WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 33.3%
COMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 1.2%
AT&T Inc., Senior Notes		2.300	%		6/1/27		140,000	$	133,627
AT&T Inc., Senior Notes		1.650	%		2/1/28		60,000		54,776
AT&T Inc., Senior Notes		2.550	%		12/1/33		50,000		44,522
AT&T Inc., Senior Notes		5.350	%		9/1/40		20,000		22,958
AT&T Inc., Senior Notes		5.550	%		8/15/41		10,000		11,697
AT&T Inc., Senior Notes		3.100	%		2/1/43		260,000		225,124
AT&T Inc., Senior Notes		4.350	%		6/15/45		68,000		68,834
AT&T Inc., Senior Notes		3.300	%		2/1/52		30,000		25,810
AT&T Inc., Senior Notes		3.500	%		9/15/53		20,000		17,625
AT&T Inc., Senior Notes		3.550	%		9/15/55		296,000		262,075
AT&T Inc., Senior Notes		3.800	%		12/1/57		10,000		9,163
AT&T Inc., Senior Notes		3.650	%		9/15/59		30,000		26,412
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		150,000		146,860
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		20,000		19,799
Verizon Communications Inc., Senior Notes		2.100	%		3/22/28		80,000		74,724
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		144,000		152,132
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		50,000		52,075
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		60,000		59,085
Verizon Communications Inc., Senior Notes		1.750	%		1/20/31		80,000		69,861
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		240,000		223,307
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		230,000		208,127	(a)
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		86,046
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		160,000		186,947
Verizon Communications Inc., Senior Notes		2.650	%		11/20/40		190,000		162,115
Verizon Communications Inc., Senior Notes		3.400	%		3/22/41		30,000		28,203
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		10,000		10,021
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		50,000		51,558
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		100,000		115,210
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		10,000		12,531
Verizon Communications Inc., Senior Notes		4.000	%		3/22/50		40,000		40,764
Verizon Communications Inc., Senior Notes		2.875	%		11/20/50		270,000		226,427
Total Diversified Telecommunication Services									2,828,415
Entertainment - 0.3%
Magallanes Inc., Senior Notes		3.755	%		3/15/27		50,000		49,992	(a)
Magallanes Inc., Senior Notes		4.054	%		3/15/29		60,000		60,367	(a)
Magallanes Inc., Senior Notes		4.279	%		3/15/32		360,000		362,048	(a)
Magallanes Inc., Senior Notes		5.050	%		3/15/42		20,000		20,442	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         1

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Entertainment - (continued)
Magallanes Inc., Senior Notes		5.141	%		3/15/52		240,000	$	246,113	(a)
Walt Disney Co., Senior Notes		6.650	%		11/15/37		50,000		66,795
Total Entertainment									805,757
Interactive Media & Services - 0.1%
Alphabet Inc., Senior Notes		0.450	%		8/15/25		20,000		18,681
Alphabet Inc., Senior Notes		0.800	%		8/15/27		40,000		36,166
Alphabet Inc., Senior Notes		1.100	%		8/15/30		40,000		35,005
Alphabet Inc., Senior Notes		2.050	%		8/15/50		80,000		63,314
Total Interactive Media & Services									153,166
Media - 1.4%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		10,000		9,400	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.750	%		2/1/32		50,000		46,636	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		230,000		210,703
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		270,000		280,254
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		80,000		80,992
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		100,000		106,014
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.400	%		4/1/33		230,000		229,638
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		240,000		247,075
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000		33,183
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.750	%		4/1/48		30,000		31,986
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		30,000		28,587

See Notes to Schedule of Investments.

    2     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.834	%		10/23/55		30,000	$	35,672
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.500	%		4/1/63		70,000		70,621
Comcast Corp., Senior Notes		3.375	%		8/15/25		30,000		30,414
Comcast Corp., Senior Notes		3.950	%		10/15/25		180,000		186,046
Comcast Corp., Senior Notes		3.150	%		3/1/26		80,000		80,765
Comcast Corp., Senior Notes		3.300	%		4/1/27		40,000		40,517
Comcast Corp., Senior Notes		4.150	%		10/15/28		270,000		284,137
Comcast Corp., Senior Notes		3.400	%		4/1/30		50,000		50,719
Comcast Corp., Senior Notes		4.250	%		10/15/30		90,000		96,144
Comcast Corp., Senior Notes		3.250	%		11/1/39		10,000		9,516
Comcast Corp., Senior Notes		3.750	%		4/1/40		40,000		40,416
Comcast Corp., Senior Notes		3.400	%		7/15/46		10,000		9,428
Comcast Corp., Senior Notes		4.000	%		8/15/47		20,000		20,490
Comcast Corp., Senior Notes		4.000	%		3/1/48		10,000		10,300
Comcast Corp., Senior Notes		3.999	%		11/1/49		165,000		167,140
Comcast Corp., Senior Notes		3.450	%		2/1/50		20,000		18,796
Comcast Corp., Senior Notes		2.800	%		1/15/51		60,000		50,824
Comcast Corp., Senior Notes		2.887	%		11/1/51		60,000		50,834	(a)
Comcast Corp., Senior Notes		2.937	%		11/1/56		27,000		22,412	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		60,000		59,932
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		30,000		29,842
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		60,000		51,174
DISH DBS Corp., Senior Secured Notes		5.250	%		12/1/26		30,000		28,631	(a)
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		10,000		9,481	(a)
Fox Corp., Senior Notes		5.476	%		1/25/39		40,000		45,394
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		160,000		184,401
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		10,000		12,168
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		90,000		96,954
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		210,000		208,762	(a)
Total Media									3,306,398
Wireless Telecommunication Services - 0.8%
CSC Holdings LLC, Senior Notes		4.500	%		11/15/31		200,000		179,539	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         3

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - (continued)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		60,000	$	80,933
Sprint Corp., Senior Notes		7.625	%		2/15/25		40,000		43,648
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		20,000		18,868
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		60,000		54,846
T-Mobile USA Inc., Senior Notes		3.375	%		4/15/29		60,000		57,150
T-Mobile USA Inc., Senior Notes		2.875	%		2/15/31		50,000		45,125
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		60,000		56,553
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		70,000		65,978	(a)
T-Mobile USA Inc., Senior Secured Notes		3.500	%		4/15/25		430,000		433,286
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		20,000		20,150
T-Mobile USA Inc., Senior Secured Notes		3.875	%		4/15/30		270,000		271,421
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		50,000		45,419
T-Mobile USA Inc., Senior Secured Notes		2.700	%		3/15/32		180,000		163,967	(a)
T-Mobile USA Inc., Senior Secured Notes		3.000	%		2/15/41		20,000		16,959
T-Mobile USA Inc., Senior Secured Notes		3.400	%		10/15/52		160,000		136,651	(a)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		200,000		188,799	(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		100,000		104,773
Total Wireless Telecommunication Services									1,984,065
TOTAL COMMUNICATION SERVICES									9,077,801
CONSUMER DISCRETIONARY - 2.6%
Automobiles - 0.8%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		170,000		152,118
Ford Motor Co., Senior Notes		4.750	%		1/15/43		30,000		27,302
Ford Motor Credit Co. LLC, Senior Notes		4.950	%		5/28/27		200,000		203,610
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/10/29		340,000		303,321
Ford Motor Credit Co. LLC, Senior Notes		4.000	%		11/13/30		420,000		396,182
General Motors Co., Senior Notes		5.400	%		10/2/23		30,000		31,053
General Motors Co., Senior Notes		6.125	%		10/1/25		60,000		64,468
General Motors Co., Senior Notes		6.600	%		4/1/36		10,000		11,643
General Motors Financial Co. Inc., Senior Notes		3.100	%		1/12/32		30,000		27,001
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		260,000		255,131	(a)
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		340,000		335,657	(a)
Total Automobiles									1,807,486
Diversified Consumer Services - 0.0%††
Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		70,000		71,491	(a)

See Notes to Schedule of Investments.

    4     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Hotels, Restaurants & Leisure - 0.9%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.875	%		1/15/28		30,000	$	28,481	(a)
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		30,000		27,741	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.375	%		5/1/25		50,000		51,220	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.750	%		5/1/28		30,000		31,079	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		3.625	%		2/15/32		30,000		27,276	(a)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		30,000		30,255
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		30,000		28,663
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		360,000		335,840
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		60,000		60,738
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		10,000		9,570
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		150,000		153,778
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		20,000		20,383
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		90,000		91,630
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		250,000		254,878
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		10,000		9,603
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		90,000		94,262
Sands China Ltd., Senior Notes		3.800	%		1/8/26		200,000		190,250
Sands China Ltd., Senior Notes		2.550	%		3/8/27		200,000		174,700	(a)
Sands China Ltd., Senior Notes		3.100	%		3/8/29		200,000		171,000	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		80,000		74,571	(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		200,000		174,126	(a)
Total Hotels, Restaurants & Leisure									2,040,044
Household Durables - 0.0%††
Newell Brands Inc., Senior Notes		4.100	%		4/1/23		47,000		47,514
Newell Brands Inc., Senior Notes		4.450	%		4/1/26		10,000		10,075
Total Household Durables									57,589
Internet & Direct Marketing Retail - 0.6%
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		100,000		94,679
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		120,000		110,843
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		130,000		131,837
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		60,000		53,765
Amazon.com Inc., Senior Notes		2.100	%		5/12/31		50,000		46,525
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		80,000		84,878

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         5

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Internet & Direct Marketing Retail - (continued)
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		50,000	$	60,939
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		90,000		98,204
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		90,000		75,386
Amazon.com Inc., Senior Notes		3.100	%		5/12/51		190,000		179,195
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		20,000		22,730
Prosus NV, Senior Notes		3.061	%		7/13/31		600,000		499,280	(a)
Total Internet & Direct Marketing Retail									1,458,261
Multiline Retail - 0.0%††
Dollar General Corp., Senior Notes		3.250	%		4/15/23		10,000		10,076
Specialty Retail - 0.2%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		60,000		58,997
Home Depot Inc., Senior Notes		3.900	%		12/6/28		10,000		10,479
Home Depot Inc., Senior Notes		3.300	%		4/15/40		70,000		67,665
Home Depot Inc., Senior Notes		3.900	%		6/15/47		10,000		10,460
Home Depot Inc., Senior Notes		3.350	%		4/15/50		180,000		170,353
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		40,000		42,853
Total Specialty Retail									360,807
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		10,000		10,167	(a)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		50,000		50,375	(a)
NIKE Inc., Senior Notes		2.750	%		3/27/27		70,000		69,735
NIKE Inc., Senior Notes		2.850	%		3/27/30		80,000		79,085
NIKE Inc., Senior Notes		3.250	%		3/27/40		40,000		39,035
NIKE Inc., Senior Notes		3.375	%		3/27/50		110,000		109,637
Total Textiles, Apparel & Luxury Goods									358,034
TOTAL CONSUMER DISCRETIONARY									6,163,788
CONSUMER STAPLES - 1.6%
Beverages - 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		360,000		368,346
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		180,000		200,474
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		70,000		72,663
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		90,000		97,663
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		40,000		40,618

See Notes to Schedule of Investments.

    6     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Beverages - (continued)
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.350	%		6/1/40		100,000	$	104,327
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		20,000		21,657
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		30,000		36,722
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.500	%		6/1/50		140,000		150,056
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		60,000		61,465
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		90,000		84,573
Coca-Cola Co., Senior Notes		2.600	%		6/1/50		40,000		34,277
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		100,000		98,613
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		10,000		9,902
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		10,000		9,950
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		80,000		72,029
PepsiCo Inc., Senior Notes		2.875	%		10/15/49		30,000		27,880
Total Beverages									1,491,215
Food & Staples Retailing - 0.1%
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		90,000		80,747
Walmart Inc., Senior Notes		1.500	%		9/22/28		50,000		45,982
Walmart Inc., Senior Notes		1.800	%		9/22/31		20,000		18,223
Total Food & Staples Retailing									144,952
Food Products - 0.3%
Danone SA, Senior Notes		2.589	%		11/2/23		220,000		219,855	(a)
Hershey Co., Senior Notes		0.900	%		6/1/25		20,000		18,850
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		20,000		20,616
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		20,000		21,396
Kraft Heinz Foods Co., Senior Notes		6.875	%		1/26/39		10,000		12,325
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		30,000		32,080
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		80,000		86,700
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		70,000		69,397
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		50,000		52,744
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		40,000		45,621
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		160,000		153,001
Total Food Products									732,585
Household Products - 0.0%††
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		20,000		20,035
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		50,000		50,341
Total Household Products									70,376

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         7

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Tobacco - 0.6%
Altria Group Inc., Senior Notes		2.350	%		5/6/25		20,000	$	19,440
Altria Group Inc., Senior Notes		4.400	%		2/14/26		32,000		33,133
Altria Group Inc., Senior Notes		4.800	%		2/14/29		13,000		13,650
Altria Group Inc., Senior Notes		2.450	%		2/4/32		160,000		139,380
Altria Group Inc., Senior Notes		3.875	%		9/16/46		40,000		34,007
Altria Group Inc., Senior Notes		5.950	%		2/14/49		240,000		260,830
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		150,000		146,245
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		170,000		152,158
Cargill Inc., Senior Notes		1.375	%		7/23/23		80,000		79,040	(a)
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		90,000		90,442
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		140,000		140,639
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23		60,000		59,325
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		40,000		36,039
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		10,000		10,059
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		80,000		82,589
Total Tobacco									1,296,976
TOTAL CONSUMER STAPLES									3,736,104
ENERGY - 5.3%
Energy Equipment & Services - 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		2,000		2,045
Halliburton Co., Senior Notes		4.850	%		11/15/35		20,000		21,544
Halliburton Co., Senior Notes		5.000	%		11/15/45		10,000		10,883
Total Energy Equipment & Services									34,472
Oil, Gas & Consumable Fuels - 5.3%
Apache Corp., Senior Notes		7.750	%		12/15/29		40,000		47,116
Apache Corp., Senior Notes		5.100	%		9/1/40		160,000		161,518
Apache Corp., Senior Notes		5.250	%		2/1/42		10,000		9,996
Apache Corp., Senior Notes		4.750	%		4/15/43		10,000		9,472
Apache Corp., Senior Notes		4.250	%		1/15/44		90,000		78,958
Apache Corp., Senior Notes		5.350	%		7/1/49		40,000		38,573
BP Capital Markets America Inc., Senior Notes		3.790	%		2/6/24		20,000		20,355
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		130,000		131,565

See Notes to Schedule of Investments.

    8     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		60,000	$	61,171
BP Capital Markets America Inc., Senior Notes		3.000	%		2/24/50		170,000		147,494
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		40,000		40,662
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		110,000		112,177
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		20,000		19,130	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		290,000		273,282	(a)
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		50,000		50,231
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		20,000		19,419
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		120,000		109,307	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		90,000		86,894
Chevron Corp., Senior Notes		2.954	%		5/16/26		30,000		30,149
Chevron Corp., Senior Notes		1.995	%		5/11/27		40,000		38,435
Chevron Corp., Senior Notes		3.078	%		5/11/50		10,000		9,470
Chevron USA Inc., Senior Notes		3.850	%		1/15/28		40,000		41,721
Chevron USA Inc., Senior Notes		3.250	%		10/15/29		10,000		10,170
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		10,000		10,136
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		40,000		40,193
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		50,000		46,750	(a)
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		120,000		121,838
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		70,000		76,672	(a)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		50,000		49,574
Coterra Energy Inc., Senior Notes		4.375	%		6/1/24		10,000		10,208	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		190,000		191,722	(a)
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		110,000		114,763	(a)
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		20,000		23,088	(a)
Devon Energy Corp., Senior Notes		8.250	%		8/1/23		70,000		74,187
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		100,000		108,317
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		40,000		41,316
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		230,000		266,300
Devon Energy Corp., Senior Notes		4.750	%		5/15/42		30,000		31,812
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		140,000		152,994
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		30,000		30,001
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		70,000		69,420
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		390,000		342,408
Energy Transfer LP, Junior Subordinated Notes (6.250% to 2/15/23 then 3 mo. USD LIBOR + 4.028%)		6.250	%		2/15/23		40,000		34,350	(b)(c)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         9

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		50,000	$	49,265	(b)(c)
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		100,000		97,625	(b)(c)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		60,000		58,650	(b)(c)
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		70,000		68,544
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		40,000		42,068
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		30,000		32,064
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		230,000		226,593
Energy Transfer LP, Senior Notes		5.300	%		4/1/44		10,000		10,322
Energy Transfer LP, Senior Notes		5.400	%		10/1/47		10,000		10,508
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		270,000		311,012
Energy Transfer LP, Senior Notes		5.000	%		5/15/50		20,000		20,317
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		210,000		218,826
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		30,000		29,493
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		210,000		202,125
Enterprise Products Operating LLC, Senior Notes		7.550	%		4/15/38		20,000		26,607
Enterprise Products Operating LLC, Senior Notes		4.850	%		3/15/44		10,000		10,632
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		10,000		10,709
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		40,000		39,828
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		40,000		36,723
Enterprise Products Operating LLC, Senior Notes		3.950	%		1/31/60		40,000		37,326
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. USD LIBOR + 2.570%)		5.375	%		2/15/78		30,000		27,900	(c)
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		30,000		31,092
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		20,000		21,684

See Notes to Schedule of Investments.

    10     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		90,000	$	92,653
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		120,000		147,517
EQM Midstream Partners LP, Senior Notes		5.500	%		7/15/28		10,000		10,057
EQT Corp., Senior Notes		6.625	%		2/1/25		10,000		10,575
EQT Corp., Senior Notes		3.900	%		10/1/27		130,000		129,815
EQT Corp., Senior Notes		5.000	%		1/15/29		30,000		31,007
EQT Corp., Senior Notes		3.625	%		5/15/31		70,000		66,955	(a)
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		10,000		9,973
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		220,000		221,129
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		40,000		40,404
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		80,000		82,214
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		40,000		43,172
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		10,000		11,201
Exxon Mobil Corp., Senior Notes		3.452	%		4/15/51		190,000		185,137
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		200,000		192,739	(a)
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		9/1/23		20,000		20,195
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		10,000		10,247
Kinder Morgan Energy Partners LP, Senior Notes		5.500	%		3/1/44		10,000		10,909
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		60,000		61,690
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		40,000		41,529
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		60,000		77,470
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		130,000		145,763
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		20,000		20,313	(a)
MPLX LP, Senior Notes		4.800	%		2/15/29		10,000		10,658
MPLX LP, Senior Notes		2.650	%		8/15/30		110,000		100,954
MPLX LP, Senior Notes		4.500	%		4/15/38		120,000		122,904
MPLX LP, Senior Notes		4.700	%		4/15/48		140,000		141,467
MPLX LP, Senior Notes		5.500	%		2/15/49		80,000		88,868
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		100,000		107,546
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		10,000		10,612
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		90,000		89,586
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		50,000		48,979
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		10,000		9,867
Occidental Petroleum Corp., Senior Notes		7.875	%		9/15/31		70,000		87,469
Occidental Petroleum Corp., Senior Notes		6.450	%		9/15/36		140,000		164,724

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         11

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		70,000	$	77,845
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		70,000		68,051
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		35,313
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		30,000		28,557
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		70,000		64,890
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		50,000		46,840
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		1,114,000		1,165,183
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		240,000		266,582
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		30,000		29,855
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		100,000		93,967
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		150,000		157,108
Pioneer Natural Resources Co., Senior Notes		1.125	%		1/15/26		20,000		18,573
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		90,000		81,223
Qatar Energy, Senior Notes		2.250	%		7/12/31		210,000		193,720	(a)
Qatar Energy, Senior Notes		3.300	%		7/12/51		200,000		184,151	(a)
Range Resources Corp., Senior Notes		5.000	%		3/15/23		113,000		113,961
Range Resources Corp., Senior Notes		4.875	%		5/15/25		40,000		40,555
Reliance Industries Ltd., Senior Notes		3.625	%		1/12/52		260,000		231,219	(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		110,000		115,182
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		140,000		140,432
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		80,000		77,697
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		10,000		11,155
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		160,000		173,312
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		40,000		41,885
Shell International Finance BV, Senior Notes		3.250	%		4/6/50		80,000		75,393
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32		50,000		63,555
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		20,000		20,353
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		50,000		50,007
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes		6.000	%		12/31/30		10,000		9,719	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		20,000		20,300
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.500	%		3/1/30		20,000		20,796

See Notes to Schedule of Investments.

    12     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		50,000	$	50,568
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.000	%		1/15/32		10,000		9,636
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		110,000		103,338	(a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes		3.875	%		11/1/33		60,000		57,474	(a)
Western Midstream Operating LP, Senior Notes		3.600	%		2/1/25		70,000		69,636
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		20,000		20,438
Western Midstream Operating LP, Senior Notes		4.550	%		2/1/30		230,000		229,274
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		10,000		9,919
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		50,000		49,465
Western Midstream Operating LP, Senior Notes		5.750	%		2/1/50		50,000		48,843
Western Midstream Operating LP, Senior Notes (3 mo. USD LIBOR + 1.850%)		1.844	%		1/13/23		30,000		29,703	(c)
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		50,000		50,333
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		70,000		70,885
Williams Cos. Inc., Senior Notes		3.500	%		11/15/30		40,000		39,613
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		30,000		37,344
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		160,000		201,028
Williams Cos. Inc., Senior Notes		4.850	%		3/1/48		40,000		42,805
Total Oil, Gas & Consumable Fuels									12,487,206
TOTAL ENERGY									12,521,678
FINANCIALS - 10.5%
Banks - 7.2%
Banco Santander SA, Senior Notes		3.848	%		4/12/23		200,000		202,718
Banco Santander SA, Senior Notes		2.746	%		5/28/25		400,000		390,221
Bank of America Corp., Senior Notes		3.300	%		1/11/23		90,000		91,032
Bank of America Corp., Senior Notes		3.500	%		4/19/26		150,000		152,003
Bank of America Corp., Senior Notes		5.000	%		1/21/44		150,000		173,212

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         13

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		240,000	$	218,455	(c)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		290,000		268,041	(c)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		100,000		93,807	(c)
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		323,938	(c)
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		852,941	(c)
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		191,175	(c)
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		130,401	(c)
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		50,825	(c)
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		111,900	(c)
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		187,137	(c)
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		172,354	(c)
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		130,000		132,476
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		40,000		41,408
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		210,000		216,398
Bank of Montreal, Senior Notes		1.850	%		5/1/25		160,000		153,885
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		29,688	(c)
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		80,000		75,456
Barclays Bank PLC, Senior Notes		1.700	%		5/12/22		200,000		200,112
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		200,000		203,772	(a)

See Notes to Schedule of Investments.

    14     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		200,000	$	190,341	(a)(c)
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		367,739	(a)(c)
BNP Paribas SA, Subordinated Notes		4.625	%		3/13/27		200,000		204,785	(a)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		80,000		78,537
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		20,155	(b)(c)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		37,000		56,192
Citigroup Inc., Senior Notes		4.650	%		7/30/45		145,000		159,823
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		90,000		89,311	(c)
Citigroup Inc., Senior Notes (2.520% to 11/3/31 then SOFR + 1.177%)		2.520	%		11/3/32		660,000		593,403	(c)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		530,000		486,492	(c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.842%)		3.106	%		4/8/26		70,000		69,455	(c)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		180,000		178,643	(c)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		110,000		114,404	(c)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		20,000		20,218
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		10,000		10,298
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		80,000		82,399
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		660,000		681,884
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		170,000		172,912
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		13,000		14,844
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		70,000		75,215
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		250,000		254,281
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		250,000		236,270	(a)(c)
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		197,182	(a)(c)
HSBC Holdings PLC, Senior Notes		3.900	%		5/25/26		220,000		222,347
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		230,000		218,908	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         15

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
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	$	250,513	(c)
HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%)		4.762	%		3/29/33		200,000		205,758	(c)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		200,000		200,327	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		200,000		200,500	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		470,000		474,061	(a)
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		240,000		236,820	(c)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		250,000		241,435	(c)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		80,000		74,255	(c)
JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%)		2.545	%		11/8/32		260,000		237,931	(c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/40 then SOFR + 2.460%)		3.109	%		4/22/41		190,000		172,301	(c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)		3.109	%		4/22/51		40,000		35,590	(c)
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		298,931	(c)
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		223,616	(c)
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		144,950	(c)
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		62,618	(c)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		60,000		61,326
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		50,000		51,697
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		30,000		34,073
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		195,601	(c)

See Notes to Schedule of Investments.

    16     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
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	$	203,077	(c)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		100,000		104,213
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		140,000		139,374
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		80,000		75,588
Santander Holdings USA Inc., Senior Notes		4.500	%		7/17/25		70,000		71,622
Swedbank AB, Senior Notes		1.300	%		6/2/23		200,000		197,322	(a)
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		150,000		147,332
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		80,000		75,588
US Bancorp, Senior Notes		1.450	%		5/12/25		180,000		172,245
Wells Fargo & Co., Senior Notes		3.750	%		1/24/24		60,000		61,118
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		190,000		187,559
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		210,000		218,062
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		150,000		144,797	(c)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		50,000		48,647	(c)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then SOFR + 4.032%)		4.478	%		4/4/31		260,000		275,659	(c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		970,000		1,156,311	(c)
Wells Fargo & Co., Subordinated Notes		4.100	%		6/3/26		50,000		51,312
Wells Fargo & Co., Subordinated Notes		4.300	%		7/22/27		60,000		62,379
Wells Fargo & Co., Subordinated Notes		4.650	%		11/4/44		220,000		234,844
Wells Fargo & Co., Subordinated Notes		4.900	%		11/17/45		300,000		332,379
Wells Fargo & Co., Subordinated Notes		4.400	%		6/14/46		40,000		41,642
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		170,000		185,519
Total Banks									17,048,285
Capital Markets - 2.3%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		50,000		48,235
Credit Suisse AG, Senior Notes		2.950	%		4/9/25		250,000		247,445
Credit Suisse Group AG, Senior Notes		4.550	%		4/17/26		250,000		254,571
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194	%		4/1/31		250,000		247,057	(a)(c)
Goldman Sachs Group Inc., Senior Notes		3.200	%		2/23/23		100,000		100,930
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		40,000		40,751
Goldman Sachs Group Inc., Senior Notes		3.500	%		1/23/25		190,000		191,710
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		100,000		100,807
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		100,000		100,505

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         17

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		100,000	$	129,539
Goldman Sachs Group Inc., Senior Notes		4.750	%		10/21/45		20,000		22,430
Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + 1.264%)		2.650	%		10/21/32		970,000		879,069	(c)
Goldman Sachs Group Inc., Senior Notes (2.908% to 7/21/41 then SOFR + 1.472%)		2.908	%		7/21/42		30,000		25,929	(c)
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		40,000		39,994	(c)
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		150,348	(c)
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		161,389	(c)
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		266,468	(c)
Goldman Sachs Group Inc., Senior Notes (3.210% to 4/22/41 then SOFR + 1.513%)		3.210	%		4/22/42		20,000		18,169	(c)
Goldman Sachs Group Inc., Subordinated Notes		4.250	%		10/21/25		100,000		102,544
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		190,000		240,090
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		140,000		157,037
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		330,000		319,102	(c)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)		2.511	%		10/20/32		270,000		244,013	(c)
Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%)		3.622	%		4/1/31		270,000		268,943	(c)
Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. USD LIBOR + 1.140%)		3.772	%		1/24/29		230,000		231,998	(c)
Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%)		2.484	%		9/16/36		60,000		51,541	(c)
UBS AG, Senior Notes		4.500	%		6/26/48		200,000		222,205	(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		365,402	(a)(b)(c)
UBS Group AG, Senior Notes		4.253	%		3/23/28		300,000		306,392	(a)
Total Capital Markets									5,534,613

See Notes to Schedule of Investments.

    18     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Diversified Financial Services - 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		750,000	$	694,769
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		580,000		523,779
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		30,000		30,373
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		7,000		7,046	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		10,000		10,076	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		50,000		51,211	(a)
USAA Capital Corp., Senior Notes		2.125	%		5/1/30		150,000		138,491	(a)
Vanguard Group Inc.		3.050	%		8/22/50		120,000		103,081	(d)(e)
Total Diversified Financial Services									1,558,826
Insurance - 0.3%
American International Group Inc., Senior Notes		2.500	%		6/30/25		40,000		39,155
American International Group Inc., Senior Notes		3.750	%		7/10/25		130,000		132,237
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		150,000		165,015
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		30,000		28,258	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		60,000		56,083	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		30,000		28,165	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		8,000		10,520	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		230,000		254,480	(a)
Total Insurance									713,913
TOTAL FINANCIALS									24,855,637
HEALTH CARE - 3.3%
Biotechnology - 0.7%
AbbVie Inc., Senior Notes		2.300	%		11/21/22		300,000		301,109
AbbVie Inc., Senior Notes		3.750	%		11/14/23		20,000		20,393
AbbVie Inc., Senior Notes		2.600	%		11/21/24		350,000		347,902
AbbVie Inc., Senior Notes		3.800	%		3/15/25		170,000		173,328
AbbVie Inc., Senior Notes		3.600	%		5/14/25		90,000		91,267
AbbVie Inc., Senior Notes		2.950	%		11/21/26		70,000		69,448
AbbVie Inc., Senior Notes		3.200	%		11/21/29		220,000		217,620

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         19

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Biotechnology - (continued)
AbbVie Inc., Senior Notes		4.875	%		11/14/48		10,000	$	11,346
AbbVie Inc., Senior Notes		4.250	%		11/21/49		100,000		104,152
Amgen Inc., Senior Notes		4.663	%		6/15/51		29,000		32,051
Gilead Sciences Inc., Senior Notes		3.500	%		2/1/25		50,000		50,708
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		50,000		50,897
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		50,000		55,632
GSK Consumer Healthcare Capital US LLC, Senior Notes		3.375	%		3/24/29		260,000		257,540	(a)
Total Biotechnology									1,783,393
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		86,000		89,342
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		80,000		93,170
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		40,000		48,855
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		68,000		68,612
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		9,000		9,154
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		8,000		8,622
Danaher Corp., Senior Notes		2.800	%		12/10/51		100,000		85,228
Medtronic Inc., Senior Notes		3.500	%		3/15/25		50,000		51,062
Roche Holdings Inc., Senior Notes		2.607	%		12/13/51		200,000		173,635	(a)
Total Health Care Equipment & Supplies									627,680
Health Care Providers & Services - 1.4%
Aetna Inc., Senior Notes		2.800	%		6/15/23		30,000		30,128
Anthem Inc., Senior Notes		2.950	%		12/1/22		90,000		90,650
Anthem Inc., Senior Notes		3.350	%		12/1/24		50,000		50,419
Anthem Inc., Senior Notes		3.650	%		12/1/27		90,000		91,974
Centene Corp., Senior Notes		4.250	%		12/15/27		50,000		50,239
Centene Corp., Senior Notes		4.625	%		12/15/29		80,000		80,787
Centene Corp., Senior Notes		3.375	%		2/15/30		10,000		9,427
Centene Corp., Senior Notes		3.000	%		10/15/30		10,000		9,200
Cigna Corp., Senior Notes		3.750	%		7/15/23		69,000		70,027
Cigna Corp., Senior Notes		4.125	%		11/15/25		70,000		72,207
Cigna Corp., Senior Notes		4.375	%		10/15/28		180,000		189,623
Cigna Corp., Senior Notes		4.900	%		12/15/48		20,000		22,508
CVS Health Corp., Senior Notes		2.750	%		12/1/22		60,000		60,305
CVS Health Corp., Senior Notes		3.875	%		7/20/25		160,000		163,384
CVS Health Corp., Senior Notes		3.625	%		4/1/27		30,000		30,546
CVS Health Corp., Senior Notes		4.300	%		3/25/28		136,000		142,502
CVS Health Corp., Senior Notes		3.750	%		4/1/30		90,000		91,697
CVS Health Corp., Senior Notes		1.875	%		2/28/31		20,000		17,633

See Notes to Schedule of Investments.

    20     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		2.125	%		9/15/31		80,000	$	71,597
CVS Health Corp., Senior Notes		4.125	%		4/1/40		20,000		20,399
CVS Health Corp., Senior Notes		5.125	%		7/20/45		150,000		169,815
CVS Health Corp., Senior Notes		5.050	%		3/25/48		320,000		363,348
HCA Inc., Senior Notes		5.375	%		2/1/25		20,000		20,835
HCA Inc., Senior Notes		5.375	%		9/1/26		60,000		63,060
HCA Inc., Senior Notes		5.625	%		9/1/28		100,000		108,273
HCA Inc., Senior Notes		3.500	%		9/1/30		90,000		87,105
HCA Inc., Senior Secured Notes		5.250	%		4/15/25		30,000		31,607
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		30,000		31,695
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		40,000		41,372
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		30,000		33,983
Humana Inc., Senior Notes		4.500	%		4/1/25		20,000		20,733
Humana Inc., Senior Notes		3.950	%		3/15/27		320,000		325,549
Humana Inc., Senior Notes		2.150	%		2/3/32		30,000		26,337
Tenet Healthcare Corp., Senior Secured Notes		4.375	%		1/15/30		10,000		9,612	(a)
UnitedHealth Group Inc., Senior Notes		2.375	%		10/15/22		10,000		10,050
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23		30,000		30,402
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		40,000		41,172
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		20,000		18,828
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		40,000		41,988
UnitedHealth Group Inc., Senior Notes		2.000	%		5/15/30		30,000		27,649
UnitedHealth Group Inc., Senior Notes		2.300	%		5/15/31		20,000		18,811
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		20,000		21,969
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		22,629
UnitedHealth Group Inc., Senior Notes		3.700	%		8/15/49		100,000		101,928
UnitedHealth Group Inc., Senior Notes		2.900	%		5/15/50		30,000		26,718
UnitedHealth Group Inc., Senior Notes		3.250	%		5/15/51		110,000		103,674
UnitedHealth Group Inc., Senior Notes		3.875	%		8/15/59		50,000		51,777
UnitedHealth Group Inc., Senior Notes		3.125	%		5/15/60		10,000		8,941
Total Health Care Providers & Services									3,225,112
Pharmaceuticals - 0.9%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		90,000		73,944	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		20,000		17,096	(a)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		10,000		9,924	(a)
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		110,000		110,110
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		71,000		71,564

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         21

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - (continued)
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		105,000	$	106,721
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		28,000		28,531
Johnson & Johnson, Senior Notes		0.550	%		9/1/25		50,000		46,670
Johnson & Johnson, Senior Notes		0.950	%		9/1/27		110,000		100,769
Johnson & Johnson, Senior Notes		2.100	%		9/1/40		100,000		84,638
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		50,000		44,458
Merck & Co. Inc., Senior Notes		2.750	%		12/10/51		120,000		104,774
Pfizer Inc., Senior Notes		0.800	%		5/28/25		120,000		113,611
Pfizer Inc., Senior Notes		2.625	%		4/1/30		90,000		87,485
Pfizer Inc., Senior Notes		1.700	%		5/28/30		70,000		63,507
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		100,000		99,537
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		150,000		148,140
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		340,000		308,448
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		460,000		442,796
Wyeth LLC, Senior Notes		5.950	%		4/1/37		10,000		12,756
Total Pharmaceuticals									2,075,479
TOTAL HEALTH CARE									7,711,664
INDUSTRIALS - 2.7%
Aerospace & Defense - 1.2%
Boeing Co., Senior Notes		4.875	%		5/1/25		270,000		278,808
Boeing Co., Senior Notes		2.196	%		2/4/26		110,000		104,119
Boeing Co., Senior Notes		3.100	%		5/1/26		20,000		19,677
Boeing Co., Senior Notes		2.700	%		2/1/27		40,000		38,428
Boeing Co., Senior Notes		2.800	%		3/1/27		50,000		47,916
Boeing Co., Senior Notes		3.200	%		3/1/29		130,000		124,035
Boeing Co., Senior Notes		5.150	%		5/1/30		230,000		245,639
Boeing Co., Senior Notes		3.250	%		2/1/35		140,000		125,268
Boeing Co., Senior Notes		3.550	%		3/1/38		20,000		17,620
Boeing Co., Senior Notes		5.705	%		5/1/40		190,000		212,867
Boeing Co., Senior Notes		3.750	%		2/1/50		80,000		71,485
Boeing Co., Senior Notes		5.805	%		5/1/50		240,000		277,983
Boeing Co., Senior Notes		5.930	%		5/1/60		40,000		46,334
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		20,000		20,229
General Dynamics Corp., Senior Notes		3.500	%		5/15/25		20,000		20,370
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		10,000		10,949

See Notes to Schedule of Investments.

    22     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Aerospace & Defense - (continued)
General Dynamics Corp., Senior Notes		4.250	%		4/1/50		30,000	$	33,856
L3Harris Technologies Inc., Senior Notes		5.054	%		4/27/45		10,000		11,343
Lockheed Martin Corp., Senior Notes		3.100	%		1/15/23		10,000		10,089
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		60,000		61,490
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		30,000		33,180
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		150,000		150,466
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		180,000		180,336
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		130,000		162,654
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		40,000		40,213
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		80,000		82,585
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28		70,000		73,273
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		70,000		64,929
Raytheon Technologies Corp., Senior Notes		4.500	%		6/1/42		180,000		199,204
Total Aerospace & Defense									2,765,345
Airlines - 0.6%
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		30,000		30,219
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		60,000		58,746
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		100,000		108,710
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		540,000		578,844	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		90,000		90,594	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		80,000		80,752	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		90,000		93,938	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		60,000		64,004	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		60,000		59,100	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		80,000		76,178	(a)
United Airlines Pass-Through Trust		4.750	%		4/11/22		37,054		37,081
United Airlines Pass-Through Trust		4.625	%		9/3/22		27,976		28,137
Total Airlines									1,306,303
Building Products - 0.0%††
Builders FirstSource Inc., Senior Notes		4.250	%		2/1/32		10,000		9,329	(a)
Carrier Global Corp., Senior Notes		3.577	%		4/5/50		10,000		9,184
Total Building Products									18,513
Commercial Services & Supplies - 0.2%
ADT Security Corp., Senior Secured Notes		4.125	%		8/1/29		10,000		9,300	(a)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         23

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - (continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Secured Notes		6.625	%		7/15/26		10,000	$	10,132	(a)
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		180,000		180,000
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		160,000		164,010
GFL Environmental Inc., Senior Secured Notes		4.250	%		6/1/25		50,000		49,747	(a)
Republic Services Inc., Senior Notes		2.500	%		8/15/24		80,000		79,216
Total Commercial Services & Supplies									492,405
Electrical Equipment - 0.1%
Eaton Corp., Senior Notes		2.750	%		11/2/22		220,000		221,265
Eaton Corp., Senior Notes		4.150	%		11/2/42		20,000		20,863
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		30,000		27,414	(a)
Total Electrical Equipment									269,542
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		2.375	%		8/26/29		80,000		76,171
3M Co., Senior Notes		3.050	%		4/15/30		20,000		19,910
3M Co., Senior Notes		3.700	%		4/15/50		100,000		101,384
General Electric Co., Senior Notes		6.750	%		3/15/32		33,000		41,660
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		60,000		57,860
Total Industrial Conglomerates									296,985
Machinery - 0.1%
Deere & Co., Senior Notes		3.100	%		4/15/30		10,000		10,028
Deere & Co., Senior Notes		3.750	%		4/15/50		100,000		106,209
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		40,000		38,983
Total Machinery									155,220
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC, Senior Notes		2.875	%		6/15/52		70,000		62,167
Canadian Pacific Railway Co., Senior Notes		3.000	%		12/2/41		40,000		36,068
Canadian Pacific Railway Co., Senior Notes		3.100	%		12/2/51		120,000		106,405
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		70,000		71,791
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		190,000		177,921
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		180,000		181,596
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		40,000		39,165
XPO Logistics Inc., Senior Notes		6.250	%		5/1/25		20,000		20,696	(a)
Total Road & Rail									695,809
Trading Companies & Distributors - 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		50,000		49,337
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		20,000		18,775	(a)

See Notes to Schedule of Investments.

    24     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Trading Companies & Distributors - (continued)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		20,000	$	19,837
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		20,000		20,338
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		100,000		103,308
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		90,000		84,967
United Rentals North America Inc., Senior Notes		3.750	%		1/15/32		60,000		56,056
Total Trading Companies & Distributors									352,618
TOTAL INDUSTRIALS									6,352,740
INFORMATION TECHNOLOGY - 1.6%
Communications Equipment - 0.0%††
CommScope Inc., Senior Secured Notes		6.000	%		3/1/26		40,000		40,512	(a)
IT Services - 0.3%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		200,000		201,420
Mastercard Inc., Senior Notes		3.850	%		3/26/50		20,000		21,230
PayPal Holdings Inc., Senior Notes		1.350	%		6/1/23		80,000		79,797
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		70,000		67,380
Visa Inc., Senior Notes		3.150	%		12/14/25		150,000		151,834
Visa Inc., Senior Notes		4.300	%		12/14/45		130,000		146,313
Total IT Services									667,974
Semiconductors & Semiconductor Equipment - 0.5%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		370,000		326,742	(a)
Intel Corp., Senior Notes		3.700	%		7/29/25		40,000		40,996
Intel Corp., Senior Notes		1.600	%		8/12/28		70,000		63,941
Intel Corp., Senior Notes		4.750	%		3/25/50		70,000		81,892
Intel Corp., Senior Notes		3.050	%		8/12/51		30,000		26,808
NVIDIA Corp., Senior Notes		2.850	%		4/1/30		140,000		137,915
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		110,000		111,057
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		300,000		304,136
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		70,000		71,243
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		50,000		48,516	(a)
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		50,000		45,559
Total Semiconductors & Semiconductor Equipment									1,258,805

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         25

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Software - 0.7%
Microsoft Corp., Senior Notes		2.875	%		2/6/24		200,000	$	202,621
Microsoft Corp., Senior Notes		2.700	%		2/12/25		70,000		70,497
Microsoft Corp., Senior Notes		2.400	%		8/8/26		170,000		168,754
Microsoft Corp., Senior Notes		3.300	%		2/6/27		220,000		225,917
Microsoft Corp., Senior Notes		3.450	%		8/8/36		5,000		5,212
Microsoft Corp., Senior Notes		2.525	%		6/1/50		110,000		95,301
Microsoft Corp., Senior Notes		2.921	%		3/17/52		5,000		4,706
Microsoft Corp., Senior Notes		2.675	%		6/1/60		8,000		6,925
Microsoft Corp., Senior Notes		3.041	%		3/17/62		42,000		39,369
Open Text Holdings Inc., Senior Notes		4.125	%		2/15/30		10,000		9,502	(a)
Oracle Corp., Senior Notes		1.650	%		3/25/26		210,000		196,100
Oracle Corp., Senior Notes		2.950	%		4/1/30		10,000		9,238
Oracle Corp., Senior Notes		2.875	%		3/25/31		240,000		219,201
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		50,000		50,648
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		30,000		31,038
Workday Inc., Senior Notes		3.500	%		4/1/27		40,000		40,017	(f)
Workday Inc., Senior Notes		3.700	%		4/1/29		60,000		60,188	(f)
Workday Inc., Senior Notes		3.800	%		4/1/32		70,000		69,953	(f)
Total Software									1,505,187
Technology Hardware, Storage & Peripherals - 0.1%
Apple Inc., Senior Notes		1.125	%		5/11/25		200,000		191,114
Apple Inc., Senior Notes		2.450	%		8/4/26		100,000		98,885
Total Technology Hardware, Storage & Peripherals									289,999
TOTAL INFORMATION TECHNOLOGY									3,762,477
MATERIALS - 1.3%
Chemicals - 0.2%
OCP SA, Senior Notes		3.750	%		6/23/31		200,000		181,976	(a)
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		300,000		266,098	(a)
Total Chemicals									448,074
Containers & Packaging - 0.0%††
Ball Corp., Senior Notes		3.125	%		9/15/31		80,000		71,672
Metals & Mining - 1.0%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		300,000		299,859	(a)
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		190,000		231,674
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		170,000		202,415
First Quantum Minerals Ltd., Senior Notes		6.875	%		10/15/27		220,000		230,681	(a)
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		10,000		10,316

See Notes to Schedule of Investments.

    26     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Metals & Mining - (continued)
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		30,000	$	30,710
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		140,000		157,052
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		20,000		20,081	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		60,000		61,066	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		140,000		141,987	(a)
Glencore Funding LLC, Senior Notes		4.625	%		4/29/24		130,000		133,192	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		80,000		80,367	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		70,000		69,888	(a)
Hudbay Minerals Inc., Senior Notes		6.125	%		4/1/29		10,000		10,315	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		450,000		510,025
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		10,000		11,512
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		149,000		180,017
Total Metals & Mining									2,381,157
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		3.750	%		1/15/31		200,000		188,644
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		100,000		88,759
Total Paper & Forest Products									277,403
TOTAL MATERIALS									3,178,306
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
CTR Partnership LP/CareTrust Capital Corp., Senior Notes		3.875	%		6/30/28		20,000		18,880	(a)
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		20,000		20,360
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		4.625	%		8/1/29		10,000		9,919
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		3.500	%		3/15/31		90,000		83,738
TOTAL REAL ESTATE									132,897
UTILITIES - 0.5%
Electric Utilities - 0.5%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		80,000		74,004	(a)
Berkshire Hathaway Energy Co., Senior Notes		6.125	%		4/1/36		97,000		119,802
Duke Energy Carolinas LLC, First Mortgage Bonds		5.300	%		2/15/40		110,000		130,201
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		30,000		28,021
FirstEnergy Corp., Senior Notes		4.400	%		7/15/27		200,000		201,613

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         27

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Electric Utilities - (continued)
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		240,000	$	296,448
FirstEnergy Corp., Senior Notes		5.350	%		7/15/47		150,000		156,829
Pacific Gas and Electric Co., First Mortgage Bonds		1.750	%		6/16/22		130,000		129,866
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		40,000		36,009
Pacific Gas and Electric Co., First Mortgage Bonds		2.500	%		2/1/31		50,000		43,199
Total Electric Utilities									1,215,992
Multi-Utilities - 0.0%††
Consolidated Edison Co. of New York Inc., Senior Notes		3.350	%		4/1/30		40,000		39,919
Consolidated Edison Co. of New York Inc., Senior Notes		3.950	%		4/1/50		20,000		20,654
Total Multi-Utilities									60,573
TOTAL UTILITIES									1,276,565
TOTAL CORPORATE BONDS & NOTES (Cost - $80,412,452)									78,769,657
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 25.5%
U.S. Government Obligations - 25.5%
U.S. Treasury Bonds		1.125	%		8/15/40		2,100,000		1,647,926
U.S. Treasury Bonds		1.375	%		11/15/40		240,000		196,388
U.S. Treasury Bonds		1.875	%		2/15/41		690,000		614,922
U.S. Treasury Bonds		2.250	%		5/15/41		730,000		689,736
U.S. Treasury Bonds		1.750	%		8/15/41		1,240,000		1,075,506
U.S. Treasury Bonds		2.000	%		11/15/41		2,120,000		1,918,931
U.S. Treasury Bonds		2.375	%		2/15/42		30,000		28,945
U.S. Treasury Bonds		2.000	%		2/15/50		880,000		793,753
U.S. Treasury Bonds		1.250	%		5/15/50		3,600,000		2,689,594
U.S. Treasury Bonds		1.375	%		8/15/50		5,400,000		4,162,219
U.S. Treasury Bonds		1.625	%		11/15/50		2,590,000		2,125,621
U.S. Treasury Bonds		1.875	%		2/15/51		3,750,000		3,281,396
U.S. Treasury Bonds		2.375	%		5/15/51		500,000		490,557
U.S. Treasury Bonds		2.000	%		8/15/51		1,480,000		1,335,700
U.S. Treasury Bonds		1.875	%		11/15/51		1,081,000		948,578
U.S. Treasury Bonds		2.250	%		2/15/52		1,953,000		1,873,659
U.S. Treasury Notes		0.250	%		11/15/23		10,000		9,692
U.S. Treasury Notes		0.250	%		5/31/25		400,000		372,359
U.S. Treasury Notes		0.250	%		6/30/25		390,000		362,388
U.S. Treasury Notes		0.250	%		9/30/25		40,000		36,957

See Notes to Schedule of Investments.

    28     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		0.250	%		10/31/25		50,000	$	46,108
U.S. Treasury Notes		0.375	%		1/31/26		1,530,000		1,409,961
U.S. Treasury Notes		0.750	%		3/31/26		310,000		289,142
U.S. Treasury Notes		0.750	%		4/30/26		1,030,000		959,529
U.S. Treasury Notes		0.750	%		5/31/26		1,900,000		1,767,482
U.S. Treasury Notes		1.125	%		10/31/26		1,650,000		1,552,257
U.S. Treasury Notes		1.250	%		11/30/26		1,600,000		1,514,031
U.S. Treasury Notes		1.250	%		12/31/26		20,000		18,899
U.S. Treasury Notes		0.750	%		1/31/28		3,590,000		3,257,224
U.S. Treasury Notes		1.250	%		3/31/28		1,540,000		1,436,742
U.S. Treasury Notes		1.250	%		4/30/28		8,070,000		7,519,286
U.S. Treasury Notes		1.250	%		5/31/28		1,910,000		1,778,538
U.S. Treasury Notes		1.250	%		6/30/28		1,180,000		1,097,907
U.S. Treasury Notes		1.000	%		7/31/28		1,690,000		1,546,647
U.S. Treasury Notes		1.125	%		8/31/28		3,370,000		3,105,534
U.S. Treasury Notes		1.250	%		9/30/28		1,970,000		1,828,483
U.S. Treasury Notes		1.375	%		10/31/28		3,050,000		2,851,869
U.S. Treasury Notes		1.625	%		5/15/31		1,740,000		1,638,659
U.S. Treasury Notes		1.250	%		8/15/31		960,000		872,925
U.S. Treasury Notes		1.375	%		11/15/31		10,000		9,178
U.S. Treasury Notes		1.875	%		2/15/32		650,000		624,305
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		950,000		493,928
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $66,604,081)									60,273,461
MORTGAGE-BACKED SECURITIES - 17.0%
FHLMC - 4.7%
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		10/1/32-1/1/52		349,924		347,394
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		4/1/33-5/1/50		603,070		612,889
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		6/1/38		773,105		822,935
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		6/1/41-11/1/48		138,505		148,027
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		9/1/41-1/1/52		2,230,298		2,081,935
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		10/1/41-11/1/41		174,697		158,421
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		11/1/50- 2/1/52		1,485,679		1,424,052

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         29

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FHLMC - (continued)
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		7/1/51-1/1/52		987,431	$	948,071	(f)
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		10/1/51		98,794		97,301	(f)
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		11/1/51		98,210		91,492	(f)
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.619%)		2.872	%		11/1/47		150,063		151,272	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.623%)		3.089	%		2/1/50		151,076		151,949	(c)
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.628%)		3.012	%		11/1/48		298,204		299,666	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		6/1/43		1,738,393		1,831,064
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		3/1/45		325,019		332,489
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		10/1/46-5/1/47		1,700,246		1,691,225
Total FHLMC									11,190,182
FNMA - 10.2%
Federal National Mortgage Association (FNMA)		3.450	%		3/1/29		19,394		20,083
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		57,765		58,882
Federal National Mortgage Association (FNMA)		3.250	%		5/1/29		19,744		20,230
Federal National Mortgage Association (FNMA)		3.468	%		3/1/30		39,414		40,704
Federal National Mortgage Association (FNMA)		2.260	%		4/1/30		96,148		92,801
Federal National Mortgage Association (FNMA)		2.930	%		6/1/30		38,678		38,795
Federal National Mortgage Association (FNMA)		2.150	%		2/1/32		80,000		74,957	(c)
Federal National Mortgage Association (FNMA)		3.500	%		12/1/34-9/1/50		2,019,364		2,052,208
Federal National Mortgage Association (FNMA)		3.000	%		7/1/35-1/1/52		2,952,208		2,938,155
Federal National Mortgage Association (FNMA)		2.500	%		9/1/36-3/1/52		4,493,515		4,311,454

See Notes to Schedule of Investments.

    30     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FNMA - (continued)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/40-6/1/57		1,038,505	$	1,086,933
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41		37,083		41,443
Federal National Mortgage Association (FNMA)		2.000	%		10/1/41-2/1/52		2,802,283		2,611,947
Federal National Mortgage Association (FNMA)		4.500	%		6/1/47-1/1/59		787,974		835,258
Federal National Mortgage Association (FNMA)		5.000	%		11/1/48		122,741		129,699
Federal National Mortgage Association (FNMA)		2.500	%		3/1/51-1/1/52		677,989		650,178	(f)
Federal National Mortgage Association (FNMA)		2.000	%		4/1/51-3/1/52		1,901,685		1,770,512	(f)
Federal National Mortgage Association (FNMA)		3.000	%		8/1/51-3/1/52		978,258		968,194	(f)
Federal National Mortgage Association (FNMA)		2.500	%		4/1/52-5/1/52		2,200,000		2,098,120	(g)
Federal National Mortgage Association (FNMA)		3.000	%		4/1/52		1,300,000		1,271,766	(g)
Federal National Mortgage Association (FNMA)		3.500	%		5/1/52-6/1/52		2,900,000		2,890,045	(g)
Total FNMA									24,002,364
GNMA - 2.1%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-10/15/42		109,552		109,095
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		57,104		58,308
Government National Mortgage Association (GNMA) II		4.000	%		10/20/45-11/20/49		840,435		863,227
Government National Mortgage Association (GNMA) II		3.500	%		1/20/46- 10/20/47		856,626		870,204
Government National Mortgage Association (GNMA) II		3.000	%		11/20/46- 9/20/51		355,641		352,402
Government National Mortgage Association (GNMA) II		4.500	%		8/20/47- 4/20/49		623,347		649,723
Government National Mortgage Association (GNMA) II		3.000	%		5/1/52- 6/1/52		1,400,000		1,378,461	(g)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         31

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		3.500	%		5/1/52-6/1/52		600,000	$	600,203	(g)
Government National Mortgage Association (GNMA) II		4.000	%		6/1/52		100,000		101,270	(g)
Total GNMA									4,982,893
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $41,414,780)									40,175,439
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - 7.8%
280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. USD LIBOR + 2.827%)		3.134	%		9/15/34		410,000		401,103	(a)(c)
BANK, 2017-BNK5 A5		3.390	%		6/15/60		640,000		641,542
BANK, 2017-BNK7 A5		3.435	%		9/15/60		190,000		190,911
BANK, 2017-BNK7 XA, IO		0.761	%		9/15/60		3,144,678		94,670	(c)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		360,000		355,118	(a)(c)
Benchmark Mortgage Trust, 2020-IG1 AS		2.909	%		9/15/43		500,000		477,283	(c)
Benchmark Mortgage Trust, 2022-B32 XA, IO		0.460	%		1/15/55		4,119,699		117,540	(c)
BRAVO Residential Funding Trust, 2021-NQM2 A1		0.970	%		3/25/60		72,556		70,993	(a)(c)
BX Commercial Mortgage Trust, 2018-IND G (1 mo. USD LIBOR + 2.050%)		2.447	%		11/15/35		238,000		236,535	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-2A B1		0.604	%		5/25/35		146,326		127,923	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A1 (1 mo. USD LIBOR + 0.250%)		0.707	%		8/25/35		315,817		309,139	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. USD LIBOR + 0.300%)		0.757	%		8/25/35		344,602		338,544	(a)(c)
CIM Trust, 2021-R6 A1		1.425	%		7/25/61		100,924		95,317	(a)(c)
Cold Storage Trust, 2020-ICE5 A (1 mo. USD LIBOR + 0.900%)		1.297	%		11/15/37		589,794		583,507	(a)(c)
CSAIL Commercial Mortgage Trust, 2017-C8 C		4.434	%		6/15/50		500,000		462,761	(c)
CSMC OA LLC, 2014-USA F		4.373	%		9/15/37		640,000		479,070	(a)
CSMC Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.350%)		5.747	%		7/15/32		714,000		635,995	(a)(c)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		317,725		312,697	(a)(c)
CSMC Trust, 2019-AFC1 A1, Step bond (2.573% to 8/25/23 then 3.573%)		2.573	%		7/25/49		133,047		130,156	(a)

See Notes to Schedule of Investments.

    32     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
CSMC Trust, 2019-RIO A (1 mo. USD LIBOR + 3.024%, 4.024% floor)		4.024	%		12/15/22		480,000	$	479,345	(a)(c)
CSMC Trust, 2021-2R 1A1 (1 mo. USD LIBOR + 1.750%)		1.991	%		7/25/47		175,016		177,848	(a)(c)
CSMC Trust, 2021-AFC1 A1		0.830	%		3/25/56		76,775		74,066	(a)(c)
CSMC Trust, 2021-NQM3 A3		1.632	%		4/25/66		89,359		85,779	(a)(c)
CSMC Trust, 2021-NQM7 A1		1.756	%		10/25/66		128,743		122,520	(a)(c)
CSMC Trust, 2021-RPL2 A1		2.000	%		1/25/60		83,597		79,389	(a)(c)
CSMC Trust, 2021-RPL6 A1		2.000	%		10/25/60		101,395		96,477	(a)(c)
Ellington Financial Mortgage Trust, 2021-2 A1		0.931	%		6/25/66		95,125		89,370	(a)(c)
Ellington Financial Mortgage Trust, 2022-1 A2		3.001	%		1/25/67		120,000		111,293	(a)(c)
ELP Commercial Mortgage Trust, 2021-ELP A (1 mo. USD LIBOR + 0.701%)		1.098	%		11/15/38		120,000		117,810	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass- Through Certificates, K736 X1, IO		1.308	%		7/25/26		1,024,406		45,205	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass- Through Certificates, K1517 X1, IO		1.330	%		7/25/35		139,792		18,624	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.430%)		6.033	%		2/15/37		1,611,542		235,440	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		73,595		11,096
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		173,424		29,273
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO		2.500	%		9/25/50		91,199		15,469
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		90,780		12,719
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO		2.500	%		5/25/49		194,497		27,583
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2020-DNA2 M2 (1 mo. USD LIBOR + 1.850%)		2.307	%		2/25/50		145,440		145,190	(a)(c)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         33

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA1 M2 (30 Day Average SOFR + 1.800%)		1.899	%		1/25/51		120,000	$	117,674	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		1.679	%		2/15/38		27,810		1,265	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-HRP1 B1 (1 mo. USD LIBOR + 4.600%)		5.057	%		12/25/42		670,000		671,971	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%)		2.399	%		8/25/33		110,000		108,537	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2022-DNA1 M1B (30 Day Average SOFR + 1.850%)		1.949	%		1/25/42		490,000		462,644	(a)(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2022-DNA2 M1A (30 Day Average SOFR + 1.300%)		1.399	%		2/25/42		254,841		253,424	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1M2 (1 mo. USD LIBOR + 2.150%)		2.607	%		10/25/30		318,861		320,362	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2018-C05 1B1 (1 mo. USD LIBOR + 4.250%)		4.707	%		1/25/31		200,000		201,058	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1M2 (1 mo. USD LIBOR + 2.050%)		2.507	%		1/25/40		56,484		56,462	(a)(c)
Federal National Mortgage Association (FNMA) - CAS, 2021-R03 1 M2 (30 Day Average SOFR + 1.650%)		1.749	%		12/25/41		520,000		492,926	(a)(c)
Federal National Mortgage Association (FNMA) ACES, 2013-M6 1AC		3.354	%		2/25/43		54,843		55,616	(c)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.121	%		4/25/28		97,518		98,156	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M23 3A3		2.720	%		10/25/31		183,569		183,461	(c)
Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO		1.402	%		8/25/55		240,780		8,617	(c)

See Notes to Schedule of Investments.

    34     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ		2.000	%		7/25/50		103,559	$	83,099
Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO		2.500	%		8/25/50		85,394		14,346
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		6,536		6,538	(a)(c)
Freddie Mac Multiclass Certificates Series, 2020-RR07 BX, IO		2.608	%		10/27/28		3,000,000		413,884
Government National Mortgage Association (GNMA), 2012-34 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		5.601	%		3/20/42		406,668		65,459	(c)
Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. USD LIBOR + 6.600%)		6.169	%		4/16/42		217,719		40,629	(c)
Government National Mortgage Association (GNMA), 2013-101 IO, IO		0.209	%		10/16/54		3,098,113		41,892	(c)
Government National Mortgage Association (GNMA), 2013-107 AD		2.764	%		11/16/47		46,926		45,746	(c)
Government National Mortgage Association (GNMA), 2014-17 AM		3.356	%		6/16/48		5,670		5,717	(c)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.391	%		8/16/54		373,651		5,275	(c)
Government National Mortgage Association (GNMA), 2015-167 OI, IO		4.000	%		4/16/45		134,478		22,204
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC		4.500	%		11/16/45		974,428		186,727
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.669	%		10/16/46		273,094		57,195	(c)
Government National Mortgage Association (GNMA), 2020-123 NI, IO		2.500	%		8/20/50		87,565		12,719
Government National Mortgage Association (GNMA), 2020-127 IN, IO		2.500	%		8/20/50		86,999		12,539
Government National Mortgage Association (GNMA), 2020-129 IE, IO		2.500	%		9/20/50		90,319		13,040
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		181,410		23,708
Government National Mortgage Association (GNMA), 2020-H04 FP (1 mo. USD LIBOR + 0.500%)		0.606	%		6/20/69		216,728		216,161	(c)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         35

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Government National Mortgage Association (GNMA), 2020-H9 FL (1 mo. USD LIBOR + 1.150%)		1.599	%		5/20/70		153,535	$	157,932	(c)
Government National Mortgage Association (GNMA), 2020-H9 NF (1 mo. USD LIBOR + 1.250%)		1.699	%		4/20/70		70,388		71,767	(c)
Government National Mortgage Association (GNMA), 2022-3 IO, IO		0.641	%		2/16/61		299,097		19,052	(c)
GS Mortgage Securities Corp. II, 2018-SRP5 A (1 mo. USD LIBOR + 1.550%)		1.947	%		9/15/31		497,806		450,719	(a)(c)
GS Mortgage Securities Corp. II, 2018-SRP5 B (1 mo. USD LIBOR + 2.750%)		3.147	%		9/15/31		497,806		409,043	(a)(c)
GS Mortgage Securities Corp. Trust, 2021-ROSS A (1 mo. USD LIBOR + 1.150%)		1.547	%		5/15/26		290,000		286,651	(a)(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		4.147	%		5/15/28		114,920		106,244	(a)(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 A4		2.822	%		8/15/49		200,000		195,608
JPMorgan Mortgage Trust, 2018-5 A1		3.500	%		10/25/48		80,515		79,734	(a)(c)
Legacy Mortgage Asset Trust, 2021-GS5 A1, Step Bond		2.250	%		7/25/67		112,470		107,602	(a)
MHC Trust, 2021-MHC2 A (1 mo. USD LIBOR + 0.850%)		1.247	%		5/15/23		110,000		108,029	(a)(c)
Morgan Stanley Capital I Trust, 2007-IQ16 AJ		5.674	%		12/12/49		13,789		5,318	(c)
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. USD LIBOR + 0.850%)		1.247	%		11/15/34		281,410		278,817	(a)(c)
Morgan Stanley Capital I Trust, 2017-H1 C		4.281	%		6/15/50		250,000		240,623	(c)
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. USD LIBOR + 1.400%)		1.797	%		5/15/36		330,000		325,988	(a)(c)
Morgan Stanley Resecuritization Trust, 2015-R3 7A2 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		0.874	%		4/26/47		180,453		180,585	(a)(c)
Morgan Stanley Resecuritization Trust, 2015-R3 9A1 (1 mo. USD LIBOR + 0.260%)		0.707	%		4/26/47		10,107		10,131	(a)(c)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		433,685		437,733	(a)(c)
New Residential Mortgage Loan Trust, 2017-6A A1		4.000	%		8/27/57		264,172		265,930	(a)(c)

See Notes to Schedule of Investments.

    36     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
New Residential Mortgage Loan Trust, 2018-RPL1 M2		3.500	%		12/25/57		240,000	$	233,625	(a)(c)
New Residential Mortgage Loan Trust, 2019-RPL3 A1		2.750	%		7/25/59		79,549		77,900	(a)(c)
New Residential Mortgage Loan Trust, 2021-NQM3 A1		1.156	%		11/27/56		88,836		85,061	(a)(c)
OBX Trust, 2022-NQM1 A2		3.001	%		11/25/61		500,000		474,417	(a)(c)
OBX Trust, 2021-NQM2 A1		1.101	%		5/25/61		239,755		226,779	(a)(c)
OBX Trust, 2021-NQM2 A3		1.563	%		5/25/61		92,808		87,806	(a)(c)
OBX Trust, 2021-NQM3 A1		1.054	%		7/25/61		127,661		120,300	(a)(c)
PRKCM Trust, 2021-AFC1 A1		1.510	%		8/25/56		228,614		213,015	(a)(c)
SFO Commercial Mortgage Trust, 2021-555 A (1 mo. USD LIBOR + 1.150%)		1.547	%		5/15/38		140,000		137,618	(a)(c)
SREIT Trust, 2021-MFP2 A (1 mo. USD LIBOR + 0.822%)		1.219	%		11/15/36		120,000		117,899	(a)(c)
VLS Commercial Mortgage Trust, 2020-LAB B		2.453	%		10/10/42		210,000		185,713	(a)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		37,036		36,699	(a)(c)
Wells Fargo Commercial Mortgage Trust, 2017-RB1 XA, IO		1.179	%		3/15/50		1,897,819		90,456	(c)
ZH Trust, 2021-2 A		2.349	%		10/17/27		150,000		147,927	(a)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $19,275,544)									18,307,072
SOVEREIGN BONDS - 7.3%
Argentina - 0.2%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		37,763		12,993
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		445,676		150,420
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		59,556
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		134,676
Provincia de Buenos Aires, Senior Notes, Step bond (3.900% to 9/1/22 then 5.250%)		3.900	%		9/1/37		173,500		74,563	(a)
Total Argentina									432,208

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         37

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Brazil - 0.5%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/31		2,754,000	BRL	$	528,672
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		200,000			200,885
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		510,000			455,180
Total Brazil										1,184,737
China - 1.6%
China Government Bond		3.290	%		5/23/29		13,890,000	CNY		2,256,626
China Government Bond, Senior Notes		3.390	%		5/21/25		1,500,000	CNH		241,410	(i)
China Government Bond, Senior Notes		3.310	%		11/30/25		7,500,000	CNH		1,204,711	(i)
Total China										3,702,747
Colombia - 0.1%
Colombia Government International Bond, Senior Notes		4.125	%		2/22/42		200,000			156,752
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		240,000			218,153
Total Colombia										374,905
Indonesia - 1.5%
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		390,000			390,587	(i)
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		500,000			517,926
Indonesia Government International Bond, Senior Notes		3.700	%		10/30/49		290,000			280,195
Indonesia Treasury Bond		7.000	%		5/15/27		13,823,000,000	IDR		1,009,952
Indonesia Treasury Bond		6.500	%		2/15/31		16,713,000,000	IDR		1,145,421
Indonesia Treasury Bond		6.375	%		4/15/32		1,447,000,000	IDR		98,077
Indonesia Treasury Bond		7.500	%		6/15/35		2,348,000,000	IDR		168,109
Total Indonesia										3,610,267
Israel - 0.1%
Israel Government International Bond, Senior Notes		2.750	%		7/3/30		200,000			198,310
Kenya - 0.1%
Republic of Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		200,000			201,322	(i)
Kuwait - 0.2%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		470,000			490,017	(a)

See Notes to Schedule of Investments.

    38     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Mexico - 2.0%
Mexican Bonos, Bonds		10.000	%		12/5/24		2,000,000	MXN	$	104,200
Mexican Bonos, Bonds		8.000	%		11/7/47		57,490,000	MXN		2,758,133
Mexican Bonos, Senior Notes		7.750	%		11/13/42		34,000,000	MXN		1,594,632
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		430,000			410,807
Total Mexico										4,867,772
Nigeria - 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		200,000			190,740	(a)
Panama - 0.1%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		210,000			186,020
Peru - 0.1%
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		120,000			152,811
Poland - 0.1%
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		220,000			226,046
Qatar - 0.2%
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		330,000			392,111	(a)
Qatar Government International Bond, Senior Notes		4.400	%		4/16/50		200,000			225,315	(a)
Total Qatar										617,426
Russia - 0.1%
Russian Federal Bond - OFZ		7.000	%		8/16/23		39,550,000	RUB		24,338	*(j)
Russian Federal Bond - OFZ		8.150	%		2/3/27		7,520,000	RUB		4,628	*(j)
Russian Federal Bond - OFZ		7.050	%		1/19/28		67,452,000	RUB		41,509	*(j)
Russian Federal Bond - OFZ		6.900	%		5/23/29		62,801,000	RUB		38,647	*(j)
Russian Federal Bond - OFZ		7.650	%		4/10/30		43,880,000	RUB		27,003	*(j)
Russian Federal Bond - OFZ		7.700	%		3/16/39		37,190,000	RUB		22,886	*(j)
Total Russia										159,011
United Arab Emirates - 0.3%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		760,000			764,121	(a)
TOTAL SOVEREIGN BONDS (Cost - $21,724,141)										17,358,460

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         39

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SENIOR LOANS - 5.9%
COMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.2%
Delta TopCo Inc., First Lien Term Loan (the greater of 3 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		12/1/27		49,550	$	48,851	(c)(k)(l)
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		2.207	%		3/1/27		235,411		231,346	(c)(k)(l)
Zayo Group Holdings Inc., Initial Dollar Term Loan (1 mo. USD LIBOR + 3.000%)		3.457	%		3/9/27		130,000		126,696	(c)(k)(l)
Total Diversified Telecommunication Services									406,893
Entertainment - 0.0%††
Go Daddy Operating Co. LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		2.199	%		2/15/24		49,068		48,813	(c)(k)(l)
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		128,700		126,517	(c)(k)(l)
Media - 0.7%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		2.210	%		4/30/25		297,392		296,602	(c)(k)(l)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		2.210	%		2/1/27		39,098		38,824	(c)(k)(l)
iHeartCommunications Inc., New Term Loan (1 mo. USD LIBOR + 3.000%)		3.457	%		5/1/26		164,138		163,390	(c)(k)(l)
Nexstar Broadcasting Inc., Term Loan B4 (1 mo. USD LIBOR + 2.500%)		2.731	%		9/18/26		271,966		271,261	(c)(k)(l)
Numericable U.S. LLC, USD Term Loan B12 (3 mo. USD LIBOR + 3.688%)		3.927	%		1/31/26		127,505		124,976	(c)(k)(l)
Terrier Media Buyer Inc., 2021 Refinancing Term Loan B (1 mo. USD LIBOR + 3.500%)		3.957	%		12/17/26		107,490		105,994	(c)(k)(l)
Univision Communications Inc., 2021 Replacement Term Loan (the greater of 1 mo. USD LIBOR or 0.750% + 3.250%)		4.000	%		3/15/26		140,689		140,103	(c)(k)(l)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		2.897	%		1/31/28		280,000		277,025	(c)(k)(l)
Ziggo Financing Partnership, Term Loan I (1 mo. USD LIBOR + 2.500%)		2.897	%		4/28/28		200,000		197,375	(c)(k)(l)
Total Media									1,615,550

See Notes to Schedule of Investments.

    40     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE	FACE AMOUNT†	VALUE
Wireless Telecommunication Services - 0.0%††
CSC Holdings LLC, 2018 Incremental Term Loan (1 mo. USD LIBOR + 2.250%)		2.647	%	1/15/26	39,693	$	39,197	(c)(e)(k)(l)
CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.500%)		2.897	%	4/15/27	39,200		38,592	(c)(k)(l)
Total Wireless Telecommunication Services							77,789
TOTAL COMMUNICATION SERVICES							2,275,562
CONSUMER DISCRETIONARY - 1.1%
Auto Components - 0.1%
Clarios Global LP, First Lien Amendment No. 1 Dollar Term Loan (1 mo. USD LIBOR + 3.250%)		3.707	%	4/30/26	191,274		189,170	(c)(k)(l)
Diversified Consumer Services - 0.1%
Prime Security Services Borrower LLC, 2021 Refinancing Term Loan B1		3.500	%	9/23/26	205,097		203,902	(c)(k)(l)
Hotels, Restaurants & Leisure - 0.7%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		2.207	%	11/19/26	182,445		178,853	(c)(k)(l)
Alterra Mountain Co., 2028 Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 3.500%)		4.000	%	8/17/28	67,521		67,099	(c)(e)(k)(l)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		3.207	%	12/23/24	531,615		529,547	(c)(k)(l)
Caesars Resort Collection LLC, Term Loan B1 (1 mo. USD LIBOR + 3.500%)		3.957	%	7/21/25	147,750		147,455	(c)(k)(l)
Entain Holdings Gibraltar Ltd., Term Loan Facility B (1 mo. USD LIBOR + 2.250%)		3.743	%	3/29/27	49,625		49,222	(c)(e)(k)(l)
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%)		2.209	%	11/30/23	117,455		117,253	(c)(k)(l)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		2.207	%	6/22/26	188,276		186,620	(c)(k)(l)
PCI Gaming Authority, Term Loan Facility B (1 mo. USD LIBOR + 2.500%)		2.957	%	5/29/26	72,814		72,370	(c)(k)(l)
Scientific Games International Inc., Initial Term Loan B5 (1 mo. USD LIBOR + 2.750%)		3.207	%	8/14/24	228,864		228,292	(c)(k)(l)
Station Casinos LLC, Term Loan Facility B1 (1 mo. USD LIBOR + 2.250%)		2.710	%	2/8/27	148,434		146,682	(c)(k)(l)
Total Hotels, Restaurants & Leisure							1,723,393

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         41

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
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		96,768	$	96,285	(c)(k)(l)
Great Outdoors Group LLC, Term Loan B2 (the greater of 1 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		3/6/28		59,252		59,113	(c)(k)(l)
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		108,675		106,603	(c)(k)(l)
Petco Health and Wellness Co. Inc., First Lien Initial Term Loan (3 mo. USD LIBOR + 3.250%)		4.256	%		3/3/28		118,800		117,856	(c)(k)(l)
Whatabrands LLC, Initial Term Loan B (the greater of 1 mo. USD LIBOR or 0.500% + 3.250%)		3.750	%		8/3/28		9,975		9,868	(c)(k)(l)
Total Specialty Retail									389,725
TOTAL CONSUMER DISCRETIONARY									2,506,190
CONSUMER STAPLES - 0.1%
Beverages - 0.1%
Triton Water Holdings Inc., First Lien Initial Term Loan (3 mo. USD LIBOR + 3.500%)		4.506	%		3/31/28		168,725		164,898	(c)(k)(l)
Food & Staples Retailing - 0.0%††
Froneri U.S. Inc., Term Loan Facility B2 (1 mo. USD LIBOR + 2.250%)		2.707	%		1/29/27		88,425		87,004	(c)(k)(l)
US Foods Inc., 2019 Incremental Term Loan B (3 mo. USD LIBOR + 2.000%)		2.508	%		9/14/26		9,427		9,259	(c)(k)(l)
Total Food & Staples Retailing									96,263
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		49,500		48,757	(c)(e)(k)(l)
TOTAL CONSUMER STAPLES									309,918
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Pilot Travel Centers LLC, Initial Term Loan B (1 mo. USD LIBOR + 2.000%)		2.457	%		8/4/28		368,150		363,701	(c)(k)(l)
FINANCIALS - 0.8%
Capital Markets - 0.1%
Allspring Buyer LLC, Term Loan (3 mo. USD LIBOR + 3.250%)		4.313	%		11/1/28		85,000		84,562	(c)(k)(l)

See Notes to Schedule of Investments.

    42     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
First Eagle Holdings Inc., 2018 Refinancing Term Loan B (3 mo. USD LIBOR + 2.500%)		3.506	%		2/1/27		46,992	$	46,257	(c)(k)(l)
Focus Financial Partners LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		2.457	%		7/3/24		126,340		124,814	(c)(k)(l)
Total Capital Markets									255,633
Diversified Financial Services - 0.5%
Castlelake Aviation One Designated Activity Co., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		3.576	%		10/22/26		238,800		232,981	(c)(k)(l)
Citadel Securities LP, 2021 Term Loan (1 mo. Term SOFR + 2.500%)		2.813	%		2/2/28		157,953		157,318	(c)(k)(l)
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		176,850		176,205	(c)(k)(l)
Hudson River Trading LLC, Term Loan (1 mo. Term SOFR + 3.114%)		3.313	%		3/20/28		89,099		87,883	(c)(k)(l)
Jane Street Group LLC, Dollar Term Loan (1 mo. USD LIBOR + 2.750%)		3.207	%		1/26/28		67,673		66,898	(c)(k)(l)
Setanta Aircraft Leasing DAC, Term Loan (3 mo. USD LIBOR + 2.000%)		3.006	%		11/5/28		220,000		217,067	(c)(k)(l)
UFC Holdings LLC, Term Loan B3 (the greater of 6 mo. USD LIBOR or 0.750% + 2.750%)		3.500	%		4/29/26		175,753		174,263	(c)(k)(l)
VFH Parent LLC, Initial Term Loan (the greater of 1 mo. Term SOFR or 0.500% + 3.000%)		3.500	%		1/13/29		80,000		79,367	(c)(k)(l)
Total Diversified Financial Services									1,191,982
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		98,750		97,269	(c)(k)(l)
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		3.457	%		11/3/24		116,227		114,898	(c)(k)(l)
Asurion LLC, New Term Loan B8 (1 mo. USD LIBOR + 3.250%)		3.707	%		12/23/26		159,760		156,531	(c)(k)(l)
Asurion LLC, New Term Loan B9 (1 mo. USD LIBOR + 3.250%)		3.707	%		7/31/27		69,300		68,001	(c)(k)(l)
Asurion LLC, Replacement Term Loan B6 (1 mo. USD LIBOR + 3.125%)		3.582	%		11/3/23		21,659		21,559	(c)(k)(l)
Total Insurance									458,258
TOTAL FINANCIALS									1,905,873

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         43

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
HEALTH CARE - 1.1%
Health Care Equipment & Supplies - 0.1%
Medline Borrower LP, Initial Dollar Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.250%)		3.750	%		10/23/28		200,000	$	198,237	(c)(k)(l)
Health Care Providers & Services - 0.4%
EyeCare Partners LLC, First Lien Initial Term Loan (3 mo. USD LIBOR + 3.750%)		4.756	%		2/18/27		58,890		58,237	(c)(k)(l)
Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 mo. USD LIBOR + 2.000%)		2.457	%		11/15/27		259,903		255,907	(c)(k)(l)
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		4.197	%		11/16/25		138,785		138,185	(c)(k)(l)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		3.707	%		3/5/26		87,633		86,798	(c)(k)(l)
Phoenix Guarantor Inc., Term Loan B3 (1 mo. USD LIBOR + 3.500%)		3.947	%		3/5/26		138,600		137,337	(c)(k)(l)
Phoenix Newco Inc., First Lien Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.500%)		4.000	%		11/15/28		80,000		79,514	(c)(k)(l)
Sterigenics-Nordion Holdings LLC, Term Loan (the greater of 3 mo. USD LIBOR or 0.500% + 2.750%)		3.250	%		12/11/26		290,000		286,978	(c)(k)(l)
Total Health Care Providers & Services									1,042,956
Health Care Technology - 0.2%
AthenaHealth Group Inc., Delayed Draw Term Loan		—			2/15/29		47,826		47,408	(m)
AthenaHealth Group Inc., Term Loan B (the greater of 1 mo. Term SOFR or 0.500% + 3.500%)		4.000	%		2/15/29		282,174		279,705	(c)(k)(l)
Change Healthcare Holdings LLC, Closing Date Term Loan (the greater of 1 mo. USD LIBOR or 1.000% + 2.500%)		3.500	%		3/1/24		235,510		234,538	(c)(k)(l)
Total Health Care Technology									561,651
Life Sciences Tools & Services - 0.1%
ICON Luxembourg Sarl, Term Loan (3 mo. USD LIBOR + 2.250%)		3.313	%		7/3/28		143,308		142,815	(c)(k)(l)
PRA Health Sciences Inc., Term Loan (3 mo. USD LIBOR + 2.250%)		3.313	%		7/1/28		35,705		35,583	(c)(k)(l)
Total Life Sciences Tools & Services									178,398

See Notes to Schedule of Investments.

    44     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - 0.3%
Gainwell Acquisition Corp., Term Loan B (3 mo. USD LIBOR + 4.000%)		5.006	%		10/1/27		237,247	$	237,247	(c)(e)(k)(l)
Horizon Therapeutics USA Inc., Incremental Term Loan B2 (the greater of 1 mo. USD LIBOR or 0.500% + 1.750%)		2.250	%		3/15/28		138,600		137,431	(c)(k)(l)
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		228,275		227,719	(c)(k)(l)
Total Pharmaceuticals									602,397
TOTAL HEALTH CARE									2,583,639
INDUSTRIALS - 0.9%
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		59,250		58,753	(c)(k)(l)
Transdigm Inc., Refinancing Term Loan F (1 mo. USD LIBOR + 2.250%)		2.707	%		12/9/25		9,873		9,721	(c)(k)(l)
Total Aerospace & Defense									68,474
Airlines - 0.1%
Air Canada, Term Loan (the greater of 6 mo. USD LIBOR or 0.750% + 3.500%)		4.250	%		8/11/28		80,000		79,333	(c)(k)(l)
United Airlines Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		4/21/28		158,400		156,805	(c)(k)(l)
Total Airlines									236,138
Building Products - 0.2%
Hunter Douglas Holding BV, Term Loan B1 (the greater of 1 mo. Term SOFR or 0.500% + 3.500%)		4.000	%		2/26/29		300,000		294,470	(c)(k)(l)
Quikrete Holdings Inc., Term Loan B1		—			6/9/28		90,000		88,544	(m)
Total Building Products									383,014
Commercial Services & Supplies - 0.4%
Ali Group SRL, Term Loan B		—			10/13/28		180,000		177,675	(m)
Allied Universal Holdco LLC, USD Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.750%)		4.250	%		7/3/28		252,876		249,331	(c)(k)(l)
APi Group DE Inc., Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.957	%		10/1/26		169,756		168,094	(c)(k)(l)
Garda World Security Corp., Term Loan B2 (1 mo. USD LIBOR + 4.250%)		4.710	%		10/30/26		48,095		47,631	(c)(k)(l)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         45

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - (continued)
GFL Environmental Inc., 2020 Term Loan		—			5/30/25		153,968	$	153,632	(m)
Verscend Holding Corp., New Term Loan B (1 mo. USD LIBOR + 4.000%)		4.457	%		8/27/25		148,571		148,385	(c)(e)(k)(l)
Total Commercial Services & Supplies									944,748
Construction & Engineering - 0.0%††
Brown Group Holding LLC, Initial Term Loan (3 mo. USD LIBOR + 2.500%)		3.506	%		6/7/28		119,358		117,990	(c)(k)(l)
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		48,454		47,674	(c)(k)(l)
Road & Rail - 0.2%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. USD LIBOR + 2.000%)		3.006	%		12/30/26		275,066		272,445	(c)(k)(l)
XPO Logistics Inc., Refinancing Term Loan (1 mo. USD LIBOR + 1.750%)		1.992	%		2/24/25		110,000		109,163	(c)(k)(l)
Total Road & Rail									381,608
Trading Companies & Distributors - 0.0%††
BrightView Landscapes LLC, Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 2.500%)		3.000	%		8/15/25		57,750		57,389	(c)(e)(k)(l)
TOTAL INDUSTRIALS									2,237,035
INFORMATION TECHNOLOGY - 0.6%
Electronic Equipment, Instruments & Components - 0.1%
II-VI Inc., Term Loan B		—			12/8/28		160,000		159,200	(e)(m)
IT Services - 0.0%††
FleetCor Technologies Operating Co. LLC, Term Loan B4 (1 mo. USD LIBOR + 1.750%)		2.207	%		4/28/28		89,325		88,002	(c)(k)(l)
Software - 0.5%
Cloudera Inc., Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.750%)		4.250	%		10/10/28		70,000		69,256	(c)(k)(l)
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.000%)		4.457	%		10/16/26		275,289		273,702	(c)(k)(l)
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		289,275		287,539	(c)(k)(l)

See Notes to Schedule of Investments.

    46     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Software - (continued)
Peraton Corp., First Lien Term Loan B (the greater of 1 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		2/1/28		233,307	$	232,140	(c)(k)(l)
RealPage Inc., First Lien Initial Term Loan (the greater of 1 mo. USD LIBOR or 0.500% + 3.250%)		3.750	%		4/24/28		208,950		206,861	(c)(k)(l)
Total Software									1,069,498
TOTAL INFORMATION TECHNOLOGY									1,316,700
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		89,275		87,858	(c)(k)(l)
Containers & Packaging - 0.2%
Berry Global Inc., Term Loan Z (1 mo. USD LIBOR + 1.750%)		2.071	%		7/1/26		139,402		137,681	(c)(k)(l)
Reynolds Consumer Products LLC, Initial Term Loan (1 mo. USD LIBOR + 1.750%)		2.207	%		2/4/27		248,871		245,316	(c)(k)(l)
Total Containers & Packaging									382,997
Paper & Forest Products - 0.0%††
Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. USD LIBOR + 1.750%)		2.207	%		9/7/27		78,874		78,178	(c)(k)(l)
TOTAL MATERIALS									549,033
TOTAL SENIOR LOANS (Cost - $14,147,190)									14,047,651
						FACE AMOUNT†/ UNITS
ASSET-BACKED SECURITIES - 3.2%
ACRES Commercial Realty Ltd., 2021-FL1 A (1 mo. USD LIBOR + 1.200%)		1.641	%		6/15/36		340,000		337,616	(a)(c)
Applebee’s Funding LLC/IHOP Funding LLC, 2019-1A A2I		4.194	%		6/5/49		396,000		394,457	(a)
Avis Budget Rental Car Funding AESOP LLC, 2021-1A A		1.380	%		8/20/27		290,000		269,314	(a)
First Franklin Mortgage Loan Trust, 2006- FF15 A2 (1 mo. USD LIBOR + 0.120%)		0.577	%		11/25/36		160,172		152,807	(c)
First Franklin Mortgage Loan Trust, 2006- FF15 A5 (1 mo. USD LIBOR + 0.160%)		0.617	%		11/25/36		197,197		195,130	(c)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		280,000		292,447

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         47

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Hardee’s Funding LLC, 2021-1A A2		2.865	%		6/20/51		228,275	$	207,792	(a)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		320,000		308,800	(a)
InStar Leasing III LLC, 2021-1A A		2.300	%		2/15/54		103,931		96,820	(a)
Jack in the Box Funding LLC, 2019-1A A23		4.970	%		8/25/49		128,700		130,236	(a)
JPMorgan Mortgage Acquisition Corp., 2005-OPT2 M4 (1 mo. USD LIBOR + 0.930%)		1.387	%		12/25/35		110,000		109,264	(c)
Mercury Financial Credit Card Master Trust, 2022-1A B		3.200	%		9/21/26		160,000		153,324	(a)
MF1 Ltd., 2022-FL8 A (30 Day Average SOFR + 1.350%)		1.400	%		2/19/37		500,000		496,119	(a)(c)
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. USD LIBOR + 0.900%)		1.297	%		1/15/43		179,833		179,777	(a)(c)
Navient Student Loan Trust, 2016-3A A3 (1 mo. USD LIBOR + 1.350%)		1.807	%		6/25/65		319,142		325,623	(a)(c)
Oak Street Investment Grade Net Lease Fund Series, 2020-1A A1		1.850	%		11/20/50		214,885		202,116	(a)
SBA Small Business Investment Cos., 2018-10B 1		3.548	%		9/10/28		103,438		104,191
SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. USD LIBOR + 0.290%)		1.116	%		6/15/39		367,779		354,097	(c)
SLM Student Loan Trust, 2003-10A A4 (3 mo. USD LIBOR + 0.670%)		1.496	%		12/17/68		120,000		118,433	(a)(c)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		1,092		497,370	(a)
SMB Private Education Loan Trust, 2021-A A2B		1.590	%		1/15/53		450,000		419,330	(a)
SMB Private Education Loan Trust, 2021-A B		2.310	%		1/15/53		190,000		177,630	(a)
SMB Private Education Loan Trust, 2021-C B		2.300	%		1/15/53		170,000		158,950	(a)
SoFi Professional Loan Program LLC, 2017-A B		3.440	%		3/26/40		140,000		140,426	(a)(c)
Structured Asset Investment Loan Trust, 2004-7 A8 (1 mo. USD LIBOR + 1.200%)		1.657	%		8/25/34		120,000		118,672	(c)
Structured Asset Investment Loan Trust, 2005-HE1 M2 (1 mo. USD LIBOR + 0.720%)		1.177	%		7/25/35		196,309		193,181	(c)
Structured Asset Securities Corp. Mortgage Loan Trust, 2007-WF1 A1 (1 mo. USD LIBOR + 0.420%)		0.877	%		2/25/37		315,446		309,160	(c)
Towd Point Mortgage Trust, 2017-6 A1		2.750	%		10/25/57		402,786		399,177	(a)(c)
Towd Point Mortgage Trust, 2016-3 B1		4.066	%		4/25/56		110,000		110,317	(a)(c)
Towd Point Mortgage Trust, 2017-4 B2		3.414	%		6/25/57		250,000		239,096	(a)(c)

See Notes to Schedule of Investments.

    48     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†/ UNITS		VALUE
ASSET-BACKED SECURITIES - (continued)
Towd Point Mortgage Trust, 2017-6 M1		3.250	%		10/25/57		200,000	$	194,941	(a)(c)
TRP - TRIP Rail Master Funding LLC, 2021-2 A		2.150	%		6/19/51		107,167		99,277	(a)
United States Small Business Administration, 2019-25G 1		2.690	%		7/1/44		75,443		75,932
Wendy’s Funding LLC, 2021-1A A2I		2.370	%		6/15/51		109,175		97,492	(a)
TOTAL ASSET-BACKED SECURITIES (Cost - $8,854,192)									7,659,314
	EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
U.S. Treasury 5-Year Notes Futures, Call @ $114.50		4/22/22			52		52,000		35,750
U.S. Treasury 5-Year Notes Futures, Call @ $115.00		4/22/22			65		65,000		27,930
U.S. Treasury 10-Year Notes Futures, Call @ $122.50		4/22/22			12		12,000		12,750
U.S. Treasury 10-Year Notes Futures, Call @ $123.25		4/22/22			32		32,000		21,500
U.S. Treasury 10-Year Notes Futures, Call @ $124.50		4/22/22			14		14,000		3,719
U.S. Treasury 10-Year Notes Futures, Call @ $125.00		4/22/22			22		22,000		4,125
U.S. Treasury 10-Year Notes Futures, Put @ $122.00		4/22/22			13		13,000		6,703
U.S. Treasury Long-Term Bonds Futures, Call @ $150.50		4/22/22			6		6,000		9,469
TOTAL PURCHASED OPTIONS (Cost - $149,280)									121,946
						SHARES
COMMON STOCKS - 0.0%††
ENERGY - 0.0%††
Energy Equipment & Services - 0.0%††
KCAD Holdings I Ltd. (Cost - $883,931)							108,106,087		0	*(d)(e)(n)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $253,465,591)									236,713,000

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         49

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) March 31, 2022

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 2.3%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $5,428,969)		0.195	%		5,428,969	$	5,428,969	(o)
TOTAL INVESTMENTS - 102.4% (Cost - $258,894,560)							242,141,969
Liabilities in Excess of Other Assets - (2.4)%							(5,566,919	)
TOTAL NET ASSETS - 100.0%						$	236,575,050

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

(c) 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.

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

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

(f) Securities traded on a when-issued or delayed delivery basis.

(g) This security is traded on a to-be-announced (“TBA”) basis. At March 31, 2022, the Portfolio held TBA securities with a total cost of $8,436,066.

(h) 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.

(i) 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.

(j) The coupon payment on this security is currently in default as of March 31, 2022.

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

(l) 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.

(m) All or a portion of this loan is unfunded as of March 31, 2022. The interest rate for fully unfunded term loans is to be determined.

(n) Value is less than $1.

(o) 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 March 31, 2022, the total market value of investments in Affiliated Companies was $5,428,969 and the cost was $5,428,969 (Note 2).

See Notes to Schedule of Investments.

    50     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2022

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CMT	— Constant Maturity Treasury
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
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 5-Year Notes Futures, Call		4/22/22	$	115.75		51	$	51,000	$	(9,562	)
U.S. Treasury 5-Year Notes Futures, Call		4/22/22		116.50		61		61,000		(5,242	)
U.S. Treasury 5-Year Notes Futures, Call		4/22/22		118.25		22		22,000		(516	)
U.S. Treasury 5-Year Notes Futures, Call		4/22/22		118.50		12		12,000		(281	)
U.S. Treasury 10-Year Notes Futures, Call		4/22/22		123.00		24		24,000		(19,125	)
U.S. Treasury 10-Year Notes Futures, Call		4/22/22		124.00		32		32,000		(12,500	)
U.S. Treasury 10-Year Notes Futures, Call		4/22/22		127.00		26		26,000		(1,625	)
U.S. Treasury 10-Year Notes Futures, Call		5/20/22		124.00		31		31,000		(24,219	)
U.S. Treasury 10-Year Notes Futures, Call		5/20/22		130.00		16		16,000		(1,250	)
U.S. Treasury 10-Year Notes Futures, Put		4/22/22		120.75		26		26,000		(5,688	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $153,932)									$	(80,008	)

OTC WRITTEN OPTIONS

	COUNTERPARTY
Interest rate swaption, Put		Citibank N.A.	4/29/22	1.30	bps	2,490,000	$	2,490,000	$	(63,364	)
(Premiums received - $6,692)
TOTAL WRITTEN OPTIONS (Premiums received - $160,624)									$	(143,372	)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         51

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   March 31, 2022

Abbreviation(s) used in this schedule:

bps — basis point spread (100 basis points = 1.00%)

At March 31, 2022, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		47		9/22	$	11,596,511	$	11,593,137	$	(3,374	)
90-Day Eurodollar		344		12/22		84,628,284		83,712,400		(915,884	)
90-Day Eurodollar		47		6/23		11,660,921		11,382,225		(278,696	)
90-Day Eurodollar		10		9/23		2,477,083		2,422,000		(55,083	)
90-Day Eurodollar		108		12/23		26,539,614		26,181,900		(357,714	)
Australian 10-Year Bonds		21		6/22		2,070,456		1,991,678		(78,778	)
Euro		1		6/22		136,801		138,738		1,937
Euro-Bobl		8		6/22		1,160,235		1,140,411		(19,824	)
Euro-OAT		15		6/22		2,636,225		2,514,119		(122,106	)
Mexican Peso		3		6/22		69,247		74,595		5,348
U.S. Treasury 2-Year Notes		70		6/22		15,033,629		14,834,531		(199,098	)
U.S. Treasury 5-Year Notes		471		6/22		54,995,341		54,017,812		(977,529	)
U.S. Treasury Ultra Long- Term Bonds		64		6/22		11,753,426		11,336,000		(417,426	)
										(3,418,227	)
Contracts to Sell:
3-Month Euribor		42		6/22		11,672,167		11,654,537		17,630
Euro-Bund		1		6/22		183,360		175,518		7,842
Euro-Buxl		7		6/22		1,561,573		1,441,886		119,687
Japanese 10-Year Bonds		4		6/22		4,953,153		4,918,679		34,474
U.S. Treasury 10-Year Notes		229		6/22		28,554,111		28,138,375		415,736
U.S. Treasury Long-Term Bonds		21		6/22		3,225,221		3,151,313		73,908
U.S. Treasury Ultra 10-Year Notes		34		6/22		4,750,003		4,605,937		144,066
										813,343
Net unrealized depreciation on open futures contracts									$	(2,604,884	)

Abbreviation(s) used in this table:

OAT	— Obligations Assimilables du Trésor (French Treasury Bonds)
SOFR	— Secured Overnight Financing Rate

See Notes to Schedule of Investments.

    52     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2022

At March 31, 2022, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	17,224		RUB	2,110,000	Bank of America N.A.		4/19/22	$	(8,210	)
USD	68,571		RUB	8,640,000	Bank of America N.A.		4/19/22		(35,579	)
USD	7,779		RUB	793,446	BNP Paribas SA		4/19/22		(1,786	)
USD	7,817		RUB	672,241	BNP Paribas SA		4/19/22		(287	)
BRL	133,508		USD	27,917	Citibank N.A.		4/19/22		(25	)
BRL	843,664		USD	175,475	Citibank N.A.		4/19/22		779
BRL	1,330,000		USD	227,662	Citibank N.A.		4/19/22		50,194
IDR	6,378,804,886		USD	439,872	Citibank N.A.		4/19/22		3,919
INR	27,646,086		USD	366,829	Citibank N.A.		4/19/22		(2,724	)
MXN	799,959		USD	38,164	Citibank N.A.		4/19/22		1,922
USD	179,954		BRL	860,000	Citibank N.A.		4/19/22		288
USD	237,639		BRL	1,131,380	Citibank N.A.		4/19/22		1,278
USD	1,012,067		CNY	6,500,000	Citibank N.A.		4/19/22		(11,456	)
USD	1,591,025		CNY	10,208,491	Citibank N.A.		4/19/22		(16,456	)
USD	39,306		EUR	35,000	Citibank N.A.		4/19/22		566
USD	65,350		EUR	60,000	Citibank N.A.		4/19/22		(1,062	)
USD	138,482		EUR	125,000	Citibank N.A.		4/19/22		125
USD	657,024		EUR	580,533	Citibank N.A.		4/19/22		14,456
USD	15,030		RUB	1,630,769	Citibank N.A.		4/19/22		(4,628	)
USD	37,483		RUB	3,223,502	Citibank N.A.		4/19/22		(1,375	)
EUR	210,000		USD	239,358	Goldman Sachs Group Inc.		4/19/22		(6,917	)
EUR	250,000		USD	283,739	Goldman Sachs Group Inc.		4/19/22		(7,024	)
GBP	1,003,230		USD	1,360,232	Goldman Sachs Group Inc.		4/19/22		(42,511	)
JPY	13,130,000		USD	107,746	Goldman Sachs Group Inc.		4/19/22		146
RUB	703,420		USD	9,177	Goldman Sachs Group Inc.		4/19/22		(698	)
RUB	147,997,974		USD	1,920,156	Goldman Sachs Group Inc.		4/19/22		(136,129	)
USD	110,378		AUD	150,000	Goldman Sachs Group Inc.		4/19/22		(1,892	)
USD	4,194		BRL	20,000	Goldman Sachs Group Inc.		4/19/22		16
USD	8,412		BRL	40,000	Goldman Sachs Group Inc.		4/19/22		56
USD	27,340		BRL	130,000	Goldman Sachs Group Inc.		4/19/22		181
USD	35,716		BRL	170,000	Goldman Sachs Group Inc.		4/19/22		201
USD	163,712		BRL	780,000	Goldman Sachs Group Inc.		4/19/22		759
USD	40,035		EUR	35,291	Goldman Sachs Group Inc.		4/19/22		973
USD	3,380		RUB	360,000	Goldman Sachs Group Inc.		4/19/22		(959	)
USD	22,586		RUB	2,315,078	Goldman Sachs Group Inc.		4/19/22		(5,321	)
USD	30,711		RUB	2,760,150	Goldman Sachs Group Inc.		4/19/22		(2,561	)
USD	35,047		RUB	3,732,500	Goldman Sachs Group Inc.		4/19/22		(9,946	)
USD	37,644		RUB	3,933,751	Goldman Sachs Group Inc.		4/19/22		(9,775	)

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         53

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2022

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	37,911		RUB	3,260,338	Goldman Sachs Group Inc.		4/19/22	$	(1,391	)
USD	37,911		RUB	3,288,772	Goldman Sachs Group Inc.		4/19/22		(1,733	)
USD	76,808		RUB	8,314,448	Goldman Sachs Group Inc.		4/19/22		(23,418	)
USD	76,855		RUB	6,494,229	Goldman Sachs Group Inc.		4/19/22		(1,429	)
USD	118,498		RUB	12,620,000	Goldman Sachs Group Inc.		4/19/22		(33,629	)
USD	140,560		RUB	15,110,233	Goldman Sachs Group Inc.		4/19/22		(41,585	)
USD	275,129		RUB	29,070,739	Goldman Sachs Group Inc.		4/19/22		(75,301	)
AUD	3,452,361		USD	2,475,246	JPMorgan Chase & Co.		4/19/22		108,726
CNY	17,223,163		USD	2,703,793	JPMorgan Chase & Co.		4/19/22		8,252
USD	1,696,932		CNH	10,883,867	JPMorgan Chase & Co.		4/19/22		(13,605	)
USD	2,409,248		CNH	15,334,195	JPMorgan Chase & Co.		4/19/22		(714	)
USD	1,115,178		CNY	7,160,000	JPMorgan Chase & Co.		4/19/22		(12,271	)
USD	15,881		RUB	1,723,088	JPMorgan Chase & Co.		4/19/22		(4,890	)
USD	31,799		RUB	3,195,781	JPMorgan Chase & Co.		4/19/22		(6,724	)
BRL	824,208		USD	141,885	Morgan Stanley & Co. Inc.		4/19/22		30,304
CAD	9,323,028		USD	7,325,681	Morgan Stanley & Co. Inc.		4/19/22		131,206
JPY	274,498,821		USD	2,372,310	Morgan Stanley & Co. Inc.		4/19/22		(116,702	)
USD	107,844		RUB	15,152,108	Morgan Stanley & Co. Inc.		4/19/22		(74,805	)
ZAR	5,615,137		USD	352,776	Morgan Stanley & Co. Inc.		4/19/22		30,564
Total								$	(330,607	)

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

See Notes to Schedule of Investments.

    54     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d)   March 31, 2022

At March 31, 2022, the Portfolio had the following open swap contracts:

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	$	(4	)	$	(9,561	)
		3,110,000			11/18/23	3.970%**	CPURNSA**		(11,505	)		96,651
		20,340,000			6/4/24	3-Month LIBOR quarterly	0.820% semi-annually		—			(442,055	)
		2,220,000			10/20/26	2.950%**	CPURNSA**		(1,167	)		110,343
		3,110,000			11/18/26	CPURNSA**	3.370%**		30,844			(115,025	)
		3,530,000			11/20/26	1.520% annually	Daily SOFR Compound annually		(6,060	)		82,801
		2,525,000			3/4/27	Daily SOFR Compound annually	1.550% annually		(3,858	)		(73,165	)
		5,805,000			5/15/27	0.710% annually	Daily SOFR Compound annually		20,982			399,136
		3,778,000			2/15/28	1.350% semi-annually	3-Month LIBOR quarterly		(10,947	)		237,873
		5,758,000			8/15/28	1.130% annually	Daily SOFR Compound annually		40,236			313,233
		2,697,000			8/15/28	1.220% annually	Daily SOFR Compound annually		(1,207	)		152,284
		1,527,000			11/1/28	1.200% annually	Daily SOFR Compound annually		(89	)		89,809
		28,260,000	MXN		7/18/29	28-Day MXN TIIE -Banxico every 28 days	7.450% every 28 days		8,855			(66,879	)
		47,980,000	MXN		7/20/29	28-Day MXN TIIE - Banxico every 28 days	7.440% every 28 days		18,245			(118,089	)
		2,220,000			10/20/31	CPURNSA**	2.770%**		1,832			(128,256	)
		2,220,000			10/20/31	1.733% annually	Daily SOFR Compound annually		8,731			18,316

See Notes to Schedule of Investments.

Western Asset Core Plus VIT Portfolio 2022 Quarterly Report         55

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2022

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)
		1,272,000		3/18/32		2.000% annually		Daily SOFR Compound annually	$	10,311		$	3,756
		2,140,000		7/20/45		0.560% annually		Daily SOFR annually		15,715			581,203
		820,000		8/19/45		0.740% annually		Daily SOFR annually		—			198,612
		1,596,000		2/15/47		1.630% semi-annually		3-Month LIBOR quarterly		13,455			202,120
		1,072,000		2/15/47		1.520% annually		Daily SOFR Compound annually		(16,510	)		127,067
		1,120,000		2/15/47		1.729% annually		Daily SOFR Compound annually		16,080			54,045
		1,800,000		5/15/47		1.630% annually		Daily SOFR Compound annually		79,429			67,732
		113,000		8/15/47		1.650% annually		Daily SOFR Compound annually		11,362			(2,281	)
		302,000		6/7/51		2.050% semi-annually		3-Month LIBOR quarterly		(38	)		14,582
		898,000		7/9/51		1.671% semi-annually		3-Month LIBOR quarterly		(4,002	)		121,509
Total									$	220,690		$	1,915,761

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
Markit CDX.NA.HY.38 Index	$	3,550,000		6/20/27	5.000% quarterly	$	191,139	$	181,903	$	9,236
Markit CDX.NA.IG.38 Index		31,682,000		6/20/27	1.000% quarterly		500,829		436,758		64,071
Total	$	35,232,000				$	691,968	$	618,661	$	73,307

See Notes to Schedule of Investments.

    56     Western Asset Core Plus VIT Portfolio 2022 Quarterly Report

WESTERN ASSET CORE PLUS VIT PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2022

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:

CPURNSA	— U.S. CPI Urban Consumers NSA Index
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 2022 Quarterly Report         57

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 (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. 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.

58

Notes to Schedule of Investments (unaudited) (continued)

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)

59

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		—	$	24,752,556	$	103,081		$	24,855,637
Other Corporate Bonds & Notes		—		53,914,020		—			53,914,020
U.S. Government & Agency Obligations		—		60,273,461		—			60,273,461
Mortgage-Backed Securities		—		40,175,439		—			40,175,439
Collateralized Mortgage Obligations		—		18,307,072		—			18,307,072
Sovereign Bonds		—		17,358,460		—			17,358,460
Senior Loans:
Communication Services		—		2,236,365		39,197			2,275,562
Consumer Discretionary		—		2,389,869		116,321			2,506,190
Consumer Staples		—		261,161		48,757			309,918
Health Care		—		2,346,392		237,247			2,583,639
Industrials		—		2,031,261		205,774			2,237,035
Information Technology		—		1,157,500		159,200			1,316,700
Other Senior Loans		—		2,818,607		—			2,818,607
Asset-Backed Securities		—		7,659,314		—			7,659,314
Purchased Options	$	121,946		—		—			121,946
Common Stocks		—		—		0	*		0	*
Total Long-Term Investments		121,946		235,681,477		909,577			236,713,000
Short-Term Investments†		5,428,969		—		—			5,428,969
Total Investments	$	5,550,915	$	235,681,477	$	909,577		$	242,141,969
Other Financial Instruments:
Futures Contracts††	$	820,628		—		—		$	820,628
Forward Foreign Currency Contracts††		—	$	384,911		—			384,911
Centrally Cleared Interest Rate Swaps††		—		2,871,072		—			2,871,072
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		73,307		—			73,307
Total Other Financial Instruments	$	820,628	$	3,329,290		—		$	4,149,918
Total	$	6,371,543	$	239,010,767	$	909,577		$	246,291,887

60

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	$	80,008		—		—	$	80,008
OTC Written Options		—	$	63,364		—		63,364
Futures Contracts††		3,425,512		—		—		3,425,512
Forward Foreign Currency Contracts††		—		715,518		—		715,518
Centrally Cleared Interest Rate Swaps††		—		955,311		—		955,311
Total	$	3,505,520	$	1,734,193		—	$	5,239,713

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

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

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 March 31, 2022. The following transactions were effected in such company for the period ended March 31, 2022.

	Affiliate Value at December 31, 2021		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	18,076,035		18,076,035	$	12,647,066		12,647,066

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2022
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	157		—	$	5,428,969

61