WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 31.8%
COMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 1.4%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		200,000	$	207,770	(a)
AT&T Inc., Senior Notes		2.300	%		6/1/27		140,000		145,007
AT&T Inc., Senior Notes		1.650	%		2/1/28		60,000		59,561
AT&T Inc., Senior Notes		2.550	%		12/1/33		20,000		19,695
AT&T Inc., Senior Notes		3.100	%		2/1/43		260,000		249,728
AT&T Inc., Senior Notes		4.350	%		6/15/45		68,000		76,953
AT&T Inc., Senior Notes		3.550	%		9/15/55		296,000		292,495
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		150,000		158,768
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		20,000		21,475
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		80,000		81,271
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		144,000		165,673
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		50,000		56,116
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		60,000		64,201
Verizon Communications Inc., Senior Notes		1.750	%		1/20/31		80,000		76,096
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		240,000		243,110
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		230,000		227,593	(a)
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		95,338
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		160,000		207,122
Verizon Communications Inc., Senior Notes		2.650	%		11/20/40		190,000		178,766
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		10,000		11,010
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		50,000		57,460
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		100,000		127,509
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		10,000		13,883
Verizon Communications Inc., Senior Notes		4.522	%		9/15/48		100,000		122,844
Verizon Communications Inc., Senior Notes		4.000	%		3/22/50		40,000		45,517
Verizon Communications Inc., Senior Notes		2.875	%		11/20/50		270,000		252,062
Total Diversified Telecommunication Services									3,257,023
Entertainment - 0.0%††
Walt Disney Co., Senior Notes		6.650	%		11/15/37		50,000		74,635
Interactive Media & Services - 0.2%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		20,000		19,763
Alphabet Inc., Senior Notes		0.800	%		8/15/27		40,000		39,211
Alphabet Inc., Senior Notes		1.100	%		8/15/30		40,000		37,810
Alphabet Inc., Senior Notes		2.050	%		8/15/50		80,000		69,989
Tencent Holdings Ltd., Senior Notes		3.680	%		4/22/41		380,000		394,720	(a)
Total Interactive Media & Services									561,493

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         1

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		10,000	$	10,330	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		220,000		226,875
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		270,000		303,777
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		80,000		89,415
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		100,000		117,166
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		240,000		290,006
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000		39,178	(b)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		30,000		33,726
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.834	%		10/23/55		30,000		44,457
Comcast Corp., Senior Notes		3.100	%		4/1/25		10,000		10,703
Comcast Corp., Senior Notes		3.375	%		8/15/25		30,000		32,513
Comcast Corp., Senior Notes		3.950	%		10/15/25		180,000		199,764
Comcast Corp., Senior Notes		3.150	%		3/1/26		80,000		86,490
Comcast Corp., Senior Notes		3.300	%		4/1/27		40,000		43,823
Comcast Corp., Senior Notes		4.150	%		10/15/28		270,000		310,684
Comcast Corp., Senior Notes		3.400	%		4/1/30		50,000		55,094
Comcast Corp., Senior Notes		4.250	%		10/15/30		50,000		58,269
Comcast Corp., Senior Notes		3.250	%		11/1/39		10,000		10,569
Comcast Corp., Senior Notes		3.750	%		4/1/40		10,000		11,248
Comcast Corp., Senior Notes		3.400	%		7/15/46		10,000		10,620
Comcast Corp., Senior Notes		4.000	%		3/1/48		10,000		11,456
Comcast Corp., Senior Notes		3.999	%		11/1/49		165,000		191,355
Comcast Corp., Senior Notes		3.450	%		2/1/50		40,000		42,474
Comcast Corp., Senior Notes		2.800	%		1/15/51		30,000		28,452

See Notes to Schedule of Investments.

    2     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Comcast Corp., Senior Notes		2.937	%		11/1/56		27,000	$	25,553	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		60,000		64,592
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		30,000		33,914
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		60,000		58,869
Fox Corp., Senior Notes		5.476	%		1/25/39		40,000		51,133
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		130,000		175,666
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		10,000		14,367
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		90,000		113,708
Total Media									2,796,246
Wireless Telecommunication Services - 0.6%
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		200,000		197,750	(a)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		40,000		59,804
Sprint Corp., Senior Notes		7.625	%		2/15/25		40,000		46,809
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		20,000		20,250
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		60,000		60,709
T-Mobile USA Inc., Senior Notes		2.875	%		2/15/31		50,000		50,487
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		60,000		63,353
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		70,000		73,912	(a)
T-Mobile USA Inc., Senior Secured Notes		3.500	%		4/15/25		430,000		463,398
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		20,000		22,048
T-Mobile USA Inc., Senior Secured Notes		2.050	%		2/15/28		20,000		20,172
T-Mobile USA Inc., Senior Secured Notes		3.875	%		4/15/30		190,000		209,892
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		50,000		50,211
T-Mobile USA Inc., Senior Secured Notes		3.000	%		2/15/41		20,000		19,377
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		100,000		114,922
Total Wireless Telecommunication Services									1,473,094
TOTAL COMMUNICATION SERVICES									8,162,491
CONSUMER DISCRETIONARY - 2.4%
Automobiles - 0.5%
Ford Motor Co., Senior Notes		4.750	%		1/15/43		30,000		31,482
Ford Motor Credit Co. LLC, Senior Notes		4.000	%		11/13/30		420,000		437,325
General Motors Co., Senior Notes		5.400	%		10/2/23		30,000		32,727
General Motors Co., Senior Notes		6.125	%		10/1/25		60,000		70,326
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		260,000		276,570	(a)
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		340,000		373,761	(a)
Total Automobiles									1,222,191

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         3

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Consumer Services - 0.0%††
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		70,000	$	75,811	(a)
Hotels, Restaurants & Leisure - 0.9%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.875	%		1/15/28		30,000		30,333	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		30,000		29,737	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.375	%		5/1/25		50,000		52,312	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.750	%		5/1/28		30,000		32,347	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		3.625	%		2/15/32		30,000		29,588	(a)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		30,000		31,051
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		30,000		30,811
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		360,000		362,136
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		60,000		64,634
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		10,000		10,155
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		150,000		164,994
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		20,000		21,991
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		90,000		99,493
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		250,000		278,248
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		10,000		10,922
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		90,000		107,447
Sands China Ltd., Senior Notes		3.800	%		1/8/26		200,000		206,390
Sands China Ltd., Senior Notes		2.300	%		3/8/27		200,000		193,656	(a)
Sands China Ltd., Senior Notes		2.850	%		3/8/29		200,000		192,726	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		80,000		79,044	(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		200,000		190,687	(a)
Total Hotels, Restaurants & Leisure									2,218,702
Household Durables - 0.0%††
Newell Brands Inc., Senior Notes		4.350	%		4/1/23		47,000		49,000
Newell Brands Inc., Senior Notes		4.700	%		4/1/26		10,000		11,038
Total Household Durables									60,038
Internet & Direct Marketing Retail - 0.6%
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		100,000		99,874
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		120,000		119,680
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		130,000		143,014
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		60,000		58,388

See Notes to Schedule of Investments.

    4     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Internet & Direct Marketing Retail - (continued)
Amazon.com Inc., Senior Notes		2.100	%		5/12/31		50,000	$	50,681
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		60,000		70,903
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		50,000		67,480
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		90,000		109,309
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		90,000		84,432
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		20,000		25,444
Prosus NV, Senior Notes		3.061	%		7/13/31		600,000		586,433	(a)
Total Internet & Direct Marketing Retail									1,415,638
Multiline Retail - 0.0%††
Dollar General Corp., Senior Notes		3.250	%		4/15/23		10,000		10,371
Specialty Retail - 0.2%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		60,000		63,715
Home Depot Inc., Senior Notes		3.900	%		12/6/28		10,000		11,451
Home Depot Inc., Senior Notes		3.300	%		4/15/40		70,000		75,924
Home Depot Inc., Senior Notes		3.900	%		6/15/47		10,000		11,782
Home Depot Inc., Senior Notes		3.350	%		4/15/50		180,000		194,988
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		40,000		46,915
Total Specialty Retail									404,775
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		10,000		10,555	(a)
Hanesbrands Inc., Senior Notes		5.375	%		5/15/25		50,000		52,407	(a)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		50,000		54,214	(a)
NIKE Inc., Senior Notes		2.750	%		3/27/27		70,000		75,197
NIKE Inc., Senior Notes		2.850	%		3/27/30		80,000		86,070
NIKE Inc., Senior Notes		3.250	%		3/27/40		40,000		43,824
NIKE Inc., Senior Notes		3.375	%		3/27/50		110,000		122,935
Total Textiles, Apparel & Luxury Goods									445,202
TOTAL CONSUMER DISCRETIONARY									5,852,728
CONSUMER STAPLES - 1.7%
Beverages - 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		360,000		395,052
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		180,000		221,597
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		70,000		79,053
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		90,000		106,047

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         5

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Beverages - (continued)
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		40,000	$	43,838
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.350	%		6/1/40		100,000		116,332
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.500	%		6/1/50		140,000		167,435
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		60,000		66,488
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		90,000		90,904
Coca-Cola Co., Senior Notes		2.600	%		6/1/50		40,000		38,282
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		100,000		100,825
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		10,000		10,438
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		10,000		10,677
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		80,000		78,424
PepsiCo Inc., Senior Notes		2.875	%		10/15/49		30,000		30,604
PepsiCo Inc., Senior Notes		3.625	%		3/19/50		20,000		23,070
PepsiCo Inc., Senior Notes		3.875	%		3/19/60		20,000		24,357
Total Beverages									1,603,423
Food & Staples Retailing - 0.1%
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		90,000		88,013
Walmart Inc., Senior Notes		1.500	%		9/22/28		50,000		49,802
Walmart Inc., Senior Notes		1.800	%		9/22/31		20,000		19,839
Total Food & Staples Retailing									157,654
Food Products - 0.4%
Danone SA, Senior Notes		2.589	%		11/2/23		220,000		228,536	(a)
Hershey Co., Senior Notes		0.900	%		6/1/25		20,000		20,001
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		20,000		22,624
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		20,000		24,619
Kraft Heinz Foods Co., Senior Notes		6.875	%		1/26/39		10,000		14,781
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		30,000		36,854
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		80,000		100,371
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		70,000		79,790
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		50,000		60,971
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		40,000		52,872
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		70,000		71,804	(a)
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		160,000		162,474
Total Food Products									875,697

See Notes to Schedule of Investments.

    6     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Household Products - 0.0%††
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		20,000	$	21,546
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		50,000		54,746
Total Household Products									76,292
Tobacco - 0.6%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		20,000		20,744
Altria Group Inc., Senior Notes		4.400	%		2/14/26		32,000		35,954
Altria Group Inc., Senior Notes		4.800	%		2/14/29		13,000		14,951
Altria Group Inc., Senior Notes		2.450	%		2/4/32		160,000		153,425
Altria Group Inc., Senior Notes		3.875	%		9/16/46		40,000		39,020
Altria Group Inc., Senior Notes		5.950	%		2/14/49		230,000		291,713
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		150,000		161,703
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		180,000		186,768
Cargill Inc., Senior Notes		1.375	%		7/23/23		80,000		81,500	(a)
Philip Morris International Inc., Senior Notes		2.900	%		11/15/21		30,000		30,095
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		90,000		91,852
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		140,000		143,121
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23		60,000		60,777
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		40,000		39,771
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		10,000		11,814
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		80,000		96,137
Total Tobacco									1,459,345
TOTAL CONSUMER STAPLES									4,172,411
ENERGY - 5.4%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		4,000		4,383
Halliburton Co., Senior Notes		4.850	%		11/15/35		20,000		23,612
Halliburton Co., Senior Notes		5.000	%		11/15/45		10,000		12,001
Total Energy Equipment & Services									39,996
Oil, Gas & Consumable Fuels - 5.4%
Apache Corp., Senior Notes		4.375	%		10/15/28		100,000		108,250
Apache Corp., Senior Notes		5.100	%		9/1/40		160,000		179,397
Apache Corp., Senior Notes		5.250	%		2/1/42		10,000		10,994
Apache Corp., Senior Notes		4.750	%		4/15/43		10,000		10,846

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         7

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Apache Corp., Senior Notes		4.250	%		1/15/44		90,000	$	90,657
Apache Corp., Senior Notes		5.350	%		7/1/49		40,000		44,503
BP Capital Markets America Inc., Senior Notes		3.216	%		11/28/23		80,000		84,408
BP Capital Markets America Inc., Senior Notes		3.790	%		2/6/24		20,000		21,418
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		130,000		141,747
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		60,000		66,933
BP Capital Markets America Inc., Senior Notes		3.000	%		2/24/50		170,000		163,776
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		40,000		43,279
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		110,000		119,143
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		20,000		21,219	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		110,000		117,584	(a)
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		50,000		52,750
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		20,000		20,969	(a)
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		120,000		120,546	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		90,000		92,050
Chevron Corp., Senior Notes		2.954	%		5/16/26		30,000		32,341
Chevron Corp., Senior Notes		1.995	%		5/11/27		40,000		41,284
Chevron Corp., Senior Notes		3.078	%		5/11/50		10,000		10,366
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		40,000		45,199
Chevron USA Inc., Senior Notes		3.250	%		10/15/29		10,000		10,957
Chevron USA Inc., Senior Notes		6.000	%		3/1/41		40,000		58,059
Chevron USA Inc., Senior Notes		4.950	%		8/15/47		30,000		40,146
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		10,000		10,787
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		190,000		208,016
Cimarex Energy Co., Senior Notes		4.375	%		3/15/29		110,000		124,426
ConocoPhillips, Senior Notes		3.750	%		10/1/27		50,000		55,873	(a)
ConocoPhillips, Senior Notes		4.300	%		8/15/28		140,000		161,308	(a)
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		10,000		10,375
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		40,000		42,082
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		120,000		132,900
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		70,000		84,700	(a)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		20,000		22,425
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		20,000		24,889	(a)
Devon Energy Corp., Senior Notes		8.250	%		8/1/23		70,000		78,367	(a)

See Notes to Schedule of Investments.

    8     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		100,000	$	115,789
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		40,000		43,615	(a)
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		230,000		287,046
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		30,000		34,297
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		140,000		164,415
Diamondback Energy Inc., Senior Notes		2.875	%		12/1/24		30,000		31,511
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		30,000		32,142
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		20,000		21,402
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		390,000		394,495
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		70,000		71,750	(c)(d)
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		70,000		73,402
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		40,000		45,923
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		30,000		35,189
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		230,000		248,668
Energy Transfer LP, Senior Notes		5.300	%		4/1/44		10,000		11,606
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		10,000		11,936
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		270,000		355,341
Energy Transfer LP, Senior Notes		5.000	%		5/15/50		20,000		23,116
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		210,000		239,077
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		30,000		32,239
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		210,000		219,557
Enterprise Products Operating LLC, Senior Notes		7.550	%		4/15/38		20,000		30,648
Enterprise Products Operating LLC, Senior Notes		4.850	%		3/15/44		10,000		12,047
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		10,000		12,265
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		40,000		45,150
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		40,000		42,400
Enterprise Products Operating LLC, Senior Notes		3.950	%		1/31/60		40,000		43,421
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		30,000		33,490
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		20,000		23,361

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         9

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		90,000	$	102,109
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		120,000		159,071
EQT Corp., Senior Notes		3.000	%		10/1/22		30,000		30,566
EQT Corp., Senior Notes		6.625	%		2/1/25		10,000		11,458
EQT Corp., Senior Notes		3.900	%		10/1/27		130,000		140,870
EQT Corp., Senior Notes		5.000	%		1/15/29		30,000		33,816
EQT Corp., Senior Notes		3.625	%		5/15/31		70,000		73,027	(a)
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		10,000		10,196
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		220,000		234,774
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		40,000		43,192
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		80,000		89,041
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		40,000		46,701
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		10,000		12,264
Exxon Mobil Corp., Senior Notes		3.452	%		4/15/51		190,000		202,369
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		200,000		236,484	(a)
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		9/1/23		20,000		20,979
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		10,000		10,882
Kinder Morgan Energy Partners LP, Senior Notes		5.500	%		3/1/44		10,000		12,464
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		60,000		66,293
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		40,000		45,371
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		60,000		86,159
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		130,000		165,863
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		20,000		20,484	(a)
MPLX LP, Senior Notes		4.800	%		2/15/29		10,000		11,580
MPLX LP, Senior Notes		4.500	%		4/15/38		120,000		134,130
MPLX LP, Senior Notes		4.700	%		4/15/48		140,000		161,946
MPLX LP, Senior Notes		5.500	%		2/15/49		80,000		101,587
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		100,000		113,186
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		10,000		11,113
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		90,000		92,419
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		50,000		50,053
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		10,000		10,184
Occidental Petroleum Corp., Senior Notes		7.875	%		9/15/31		70,000		93,457
Occidental Petroleum Corp., Senior Notes		6.450	%		9/15/36		140,000		176,312
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		70,000		82,570

See Notes to Schedule of Investments.

    10     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		70,000	$	71,700
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		37,706
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		30,000		29,958
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		70,000		66,687
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		50,000		47,964
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		1,114,000		1,246,176
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		240,000		289,871
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		30,000		33,458
Petrobras Global Finance BV, Senior Notes		5.500	%		6/10/51		100,000		93,225
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		150,000		163,327
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		20,000		19,753
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		90,000		87,584
Qatar Petroleum, Senior Notes		2.250	%		7/12/31		210,000		208,272	(a)
Qatar Petroleum, Senior Notes		3.300	%		7/12/51		200,000		202,404	(a)
Range Resources Corp., Senior Notes		5.000	%		3/15/23		113,000		117,379
Range Resources Corp., Senior Notes		4.875	%		5/15/25		40,000		42,282
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		110,000		122,543
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		140,000		150,956
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		80,000		84,984
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		10,000		12,547
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		160,000		196,655
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		40,000		47,135
Shell International Finance BV, Senior Notes		3.250	%		4/6/50		80,000		85,211
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32		50,000		70,853
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		10,000		10,805
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		20,000		21,025

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         11

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.500	%		3/1/30		20,000	$	21,894
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		50,000		54,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.000	%		1/15/32		10,000		10,347	(a)
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		110,000		113,831	(a)
Western Midstream Operating LP, Senior Notes		4.350	%		2/1/25		70,000		73,952
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		20,000		21,489
Western Midstream Operating LP, Senior Notes		5.300	%		2/1/30		230,000		254,437
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		10,000		11,544
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		50,000		58,595
Western Midstream Operating LP, Senior Notes		6.500	%		2/1/50		50,000		58,930
Western Midstream Operating LP, Senior Notes (3 mo. USD LIBOR + 2.100%)		2.229	%		1/13/23		30,000		30,006	(d)
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		50,000		51,654
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		70,000		77,130
Williams Cos. Inc., Senior Notes		3.500	%		11/15/30		40,000		43,486
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		30,000		41,825
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		160,000		223,021
Williams Cos. Inc., Senior Notes		4.850	%		3/1/48		40,000		48,984
Total Oil, Gas & Consumable Fuels									13,088,822
TOTAL ENERGY									13,128,818
FINANCIALS - 9.9%
Banks - 7.5%
Banco Actinver SA/Grupo GICSA SAB de CV, Senior Secured Notes		4.800	%		12/18/32		490,000		387,100	(a)
Banco Santander SA, Senior Notes		3.848	%		4/12/23		200,000		210,082
Banco Santander SA, Senior Notes		2.746	%		5/28/25		400,000		419,742
Bank of America Corp., Senior Notes		3.300	%		1/11/23		90,000		93,424

See Notes to Schedule of Investments.

    12     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes		3.500	%		4/19/26		150,000	$	163,887
Bank of America Corp., Senior Notes		5.000	%		1/21/44		150,000		197,034
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		290,000		296,153	(d)
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		323,000		332,949	(d)
Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. USD LIBOR + 1.040%)		3.419	%		12/20/28		861,000		933,801	(d)
Bank of America Corp., Senior Notes (3.550% to 3/5/23 then 3 mo. USD LIBOR + 0.780%)		3.550	%		3/5/24		190,000		198,112	(d)
Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. USD LIBOR + 1.370%)		3.593	%		7/21/28		130,000		142,611	(d)
Bank of America Corp., Senior Notes (3.946% to 1/23/48 then 3 mo. USD LIBOR + 1.190%)		3.946	%		1/23/49		50,000		57,873	(d)
Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. USD LIBOR + 1.210%)		3.974	%		2/7/30		110,000		123,249	(d)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. USD LIBOR + 3.150%)		4.083	%		3/20/51		180,000		213,253	(d)
Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. USD LIBOR + 1.520%)		4.330	%		3/15/50		160,000		196,407	(d)
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		130,000		141,323
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		40,000		44,811
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		210,000		236,550
Bank of Montreal, Senior Notes		1.850	%		5/1/25		160,000		164,700
Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE Swap Rate + 1.432%)		3.803	%		12/15/32		30,000		32,893	(d)
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		80,000		80,575
Barclays Bank PLC, Senior Notes		1.700	%		5/12/22		200,000		201,594
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		200,000		228,172	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		200,000		205,356	(a)(d)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         13

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
BNP Paribas SA, Senior Notes (4.705% to 1/10/24 then 3 mo. USD LIBOR + 2.235%)		4.705	%		1/10/25		360,000	$	389,850	(a)(d)
BNP Paribas SA, Subordinated Notes		4.625	%		3/13/27		200,000		224,814	(a)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		80,000		80,687
CIT Group Inc., Senior Notes		4.750	%		2/16/24		60,000		64,125
CIT Group Inc., Senior Notes		5.250	%		3/7/25		60,000		66,900
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		20,000		21,640	(c)(d)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		37,000		63,303
Citigroup Inc., Senior Notes		4.650	%		7/30/45		145,000		184,703
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		90,000		91,779	(d)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		530,000		540,549	(d)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		70,000		74,347	(d)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		110,000		127,071	(d)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		20,000		20,959
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		10,000		11,066
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		80,000		89,909
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		660,000		751,086
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		170,000		189,905
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		13,000		17,325
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		70,000		88,017
Cooperatieve Rabobank UA, Senior Notes		4.625	%		12/1/23		390,000		422,720
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		250,000		277,283
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		250,000		254,859	(a)(d)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		200,000		202,413	(a)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		200,000		212,536	(a)(d)
HSBC Holdings PLC, Senior Notes		3.900	%		5/25/26		220,000		242,443
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		230,000		235,122	(d)
HSBC Holdings PLC, Senior Notes (3.973% to 5/22/29 then 3 mo. USD LIBOR + 1.610%)		3.973	%		5/22/30		250,000		276,055	(d)

See Notes to Schedule of Investments.

    14     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		200,000	$	204,255	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		200,000		206,912	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		470,000		507,606	(a)
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		240,000		244,068	(d)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		250,000		257,234	(d)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		80,000		81,663	(d)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/40 then SOFR + 2.460%)		3.109	%		4/22/41		190,000		196,671	(d)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)		3.109	%		4/22/51		40,000		40,702	(d)
JPMorgan Chase & Co., Senior Notes (3.509% to 1/23/28 then 3 mo. USD LIBOR + 0.945%)		3.509	%		1/23/29		300,000		326,574	(d)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		220,000		235,680	(d)
JPMorgan Chase & Co., Senior Notes (4.203% to 7/23/28 then 3 mo. USD LIBOR + 1.260%)		4.203	%		7/23/29		140,000		159,351	(d)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		60,000		69,150	(d)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		60,000		65,261
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		50,000		56,899
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		30,000		39,261
Lloyds Banking Group PLC, Senior Notes (3.574% to 11/7/27 then 3 mo. USD LIBOR + 1.205%)		3.574	%		11/7/28		200,000		217,841	(d)
NatWest Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		200,000		212,935	(d)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		100,000		110,910
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		140,000		142,740
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		80,000		80,185
Santander Holdings USA Inc., Senior Notes		4.500	%		7/17/25		70,000		77,154

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         15

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Swedbank AB, Senior Notes		1.300	%		6/2/23		200,000	$	202,957	(a)
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		150,000		150,925
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		80,000		80,210
UniCredit SpA, Senior Notes		6.572	%		1/14/22		430,000		436,998	(a)
US Bancorp, Senior Notes		1.450	%		5/12/25		180,000		182,954
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		60,000		64,157
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		190,000		203,754
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		210,000		238,811
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		150,000		154,877	(d)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then SOFR + 4.032%)		4.478	%		4/4/31		260,000		302,886	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		770,000		1,034,865	(d)
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		50,000		55,718
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		60,000		68,217
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		220,000		269,878
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		300,000		380,236
Wells Fargo & Co., Subordinated Notes		4.400	%		6/14/46		40,000		47,598
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		170,000		213,149
Total Banks									18,144,359
Capital Markets - 1.9%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		50,000		51,130
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		250,000		265,104
Credit Suisse Group AG, Senior Notes		4.550	%		4/17/26		250,000		280,975
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194	%		4/1/31		250,000		280,160	(a)(d)
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		100,000		103,629
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		40,000		43,075
Goldman Sachs Group Inc., Senior Notes		3.500	%		1/23/25		190,000		203,592
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		100,000		107,544
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		100,000		108,112
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		100,000		145,893
Goldman Sachs Group Inc., Senior Notes		4.750	%		10/21/45		20,000		25,852
Goldman Sachs Group Inc., Senior Notes (2.908% to 7/21/41 then SOFR + 1.472%)		2.908	%		7/21/42		30,000		29,618	(d)
Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. USD LIBOR + 1.510%)		3.691	%		6/5/28		150,000		165,215	(d)

See Notes to Schedule of Investments.

    16     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. USD LIBOR + 1.158%)		3.814	%		4/23/29		160,000	$	177,194	(d)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		260,000		294,019	(d)
Goldman Sachs Group Inc., Senior Notes (3.210% to 4/22/41 then SOFR + 1.513%)		3.210	%		4/22/42		20,000		20,694	(d)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		100,000		110,796
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		190,000		272,416
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		140,000		183,812
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		330,000		340,853	(d)
Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%)		3.622	%		4/1/31		270,000		297,737	(d)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		230,000		254,671	(d)
UBS AG, Senior Notes		1.750	%		4/21/22		200,000		201,448	(a)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		350,000		382,079	(a)(c)(d)
UBS Group AG, Senior Notes		4.253	%		3/23/28		300,000		337,543	(a)
Total Capital Markets									4,683,161
Diversified Financial Services - 0.2%
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		30,000		31,382
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		7,000		7,252	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		10,000		10,452	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		50,000		54,577	(a)
USAA Capital Corp., Senior Notes		2.125	%		5/1/30		150,000		151,262	(a)
Vanguard Group Inc.		3.050	%		8/22/50		120,000		114,936	(e)(f)
Total Diversified Financial Services									369,861
Insurance - 0.3%
American International Group Inc., Senior Notes		2.500	%		6/30/25		40,000		41,901
American International Group Inc., Senior Notes		3.750	%		7/10/25		130,000		141,574

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         17

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - (continued)
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		150,000	$	183,075
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		30,000		30,094	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		60,000		59,865	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		30,000		30,066	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		8,000		12,098	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		230,000		299,717	(a)
Total Insurance									798,390
TOTAL FINANCIALS									23,995,771
HEALTH CARE - 2.7%
Biotechnology - 0.6%
AbbVie Inc., Senior Notes		2.300	%		11/21/22		300,000		306,243
AbbVie Inc., Senior Notes		3.750	%		11/14/23		20,000		21,313
AbbVie Inc., Senior Notes		2.600	%		11/21/24		350,000		368,048
AbbVie Inc., Senior Notes		3.800	%		3/15/25		170,000		184,657
AbbVie Inc., Senior Notes		3.600	%		5/14/25		90,000		97,401
AbbVie Inc., Senior Notes		2.950	%		11/21/26		70,000		75,018
AbbVie Inc., Senior Notes		3.200	%		11/21/29		190,000		204,850
AbbVie Inc., Senior Notes		4.250	%		11/21/49		10,000		11,860
Amgen Inc., Senior Notes		4.663	%		6/15/51		29,000		36,638
Gilead Sciences Inc., Senior Notes		3.500	%		2/1/25		50,000		53,825
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		50,000		54,826
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		50,000		62,950
Total Biotechnology									1,477,629
Health Care Equipment & Supplies - 0.1%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		86,000		96,524
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		80,000		101,884
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		40,000		54,228
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		68,000		72,325
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		9,000		9,730
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		8,000		9,983
Medtronic Inc., Senior Notes		3.500	%		3/15/25		50,000		54,280
Total Health Care Equipment & Supplies									398,954

See Notes to Schedule of Investments.

    18     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - 1.2%
Aetna Inc., Senior Notes		2.800	%		6/15/23		30,000	$	31,067
Anthem Inc., Senior Notes		2.950	%		12/1/22		90,000		92,532
Anthem Inc., Senior Notes		3.350	%		12/1/24		50,000		53,620
Anthem Inc., Senior Notes		3.650	%		12/1/27		90,000		100,045
Centene Corp., Senior Notes		4.625	%		12/15/29		10,000		10,911
Centene Corp., Senior Notes		3.375	%		2/15/30		10,000		10,366
Cigna Corp., Senior Notes		3.750	%		7/15/23		69,000		72,954
Cigna Corp., Senior Notes		4.125	%		11/15/25		70,000		77,815
Cigna Corp., Senior Notes		4.375	%		10/15/28		160,000		185,043
CVS Health Corp., Senior Notes		2.750	%		12/1/22		60,000		61,315
CVS Health Corp., Senior Notes		3.700	%		3/9/23		35,000		36,557
CVS Health Corp., Senior Notes		3.875	%		7/20/25		160,000		175,248
CVS Health Corp., Senior Notes		3.625	%		4/1/27		30,000		33,057
CVS Health Corp., Senior Notes		4.300	%		3/25/28		136,000		155,259
CVS Health Corp., Senior Notes		3.750	%		4/1/30		90,000		100,049
CVS Health Corp., Senior Notes		2.125	%		9/15/31		80,000		78,660
CVS Health Corp., Senior Notes		4.125	%		4/1/40		20,000		22,950
CVS Health Corp., Senior Notes		5.125	%		7/20/45		150,000		193,555
CVS Health Corp., Senior Notes		5.050	%		3/25/48		140,000		180,524
HCA Inc., Senior Notes		5.375	%		2/1/25		20,000		22,375
HCA Inc., Senior Notes		5.375	%		9/1/26		80,000		91,632
HCA Inc., Senior Notes		5.625	%		9/1/28		100,000		119,095
HCA Inc., Senior Notes		3.500	%		9/1/30		10,000		10,604
HCA Inc., Senior Secured Notes		5.250	%		4/15/25		30,000		34,022
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		30,000		34,442
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		40,000		45,055
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		30,000		38,967
Humana Inc., Senior Notes		4.500	%		4/1/25		20,000		22,220
Humana Inc., Senior Notes		3.950	%		3/15/27		320,000		357,332
UnitedHealth Group Inc., Senior Notes		2.875	%		12/15/21		60,000		60,316
UnitedHealth Group Inc., Senior Notes		2.375	%		10/15/22		10,000		10,227
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23		30,000		31,584
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		40,000		44,083
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		20,000		20,138
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		40,000		45,546
UnitedHealth Group Inc., Senior Notes		2.000	%		5/15/30		30,000		30,103
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		20,000		24,622
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		25,391
UnitedHealth Group Inc., Senior Notes		3.700	%		8/15/49		100,000		113,734

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         19

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
UnitedHealth Group Inc., Senior Notes		3.875	%		8/15/59		50,000	$	58,740
UnitedHealth Group Inc., Senior Notes		3.125	%		5/15/60		10,000		10,251
Total Health Care Providers & Services									2,922,006
Pharmaceuticals - 0.8%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		90,000		89,185	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		20,000		20,525	(a)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		10,000		10,162	(a)
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		110,000		111,633
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		71,000		75,413
Bristol-Myers Squibb Co., Senior Notes		3.875	%		8/15/25		10,000		11,031
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		160,000		174,518
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		90,000		99,795
Bristol-Myers Squibb Co., Senior Notes		5.000	%		8/15/45		84,000		113,044
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		50,000		49,591
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		110,000		107,876
Johnson & Johnson, Senior Notes		2.100	%		9/1/40		100,000		94,139
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		50,000		48,329
Pfizer Inc., Senior Notes		0.800	%		5/28/25		120,000		119,612
Pfizer Inc., Senior Notes		2.625	%		4/1/30		90,000		95,088
Pfizer Inc., Senior Notes		1.700	%		5/28/30		70,000		69,074
Teva Pharmaceutical Finance Co. BV, Senior Notes		3.650	%		11/10/21		10,000		10,042
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		100,000		100,875
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		150,000		149,293
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		340,000		325,975
Wyeth LLC, Senior Notes		5.950	%		4/1/37		10,000		14,092
Total Pharmaceuticals									1,889,292
TOTAL HEALTH CARE									6,687,881
INDUSTRIALS - 2.7%
Aerospace & Defense - 1.2%
Boeing Co., Senior Notes		4.875	%		5/1/25		270,000		300,614
Boeing Co., Senior Notes		2.196	%		2/4/26		110,000		110,836
Boeing Co., Senior Notes		3.100	%		5/1/26		20,000		21,149
Boeing Co., Senior Notes		2.700	%		2/1/27		40,000		41,424
Boeing Co., Senior Notes		2.800	%		3/1/27		50,000		52,150

See Notes to Schedule of Investments.

    20     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Aerospace & Defense - (continued)
Boeing Co., Senior Notes		3.200	%		3/1/29		130,000	$	135,373
Boeing Co., Senior Notes		5.150	%		5/1/30		230,000		270,088
Boeing Co., Senior Notes		3.250	%		2/1/35		140,000		140,136
Boeing Co., Senior Notes		3.550	%		3/1/38		20,000		20,354
Boeing Co., Senior Notes		5.705	%		5/1/40		100,000		127,232
Boeing Co., Senior Notes		3.750	%		2/1/50		80,000		80,905
Boeing Co., Senior Notes		5.805	%		5/1/50		240,000		320,476
Boeing Co., Senior Notes		5.930	%		5/1/60		10,000		13,688
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		20,000		21,474
General Dynamics Corp., Senior Notes		3.500	%		5/15/25		20,000		21,716
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		10,000		12,200
General Dynamics Corp., Senior Notes		4.250	%		4/1/50		40,000		50,634
L3Harris Technologies Inc., Senior Notes		5.054	%		4/27/45		30,000		39,278
Lockheed Martin Corp., Senior Notes		3.100	%		1/15/23		10,000		10,316
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		60,000		65,990
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		30,000		37,240
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		150,000		158,969
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		180,000		194,886
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		130,000		182,547
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		40,000		42,509
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		80,000		88,137
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28		70,000		79,722
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		70,000		70,734
Raytheon Technologies Corp., Senior Notes		4.500	%		6/1/42		180,000		220,906
Total Aerospace & Defense									2,931,683
Airlines - 0.6%
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		60,000		60,535
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		30,000		31,238
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		60,000		61,458
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		100,000		117,863
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		540,000		629,981	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		90,000		96,327	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		80,000		89,249	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		90,000		97,984	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         21

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		60,000	$	67,365	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		60,000		62,082	(a)
United Airlines Pass-Through Trust		4.750	%		4/11/22		41,039		41,499
United Airlines Pass-Through Trust		4.625	%		9/3/22		31,127		31,764
Total Airlines									1,387,345
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		3.577	%		4/5/50		10,000		10,643
Commercial Services & Supplies - 0.2%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		180,000		181,981
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		160,000		178,685
GFL Environmental Inc., Senior Secured Notes		4.250	%		6/1/25		50,000		51,625	(a)
Republic Services Inc., Senior Notes		2.500	%		8/15/24		80,000		83,802
Total Commercial Services & Supplies									496,093
Electrical Equipment - 0.1%
Eaton Corp., Senior Notes		2.750	%		11/2/22		220,000		225,730
Eaton Corp., Senior Notes		4.150	%		11/2/42		20,000		23,571
Total Electrical Equipment									249,301
Industrial Conglomerates - 0.2%
3M Co., Senior Notes		2.375	%		8/26/29		80,000		83,054
3M Co., Senior Notes		3.050	%		4/15/30		20,000		21,639
3M Co., Senior Notes		3.700	%		4/15/50		100,000		114,341
General Electric Co., Senior Notes		3.450	%		5/1/27		20,000		21,948
General Electric Co., Senior Notes		3.625	%		5/1/30		40,000		44,477
General Electric Co., Senior Notes		6.750	%		3/15/32		60,000		82,145
General Electric Co., Senior Notes		6.875	%		1/10/39		59,000		88,037
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		60,000		61,007
Total Industrial Conglomerates									516,648
Machinery - 0.1%
Deere & Co., Senior Notes		3.100	%		4/15/30		10,000		10,884
Deere & Co., Senior Notes		3.750	%		4/15/50		100,000		119,518
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		40,000		41,349
Total Machinery									171,751
Road & Rail - 0.2%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		70,000		76,732
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		190,000		197,433	(a)

See Notes to Schedule of Investments.

    22     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Road & Rail - (continued)
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		180,000	$	206,879
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		40,000		45,041
Total Road & Rail									526,085
Trading Companies & Distributors - 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		50,000		53,123
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		20,000		20,975
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		20,000		21,170
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		100,000		109,625
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		70,000		71,838
Total Trading Companies & Distributors									276,731
TOTAL INDUSTRIALS									6,566,280
INFORMATION TECHNOLOGY - 1.7%
IT Services - 0.3%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		200,000		212,210
Mastercard Inc., Senior Notes		3.850	%		3/26/50		20,000		23,818
PayPal Holdings Inc., Senior Notes		1.350	%		6/1/23		80,000		81,353
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		70,000		71,760
Visa Inc., Senior Notes		3.150	%		12/14/25		150,000		162,733
Visa Inc., Senior Notes		4.300	%		12/14/45		130,000		163,400
Total IT Services									715,274
Semiconductors & Semiconductor Equipment - 0.6%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		370,000		369,462
Intel Corp., Senior Notes		3.700	%		7/29/25		40,000		43,798
Intel Corp., Senior Notes		1.600	%		8/12/28		70,000		69,794
Intel Corp., Senior Notes		4.750	%		3/25/50		90,000		117,741
Intel Corp., Senior Notes		3.050	%		8/12/51		30,000		29,861
Micron Technology Inc., Senior Notes		2.497	%		4/24/23		80,000		82,443
NVIDIA Corp., Senior Notes		2.850	%		4/1/30		140,000		150,102
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		110,000		122,108
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		300,000		336,650
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		70,000		81,770

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         23

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Semiconductors & Semiconductor Equipment - (continued)
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		50,000	$	52,253	(a)
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		50,000		49,520
Total Semiconductors & Semiconductor Equipment									1,505,502
Software - 0.7%
Microsoft Corp., Senior Notes		2.400	%		2/6/22		210,000		211,184
Microsoft Corp., Senior Notes		2.875	%		2/6/24		200,000		210,531
Microsoft Corp., Senior Notes		2.700	%		2/12/25		70,000		74,169
Microsoft Corp., Senior Notes		2.400	%		8/8/26		170,000		180,714
Microsoft Corp., Senior Notes		3.300	%		2/6/27		220,000		243,461
Microsoft Corp., Senior Notes		3.450	%		8/8/36		5,000		5,728
Microsoft Corp., Senior Notes		2.525	%		6/1/50		110,000		106,033
Microsoft Corp., Senior Notes		2.921	%		3/17/52		5,000		5,179
Microsoft Corp., Senior Notes		2.675	%		6/1/60		8,000		7,769
Microsoft Corp., Senior Notes		3.041	%		3/17/62		42,000		44,453
Oracle Corp., Senior Notes		1.650	%		3/25/26		220,000		223,218
Oracle Corp., Senior Notes		2.875	%		3/25/31		240,000		247,140
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		50,000		52,149
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		30,000		33,696
Total Software									1,645,424
Technology Hardware, Storage & Peripherals - 0.1%
Apple Inc., Senior Notes		1.125	%		5/11/25		200,000		201,521
Apple Inc., Senior Notes		2.450	%		8/4/26		100,000		105,868
Total Technology Hardware, Storage & Peripherals									307,389
TOTAL INFORMATION TECHNOLOGY									4,173,589
MATERIALS - 1.3%
Chemicals - 0.2%
OCP SA, Senior Notes		3.750	%		6/23/31		200,000		199,891	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		300,000		302,250	(a)
Total Chemicals									502,141
Containers & Packaging - 0.0%††
Ball Corp., Senior Notes		3.125	%		9/15/31		60,000		59,330
Metals & Mining - 1.0%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		300,000		322,101	(a)
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		190,000		256,900
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		170,000		226,733

See Notes to Schedule of Investments.

    24     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - (continued)
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		10,000	$	10,825
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		30,000		32,475
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		110,000		135,575
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		20,000		20,480	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		60,000		63,466	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		140,000		150,021	(a)
Glencore Funding LLC, Senior Notes		4.625	%		4/29/24		130,000		141,709	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		80,000		88,030	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		70,000		76,500	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		450,000		559,687
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		10,000		13,004
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		149,000		198,729
Total Metals & Mining									2,296,235
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		3.750	%		1/15/31		200,000		205,700
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		100,000		96,700
Total Paper & Forest Products									302,400
TOTAL MATERIALS									3,160,106
UTILITIES - 0.6%
Electric Utilities - 0.6%
Berkshire Hathaway Energy Co., Senior Notes		6.125	%		4/1/36		97,000		134,414
Duke Energy Carolinas LLC, Secured Bonds		5.300	%		2/15/40		110,000		145,769
FirstEnergy Corp., Senior Notes		4.750	%		3/15/23		220,000		229,104
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		30,000		29,743
FirstEnergy Corp., Senior Notes		4.400	%		7/15/27		200,000		219,577
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		240,000		328,454
FirstEnergy Corp., Senior Notes		5.350	%		7/15/47		150,000		183,223
Pacific Gas and Electric Co., First Mortgage Bonds		1.750	%		6/16/22		130,000		129,805
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		40,000		39,063
Pacific Gas and Electric Co., Secured Bonds		2.500	%		2/1/31		50,000		47,629
Total Electric Utilities									1,486,781

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         25

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Multi-Utilities - 0.0%††
Consolidated Edison Co. of New York Inc., Senior Notes		3.350	%		4/1/30		40,000	$	43,816
Consolidated Edison Co. of New York Inc., Senior Notes		3.950	%		4/1/50		20,000		22,849
Total Multi-Utilities									66,665
TOTAL UTILITIES									1,553,446
TOTAL CORPORATE BONDS & NOTES (Cost - $72,070,950)									77,453,521
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 23.7%
U.S. Government Obligations - 23.7%
U.S. Treasury Bonds		1.125	%		8/15/40		2,100,000		1,807,805
U.S. Treasury Bonds		1.375	%		11/15/40		240,000		215,663
U.S. Treasury Bonds		1.875	%		2/15/41		690,000		675,176
U.S. Treasury Bonds		2.250	%		5/15/41		730,000		759,314
U.S. Treasury Bonds		1.750	%		8/15/41		480,000		459,000
U.S. Treasury Bonds		2.875	%		5/15/49		200,000		234,031
U.S. Treasury Bonds		2.250	%		8/15/49		320,000		331,800
U.S. Treasury Bonds		2.000	%		2/15/50		880,000		864,806
U.S. Treasury Bonds		1.250	%		5/15/50		3,610,000		2,954,418
U.S. Treasury Bonds		1.375	%		8/15/50		5,400,000		4,558,359
U.S. Treasury Bonds		1.625	%		11/15/50		2,590,000		2,327,661
U.S. Treasury Bonds		1.875	%		2/15/51		3,210,000		3,062,039
U.S. Treasury Bonds		2.375	%		5/15/51		1,490,000		1,590,575
U.S. Treasury Bonds		2.000	%		8/15/51		520,000		510,900
U.S. Treasury Notes		0.250	%		11/15/23		10,000		9,988
U.S. Treasury Notes		0.250	%		5/31/25		400,000		393,344
U.S. Treasury Notes		0.250	%		6/30/25		390,000		383,145
U.S. Treasury Notes		0.250	%		9/30/25		40,000		39,152
U.S. Treasury Notes		0.250	%		10/31/25		50,000		48,865
U.S. Treasury Notes		0.375	%		1/31/26		1,540,000		1,507,275
U.S. Treasury Notes		0.750	%		3/31/26		310,000		307,869
U.S. Treasury Notes		0.750	%		4/30/26		2,300,000		2,282,750
U.S. Treasury Notes		0.750	%		5/31/26		1,900,000		1,884,191
U.S. Treasury Notes		0.625	%		11/30/27		1,540,000		1,487,664
U.S. Treasury Notes		0.625	%		12/31/27		771,800		744,787
U.S. Treasury Notes		0.750	%		1/31/28		3,590,000		3,486,928
U.S. Treasury Notes		1.250	%		3/31/28		1,540,000		1,540,421
U.S. Treasury Notes		1.250	%		4/30/28		7,350,000		7,346,555
U.S. Treasury Notes		1.250	%		5/31/28		1,910,000		1,907,463
U.S. Treasury Notes		1.250	%		6/30/28		2,670,000		2,664,681

See Notes to Schedule of Investments.

    26     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		1.000	%		7/31/28		1,690,000	$	1,657,520
U.S. Treasury Notes		1.125	%		8/31/28		3,370,000		3,330,771
U.S. Treasury Notes		1.250	%		9/30/28		1,970,000		1,961,843
U.S. Treasury Notes		1.625	%		5/15/31		1,740,000		1,760,662
U.S. Treasury Notes		1.250	%		8/15/31		2,030,000		1,980,995
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		950,000		531,032
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $59,382,738)									57,609,448
MORTGAGE-BACKED SECURITIES - 14.2%
FHLMC - 4.4%
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		10/1/32-9/1/50		695,691		739,039
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		4/1/33-2/1/51		765,682		825,321
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		6/1/38-5/1/50		970,796		1,077,485
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		6/1/41-11/1/48		229,116		256,163
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		9/1/41-6/1/51		1,951,199		1,972,029
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		11/1/50-9/1/51		1,060,355		1,102,640
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		6/1/43		2,092,881		2,289,874
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		3/1/45		391,953		422,951
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		10/1/46-5/1/47		1,919,356		2,061,360
Total FHLMC									10,746,862
FNMA - 7.8%
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		58,189		63,982
Federal National Mortgage Association (FNMA)		2.260	%		4/1/30		97,187		102,099
Federal National Mortgage Association (FNMA)		3.500	%		12/1/34-9/1/50		2,541,361		2,731,854
Federal National Mortgage Association (FNMA)		3.000	%		7/1/35-11/1/50		3,458,402		3,686,562
Federal National Mortgage Association (FNMA)		2.500	%		9/1/36-7/1/51		2,706,006		2,817,430

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         27

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		1.500	%		10/1/36		900,000	$	908,965	(g)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/40-6/1/57		1,202,250		1,334,753
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41		42,410		50,145
Federal National Mortgage Association (FNMA)		4.500	%		6/1/47-1/1/59		1,397,200		1,550,076
Federal National Mortgage Association (FNMA)		3.500	%		9/1/47		200,000		214,664	(b)
Federal National Mortgage Association (FNMA)		5.000	%		10/1/48-8/1/49		523,094		576,584
Federal National Mortgage Association (FNMA)		2.000	%		1/1/51-7/1/51		2,529,738		2,549,272
Federal National Mortgage Association (FNMA)		2.000	%		10/1/51-11/1/51		700,000		700,684	(g)
Federal National Mortgage Association (FNMA)		2.500	%		10/1/51-11/1/51		1,500,000		1,545,332	(g)
Total FNMA									18,832,402
GNMA - 2.0%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-10/15/42		127,307		135,126
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		75,421		80,530
Government National Mortgage Association (GNMA) II		3.500	%		3/20/45-10/20/47		1,272,953		1,359,178
Government National Mortgage Association (GNMA) II		4.000	%		10/20/45-11/20/49		1,108,652		1,195,029
Government National Mortgage Association (GNMA) II		3.000	%		11/20/46-1/20/50		197,754		206,790
Government National Mortgage Association (GNMA) II		4.500	%		8/20/47-4/20/49		854,571		915,445
Government National Mortgage Association (GNMA) II		2.000	%		12/20/50		380,595		386,677
Government National Mortgage Association (GNMA) II		2.500	%		12/20/50		190,178		197,943
Government National Mortgage Association (GNMA) II		3.000	%		10/1/51		400,000		417,938	(g)
Total GNMA									4,894,656
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $33,833,634)									34,473,920

See Notes to Schedule of Investments.

    28     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 11.2%
Argentina - 0.2%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		37,763		$	14,445
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		445,677			164,553
Argentine Republic Government International Bond, Senior Notes, Step bond (1.125% to 7/9/22 then 1.500%)		1.125	%		7/9/35		194,523			64,107
Argentine Republic Government International Bond, Senior Notes, Step bond (2.500% to 7/9/22 then 3.500%)		2.500	%		7/9/41		380,000			140,322
Provincia de Buenos Aires, Senior Notes, Step bond (3.900% to 9/1/22 then 5.250%)		3.900	%		9/1/37		173,500			79,120	(a)
Total Argentina										462,547
Brazil - 0.9%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		6,348,000	BRL		1,175,765
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/25		1,959,000	BRL		357,278
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		661,000	BRL		118,370
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		200,000			210,677
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		510,000			477,217
Total Brazil										2,339,307
China - 2.4%
China Government Bond, Senior Notes		3.390	%		5/21/25		1,500,000	CNH		240,197	(h)
China Government Bond, Senior Notes		3.310	%		11/30/25		7,500,000	CNH		1,202,493	(h)
China Government Bond, Senior Notes		3.290	%		5/23/29		27,500,000	CNY		4,373,748
Total China										5,816,438
Colombia - 0.2%
Colombia Government International Bond, Senior Notes		4.125	%		2/22/42		200,000			180,304
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		240,000			251,014
Total Colombia										431,318

See Notes to Schedule of Investments.

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WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Egypt - 0.1%
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		200,000		$	206,221	(a)
Indonesia - 1.5%
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		390,000			397,080	(h)
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		500,000			558,030
Indonesia Government International Bond, Senior Notes		3.700	%		10/30/49		290,000			295,213
Indonesia Treasury Bond		7.000	%		5/15/27		13,823,000,000	IDR		1,036,302
Indonesia Treasury Bond		6.500	%		2/15/31		16,713,000,000	IDR		1,182,025
Indonesia Treasury Bond		6.375	%		4/15/32		1,447,000,000	IDR		102,212
Indonesia Treasury Bond		7.500	%		6/15/35		2,348,000,000	IDR		173,978
Total Indonesia										3,744,840
Israel - 0.1%
Israel Government International Bond, Senior Notes		2.750	%		7/3/30		200,000			212,904
Italy - 1.0%
Italy Buoni Poliennali Del Tesoro, Senior Notes		2.300	%		10/15/21		2,200,000	EUR		2,550,536	(h)
Kenya - 0.1%
Republic of Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		200,000			219,512	(h)
Kuwait - 0.2%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		470,000			520,944	(a)
Mexico - 2.0%
Mexican Bonos, Bonds		10.000	%		12/5/24		2,000,000	MXN		106,280
Mexican Bonos, Bonds		8.000	%		11/7/47		57,490,000	MXN		2,810,304
Mexican Bonos, Senior Notes		7.750	%		11/13/42		34,000,000	MXN		1,631,539
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		430,000			444,665
Total Mexico										4,992,788
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		200,000			207,876	(a)
Panama - 0.1%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		210,000			198,097

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Peru - 0.1%
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		120,000		$	162,869
Poland - 0.1%
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		220,000			237,542
Qatar - 0.3%
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		330,000			425,249	(a)
Qatar Government International Bond, Senior Notes		4.400	%		4/16/50		200,000			244,518	(a)
Total Qatar										669,767
Russia - 1.5%
Russian Federal Bond - OFZ		7.000	%		8/16/23		39,550,000	RUB		542,582
Russian Federal Bond - OFZ		8.150	%		2/3/27		7,520,000	RUB		107,915
Russian Federal Bond - OFZ		7.050	%		1/19/28		67,452,000	RUB		922,851
Russian Federal Bond - OFZ		6.900	%		5/23/29		62,801,000	RUB		850,542
Russian Federal Bond - OFZ		7.650	%		4/10/30		43,880,000	RUB		621,833
Russian Federal Bond - OFZ		7.700	%		3/16/39		37,190,000	RUB		528,023
Total Russia										3,573,746
United Arab Emirates - 0.3%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		760,000			777,073	(a)
TOTAL SOVEREIGN BONDS (Cost - $28,519,178)										27,324,325
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - 8.1%
280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. USD LIBOR + 2.827%)		2.911	%		9/15/34		410,000			409,091	(a)(d)
BANK, 2017-BNK5 A5		3.390	%		6/15/60		640,000			698,579
BANK, 2017-BNK7 A5		3.435	%		9/15/60		190,000			208,015
BANK, 2017-BNK7 XA, IO		0.901	%		9/15/60		3,163,633			111,140	(d)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		360,000			363,250	(a)(d)
Benchmark Mortgage Trust, 2020-IG1 AS		2.909	%		9/15/43		500,000			520,419	(d)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		108,131			108,337	(a)(d)
BX Commercial Mortgage Trust, 2018-IND G (1 mo. USD LIBOR + 2.050%)		2.134	%		11/15/35		238,000			238,984	(a)(d)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-2A B1		0.606	%		5/25/35		156,190			145,937	(a)(d)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A1 (1 mo. USD LIBOR + 0.250%)		0.336	%		8/25/35		332,624			332,217	(a)(d)

See Notes to Schedule of Investments.

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Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. USD LIBOR + 0.300%)		0.386	%		8/25/35		362,942	$	364,058	(a)(d)
Cold Storage Trust, 2020-ICE5 A (1 mo. USD LIBOR + 0.900%)		0.984	%		11/15/37		589,794		591,662	(a)(d)
CORE Mortgage Trust, 2019-CORE A (1 mo. USD LIBOR + 0.880%)		0.964	%		12/15/31		80,472		80,635	(a)(d)
CSAIL Commercial Mortgage Trust, 2017-C8 C		4.482	%		6/15/50		500,000		517,546	(d)
CSMC OA LLC, 2014-USA F		4.373	%		9/15/37		640,000		503,425	(a)
CSMC Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.600%)		5.684	%		7/15/32		800,000		685,272	(a)(d)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		412,953		424,222	(a)(d)
CSMC Trust, 2019-AFC1 A1, Step bond		2.573	%		7/25/49		210,002		212,492	(a)
CSMC Trust, 2019-RIO A (1 mo. USD LIBOR + 3.024%, 4.024% floor)		4.024	%		12/15/21		480,000		480,877	(a)(d)
CSMC Trust, 2021-2R 1A1 (1 mo. USD LIBOR + 1.750%)		1.833	%		7/25/47		245,316		249,635	(a)(d)
CSMC Trust, 2021-AFC1 A1		0.830	%		3/25/56		95,443		95,150	(a)(d)
CSMC Trust, 2021-NQM3 A3		1.632	%		4/25/66		115,655		116,231	(a)(d)
CSMC Trust, 2021-RPL2 A1		2.000	%		1/25/60		94,037		95,458	(a)(d)
CSMC Trust, 2021-RPL6 A1		2.000	%		10/25/60		115,533		117,316	(a)(d)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		118,493		118,713	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass- Through Certificates, K736 X1, IO		1.437	%		7/25/26		1,038,431		54,061	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass- Through Certificates, K1517 X1, IO		1.447	%		7/25/35		139,863		20,359	(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.430%)		6.346	%		2/15/37		1,864,392		375,915	(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		82,937		11,065
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		184,323		27,183
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		95,139		13,688
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		94,499		12,305

See Notes to Schedule of Investments.

    32     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

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Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA2 M2 (1 mo. USD LIBOR + 1.850%)		1.936	%		2/25/50		221,463	$	223,440	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA1 M2 (30 Day Average SOFR + 1.800%)		1.850	%		1/25/51		120,000		120,496	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		1.772	%		2/15/38		31,354		1,812	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA2 M2 (1 mo. USD LIBOR + 3.450%)		3.536	%		10/25/29		460,000		477,291	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-HRP1 B1 (1 mo. USD LIBOR + 4.600%)		4.686	%		12/25/42		670,000		693,520	(d)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		2.350	%		8/25/33		110,000		112,817	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2016-C04 1M2 (1 mo. USD LIBOR + 4.250%)		4.336	%		1/25/29		304,927		316,388	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1M2 (1 mo. USD LIBOR + 2.150%)		2.236	%		10/25/30		338,699		343,531	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C05 1B1 (1 mo. USD LIBOR + 4.250%)		4.336	%		1/25/31		200,000		211,028	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1M2 (1 mo. USD LIBOR + 2.050%)		2.136	%		1/25/40		87,933		88,490	(a)(d)
Federal National Mortgage Association (FNMA) ACES, 2013-M6 1AC		3.541	%		2/25/43		73,812		81,914	(d)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.225	%		4/25/28		97,818		107,120	(d)
Federal National Mortgage Association (FNMA) ACES, 2019-M23 3A3		2.720	%		10/25/31		199,827		216,489	(d)
Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO		1.433	%		8/25/55		280,981		11,996	(d)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         33

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ		2.000	%		7/25/50		102,529	$	95,346
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		90,379		14,558
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		19,825		19,906	(a)(d)
Freddie Mac Multiclass Certificates Series, 2020-RR07 BX, IO		2.608	%		10/27/28		3,000,000		468,269
Government National Mortgage Association (GNMA), 2012-34 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		5.963	%		3/20/42		458,474		101,034	(d)
Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. USD LIBOR + 6.600%)		6.515	%		4/16/42		242,686		51,081	(d)
Government National Mortgage Association (GNMA), 2013-101 IO, IO		0.227	%		10/16/54		3,573,412		59,008	(d)
Government National Mortgage Association (GNMA), 2013-107 AD		2.768	%		11/16/47		55,046		57,291	(d)
Government National Mortgage Association (GNMA), 2014-17 AM		3.320	%		6/16/48		7,157		7,644	(d)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.550	%		8/16/54		832,560		17,950	(d)
Government National Mortgage Association (GNMA), 2015-167 OI, IO		4.000	%		4/16/45		156,209		24,382
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC		4.500	%		11/16/45		1,115,688		197,740
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		6.015	%		10/16/46		289,225		80,866	(d)
Government National Mortgage Association (GNMA), 2019-123 A		3.000	%		10/20/49		3,170		3,182
Government National Mortgage Association (GNMA), 2020-123 NI, IO		2.500	%		8/20/50		94,236		12,661
Government National Mortgage Association (GNMA), 2020-127 IN, IO		2.500	%		8/20/50		93,973		12,687
Government National Mortgage Association (GNMA), 2020-129 IE, IO		2.500	%		9/20/50		95,383		13,336
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		190,241		26,393
Government National Mortgage Association (GNMA), 2020-H04 FP (1 mo. USD LIBOR + 0.500%)		0.590	%		6/20/69		246,971		248,790	(d)

See Notes to Schedule of Investments.

    34     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

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Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
Government National Mortgage Association (GNMA), 2020-H9 FL (1 mo. USD LIBOR + 1.150%)		1.237	%		5/20/70		177,188	$	186,056	(d)
Government National Mortgage Association (GNMA), 2020-H9 NF (1 mo. USD LIBOR + 1.250%)		1.337	%		4/20/70		78,210		80,684	(d)
GS Mortgage Securities Corp. II, 2018- SRP5 A (1 mo. USD LIBOR + 1.550%)		1.634	%		9/15/31		530,000		468,821	(a)(d)
GS Mortgage Securities Corp. II, 2018- SRP5 B (1 mo. USD LIBOR + 2.750%)		2.834	%		9/15/31		530,000		425,967	(a)(d)
GS Mortgage Securities Corp. Trust, 2021- ROSS A (1 mo. USD LIBOR + 1.150%)		1.234	%		5/15/26		290,000		290,788	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		3.834	%		5/15/28		128,833		119,178	(a)(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 A4		2.822	%		8/15/49		200,000		211,777
JPMorgan Mortgage Trust, 2018-5 A1		3.500	%		10/25/48		126,566		128,954	(a)(d)
MHC Trust, 2021-MHC2 A (1 mo. USD LIBOR + 0.850%)		0.934	%		5/15/23		110,000		110,288	(a)(d)
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		337		337
Morgan Stanley Capital I Trust, 2007-IQ16 AJ		6.470	%		12/12/49		21,910		13,228	(d)
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. USD LIBOR + 0.850%)		0.934	%		11/15/34		281,410		281,096	(a)(d)
Morgan Stanley Capital I Trust, 2017-H1 C		4.281	%		6/15/50		250,000		264,323	(d)
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. USD LIBOR + 1.400%)		1.484	%		5/15/36		330,000		327,307	(a)(d)
Morgan Stanley Resecuritization Trust, 2015-R3 7A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		0.869	%		4/26/47		1,691		1,693	(a)(d)
Morgan Stanley Resecuritization Trust, 2015-R3 7A2 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		0.869	%		4/26/47		730,000		732,435	(a)(d)
Morgan Stanley Resecuritization Trust, 2015-R3 9A1 (1 mo. USD LIBOR + 0.260%)		0.604	%		4/26/47		34,400		34,655	(a)(d)
MRA Issuance Trust, 2021-EBO1 A1X (1 mo. USD LIBOR + 1.750%)		1.834	%		2/16/22		330,000		330,204	(d)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		522,334		560,761	(a)(d)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         35

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(i) - (continued)
New Residential Mortgage Loan Trust, 2017-6A A1		4.000	%		8/27/57		306,660	$	327,688	(a)(d)
New Residential Mortgage Loan Trust, 2018-RPL1 M2		3.500	%		12/25/57		240,000		251,661	(a)(d)
New Residential Mortgage Loan Trust, 2019-RPL3 A1		2.750	%		7/25/59		92,428		95,627	(a)(d)
New Residential Mortgage Loan Trust, 2021-NQM3 A1		1.156	%		11/27/56		120,000		120,364	(a)(d)
Nomura Resecuritization Trust, 2015-5R 4A1 (1 mo. USD LIBOR + 0.140%)		1.031	%		7/26/37		31,524		31,807	(a)(d)
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		289,176		290,314	(a)(d)
OBX Trust, 2021-NQM2 A3		1.563	%		5/25/61		111,939		112,258	(a)(d)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		147,438		147,564	(a)(d)
PRKCM Trust, 2021-AFC1 A1		1.510	%		7/25/56		250,000		251,250	(a)(d)
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. USD LIBOR + 1.150%)		1.234	%		5/15/38		140,000		140,602	(a)(d)
VLS Commercial Mortgage Trust, 2020-LAB B		2.453	%		10/10/42		210,000		211,101	(a)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		40,723		41,418	(a)(d)
Wells Fargo Commercial Mortgage Trust, 2017-RB1 XA, IO		1.396	%		3/15/50		2,061,999		116,807	(d)
ZH Trust, 2021-2 A		2.349	%		10/17/27		150,000		150,750	(a)(b)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $19,762,825)									19,679,456
SENIOR LOANS - 5.9%
COMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.2%
Delta TopCo Inc., First Lien Term Loan (the greater of 6 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		12/1/27		59,850		60,010	(d)(j)(k)
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		1.834	%		3/1/27		235,410		232,825	(d)(j)(k)
Zayo Group Holdings Inc., Initial Dollar Term Loan (1 mo. USD LIBOR + 3.000%)		3.084	%		3/9/27		140,000		138,927	(d)(j)(k)
Total Diversified Telecommunication Services									431,762
Entertainment - 0.0%††
Go Daddy Operating Co. LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.835	%		2/15/24		49,413		49,170	(d)(j)(k)

See Notes to Schedule of Investments.

    36     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Interactive Media & Services - 0.1%
Rackspace Technology Global Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 2.750%)		3.500	%		2/15/28		129,351	$	128,557	(d)(j)(k)
Media - 0.7%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.840	%		4/30/25		298,945		298,870	(d)(j)(k)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.840	%		2/1/27		39,298		39,091	(d)(j)(k)
iHeartCommunications Inc., New Term Loan (1 mo. USD LIBOR + 3.000%)		3.084	%		5/1/26		164,138		163,130	(d)(j)(k)
Nexstar Broadcasting Inc., Term Loan B4 (1 mo. USD LIBOR + 2.500%)		2.586	%		9/18/26		271,966		272,051	(d)(j)(k)
Numericable U.S. LLC, USD Term Loan B12 (3 mo. USD LIBOR + 3.688%)		3.814	%		1/31/26		128,171		127,386	(d)(j)(k)
Terrier Media Buyer Inc., 2021 Refinancing Term Loan B (1 mo. USD LIBOR + 3.500%)		3.584	%		12/17/26		108,034		107,936	(d)(j)(k)
Univision Communications Inc., 2021 Replacement Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 3.250%)		4.000	%		3/15/26		281,750		281,788	(d)(j)(k)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		2.584	%		1/31/28		280,000		278,461	(d)(j)(k)
Ziggo Financing Partnership, Term Loan I (1 mo. USD LIBOR + 2.500%)		2.584	%		4/30/28		200,000		198,611	(d)(j)(k)
Total Media									1,767,324
Wireless Telecommunication Services - 0.0%††
CSC Holdings LLC, October 2018 Incremental Term Loan (1 mo. USD LIBOR + 2.250%)		2.334	%		1/15/26		39,898		39,424	(d)(j)(k)
CSC Holdings LLC, September 2019 Term Loan (1 mo. USD LIBOR + 2.500%)		2.584	%		4/15/27		39,400		39,010	(d)(j)(k)
Total Wireless Telecommunication Services									78,434
TOTAL COMMUNICATION SERVICES									2,455,247
CONSUMER DISCRETIONARY - 1.1%
Auto Components - 0.1%
Clarios Global LP, First Amendment First Lien Dollar Term Loan (3 mo. USD LIBOR + 3.250%)		3.335	%		4/30/26		191,274		190,676	(d)(j)(k)
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1		3.500	%		9/23/26		206,133		206,144	(d)(j)(k)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         37

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - 0.7%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.837	%		11/19/26		183,379	$	181,468	(d)(j)(k)
Alterra Mountain Co., 2028 Term Loan B (1 mo. USD LIBOR + 2.000%)		4.000	%		7/21/28		67,860		67,797	(d)(j)(k)
Aramark Services Inc., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.834	%		1/15/27		135,213		132,356	(d)(j)(k)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		2.834	%		12/23/24		534,391		531,909	(d)(j)(k)
Caesars Resort Collection LLC, Term Loan B1 (3 mo. USD LIBOR + 3.500%)		3.583	%		7/21/25		148,500		148,799	(d)(j)(k)
Entain Holdings Gibraltar Ltd., Term Loan Facility B (the greater of 3 mo. USD LIBOR or 0.500% + 2.500%)		3.000	%		3/29/27		49,875		49,891	(d)(j)(k)
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%)		2.087	%		11/30/23		117,764		117,543	(d)(j)(k)
Golden Nugget Inc., First Lien Initial Term Loan		3.250	%		10/4/23		22,634		22,556	(d)(j)(k)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.836	%		6/22/26		188,276		186,909	(d)(j)(k)
PCI Gaming Authority, Term Loan Facility B (1 mo. USD LIBOR + 2.500%)		2.584	%		5/29/26		76,967		76,790	(d)(j)(k)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		2.834	%		8/14/24		230,056		229,323	(d)(j)(k)
Station Casinos LLC, Term Loan Facility B1 (the greater of 1 mo. USD LIBOR or 0.250% + 2.250%)		2.500	%		2/8/27		149,201		147,930	(d)(j)(k)
Total Hotels, Restaurants & Leisure									1,893,271
Specialty Retail - 0.2%
Academy Ltd., Refinancing Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		11/5/27		97,011		97,339	(d)(j)(k)
Great Outdoors Group LLC, Term Loan B1 (the greater of 3 mo. USD LIBOR or 0.750% + 4.250%)		5.000	%		3/6/28		59,550		59,870	(d)(j)(k)
Harbor Freight Tools USA Inc., 2021 Refinancing Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		10/19/27		109,225		109,298	(d)(j)(k)
Michaels Cos. Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 4.250%)		5.000	%		4/15/28		89,775		89,969	(d)(j)(k)

See Notes to Schedule of Investments.

    38     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Specialty Retail - (continued)
Petco Health and Wellness Co. Inc., First Lien Initial Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.250%)		4.000	%		3/3/28		119,400	$	119,517	(d)(j)(k)
Whatabrands LLC, Initial Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 3.250%)		3.750	%		8/3/28		10,000		10,002	(d)(j)(k)
Total Specialty Retail									485,995
TOTAL CONSUMER DISCRETIONARY									2,776,086
CONSUMER STAPLES - 0.2%
Beverages - 0.1%
Triton Water Holdings Inc., First Lien Initial Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 3.500%)		4.000	%		3/31/28		169,575		169,565	(d)(j)(k)
Food & Staples Retailing - 0.1%
Froneri U.S. Inc., Term Loan Facility B2 (1 mo. USD LIBOR + 2.250%)		2.334	%		1/29/27		88,875		87,981	(d)(j)(k)
US Foods Inc., 2019 Incremental Term Loan B (1 mo. USD LIBOR + 2.000%)		2.084	%		9/13/26		9,475		9,365	(d)(j)(k)
US Foods Inc., Repriced Term Loan (1 mo. USD LIBOR + 1.750%)		1.834	%		6/27/23		50,565		50,327	(d)(j)(k)
Total Food & Staples Retailing									147,673
Household Products - 0.0%††
Energizer Holdings Inc., Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.250%)		2.750	%		12/22/27		49,750		49,802	(d)(j)(k)
TOTAL CONSUMER STAPLES									367,040
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Pilot Travel Centers LLC, Initial Term Loan B		—			8/4/28		370,000		369,175	(l)
FINANCIALS - 0.7%
Capital Markets - 0.1%
First Eagle Holdings Inc., 2018 Refinancing Term Loan B (3 mo. USD LIBOR + 2.566%)		2.632	%		2/1/27		47,239		46,829	(d)(j)(k)
Focus Financial Partners LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		2.084	%		7/3/24		126,996		126,262	(d)(j)(k)
Zebra Buyer LLC, Term Loan		—			4/21/28		110,000		110,471	(l)
Total Capital Markets									283,562

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         39

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - 0.4%
Citadel Securities LP, 2021 Term Loan (1 mo. USD LIBOR + 2.500%)		2.584	%		2/2/28		158,751	$	157,504	(d)(j)(k)
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan (the greater of 1 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		4/9/27		177,750		178,486	(d)(j)(k)
Hudson River Trading LLC, Term Loan (3 mo. USD LIBOR + 3.000%)		3.085	%		3/20/28		89,775		89,391	(d)(j)(k)
Jane Street Group LLC, Dollar Term Loan (1 mo. USD LIBOR + 2.750%)		2.834	%		1/26/28		68,016		67,429	(d)(j)(k)
Trans Union LLC, Term Loan B5 (1 mo. USD LIBOR + 1.750%)		1.834	%		11/16/26		126,051		125,431	(d)(j)(k)
UFC Holdings LLC, Term Loan B3 (the greater of 6 mo. USD LIBOR or 0.750% + 2.750%)		3.500	%		4/29/26		176,714		176,506	(d)(j)(k)
VFH Parent LLC, Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.082	%		3/1/26		50,232		50,218	(d)(j)(k)
Total Diversified Financial Services									844,965
Insurance - 0.2%
AmWINS Group Inc., Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 2.250%)		3.000	%		2/19/28		99,250		98,754	(d)(j)(k)
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		3.084	%		11/3/24		116,831		115,735	(d)(j)(k)
Asurion LLC, New Term Loan B8 (1 mo. USD LIBOR + 3.250%)		3.334	%		12/23/26		160,569		158,389	(d)(j)(k)
Asurion LLC, New Term Loan B9 (1 mo. USD LIBOR + 3.250%)		3.334	%		7/31/27		69,650		68,710	(d)(j)(k)
Asurion LLC, Replacement Term Loan B6 (1 mo. USD LIBOR + 3.125%)		3.209	%		11/3/23		22,919		22,817	(d)(j)(k)
Total Insurance									464,405
TOTAL FINANCIALS									1,592,932
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.1%
Medline Borrower LP, Initial Dollar Term Loan		—			10/23/28		200,000		199,687	(l)
Health Care Providers & Services - 0.6%
Bioscrip Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		3.834	%		8/6/26		108,075		108,170	(d)(j)(k)
EyeCare Partners LLC, First Lien Initial Term Loan (3 mo. USD LIBOR + 3.750%)		3.882	%		2/18/27		59,188		58,948	(d)(j)(k)
Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 week USD LIBOR + 2.000%)		2.072	%		11/15/27		275,894		271,755	(d)(j)(k)

See Notes to Schedule of Investments.

    40     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		3.834	%		11/17/25		198,785	$	198,750	(d)(j)(k)
Parexel International Corp., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		2.834	%		9/27/24		110,000		110,031	(d)(j)(k)(l)
Parexel International Corp., Term Loan		—			8/11/28		80,000		80,113	(l)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		3.336	%		3/5/26		88,081		87,661	(d)(j)(k)
Phoenix Guarantor Inc., Term Loan B3 (1 mo. USD LIBOR + 3.500%)		3.585	%		3/5/26		139,300		138,952	(d)(j)(k)
Sterigenics-Nordion Holdings LLC, Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		12/11/26		290,000		289,517	(d)(j)(k)
Total Health Care Providers & Services									1,343,897
Health Care Technology - 0.2%
AthenaHealth Inc., Term Loan B1 (3 mo. USD LIBOR + 4.250%)		4.377	%		2/11/26		303,816		305,069	(d)(j)(k)
Change Healthcare Holdings LLC, Closing Date Term Loan		3.500	%		3/1/24		241,196		241,208	(d)(j)(k)
Total Health Care Technology									546,277
Life Sciences Tools & Services - 0.2%
ICON Luxembourg Sarl, Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 2.500%)		3.000	%		7/3/28		167,694		168,438	(d)(j)(k)
PPD Inc., Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.000%)		2.500	%		1/13/28		278,600		278,484	(d)(j)(k)
PRA Health Sciences Inc., Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 2.500%)		3.000	%		7/3/28		41,781		41,967	(d)(j)(k)
Total Life Sciences Tools & Services									488,889
Pharmaceuticals - 0.3%
Bausch Health Cos. Inc., First Incremental Term Loan (1 mo. USD LIBOR + 2.750%)		2.834	%		11/27/25		17,637		17,610	(d)(j)(k)
Bausch Health Cos. Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.084	%		6/2/25		130,288		130,271	(d)(j)(k)
Gainwell Acquisition Corp., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 4.000%)		4.750	%		10/1/27		238,448		239,343	(d)(j)(k)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         41

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - (continued)
Horizon Therapeutics USA Inc., Incremental Term Loan B2 (the greater of 1 mo. USD LIBOR or 0.500% + 2.000%)		2.500	%		3/15/28		139,300	$	139,213	(d)(j)(k)
Jazz Financing Lux Sarl, Initial Dollar Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.500%)		4.000	%		5/5/28		229,425		230,000	(d)(j)(k)
Total Pharmaceuticals									756,437
TOTAL HEALTH CARE									3,335,187
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.0%††
Avolon TLB Borrower 1 US LLC, Term Loan B5 (the greater of 1 mo. USD LIBOR or 0.500% + 2.250%)		2.750	%		12/1/27		59,550		59,666	(d)(j)(k)
Transdigm Inc., Refinancing Term Loan F (1 mo. USD LIBOR + 2.250%)		2.334	%		12/9/25		9,924		9,815	(d)(j)(k)
Total Aerospace & Defense									69,481
Airlines - 0.1%
Air Canada, Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.500%)		4.250	%		8/11/28		80,000		80,433	(d)(j)(k)
United Airlines Inc., Term Loan B (the greater of 1 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		4/21/28		159,200		160,657	(d)(j)(k)
Total Airlines									241,090
Building Products - 0.0%††
Quikrete Holdings Inc., Term Loan B1		—			1/31/27		90,000		89,837	(l)
Commercial Services & Supplies - 0.3%
Allied Universal Holdco LLC, Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 3.750%)		4.250	%		5/12/28		254,147		254,651	(d)(j)(k)
APi Group DE Inc., Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.584	%		10/1/26		171,672		170,948	(d)(j)(k)
Garda World Security Corp., Term Loan B2 (1 mo. USD LIBOR + 4.250%)		4.340	%		10/30/26		48,094		48,233	(d)(j)(k)
Verscend Holding Corp., New Term Loan B (1 mo. USD LIBOR + 4.000%)		4.084	%		8/27/25		149,694		150,099	(d)(j)(k)
Total Commercial Services & Supplies									623,931
Construction & Engineering - 0.0%††
AECOM, Term Loan B (1 mo. USD LIBOR + 1.750%)		1.834	%		4/13/28		29,925		29,966	(d)(j)(k)

See Notes to Schedule of Investments.

    42     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Electrical Equipment - 0.0%††
Brookfield WEC Holdings Inc., Refinancing Term Loan 2 (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		8/1/25		48,699	$	48,417	(d)(j)(k)
Road & Rail - 0.2%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. USD LIBOR + 2.000%)		2.132	%		12/30/26		276,470		275,087	(d)(j)(k)
XPO Logistics Inc., Refinancing Term Loan (1 mo. USD LIBOR + 1.750%)		1.833	%		2/24/25		110,000		109,567	(d)(j)(k)
Total Road & Rail									384,654
Trading Companies & Distributors - 0.0%††
BrightView Landscapes LLC, Initial Term Loan (3 mo. USD LIBOR + 2.500%)		2.625	%		8/15/25		58,050		57,869	(d)(j)(k)
TOTAL INDUSTRIALS									1,545,245
INFORMATION TECHNOLOGY - 0.5%
IT Services - 0.0%††
FleetCor Technologies Operating Co. LLC, Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.834	%		4/28/28		89,775		89,679	(d)(j)(k)
Software - 0.4%
Cloudera Inc., Initial Term Loan		—			10/8/28		70,000		70,022	(l)
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.000%)		4.084	%		10/16/26		276,693		277,078	(d)(j)(k)
Magenta Buyer LLC, First Lien Initial Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 5.000%)		5.750	%		7/27/28		290,000		290,363	(d)(j)(k)
Peraton Corp., First Lien Term Loan B (the greater of 1 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		2/1/28		238,800		239,360	(d)(j)(k)
RealPage Inc., First Lien Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.250%)		3.750	%		4/24/28		210,000		209,584	(d)(j)(k)
Total Software									1,086,407
Technology Hardware, Storage & Peripherals - 0.1%
Dell International LLC, Refinancing Term Loan B2 (the greater of 1 mo. USD LIBOR or 0.250% + 1.750%)		2.000	%		9/19/25		100,056		100,136	(d)(j)(k)
Western Digital Corp., New Term Loan B4 (3 mo. USD LIBOR + 1.750%)		1.838	%		4/29/23		16,476		16,498	(d)(j)(k)
Total Technology Hardware, Storage & Peripherals									116,634
TOTAL INFORMATION TECHNOLOGY									1,292,720

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         43

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
MATERIALS - 0.2%
Chemicals - 0.0%††
INEOS US Petrochem LLC, 2026 Dollar Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		1/29/26		99,750	$	99,912	(d)(j)(k)
Containers & Packaging - 0.2%
Berry Global Inc., Term Loan Z (2 mo. USD LIBOR + 1.750%)		1.856	%		7/1/26		139,402		138,810	(d)(j)(k)
Reynolds Consumer Products LLC, Initial Term Loan (1 mo. USD LIBOR + 1.750%)		1.834	%		2/4/27		250,320		249,936	(d)(j)(k)
Total Containers & Packaging									388,746
Paper & Forest Products - 0.0%††
Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. USD LIBOR + 1.750%)		1.834	%		9/7/27		79,274		79,082	(d)(j)(k)
TOTAL MATERIALS									567,740
TOTAL SENIOR LOANS (Cost - $14,303,527)									14,301,372
						FACE AMOUNT†/ UNITS
ASSET-BACKED SECURITIES - 3.1%
ACRES Commercial Realty Ltd., 2021-FL1 A (1 mo. USD LIBOR + 1.200%)		1.284	%		6/15/36		340,000		340,402	(a)(d)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2I		4.194	%		6/7/49		396,000		404,669	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		290,000		290,025	(a)
First Franklin Mortgage Loan Trust, 2006- FF15 A2 (1 mo. USD LIBOR + 0.120%)		0.206	%		11/25/36		173,307		167,422	(d)
First Franklin Mortgage Loan Trust, 2006- FF15 A5 (1 mo. USD LIBOR + 0.160%)		0.246	%		11/25/36		263,888		261,587	(d)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		280,000		319,070
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		229,425		230,797	(a)
Hildene Community Funding CDO Ltd., 2015-1A AR		3.250	%		11/1/35		320,000		319,200	(a)
InStar Leasing III LLC, 2021-1A A		2.300	%		2/15/54		106,548		106,581	(a)
JPMorgan Mortgage Acquisition Corp., 2005-OPT2 M4 (1 mo. USD LIBOR + 0.930%)		1.016	%		12/25/35		110,000		110,225	(d)

See Notes to Schedule of Investments.

    44     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Legacy Mortgage Asset Trust, 2019-GS3 A1, Step bond		3.750	%		4/25/59		212,931	$	214,580	(a)
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. USD LIBOR + 0.900%)		0.984	%		1/15/43		243,008		243,925	(a)(d)
Navient Student Loan Trust, 2016-3A A3 (1 mo. USD LIBOR + 1.350%)		1.436	%		6/25/65		341,242		352,356	(a)(d)
Oak Street Investment Grade Net Lease Fund Series, 2020-1A A1		1.850	%		11/20/50		216,803		218,846	(a)
SBA Small Business Investment Cos., 2018-10B 1		3.548	%		9/10/28		118,251		127,192
SBA Small Business Investment Cos., 2019-10A 1		3.113	%		3/10/29		228,780		243,887
SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. USD LIBOR + 0.290%)		0.406	%		6/15/39		400,339		393,834	(d)
SLM Student Loan Trust, 2003-10A A4 (3 mo. USD LIBOR + 0.670%)		0.786	%		12/17/68		120,000		120,320	(a)(d)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		1,092		486,442	(a)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		450,000		449,816	(a)
SMB Private Education Loan Trust, 2021-A B		2.310	%		1/15/53		190,000		192,868	(a)
SMB Private Education Loan Trust, 2021-C B		2.300	%		1/15/53		170,000		170,680	(a)
SoFi Professional Loan Program LLC, 2017-A B		3.440	%		3/26/40		140,000		144,400	(a)(d)
Structured Asset Investment Loan Trust, 2005-HE1 M2 (1 mo. USD LIBOR + 0.720%)		0.806	%		7/25/35		228,201		228,369	(d)
Structured Asset Securities Corp. Mortgage Loan Trust, 2007-WF1 A1 (1 mo. USD LIBOR + 0.420%)		0.506	%		2/25/37		369,316		364,460	(d)
Towd Point Mortgage Trust, 2016-3 B1		4.083	%		4/25/56		110,000		117,677	(a)(d)
Towd Point Mortgage Trust, 2017-4 B2		3.427	%		6/25/57		250,000		264,181	(a)(d)
Towd Point Mortgage Trust, 2017-6 M1		3.250	%		10/25/57		200,000		210,644	(a)(d)
TRP - TRIP Rail Master Funding LLC, 2021-2 A		2.150	%		6/19/51		109,042		110,080	(a)
United States Small Business Administration, 2019-25G 1		2.690	%		7/1/44		79,038		83,505
Wendy’s Funding LLC, 2021-1A A2I		2.370	%		6/15/51		109,725		111,119	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $8,274,895)									7,399,159

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         45

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY		RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.2%
U.S. Treasury Bonds, Inflation Indexed (Cost - $410,499)			1.375	%		2/15/44		398,273	$	547,662
		EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.0%††
EXCHANGE-TRADED PURCHASED OPTIONS - 0.0%††
U.S. Treasury 10-Year Notes Futures, Call @ $132.00			10/1/21			11		11,000		344
U.S. Treasury 10-Year Notes Futures, Call @ $131.50			10/22/21			11		11,000		6,875
U.S. Treasury 10-Year Notes Futures, Call @ $131.75			10/22/21			14		14,000		7,000
U.S. Treasury Long-Term Bonds Futures, Call @ $162.00			10/8/21			5		5,000		859
U.S. Treasury Long-Term Bonds Futures, Call @ $161.00			10/22/21			19		19,000		13,359
U.S. Treasury Long-Term Bonds Futures, Call @ $164.00			10/22/21			18		18,000		2,813
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $74,869)										31,250
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
U.S. Dollar/Australian Dollar, Put @ $0.73	Goldman Sachs Group Inc.		11/22/21			560,000		560,000		6,280
U.S. Dollar/Canadian Dollar, Put @ 1.27CAD	BNP Paribas SA		11/22/21			1,120,000		1,120,000		12,850
U.S. Dollar/Japanese Yen, Put @ 107.80JPY	Morgan Stanley & Co. Inc.		11/10/21			2,406,000		2,406,000		1,596
U.S. Dollar/New Zealand Dollar, Put @ $0.71	Goldman Sachs Group Inc.		11/22/21			850,000		850,000		3,531
TOTAL OTC PURCHASED OPTIONS (Cost - $40,635)										24,257
TOTAL PURCHASED OPTIONS (Cost - $115,504)										55,507

See Notes to Schedule of Investments.

    46     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

(Percentages shown based on Portfolio net assets)

SECURITY				SHARES		VALUE
COMMON STOCKS - 0.0%††
ENERGY - 0.0%††
Energy Equipment & Services - 0.0%††
KCAD Holdings I Ltd. (Cost - $883,931)					108,106,087	$	0	*(e)(f)(m)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $237,557,681)							238,844,370
	RATE
SHORT-TERM INVESTMENTS - 0.4%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $935,585)		0.010	%		935,585		935,585	(n)
TOTAL INVESTMENTS - 98.6% (Cost - $238,493,266)							239,779,955
Other Assets in Excess of Liabilities - 1.4%							3,497,629
TOTAL NET ASSETS - 100.0%						$	243,277,584

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         47

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

† Face amount/notional 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) Securities traded on a when-issued or delayed delivery basis.

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

(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 valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

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

(g) This security is traded on a to-be-announced (“TBA”) basis. At September 30, 2021, the Portfolio held TBA securities with a total cost of $3,602,462.

(h) 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.

(i) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

(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) All or a portion of this loan is unfunded as of September 30, 2021. The interest rate for fully unfunded term loans is to be determined.

(m) Value is less than $1.

(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 September 30, 2021, the total market value of investments in Affiliated Companies was $935,585 and the cost was $935,585 (Note 2).

See Notes to Schedule of Investments.

    48     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
BRL	— Brazilian Real
CAD	— Canadian Dollar
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CMT	— Constant Maturity Treasury
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
EUR	— Euro
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
JPY	— Japanese Yen
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
PAC	— Planned Amortization Class
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar

SCHEDULE OF WRITTEN OPTIONS
EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
U.S. Treasury 10-Year Notes Futures, Call		10/1/21	$	133.50		11	$	11,000	$	0	(a)
U.S. Treasury 10-Year Notes Futures, Call		10/1/21		134.00		11		11,000		0	(a)
U.S. Treasury 10-Year Notes Futures, Call		10/22/21		132.50		16		16,000		(3,500	)
U.S. Treasury 10-Year Notes Futures, Call		10/22/21		133.00		22		22,000		(2,406	)
U.S. Treasury 10-Year Notes Futures, Call		10/22/21		134.00		11		11,000		(344	)
U.S. Treasury 10-Year Notes Futures, Call		11/26/21		136.50		21		21,000		(656	)
U.S. Treasury 10-Year Notes Futures, Put		10/1/21		132.50		11		11,000		(9,797	)
U.S. Treasury 10-Year Notes Futures, Put		10/22/21		131.00		12		12,000		(3,937	)
U.S. Treasury 10-Year Notes Futures, Put		10/22/21		131.50		12		12,000		(6,187	)
U.S. Treasury 10-Year Notes Futures, Put		11/26/21		130.50		21		21,000		(10,172	)
U.S. Treasury 10-Year Notes Futures, Put		11/26/21		132.00		5		5,000		(5,391	)
U.S. Treasury Long-Term Bonds Futures, Call		10/22/21		165.00		4		4,000		(438	)
U.S. Treasury Long-Term Bonds Futures, Call		10/22/21		166.00		15		15,000		(1,172	)
U.S. Treasury Long-Term Bonds Futures, Call		10/22/21		167.00		5		5,000		(234	)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         49

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

SCHEDULE OF WRITTEN OPTIONS (continued)
SECURITY			EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
U.S. Treasury Long-Term Bonds Futures, Call				11/26/21	$	164.00		5	$	5,000	$	(2,813	)
U.S. Treasury Long-Term Bonds Futures, Call				11/26/21		165.00		10		10,000		(4,219	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $62,027)											$	(51,266	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
U.S. Dollar/New Zealand Dollar, Put (Premiums received - $4,794)		Goldman Sachs Group Inc.		11/22/21	$	0.73		850,000	$	850,000	$	(766	)
TOTAL WRITTEN OPTIONS (Premiums received - $66,821)											$	(52,032	)

(a) Value is less than $1.

At September 30, 2021, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		47		6/23	$	11,660,921	$	11,657,762	$	(3,159	)
90-Day Eurodollar		10		9/23		2,477,084		2,474,750		(2,334	)
90-Day Eurodollar		283		12/23		69,995,682		69,939,913		(55,769	)
Australian 10-Year Bonds		26		12/21		2,708,481		2,659,218		(49,263	)
Euro		1		12/21		148,924		145,000		(3,924	)
Euro-OAT		13		12/21		2,543,175		2,498,966		(44,209	)
Mexican Peso		3		12/21		74,259		71,985		(2,274	)
U.S. Treasury 2-Year Notes		43		12/21		9,468,348		9,462,352		(5,996	)
U.S. Treasury 5-Year Notes		466		12/21		57,508,417		57,197,861		(310,556	)
U.S. Treasury Ultra Long-Term Bonds		96		12/21		18,983,123		18,342,000		(641,123	)
										(1,118,607	)
Contracts to Sell:
90-Day Eurodollar		181		12/21		45,147,564		45,173,075		(25,511	)
Euro-Bund		48		12/21		9,619,961		9,442,128		177,833
Euro-Buxl		7		12/21		1,698,316		1,648,772		49,544
Japanese 10-Year Bonds		4		12/21		5,458,976		5,440,316		18,660
U.S. Treasury 10-Year Notes		80		12/21		10,636,778		10,528,750		108,028
U.S. Treasury Long-Term Bonds		5		12/21		819,994		796,094		23,900
U.S. Treasury Ultra 10-Year Notes		34		12/21		5,043,098		4,938,500		104,598
										457,052
Net unrealized depreciation on open futures contracts									$	(661,555	)

See Notes to Schedule of Investments.

    50     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

Abbreviation(s) used in this table:

OAT — Obligations Assimilables du Trésor (French Treasury Bonds)

At September 30, 2021, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
INR	27,646,086		USD	365,486	Citibank N.A.		10/18/21	$	6,216
USD	371,837		INR	27,646,086	Citibank N.A.		10/18/21		135
USD	105,715		IDR	1,522,077,595	Bank of America N.A.		10/19/21		(431	)
USD	1,627,920		EUR	1,370,529	BNP Paribas SA		10/19/21		39,791
CAD	5,973,028		USD	4,755,497	Citibank N.A.		10/19/21		(39,840	)
CNY	13,984,290		USD	2,158,236	Citibank N.A.		10/19/21		2,908
USD	743,103		CNY	4,844,290	Citibank N.A.		10/19/21		(5,538	)
USD	1,402,120		CNY	9,140,000	Citibank N.A.		10/19/21		(10,384	)
USD	36,867		EUR	31,000	Citibank N.A.		10/19/21		945
USD	54,757		EUR	46,000	Citibank N.A.		10/19/21		1,453
USD	80,266		EUR	68,000	Citibank N.A.		10/19/21		1,470
USD	94,932		EUR	80,000	Citibank N.A.		10/19/21		2,230
USD	105,826		EUR	90,000	Citibank N.A.		10/19/21		1,536
USD	38,955		MXN	799,959	Citibank N.A.		10/19/21		315
USD	100,533		MXN	2,040,000	Citibank N.A.		10/19/21		1,996
CAD	3,520,000		USD	2,835,664	Goldman Sachs Group Inc.		10/19/21		(56,652	)
GBP	1,003,230		USD	1,388,670	Goldman Sachs Group Inc.		10/19/21		(36,887	)
RUB	4,800,000		USD	64,117	Goldman Sachs Group Inc.		10/19/21		1,601
RUB	12,724,172		USD	171,280	Goldman Sachs Group Inc.		10/19/21		2,927
RUB	19,570,000		USD	263,026	Goldman Sachs Group Inc.		10/19/21		4,908
ZAR	5,615,137		USD	386,026	Goldman Sachs Group Inc.		10/19/21		(14,107	)
AUD	3,452,361		USD	2,589,271	JPMorgan Chase & Co.		10/19/21		(93,184	)
CNH	10,883,867		USD	1,680,387	JPMorgan Chase & Co.		10/19/21		4,994
IDR	7,900,882,481		USD	535,363	JPMorgan Chase & Co.		10/19/21		15,625
JPY	274,498,821		USD	2,501,112	JPMorgan Chase & Co.		10/19/21		(34,388	)
USD	1,669,356		CNH	10,883,867	JPMorgan Chase & Co.		10/19/21		(16,025	)
EUR	240,000		USD	283,810	Morgan Stanley & Co. Inc.		10/19/21		(5,705	)
MXN	12,093,278		USD	595,736	Morgan Stanley & Co. Inc.		10/19/21		(11,597	)
RUB	141,423,802		USD	1,863,168	Morgan Stanley & Co. Inc.		10/19/21		73,078
USD	899,377		BRL	4,728,037	Morgan Stanley & Co. Inc.		10/19/21		33,817
USD	41,373		EUR	35,000	Morgan Stanley & Co. Inc.		10/19/21		816
USD	71,135		EUR	60,000	Morgan Stanley & Co. Inc.		10/19/21		1,609
USD	5,387,592		EUR	4,530,000	Morgan Stanley & Co. Inc.		10/19/21		138,362
USD	457,892		MXN	9,253,319	Morgan Stanley & Co. Inc.		10/19/21		10,931
USD	368,796		ZAR	5,615,137	Morgan Stanley & Co. Inc.		10/19/21		(3,123	)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         51

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	125,000		USD	146,659	Morgan Stanley & Co. Inc.		12/15/21	$	(1,628	)
INR	27,646,086		USD	368,075	Citibank N.A.		1/18/22		91
MXN	799,959		USD	38,463	Citibank N.A.		1/18/22		(311	)
USD	2,141,545		CNY	13,984,290	Citibank N.A.		1/18/22		(4,661	)
USD	1,668,895		CNH	10,883,867	JPMorgan Chase & Co.		1/18/22		(4,399	)
ZAR	5,615,137		USD	364,120	Morgan Stanley & Co. Inc.		1/18/22		3,136
Total								$	12,030

Abbreviation(s) used in this table:

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
RUB	— Russian Ruble
USD	— United States Dollar
ZAR	— South African Rand

At September 30, 2021, the Portfolio had the following open swap contracts:

OTC INTEREST RATE SWAPS
SWAP COUNTERPARTY	NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†		PAYMENTS RECEIVED BY THE PORTFOLIO†		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
Citibank N.A.		2,400,000	BRL		1/4/27		BRL-CDI**		7.024%**		—	$	(27,266	)
Citibank N.A.		2,900,000	BRL		1/4/27		BRL-CDI**		7.024%**	$	1,183		(34,130	)
Citibank N.A.		3,108,000	BRL		1/4/27		BRL-CDI**		7.024%**		1,479		(36,789	)
JPMorgan Chase & Co.		2,000,000	BRL		1/4/27		BRL-CDI**		7.044%**		—		(22,377	)
Total										$	2,662	$	(120,562	)

See Notes to Schedule of Investments.

    52     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

CENTRALLY CLEARED INTEREST RATE SWAPS
NOTIONAL AMOUNT*			TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†	PAYMENTS RECEIVED BY THE PORTFOLIO†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	7,197,000			6/15/22	3-Month LIBOR quarterly	0.190% semi-annually	$	(12	)	$	2,225
	20,340,000			6/4/24	3-Month LIBOR quarterly	0.820% semi-annually		—			(45,259	)
	5,805,000			5/15/27	0.710% annually	Daily SOFR Compound annually		20,982			56,800
	6,743,000			2/15/28	1.250% semi-annually	3-Month LIBOR quarterly		8,728			2,528
	9,554,000			2/15/28	1.350% semi-annually	3-Month LIBOR quarterly		15,604			(69,247	)
	28,260,000	MXN		7/18/29	28-Day MXN TIIE - Banxico every 28 days	7.450% every 28 days		9,420			1,679
	47,980,000	MXN		7/20/29	28-Day MXN TIIE - Banxico every 28 days	7.440% every 28 days		19,407			(2,040	)
	2,140,000			7/20/45	0.560% annually	Daily SOFR annually		15,715			429,076
	820,000			8/19/45	0.740% annually	Daily SOFR annually		—			137,629
	521,000			11/15/45	0.800% semi-annually	3-Month LIBOR quarterly		23,858			87,877
	1,853,000			2/15/47	1.000% semi-annually	3-Month LIBOR quarterly		22,456			314,241
	540,000			2/15/47	1.200% semi-annually	3-Month LIBOR quarterly		2,974			72,355
	181,000			2/15/47	1.225% semi-annually	3-Month LIBOR quarterly		208			24,086
	546,000			2/15/47	1.600% semi-annually	3-Month LIBOR quarterly		3,215			24,060
	1,901,000			2/15/47	1.630% semi-annually	3-Month LIBOR quarterly		15,142			77,480
	1,431,000			2/15/47	2.000% semi-annually	3-Month LIBOR quarterly		11,292			(53,254	)
	769,000			2/15/47	1.520% annually	Daily SOFR Compound annually		(17,981	)		29,206

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         53

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) September 30, 2021

	CENTRALLY CLEARED INTEREST RATE SWAPS (cont’d)
	NOTIONAL AMOUNT*		TERMINATION DATE		PAYMENTS MADE BY THE PORTFOLIO†	PAYMENTS RECEIVED BY THE PORTFOLIO†	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
		620,000		2/15/47	1.729% annually	Daily SOFR Compound annually		—		$	(21,449	)
		700,000		3/17/50	0.900% semi-annually	3-Month LIBOR quarterly	$	11,875			143,804
		996,000		10/7/50	1.200% semi-annually	3-Month LIBOR quarterly		5,037			149,753
		100,000		6/3/51	2.000% semi-annually	3-Month LIBOR quarterly		1,040			(4,870	)
		302,000		6/7/51	2.050% semi-annually	3-Month LIBOR quarterly		(38	)		(13,491	)
		898,000		7/9/51	1.671% semi-annually	3-Month LIBOR quarterly		(4,002	)		44,963
Total							$	164,920		$	1,388,152

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE PORTFOLIO†		MARKET VALUE3		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED APPRECIATION (DEPRECIATION)
Markit CDX.NA.HY.36 Index	$	770,000		6/20/26		5.000% quarterly	$	70,183	$	58,944	$	11,239
Markit CDX.NA.HY.37 Index		2,780,000		12/20/26		5.000% quarterly		255,591		266,308		(10,717	)
Markit CDX.NA.IG.37 Index		29,115,000		12/20/26		1.000% quarterly		689,152		702,857		(13,705	)
Total	$	32,665,000					$	1,014,926	$	1,028,109	$	(13,183	)

See Notes to Schedule of Investments.

    54     Western Asset Core Plus VIT Portfolio 2021 Quarterly Report

Western Asset Core Plus VIT Portfolio

Schedule of investments (unaudited) (cont’d) September 30, 2021

1 If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

2 The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

3 The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

* Notional amount denominated in U.S. dollars, unless otherwise noted.

** One time payment made at termination date.

Abbreviation(s) used in this table:

BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
SOFR	— Secured Overnight Financing Rate
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

This Schedule of Investments is unaudited and is intended to provide information about the Portfolio’s investments as of the date of the schedule. Other information regarding the Portfolio is available in the Portfolio’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2021 Quarterly Report         55

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

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

The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio’s pricing policies, and reporting to the Board of Trustees.

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Notes to Schedule of Investments (unaudited) (continued)

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.

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 – 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)

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Notes to Schedule of Investments (unaudited) (continued)

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:
Financials		—	$	23,880,835	$	114,936		$	23,995,771
Other Corporate Bonds & Notes		—		53,457,750		—			53,457,750
U.S. Government & Agency Obligations		—		57,609,448		—			57,609,448
Mortgage-Backed Securities		—		34,473,920		—			34,473,920
Sovereign Bonds		—		27,324,325		—			27,324,325
Collateralized Mortgage Obligations		—		19,679,456		—			19,679,456
Senior Loans		—		14,301,372		—			14,301,372
Asset-Backed Securities		—		7,399,159		—			7,399,159
U.S. Treasury Inflation Protected Securities		—		547,662		—			547,662
Purchased Options:
Exchange-Traded Purchased Options	$	31,250		—		—			31,250
OTC Purchased Options		—		24,257		—			24,257
Common Stocks		—		—		0	*		0	*
Total Long-Term Investments		31,250		238,698,184		114,936			238,844,370
Short-Term Investments†		935,585		—		—			935,585
Total Investments	$	966,835	$	238,698,184	$	114,936		$	239,779,955
Other Financial Instruments:
Futures Contracts††	$	482,563		—		—		$	482,563
Forward Foreign Currency Contracts††		—	$	350,890		—			350,890
Centrally Cleared Interest Rate Swaps††		—		1,597,762		—			1,597,762
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection††		—		11,239		—			11,239
Total Other Financial Instruments	$	482,563	$	1,959,891		—		$	2,442,454
Total	$	1,449,398	$	240,658,075	$	114,936		$	242,222,409

58

Notes to Schedule of Investments (unaudited) (continued)

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	51,266		—		—	$	51,266
OTC Written Options		—	$	766		—		766
Futures Contracts††		1,144,118		—		—		1,144,118
Forward Foreign Currency Contracts††		—		338,860		—		338,860
OTC Interest Rate Swaps‡		—		117,900		—		117,900
Centrally Cleared Interest Rate Swaps††		—		209,610		—		209,610
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		24,422		—		24,422
Total	$	1,195,384	$	691,558		—	$	1,886,942

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

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

‡ Value includes any premium paid or received with respect to swap contracts.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2021. The following transactions were effected in such company for the period ended September 30, 2021.

	Affiliate Value at December 31, 2020		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2021
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	6,596,920	$	61,753,401		61,753,401	$	67,414,736		67,414,736		—	$	202		—	$	935,585

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