <br> (1 mo. Term SOFR + 3.688%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 523113<br>| &nbsp;&nbsp; 524029<br> <sup>(a)(c)</sup><br>|
| BX Trust, 2022-LBA6 A (1 mo. Term SOFR + <br> 1.000%) | &nbsp;&nbsp; 5.312% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249997<br> <sup>(a)(c)</sup><br>|
| Chevy Chase Funding LLC Mortgage-Backed <br> Certificates, 2004-3A A2 (1 mo. Term SOFR + <br> 0.414%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 169925<br>| &nbsp;&nbsp; 164906<br> <sup>(a)(c)</sup><br>|
| CSMC Trust, 2017-CHOP G (PRIME + 2.294%) | &nbsp;&nbsp; 9.794% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 714000<br>| &nbsp;&nbsp; 693871<br> <sup>(a)(c)</sup><br>|
| CSMC Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.632% | &nbsp;&nbsp; 4/25/66 | &nbsp;&nbsp; 52458<br>| &nbsp;&nbsp; 46139<br> <sup>(a)(c)</sup><br>|
| CSMC Trust, 2021-NQM8 A1 | &nbsp;&nbsp; 1.841% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 502379<br>| &nbsp;&nbsp; 451579<br> <sup>(a)(c)</sup><br>|
| Ellington Financial Mortgage Trust, 2020-1 B1 | &nbsp;&nbsp; 5.088% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 732037<br> <sup>(a)(c)</sup><br>|
| Ellington Financial Mortgage Trust, 2022-1 A2 | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 86664<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multiclass Certificates, 2020-RR07 BX, IO | &nbsp;&nbsp; 2.608% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 183299<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Pass-Through <br> Certificates, K104 X1, IO | &nbsp;&nbsp; 1.230% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3335201<br>| &nbsp;&nbsp; 139192<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Pass-Through <br> Certificates, K736 X1, IO | &nbsp;&nbsp; 1.380% | &nbsp;&nbsp; 7/25/26 | &nbsp;&nbsp; 843000<br>| &nbsp;&nbsp; 8264<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Pass-Through <br> Certificates, K1517 X1, IO | &nbsp;&nbsp; 1.435% | &nbsp;&nbsp; 7/25/35 | &nbsp;&nbsp; 136626<br>| &nbsp;&nbsp; 12710<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> Multifamily Structured Pass-Through <br> Certificates, KG06 X1, IO | &nbsp;&nbsp; 0.626% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 3092139<br>| &nbsp;&nbsp; 83416<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 3281 AI, IO (-1.000 x 30 Day Average <br> SOFR + 6.316%) | &nbsp;&nbsp; 2.012% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 874294<br>| &nbsp;&nbsp; $82052<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 4391 MZ | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 138002<br>| &nbsp;&nbsp; 124146<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 4980 KI, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/25/50 | &nbsp;&nbsp; 771030<br>| &nbsp;&nbsp; 184672<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 59621<br>| &nbsp;&nbsp; 8982<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 143746<br>| &nbsp;&nbsp; 24149<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5013 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 74775<br>| &nbsp;&nbsp; 12748<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 75195<br>| &nbsp;&nbsp; 10351<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5071 IH, IO, PAC | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 440672<br>| &nbsp;&nbsp; 58124<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5093 IY, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 422347<br>| &nbsp;&nbsp; 100741<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5118 NI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 694501<br>| &nbsp;&nbsp; 92980<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 159056<br>| &nbsp;&nbsp; 23162<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5202 IN, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/47 | &nbsp;&nbsp; 640732<br>| &nbsp;&nbsp; 86659<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5206 IJ, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 953158<br>| &nbsp;&nbsp; 195555<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5224 HL, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 90636<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5230 PE | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/25/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 244600<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5274 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 594704<br>| &nbsp;&nbsp; 101268<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5293 CI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/25/51 | &nbsp;&nbsp; 1456518<br>| &nbsp;&nbsp; 235490<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5293 IO, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/25/51 | &nbsp;&nbsp; 855422<br>| &nbsp;&nbsp; 108505<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5377 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/51 | &nbsp;&nbsp; 789815<br>| &nbsp;&nbsp; 103402<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5482 FC (30 Day Average SOFR + <br> 1.300%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 104610<br>| &nbsp;&nbsp; $104689<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5483 FD (30 Day Average SOFR + <br> 1.300%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 97900<br>| &nbsp;&nbsp; 97717<br> <sup>(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA2 M2 (30 Day Average SOFR + <br> 2.300%) | &nbsp;&nbsp; 6.605% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 70187<br>| &nbsp;&nbsp; 71635<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2022-DNA2 M1A (30 Day Average SOFR + <br> 1.300%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 68361<br>| &nbsp;&nbsp; 68416<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2023-DNA2 M1A (30 Day Average SOFR + <br> 2.100%) | &nbsp;&nbsp; 6.406% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 448733<br>| &nbsp;&nbsp; 455986<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2024-DNA1 M2 (30 Day Average SOFR + <br> 1.950%) | &nbsp;&nbsp; 6.255% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 345345<br> <sup>(a)(c)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> STRIPS, 328 S4, IO | &nbsp;&nbsp; 2.240% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 13297<br>| &nbsp;&nbsp; 720<br> <sup>(c)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2019-R05 1B1 (30 Day <br> Average SOFR + 4.214%) | &nbsp;&nbsp; 8.520% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 182804<br>| &nbsp;&nbsp; 187554<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 7.405% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 256210<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) — CAS, 2023-R05 1M2 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 7.406% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 261159<br> <sup>(a)(c)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.893% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 95909<br> <sup>(c)</sup><br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2012-118 VZ | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/25/42 | &nbsp;&nbsp; 111100<br>| &nbsp;&nbsp; 101358<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2014-6 Z | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 265376<br>| &nbsp;&nbsp; 235139<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2015-55 IO, IO | &nbsp;&nbsp; 1.744% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 103314<br>| &nbsp;&nbsp; 4587<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Federal National Mortgage Association <br> (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 141011<br>| &nbsp;&nbsp; $121622<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 474029<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-56 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 68644<br>| &nbsp;&nbsp; 11643<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2020-96 IN, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 1150518<br>| &nbsp;&nbsp; 197849<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2021-28 LB | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/51 | &nbsp;&nbsp; 250280<br>| &nbsp;&nbsp; 207590<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2021-43 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/25/51 | &nbsp;&nbsp; 669085<br>| &nbsp;&nbsp; 106443<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2022-22 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 587578<br>| &nbsp;&nbsp; 97805<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2022-86 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/50 | &nbsp;&nbsp; 675863<br>| &nbsp;&nbsp; 99091<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2023-2 CI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 853130<br>| &nbsp;&nbsp; 111037<br>|
| Federal National Mortgage Association <br> (FNMA) REMIC, 2024-5 DI, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 988600<br>| &nbsp;&nbsp; 177290<br>|
| Federal National Mortgage Association <br> (FNMA) STRIPS, 427 C21, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 746133<br>| &nbsp;&nbsp; 96917<br>|
| Federal National Mortgage Association <br> (FNMA) STRIPS, 440 C6, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/52 | &nbsp;&nbsp; 1737281<br>| &nbsp;&nbsp; 222756<br>|
| GCAT Trust, 2024-INV3 A17 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 84807<br>| &nbsp;&nbsp; 86506<br> <sup>(a)(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2012-34 SA, IO (-1.000 x 1 mo. Term <br> SOFR + 5.936%) | &nbsp;&nbsp; 1.618% | &nbsp;&nbsp; 3/20/42 | &nbsp;&nbsp; 262353<br>| &nbsp;&nbsp; 26359<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. Term <br> SOFR + 6.486%) | &nbsp;&nbsp; 2.174% | &nbsp;&nbsp; 4/16/42 | &nbsp;&nbsp; 140948<br>| &nbsp;&nbsp; 17710<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2013-107 AD | &nbsp;&nbsp; 2.787% | &nbsp;&nbsp; 11/16/47 | &nbsp;&nbsp; 30488<br>| &nbsp;&nbsp; 27913<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2014-17 AM | &nbsp;&nbsp; 3.535% | &nbsp;&nbsp; 6/16/48 | &nbsp;&nbsp; 3555<br>| &nbsp;&nbsp; 3404<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.367% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 306734<br>| &nbsp;&nbsp; 2386<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2015-167 OI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/16/45 | &nbsp;&nbsp; 86473<br>| &nbsp;&nbsp; 17156<br>|
| Government National Mortgage Association <br> (GNMA), 2016-84 IG, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/16/45 | &nbsp;&nbsp; 652334<br>| &nbsp;&nbsp; 149689<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Government National Mortgage Association <br> (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. Term <br> SOFR + 5.986%) | &nbsp;&nbsp; 1.674% | &nbsp;&nbsp; 10/16/46 | &nbsp;&nbsp; 218324<br>| &nbsp;&nbsp; $29077<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2020-91 IU, IO | &nbsp;&nbsp; 0.965% | &nbsp;&nbsp; 5/16/62 | &nbsp;&nbsp; 3436691<br>| &nbsp;&nbsp; 195122<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2020-118 IO, IO | &nbsp;&nbsp; 0.884% | &nbsp;&nbsp; 6/16/62 | &nbsp;&nbsp; 3563877<br>| &nbsp;&nbsp; 188951<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2020-123 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 65285<br>| &nbsp;&nbsp; 9645<br>|
| Government National Mortgage Association <br> (GNMA), 2020-127 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 62839<br>| &nbsp;&nbsp; 8817<br>|
| Government National Mortgage Association <br> (GNMA), 2020-129 IE, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/50 | &nbsp;&nbsp; 65383<br>| &nbsp;&nbsp; 9230<br>|
| Government National Mortgage Association <br> (GNMA), 2020-175 GI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 251742<br>| &nbsp;&nbsp; 28465<br>|
| Government National Mortgage Association <br> (GNMA), 2020-H04 FP (1 mo. Term SOFR + <br> 0.614%) | &nbsp;&nbsp; 4.946% | &nbsp;&nbsp; 6/20/69 | &nbsp;&nbsp; 113248<br>| &nbsp;&nbsp; 113177<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2021-57 BI, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 1204725<br>| &nbsp;&nbsp; 205415<br>|
| Government National Mortgage Association <br> (GNMA), 2021-96 VI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 750124<br>| &nbsp;&nbsp; 107165<br>|
| Government National Mortgage Association <br> (GNMA), 2021-176 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 1119606<br>| &nbsp;&nbsp; 168921<br>|
| Government National Mortgage Association <br> (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 362650<br>| &nbsp;&nbsp; 298955<br>|
| Government National Mortgage Association <br> (GNMA), 2021-223 P, PAC-1 | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 366512<br>| &nbsp;&nbsp; 319465<br>|
| Government National Mortgage Association <br> (GNMA), 2021-H02 TF (1 mo. Term SOFR + <br> 1.394%) | &nbsp;&nbsp; 5.726% | &nbsp;&nbsp; 1/20/71 | &nbsp;&nbsp; 443419<br>| &nbsp;&nbsp; 451681<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2022-3 IO, IO | &nbsp;&nbsp; 0.640% | &nbsp;&nbsp; 2/16/61 | &nbsp;&nbsp; 280684<br>| &nbsp;&nbsp; 13316<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2022-99 JW | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 82147<br>|
| Government National Mortgage Association <br> (GNMA), 2022-189 PT | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 249398<br>| &nbsp;&nbsp; 207574<br>|
| Government National Mortgage Association <br> (GNMA), 2022-196 BE | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/16/64 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 67671<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2022-216 IO, IO | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/16/65 | &nbsp;&nbsp; 1467698<br>| &nbsp;&nbsp; 88075<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Government National Mortgage Association <br> (GNMA), 2022-220 E | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/16/64 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; $135684<br> <sup>(c)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2023-92 AH | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 99157<br>| &nbsp;&nbsp; 74638<br>|
| Greystone CRE Notes LLC, 2025-FL4 A (1 mo. <br> Term SOFR + 1.481%) | &nbsp;&nbsp; 5.793% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp; 320411<br> <sup>(a)(c)</sup><br>|
| GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 397739<br> <sup>(a)(c)</sup><br>|
| GS Mortgage-Backed Securities Trust, 2024-<br> RPL4 A1 | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 9/25/61 | &nbsp;&nbsp; 256924<br>| &nbsp;&nbsp; 249978<br> <sup>(a)</sup><br>|
| HOMES Trust, 2023-NQM1 A1 | &nbsp;&nbsp; 6.182% | &nbsp;&nbsp; 1/25/68 | &nbsp;&nbsp; 262228<br>| &nbsp;&nbsp; 262390<br> <sup>(a)</sup><br>|
| JPMorgan Chase Commercial Mortgage <br> Securities Trust, 2015-FL7 D (PRIME + <br> 0.693%) | &nbsp;&nbsp; 8.193% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 114920<br>| &nbsp;&nbsp; 95269<br> <sup>(a)(c)</sup><br>|
| Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 72381<br>| &nbsp;&nbsp; 72298<br> <sup>(a)</sup><br>|
| MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + <br> 1.488%) | &nbsp;&nbsp; 5.803% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 340597<br> <sup>(a)(c)</sup><br>|
| MF1 Ltd., 2022-FL8 A (1 mo. Term SOFR + <br> 1.350%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 2/19/37 | &nbsp;&nbsp; 364089<br>| &nbsp;&nbsp; 364413<br> <sup>(a)(c)</sup><br>|
| Morgan Stanley Capital I Trust, 2017-ASHF A <br> (1 mo. Term SOFR + 1.147%) | &nbsp;&nbsp; 5.459% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 259915<br>| &nbsp;&nbsp; 255993<br> <sup>(a)(c)</sup><br>|
| Morgan Stanley Residential Mortgage Loan <br> Trust, 2024-INV3 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/25/54 | &nbsp;&nbsp; 496175<br>| &nbsp;&nbsp; 507384<br> <sup>(a)(c)</sup><br>|
| MTN Commercial Mortgage Trust, 2022-LPFL <br> A (1 mo. Term SOFR + 1.397%) | &nbsp;&nbsp; 5.717% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239989<br> <sup>(a)(c)</sup><br>|
| NYCT Trust, 2024-3ELV A (1 mo. Term SOFR + <br> 1.991%) | &nbsp;&nbsp; 6.303% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201396<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.563% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 60957<br>| &nbsp;&nbsp; 51438<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2022-NQM1 A2 | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 379879<br> <sup>(a)(c)</sup><br>|
| OBX Trust, 2023-NQM6 A3 | &nbsp;&nbsp; 6.975% | &nbsp;&nbsp; 7/25/63 | &nbsp;&nbsp; 177507<br>| &nbsp;&nbsp; 179052<br> <sup>(a)</sup><br>|
| PRKCM Trust, 2022-AFC2 M1 | &nbsp;&nbsp; 6.144% | &nbsp;&nbsp; 8/25/57 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 729231<br> <sup>(a)(c)</sup><br>|
| PRKCM Trust, 2023-AFC1 A1 | &nbsp;&nbsp; 6.598% | &nbsp;&nbsp; 2/25/58 | &nbsp;&nbsp; 386730<br>| &nbsp;&nbsp; 387792<br> <sup>(a)</sup><br>|
| PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 171893<br>| &nbsp;&nbsp; 173792<br> <sup>(a)</sup><br>|
| RIDE, 2025-SHRE D | &nbsp;&nbsp; 6.972% | &nbsp;&nbsp; 2/14/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 265296<br> <sup>(a)(c)</sup><br>|
| SLG Office Trust, 2021-OVA A | &nbsp;&nbsp; 2.585% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 337000<br>| &nbsp;&nbsp; 296015<br> <sup>(a)</sup><br>|
| Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.659% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 209478<br> <sup>(a)(c)</sup><br>|
| UBS Commercial Mortgage Trust, 2018-C9 XA, <br> IO | &nbsp;&nbsp; 1.074% | &nbsp;&nbsp; 3/15/51 | &nbsp;&nbsp; 7549026<br>| &nbsp;&nbsp; 152604<br> <sup>(c)</sup><br>|
| VLS Commercial Mortgage Trust, 2020-LAB B | &nbsp;&nbsp; 2.453% | &nbsp;&nbsp; 10/10/42 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 169931<br> <sup>(a)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, <br> 2016-C36 A4 | &nbsp;&nbsp; 3.065% | &nbsp;&nbsp; 11/15/59 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 302851<br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| Wells Fargo Commercial Mortgage Trust, <br> 2017-RB1 XA, IO | &nbsp;&nbsp; 1.347% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 1722768<br>| &nbsp;&nbsp; $28124<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $22,821,296)** | **Total Collateralized Mortgage Obligations (Cost — $22,821,296)** | **Total Collateralized Mortgage Obligations (Cost — $22,821,296)** | **Total Collateralized Mortgage Obligations (Cost — $22,821,296)** | &nbsp;&nbsp; **22478770** |
|  |  |  | Face <br>Amount†/ <br>Units<br>|  |
| **Asset-Backed Securities — 6.5%** | **Asset-Backed Securities — 6.5%** | **Asset-Backed Securities — 6.5%** | **Asset-Backed Securities — 6.5%** | **Asset-Backed Securities — 6.5%** |
| AIMCO CLO Ltd., 2021-15A AR (3 mo. Term <br> SOFR + 1.200%) | &nbsp;&nbsp; 5.484% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 269464<br> <sup>(a)(c)</sup><br>|
| Avis Budget Rental Car Funding AESOP LLC, <br> 2024-1A A | &nbsp;&nbsp; 5.360% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 256989<br> <sup>(a)</sup><br>|
| Barings CLO Ltd., 2024-1A A (3 mo. Term <br> SOFR + 1.630%) | &nbsp;&nbsp; 5.899% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270703<br> <sup>(a)(c)</sup><br>|
| Birch Grove CLO Ltd., 2024-11A A1 (3 mo. <br> Term SOFR + 1.360%) | &nbsp;&nbsp; 5.709% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 412045<br> <sup>(a)(c)</sup><br>|
| Cayuga Park CLO Ltd., 2020-1A AR (3 mo. <br> Term SOFR + 1.382%) | &nbsp;&nbsp; 5.661% | &nbsp;&nbsp; 7/17/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270519<br> <sup>(a)(c)</sup><br>|
| CIFC Funding Ltd., 2018-1A A1R (3 mo. Term <br> SOFR + 1.320%) | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 1/18/38 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 130241<br> <sup>(a)(c)</sup><br>|
| DLLMT LLC, 2024-1A A4 | &nbsp;&nbsp; 4.980% | &nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 265129<br> <sup>(a)</sup><br>|
| Driven Brands Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 10/20/54 | &nbsp;&nbsp; 238200<br>| &nbsp;&nbsp; 246929<br> <sup>(a)</sup><br>|
| Edsouth Indenture LLC, 2015-1 A (30 Day <br> Average SOFR + 0.914%) | &nbsp;&nbsp; 5.220% | &nbsp;&nbsp; 10/25/56 | &nbsp;&nbsp; 144948<br>| &nbsp;&nbsp; 143958<br> <sup>(a)(c)</sup><br>|
| Elmwood CLO Ltd., 2024-5A AR1 (3 mo. Term <br> SOFR + 1.520%) | &nbsp;&nbsp; 5.789% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 261674<br> <sup>(a)(c)</sup><br>|
| Five Guys Holdings Inc., 2023-1A A2 | &nbsp;&nbsp; 7.549% | &nbsp;&nbsp; 1/26/54 | &nbsp;&nbsp; 248750<br>| &nbsp;&nbsp; 257405<br> <sup>(a)</sup><br>|
| Galaxy CLO Ltd., 2024-33A A1 (3 mo. Term <br> SOFR + 1.550%) | &nbsp;&nbsp; 5.819% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp; 416306<br> <sup>(a)(c)</sup><br>|
| Hertz Vehicle Financing LLC, 2023-3A A | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 254201<br> <sup>(a)</sup><br>|
| Hertz Vehicle Financing LLC, 2023-4A A | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 250700<br> <sup>(a)</sup><br>|
| InStar Leasing LLC, 2021-1A A | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 88993<br>| &nbsp;&nbsp; 82840<br> <sup>(a)</sup><br>|
| Jack in the Box Funding LLC, 2019-1A A23 | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 8/25/49 | &nbsp;&nbsp; 124475<br>| &nbsp;&nbsp; 120461<br> <sup>(a)</sup><br>|
| Mosaic Solar Loan Trust, 2024-1A A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/49 | &nbsp;&nbsp; 350458<br>| &nbsp;&nbsp; 343112<br> <sup>(a)</sup><br>|
| Navient Private Education Refi Loan Trust, <br> 2019-A A2B (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 5.326% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 32439<br>| &nbsp;&nbsp; 32439<br> <sup>(a)(c)</sup><br>|
| Navient Student Loan Trust, 2016-3A A3 (30 <br> Day Average SOFR + 1.464%) | &nbsp;&nbsp; 5.770% | &nbsp;&nbsp; 6/25/65 | &nbsp;&nbsp; 163530<br>| &nbsp;&nbsp; 166540<br> <sup>(a)(c)</sup><br>|
| Octagon Ltd., 2022-1A A1R (3 mo. Term SOFR <br> + 1.750%) | &nbsp;&nbsp; 6.075% | &nbsp;&nbsp; 11/16/36 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 350730<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†/<br> Units<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. <br> Term SOFR + 1.150%) | &nbsp;&nbsp; 5.419% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; $220149<br> <sup>(a)(c)</sup><br>|
| Park Blue CLO Ltd., 2022-2A A1R (3 mo. Term <br> SOFR + 1.420%) | &nbsp;&nbsp; 5.689% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 510689<br> <sup>(a)(c)</sup><br>|
| Santander Bank Auto Credit-Linked Notes, <br> 2022-C F | &nbsp;&nbsp; 14.592% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 458139<br> <sup>(a)</sup><br>|
| Silver Point CLO Ltd., 2025-8A A1 (3 mo. Term <br> SOFR + 1.210%) | &nbsp;&nbsp; 5.432% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 219709<br> <sup>(a)(c)</sup><br>|
| SMB Private Education Loan Trust, 2015-C R | &nbsp;&nbsp; 14.342% | &nbsp;&nbsp; 9/18/46 | &nbsp;&nbsp; 1092<br>| &nbsp;&nbsp; 292875<br> <sup>(a)(k)</sup><br>|
| SMB Private Education Loan Trust, 2021-A <br> A2A1 (1 mo. Term SOFR + 0.844%) | &nbsp;&nbsp; 5.156% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 147975<br>| &nbsp;&nbsp; 147268<br> <sup>(a)(c)</sup><br>|
| SMB Private Education Loan Trust, 2021-E <br> A1A | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 77640<br>| &nbsp;&nbsp; 72709<br> <sup>(a)</sup><br>|
| SMB Private Education Loan Trust, 2023-B B | &nbsp;&nbsp; 5.770% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 608748<br> <sup>(a)</sup><br>|
| SMB Private Education Loan Trust, 2024-E <br> A1A | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 222814<br>| &nbsp;&nbsp; 225276<br> <sup>(a)</sup><br>|
| Structured Asset Investment Loan Trust, 2005-<br> HE1 M2 (1 mo. Term SOFR + 0.834%) | &nbsp;&nbsp; 5.154% | &nbsp;&nbsp; 7/25/35 | &nbsp;&nbsp; 119645<br>| &nbsp;&nbsp; 115369<br> <sup>(c)</sup><br>|
| Structured Asset Securities Corp. Mortgage <br> Loan Trust, 2007-WF1 A1 (1 mo. Term SOFR + <br> 0.534%) | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 154040<br>| &nbsp;&nbsp; 151640<br> <sup>(c)</sup><br>|
| Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 5.482% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199779<br> <sup>(a)(c)</sup><br>|
| Triumph Rail Holdings LLC, 2021-2 A | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 6/19/51 | &nbsp;&nbsp; 88224<br>| &nbsp;&nbsp; 83651<br> <sup>(a)</sup><br>|
| United States Small Business Administration, <br> 2019-25G 1 | &nbsp;&nbsp; 2.690% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 53154<br>| &nbsp;&nbsp; 47503<br>|
| Venture CLO Ltd., 2019-38A ARR (3 mo. Term <br> SOFR + 1.000%) | &nbsp;&nbsp; 5.280% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 246848<br>| &nbsp;&nbsp; 246312<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $9,599,894)** | **Total Asset-Backed Securities (Cost — $9,599,894)** | **Total Asset-Backed Securities (Cost — $9,599,894)** | **Total Asset-Backed Securities (Cost — $9,599,894)** | &nbsp;&nbsp; **8402201** |
|  |  |  | Face <br>Amount†<br>|  |
| **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** |
| Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% | Argentina — 0.3% |
| Argentine Republic Government International <br> Bond, Senior Notes, Step bond (0.750% to <br> 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 268995<br>| &nbsp;&nbsp; 215196<br>|
| Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 319906<br>| &nbsp;&nbsp; 230732<br> <sup>(l)</sup><br>|
| Total Argentina | Total Argentina | Total Argentina | Total Argentina | &nbsp;&nbsp; 445928 |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Brazil — 0.3% | Brazil — 0.3% | Brazil — 0.3% | Brazil — 0.3% | Brazil — 0.3% |
| Brazil Letras do Tesouro Nacional | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 602000 <br><sup>BRL</sup><br>| &nbsp;&nbsp; $103169<br>|
| Brazil Notas do Tesouro Nacional Serie F, <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1564000 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 244829<br>|
| Total Brazil | Total Brazil | Total Brazil | Total Brazil | &nbsp;&nbsp; 347998 |
| Colombia — 0.2% | Colombia — 0.2% | Colombia — 0.2% | Colombia — 0.2% | Colombia — 0.2% |
| Colombia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/22/42 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 254009<br>|
| Jamaica — 0.1% | Jamaica — 0.1% | Jamaica — 0.1% | Jamaica — 0.1% | Jamaica — 0.1% |
| Jamaica Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 11/3/30 | &nbsp;&nbsp; 14500000 <br><sup>JMD</sup><br>| &nbsp;&nbsp; 94068<br>|
| Mexico — 0.3% | Mexico — 0.3% | Mexico — 0.3% | Mexico — 0.3% | Mexico — 0.3% |
| Mexico Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 328251<br>|
| Nigeria — 0.2% | Nigeria — 0.2% | Nigeria — 0.2% | Nigeria — 0.2% | Nigeria — 0.2% |
| Nigeria Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/28/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198853<br> <sup>(a)</sup><br>|
| Peru — 0.0%†† | Peru — 0.0%†† | Peru — 0.0%†† | Peru — 0.0%†† | Peru — 0.0%†† |
| Peruvian Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 47638<br>|
| Supranational — 0.4% | Supranational — 0.4% | Supranational — 0.4% | Supranational — 0.4% | Supranational — 0.4% |
| Inter-American Development Bank, Senior <br> Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 10/6/30 | &nbsp;&nbsp; 47000000 <br><sup>INR</sup><br>| &nbsp;&nbsp; 565806<br>|
| **Total Sovereign Bonds (Cost — $2,267,467)** | **Total Sovereign Bonds (Cost — $2,267,467)** | **Total Sovereign Bonds (Cost — $2,267,467)** | **Total Sovereign Bonds (Cost — $2,267,467)** | &nbsp;&nbsp; **2282551** |
| **Senior Loans — 1.6%** | **Senior Loans — 1.6%** | **Senior Loans — 1.6%** | **Senior Loans — 1.6%** | **Senior Loans — 1.6%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| UFC Holdings LLC, Term Loan B4 (3 mo. Term <br> SOFR + 2.250%)  | 6.571% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 99749<br>| &nbsp;&nbsp; **100235**<br> <sup>(c)(m)(n)</sup><br>|
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† |
| Clarios Global LP, 2024 Term Loan B (1 mo. <br> Term SOFR + 2.500%)  | 6.827% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 32084<br>| &nbsp;&nbsp; 32034<br> <sup>(c)(m)(n)</sup><br>|
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| Belron Finance US LLC, 2031 Dollar <br> Incremental Term Loan (3 mo. Term SOFR + <br> 2.750%)  | 7.049% | &nbsp;&nbsp; 10/16/31 | &nbsp;&nbsp; 99749<br>| &nbsp;&nbsp; 100325<br> <sup>(c)(m)(n)</sup><br>|
| Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† |
| Peer Holding III BV, Term Loan B5  | —  | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 59849<br>| &nbsp;&nbsp; 60246<br> <sup>(o)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| Caesars Entertainment Inc., Term Loan B (1 <br> mo. Term SOFR + 2.250%) | 6.577% | &nbsp;&nbsp; 2/6/30 | &nbsp;&nbsp; 64403<br>| &nbsp;&nbsp; $64451<br> <sup>(c)(m)(n)</sup><br>|
| Flutter Entertainment Public Ltd. Co., 2024 <br> Term Loan B (3 mo. Term SOFR + 1.750%) | 6.046% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 56867<br>| &nbsp;&nbsp; 56796<br> <sup>(c)(m)(n)</sup><br>|
| Four Seasons Hotels Ltd., 2024 Term Loan B2 <br> (1 mo. Term SOFR + 1.750%) | 6.077% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 80453<br>| &nbsp;&nbsp; 81026<br> <sup>(c)(m)(n)</sup><br>|
| PCI Gaming Authority, 2024 Term Loan B (1 <br> mo. Term SOFR + 2.000%) | 6.327% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 33376<br>| &nbsp;&nbsp; 33411<br> <sup>(c)(m)(n)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 235684 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **428289** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† |
| Triton Water Holdings Inc., 2025 Refinancing <br> Term Loan (3 mo. Term SOFR + 2.250%)  | 6.546% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 55255<br>| &nbsp;&nbsp; **55515**<br> <sup>(c)(m)(n)</sup><br>|
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Focus Financial Partners LLC, Incremental <br> Term Loan B (1 mo. Term SOFR + 2.750%) | 7.077% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 139300<br>| &nbsp;&nbsp; 139161<br> <sup>(c)(m)(n)</sup><br>|
| GIP Pilot Acquisition Partners LP, Amendment <br> No. 2 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.000%) | 6.277% | &nbsp;&nbsp; 10/4/30 | &nbsp;&nbsp; 58986<br>| &nbsp;&nbsp; 59257<br> <sup>(c)(m)(n)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 198418 |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Jane Street Group LLC, Extended Term Loan (3 <br> mo. Term SOFR + 2.000%)  | 6.333% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 129661<br>| &nbsp;&nbsp; 129647<br> <sup>(c)(m)(n)</sup><br>|
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| AmWINS Group Inc., Initial Term Loan (1 mo. <br> Term SOFR + 2.250%)  | 6.577% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 59850<br>| &nbsp;&nbsp; 59938<br> <sup>(c)(m)(n)</sup><br>|
| 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% |
| Starwood Property Mortgage LLC, Term Loan <br> B (1 mo. Term SOFR + 2.250%)  | 6.577% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 59849<br>| &nbsp;&nbsp; 59980<br> <sup>(c)(m)(n)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **447983** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, Dollar Incremental Term <br> Loan (1 mo. Term SOFR + 2.250%)  | 6.577% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 96251<br>| &nbsp;&nbsp; 96470<br> <sup>(c)(m)(n)</sup><br>|
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| DaVita Inc., 2019 Extended Term Loan B1 (1 <br> mo. Term SOFR + 2.000%) | 6.327% | &nbsp;&nbsp; 5/9/31 | &nbsp;&nbsp; 49874<br>| &nbsp;&nbsp; 50199<br> <sup>(c)(m)(n)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(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 |
| Sotera Health Holdings LLC, 2024 Refinancing <br> Term Loan (1 mo. Term SOFR + 2.000%) | 6.327% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 79400<br>| &nbsp;&nbsp; $79847<br> <sup>(c)(m)(n)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 130046 |
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| Cotiviti Inc., Initial Term Loan (1 mo. Term <br> SOFR + 2.750%)  | 7.074% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 64168<br>| &nbsp;&nbsp; 63947<br> <sup>(c)(m)(n)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **290463** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% |
| Chart Industries Inc., 2024 Term Loan B (3 mo. <br> Term SOFR + 2.500%) | 6.788% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100437<br> <sup>(c)(m)(n)</sup><br>|
| Terex Corp., USD Term Loan | —  | &nbsp;&nbsp; 10/8/31 | &nbsp;&nbsp; 59850<br>| &nbsp;&nbsp; 60268<br> <sup>(o)</sup><br>|
| Vertiv Group Corp., Term Loan B3 (1 mo. Term <br> SOFR + 1.750%) | 6.074% | &nbsp;&nbsp; 3/2/27 | &nbsp;&nbsp; 59849<br>| &nbsp;&nbsp; 59982<br> <sup>(c)(m)(n)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 220687 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Delta Air Lines Inc., Initial Term Loan (3 mo. <br> Term SOFR + 3.750%)  | 8.022% | &nbsp;&nbsp; 10/20/27 | &nbsp;&nbsp; 118182<br>| &nbsp;&nbsp; 119091<br> <sup>(c)(m)(n)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **339778** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% |
| Iron Mountain Information Management LLC, <br> Amendment No. 1 Incremental Term Loan B (1 <br> mo. Term SOFR + 2.000%)  | 6.327% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 99747<br>| &nbsp;&nbsp; **99788**<br> <sup>(c)(m)(n)</sup><br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| Alpha Generation LLC, Initial Term Loan B (1 <br> mo. Term SOFR + 2.000%)  | 6.327% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 99749<br>| &nbsp;&nbsp; 99732<br> <sup>(c)(m)(n)</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% |
| Calpine Construction Finance Co. LP, <br> Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | 6.327% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 130162<br> <sup>(c)(m)(n)</sup><br>|
| Lightning Power LLC, Initial Term Loan B (3 <br> mo. Term SOFR + 2.250%) | 6.546% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 59849<br>| &nbsp;&nbsp; 60028<br> <sup>(c)(m)(n)</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; 190190 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **289922** |
| **Total Senior Loans (Cost — $2,039,912)** | **Total Senior Loans (Cost — $2,039,912)** | **Total Senior Loans (Cost — $2,039,912)** | **Total Senior Loans (Cost — $2,039,912)** | &nbsp;&nbsp; **2051973** |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| U.S. Treasury Notes, Inflation Indexed <br> (Cost — $763,672) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 746316<br>| &nbsp;&nbsp; **747321**<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | &nbsp;&nbsp; Expiration <br>Date<br>| Contracts | Notional <br>Amount†<br>| Value |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| 3-Month SOFR Futures, Call @ $96.000 | 3-Month SOFR Futures, Call @ $96.000 | 9/12/25 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; $10688<br>|
| 3-Month SOFR Futures, Call @ $96.125 | 3-Month SOFR Futures, Call @ $96.125 | 9/12/25 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 137500 | &nbsp;&nbsp; 10313<br>|
| 3-Month SOFR Futures, Call @ $96.625 | 3-Month SOFR Futures, Call @ $96.625 | 9/12/25 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 1013<br>|
| 3-Month SOFR Futures, Call @ $96.250 | 3-Month SOFR Futures, Call @ $96.250 | 12/12/25 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 23750<br>|
| 3-Month SOFR Futures, Call @ $96.750 | 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 54336<br>|
| U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.000 | U.S. Treasury 5-Year Notes Futures, Call @ <br> $109.000 | 7/25/25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 22656<br>|
| U.S. Treasury 5-Year Notes Futures, Put @ <br> $106.250 | U.S. Treasury 5-Year Notes Futures, Put @ <br> $106.250 | 7/25/25 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 266<br>|
| U.S. Treasury 6 to 7-Year Notes Futures, Call <br> @ $111.750 | U.S. Treasury 6 to 7-Year Notes Futures, Call <br> @ $111.750 | 7/11/25 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 19484<br>|
| U.S. Treasury 10-Year Notes Futures, Call @ <br> $111.000 | U.S. Treasury 10-Year Notes Futures, Call @ <br> $111.000 | 7/25/25 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 25031<br>|
| U.S. Treasury Long-Term Bonds Futures, Put @ <br> $114.500 | U.S. Treasury Long-Term Bonds Futures, Put @ <br> $114.500 | 7/25/25 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8297<br>|
| **Total Exchange-Traded Purchased Options (Cost — $185,802)** | **Total Exchange-Traded Purchased Options (Cost — $185,802)** | **Total Exchange-Traded Purchased Options (Cost — $185,802)** | **Total Exchange-Traded Purchased Options (Cost — $185,802)** | **Total Exchange-Traded Purchased Options (Cost — $185,802)** | &nbsp;&nbsp; **175834** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| U.S. Dollar/Swiss Franc, Call <br> @ 0.836<sup>CHF</sup> (Cost — $6,647)<br>| Bank of <br> America N.A.<br>| 7/11/25 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp; **6**<br>|
| **Total Purchased Options (Cost — $192,449)** | **Total Purchased Options (Cost — $192,449)** | **Total Purchased Options (Cost — $192,449)** | **Total Purchased Options (Cost — $192,449)** | **Total Purchased Options (Cost — $192,449)** | &nbsp;&nbsp; **175840** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Airlines LLC | Spirit Airlines LLC | Spirit Airlines LLC |  | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 45<br> \*<sup>(e)(p)</sup><br>|
| Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. | Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 7,405<br> \*<br>|
| **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | &nbsp;&nbsp; **7450**<br>|
|  |  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Airlines LLC (Cost — $12,843) | Spirit Airlines LLC (Cost — $12,843) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1055<br>| &nbsp;&nbsp; **5,264**<br> \*<sup>(a)(e)(p)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $147,178,865)** | **Total Investments before Short-Term Investments (Cost — $147,178,865)** | **Total Investments before Short-Term Investments (Cost — $147,178,865)** | **Total Investments before Short-Term Investments (Cost — $147,178,865)** | **Total Investments before Short-Term Investments (Cost — $147,178,865)** | &nbsp;&nbsp; **140190087** |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |
| Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $5,291,067)  | &nbsp;&nbsp; 4.301% |  | &nbsp;&nbsp; 5291067<br>| &nbsp;&nbsp; **$5291067**<br> <sup>(q)(r)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **U.S. Government Agencies — 0.1%** | **U.S. Government Agencies — 0.1%** | **U.S. Government Agencies — 0.1%** | **U.S. Government Agencies — 0.1%** | **U.S. Government Agencies — 0.1%** |
| Federal Home Loan Bank (FHLB), Discount <br> Notes (Cost — $217,504) | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; **217539**<br>|
| **Total Short-Term Investments (Cost — $5,508,571)** | **Total Short-Term Investments (Cost — $5,508,571)** | **Total Short-Term Investments (Cost — $5,508,571)** | **Total Short-Term Investments (Cost — $5,508,571)** | &nbsp;&nbsp; **5508606** |
| **Total Investments — 112.5% (Cost — $152,687,436)** | **Total Investments — 112.5% (Cost — $152,687,436)** | **Total Investments — 112.5% (Cost — $152,687,436)** | **Total Investments — 112.5% (Cost — $152,687,436)** | &nbsp;&nbsp; **145698693** |
| Liabilities in Excess of Other Assets — (12.5)% | Liabilities in Excess of Other Assets — (12.5)% | Liabilities in Excess of Other Assets — (12.5)% | Liabilities in Excess of Other Assets — (12.5)% | &nbsp;&nbsp; (16236213)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$129462480** |

---

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

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <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> | Value is less than $1. |
| <sup>(h)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest <br> payments in cash or additional securities. <br>|
| <sup>(i)</sup> | This security is traded on a to-be-announced ("TBA") basis. At June 30, 2025, the Portfolio held TBA securities with <br> a total cost of $15,709,195.<br>|
| <sup>(j)</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>(k)</sup> | Rate shown is the current yield based on income received over the trailing twelve months. |
| <sup>(l)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(m)</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>(n)</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>(o)</sup> | All or a portion of this loan has not settled as of June 30, 2025. Interest rates are not effective until settlement <br> date. Interest rates shown, if any, are for the settled portion of the loan.<br>|
| <sup>(p)</sup> | Restricted security (Note 9). |
| <sup>(q)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(r)</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 $5,291,067 and the cost was $5,291,067 (Note 8).<br>|

---

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

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES |  | Alternative Credit Enhancement Securities |
| BRL | —  | Brazilian Real |
| CAS | —  | Connecticut Avenue Securities |
| CHF | —  | Swiss Franc |
| CLO | —  | Collateralized Loan Obligation |
| DAC | —  | Designated Activity Company |
| IBOR | —  | Interbank Offered Rate |
| ICE | —  | Intercontinental Exchange |
| INR | —  | Indian Rupee |
| IO | —  | Interest Only |
| JMD | —  | Jamaican Dollar |
| JSC | —  | Joint Stock Company |
| PAC | —  | Planned Amortization Class |
| PIK | —  | Payment-In-Kind |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |
| STRIPS | —  | Separate Trading of Registered Interest and Principal Securities |
| USD | —  | United States Dollar |

---

At June 30, 2025, the Portfolio had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | Expiration <br>Date<br>| Strike <br>Price<br>| Contracts | Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; $96.563 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $110000 | &nbsp;&nbsp; $(15675)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/12/25 | 96.750 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; (9975)<br>|
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 9/11/26 | 97.500 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 47500 | &nbsp;&nbsp; (10925)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/12/25 | 95.375 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; (237)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 7/25/25 | 109.500 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; (10570)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 7/25/25 | 110.250 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; (6125)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 7/25/25 | 113.000 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp; (13656)<br>|
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp; 7/25/25 | 114.000 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; (9063)<br>|
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp; 7/25/25 | 107.000 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; (375)<br>|
| U.S. Treasury Long-Term Bonds Futures, Put | &nbsp;&nbsp; 8/22/25 | 111.000 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; (10688)<br>|
| **Total Exchange-Traded Written Options (Premiums received — $120,294)** | **Total Exchange-Traded Written Options (Premiums received — $120,294)** | **Total Exchange-Traded Written Options (Premiums received — $120,294)** | **Total Exchange-Traded Written Options (Premiums received — $120,294)** | **Total Exchange-Traded Written Options (Premiums received — $120,294)** | &nbsp;&nbsp; **(87289)**<br>|

---

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

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
| Security | Counterparty | <br>Expiration<br> Date<br>| <br>Strike<br> Price<br>| Contracts | <br>Notional<br> Amount<br>| Value |
| U.S. Dollar/Swiss Franc, Call <br>(Premiums received — $2,798)<br>| Bank of America <br> N.A.<br>| &nbsp;&nbsp; 7/11/25 | 0.859 <br><sup>CHF</sup><br>| &nbsp;&nbsp; 794000 | &nbsp;&nbsp; $794000 | &nbsp;&nbsp; **$(0)** <br><sup>(a)</sup><br>|
| **Total Written Options (Premiums received — $123,092)** | **Total Written Options (Premiums received — $123,092)** | **Total Written Options (Premiums received — $123,092)** | **Total Written Options (Premiums received — $123,092)** | **Total Written Options (Premiums received — $123,092)** | **Total Written Options (Premiums received — $123,092)** | &nbsp;&nbsp; **$(87289)**<br>|

---

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

<sup>(a)</sup> Value is less than $1.

&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:** |
| CHF |  | Swiss Franc |
| SOFR | —  | Secured Overnight Financing Rate |

---

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>|  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; $17838823 | &nbsp;&nbsp; $17821050 | &nbsp;&nbsp; $(17773)<br>|
| 3-Month SOFR | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 3/27 | &nbsp;&nbsp; 7452602 | &nbsp;&nbsp; 7515175 | &nbsp;&nbsp; 62573 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 9450414 | &nbsp;&nbsp; 9483000 | &nbsp;&nbsp; 32586 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 29242040 | &nbsp;&nbsp; 29713125 | &nbsp;&nbsp; 471085 |
| U.S. Treasury Long-Term <br> Bonds<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 672145 | &nbsp;&nbsp; 692813 | &nbsp;&nbsp; 20668 |
| United Kingdom Long Gilt <br> Bonds<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 1258327 | &nbsp;&nbsp; 1276976 | &nbsp;&nbsp; 18649 |
|  |  |  |  |  | &nbsp;&nbsp; 587788 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; 3359096 | &nbsp;&nbsp; 3359650 | &nbsp;&nbsp; (554)<br>|
| Japanese 10-Year Bonds | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 1934921 | &nbsp;&nbsp; 1930766 | &nbsp;&nbsp; 4155 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 17614431 | &nbsp;&nbsp; 17681992 | &nbsp;&nbsp; (67561)<br>|
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 9460002 | &nbsp;&nbsp; 9712579 | &nbsp;&nbsp; (252577)<br>|
| U.S. Treasury Ultra Long-<br> Term Bonds<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; 4113205 | &nbsp;&nbsp; 4288500 | &nbsp;&nbsp; (175295)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (491832)<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; **$95956** |

---

&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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

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>(Depreciation)<br>|
| BRL | 650000 | USD | 113636 | Citibank N.A. | 7/2/25 | $5941 |
| BRL | 650000 | USD | 119111 | Citibank N.A. | 7/2/25 | 467 |
| USD | 117138 | BRL | 650000 | Citibank N.A. | 7/2/25 | (2439)<br>|
| USD | 119111 | BRL | 650000 | Citibank N.A. | 7/2/25 | (467)<br>|
| CHF | 294194 | USD | 365000 | Bank of America N.A. | 7/15/25 | 6506 |
| USD | 182620 | CHF | 149989 | Bank of America N.A. | 7/15/25 | (6785)<br>|
| CHF | 30000 | USD | 36506 | Bank of America N.A. | 7/16/25 | 1383 |
| CHF | 30000 | USD | 36373 | Bank of America N.A. | 7/16/25 | 1516 |
| CHF | 60000 | USD | 72727 | Bank of America N.A. | 7/16/25 | 3051 |
| CNH | 730000 | USD | 101921 | Bank of America N.A. | 7/16/25 | 191 |
| CNH | 940000 | USD | 127844 | Bank of America N.A. | 7/16/25 | 3643 |
| CNH | 940000 | USD | 128092 | Bank of America N.A. | 7/16/25 | 3395 |
| CNH | 940000 | USD | 127934 | Bank of America N.A. | 7/16/25 | 3553 |
| CNH | 1300000 | USD | 177252 | Bank of America N.A. | 7/16/25 | 4591 |
| CNH | 1660000 | USD | 231630 | Bank of America N.A. | 7/16/25 | 570 |
| EUR | 90000 | USD | 98916 | Bank of America N.A. | 7/16/25 | 7217 |
| EUR | 100000 | USD | 110005 | Bank of America N.A. | 7/16/25 | 7920 |
| EUR | 130000 | USD | 147445 | Bank of America N.A. | 7/16/25 | 5858 |
| EUR | 140000 | USD | 157841 | Bank of America N.A. | 7/16/25 | 7255 |
| EUR | 170000 | USD | 193595 | Bank of America N.A. | 7/16/25 | 6878 |
| EUR | 170000 | USD | 192624 | Bank of America N.A. | 7/16/25 | 7849 |
| EUR | 469622 | USD | 516894 | Bank of America N.A. | 7/16/25 | 36909 |
| GBP | 30000 | USD | 39812 | Bank of America N.A. | 7/16/25 | 1370 |
| USD | 87195 | AUD | 140000 | Bank of America N.A. | 7/16/25 | (4972)<br>|
| USD | 161225 | CHF | 130000 | Bank of America N.A. | 7/16/25 | (2961)<br>|
| USD | 330128 | CHF | 270000 | Bank of America N.A. | 7/16/25 | (10873)<br>|
| USD | 110584 | CNH | 810000 | Bank of America N.A. | 7/16/25 | (2719)<br>|
| USD | 147516 | CNH | 1080000 | Bank of America N.A. | 7/16/25 | (3554)<br>|
| USD | 1357816 | CNH | 9937175 | Bank of America N.A. | 7/16/25 | (32193)<br>|
| USD | 93765 | EUR | 80000 | Bank of America N.A. | 7/16/25 | (575)<br>|
| USD | 105558 | EUR | 90000 | Bank of America N.A. | 7/16/25 | (574)<br>|
| USD | 878924 | GBP | 688267 | Bank of America N.A. | 7/16/25 | (65896)<br>|
| CNH | 1731072 | USD | 239481 | BNP Paribas SA | 7/16/25 | 2661 |
| AUD | 200000 | USD | 128139 | Citibank N.A. | 7/16/25 | 3529 |
| AUD | 2686143 | USD | 1626000 | Citibank N.A. | 7/16/25 | 142396 |
| JPY | 10344000 | USD | 72842 | Citibank N.A. | 7/16/25 | (877)<br>|
| USD | 6387 | AUD | 10000 | Citibank N.A. | 7/16/25 | (197)<br>|
| USD | 52013 | AUD | 80000 | Citibank N.A. | 7/16/25 | (655)<br>|

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 69863 | AUD | 110000 | Citibank N.A. | 7/16/25 | $(2554)<br>|
| USD | 70876 | AUD | 111412 | Citibank N.A. | 7/16/25 | (2471)<br>|
| USD | 121229 | AUD | 190000 | Citibank N.A. | 7/16/25 | (3856)<br>|
| USD | 127661 | AUD | 200000 | Citibank N.A. | 7/16/25 | (4007)<br>|
| USD | 133137 | AUD | 210000 | Citibank N.A. | 7/16/25 | (5115)<br>|
| USD | 159582 | AUD | 253572 | Citibank N.A. | 7/16/25 | (7354)<br>|
| USD | 563896 | INR | 48877137 | Citibank N.A. | 7/16/25 | (5622)<br>|
| CAD | 140000 | USD | 100860 | Goldman Sachs Group Inc. | 7/16/25 | 2038 |
| CHF | 80000 | USD | 97632 | Goldman Sachs Group Inc. | 7/16/25 | 3405 |
| JPY | 21070000 | USD | 143896 | Goldman Sachs Group Inc. | 7/16/25 | 2692 |
| JPY | 23320000 | USD | 159305 | Goldman Sachs Group Inc. | 7/16/25 | 2937 |
| JPY | 27960000 | USD | 196114 | Goldman Sachs Group Inc. | 7/16/25 | (1591)<br>|
| JPY | 46651853 | USD | 318712 | Goldman Sachs Group Inc. | 7/16/25 | 5853 |
| JPY | 48920000 | USD | 342869 | Goldman Sachs Group Inc. | 7/16/25 | (2524)<br>|
| JPY | 76870000 | USD | 539618 | Goldman Sachs Group Inc. | 7/16/25 | (4819)<br>|
| MXN | 395986 | USD | 18931 | Goldman Sachs Group Inc. | 7/16/25 | 2135 |
| USD | 39006 | AUD | 60000 | Goldman Sachs Group Inc. | 7/16/25 | (494)<br>|
| USD | 218046 | CAD | 308565 | Goldman Sachs Group Inc. | 7/16/25 | (8744)<br>|
| USD | 153843 | EUR | 134000 | Goldman Sachs Group Inc. | 7/16/25 | (4177)<br>|
| USD | 146157 | JPY | 21060000 | Goldman Sachs Group Inc. | 7/16/25 | (361)<br>|
| USD | 146770 | JPY | 21140000 | Goldman Sachs Group Inc. | 7/16/25 | (305)<br>|
| USD | 156492 | JPY | 22530000 | Goldman Sachs Group Inc. | 7/16/25 | (253)<br>|
| USD | 158425 | JPY | 22800000 | Goldman Sachs Group Inc. | 7/16/25 | (199)<br>|
| USD | 208837 | JPY | 30040000 | Goldman Sachs Group Inc. | 7/16/25 | (157)<br>|
| CHF | 60000 | USD | 73143 | JPMorgan Chase & Co. | 7/16/25 | 2635 |
| EUR | 120000 | USD | 131969 | Morgan Stanley & Co. Inc. | 7/16/25 | 9542 |
| BRL | 650000 | USD | 116252 | Citibank N.A. | 8/4/25 | 2347 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **$107893** |

---

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

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL | —  | Brazilian Real |
| CAD | —  | Canadian Dollar |
| CHF | —  | Swiss Franc |
| CNH | —  | Chinese Offshore Yuan |
| EUR | —  | Euro |
| GBP | —  | British Pound |
| INR | —  | Indian Rupee |
| JPY | —  | Japanese Yen |
| MXN | —  | Mexican Peso |
| USD | —  | United States Dollar |

---

At June 30, 2025, the Portfolio had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap <br> Counterparty<br>| Notional <br>Amount\*<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
| JPMorgan Chase & <br> Co.<br>| 29330000<sup>BRL</sup> <br>| 1/2/29 | BRL-CDI\*\* | 10.230%\*\* | **$(436959)** | **—** | **$(436959)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
|  | $14643000 | 4/28/28 | Daily SOFR <br>Compound <br>annually<br>| 3.300% <br>annually<br>| $35831 | $(531) | $36362 |
|  | 15074000 | 1/31/32 | 3.730% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (196555) | (71623) | (124932) |
|  | 3421000 | 4/28/36 | 3.850% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (39844) | (7965) | (31879) |
|  | 770000 | 11/15/53 | 3.770% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| 20712 | (976) | 21688 |
| **Total** | **$33908000** |  |  |  | **$(179856)** | **$(81095)** | **$(98761)** |

---

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

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.44 Index | $11048000 | 6/20/30 | 1.000% quarterly | **$244687** | **$204245** | **$40442** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.44 Index | $2268500 | 6/20/30 | 5.000% quarterly | **$(170640)** | **$(129610)** | **$(41030)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| Termination <br>Date<br>| Periodic <br>Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| Periodic <br>Payments <br>Received by <br>the Portfolio<sup>‡</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| JPMorgan <br> Chase & Co.<br>| $717000 | 7/3/25 | Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | **$28212** | **—** | **$28212** |

---

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

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

 **Western Asset Core Plus VIT Portfolio**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| <sup>4</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount <br> of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or <br> (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less <br> the recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 40 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | One time payment made at termination date. |

---

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| BRL-CDI | 14.900% |
| Daily SOFR Compound | 4.450% |

---

&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:** |
| BRL |  | Brazilian Real |
| BRL-CDI | —  | Brazilian Cetip InterBank Deposit Rate |
| JPEIFNTR | —  | Western Asset Management Emerging Markets Frontier Custom Basket |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 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 — $147,396,369) | &nbsp;&nbsp; $140407626 |
| Investments in affiliated securities, at value (Cost — $5,291,067) | &nbsp;&nbsp; 5291067 |
| Foreign currency, at value (Cost — $515,249) | &nbsp;&nbsp; 525569 |
| Cash | &nbsp;&nbsp; 1007784 |
| Interest receivable | &nbsp;&nbsp; 1085683 |
| Receivable for purchases of TBA securities | &nbsp;&nbsp; 545230 |
| Deposits with brokers for OTC derivatives | &nbsp;&nbsp; 480000 |
| Deposits with brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 478153 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 359705 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 298233 |
| Receivable for Portfolio shares sold | &nbsp;&nbsp; 148659 |
| Foreign currency collateral for open futures contracts and exchange-traded options, at value <br> (Cost — $89,632)<br>| &nbsp;&nbsp; 99133 |
| Receivable for securities sold  | &nbsp;&nbsp; 46965 |
| OTC swaps, at value (premiums paid — $0) | &nbsp;&nbsp; 28212 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 17226 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 13570 |
| Principal paydown receivable | &nbsp;&nbsp; 8558 |
| Prepaid expenses | &nbsp;&nbsp; 23 |
| **Total Assets** | &nbsp;&nbsp; **150841396** |
| **Liabilities:** |  |
| Payable for purchases of TBA securities | &nbsp;&nbsp; 16255035 |
| Payable for securities purchased | &nbsp;&nbsp; 3925300 |
| OTC swaps, at value (premiums received — $0) | &nbsp;&nbsp; 436959 |
| Payable for Portfolio shares repurchased | &nbsp;&nbsp; 242639 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 190340 |
| Written options, at value (premiums received — $123,092) | &nbsp;&nbsp; 87289 |
| Payable to brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 57789 |
| Investment management fee payable | &nbsp;&nbsp; 38256 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 15734 |
| Payable for open OTC swap contracts | &nbsp;&nbsp; 12742 |
| Trustees' fees payable | &nbsp;&nbsp; 1879 |
| Accrued expenses | &nbsp;&nbsp; 114954 |
| **Total Liabilities** | &nbsp;&nbsp; **21378916** |
| **Total Net Assets** | &nbsp;&nbsp; **$129462480** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $274 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 184058489 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (54596283)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$129462480** |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class I | &nbsp;&nbsp; $52041883 |
| Class II | &nbsp;&nbsp; $77420597 |
| **Shares Outstanding:** |  |
| Class I | &nbsp;&nbsp; 11012888 |
| Class II | &nbsp;&nbsp; 16369802 |
| **Net Asset Value:** |  |
| Class I  | &nbsp;&nbsp; $4.73 |
| Class II  | &nbsp;&nbsp; $4.73 |

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 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; $3164247 |
| Dividends from affiliated investments | &nbsp;&nbsp; 132054 |
| **Total Investment Income** | &nbsp;&nbsp; **3296301** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 289369 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 95592 |
| Fund accounting fees | &nbsp;&nbsp; 42537 |
| Audit and tax fees | &nbsp;&nbsp; 30707 |
| Shareholder reports | &nbsp;&nbsp; 9979 |
| Legal fees | &nbsp;&nbsp; 6876 |
| Trustees' fees | &nbsp;&nbsp; 2390 |
| Insurance | &nbsp;&nbsp; 1021 |
| Commitment fees (Note 10) | &nbsp;&nbsp; 644 |
| Custody fees | &nbsp;&nbsp; 445 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 393 |
| Miscellaneous expenses  | &nbsp;&nbsp; 7084 |
| **Total Expenses** | &nbsp;&nbsp; **487037** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (47411)<br>|
| **Net Expenses** | &nbsp;&nbsp; **439626** |
| **Net Investment Income** | &nbsp;&nbsp; **2856675** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Swap** <br> **Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Swap** <br> **Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (1714167)<br>|
| Futures contracts | &nbsp;&nbsp; 481980 |
| Written options | &nbsp;&nbsp; 434807 |
| Swap contracts | &nbsp;&nbsp; 15039 |
| Forward foreign currency contracts | &nbsp;&nbsp; 52345 |
| Foreign currency transactions | &nbsp;&nbsp; 16337 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(713659)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 3206612 |
| Futures contracts | &nbsp;&nbsp; 301125 |
| Written options | &nbsp;&nbsp; 21154 |
| Swap contracts | &nbsp;&nbsp; 57298 |
| Forward foreign currency contracts | &nbsp;&nbsp; 79692 |
| Foreign currencies | &nbsp;&nbsp; 33825 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **3699706** |
| **Net Gain on Investments, Futures Contracts, Written Options, Swap Contracts, Forward** <br> **Foreign Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **2986047** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$5842722** |

---

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 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; $2856675 | $12860722 |
| Net realized loss  | &nbsp;&nbsp; (713659)<br>| (7998314)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3699706 | 1734826 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **5842722** | **6597234** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (12072565)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(12072565)**<br>|
| **Portfolio Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 9260415 | 50548319 |
| Reinvestment of distributions | &nbsp;&nbsp; — | 12072565 |
| Cost of shares repurchased  | &nbsp;&nbsp; (18718607)<br>| (244674387)<br>|
| **Decrease in Net Assets From Portfolio Share Transactions** | &nbsp;&nbsp; **(9458192)**<br>| **(182053503)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(3615470)**<br>| **(187528834)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 133077950 | 320606784 |
| **End of period** | &nbsp;&nbsp; **$129462480** | **$133077950** |

---

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 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:** | **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 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of** <br> **period**<br>| $4.52 | &nbsp;&nbsp; $4.95 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.23 | &nbsp;&nbsp; $5.82 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.10 | 0.23 | 0.21 | 0.16 | 0.13 | 0.16 |
| Net realized and unrealized gain <br> (loss)<br>| 0.11 | &nbsp;&nbsp; (0.24)<br>| 0.11 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.25)<br>| 0.38 |
| **Total income (loss) from** <br> **operations**<br>| **0.21** | &nbsp;&nbsp; **(0.01)** | **0.32** | &nbsp;&nbsp; **(1.02)** | &nbsp;&nbsp; **(0.12)** | **0.54** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.12)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Total distributions**  | **—** | &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp; **(0.11)**<br>| &nbsp;&nbsp; **(0.16)**<br>| &nbsp;&nbsp; **(0.13)**<br>|
| **Net asset value, end of period** | $4.73 | &nbsp;&nbsp; $4.52 | &nbsp;&nbsp; $4.95 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.23 |
| **Total return**<sup>3</sup> <br>| **4.65%**<br>| &nbsp;&nbsp; **(0.42)%**<br>| **6.82%**<br>| &nbsp;&nbsp; **(17.23)%**<br>| &nbsp;&nbsp; **(1.97)%**<br>| **9.31%**<br>|
| **Net assets, end of period (000s)** | $52042 | &nbsp;&nbsp; $55334 | &nbsp;&nbsp; $242542 | &nbsp;&nbsp; $198982 | &nbsp;&nbsp; $99849 | &nbsp;&nbsp; $92357 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.61 %<sup>4</sup><br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.53<br> %<br>| 0.59<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.53 <br><sup>4</sup><br>| 0.52 | 0.51 | 0.50 | 0.53 | 0.54 |
| Net investment income | 4.59 <br><sup>4</sup><br>| 4.60 | 4.22 | 3.07 | 2.17 | 2.73 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **83%**<br>| &nbsp;&nbsp; **107%**<br>| &nbsp;&nbsp; **110%**<br>| &nbsp;&nbsp; **57%**<br>| &nbsp;&nbsp; **78%**<br>| &nbsp;&nbsp; **113%**<br>|

---

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

<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> 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 or periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</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 0.54%. 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>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 29%, 67%, 70%, 49%, 54% and 80%. 

See Notes to Financial Statements.

------

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

&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:** | **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 II Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of** <br> **period**<br>| $4.53 | &nbsp;&nbsp; $4.96 | &nbsp;&nbsp; $4.83 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.23 | &nbsp;&nbsp; $5.83 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.10 | 0.22 | 0.19 | 0.14 | 0.12 | 0.15 |
| Net realized and unrealized gain <br> (loss)<br>| 0.10 | &nbsp;&nbsp; (0.24)<br>| 0.11 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.26)<br>| 0.37 |
| **Total income (loss) from** <br> **operations**<br>| **0.20** | &nbsp;&nbsp; **(0.02)** | **0.30** | &nbsp;&nbsp; **(1.03)** | &nbsp;&nbsp; **(0.14)** | **0.52** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Total distributions**  | **—** | &nbsp;&nbsp; **(0.41)**<br>| &nbsp;&nbsp; **(0.17)**<br>| &nbsp;&nbsp; **(0.09)**<br>| &nbsp;&nbsp; **(0.14)**<br>| &nbsp;&nbsp; **(0.12)**<br>|
| **Net asset value, end of period** | $4.73 | &nbsp;&nbsp; $4.53 | &nbsp;&nbsp; $4.96 | &nbsp;&nbsp; $4.83 | &nbsp;&nbsp; $5.95 | &nbsp;&nbsp; $6.23 |
| **Total return**<sup>3</sup> <br>| **4.65%**<br>| &nbsp;&nbsp; **(0.86)%**<br>| **6.44%**<br>| &nbsp;&nbsp; **(17.28)%**<br>| &nbsp;&nbsp; **(2.19)%**<br>| **9.05%**<br>|
| **Net assets, end of period (000s)** | $77421 | &nbsp;&nbsp; $77744 | &nbsp;&nbsp; $78065 | &nbsp;&nbsp; $122367 | &nbsp;&nbsp; $154330 | &nbsp;&nbsp; $130834 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.86 %<sup>4</sup><br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.83<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.79 <br><sup>4</sup><br>| 0.77 | 0.76 | 0.76 | 0.78 | 0.79 |
| Net investment income | 4.34 <br><sup>4</sup><br>| 4.39 | 3.89 | 2.64 | 1.92 | 2.50 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **83%**<br>| &nbsp;&nbsp; **107%**<br>| &nbsp;&nbsp; **110%**<br>| &nbsp;&nbsp; **57%**<br>| &nbsp;&nbsp; **78%**<br>| &nbsp;&nbsp; **113%**<br>|

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

<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> 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 or periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</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 II shares did not exceed 0.79%. 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>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rates for the respective years/periods presented would have been 29%, 67%, 70%, 49%, 54% and 80%. 

See Notes to Financial Statements.

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Core Plus VIT Portfolio (the "Portfolio") is a separate diversified investment series of Legg Mason Partners Variable Income Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Shares of the Portfolio may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The 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 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").

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

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: |  |  |  |  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; $11798102 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $11798102 |
| Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 30092273 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30092273 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 34171315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34171315 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27977027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27977027 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22478770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22478770 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 8402201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8402201 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2282551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2282551 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2051973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2051973 |
| U.S. Treasury Inflation <br> Protected Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 747321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 747321 |
| Purchased Options: |  |  |  |  |
| Exchange-Traded Purchased <br> Options<br>| &nbsp;&nbsp; $175834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 175834 |
| OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Common Stocks: |  |  |  |  |
| Industrials | &nbsp;&nbsp; 7405 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7450 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5264 |
| Total Long-Term Investments | &nbsp;&nbsp; 183239 | &nbsp;&nbsp; 140006848 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 140190087 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $5291067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5291067 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; $217539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217539 |
| Total Short-Term Investments | &nbsp;&nbsp; 5291067 | &nbsp;&nbsp; 217539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5508606 |
| **Total Investments** | &nbsp;&nbsp; **$5474306** | &nbsp;&nbsp; **$140224387** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$145698693** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $609716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $609716 |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $298233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 298233 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 58050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58050 |
| Centrally Cleared Credit <br> Default Swaps on Credit <br> Indices — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 40442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40442 |
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 28212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28212 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$609716** | &nbsp;&nbsp; **$424937** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1034653** |
| **Total** | &nbsp;&nbsp; **$6084022** | &nbsp;&nbsp; **$140649324** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$146733346** |
| **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: |  |  |  |  |
| Written Options |  |  |  |  |
| Exchange-Traded Written <br> Options<br>| &nbsp;&nbsp; $87289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $87289 |
| OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $0\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* |
| Futures Contracts†† | &nbsp;&nbsp; 513760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 513760 |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 190340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190340 |
| OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 436959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 436959 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 156811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156811 |
| Centrally Cleared Credit <br> Default Swaps on Credit <br> Indices — Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 41030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41030 |
| **Total** | &nbsp;&nbsp; **$601049** | &nbsp;&nbsp; **$825140** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1426189** |

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

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| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

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

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

**(b) Purchased options.** The Portfolio may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Portfolio purchases an option, an amount equal to the premium paid by the Portfolio is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Portfolio realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Portfolio may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Portfolio's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Portfolio from the exercise of the written put option to form the Portfolio's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Portfolio.

The risk in writing a covered call option is that the Portfolio may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Portfolio is exposed to the risk of loss if the market price of the underlying security increases. 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.

**(d) Options on futures contracts.** The Portfolio may purchase or write option contracts generally to gain or reduce exposure to types of investments or market factors or as a means of attempting to enhance returns. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the underlying futures contract at the specified option exercise price at any time prior to the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account that represents the amount by

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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which the market price of the futures contract exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. The potential for loss related to the purchase of an option on a futures contract is limited to the premium paid for the option plus transaction costs. Because the value of the option is fixed at the point of purchase, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that change would be reflected in the net asset value of the Portfolio. The potential for loss related to writing call options is unlimited. The potential for loss related to writing put options is limited only by the aggregate strike price of the put option less the premium received.

**(e) 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.

**(f) 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.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

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

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

**(g) 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, including to increase the Portfolio's return. 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 total notional value of all credit default swaps to sell protection was $11,048,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Portfolio bought protection for the same referenced security/entity.

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

**<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

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

protection seller, the Portfolio's maximum risk is the notional amount of the contract. CDS 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.

**<u>Interest rate swaps</u>**

The Portfolio enters into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, receive a fixed rate and pay a floating rate, or pay and receive a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Portfolio records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio's exposure to the counterparty.

**<u>Total return swaps</u>**

The Portfolio enters into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, the Portfolio will receive a payment from the counterparty. To the extent it is less, the Portfolio will make a payment to the counterparty.

**(h) Swaptions.** The Portfolio may purchase or write swaption contracts to manage exposure to fluctuations in interest rates or to enhance yield. The Portfolio may also purchase and write swaption contracts to manage exposure to an underlying instrument. Swaption contracts written by the Portfolio represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date. Swaption contracts purchased by the Portfolio represent an option that gives

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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the Portfolio the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date.

When the Portfolio writes a swaption, an amount equal to the premium received by the Portfolio is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the swaption written. If the swaption expires, the Portfolio realizes a gain equal to the amount of the premium received.

When the Portfolio purchases a swaption, an amount equal to the premium paid by the Portfolio is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, the Portfolio realizes a loss equal to the amount of the premium paid.

Swaptions are marked-to-market daily based upon quotations from market makers. Changes in the value of the swaption are reported as unrealized gains or losses in the Statement of Operations.

**(i) 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.

**(j) Stripped securities.** The Portfolio may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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

than anticipated prepayments of principal, the Portfolio may not fully recoup its initial investment in IO's.

**(k) 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.

**(l) Securities traded on a to-be-announced basis.** The Portfolio may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio. Beginning on the date the Portfolio enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(m) Mortgage dollar rolls.** The Portfolio may enter into mortgage dollar rolls in which the Portfolio sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Portfolio executes its mortgage dollar rolls entirely in the TBA market, whereby the Portfolio makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Portfolio accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Portfolio's use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities.

**(n) Inflation-indexed bonds.** Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation. As the index measuring inflation changes, the principal value or interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of

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inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**(o) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Portfolio does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Portfolio's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

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

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

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

**(q) 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.

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

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

The Portfolio has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not

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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 held forward foreign currency contracts and OTC interest rate swaps with credit related contingent features which had a liability position of $627,299. If a contingent feature in the master agreements would have been triggered, the Portfolio would have been required to pay this amount to its derivatives counterparties. As of June 30, 2025, the Portfolio had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $480,000 which could be used to reduce the required payment.

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

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

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

**(t) 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.

**(u) Share class accounting.** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Portfolio on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**(v) 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.

**(w) 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.

**(x) 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"), Western Asset Management Company Pte. Ltd. in Singapore ("Western Asset Singapore") and Western Asset Management Company Ltd in Japan ("Western Asset Japan") are the Portfolio's subadvisers. FTFA, Western Asset, Western Asset London, Western Asset Singapore and Western Asset Japan are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

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| | |
|:---|:---|
| Average Daily Net Assets | Annual Rate |
| First $500 million | 0.450<br> %<br>|
| Next $500 million | 0.425 |
| Over $1 billion | 0.400 |

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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, Western Asset Singapore and Western Asset Japan 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, Western Asset Singapore and Western Asset Japan 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 expense limitation arrangements 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 and Class II shares did not exceed 0.54% and 0.79%, respectively. These expense limitation arrangements 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 $47,411, which included an affiliated money market fund waiver of $3,171.

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.

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

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 | Class II |
| Expires December 31, 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Expires December 31, 2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Expires December 31, 2027 | &nbsp;&nbsp; $17915 | &nbsp;&nbsp; $26325 |
| **Total fee waivers/expense reimbursements subject to recapture** | &nbsp;&nbsp; **$17915** | &nbsp;&nbsp; **$26325** |

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For the six months ended June 30, 2025, FTFA did not recapture any fees.

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. Each class of shares of 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, each class 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 $334 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; $7810465 | &nbsp;&nbsp; $110191916 |
| Sales | &nbsp;&nbsp; 15083702 | &nbsp;&nbsp; 113683280 |

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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/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $152925370 | &nbsp;&nbsp; $2438042 | &nbsp;&nbsp; $(9664719) | &nbsp;&nbsp; $(7226677) |
| Written options | &nbsp;&nbsp; (123092) | &nbsp;&nbsp; 38943 | &nbsp;&nbsp; (3140) | &nbsp;&nbsp; 35803 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 609716 | &nbsp;&nbsp; (513760) | &nbsp;&nbsp; 95956 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 298233 | &nbsp;&nbsp; (190340) | &nbsp;&nbsp; 107893 |
| Swap contracts | &nbsp;&nbsp; (6460) | &nbsp;&nbsp; 126704 | &nbsp;&nbsp; (634800) | &nbsp;&nbsp; (508096) |

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**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **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>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Purchased options<sup>2</sup> <br>| &nbsp;&nbsp; $175834 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $175840 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 609716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 609716 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 298233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 298233 |
| OTC swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $28212 | &nbsp;&nbsp; 28212 |
| Centrally cleared swap contracts<sup>5</sup> <br>| &nbsp;&nbsp; 58050 | &nbsp;&nbsp; — | &nbsp;&nbsp; $40442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98492 |
| **Total** | &nbsp;&nbsp; **$843600** | &nbsp;&nbsp; **$298239** | &nbsp;&nbsp; **$40442** | &nbsp;&nbsp; **$28212** | &nbsp;&nbsp; **$1210493** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Total |
| Written options | &nbsp;&nbsp; $87289 | &nbsp;&nbsp; $0\* | &nbsp;&nbsp; — | &nbsp;&nbsp; $87289 |
| Futures contracts<sup>3</sup> <br>| &nbsp;&nbsp; 513760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 513760 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 190340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190340 |
| OTC swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; 436959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 436959 |
| Centrally cleared swap contracts<sup>5</sup> <br>| &nbsp;&nbsp; 156811 | &nbsp;&nbsp; — | &nbsp;&nbsp; $41030 | &nbsp;&nbsp; 197841 |
| **Total** | &nbsp;&nbsp; **$1194819** | &nbsp;&nbsp; **$190340** | &nbsp;&nbsp; **$41030** | &nbsp;&nbsp; **$1426189** |

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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

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

\* Amount represents less than $1.

<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> Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement of Assets and Liabilities. 

<sup>3</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. 

<sup>4</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Statement of Assets and Liabilities. 

<sup>5</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $(760061)<br>| &nbsp;&nbsp; $(12826)<br>| &nbsp;&nbsp; $14279 | &nbsp;&nbsp; — | &nbsp;&nbsp; $(758608)<br>|
| Futures contracts | &nbsp;&nbsp; 481980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 481980 |
| Written options | &nbsp;&nbsp; 409128 | &nbsp;&nbsp; 15749 | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 434807 |
| Swap contracts | &nbsp;&nbsp; (17024)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7143 | &nbsp;&nbsp; $24920 | &nbsp;&nbsp; 15039 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 52345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52345 |
| **Total** | &nbsp;&nbsp; **$114023** | &nbsp;&nbsp; **$55268** | &nbsp;&nbsp; **$31352** | &nbsp;&nbsp; **$24920** | &nbsp;&nbsp; **$225563** |

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

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in unaffiliated securities in the Statement of Operations.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **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>| Credit <br>Risk<br>| Market <br>Risk<br>| Total |
| Purchased options<sup>1</sup> <br>| &nbsp;&nbsp; $5816 | &nbsp;&nbsp; $(5155)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $661 |
| Futures contracts | &nbsp;&nbsp; 301125 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 301125 |
| Written options | &nbsp;&nbsp; 25077 | &nbsp;&nbsp; (3923)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21154 |
| Swap contracts | &nbsp;&nbsp; 52305 | &nbsp;&nbsp; — | &nbsp;&nbsp; $(742)<br>| &nbsp;&nbsp; $5735 | &nbsp;&nbsp; 57298 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 79692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79692 |
| **Total** | &nbsp;&nbsp; **$384323** | &nbsp;&nbsp; **$70614** | &nbsp;&nbsp; **$(742)**<br>| &nbsp;&nbsp; **$5735** | &nbsp;&nbsp; **$459930** |

---

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

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in unaffiliated securities in the Statement of Operations.

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Purchased options | &nbsp;&nbsp; $259673 |
| Written options | &nbsp;&nbsp; 132752 |
| Futures contracts (to buy) | &nbsp;&nbsp; 63572241 |
| Futures contracts (to sell) | &nbsp;&nbsp; 50555923 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 8564600 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 9161260 |
|  | Average Notional <br>Balance\*\*<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $30732746 |
| Credit default swap contracts (buy protection) | &nbsp;&nbsp; 1754214 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 11047571 |
| Total return swap contracts | &nbsp;&nbsp; 724714 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* 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<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<sup>2,3</sup> <br>| Net <br>Amount<sup>4,5</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $109661 | &nbsp;&nbsp; $(131102) | &nbsp;&nbsp; $(21441) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(21441) |
| BNP Paribas SA | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2661 |
| Citibank N.A. | &nbsp;&nbsp; 154680 | &nbsp;&nbsp; (35614) | &nbsp;&nbsp; 119066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119066 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 19060 | &nbsp;&nbsp; (23624) | &nbsp;&nbsp; (4564) | &nbsp;&nbsp; — | &nbsp;&nbsp; (4564) |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 30847 | &nbsp;&nbsp; (436959) | &nbsp;&nbsp; (406112) | &nbsp;&nbsp; $436959 | &nbsp;&nbsp; 30847 |
| Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 9542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9542 |
| **Total** | &nbsp;&nbsp; **$326451** | &nbsp;&nbsp; **$(627299)** | &nbsp;&nbsp; **$(300848)** | &nbsp;&nbsp; **$436959** | &nbsp;&nbsp; **$136111** |

---

&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> Gross amounts are not offset in the Statement of Assets and Liabilities.

<sup>3</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. 

<sup>4</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>5</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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

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

**5. Class specific expenses, waivers and/or expense reimbursements**

The Portfolio has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Portfolio pays service and/or distribution fees with respect to its Class II shares calculated at the annual rate of 0.25% of the average daily net assets of the class. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended June 30, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; $193 |
| Class II | &nbsp;&nbsp; $95592 | &nbsp;&nbsp; 200 |
| **Total** | &nbsp;&nbsp; **$95592** | &nbsp;&nbsp; **$393** |

---

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

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class I | &nbsp;&nbsp; $19203 |
| Class II | &nbsp;&nbsp; 28208 |
| **Total** | &nbsp;&nbsp; **$47411** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>June 30, 2025<br>| Year Ended <br>December 31, 2024<br>|
| **Net Investment Income:** |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; $5666114 |
| Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 6406451 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$12072565** |

---

**7. 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.

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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Transactions in shares of each class 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; 697725 | &nbsp;&nbsp;&nbsp; $3217190 | &nbsp;&nbsp;&nbsp; 7934411 | &nbsp;&nbsp;&nbsp; $38795648 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1212536 | &nbsp;&nbsp;&nbsp; 5666114 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1938118)<br>| &nbsp;&nbsp;&nbsp; (8918536)<br>| &nbsp;&nbsp;&nbsp; (45901870)<br>| &nbsp;&nbsp;&nbsp; (233104598)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(1240393)**<br>| &nbsp;&nbsp;&nbsp; **$(5701346)**<br>| &nbsp;&nbsp;&nbsp; **(36754923)**<br>| &nbsp;&nbsp;&nbsp; **$(188642836)**<br>|
| **Class II** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1307463 | &nbsp;&nbsp;&nbsp; $6043225 | &nbsp;&nbsp;&nbsp; 2410714 | &nbsp;&nbsp;&nbsp; $11752671 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1378112 | &nbsp;&nbsp;&nbsp; 6406451 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (2118168)<br>| &nbsp;&nbsp;&nbsp; (9800071)<br>| &nbsp;&nbsp;&nbsp; (2353563)<br>| &nbsp;&nbsp;&nbsp; (11569789)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **(810705)**<br>| &nbsp;&nbsp;&nbsp; **$(3756846)**<br>| &nbsp;&nbsp;&nbsp; **1435263** | &nbsp;&nbsp;&nbsp; **$6589333** |

---

**8. 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>| $6562794 | $19323772 | 19323772 | $20595499 | 20595499 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>|  | $132054 |  | $5291067 |

---

Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

------

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

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

**9. Restricted securities**

The following Portfolio investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 6/30/2025<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, <br>Common Shares<br>| &nbsp;&nbsp; 9 | 3/25 | $109 | $45 | &nbsp;&nbsp; $5.00<br> 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br>Warrants<br>| &nbsp;&nbsp; 1055 | 3/25 | 12843 | 5264<br> <sup>(b)</sup><br>| 4.99<br> 0.00<br> %<sup>(a)</sup><br>|
|  |  |  | **$12952** | **$5309** | &nbsp;&nbsp; <br> **0.00%**<sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Amount represents less than 0.005%.

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

**10. 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.

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.

**11. Deferred capital losses**

As of December 31, 2024, the Portfolio had deferred capital losses of $49,269,623, which have no expiration date, that will be available to offset future taxable capital gains.

**12. 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.

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Western Asset Core Plus VIT Portfolio 2025 Semi-Annual Report

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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 Core Plus VIT Portfolio 2025 Semi-Annual Report

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&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. |

---

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Western Asset Core Plus VIT Portfolio

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the "Executive and Contracts Committee") considered the Management Agreement between the Trust and Franklin Templeton Fund Adviser, LLC ("FTFA") with respect to the Fund and the following subadvisory agreements with respect to the Fund (collectively, the "Agreements") (i) a subadvisory agreement between FTFA and Western Asset Management Company, LLC ("Western Asset") with respect to the Fund, (ii) a subadvisory agreement between FTFA and Western Asset Management Company Limited ("WAML") with respect to the Fund, (iii) a subadvisory agreement between FTFA and Western Asset Management Company Pte. Ltd. in Singapore ("Western Singapore") with respect to the Fund, and (iv) a subadvisory agreement between FTFA and Western Asset Management Company Ltd in Japan with respect to the Fund ("Western Japan," and together with Western Singapore, and WAML, the "Non-U.S. Subadvisers," and together with Western Asset, the "Subadvisers," and together with FTFA, the "Advisers") with respect to the Fund at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

The Trustees noted that although Western Asset's business is operated through separate legal entities, such as the Non-U.S. Subadvisers, senior investment personnel at Western Asset have supervisory oversight responsibility over the investment decisions made by the Non-U.S. Subadvisers. Therefore, in connection with their deliberations noted below, the Trustees primarily focused on the information provided by Western Asset when considering the approval of the Agreements between FTFA and the Non-U.S. Subadvisers.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds selected by Broadridge (the "Performance Universe") and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund's performance and other relevant matters and related discussions with the Advisers' personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral. With respect to the Broadridge materials, the Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they

Western Asset Core Plus VIT Portfolio

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time.

As part of their review, the Trustees examined FTFA's ability to provide high quality oversight and administrative and shareholder support services to the Fund and the Subadvisers' ability to provide high quality investment management services to the Fund. The Trustees considered the experience of FTFA's personnel in providing the types of services that FTFA is responsible for providing to the Fund; the ability of FTFA to attract and retain capable personnel; and the capability and integrity of FTFA's senior management and staff. The Trustees also considered the investment philosophy and research and decision-making processes of the Subadvisers; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Subadvisers to attract and retain capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as FTFA's and each Subadviser's risk management processes; the capability and integrity of the Advisers' senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers' services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers' ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Subadvisers' investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of FTFA's and Western Asset's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of FTFA and its affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1-, 3-, 5-, and 10-year periods ended December 31, 2024. The information comparing the Fund's performance to that of its Performance Universe, consisting of all funds (including the Fund) classified by Broadridge as core plus bond funds underlying variable insurance products, showed, among other data, that the Fund's performance for the 1-, 3-, 5-, and 10-year periods ended December 31, 2024 was below the median. The Board noted that the Fund's performance trailed the

------

Western Asset Core Plus VIT Portfolio

------

performance of its benchmark index for the 1-, 3-, and 5-year periods ended December 31, 2024 and exceeded that of its benchmark index for the 10-year period ended December 31, 2024. The Board considered the factors involved in the Fund's performance relative to the performance of its investment benchmark and Performance Universe. The Board discussed the reasons for the Fund's underperformance and the steps the Advisers were taking to improve the Fund's performance.

The Trustees also considered the management fee payable by the Fund to FTFA, total expenses payable by the Fund and the fee that FTFA pays to the Subadvisers. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset's other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to any of the Subadvisers because FTFA pays the Subadvisers for services provided to the Fund out of the management fee FTFA receives from the Fund. The information comparing the Fund's Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of core plus bond funds underlying variable insurance products (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund's Contractual Management Fee and Actual Management Fee were below the median. The Board noted that the Fund's actual total expense ratio was below the median. The Board also considered that the current limitation on the Fund's expenses is expected to continue through December 2026.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the "fallout benefits," such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by the Advisers, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Board noted that the Fund's Contractual Management Fee and Actual Management Fee were below the median of the peer group. The Board also noted the size of the Fund.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory

Western Asset Core Plus VIT Portfolio

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Director may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers but would continue to closely monitor the Advisers' performance; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.

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Western Asset Core Plus VIT Portfolio

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Western Asset

Core Plus VIT Portfolio

**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

Western Asset Management Company Pte. Ltd.

Western Asset Management Company Ltd

**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 Core Plus VIT Portfolio**

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

Western Asset Core Plus VIT Portfolio

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 Core Plus VIT Portfolio. 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.

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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**

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![](img3a8e23c63.jpg)

**90086-SFSOI 8/25**© 2025 Franklin Templeton. All rights reserved.

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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.](wacpvp-efp17023_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.](wacpvp-efp17023_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.