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)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

Annual Report December 31, 2023

WESTERN ASSET

VARIABLE GLOBAL HIGH YIELD BOND PORTFOLIO

The Securities and Exchange Commission has adopted new regulations that will result in changes to the design and delivery of annual and semi-annual shareholder reports beginning in July 2024.

If you have previously elected to receive shareholder reports electronically, you will continue to do so and need not take any action.

Otherwise, paper copies of the Fund’s shareholder reports will be mailed to you beginning in July 2024. If you would like to receive shareholder reports and other communications from the Fund electronically instead of by mail, you may make that request at any time by contacting your insurance company or your financial intermediary (such as a broker-dealer or bank).

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

What’s inside
Letter from the president	II
Portfolio overview	1
Portfolio at a glance	5
Portfolio expenses	6
Portfolio performance	8
Schedule of investments	10
Statement of assets and liabilities	27
Statement of operations	29
Statements of changes in net assets	30
Financial highlights	31
Notes to financial statements	33
Report of independent registered public accounting firm	48
Additional information	49
Important tax information	55

Portfolio objective

The Portfolio seeks to maximize total return.

Letter from the president

Dear Shareholder,

We are pleased to provide the annual report of Western Asset Variable Global High Yield Bond Portfolio for the twelve-month reporting period ended December 31, 2023. Please read on for a detailed look at prevailing economic and market conditions during the Portfolio’s reporting period and to learn how those conditions have affected Portfolio performance.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Market insights and commentaries from our portfolio managers and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

January 31, 2024

   II  Western Asset Variable Global High Yield Bond Portfolio

Portfolio overview

Q. What is the Portfolio’s investment strategy?

A. The Portfolio seeks to maximize total return. The Portfolio invests primarily in high yield fixed income securities issued by U.S. and foreign companies and foreign governments and their agencies and instrumentalities. Under normal market conditions, the Portfolio invests at least 80% of its assets in high yield bonds. High yield bonds are rated below investment grade (that is, securities rated below the Baa/BBB categories), or, if unrated, securities we determined to be of comparable credit quality and are commonly referred to as “high yield” or “junk bonds”. Under normal circumstances, the Portfolio will be invested in at least three countries (one of which may be the United States). The Portfolio may invest without limit in foreign securities denominated either in U.S. dollars or foreign currencies and may invest up to 35% of its assets in sovereign debt issued by emerging market governmental issuers. The Portfolio’s investments may be of any maturity or duration.

Instead of, and/or in addition to, investing directly in particular securities, the Portfolio may use instruments such as derivatives, including options, swaps, interest rate swaps, credit default swaps (including buying and selling credit default swaps and options on credit default swaps), foreign currency futures, forwards and options, futures contracts and other synthetic instruments that are intended to provide economic exposure to the securities or the issuer or to be used as a hedging technique. The Portfolio may use one or more types of these instruments without limit. These instruments are taken into account when determining compliance with the Portfolio’s 80% policy. The Portfolio may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio (such as shortening or lengthening duration) and for other purposes.

At Western Asset Management Company, LLC (“Western Asset”), the Portfolio’s subadviser, we utilize a fixed income team approach, with decisions derived from interaction among various investment management sector specialists. The sector teams are comprised of Western Asset’s senior portfolio management personnel, research analysts and an in-house economist. Under this team approach, management of client fixed income portfolios will reflect a consensus of interdisciplinary views within the Western Asset organization.

Q. What were the overall market conditions during the Portfolio’s reporting period?

A. The U.S. fixed income market experienced periods of elevated volatility, but ultimately generated solid results in 2023. The market moved higher over the first quarter of the reporting period amid shifting expectations for Federal Reserve Board (the “Fed”) rate hikes. Turmoil in the regional banking industry also triggered a flight to quality assets. Those market gains were then erased during the second and third quarters of 2023, as persistent inflation led to expectations of a “higher for longer” interest rate environment. The market ended the year on a positive note, as the Fed indicated it would likely pivot from raising rates to cutting rates in 2024. Moderating inflation and hopes that the central bank could orchestrate a “soft landing” for the economy also supported the market.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    1 

Portfolio overview (cont’d)

All told, the Bloomberg Global High Yield Index (Hedged) (USD)i returned 13.66% during the twelve-month reporting period ended December 31, 2023. For comparison purposes, the overall taxable bond market, as measured by the Bloomberg U.S. Universal Indexii, returned 6.17% in 2023.

Q. How did we respond to these changing market conditions?

A. A number of adjustments were made to the Portfolio during the reporting period. We modestly increased the Portfolio’s duration overweight. Within the high-yield market, we increased the Portfolio’s allocations to energy and gaming, while paring our exposures to cable & satellite and pharmaceuticals.

During the reporting period, currency futures and forwards, which were used to manage the Portfolio’s currency positioning, modestly detracted from performance.

Performance review

For the twelve months ended December 31, 2023, Class I shares of Western Asset Variable Global High Yield Bond Portfolio1 returned 10.26%. The Portfolio’s unmanaged benchmark, the Bloomberg Global High Yield Index (Hedged) (USD), returned 13.66% for the same period.

Performance Snapshot as of December 31, 2023  (unaudited)
	6 months			12 months
Western Asset Variable Global High Yield Bond Portfolio:
Class I		7.47	%		10.26	%
Class II		7.45	%		9.96	%
Bloomberg Global High Yield Index (Hedged) (USD)		8.31	%		13.66	%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value, investment returns and yields will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all Portfolio expenses. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

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

The 30-Day SEC Yields for the period ended December 31, 2023 for Class I and Class II shares were 7.44% and 7.18%, respectively. The 30-Day SEC Yield, calculated pursuant to the standard SEC formula, is based on the Portfolio’s investments over an annualized trailing 30-day period, and not on the distributions paid by the Portfolio, which may differ.

¹  The Portfolio is an underlying investment option of various variable annuity and variable life insurance products. The Portfolio’s performance returns do not reflect the deduction of expenses imposed in connection with investing in variable annuity or variable life insurance contracts, such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the performance of the Portfolio. Past performance is no guarantee of future results.

   2  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Total Annual Operating Expenses (unaudited)

As of the Portfolio’s current prospectus dated May 1, 2023, the gross total annual fund operating expense ratios for Class I and Class II shares were 0.79% and 1.04%, respectively.

Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Portfolio expense ratios are more likely to increase when markets are volatile.

Q. What were the leading contributors to performance?

A. The largest contributors to the Portfolio’s relative performance during the reporting period were its overweight to consumer cyclicals1 and underweight to information technology. From an issue selection perspective, holdings within the consumer cyclicals (overweight Norwegian Cruise Lines and Carnival Cruise Lines) and energy (overweight Energy Transfer Partners) sectors added the most value.

Q. What were the leading detractors from performance?

A. The largest detractor from the Portfolio’s relative performance during the reporting period was its underweight to emerging markets. From a ratings perspective, an underweight to securities rated CCC and below detracted from results, as they outperformed their higher quality counterparts. Finally, issue selection within banking (Credit Suisse AT1s) was a headwind for returns.

Thank you for your investment in the Western Asset Variable Global High Yield Bond Portfolio. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Portfolio’s investment goals.

Sincerely,

Western Asset Management Company, LLC

January 12, 2024

RISKS: Investments in bonds are subject to interest rate and credit risks. As interest rates rise, bond prices fall, thereby reducing the value of the Portfolio’s share price. High yield bonds, commonly known as “junk” bonds, involve greater credit and liquidity risks than investment grade bonds. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations and social, political and economic uncertainties, which could increase volatility. These risks are magnified in emerging or developing markets. Emerging market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Portfolio may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Portfolio performance. The use of leverage may increase volatility and possibility of loss. The market values of

¹  Cyclicals consists of the following industries: automotive, entertainment, gaming, home construction, lodging, retailers, restaurants, textiles and other consumer services.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    3 

Portfolio overview (cont’d)

securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. Please see the Portfolio’s prospectus for a more complete discussion of these and other risks and the Portfolio’s investment strategies.

Portfolio holdings and breakdowns are as of December 31, 2023 and are subject to change and may not be representative of the portfolio managers’ current or future investments. Please refer to pages 10 through 26 for a list and percentage breakdown of the Portfolio’s holdings.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. Portfolio holdings are subject to change at any time and may not be representative of the portfolio managers’ current or future investments. The Portfolio’s top five sector holdings (as a percentage of net assets) as of December 31, 2023 were: consumer discretionary (22.6%), sovereign bonds (15.3%), communication services (14.4%), industrials (10.7%) and energy (8.7%). The Portfolio’s composition is subject to change at any time.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole. Forecasts and predictions are inherently limited and should not be relied upon as an indication of actual or future performance.

ⁱ  The Bloomberg Global High Yield Index (Hedged) (USD) provides a broad-based measure of the global high yield fixed income markets, representing the union of the U.S. High-Yield, Pan-European High-Yield, and Emerging Markets Hard Currency High Yield Indices.

ⁱⁱ  The Bloomberg U.S. Universal Index represents the union of the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Corporate High Yield Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

   4  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Portfolio at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the composition of the Portfolio’s investments as of December 31, 2023 and December 31, 2022 and does not include derivatives, such as futures contracts and forward foreign currency contracts. The Portfolio is actively managed. As a result, the composition of the Portfolio’s investments is subject to change at any time.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    5 

Portfolio expenses (unaudited)

Example

As a shareholder of the Portfolio, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other funds.

This example is based on an investment of $1,000 invested on July 1, 2023 and held for the six months ended December 31, 2023.

Actual expenses

The table below titled “Based on actual total return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

Hypothetical example for comparison purposes

The table below titled “Based on hypothetical total return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare the 5.00% hypothetical example relating to the Portfolio with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Based on actual total return1													Based on hypothetical total return1
	Actual Total Return2			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3
Class I		7.47	%	$	1,000.00	$	1,074.70		0.84	%	$	4.39	Class I		5.00	%	$	1,000.00	$	1,020.97		0.84	%	$	4.28
Class II		7.45			1,000.00		1,074.50		1.09			5.70	Class II		5.00			1,000.00		1,019.71		1.09			5.55

   6  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

¹  For the six months ended December 31, 2023.

²  Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. 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 returns. 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. Past performance is no guarantee of future results.

³  Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    7 

Portfolio performance (unaudited)

Average annual total returns1
	Class I			Class II
Twelve Months Ended 12/31/23		10.26	%		9.96	%
Five Years Ended 12/31/23		3.42			3.17
Ten Years Ended 12/31/23		2.89			2.63

Cumulative total returns1
Class I (12/31/13 through 12/31/23)	32.91	%
Class II (12/31/13 through 12/31/23)	29.60

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. 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.

¹  Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value.

   8  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Historical performance

Value of $10,000 invested in

Class I Shares of Western Asset Variable Global High Yield Bond Portfolio vs. Bloomberg Global High Yield Index (Hedged) (USD)† — December 2013 — December 2023

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. 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.

† Hypothetical illustration of $10,000 invested in Class I shares of Western Asset Variable Global High Yield Bond Portfolio on December 31, 2013, assuming the reinvestment of all distributions, including returns of capital, if any, at net asset value through December 31, 2023. The hypothetical illustration also assumes a $10,000 investment in the Bloomberg Global High Yield Index (Hedged) (USD). The Bloomberg Global High Yield Index (Hedged) (USD) (the “Index”) provides a broad-based measure of the global high-yield fixed income markets, representing the union of the U.S. High-Yield, Pan-European High-Yield, and Emerging Markets Hard Currency High-Yield Indices. The Index is unmanaged and not subject to the same management and trading expenses as a fund. Please note that an investor cannot invest directly in an index. The performance of the Portfolio’s other class may be greater or less than the Class I shares’ performance indicated on this chart, depending on whether greater or lesser fees were incurred by shareholders investing in the other class.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    9 

Schedule of investments

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Corporate Bonds & Notes — 76.7%
Communication Services — 13.4%
Diversified Telecommunication Services — 4.7%
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		3,510,000		$	3,119,489	(a)
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		810,000			525,398	(a)
Altice France SA, Senior Secured Notes		5.125	%		7/15/29		250,000			194,840	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		450,000			353,423	(a)
Orange SA, Junior Subordinated Notes (2.375% to 4/15/25 then EUR 5 year Swap Rate + 2.359%)		2.375	%		1/15/25		400,000	EUR		430,267	(b)(c)(d)
Telecom Italia Capital SA, Senior Notes		7.200	%		7/18/36		150,000			150,771
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		1,180,000			1,175,473	(a)
Turk Telekomunikasyon AS, Senior Notes		6.875	%		2/28/25		850,000			842,775	(a)
Total Diversified Telecommunication Services										6,792,436
Entertainment — 0.6%
Banijay Entertainment SASU, Senior Secured Notes		8.125	%		5/1/29		870,000			896,548	(a)
Interactive Media & Services — 0.9%
Match Group Holdings II LLC, Senior Notes		3.625	%		10/1/31		1,190,000			1,029,297	(a)
Rackspace Technology Global Inc., Senior Secured Notes		3.500	%		2/15/28		500,000			201,302	(a)
Total Interactive Media & Services										1,230,599
Media — 4.4%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		400,000			361,128	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		1,430,000			1,163,973	(a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes		5.875	%		8/15/27		664,000			624,424	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		280,000			262,793
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		900,000			464,782
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		1,040,000			831,454	(a)
Sirius XM Radio Inc., Senior Notes		4.125	%		7/1/30		700,000			624,675	(a)
United Group BV, Senior Secured Notes		5.250	%		2/1/30		150,000	EUR		157,401	(a)
Virgin Media Finance PLC, Senior Notes		5.000	%		7/15/30		700,000			618,038	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		900,000			870,630	(a)
VZ Secured Financing BV, Senior Secured Notes		5.000	%		1/15/32		370,000			316,330	(a)
Total Media										6,295,628

See Notes to Financial Statements.

   10  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Wireless Telecommunication Services — 2.8%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		360,000		$	318,022	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		310,000			193,297	(a)
CSC Holdings LLC, Senior Notes		4.625	%		12/1/30		270,000			162,910	(a)
CSC Holdings LLC, Senior Notes		3.375	%		2/15/31		250,000			182,670	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		2,200,000			1,333,464	(a)
Millicom International Cellular SA, Senior Notes		4.500	%		4/27/31		750,000			623,804	(c)
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		500,000			450,644
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		810,000			724,044	(a)
Total Wireless Telecommunication Services										3,988,855
Total Communication Services										19,204,066
Consumer Discretionary — 22.4%
Automobile Components — 3.1%
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		220,000			221,084
American Axle & Manufacturing Inc., Senior Notes		5.000	%		10/1/29		1,110,000			982,140
Clarios Global LP/Clarios US Finance Co., Senior Notes		8.500	%		5/15/27		510,000			512,734	(a)
JB Poindexter & Co. Inc., Senior Notes		8.750	%		12/15/31		1,500,000			1,531,875	(a)
ZF North America Capital Inc., Senior Notes		6.875	%		4/14/28		1,070,000			1,109,477	(a)
Total Automobile Components										4,357,310
Automobiles — 2.5%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		3,860,000			3,211,989
Ford Motor Credit Co. LLC, Senior Notes		3.815	%		11/2/27		400,000			373,711
Total Automobiles										3,585,700
Broadline Retail — 2.1%
Marks & Spencer PLC, Senior Notes		3.750	%		5/19/26		800,000	GBP		989,721	(c)
MercadoLibre Inc., Senior Notes		3.125	%		1/14/31		2,360,000			2,023,390
Total Broadline Retail										3,013,111
Distributors — 0.4%
Ritchie Bros Holdings Inc., Senior Notes		7.750	%		3/15/31		570,000			608,395	(a)
Diversified Consumer Services — 3.2%
APCOA Parking Holdings GmbH, Senior Secured Notes		4.625	%		1/15/27		1,190,000	EUR		1,239,617	(c)
APCOA Parking Holdings GmbH, Senior Secured Notes		4.625	%		1/15/27		980,000	EUR		1,020,861	(a)
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		270,000			240,107	(a)
IPD 3 BV, Senior Secured Notes		8.000	%		6/15/28		100,000	EUR		118,174	(a)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    11 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Diversified Consumer Services — continued
Service Corp. International, Senior Notes		5.125	%		6/1/29		530,000		$	520,725
StoneMor Inc., Senior Secured Notes		8.500	%		5/15/29		200,000			157,193	(a)
Verisure Holding AB, Senior Secured Notes		7.125	%		2/1/28		650,000	EUR		757,012	(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		890,000			584,413	(a)
Total Diversified Consumer Services										4,638,102
Hotels, Restaurants & Leisure — 11.1%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		460,000			424,613	(a)
888 Acquisitions Ltd., Senior Secured Notes		7.558	%		7/15/27		1,050,000	EUR		1,115,019	(a)
Caesars Entertainment Inc., Senior Secured Notes		7.000	%		2/15/30		490,000			502,770	(a)
Carnival Corp., Senior Notes		6.000	%		5/1/29		180,000			173,335	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		290,000			317,414	(a)
Carnival Holdings Bermuda Ltd., Senior Notes		10.375	%		5/1/28		530,000			577,273	(a)
Carnival PLC, Senior Notes		1.000	%		10/28/29		1,000,000	EUR		803,400
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		640,000			566,012	(a)
Full House Resorts Inc., Senior Secured Notes		8.250	%		2/15/28		470,000			442,232	(a)
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		300,000			294,364
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%)		7.889	%		7/16/35		853,000	GBP		805,509	(c)(d)
Melco Resorts Finance Ltd., Senior Notes		5.375	%		12/4/29		350,000			309,673	(a)
NCL Corp. Ltd., Senior Notes		3.625	%		12/15/24		920,000			894,361	(a)
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		1,000,000			977,853	(a)
NCL Corp. Ltd., Senior Secured Notes		8.125	%		1/15/29		220,000			229,973	(a)
Royal Caribbean Cruises Ltd., Senior Notes		4.250	%		7/1/26		920,000			889,179	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		8/31/26		500,000			495,387	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		4/1/28		1,020,000			1,007,641	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		1,270,000	GBP		1,534,815	(c)
Sands China Ltd., Senior Notes		5.650	%		8/8/28		500,000			496,137
Sands China Ltd., Senior Notes		3.100	%		3/8/29		200,000			174,548
TUI Cruises GmbH, Senior Notes		6.500	%		5/15/26		250,000	EUR		273,232	(c)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes		5.625	%		2/15/29		665,000			648,947	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		100,000			95,844	(a)
Wheel Bidco Ltd., Senior Secured Notes		6.750	%		7/15/26		460,000	GBP		503,782	(a)
Wynn Macau Ltd., Senior Notes		4.875	%		10/1/24		400,000			395,212	(a)

See Notes to Financial Statements.

   12  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Hotels, Restaurants & Leisure — continued
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		300,000		$	266,896	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		630,000			656,827	(a)
Total Hotels, Restaurants & Leisure										15,872,248
Total Consumer Discretionary										32,074,866
Consumer Staples — 0.9%
Beverages — 0.8%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, Senior Notes		5.250	%		4/27/29		1,140,000			1,071,758	(a)
Food Products — 0.1%
Bellis Acquisition Co. PLC, Senior Secured Notes		4.500	%		2/16/26		170,000	GBP		205,671	(a)
Total Consumer Staples										1,277,429
Energy — 8.7%
Energy Equipment & Services — 0.6%
Noble Finance II LLC, Senior Notes		8.000	%		4/15/30		270,000			281,177	(a)
Sunnova Energy Corp., Senior Notes		5.875	%		9/1/26		720,000			613,541	(a)
Total Energy Equipment & Services										894,718
Oil, Gas & Consumable Fuels — 8.1%
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		220,000			214,901
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		500,000			426,628
Chesapeake Energy Corp., Senior Notes		5.500	%		2/1/26		400,000			396,896	(a)
Crescent Energy Finance LLC, Senior Notes		9.250	%		2/15/28		230,000			238,817	(a)
Ecopetrol SA, Senior Notes		8.875	%		1/13/33		610,000			663,470
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		900,000			711,914
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)		6.625	%		2/15/28		10,000			8,387	(b)(d)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		1,090,000			1,007,137	(b)(d)
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/30		240,000			258,278	(a)
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes		8.375	%		11/1/33		400,000			424,394	(a)
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		340,000			337,695
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		1,500,000			1,078,048	(a)
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		1,600,000			1,229,099
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/38		1,350,000			953,662
Range Resources Corp., Senior Notes		8.250	%		1/15/29		560,000			580,285

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    13 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
SilverBow Resources Inc., Secured Notes (3 mo. Term SOFR + 7.750%)		13.135	%		12/15/28		330,000	$	326,700	(a)(d)(e)(f)
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		320,000		312,847
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		770,000		713,372
Venture Global Calcasieu Pass LLC, Senior Secured Notes		4.125	%		8/15/31		470,000		414,674	(a)
Venture Global LNG Inc., Senior Secured Notes		8.375	%		6/1/31		340,000		340,336	(a)
Venture Global LNG Inc., Senior Secured Notes		9.875	%		2/1/32		350,000		364,792	(a)
YPF SA, Senior Notes		6.950	%		7/21/27		645,000		577,758	(a)
Total Oil, Gas & Consumable Fuels									11,580,090
Total Energy									12,474,808
Financials — 8.4%
Banks — 4.3%
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)		6.625	%		1/24/32		780,000		664,560	(a)(b)(d)
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to 1/10/28 then 10 year Treasury Constant Maturity Rate + 5.353%)		7.625	%		1/10/28		400,000		384,853	(a)(b)(d)
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)		5.125	%		1/18/33		970,000		879,640	(a)(d)
Citigroup Inc., Senior Notes (2.976% to 11/5/29 then SOFR + 1.422%)		2.976	%		11/5/30		750,000		668,359	(d)
Comerica Bank, Senior Notes		2.500	%		7/23/24		520,000		509,450
Comerica Bank, Subordinated Notes		4.000	%		7/27/25		450,000		433,979
Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate + 2.600%)		4.198	%		6/1/32		2,320,000		1,915,364	(a)(d)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)		8.000	%		9/27/29		690,000		693,104	(b)(d)
Total Banks									6,149,309
Capital Markets — 1.3%
B3 SA - Brasil Bolsa Balcao, Senior Notes		4.125	%		9/20/31		1,370,000		1,198,894	(a)

See Notes to Financial Statements.

   14  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Capital Markets — continued
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate + 3.079%)		4.000	%		12/1/30		330,000		$	261,050	(b)(d)
Credit Suisse AG AT1 Claim		—			—		3,590,000			430,800	*(e)
Total Capital Markets										1,890,744
Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.400	%		10/29/33		1,550,000			1,331,906
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		2,418,827			2,276,515	(a)(g)
GTCR W-2 Merger Sub LLC, Senior Secured Notes		7.500	%		1/15/31		240,000			253,770	(a)
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, Senior Secured Notes		8.500	%		1/15/31		100,000	GBP		138,204	(a)
Total Financial Services										4,000,395
Total Financials										12,040,448
Health Care — 4.6%
Health Care Providers & Services — 1.6%
Centene Corp., Senior Notes		2.625	%		8/1/31		500,000			415,449
CHS/Community Health Systems Inc., Senior Secured Notes		10.875	%		1/15/32		580,000			606,900	(a)
CVS Health Corp., Senior Notes		3.250	%		8/15/29		800,000			745,944
Tenet Healthcare Corp., Secured Notes		6.250	%		2/1/27		480,000			482,691
Total Health Care Providers & Services										2,250,984
Pharmaceuticals — 3.0%
Cheplapharm Arzneimittel GmbH, Senior Secured Notes		5.500	%		1/15/28		560,000			530,131	(a)
Cidron Aida Finco Sarl, Senior Secured Notes		6.250	%		4/1/28		360,000	GBP		434,311	(a)
Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Senior Secured Notes		6.125	%		4/1/29		250,000			160,230	(a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		3,030,000			2,807,703
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		470,000			450,612
Total Pharmaceuticals										4,382,987
Total Health Care										6,633,971
Industrials — 10.4%
Aerospace & Defense — 1.1%
Bombardier Inc., Senior Notes		7.125	%		6/15/26		350,000			348,684	(a)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    15 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Aerospace & Defense — continued
Bombardier Inc., Senior Notes		7.500	%		2/1/29		470,000		$	478,196	(a)
TransDigm Inc., Senior Secured Notes		7.125	%		12/1/31		650,000			681,957	(a)
Total Aerospace & Defense										1,508,837
Commercial Services & Supplies — 1.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes		4.625	%		6/1/28		690,000			631,344	(a)
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		930,000			947,021
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		650,000			600,985
Total Commercial Services & Supplies										2,179,350
Construction & Engineering — 0.1%
Assemblin Group AB, Senior Secured Notes (3 mo. Euribor + 5.000%)		8.964	%		7/5/29		130,000	EUR		146,008	(a)(d)
Electrical Equipment — 0.3%
Sensata Technologies Inc., Senior Notes		4.375	%		2/15/30		410,000			381,307	(a)
Ground Transportation — 0.2%
XPO Inc., Senior Notes		7.125	%		2/1/32		240,000			247,850	(a)
Machinery — 1.2%
Cellnex Finance Co. SA, Senior Notes		2.000	%		2/15/33		200,000	EUR		188,885	(c)
Titan International Inc., Senior Secured Notes		7.000	%		4/30/28		460,000			460,652
TK Elevator Midco GmbH, Senior Secured Notes		4.375	%		7/15/27		1,020,000	EUR		1,092,473	(a)
Total Machinery										1,742,010
Passenger Airlines — 3.4%
American Airlines Group Inc., Senior Notes		3.750	%		3/1/25		700,000			682,808	(a)
American Airlines Inc., Senior Secured Notes		7.250	%		2/15/28		360,000			364,444	(a)
American Airlines Inc., Senior Secured Notes		8.500	%		5/15/29		320,000			338,120	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.750	%		4/20/29		490,000			478,195	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,038,000			747,711	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		200,000			144,068	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		2,270,000			2,125,356	(a)
Total Passenger Airlines										4,880,702
Trading Companies & Distributors — 2.1%
Ashtead Capital Inc., Senior Notes		2.450	%		8/12/31		440,000			358,583	(a)
Beacon Roofing Supply Inc., Senior Secured Notes		6.500	%		8/1/30		210,000			214,880	(a)

See Notes to Financial Statements.

   16  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Trading Companies & Distributors — continued
Boise Cascade Co., Senior Notes		4.875	%		7/1/30		780,000		$	733,200	(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		1,920,000			1,747,239	(a)
Total Trading Companies & Distributors										3,053,902
Transportation Infrastructure — 0.5%
Gatwick Airport Finance PLC, Senior Secured Notes		4.375	%		4/7/26		600,000	GBP		735,154	(c)
Total Industrials										14,875,120
Information Technology — 0.4%
Communications Equipment — 0.2%
Viasat Inc., Senior Secured Notes		5.625	%		4/15/27		370,000			358,365	(a)
IT Services — 0.2%
Acuris Finance US Inc./Acuris Finance SARL, Senior Secured Notes		5.000	%		5/1/28		320,000			262,704	(a)
Total Information Technology										621,069
Materials — 4.2%
Chemicals — 0.8%
Braskem Netherlands Finance BV, Senior Notes		5.875	%		1/31/50		600,000			416,421	(c)
INEOS Quattro Finance 1 PLC, Senior Notes		3.750	%		7/15/26		130,000	EUR		138,947	(a)
Sasol Financing USA LLC, Senior Notes		5.500	%		3/18/31		760,000			640,953
Total Chemicals										1,196,321
Construction Materials — 0.4%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes		8.875	%		11/15/31		620,000			652,411	(a)
Containers & Packaging — 2.7%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)		6.500	%		6/30/27		400,000			187,314	(a)(g)
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, Senior Secured Notes		6.000	%		6/15/27		580,000			578,285	(a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		500,000			389,020	(a)
Ball Corp., Senior Notes		2.875	%		8/15/30		830,000			713,082
Ball Corp., Senior Notes		3.125	%		9/15/31		850,000			733,796
Canpack SA/Canpack US LLC, Senior Notes		3.875	%		11/15/29		750,000			643,714	(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		570,000			578,974
Total Containers & Packaging										3,824,185

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    17 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Metals & Mining — 0.3%
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		200,000		$	190,881	(a)
First Quantum Minerals Ltd., Senior Notes		6.875	%		3/1/26		200,000			179,289	(a)
Total Metals & Mining										370,170
Total Materials										6,043,087
Real Estate — 2.3%
Health Care REITs — 0.3%
Diversified Healthcare Trust, Senior Notes		4.375	%		3/1/31		590,000			443,527
Hotel & Resort REITs — 0.9%
Service Properties Trust, Senior Notes		5.500	%		12/15/27		1,120,000			1,026,633
Service Properties Trust, Senior Notes		4.950	%		10/1/29		380,000			314,955
Total Hotel & Resort REITs										1,341,588
Real Estate Management & Development — 0.8%
China Aoyuan Group Ltd., Senior Secured Notes		—			1/23/22		400,000			9,000	*(c)(h)
China Aoyuan Group Ltd., Senior Secured Notes		6.350	%		2/8/24		850,000			19,125	*(c)(i)
Cushman & Wakefield US Borrower LLC, Senior Secured Notes		8.875	%		9/1/31		160,000			169,684	(a)
Heimstaden AB, Senior Notes		4.250	%		3/9/26		600,000	EUR		315,515	(c)
Samhallsbyggnadsbolaget i Norden AB, Senior Notes		1.750	%		1/14/25		120,000	EUR		114,804	(c)
Samhallsbyggnadsbolaget i Norden AB, Senior Notes		2.375	%		9/4/26		550,000	EUR		440,184	(c)
Total Real Estate Management & Development										1,068,312
Specialized REITs — 0.3%
Iron Mountain Inc., Senior Notes		7.000	%		2/15/29		410,000			421,686	(a)
Total Real Estate										3,275,113
Utilities — 1.0%
Electric Utilities — 0.5%
Eskom Holdings SOC Ltd., Senior Notes		4.314	%		7/23/27		370,000			346,625	(c)
Vistra Operations Co. LLC, Senior Notes		7.750	%		10/15/31		320,000			332,589	(a)
Total Electric Utilities										679,214
Gas Utilities — 0.5%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes		5.000	%		6/1/31		730,000			662,896	(a)
Total Utilities										1,342,110
Total Corporate Bonds & Notes (Cost — $114,728,691)										109,862,087

See Notes to Financial Statements.

   18  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Sovereign Bonds — 15.3%
Angola — 0.6%
Angolan Government International Bond, Senior Notes		8.250	%		5/9/28		400,000	$	369,734	(a)
Angolan Government International Bond, Senior Notes		8.750	%		4/14/32		620,000		546,978	(a)
Total Angola									916,712
Argentina — 1.6%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		193,002		77,587
Argentine Republic Government International Bond, Senior Notes, Step bond (0.750% to 7/9/27 then 1.750%)		0.750	%		7/9/30		343,917		138,773
Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%)		3.625	%		7/9/35		1,349,180		466,229
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)		6.375	%		9/1/37		2,877,078		1,109,015	(a)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		133,336		121,361	(c)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		390,000		333,099	(a)
Total Argentina									2,246,064
Bahamas — 0.2%
Bahamas Government International Bond, Senior Notes		6.950	%		11/20/29		300,000		262,125	(a)
Bahrain — 0.3%
Bahrain Government International Bond, Senior Notes		6.000	%		9/19/44		510,000		420,470	(a)
Brazil — 0.3%
Brazilian Government International Bond, Senior Notes		3.750	%		9/12/31		550,000		491,829
Colombia — 0.6%
Colombia Government International Bond, Senior Notes		3.125	%		4/15/31		650,000		530,815
Colombia Government International Bond, Senior Notes		3.250	%		4/22/32		400,000		318,772
Total Colombia									849,587
Costa Rica — 0.3%
Costa Rica Government International Bond, Senior Notes		7.000	%		4/4/44		350,000		366,800	(a)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    19 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Dominican Republic — 1.8%
Dominican Republic International Bond, Senior Notes		5.500	%		2/22/29		480,000	$	470,400	(a)
Dominican Republic International Bond, Senior Notes		4.500	%		1/30/30		410,000		378,737	(a)
Dominican Republic International Bond, Senior Notes		7.050	%		2/3/31		600,000		631,500	(a)
Dominican Republic International Bond, Senior Notes		4.875	%		9/23/32		150,000		136,935	(a)
Dominican Republic International Bond, Senior Notes		4.875	%		9/23/32		410,000		374,371	(c)
Dominican Republic International Bond, Senior Notes		6.850	%		1/27/45		600,000		600,000	(a)
Total Dominican Republic									2,591,943
Ecuador — 0.3%
Ecuador Government International Bond, Senior Notes		0.000	%		7/31/30		1,270,000		365,411	(a)
Egypt — 0.7%
Egypt Government International Bond, Senior Notes		3.875	%		2/16/26		240,000		196,794	(a)
Egypt Government International Bond, Senior Notes		6.588	%		2/21/28		300,000		230,918	(c)
Egypt Government International Bond, Senior Notes		7.600	%		3/1/29		670,000		513,327	(a)
Total Egypt									941,039
Guatemala — 0.4%
Guatemala Government Bond, Senior Notes		5.375	%		4/24/32		600,000		582,300	(a)
Indonesia — 0.7%
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		1,000,000		960,327
Ivory Coast — 0.7%
Ivory Coast Government International Bond, Senior Notes		5.750	%		12/31/32		107,389		101,746	(c)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		1,050,000		968,793	(a)
Total Ivory Coast									1,070,539
Jordan — 0.6%
Jordan Government International Bond, Senior Notes		7.750	%		1/15/28		780,000		807,674	(a)

See Notes to Financial Statements.

   20  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

 (Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Kenya — 0.2%
Republic of Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		300,000		$	275,104	(a)
Mexico — 1.9%
Mexican Bonos, Bonds		7.750	%		5/29/31		3,500,000	MXN		192,369
Mexican Bonos, Senior Notes		7.750	%		11/23/34		22,020,000	MXN		1,185,470
Mexican Bonos, Senior Notes		7.750	%		11/13/42		14,770,000	MXN		765,768
Mexico Government International Bond, Senior Notes		2.659	%		5/24/31		700,000			593,480
Total Mexico										2,737,087
Nigeria — 0.5%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		260,000			238,345	(c)
Nigeria Government International Bond, Senior Notes		7.143	%		2/23/30		350,000			316,246	(a)
Nigeria Government International Bond, Senior Notes		7.875	%		2/16/32		200,000			180,350	(a)
Total Nigeria										734,941
Oman — 0.3%
Oman Government International Bond, Senior Notes		6.750	%		1/17/48		400,000			419,540	(c)
Panama — 0.9%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		1,700,000			1,243,717
Paraguay — 0.3%
Paraguay Government International Bond, Senior Notes		2.739	%		1/29/33		560,000			462,140	(a)
Peru — 0.2%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		400,000			349,328
Senegal — 0.2%
Senegal Government International Bond, Senior Notes		6.750	%		3/13/48		460,000			362,963	(a)
South Africa — 0.2%
Republic of South Africa Government International Bond, Senior Notes		5.650	%		9/27/47		380,000			304,931
Turkey — 1.4%
Turkey Government International Bond, Senior Notes		4.250	%		4/14/26		840,000			806,921

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    21 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Turkey — continued
Turkey Government International Bond, Senior Notes		4.875	%		10/9/26		700,000	$	676,963
Turkey Government International Bond, Senior Notes		4.875	%		4/16/43		680,000		498,317
Total Turkey									1,982,201
Ukraine — 0.1%
Ukraine Government International Bond, Senior Notes		7.750	%		9/1/28		200,000		55,984	*(a)(i)
Ukraine Government International Bond, Senior Notes		7.375	%		9/25/34		600,000		142,530	*(a)(i)
Total Ukraine									198,514
Total Sovereign Bonds (Cost — $24,162,340)									21,943,286
U.S. Government & Agency Obligations — 3.7%
U.S. Government Obligations — 3.7%
U.S. Treasury Notes		3.250	%		8/31/24		1,540,000		1,521,821
U.S. Treasury Notes		2.250	%		11/15/25		550,000		529,826
U.S. Treasury Notes		1.500	%		1/31/27		1,000,000		928,379
U.S. Treasury Notes		2.750	%		5/31/29		1,000,000		944,297
U.S. Treasury Notes		3.500	%		2/15/33		1,350,000		1,309,711
Total U.S. Government & Agency Obligations (Cost — $5,294,883)									5,234,034
Convertible Bonds & Notes — 1.3%
Communication Services — 1.0%
Media — 1.0%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		700,000		695,625
DISH Network Corp., Senior Notes		3.375	%		8/15/26		1,480,000		791,800
Total Communication Services									1,487,425
Industrials — 0.3%
Passenger Airlines — 0.3%
Spirit Airlines Inc., Senior Notes		1.000	%		5/15/26		590,000		411,820
Total Convertible Bonds & Notes (Cost — $2,666,908)									1,899,245
Asset-Backed Securities — 0.4%
Magnetite Ltd., 2015-12A ER (3 mo. Term SOFR + 5.942%) (Cost — $594,166)		11.335	%		10/15/31		600,000		575,487	(a)(d)
Senior Loans — 0.2%
Consumer Discretionary — 0.2%
Diversified Consumer Services — 0.2%
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%) (Cost — $381,168)		8.970	%		4/13/28		500,000		356,458	(d)(j)(k)

See Notes to Financial Statements.

   22  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security				Expiration Date		Warrants		Value
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
flyExclusive Inc. (Cost — $5,570)					5/28/28		5,817	$	1,280	*
						Shares
Common Stocks — 0.0%††
Energy — 0.0%††
Energy Equipment & Services — 0.0%††
KCAD Holdings I Ltd. (Cost — $613,437)							75,024,286		0	*(e)(f)(l)
Total Investments before Short-Term Investments (Cost — $148,447,163)									139,871,877
	Rate
Short-Term Investments — 0.4%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $507,052)		5.295	%				507,052		507,052	(m)(n)
Total Investments — 98.0% (Cost — $148,954,215)									140,378,929
Other Assets in Excess of Liabilities — 2.0%									2,912,479
Total Net Assets — 100.0%								$	143,291,408

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    23 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

† Face amount denominated in U.S. dollars, unless otherwise noted.

†† Represents less than 0.1%.

* Non-income producing security.

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

^(b)  Security has no maturity date. The date shown represents the next call date.

^(c)  Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

^(d)  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^(e)  Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

^(f)  Security is valued using significant unobservable inputs (Note 1).

^(g)  Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

^(h)  The maturity principal is currently in default as of December 31, 2023.

⁽ⁱ⁾  The coupon payment on this security is currently in default as of December 31, 2023.

^(j)  Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

^(k)  Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

^(l)  Value is less than $1.

^(m)  Rate shown is one-day yield as of the end of the reporting period.

⁽ⁿ⁾  In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Portfolio ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At December 31, 2023, the total market value of investments in Affiliated Companies was $507,052 and the cost was $507,052 (Note 8).

Abbreviation(s) used in this schedule:
EUR	— Euro
GBP	— British Pound
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
PIK	— Payment-In-Kind
SOFR	— Secured Overnight Financing Rate
SONIA	— Sterling Overnight Index Average
USD	— United States Dollar

See Notes to Financial Statements.

   24  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Western Asset Variable Global High Yield Bond Portfolio

At December 31, 2023, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
Euro		18		3/24	$	2,437,942	$	2,491,875	$	(53,933)

At December 31, 2023, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	355,751	USD	448,004	BNP Paribas SA		1/19/24	$	5,508
USD	4,320,994	EUR	4,075,636	BNP Paribas SA		1/19/24		(182,200)
USD	4,794,247	GBP	3,922,553	BNP Paribas SA		1/19/24		(206,238)
USD	410,636	EUR	384,903	Morgan Stanley & Co. Inc.		1/19/24		(14,644)
Net unrealized depreciation on open forward foreign currency contracts							$	(397,574)

Abbreviation(s) used in this table:
EUR	— Euro
GBP	— British Pound
USD	— United States Dollar

Summary of Investments by Country** (unaudited)
United States	46.1	%
United Kingdom	6.6
Mexico	4.9
Germany	3.8
Brazil	3.2
Luxembourg	3.0
Israel	2.3
Italy	2.3
Cayman Islands	2.0
Turkey	2.0
Argentina	2.0
Dominican Republic	1.8
Guatemala	1.6
Colombia	1.6
France	1.4
Canada	1.3
Sweden	1.3
Peru	1.0
Macau	0.9

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    25 

Schedule of investments (cont’d)

December 31, 2023

Western Asset Variable Global High Yield Bond Portfolio

Summary of Investments by Country** (unaudited) (cont’d)
Ireland	0.9	%
South Africa	0.9
Panama	0.9
Ivory Coast	0.8
Indonesia	0.7
Egypt	0.7
Angola	0.7
Jordan	0.6
Nigeria	0.5
Poland	0.5
Netherlands	0.4
Paraguay	0.3
Bahrain	0.3
Oman	0.3
Zambia	0.3
Costa Rica	0.3
Ecuador	0.3
Senegal	0.3
Hong Kong	0.2
Kenya	0.2
Bahamas	0.2
Ukraine	0.1
Spain	0.1
China	0.0	†
Short-Term Investments	0.4
	100.0	%

** As a percentage of total investments. Please note that the Portfolio holdings are as of December 31, 2023 and are subject to change.

† Represents less than 0.1%.

See Notes to Financial Statements.

   26  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Statement of assets and liabilities

December 31, 2023

Assets:
Investments in unaffiliated securities, at value (Cost — $148,447,163)	$	139,871,877
Investments in affiliated securities, at value (Cost — $507,052)		507,052
Foreign currency, at value (Cost — $257,035)		239,740
Cash		999,975
Interest receivable		2,132,446
Receivable for Portfolio shares sold		82,994
Deposits with brokers for open futures contracts		76,468
Principal paydown receivable		6,000
Receivable from brokers — net variation margin on open futures contracts		5,625
Unrealized appreciation on forward foreign currency contracts		5,508
Dividends receivable from affiliated investments		636
Foreign currency collateral for open futures contracts, at value (Cost — $4)		5
Prepaid expenses		589
Total Assets		143,928,915
Liabilities:
Unrealized depreciation on forward foreign currency contracts		403,082
Investment management fee payable		83,550
Payable for Portfolio shares repurchased		45,587
Audit and tax fees payable		41,258
Fund accounting fees payable		32,653
Service and/or distribution fees payable		13,960
Trustees’ fees payable		673
Accrued expenses		16,744
Total Liabilities		637,507
Total Net Assets	$	143,291,408
Net Assets:
Par value (Note 7)	$	234
Paid-in capital in excess of par value		184,803,983
Total distributable earnings (loss)		(41,512,809)
Total Net Assets	$	143,291,408

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    27 

Statement of assets and liabilities (cont’d)

December 31, 2023

Net Assets:
Class I	$76,027,811
Class II	$67,263,597
Shares Outstanding:
Class I	12,624,290
Class II	10,739,056
Net Asset Value:
Class I	$6.02
Class II	$6.26

See Notes to Financial Statements.

   28  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Statement of operations

For the Year Ended December 31, 2023

Investment Income:
Interest	$	9,995,213
Dividends from affiliated investments		89,153
Dividends from unaffiliated investments		2,467
Less: Foreign taxes withheld		(10,266)
Total Investment Income		10,076,567
Expenses:
Investment management fee (Note 2)		950,755
Service and/or distribution fees (Notes 2 and 5)		151,461
Fund accounting fees		87,441
Audit and tax fees		41,258
Shareholder reports		21,210
Legal fees		9,873
Custody fees		3,942
Trustees’ fees		2,986
Transfer agent fees (Notes 2 and 5)		1,841
Commitment fees (Note 9)		1,192
Insurance		881
Miscellaneous expenses		5,729
Total Expenses		1,278,569
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(1,284)
Net Expenses		1,277,285
Net Investment Income		8,799,282
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		(12,376,521)
Futures contracts		21,087
Forward foreign currency contracts		(380,049)
Foreign currency transactions		44,638
Net Realized Loss		(12,690,845)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities		17,104,968
Futures contracts		(47,273)
Forward foreign currency contracts		81,594
Foreign currencies		(25,624)
Change in Net Unrealized Appreciation (Depreciation)		17,113,665
Net Gain on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions		4,422,820
Increase in Net Assets From Operations	$	13,222,102

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    29 

Statements of changes in net assets

For the Years Ended December 31,	2023		2022
Operations:
Net investment income	$	8,799,282	$	7,503,216
Net realized loss		(12,690,845)		(5,408,666)
Change in net unrealized appreciation (depreciation)		17,113,665		(24,491,647)
Increase (Decrease) in Net Assets From Operations		13,222,102		(22,397,097)
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(7,420,018)		(9,050,016)
Decrease in Net Assets From Distributions to Shareholders		(7,420,018)		(9,050,016)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares		16,327,892		16,808,951
Reinvestment of distributions		7,420,018		9,050,016
Cost of shares repurchased		(19,474,461)		(25,540,242)
Increase in Net Assets From Portfolio Share Transactions		4,273,449		318,725
Increase (Decrease) in Net Assets		10,075,533		(31,128,388)
Net Assets:
Beginning of year		133,215,875		164,344,263
End of year	$	143,291,408	$	133,215,875

See Notes to Financial Statements.

   30  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class I Shares1	2023			2022			2021			2020			2019
Net asset value, beginning of year		$5.78			$7.19			$7.43			$7.19			$6.65
Income (loss) from operations:
Net investment income		0.39			0.34			0.34			0.35			0.40
Net realized and unrealized gain (loss)		0.19			(1.32)			(0.24)			0.18			0.53
Total income (loss) from operations		0.58			(0.98)			0.10			0.53			0.93
Less distributions from:
Net investment income		(0.34)			(0.43)			(0.34)			(0.29)			(0.39)
Return of capital		—			—			—			(0.00)	2		—
Total distributions		(0.34)			(0.43)			(0.34)			(0.29)			(0.39)
Net asset value, end of year		$6.02			$5.78			$7.19			$7.43			$7.19
Total return3		10.26	%		(13.72)	%		1.33	%		7.32	%		14.39	%
Net assets, end of year (000s)		$76,028			$76,863			$99,346			$103,974			$109,173
Ratios to average net assets:
Gross expenses		0.83	%		0.79	%		0.82	%		0.84	%		0.83	%
Net expenses4,5		0.83			0.79			0.82			0.84			0.83
Net investment income		6.59			5.37			4.49			4.89			5.56
Portfolio turnover rate		34	%		58	%		73	%		98	%		78	%

¹  Per share amounts have been calculated using the average shares method.

²  Amount represents less than $0.005 or greater than $(0.005) per share.

³  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.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  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 0.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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.

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    31 

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31:
Class II Shares1	2023			2022			2021			2020			2019
Net asset value, beginning of year		$6.00			$7.44			$7.68			$7.43			$6.86
Income (loss) from operations:
Net investment income		0.39			0.34			0.33			0.34			0.39
Net realized and unrealized gain (loss)		0.20			(1.37)			(0.25)			0.19			0.56
Total income (loss) from operations		0.59			(1.03)			0.08			0.53			0.95
Less distributions from:
Net investment income		(0.33)			(0.41)			(0.32)			(0.28)			(0.38)
Return of capital		—			—			—			(0.00)	2		—
Total distributions		(0.33)			(0.41)			(0.32)			(0.28)			(0.38)
Net asset value, end of year		$6.26			$6.00			$7.44			$7.68			$7.43
Total return3		9.96	%		(13.87)	%		1.04	%		7.12	%		14.01	%
Net assets, end of year (000s)		$67,264			$56,353			$64,999			$50,137			$42,186
Ratios to average net assets:
Gross expenses		1.08	%		1.04	%		1.07	%		1.10	%		1.08	%
Net expenses4,5		1.08			1.03			1.07			1.10			1.08
Net investment income		6.35			5.16			4.26			4.63			5.29
Portfolio turnover rate		34	%		58	%		73	%		98	%		78	%

¹  Per share amounts have been calculated using the average shares method.

²  Amount represents less than $0.005 or greater than $(0.005) per share.

³  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.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  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 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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.

See Notes to Financial Statements.

   32  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Notes to financial statements

1. Organization and significant accounting policies

Western Asset Variable Global High Yield Bond Portfolio (the “Portfolio”) is a separate diversified investment series of Legg Mason Partners Variable Income Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

The Portfolio follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. 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, including exchange-traded funds (“ETFs”), for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    33 

Notes to financial statements (cont’d)

affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio’s Board of Trustees.

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

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

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

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.

   34  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Long-Term Investments†:
Corporate Bonds & Notes:
Energy		—	$	12,148,108	$	326,700		$	12,474,808
Other Corporate Bonds & Notes		—		97,387,279		—			97,387,279
Sovereign Bonds		—		21,943,286		—			21,943,286
U.S. Government & Agency Obligations		—		5,234,034		—			5,234,034
Convertible Bonds & Notes		—		1,899,245		—			1,899,245
Asset-Backed Securities		—		575,487		—			575,487
Senior Loans		—		356,458		—			356,458
Warrants	$	1,280		—		—			1,280
Common Stocks		—		—		0	*		0	*
Total Long-Term Investments		1,280		139,543,897		326,700			139,871,877
Short-Term Investments†		507,052		—		—			507,052
Total Investments	$	508,332	$	139,543,897	$	326,700		$	140,378,929
Other Financial Instruments:
Forward Foreign Currency Contracts††		—	$	5,508		—		$	5,508
Total	$	508,332	$	139,549,405	$	326,700		$	140,384,437

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    35 

Notes to financial statements (cont’d)

LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Futures Contracts††	$	53,933		—		—	$	53,933
Forward Foreign Currency
Contracts††		—	$	403,082		—		403,082
Total	$	53,933	$	403,082		—	$	457,015

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

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

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

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

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

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

   36  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

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

(d) 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.

(e) 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.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    37 

Notes to financial statements (cont’d)

(f) 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.

(g) 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.

(h) 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.

   38  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

The Portfolio has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Portfolio’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

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

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

As of December 31, 2023, the Portfolio held forward foreign currency contracts with credit related contingent features which had a liability position of $403,082. 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.

(i) 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. 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

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    39 

Notes to financial statements (cont’d)

income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(j) 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.

(k) 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.

(l) Compensating balance arrangements. The Portfolio has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Portfolio’s cash on deposit with the bank.

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

Management has analyzed the Portfolio’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Portfolio’s financial statements. The Portfolio’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

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

	Total Distributable Earnings (Loss)		Paid-in Capital
(a)	$	176,864	$	(176,864)

^(a)  Reclassifications are due to an adjustment in the Portfolio’s prior year return of capital distribution.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC (“LMPFA”) prior to November 30, 2023) is the Portfolio’s investment

   40  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

manager. Western Asset Management Company, LLC (“Western Asset”), Western Asset Management Company Limited (“Western Asset London”) and Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”) are the Portfolio’s subadvisers. FTFA, Western Asset, Western Asset London and Western Asset Singapore are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.70% of the Portfolio’s average daily net assets.

FTFA provides administrative and certain oversight services to the Portfolio. FTFA delegates to Western Asset the day-to-day portfolio management of the Portfolio. Western Asset London and Western Asset Singapore provide certain subadvisory services to the Portfolio relating 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 and Western Asset Singapore a monthly 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 0.90% and 1.15%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2025 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 (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the year ended December 31, 2023, fees waived and/or expenses reimbursed amounted to $1,284, all of which was an affiliated money market fund waiver.

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

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    41 

Notes to financial statements (cont’d)

Pursuant to these arrangements, at December 31, 2023, the Portfolio had no remaining fee waivers and/or expense reimbursements subject to recapture by FTFA. For the year ended December 31, 2023, 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 year ended December 31, 2023, the Portfolio incurred transfer agent fees as reported on the Statement of Operations, of which $1,397 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 year ended December 31, 2023, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

	Investments		U.S. Government & Agency Obligations
Purchases	$	42,883,300	$	5,295,904
Sales		36,927,407		7,059,427

At December 31, 2023, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Securities	$	149,070,059	$	3,491,959	$	(12,183,089)	$	(8,691,130)
Futures contracts		—		—		(53,933)		(53,933)
Forward foreign currency contracts		—		5,508		(403,082)		(397,574)

   42  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at December 31, 2023.

ASSET DERIVATIVES1
	Foreign Exchange Risk
Forward foreign currency contracts	$	5,508

LIABILITY DERIVATIVES1
	Foreign Exchange Risk
Futures contracts2	$	53,933
Forward foreign currency contracts		403,082
Total	$	457,015

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio’s Statement of Operations for the year ended December 31, 2023. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Portfolio’s derivatives and hedging activities during the period.

AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Futures contracts	$	21,087
Forward foreign currency contracts		(380,049)
Total	$	(358,962)

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Futures contracts	$	(47,273)
Forward foreign currency contracts		81,594
Total	$	34,321

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    43 

Notes to financial statements (cont’d)

During the year ended December 31, 2023, the volume of derivative activity for the Portfolio was as follows:

	Average Market Value
Futures contracts (to sell)	$	2,438,533
Forward foreign currency contracts (to buy)		548,954
Forward foreign currency contracts (to sell)		10,303,807

The following table presents the Portfolio’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Portfolio as of December 31, 2023.

Counterparty	Gross Assets Subject to Master Agreements1		Gross Liabilities Subject to Master Agreements1		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)	Net Amount2
BNP Paribas SA	$	5,508	$	(388,438)	$	(382,930)	—	$	(382,930)
Morgan Stanley & Co. Inc.		—		(14,644)		(14,644)	—		(14,644)
Total	$	5,508	$	(403,082)	$	(397,574)	—	$	(397,574)

¹  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.

²  Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

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 year ended December 31, 2023, class specific expenses were as follows:

	Service and/or Distribution Fees		Transfer Agent Fees
Class I		—	$	1,227
Class II	$	151,461		614
Total	$	151,461	$	1,841

For the year ended December 31, 2023, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class I	$	711
Class II		573
Total	$	1,284

   44  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

6. Distributions to shareholders by class

	Year Ended December 31, 2023		Year Ended December 31, 2022
Net Investment Income:
Class I		$4,100,913	$	5,382,107
Class II		3,319,105		3,667,909
Total		$7,420,018	$	9,050,016

7. Shares of beneficial interest

At December 31, 2023, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Portfolio has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Year Ended December 31, 2023				Year Ended December 31, 2022
	Shares		Amount		Shares		Amount
Class I
Shares sold		825,644	$	4,908,085		855,578	$	5,485,978
Shares issued on reinvestment		703,416		4,100,913		914,733		5,382,107
Shares repurchased		(2,198,021)		(13,028,246)		(2,294,763)		(14,618,568)
Net decrease		(668,961)	$	(4,019,248)		(524,452)	$	(3,750,483)
Class II
Shares sold		1,854,102	$	11,419,807		1,705,058	$	11,322,973
Shares issued on reinvestment		546,804		3,319,105		600,953		3,667,909
Shares repurchased		(1,051,606)		(6,446,215)		(1,649,092)		(10,921,674)
Net increase		1,349,300	$	8,292,697		656,919	$	4,069,208

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

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    45 

Notes to financial statements (cont’d)

for all or some portion of the year ended December 31, 2023. The following transactions were effected in such company for the year ended December 31, 2023.

	Affiliate
	Value at
	December 31,		Purchased				Sold
	2022		Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	1,019,727	$	30,111,715		30,111,715	$	30,624,390		30,624,390

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at December 31, 2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	89,153		—	$	507,052

9. 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 $2.675 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 31, 2025.

Under the terms of the Global Credit Facility, the Portfolio shall, in addition to interest charged on any borrowings made by the Portfolio and other costs incurred by the Portfolio, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Portfolio did not utilize the Global Credit Facility during the year ended December 31, 2023.

   46  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

10. Income tax information and distributions to shareholders

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

	2023		2022
Distributions paid from:
Ordinary income	$	7,420,018	$	8,964,210
Tax return of capital		—		85,806
Total distributions paid	$	7,420,018	$	9,050,016

As of December 31, 2023, the components of distributable earnings (loss) on a tax basis were as follows:

Deferred capital losses*	$	(32,424,770)
Other book/tax temporary differences(a)		66,490
Unrealized appreciation (depreciation)(b)		(9,154,529)
Total distributable earnings (loss) — net	$	(41,512,809)

* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.

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

^(b)  The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and book/tax differences in the accrual of interest income on securities in default.

11. Recent accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021 for certain LIBOR settings and 2023 for the remainder. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report    47 

Report of independent registered public accounting firm

To the Board of Trustees of Legg Mason Partners Variable Income Trust and Shareholders of Western Asset Variable Global High Yield Bond Portfolio

Opinion on the Financial Statements

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management and the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, agent banks, and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

February 13, 2024

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

   48  Western Asset Variable Global High Yield Bond Portfolio 2023 Annual Report

Additional information (unaudited)

Information about Trustees and Officers

The business and affairs of Western Asset Variable Global High Yield Bond Portfolio (the “Portfolio”) are conducted by management under the supervision and subject to the direction of its Board of Trustees. The business address of each Trustee is c/o Jane Trust, Franklin Templeton, 280 Park Avenue, 8th Floor, New York, New York 10017.

Information pertaining to the Trustees and officers of the Portfolio is set forth below. The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Portfolio at 877-6LM-FUND/656-3863.

Independent Trustees†
Robert Abeles, Jr.
Year of birth	1945
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2013
Principal occupation(s) during the past five years	Board Member of Excellent Education Development (since 2012); Senior Vice President Emeritus (since 2016) and formerly, Senior Vice President, Finance and Chief Financial Officer (2009 to 2016) at University of Southern California; and formerly, Board Member of Great Public Schools Now (2018 to 2022)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	None
Jane F. Dasher
Year of birth	1949
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 1999
Principal occupation(s) during the past five years	Director (since 2022) and formerly, Chief Financial Officer, Long Light Capital, LLC, formerly known as Korsant Partners, LLC (a family investment company) (since 1997)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Formerly, Director, Visual Kinematics, Inc. (2018 to 2022)
Anita L. DeFrantz
Year of birth	1952
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 1998
Principal occupation(s) during the past five years	President of Tubman Truth Corp. (since 2015); Vice President (since 2017), Member of the Executive Board (since 2013) and Member of the International Olympic Committee (since 1986); and President Emeritus (since 2015) and formerly, President (1987 to 2015) and Director (1990 to 2015) of LA84 (formerly Amateur Athletic Foundation of Los Angeles)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	None

Western Asset Variable Global High Yield Bond Portfolio    49 

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Independent Trustees† (cont’d)
Susan B. Kerley
Year of birth	1951
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 1992
Principal occupation(s) during the past five years	Investment Consulting Partner, Strategic Management Advisors, LLC (investment consulting) (since 1990)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Director and Trustee (since 1990) and Chairman (since 2017 and 2005 to 2012) of various series of MainStay Family of Funds (66 funds); formerly, Chairman of the Independent Directors Council (2012 to 2014); ICI Executive Committee (2011 to 2014); and Investment Company Institute (ICI) Board of Governors (2006 to 2014)
Michael Larson
Year of birth	1959
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2004
Principal occupation(s) during the past five years	Chief Investment Officer for William H. Gates III (since 1994)4
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Ecolab Inc. (since 2012); Fomento Economico Mexicano, SAB (since 2011); and Republic Services, Inc. (since 2009)
Avedick B. Poladian
Year of birth	1951
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during the past five years	Director and Advisor (since 2017) and formerly, Executive Vice President and Chief Operating Officer (2002 to 2016) of Lowe Enterprises, Inc. (privately held real estate and hospitality firm); and formerly, Partner, Arthur Andersen, LLP (1974 to 2002)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Public Storage (since 2010); Occidental Petroleum Corporation (since 2008); and formerly, California Resources Corporation (2014 to 2021)
William E.B. Siart
Year of birth	1946
Position(s) with Fund	Trustee and Chairman of the Board
Term of office1 and length of time served2	Since 1997 (Chairman of the Board since 2020)
Principal occupation(s) during the past five years	Chairman of Excellent Education Development (since 2000); formerly, Chairman of Great Public Schools Now (2015 to 2020); Trustee of The Getty Trust (2005 to 2017); and Chairman of Walt Disney Concert Hall, Inc. (1998 to 2006)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Trustee, University of Southern California (since 1994); and formerly, Member of Board of United States Golf Association, Executive Committee Member (2017 to 2021)

   50  Western Asset Variable Global High Yield Bond Portfolio

Independent Trustees† (cont’d)
Jaynie Miller Studenmund
Year of birth	1954
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2004
Principal occupation(s) during the past five years	Corporate Board Member and Advisor (since 2004); formerly, Chief Operating Officer of Overture Services, Inc. (publicly traded internet company that created search engine marketing) (2001 to 2004); President and Chief Operating Officer, PayMyBills (internet innovator in bill presentment/payment space) (1999 to 2001); and Executive vice president for consumer and business banking for three national financial institutions (1984 to 1997)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Director of Pacific Premier Bancorp Inc. and Pacific Premier Bank (since 2019); Director of EXL (operations management and analytics company) (since 2018); formerly, Director of LifeLock, Inc. (identity theft protection company) (2015 to 2017); Director of CoreLogic, Inc. (information, analytics and business services company) (2012 to 2021); and Director of Pinnacle Entertainment, Inc. (gaming and hospitality company) (2012 to 2018)
Peter J. Taylor
Year of birth	1958
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2019
Principal occupation(s) during the past five years	Retired; formerly, President, ECMC Foundation (nonprofit organization) (2014 to 2023); and Executive Vice President and Chief Financial Officer for University of California system (2009 to 2014)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Director of 23andMe, Inc. (genetics and health care services company) (since 2021); Director of Pacific Mutual Holding Company5 (since 2016); Ralph M. Parson Foundation (since 2015); Edison International (since 2011); formerly, Member of the Board of Trustees of California State University system (2015 to 2022); and Kaiser Family Foundation (2012 to 2022)
Interested Trustee
Ronald L. Olson6
Year of birth	1941
Position(s) with Fund	Trustee
Term of office1 and length of time served2	Since 2005
Principal occupation(s) during the past five years	Partner of Munger, Tolles & Olson LLP (a law partnership) (since 1968)
Number of funds in fund complex overseen by Trustee3	50
Other Trusteeships held by Trustee during the past five years	Director of Provivi, Inc. (since 2017); and Director of Berkshire Hathaway, Inc. (since 1997)

Western Asset Variable Global High Yield Bond Portfolio    51 

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Interested Trustee and Officer
Jane Trust, CFA7
Year of birth	1962
Position(s) with Fund	Trustee, President and Chief Executive Officer
Term of office1 and length of time served2	Since 2015
Principal occupation(s) during the past five years	Senior Vice President, Fund Board Management, Franklin Templeton (since 2020); Officer and/or Trustee/Director of 123 funds associated with FTFA or its affiliates (since 2015); President and Chief Executive Officer of FTFA (since 2015); formerly, Senior Managing Director (2018 to 2020) and Managing Director (2016 to 2018) of Legg Mason & Co., LLC (“Legg Mason & Co.”); and Senior Vice President of FTFA (2015)
Number of funds in fund complex overseen by Trustee3	123
Other Trusteeships held by Trustee during the past five years	None
Additional Officers
Ted P. Becker Franklin Templeton 280 Park Avenue, 8th Floor, New York, NY 10017
Year of birth	1951
Position(s) with Fund	Chief Compliance Officer
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during the past five years	Vice President, Global Compliance of Franklin Templeton (since 2020); Chief Compliance Officer of FTFA (since 2006); Chief Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Director of Global Compliance at Legg Mason (2006 to 2020); Managing Director of Compliance of Legg Mason & Co. (2005 to 2020)
Susan Kerr Franklin Templeton 280 Park Avenue, 8th Floor, New York, NY 10017
Year of birth	1949
Position(s) with Fund	Chief Anti-Money Laundering Compliance Officer
Term of office1 and length of time served2	Since 2013
Principal occupation(s) during the past five years	Senior Compliance Analyst, Franklin Templeton (since 2020); Chief Anti-Money Laundering Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer (since 2012), Senior Compliance Officer (since 2011) and Assistant Vice President (since 2010) of Franklin Distributors, LLC; formerly, Assistant Vice President of Legg Mason & Co. (2010 to 2020)

   52  Western Asset Variable Global High Yield Bond Portfolio

Additional Officers (cont’d)
Marc A. De Oliveira Franklin Templeton 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth	1971
Position(s) with Fund	Secretary and Chief Legal Officer
Term of office1 and length of time served2	Since 2020
Principal occupation(s) during the past five years	Associate General Counsel of Franklin Templeton (since 2020); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Managing Director (2016 to 2020) and Associate General Counsel of Legg Mason & Co. (2005 to 2020)
Thomas C. Mandia Franklin Templeton 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth	1962
Position(s) with Fund	Senior Vice President
Term of office1 and length of time served2	Since 2020
Principal occupation(s) during the past five years	Senior Associate General Counsel of Franklin Templeton (since 2020); Secretary of FTFA (since 2006); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers); formerly, Managing Director and Deputy General Counsel of Legg Mason & Co. (2005 to 2020)
Christopher Berarducci Franklin Templeton 280 Park Avenue, 8th Floor, New York, NY 10017
Year of birth	1974
Position(s) with Fund	Treasurer and Principal Financial Officer
Term of office1 and length of time served2	Since 2019
Principal occupation(s) during the past five years	Vice President, Fund Administration and Reporting, Franklin Templeton (since 2020); Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain funds associated with Legg Mason & Co. or its affiliates; formerly, Managing Director (2020), Director (2015 to 2020), and Vice President (2011 to 2015) of Legg Mason & Co.

Western Asset Variable Global High Yield Bond Portfolio    53 

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Additional Officers (cont’d)
Jeanne M. Kelly Franklin Templeton 280 Park Avenue, 8th Floor, New York, NY 10017
Year of birth	1951
Position(s) with Fund	Senior Vice President
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during the past five years	U.S. Fund Board Team Manager, Franklin Templeton (since 2020); Senior Vice President of certain funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of FTFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); formerly, Managing Director of Legg Mason & Co. (2005 to 2020); and Senior Vice President of LMFAM (2013 to 2015)

  FTFA, referenced above, was formerly known as LMPFA prior to November 30, 2023.

^†  Trustees who are not “interested persons” of the Portfolio within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

¹  Each Trustee and officer serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

²  Indicates the earliest year in which the Trustee became a board member for a fund in the Legg Mason fund complex or the officer took such office.

³  Each board member also serves as a Director of Western Asset Investment Grade Income Fund Inc. and a Trustee of Western Asset Premier Bond Fund (closed-end investment companies), which are considered part of the same fund complex. Additionally, each board member serves as a Trustee of Western Asset Inflation-Linked Income Fund and Western Asset Inflation-Linked Opportunities & Income Fund, closed-end investment companies that are part of the same fund complex.

⁴  Mr. Larson is the chief investment officer for William H. Gates III and in that capacity oversees the non-Microsoft investments of Mr. Gates and the all of investments of the Bill and Melinda Gates Foundation Trust (such combined investments are referred to as the “Accounts”). Since 1997, Western Asset has provided discretionary investment advice with respect to one or more Accounts.

⁵  Western Asset and its affiliates provide investment advisory services with respect to registered investment companies sponsored by an affiliate of Pacific Mutual Holding Company (“Pacific Holdings”). Affiliates of Pacific Holdings receive compensation from FTFA or its affiliates for shareholder or distribution services provided with respect to registered investment companies for which Western Asset or its affiliates serve as investment adviser.

⁶  Mr. Olson is an “interested person” of the Portfolio, as defined in the 1940 Act, because his law firm has provided legal services to Western Asset.

⁷  Ms. Trust is an “interested person” of the Portfolio, as defined in the 1940 Act, because of her position with FTFA and/or certain of its affiliates.

   54  Western Asset Variable Global High Yield Bond Portfolio

Important tax information (unaudited)

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

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

The Portfolio hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended December 31, 2023:

	Pursuant to:		Amount Reported
Section 163(j) Interest Earned		§163(j)		$8,238,152
Interest Earned from Federal Obligations		Note (1)		$220,107

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

Western Asset Variable Global High Yield Bond Portfolio    55 

Western Asset

Variable Global High Yield Bond 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

Chairman

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.

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

* Formerly known as Legg Mason Partners Fund Advisor, LLC.

Western Asset Variable Global High Yield Bond Portfolio

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

Western Asset Variable Global High Yield Bond Portfolio

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

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 Variable Global High Yield Bond 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

© 2024 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

Legg Mason 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:

• 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.

• 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.

• 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).

• 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.

• 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.

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

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

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 franklintempleton.com 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

Franklin Templeton Portfolio Advisors, Inc.

Legg Mason Funds serviced by Franklin Templeton Investor Services, LLC

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 ANNUAL REPORT

www.franklintempleton.com

© 2024 Franklin Distributors, LLC,

FD04117 2/24 SR24-4812

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Robert Abeles, Jr., possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify an “audit committee financial expert,” and has designated Mr. Abeles, Jr. as the Audit Committee’s financial expert. Mr. Abeles, Jr. is an “independent” Trustees pursuant to paragraph (a) (2) of Item 3 to Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending December 31, 2022 and December 31, 2023 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $91,258 in December 31, 2022 and $137,018 in December 31, 2023.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in December 31, 2022 and $0 in December 31, 2023.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $20,000 in December 31, 2022 and $30,000 in December 31, 2023. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to service affiliates during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) for the Item 4 for the Legg Mason Partners Variable Income Trust, were $0 in December 31, 2022 and $0 in December 31, 2023.

All Other Fees. There were no other non-audit services rendered by the Auditor to Legg Mason Partners Fund Advisors, LLC (“LMPFA”), and any entity controlling, controlled by or under common control with LMPFA that provided ongoing services to Legg Mason Partners Variable Income Trust requiring pre-approval by the Audit Committee in the Reporting Period.

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

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by LMPFA or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

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

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

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

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to Legg Mason Partners Variable Income Trust, LMPFA and any entity controlling, controlled by, or under common control with LMPFA that provides ongoing services to Legg Mason Partners Variable Income Trust during the reporting period were $350,359 in December 31, 2022 and $342,635 in December 31, 2023.

(h) Yes. Legg Mason Partners Variable Income Trust’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Accountant’s independence. All services provided by the Auditor to the Legg Mason Partners Variable Income Trust or to Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Avedick B. Poladian

William E.B. Siart

Jaynie M. Studenmund

Peter J. Taylor

ITEM 6. SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(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.

(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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 14. EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

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

Legg Mason Partners Variable Income Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	February 20, 2024

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

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	February 20, 2024
By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	February 20, 2024