Legg Mason Partners Variable Portfolios Ii N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06310

Legg Mason Partners Variable Income Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-721-1926

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

ITEM 1.	REPORT TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report June 30, 2020

WESTERN ASSET

CORE PLUS VIT PORTFOLIO

Beginning in January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, your insurance company may no longer send you paper copies of the Fund’s shareholder reports like this one by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead, the shareholder reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If your insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications from them electronically by following the instructions provided by the insurance company.

You may elect to receive all future reports in paper free of charge. You can inform the insurance company that you wish to continue receiving paper copies of shareholder reports by following the instructions provided by them. Your election will apply to all Funds available under your contract with the insurance company.

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

What’s inside
Letter from the president	II
Performance review	IV
Portfolio at a glance	1
Portfolio expenses	2
Schedule of investments	4
Statement of assets and liabilities	55
Statement of operations	57
Statements of changes in net assets	59
Financial highlights	60
Notes to financial statements	62
Board approval of new management and new subadvisory agreements	86

Portfolio objective

The Portfolio seeks to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain a dollar-weighted average effective duration that is normally within 30% of the average duration of the domestic bond market as a whole.

Letter from the president

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Core Plus VIT Portfolio for the six-month reporting period ended June 30, 2020. Please read on for Portfolio performance information during the Portfolio’s reporting period.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser(s) became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Portfolio prior to the transaction. The Portfolio’s manager and subadviser(s) continue to provide uninterrupted services with respect to the Portfolio pursuant to new management and subadvisory agreements that were approved by Portfolio shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of June 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

II Western Asset Core Plus VIT Portfolio

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

• Market insights and commentaries from our portfolio managers and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 31, 2020

Western Asset Core Plus VIT Portfolio III

Performance review

For the six months ended June 30, 2020, Class I shares of Western Asset Core Plus VIT Portfolio¹ returned 4.17%. The Portfolio’s unmanaged benchmark, the Bloomberg Barclays U.S. Aggregate Indexⁱ, returned 6.14%, for the same period. The Lipper Variable Core Plus Bond Funds Category Averageⁱⁱ returned 5.11% over the same time frame.

Performance Snapshot as of June 30, 2020 (unaudited)
	6 months
Western Asset Core Plus VIT Portfolio:
Class I		4.17	%
Class II		4.17	%
Bloomberg Barclays U.S. Aggregate Index		6.14	%
Lipper Variable Core Plus Bond Funds Category Average		5.11	%

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

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

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

The 30-Day SEC Yields for the period ended June 30, 2020 for Class I and Class II shares were 1.95% and 1.71%, respectively. Absent fee waivers and/or expense reimbursements, the 30-Day SEC Yields for Class I and Class II shares would have been 1.91% and 1.66%, respectively. The 30-Day SEC Yield, calculated pursuant to the standard SEC formula, is based on the Portfolio’s investments over an annualized trailing 30-day period, and not on the distributions paid by the Portfolio, which may differ.

Total Annual Operating Expenses (unaudited)

As of the Portfolio’s current prospectus dated May 1, 2020, the gross total annual fund operating expense ratios for Class I and Class II shares were 0.56% and 0.80%, respectively.

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

As a result of expense limitation arrangements, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets will not exceed 0.54% for Class I shares and 0.79% for Class II shares. These

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

IV Western Asset Core Plus VIT Portfolio

expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. This management fee waiver is not subject to the recapture provision discussed below.

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

Effective January 1, 2021, the manager is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which the manager earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or incurred. In no case will the manager recapture any amount that would result, on any particular business day of the Portfolio, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

As always, thank you for your confidence in our stewardship of your assets.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 31, 2020

RISKS: Investments in fixed income securities involve a variety of risks, including interest rate, credit, inflation, and reinvestment risks. As interest rates rise, bond prices fall, reducing the value of the Portfolio’s share price. High-yield bonds, commonly known as “junk” bonds, are rated below investment grade and carry more risk than higher-rated securities. Asset-backed, mortgaged-backed or mortgage-related securities are subject to prepayment and extension risks. Foreign investments are subject to special risks including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Emerging market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Portfolio may use derivatives, such as options, futures, and swaps, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Portfolio performance. The use of leverage may increase volatility and the possibility of loss. Please see the Portfolio’s

Western Asset Core Plus VIT Portfolio V

Performance review (cont’d)

prospectus for a more complete discussion of these and other risks and the Portfolio’s investment strategies.

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

ⁱ  The Bloomberg Barclays U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

ⁱⁱ  Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the six-month period ended June 30, 2020, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 39 funds in the Portfolio’s Lipper category.

VI Western Asset Core Plus VIT Portfolio

Portfolio at a glance^†(unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the composition of the Portfolio’s investments as of June 30, 2020 and December 31, 2019 and does not include derivatives such as written options, futures contracts, forward foreign currency contracts and swap contracts. The Portfolio is actively managed. As a result, the composition of the Portfolio’s investments is subject to change at any time.

‡ Represents less than 0.1%.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 1

Portfolio expenses (unaudited)

Example

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

This example is based on an investment of $1,000 invested on January 1, 2020 and held for the six months ended June 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Based on actual total return1													Based on hypothetical total return1
	Actual Total Return2			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3
Class I		4.17	%	$	1,000.00	$	1,041.70		0.54	%	$	2.74	Class I		5.00	%	$	1,000.00	$	1,022.18		0.54	%	$	2.72
Class II		4.17			1,000.00		1,041.70		0.79			4.01	Class II		5.00			1,000.00		1,020.93		0.79			3.97

2 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

¹   For the six months ended June 30, 2020.

²  Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), then divided by 366.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 3

Schedule of investments (unaudited)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Corporate Bonds & Notes — 42.6%
Communication Services — 3.3%
Diversified Telecommunication Services — 1.2%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		300,000	$	313,155	(a)
AT&T Inc., Senior Notes		3.400	%		5/15/25		40,000		43,987
AT&T Inc., Senior Notes		2.300	%		6/1/27		140,000		145,164
AT&T Inc., Senior Notes		6.250	%		3/29/41		60,000		82,538
AT&T Inc., Senior Notes		4.350	%		6/15/45		260,000		293,044
Verizon Communications Inc., Senior Notes		3.500	%		11/1/24		40,000		44,299
Verizon Communications Inc., Senior Notes		3.376	%		2/15/25		99,000		110,223
Verizon Communications Inc., Senior Notes		2.625	%		8/15/26		150,000		163,346
Verizon Communications Inc., Senior Notes		3.000	%		3/22/27		20,000		22,220
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		144,000		173,430
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		50,000		59,181
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		60,000		67,443
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		99,755
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		160,000		214,458
Verizon Communications Inc., Senior Notes		3.850	%		11/1/42		10,000		12,213
Verizon Communications Inc., Senior Notes		4.125	%		8/15/46		50,000		62,705
Verizon Communications Inc., Senior Notes		4.862	%		8/21/46		100,000		136,020
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		10,000		14,848
Verizon Communications Inc., Senior Notes		4.522	%		9/15/48		100,000		132,514
Verizon Communications Inc., Senior Notes		4.000	%		3/22/50		40,000		51,402
Total Diversified Telecommunication Services									2,241,945
Entertainment — 0.0%††
Netflix Inc., Senior Notes		5.375	%		2/1/21		30,000		30,759
Walt Disney Co., Senior Notes		6.650	%		11/15/37		50,000		75,045
Total Entertainment									105,804
Media — 1.6%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		10,000		10,237	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		170,000		172,337	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		270,000		309,644
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		80,000		89,793

See Notes to Financial Statements.

4 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Media — continued
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		100,000	$	118,124
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		180,000		217,035
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		30,000		33,340
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.834	%		10/23/55		30,000		40,518
Comcast Corp., Senior Notes		3.100	%		4/1/25		10,000		11,036
Comcast Corp., Senior Notes		3.375	%		8/15/25		30,000		33,441
Comcast Corp., Senior Notes		3.950	%		10/15/25		180,000		206,416
Comcast Corp., Senior Notes		3.150	%		3/1/26		80,000		89,446
Comcast Corp., Senior Notes		3.300	%		4/1/27		40,000		44,953
Comcast Corp., Senior Notes		4.150	%		10/15/28		270,000		323,896
Comcast Corp., Senior Notes		3.400	%		4/1/30		50,000		57,218
Comcast Corp., Senior Notes		4.250	%		10/15/30		50,000		61,322
Comcast Corp., Senior Notes		3.250	%		11/1/39		10,000		11,109
Comcast Corp., Senior Notes		3.750	%		4/1/40		10,000		11,750
Comcast Corp., Senior Notes		3.400	%		7/15/46		10,000		11,129
Comcast Corp., Senior Notes		4.000	%		3/1/48		10,000		12,181
Comcast Corp., Senior Notes		4.700	%		10/15/48		20,000		26,945
Comcast Corp., Senior Notes		3.999	%		11/1/49		165,000		199,623
Comcast Corp., Senior Notes		3.450	%		2/1/50		70,000		80,454
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		100,000		99,672
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		20,000		21,237
Fox Corp., Senior Notes		4.709	%		1/25/29		30,000		36,089
Fox Corp., Senior Notes		5.476	%		1/25/39		40,000		53,548
Prosus NV, Senior Notes		4.850	%		7/6/27		290,000		325,818	(a)
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		130,000		171,210
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		10,000		13,795
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		90,000		111,407
Total Media									3,004,723

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 5

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Wireless Telecommunication Services — 0.5%
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		40,000	$	57,290
Sprint Corp., Senior Notes		7.625	%		2/15/25		40,000		46,236
T-Mobile USA Inc., Senior Secured Notes		3.500	%		4/15/25		340,000		370,690	(a)
T-Mobile USA Inc., Senior Secured Notes		3.750	%		4/15/27		20,000		22,188	(a)
T-Mobile USA Inc., Senior Secured Notes		3.875	%		4/15/30		190,000		211,819	(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		150,000		178,518
Total Wireless Telecommunication Services									886,741
Total Communication Services									6,239,213
Consumer Discretionary — 2.7%
Automobiles — 0.7%
BMW US Capital LLC, Senior Notes		1.850	%		9/15/21		20,000		20,189	(a)
Ford Motor Co., Senior Notes		8.500	%		4/21/23		50,000		52,969
Ford Motor Co., Senior Notes		9.000	%		4/22/25		20,000		21,682
Ford Motor Co., Senior Notes		4.750	%		1/15/43		30,000		23,767
Ford Motor Credit Co. LLC, Senior Notes		3.200	%		1/15/21		200,000		197,500
General Motors Co., Senior Notes		5.400	%		10/2/23		30,000		32,462
General Motors Co., Senior Notes		6.125	%		10/1/25		60,000		67,496
General Motors Financial Co. Inc., Senior Notes		2.450	%		11/6/20		50,000		50,081
General Motors Financial Co. Inc., Senior Notes		4.375	%		9/25/21		790,000		811,548
Total Automobiles									1,277,694
Diversified Consumer Services — 0.0%††
Prime Security Services Borrower LLC/ Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		70,000		72,754	(a)
Hotels, Restaurants & Leisure — 0.8%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		4.250	%		5/15/24		60,000		60,166	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.375	%		5/1/25		50,000		50,219	(a)
Hilton Domestic Operating Co. Inc., Senior Notes		5.125	%		5/1/26		30,000		29,976
Hilton Domestic Operating Co. Inc., Senior Notes		5.750	%		5/1/28		30,000		30,431	(a)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.625	%		4/1/25		10,000		9,813
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		30,000		29,357
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		30,000		29,914
McDonald’s Corp., Senior Notes		3.300	%		7/1/25		60,000		66,732

See Notes to Financial Statements.

6 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Hotels, Restaurants & Leisure — continued
McDonald’s Corp., Senior Notes		1.450	%		9/1/25		10,000	$	10,265
McDonald’s Corp., Senior Notes		3.700	%		1/30/26		220,000		249,594
McDonald’s Corp., Senior Notes		3.500	%		3/1/27		20,000		22,665
McDonald’s Corp., Senior Notes		3.500	%		7/1/27		20,000		22,745
McDonald’s Corp., Senior Notes		3.600	%		7/1/30		50,000		57,642
McDonald’s Corp., Senior Notes		3.625	%		9/1/49		10,000		11,023
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		90,000		109,611
Sands China Ltd., Senior Notes		5.125	%		8/8/25		400,000		434,782
Sands China Ltd., Senior Notes		3.800	%		1/8/26		200,000		206,340	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		80,000		59,585	(a)
Total Hotels, Restaurants & Leisure									1,490,860
Household Durables — 0.0%††
Newell Brands Inc., Senior Notes		4.350	%		4/1/23		47,000		48,635
Newell Brands Inc., Senior Notes		4.700	%		4/1/26		10,000		10,524
Total Household Durables									59,159
Internet & Direct Marketing Retail — 0.5%
Amazon.com Inc., Senior Notes		0.800	%		6/3/25		100,000		100,994
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		120,000		121,930
Amazon.com Inc., Senior Notes		3.150	%		8/22/27		130,000		148,876
Amazon.com Inc., Senior Notes		1.500	%		6/3/30		110,000		111,581
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		60,000		74,387
Amazon.com Inc., Senior Notes		4.950	%		12/5/44		50,000		71,518
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		90,000		117,287
Amazon.com Inc., Senior Notes		2.500	%		6/3/50		90,000		92,880
Amazon.com Inc., Senior Notes		4.250	%		8/22/57		20,000		26,751
Total Internet & Direct Marketing Retail									866,204
Multiline Retail — 0.0%††
Dollar General Corp., Senior Notes		3.250	%		4/15/23		10,000		10,681
Specialty Retail — 0.4%
Home Depot Inc., Senior Notes		2.500	%		4/15/27		60,000		65,836
Home Depot Inc., Senior Notes		3.900	%		12/6/28		10,000		11,970
Home Depot Inc., Senior Notes		2.700	%		4/15/30		60,000		66,025
Home Depot Inc., Senior Notes		3.300	%		4/15/40		70,000		78,868
Home Depot Inc., Senior Notes		3.900	%		6/15/47		10,000		12,178
Home Depot Inc., Senior Notes		3.350	%		4/15/50		180,000		206,655
Lowe’s Cos. Inc., Senior Notes		4.500	%		4/15/30		40,000		49,170
Lowe’s Cos. Inc., Senior Notes		5.000	%		4/15/40		20,000		26,164
Lowe’s Cos. Inc., Senior Notes		5.125	%		4/15/50		110,000		150,771
Target Corp., Senior Notes		2.250	%		4/15/25		80,000		85,657

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 7

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Specialty Retail — continued
TJX Cos. Inc., Senior Notes		3.500	%		4/15/25		60,000	$	66,862
TJX Cos. Inc., Senior Notes		3.750	%		4/15/27		20,000		22,876
Total Specialty Retail									843,032
Textiles, Apparel & Luxury Goods — 0.3%
Hanesbrands Inc., Senior Notes		4.625	%		5/15/24		10,000		9,976	(a)
Hanesbrands Inc., Senior Notes		5.375	%		5/15/25		50,000		50,656	(a)
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		50,000		50,491	(a)
Levi Strauss & Co., Senior Notes		5.000	%		5/1/25		60,000		60,444	(a)
NIKE Inc., Senior Notes		2.400	%		3/27/25		50,000		53,808
NIKE Inc., Senior Notes		2.750	%		3/27/27		70,000		77,180
NIKE Inc., Senior Notes		2.850	%		3/27/30		80,000		89,077
NIKE Inc., Senior Notes		3.250	%		3/27/40		50,000		56,084
NIKE Inc., Senior Notes		3.375	%		3/27/50		170,000		197,080
Total Textiles, Apparel & Luxury Goods									644,796
Total Consumer Discretionary									5,265,180
Consumer Staples — 2.9%
Beverages — 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		260,000		292,139
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		210,000		257,771
Anheuser-Busch InBev Finance Inc., Senior Notes		3.300	%		2/1/23		108,000		114,431
Anheuser-Busch InBev Worldwide Inc., Senior Notes		2.500	%		7/15/22		43,000		44,678
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		1/12/24		10,000		10,903
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		50,000		56,773
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		80,000		92,389
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		100,000		120,914
Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.500	%		6/1/30		50,000		56,338
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.350	%		6/1/40		100,000		114,300
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.500	%		6/1/50		180,000		214,323
Coca-Cola Co., Senior Notes		2.950	%		3/25/25		60,000		66,076

See Notes to Financial Statements.

8 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Beverages — continued
Coca-Cola Co., Senior Notes		3.375	%		3/25/27		60,000	$	68,871
Coca-Cola Co., Senior Notes		1.450	%		6/1/27		90,000		92,690
Coca-Cola Co., Senior Notes		4.125	%		3/25/40		20,000		25,448
Coca-Cola Co., Senior Notes		4.200	%		3/25/50		180,000		235,716
Coca-Cola Co., Senior Notes		2.600	%		6/1/50		40,000		40,492
PepsiCo Inc., Senior Notes		0.750	%		5/1/23		100,000		100,952
PepsiCo Inc., Senior Notes		2.250	%		3/19/25		10,000		10,694
PepsiCo Inc., Senior Notes		2.625	%		3/19/27		10,000		10,942
PepsiCo Inc., Senior Notes		1.625	%		5/1/30		80,000		81,576
PepsiCo Inc., Senior Notes		2.875	%		10/15/49		30,000		32,547
PepsiCo Inc., Senior Notes		3.625	%		3/19/50		20,000		24,141
PepsiCo Inc., Senior Notes		3.875	%		3/19/60		20,000		25,444
Total Beverages									2,190,548
Food & Staples Retailing — 0.3%
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		140,000		143,293
Costco Wholesale Corp., Senior Notes		1.600	%		4/20/30		90,000		91,085
Walmart Inc., Senior Notes		3.400	%		6/26/23		30,000		32,699
Walmart Inc., Senior Notes		3.550	%		6/26/25		30,000		34,042
Walmart Inc., Senior Notes		3.700	%		6/26/28		170,000		201,444
Total Food & Staples Retailing									502,563
Food Products — 0.5%
Danone SA, Senior Notes		2.589	%		11/2/23		220,000		231,734	(a)
Hershey Co., Senior Notes		0.900	%		6/1/25		20,000		20,129
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		19,000		20,173
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		20,000		21,250	(a)
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		20,000		22,029
Kraft Heinz Foods Co., Senior Notes		6.875	%		1/26/39		10,000		12,390
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		30,000		31,651
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		70,000		76,021
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		70,000		68,922
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		50,000		50,995	(a)
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		50,000		53,498	(a)
Lamb Weston Holdings Inc., Senior Notes		4.875	%		11/1/26		70,000		72,612	(a)
Mondelez International Inc., Senior Notes		2.125	%		4/13/23		30,000		31,092
Mondelez International Inc., Senior Notes		1.500	%		5/4/25		160,000		163,394
Total Food Products									875,890
Household Products — 0.1%
Procter & Gamble Co., Senior Notes		2.450	%		3/25/25		50,000		54,301
Procter & Gamble Co., Senior Notes		2.800	%		3/25/27		20,000		22,262

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 9

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Household Products — continued
Procter & Gamble Co., Senior Notes		3.000	%		3/25/30		50,000	$	57,318
Procter & Gamble Co., Senior Notes		3.550	%		3/25/40		50,000		60,248
Procter & Gamble Co., Senior Notes		3.600	%		3/25/50		70,000		88,218
Total Household Products									282,347
Tobacco — 0.9%
Altria Group Inc., Senior Notes		3.490	%		2/14/22		50,000		52,187
Altria Group Inc., Senior Notes		2.850	%		8/9/22		130,000		135,496
Altria Group Inc., Senior Notes		3.800	%		2/14/24		60,000		65,647
Altria Group Inc., Senior Notes		2.350	%		5/6/25		20,000		21,040
Altria Group Inc., Senior Notes		4.400	%		2/14/26		60,000		69,138
Altria Group Inc., Senior Notes		4.800	%		2/14/29		180,000		210,305
Altria Group Inc., Senior Notes		3.875	%		9/16/46		40,000		40,014
Altria Group Inc., Senior Notes		5.950	%		2/14/49		30,000		39,409
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		330,000		355,905
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		180,000		195,751
Cargill Inc., Senior Notes		1.375	%		7/23/23		80,000		81,414	(a)
Philip Morris International Inc., Senior Notes		2.900	%		11/15/21		30,000		31,066
Philip Morris International Inc., Senior Notes		2.500	%		8/22/22		90,000		93,720
Philip Morris International Inc., Senior Notes		2.500	%		11/2/22		140,000		145,953
Philip Morris International Inc., Senior Notes		1.125	%		5/1/23		60,000		61,040
Philip Morris International Inc., Senior Notes		2.100	%		5/1/30		40,000		41,269
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		10,000		12,150
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		80,000		98,611
Total Tobacco									1,750,115
Total Consumer Staples									5,601,463
Energy — 5.7%
Energy Equipment & Services — 0.0%††
Halliburton Co., Senior Notes		3.800	%		11/15/25		4,000		4,323
Halliburton Co., Senior Notes		4.850	%		11/15/35		20,000		21,064
Halliburton Co., Senior Notes		5.000	%		11/15/45		10,000		10,280
Total Energy Equipment & Services									35,667
Oil, Gas & Consumable Fuels — 5.7%
Apache Corp., Senior Notes		4.375	%		10/15/28		120,000		106,039
Apache Corp., Senior Notes		5.100	%		9/1/40		170,000		139,907

See Notes to Financial Statements.

10 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Apache Corp., Senior Notes		4.750	%		4/15/43		20,000	$	16,132
Apache Corp., Senior Notes		4.250	%		1/15/44		90,000		68,566
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		40,000		39,889	(a)
BP Capital Markets America Inc., Senior Notes		2.937	%		4/6/23		10,000		10,580
BP Capital Markets America Inc., Senior Notes		3.216	%		11/28/23		80,000		85,974
BP Capital Markets America Inc., Senior Notes		3.790	%		2/6/24		20,000		21,852
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		130,000		143,993
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		60,000		68,222
BP Capital Markets America Inc., Senior Notes		3.000	%		2/24/50		220,000		216,818
BP Capital Markets PLC, Senior Notes		3.535	%		11/4/24		40,000		44,114
BP Capital Markets PLC, Senior Notes		3.506	%		3/17/25		190,000		210,291
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		30,000		32,165	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		160,000		176,912	(a)
Chevron Corp., Senior Notes		1.554	%		5/11/25		90,000		92,615
Chevron Corp., Senior Notes		2.954	%		5/16/26		30,000		33,253
Chevron Corp., Senior Notes		1.995	%		5/11/27		40,000		41,924
Chevron Corp., Senior Notes		3.078	%		5/11/50		10,000		10,649
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		10,000		10,561
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		180,000		182,276
Cimarex Energy Co., Senior Notes		4.375	%		3/15/29		100,000		102,854
CNOOC Finance 2015 USA LLC, Senior Notes		3.500	%		5/5/25		290,000		316,661
Concho Resources Inc., Senior Notes		4.375	%		1/15/25		30,000		30,968
Concho Resources Inc., Senior Notes		3.750	%		10/1/27		50,000		53,298
Concho Resources Inc., Senior Notes		4.300	%		8/15/28		140,000		153,760
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		40,000		38,361
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		70,000		65,638
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		160,000		141,122
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		10,000		7,984
DCP Midstream Operating LP, Senior Notes		6.450	%		11/3/36		20,000		18,086	(a)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		100,000		110,470
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		40,000		39,097
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		240,000		213,702

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 11

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Diamondback Energy Inc., Senior Notes		2.875	%		12/1/24		30,000	$	30,048
Diamondback Energy Inc., Senior Notes		5.375	%		5/31/25		20,000		20,601
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		30,000		30,206
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		20,000		19,410
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		180,000		189,953
Energy Transfer Operating LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		70,000		58,922	(b)(c)
Energy Transfer Operating LP, Senior Notes		2.900	%		5/15/25		70,000		71,594
Energy Transfer Operating LP, Senior Notes		4.950	%		6/15/28		40,000		42,983
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		30,000		32,895
Energy Transfer Operating LP, Senior Notes		3.750	%		5/15/30		230,000		228,916
Energy Transfer Operating LP, Senior Notes		6.250	%		4/15/49		20,000		21,231
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		210,000		239,700
Enterprise Products Operating LLC, Senior Notes		3.125	%		7/31/29		30,000		32,174
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		110,000		114,793
Enterprise Products Operating LLC, Senior Notes		7.550	%		4/15/38		20,000		27,777
Enterprise Products Operating LLC, Senior Notes		4.850	%		3/15/44		10,000		11,619
Enterprise Products Operating LLC, Senior Notes		4.800	%		2/1/49		10,000		11,967
Enterprise Products Operating LLC, Senior Notes		4.200	%		1/31/50		40,000		44,825
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		40,000		42,087
Enterprise Products Operating LLC, Senior Notes		3.950	%		1/31/60		40,000		41,638
EOG Resources Inc., Senior Notes		4.150	%		1/15/26		30,000		34,555
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		20,000		23,908
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		90,000		105,210
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		30,000		38,431
Exxon Mobil Corp., Senior Notes		1.571	%		4/15/23		20,000		20,540
Exxon Mobil Corp., Senior Notes		2.992	%		3/19/25		220,000		239,133
Exxon Mobil Corp., Senior Notes		3.043	%		3/1/26		40,000		43,992
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		80,000		91,231

See Notes to Financial Statements.

12 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Exxon Mobil Corp., Senior Notes		4.114	%		3/1/46		40,000	$	48,206
Exxon Mobil Corp., Senior Notes		4.327	%		3/19/50		10,000		12,529
KazMunayGas National Co. JSC, Senior Notes		5.375	%		4/24/30		200,000		227,025	(a)
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		3/1/21		40,000		40,503
Kinder Morgan Energy Partners LP, Senior Notes		3.500	%		9/1/23		20,000		21,368
Kinder Morgan Energy Partners LP, Senior Notes		4.250	%		9/1/24		10,000		11,017
Kinder Morgan Energy Partners LP, Senior Notes		5.500	%		3/1/44		10,000		11,864
Kinder Morgan Inc., Senior Notes		4.300	%		6/1/25		60,000		67,360
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		40,000		45,391
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		60,000		83,964
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		40,000		48,898
MPLX LP, Senior Notes		4.800	%		2/15/29		10,000		11,132
MPLX LP, Senior Notes		4.500	%		4/15/38		120,000		120,166
MPLX LP, Senior Notes		4.700	%		4/15/48		140,000		141,540
MPLX LP, Senior Notes		5.500	%		2/15/49		80,000		88,791
Noble Energy Inc., Senior Notes		3.850	%		1/15/28		40,000		38,671
Noble Energy Inc., Senior Notes		3.250	%		10/15/29		10,000		9,111
Noble Energy Inc., Senior Notes		6.000	%		3/1/41		40,000		39,091
Noble Energy Inc., Senior Notes		4.950	%		8/15/47		30,000		26,849
Occidental Petroleum Corp., Senior Notes		4.850	%		3/15/21		32,000		31,900
Occidental Petroleum Corp., Senior Notes		2.600	%		8/13/21		150,000		146,996
Occidental Petroleum Corp., Senior Notes		3.125	%		2/15/22		10,000		9,627
Occidental Petroleum Corp., Senior Notes		2.700	%		8/15/22		110,000		102,607
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		100,000		98,500
Occidental Petroleum Corp., Senior Notes		2.900	%		8/15/24		160,000		137,035
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		10,000		9,147
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		90,000		73,575
Occidental Petroleum Corp., Senior Notes		3.000	%		2/15/27		50,000		39,010
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		10,000		7,332
Occidental Petroleum Corp., Senior Notes		7.875	%		9/15/31		70,000		66,588
Occidental Petroleum Corp., Senior Notes		6.450	%		9/15/36		140,000		119,024
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		70,000		58,931
Occidental Petroleum Corp., Senior Notes		4.625	%		6/15/45		70,000		49,350
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		26,245
Occidental Petroleum Corp., Senior Notes		4.400	%		4/15/46		40,000		27,969

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 13

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Occidental Petroleum Corp., Senior Notes		4.100	%		2/15/47		60,000	$	40,725
Occidental Petroleum Corp., Senior Notes		4.200	%		3/15/48		50,000		33,923
Occidental Petroleum Corp., Senior Notes (3 mo. USD LIBOR + 0.950%)		1.398	%		2/8/21		130,000		128,083	(c)
Petrobras Global Finance BV, Senior Notes		5.299	%		1/27/25		644,000		670,249
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		430,000		479,921
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		30,000		31,665
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		150,000		141,764
Range Resources Corp., Senior Notes		5.000	%		3/15/23		150,000		129,467
Range Resources Corp., Senior Notes		4.875	%		5/15/25		40,000		30,325
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		110,000		123,938
Shell International Finance BV, Senior Notes		2.875	%		5/10/26		140,000		153,821
Shell International Finance BV, Senior Notes		2.750	%		4/6/30		80,000		86,918
Shell International Finance BV, Senior Notes		4.550	%		8/12/43		10,000		12,469
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		160,000		197,171
Shell International Finance BV, Senior Notes		4.000	%		5/10/46		40,000		46,844
Shell International Finance BV, Senior Notes		3.250	%		4/6/50		150,000		160,259
Southern Natural Gas Co. LLC, Senior Notes		8.000	%		3/1/32		50,000		72,631
Sunoco Logistics Partners Operations LP, Senior Notes		5.300	%		4/1/44		10,000		9,596
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.500	%		3/1/30		20,000		19,331	(a)
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		210,000		215,660	(a)
Western Midstream Operating LP, Senior Notes		3.100	%		2/1/25		70,000		66,574
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		20,000		18,800
Western Midstream Operating LP, Senior Notes		4.050	%		2/1/30		270,000		260,921
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		10,000		8,150

See Notes to Financial Statements.

14 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Western Midstream Operating LP, Senior Notes		5.250	%		2/1/50		50,000	$	43,512
Western Midstream Operating LP, Senior Notes (3 mo. USD LIBOR + 0.850%)		2.161	%		1/13/23		30,000		27,543	(c)
Williams Cos. Inc., Senior Notes		7.875	%		9/1/21		110,000		118,294
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		50,000		52,904
Williams Cos. Inc., Senior Notes		3.750	%		6/15/27		70,000		74,988
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		30,000		38,461
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		160,000		207,134
Williams Cos. Inc., Senior Notes		4.850	%		3/1/48		40,000		43,822
WPX Energy Inc., Senior Notes		6.000	%		1/15/22		10,000		10,085
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		70,000		77,955
Total Oil, Gas & Consumable Fuels									10,886,287
Total Energy									10,921,954
Financials — 15.6%
Banks — 11.7%
Banco Actinver SA/Grupo GICSA SAB de CV, Senior Secured Notes		4.800	%		12/18/32		490,000		366,887	(a)
Banco Santander SA, Senior Notes		3.848	%		4/12/23		200,000		213,105
Banco Santander SA, Senior Notes		2.746	%		5/28/25		400,000		415,001
Banco Santander SA, Senior Notes		4.379	%		4/12/28		200,000		223,606
Bank of America Corp., Senior Notes		3.300	%		1/11/23		90,000		96,090
Bank of America Corp., Senior Notes		3.500	%		4/19/26		150,000		168,981
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		90,000		95,440	(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		339,444	(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		959,664	(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		203,181	(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		145,800	(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		60,600	(c)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 15

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
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	$	128,172	(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		330,000		415,438	(c)
Bank of America Corp., Subordinated Notes		4.000	%		1/22/25		130,000		143,657
Bank of America Corp., Subordinated Notes		4.450	%		3/3/26		40,000		46,085
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		210,000		241,084
Bank of Montreal, Senior Notes		1.850	%		5/1/25		160,000		165,763
Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE Swap Rate + 1.432%)		3.803	%		12/15/32		30,000		32,314	(c)
Bank of Nova Scotia, Senior Notes		1.300	%		6/11/25		80,000		80,594
Barclays Bank PLC, Senior Notes		1.700	%		5/12/22		200,000		203,645
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		810,000		882,292
BNP Paribas SA, Senior Notes		4.400	%		8/14/28		200,000		230,860	(a)
BNP Paribas SA, Senior Notes (2.219% to 6/9/25 then SOFR + 2.074%)		2.219	%		6/9/26		200,000		205,042	(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		398,842	(a)(c)
BNP Paribas SA, Subordinated Notes		4.625	%		3/13/27		200,000		224,446	(a)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		80,000		80,305
CIT Group Inc., Senior Notes		4.750	%		2/16/24		60,000		60,950
CIT Group Inc., Senior Notes		5.250	%		3/7/25		60,000		62,319
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		40,000		39,793	(b)(c)
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		20,049	(b)(c)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		37,000		64,154
Citigroup Inc., Senior Notes		4.650	%		7/30/45		145,000		187,248
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		90,000		91,857	(c)
Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%)		2.572	%		6/3/31		430,000		445,316	(c)
Citigroup Inc., Senior Notes (3.106% to 4/8/25 then SOFR + 2.750%)		3.106	%		4/8/26		70,000		75,424	(c)

See Notes to Financial Statements.

16 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		110,000	$	130,676	(c)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		20,000		21,318
Citigroup Inc., Subordinated Notes		4.400	%		6/10/25		10,000		11,206
Citigroup Inc., Subordinated Notes		4.300	%		11/20/26		80,000		90,988
Citigroup Inc., Subordinated Notes		4.450	%		9/29/27		660,000		753,973
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		170,000		192,697
Citigroup Inc., Subordinated Notes		5.300	%		5/6/44		13,000		17,271
Citigroup Inc., Subordinated Notes		4.750	%		5/18/46		70,000		89,185
Cooperatieve Rabobank UA, Senior Notes		4.625	%		12/1/23		390,000		430,548
Cooperatieve Rabobank UA, Senior Notes		4.375	%		8/4/25		250,000		281,569
Credit Agricole SA, Senior Notes (1.907% to 6/16/25 then SOFR + 1.676%)		1.907	%		6/16/26		250,000		253,948	(a)(c)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		200,000		210,215	(a)
Danske Bank A/S, Senior Notes		1.226	%		6/22/24		200,000		200,690	(a)
Danske Bank A/S, Senior Notes (3.001% to 9/20/21 then 3 mo. USD LIBOR + 1.249%)		3.001	%		9/20/22		200,000		203,207	(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		208,185	(a)(c)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		200,000		205,413	(b)(c)
HSBC Holdings PLC, Senior Notes		3.900	%		5/25/26		220,000		244,442
HSBC Holdings PLC, Senior Notes		4.950	%		3/31/30		200,000		240,886
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		230,000		232,645	(c)
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		277,733	(c)
HSBC Holdings PLC, Senior Notes (4.583% to 6/19/28 then 3 mo. USD LIBOR + 1.535%)		4.583	%		6/19/29		200,000		231,221	(c)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		200,000		203,879	(a)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		200,000		205,852	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		470,000		481,850	(a)
JPMorgan Chase & Co., Senior Notes		4.250	%		10/15/20		250,000		252,838
JPMorgan Chase & Co., Senior Notes		2.550	%		3/1/21		40,000		40,502
JPMorgan Chase & Co., Senior Notes (1.514% to 6/1/23 then SOFR + 1.455%)		1.514	%		6/1/24		240,000		244,110	(c)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 17

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		150,000	$	155,971	(c)
JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%)		2.522	%		4/22/31		80,000		84,672	(c)
JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%)		3.109	%		4/22/51		40,000		43,283	(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		335,443	(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		242,534	(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		164,316	(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		71,908	(c)
JPMorgan Chase & Co., Subordinated Notes		3.875	%		9/10/24		60,000		66,565
JPMorgan Chase & Co., Subordinated Notes		4.250	%		10/1/27		50,000		58,264
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		170,000		229,066
Lloyds Banking Group PLC, Senior Notes (3.574% to 11/7/27 then 3 mo. USD LIBOR + 1.205%)		3.574	%		11/7/28		200,000		217,514	(c)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		100,000		114,037
Nordea Bank Abp, Subordinated Notes		4.875	%		5/13/21		330,000		341,177	(a)
Royal Bank of Canada, Senior Notes		2.150	%		10/26/20		100,000		100,585
Royal Bank of Canada, Senior Notes		3.200	%		4/30/21		40,000		40,962
Royal Bank of Canada, Senior Notes		1.600	%		4/17/23		140,000		143,677
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		80,000		80,195
Royal Bank of Scotland Group PLC, Senior Notes (4.519% to 6/25/23 then 3 mo. USD LIBOR + 1.550%)		4.519	%		6/25/24		200,000		217,367	(c)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		130,000		145,711
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		430,000		470,874
Santander Holdings USA Inc., Senior Notes		4.500	%		7/17/25		70,000		75,778

See Notes to Financial Statements.

18 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate		Maturity Date		Face Amount†		Value
Banks — continued
Sumitomo Mitsui Financial Group Inc., Senior Notes		2.058%		7/14/21		240,000	$	244,140
Svenska Handelsbanken AB, Senior Notes		3.350%		5/24/21		250,000		256,371
Swedbank AB, Senior Notes		1.300%		6/2/23		200,000		202,548	(a)
Toronto-Dominion Bank, Senior Notes		3.250%		6/11/21		130,000		133,578
Toronto-Dominion Bank, Senior Notes		0.750%		6/12/23		150,000		150,928
Toronto-Dominion Bank, Senior Notes		1.150%		6/12/25		80,000		81,017
UniCredit SpA, Senior Notes		6.572%		1/14/22		430,000		454,423	(a)
US Bancorp, Senior Notes		1.450%		5/12/25		180,000		185,612
Wachovia Capital Trust III Ltd., Junior Subordinated Bonds (the greater of 3 mo. USD LIBOR + 0.930% or 5.570%)		5.570%		7/31/20		260,000		258,523	(b)(c)
Wells Fargo & Co., Senior Notes		3.750%		1/24/24		60,000		65,602
Wells Fargo & Co., Senior Notes		3.000%		10/23/26		190,000		207,235
Wells Fargo & Co., Senior Notes		4.150%		1/24/29		210,000		247,328
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188%		4/30/26		150,000		155,273	(c)
Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. USD LIBOR + 3.770%)		4.478%		4/4/31		60,000		72,677	(c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. USD LIBOR + 4.240%)		5.013%		4/4/51		720,000		1,003,766	(c)
Wells Fargo & Co., Subordinated Notes		4.100%		6/3/26		50,000		56,431
Wells Fargo & Co., Subordinated Notes		4.300%		7/22/27		350,000		402,041
Wells Fargo & Co., Subordinated Notes		4.650%		11/4/44		220,000		272,894
Wells Fargo & Co., Subordinated Notes		4.900%		11/17/45		300,000		385,800
Wells Fargo & Co., Subordinated Notes		4.400%		6/14/46		40,000		47,774
Wells Fargo & Co., Subordinated Notes		4.750%		12/7/46		170,000		218,233
Westpac Banking Corp., Senior Notes		2.600%		11/23/20		110,000		110,941
Total Banks								22,383,529
Capital Markets — 2.9%
Bank of New York Mellon Corp., Senior Notes		1.600%		4/24/25		50,000		51,836
Credit Suisse AG, Senior Notes		2.950%		4/9/25		250,000		271,624
Credit Suisse Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193%		6/5/26		370,000		375,171	(a)(c)
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194%		4/1/31		250,000		285,775	(a)(c)
Credit Suisse Group Funding Guernsey Ltd., Senior Notes		4.550%		4/17/26		250,000		287,688
Goldman Sachs Group Inc., Senior Notes		5.250%		7/27/21		200,000		210,046

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 19

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate		Maturity Date		Face Amount†		Value
Capital Markets — continued
Goldman Sachs Group Inc., Senior Notes		3.200%		2/23/23		100,000	$	106,145
Goldman Sachs Group Inc., Senior Notes		3.850%		7/8/24		40,000		44,126
Goldman Sachs Group Inc., Senior Notes		3.500%		1/23/25		190,000		207,094
Goldman Sachs Group Inc., Senior Notes		3.500%		4/1/25		100,000		109,770
Goldman Sachs Group Inc., Senior Notes		3.500%		11/16/26		100,000		110,057
Goldman Sachs Group Inc., Senior Notes		6.250%		2/1/41		100,000		150,131
Goldman Sachs Group Inc., Senior Notes		4.750%		10/21/45		170,000		222,398
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		168,135	(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		60,000		67,874	(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		302,712	(c)
Goldman Sachs Group Inc., Subordinated Notes		4.250%		10/21/25		100,000		112,650
Goldman Sachs Group Inc., Subordinated Notes		6.750%		10/1/37		190,000		276,932
Goldman Sachs Group Inc., Subordinated Notes		5.150%		5/22/45		140,000		184,883
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188%		4/28/26		230,000		239,752	(c)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)		2.699%		1/22/31		160,000		169,700	(c)
Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%)		3.622%		4/1/31		270,000		309,084	(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		262,029	(c)
Morgan Stanley, Senior Notes (5.597% to 3/24/50 then SOFR + 4.840%)		5.597%		3/24/51		30,000		45,840	(c)
UBS AG, Senior Notes		1.750%		4/21/22		200,000		203,876	(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		363,806	(a)(b)(c)
UBS Group AG, Senior Notes		4.253%		3/23/28		300,000		340,654	(a)
Total Capital Markets								5,479,788
Diversified Financial Services — 0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		5.000%		10/1/21		150,000		151,756

See Notes to Financial Statements.

20 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Diversified Financial Services — continued
International Lease Finance Corp., Senior Notes		8.250	%		12/15/20		90,000	$	92,136
International Lease Finance Corp., Senior Notes		8.625	%		1/15/22		90,000		96,731
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		30,000		31,577
National Securities Clearing Corp., Senior Notes		1.200	%		4/23/23		250,000		253,722	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		90,000		84,522	(a)
Park Aerospace Holdings Ltd., Senior Notes		4.500	%		3/15/23		10,000		9,129	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		50,000		45,778	(a)
Syngenta Finance NV, Senior Notes		3.933	%		4/23/21		200,000		201,979	(a)
USAA Capital Corp., Senior Notes		2.125	%		5/1/30		150,000		154,674	(a)
Total Diversified Financial Services									1,122,004
Insurance — 0.4%
American International Group Inc., Senior Notes		2.500	%		6/30/25		40,000		42,393
American International Group Inc., Senior Notes		3.750	%		7/10/25		130,000		144,022
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		150,000		192,594
Chubb INA Holdings Inc., Senior Notes		2.300	%		11/3/20		40,000		40,194
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		30,000		30,131	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		60,000		60,190	(a)
Principal Life Global Funding II, Secured Notes		1.250	%		6/23/25		30,000		30,122	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		8,000		12,057	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		4.900	%		9/15/44		230,000		296,424	(a)
Total Insurance									848,127
Total Financials									29,833,448
Health Care — 4.3%
Biotechnology — 0.8%
AbbVie Inc., Senior Notes		2.300	%		11/21/22		300,000		310,458	(a)
AbbVie Inc., Senior Notes		3.750	%		11/14/23		20,000		21,752
AbbVie Inc., Senior Notes		2.600	%		11/21/24		350,000		371,792	(a)
AbbVie Inc., Senior Notes		3.800	%		3/15/25		170,000		188,812	(a)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 21

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Biotechnology — continued
AbbVie Inc., Senior Notes		3.600	%		5/14/25		90,000	$	99,584
AbbVie Inc., Senior Notes		2.950	%		11/21/26		70,000		76,201	(a)
AbbVie Inc., Senior Notes		3.200	%		11/21/29		190,000		209,910	(a)
AbbVie Inc., Senior Notes		4.250	%		11/21/49		10,000		12,176	(a)
Amgen Inc., Senior Notes		4.663	%		6/15/51		29,000		38,732
Gilead Sciences Inc., Senior Notes		2.550	%		9/1/20		30,000		30,109
Gilead Sciences Inc., Senior Notes		3.500	%		2/1/25		50,000		55,689
Gilead Sciences Inc., Senior Notes		3.650	%		3/1/26		50,000		57,276
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		50,000		67,684
Total Biotechnology									1,540,175
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories, Senior Notes		3.750	%		11/30/26		86,000		100,143
Abbott Laboratories, Senior Notes		4.750	%		11/30/36		80,000		108,502
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		40,000		57,522
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		150,000		161,977
Becton Dickinson and Co., Senior Notes		3.734	%		12/15/24		31,000		34,218
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		8,000		9,874
Medtronic Inc., Senior Notes		3.500	%		3/15/25		74,000		83,560
Total Health Care Equipment & Supplies									555,796
Health Care Providers & Services — 2.1%
Aetna Inc., Senior Notes		2.800	%		6/15/23		30,000		31,652
Anthem Inc., Senior Notes		2.950	%		12/1/22		90,000		94,923
Anthem Inc., Senior Notes		3.350	%		12/1/24		50,000		54,933
Anthem Inc., Senior Notes		3.650	%		12/1/27		90,000		102,608
Centene Corp., Senior Notes		4.750	%		5/15/22		70,000		70,943
Centene Corp., Senior Notes		5.375	%		6/1/26		10,000		10,407	(a)
Centene Corp., Senior Notes		4.625	%		12/15/29		10,000		10,575
Centene Corp., Senior Notes		3.375	%		2/15/30		10,000		10,113
Cigna Corp., Senior Notes		3.400	%		9/17/21		90,000		93,012
Cigna Corp., Senior Notes		3.750	%		7/15/23		127,000		137,934
Cigna Corp., Senior Notes		4.125	%		11/15/25		70,000		80,505
Cigna Corp., Senior Notes		4.375	%		10/15/28		160,000		189,489
CVS Health Corp., Senior Notes		3.350	%		3/9/21		43,000		43,856
CVS Health Corp., Senior Notes		2.750	%		12/1/22		60,000		62,632
CVS Health Corp., Senior Notes		3.700	%		3/9/23		250,000		268,584
CVS Health Corp., Senior Notes		4.100	%		3/25/25		130,000		147,115
CVS Health Corp., Senior Notes		3.875	%		7/20/25		160,000		179,935
CVS Health Corp., Senior Notes		3.625	%		4/1/27		30,000		33,739
CVS Health Corp., Senior Notes		4.300	%		3/25/28		620,000		725,605

See Notes to Financial Statements.

22 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Health Care Providers & Services — continued
CVS Health Corp., Senior Notes		3.750	%		4/1/30		90,000	$	103,900
CVS Health Corp., Senior Notes		4.125	%		4/1/40		20,000		23,690
CVS Health Corp., Senior Notes		5.125	%		7/20/45		150,000		193,570
CVS Health Corp., Senior Notes		5.050	%		3/25/48		40,000		52,482
HCA Inc., Senior Notes		5.375	%		2/1/25		20,000		21,481
HCA Inc., Senior Notes		5.375	%		9/1/26		80,000		87,296
HCA Inc., Senior Notes		5.625	%		9/1/28		100,000		111,856
HCA Inc., Senior Notes		3.500	%		9/1/30		10,000		9,644
HCA Inc., Senior Secured Notes		5.250	%		4/15/25		30,000		34,428
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		30,000		34,701
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		40,000		44,635
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		30,000		36,617
Humana Inc., Senior Notes		4.500	%		4/1/25		20,000		22,785
Humana Inc., Senior Notes		3.950	%		3/15/27		320,000		363,341
UnitedHealth Group Inc., Senior Notes		2.700	%		7/15/20		100,000		100,087
UnitedHealth Group Inc., Senior Notes		2.875	%		12/15/21		60,000		62,228
UnitedHealth Group Inc., Senior Notes		2.375	%		10/15/22		10,000		10,467
UnitedHealth Group Inc., Senior Notes		3.500	%		6/15/23		30,000		32,700
UnitedHealth Group Inc., Senior Notes		3.750	%		7/15/25		40,000		45,605
UnitedHealth Group Inc., Senior Notes		1.250	%		1/15/26		20,000		20,385
UnitedHealth Group Inc., Senior Notes		3.875	%		12/15/28		40,000		47,952
UnitedHealth Group Inc., Senior Notes		2.000	%		5/15/30		30,000		31,450
UnitedHealth Group Inc., Senior Notes		4.250	%		6/15/48		20,000		25,610
UnitedHealth Group Inc., Senior Notes		4.450	%		12/15/48		20,000		26,255
UnitedHealth Group Inc., Senior Notes		3.700	%		8/15/49		100,000		118,526
UnitedHealth Group Inc., Senior Notes		3.875	%		8/15/59		50,000		61,389
UnitedHealth Group Inc., Senior Notes		3.125	%		5/15/60		30,000		32,189
Total Health Care Providers & Services									4,103,829
Pharmaceuticals — 1.1%
Bausch Health Cos. Inc., Senior Notes		6.250	%		2/15/29		70,000		70,481	(a)
Bausch Health Cos. Inc., Senior Notes		7.250	%		5/30/29		40,000		42,067	(a)
Bausch Health Cos. Inc., Senior Secured Notes		5.500	%		11/1/25		10,000		10,260	(a)
Bristol-Myers Squibb Co., Senior Notes		2.250	%		8/15/21		100,000		101,920	(a)
Bristol-Myers Squibb Co., Senior Notes		2.600	%		5/16/22		110,000		114,398	(a)
Bristol-Myers Squibb Co., Senior Notes		2.900	%		7/26/24		210,000		227,424	(a)
Bristol-Myers Squibb Co., Senior Notes		3.875	%		8/15/25		20,000		22,767	(a)
Bristol-Myers Squibb Co., Senior Notes		3.200	%		6/15/26		160,000		179,695	(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		90,000		104,934	(a)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 23

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Pharmaceuticals — continued
Bristol-Myers Squibb Co., Senior Notes		5.000	%		8/15/45		110,000	$	153,794	(a)
Merck & Co. Inc., Senior Notes		0.750	%		2/24/26		90,000		89,892
Merck & Co. Inc., Senior Notes		1.450	%		6/24/30		50,000		50,012
Pfizer Inc., Senior Notes		0.800	%		5/28/25		120,000		120,037
Pfizer Inc., Senior Notes		2.625	%		4/1/30		90,000		99,272
Pfizer Inc., Senior Notes		1.700	%		5/28/30		70,000		71,252
Teva Pharmaceutical Finance Co. BV, Senior Notes		3.650	%		11/10/21		10,000		9,960
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		70,000		67,706
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		30,000		30,037
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		270,000		265,117
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		150,000		142,119
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		80,000		71,730
Wyeth LLC, Senior Notes		5.950	%		4/1/37		10,000		14,617
Total Pharmaceuticals									2,059,491
Total Health Care									8,259,291
Industrials — 3.7%
Aerospace & Defense — 1.3%
Boeing Co., Senior Notes		4.875	%		5/1/25		270,000		294,560
Boeing Co., Senior Notes		3.100	%		5/1/26		20,000		20,395
Boeing Co., Senior Notes		2.700	%		2/1/27		40,000		39,106
Boeing Co., Senior Notes		2.800	%		3/1/27		50,000		48,308
Boeing Co., Senior Notes		3.200	%		3/1/29		130,000		128,803
Boeing Co., Senior Notes		5.150	%		5/1/30		130,000		145,232
Boeing Co., Senior Notes		3.250	%		2/1/35		140,000		127,797
Boeing Co., Senior Notes		3.550	%		3/1/38		20,000		18,261
Boeing Co., Senior Notes		5.705	%		5/1/40		100,000		114,188
Boeing Co., Senior Notes		3.750	%		2/1/50		80,000		71,955
Boeing Co., Senior Notes		5.805	%		5/1/50		240,000		284,084
Boeing Co., Senior Notes		5.930	%		5/1/60		90,000		107,182
General Dynamics Corp., Senior Notes		3.250	%		4/1/25		20,000		22,195
General Dynamics Corp., Senior Notes		3.500	%		5/15/25		20,000		22,389
General Dynamics Corp., Senior Notes		4.250	%		4/1/40		10,000		12,485
General Dynamics Corp., Senior Notes		4.250	%		4/1/50		40,000		52,005
Lockheed Martin Corp., Senior Notes		3.100	%		1/15/23		10,000		10,638

See Notes to Financial Statements.

24 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Aerospace & Defense — continued
Lockheed Martin Corp., Senior Notes		3.550	%		1/15/26		60,000	$	69,029
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		30,000		39,051
Northrop Grumman Corp., Senior Notes		2.930	%		1/15/25		150,000		162,340
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		180,000		201,436
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		60,000		86,442
Raytheon Technologies Corp., Senior Notes		3.150	%		12/15/24		40,000		43,250	(a)
Raytheon Technologies Corp., Senior Notes		3.950	%		8/16/25		80,000		91,089
Raytheon Technologies Corp., Senior Notes		4.125	%		11/16/28		70,000		82,510
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		70,000		73,065
Raytheon Technologies Corp., Senior Notes		4.500	%		6/1/42		30,000		37,445
TransDigm Inc., Senior Secured Notes		8.000	%		12/15/25		30,000		31,661	(a)
TransDigm Inc., Senior Secured Notes		6.250	%		3/15/26		50,000		49,962	(a)
Total Aerospace & Defense									2,486,863
Airlines — 0.5%
Delta Air Lines Inc., Senior Notes		3.400	%		4/19/21		110,000		106,994
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		60,000		56,853
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		30,000		26,815
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		50,000		40,590
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		140,000		135,587
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		440,000		454,660	(a)
Delta Air Lines Pass-Through Trust		6.821	%		8/10/22		27,752		27,259
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		90,000		90,254	(a)(d)
United Airlines Pass-Through Trust		5.375	%		8/15/21		19,790		18,891
United Airlines Pass-Through Trust		4.750	%		4/11/22		49,052		43,612
United Airlines Pass-Through Trust		4.625	%		9/3/22		40,662		35,888
Total Airlines									1,037,403
Building Products — 0.2%
Carrier Global Corp., Senior Notes		1.923	%		2/15/23		20,000		20,400	(a)
Carrier Global Corp., Senior Notes		2.242	%		2/15/25		60,000		61,411	(a)
Carrier Global Corp., Senior Notes		2.493	%		2/15/27		10,000		10,202	(a)
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		130,000		130,833	(a)
Carrier Global Corp., Senior Notes		2.700	%		2/15/31		50,000		49,945	(a)
Carrier Global Corp., Senior Notes		3.377	%		4/5/40		40,000		39,196	(a)
Carrier Global Corp., Senior Notes		3.577	%		4/5/50		50,000		49,439	(a)
Total Building Products									361,426
Commercial Services & Supplies — 0.4%
Cintas Corp. No 2, Senior Notes		2.900	%		4/1/22		180,000		187,023

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 25

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Commercial Services & Supplies — continued
Cintas Corp. No 2, Senior Notes		3.700	%		4/1/27		160,000	$	181,982
GFL Environmental Inc., Senior Secured Notes		4.250	%		6/1/25		50,000		50,531	(a)
Republic Services Inc., Senior Notes		2.500	%		8/15/24		80,000		85,146
Waste Management Inc., Senior Notes		3.500	%		5/15/24		20,000		21,811
Waste Management Inc., Senior Notes		3.200	%		6/15/26		40,000		41,018
Waste Management Inc., Senior Notes		3.450	%		6/15/29		30,000		30,926
Waste Management Inc., Senior Notes		4.000	%		7/15/39		50,000		51,502
Waste Management Inc., Senior Notes		4.150	%		7/15/49		60,000		75,369
Total Commercial Services & Supplies									725,308
Electrical Equipment — 0.1%
Eaton Corp., Senior Notes		2.750	%		11/2/22		220,000		231,505
Eaton Corp., Senior Notes		4.150	%		11/2/42		20,000		23,678
Total Electrical Equipment									255,183
Industrial Conglomerates — 0.6%
3M Co., Senior Notes		2.375	%		8/26/29		80,000		86,530
3M Co., Senior Notes		3.050	%		4/15/30		20,000		22,671
3M Co., Senior Notes		3.700	%		4/15/50		100,000		119,453
General Electric Co., Senior Notes		3.450	%		5/1/27		20,000		20,488
General Electric Co., Senior Notes		3.625	%		5/1/30		40,000		40,128
General Electric Co., Senior Notes		6.750	%		3/15/32		60,000		73,055
General Electric Co., Senior Notes		5.875	%		1/14/38		30,000		33,899
General Electric Co., Senior Notes		6.875	%		1/10/39		451,000		554,667
General Electric Co., Senior Notes		4.250	%		5/1/40		30,000		29,912
General Electric Co., Senior Notes		4.350	%		5/1/50		50,000		49,532
Honeywell International Inc., Senior Notes		1.350	%		6/1/25		60,000		61,492
Total Industrial Conglomerates									1,091,827
Machinery — 0.2%
Deere & Co., Senior Notes		3.100	%		4/15/30		10,000		11,353
Deere & Co., Senior Notes		3.750	%		4/15/50		100,000		123,605
Otis Worldwide Corp., Senior Notes		2.056	%		4/5/25		40,000		42,011	(a)
Otis Worldwide Corp., Senior Notes		2.293	%		4/5/27		40,000		41,835	(a)
Otis Worldwide Corp., Senior Notes		2.565	%		2/15/30		120,000		126,343	(a)
Total Machinery									345,147
Road & Rail — 0.3%
Union Pacific Corp., Senior Notes		3.750	%		7/15/25		70,000		79,294
Union Pacific Corp., Senior Notes		3.950	%		9/10/28		190,000		225,901

See Notes to Financial Statements.

26 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Road & Rail — continued
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		180,000	$	209,145
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		40,000		44,821
Total Road & Rail									559,161
Trading Companies & Distributors — 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		50,000		50,142
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		20,000		19,984
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		10,000		10,519
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		20,000		20,531
United Rentals North America Inc., Senior Notes		5.250	%		1/15/30		100,000		103,482
Total Trading Companies & Distributors									204,658
Total Industrials									7,066,976
Information Technology — 2.3%
Communications Equipment — 0.0%††
L3Harris Technologies Inc., Senior Notes		5.054	%		4/27/45		30,000		39,535
IT Services — 0.4%
International Business Machines Corp., Senior Notes		3.000	%		5/15/24		200,000		216,700
Mastercard Inc., Senior Notes		3.850	%		3/26/50		20,000		24,997
PayPal Holdings Inc., Senior Notes		1.350	%		6/1/23		80,000		81,619
PayPal Holdings Inc., Senior Notes		1.650	%		6/1/25		70,000		72,446
Visa Inc., Senior Notes		3.150	%		12/14/25		150,000		167,214
Visa Inc., Senior Notes		4.300	%		12/14/45		130,000		172,228
Total IT Services									735,204
Semiconductors & Semiconductor Equipment — 1.0%
Broadcom Inc., Senior Notes		2.250	%		11/15/23		110,000		113,746	(a)
Broadcom Inc., Senior Notes		4.700	%		4/15/25		200,000		225,595	(a)
Broadcom Inc., Senior Notes		3.150	%		11/15/25		170,000		181,156	(a)
Intel Corp., Senior Notes		3.700	%		7/29/25		40,000		45,477
Intel Corp., Senior Notes		4.600	%		3/25/40		40,000		52,980
Intel Corp., Senior Notes		4.750	%		3/25/50		260,000		368,190
Intel Corp., Senior Notes		4.950	%		3/25/60		90,000		132,895
Micron Technology Inc., Senior Notes		2.497	%		4/24/23		80,000		83,211
NVIDIA Corp., Senior Notes		2.850	%		4/1/30		40,000		44,593
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		110,000		128,766
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		300,000		344,730

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 27

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Semiconductors & Semiconductor Equipment — continued
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		70,000	$	83,670
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		50,000		52,496	(a)
Texas Instruments Inc., Senior Notes		1.750	%		5/4/30		50,000		50,875
Total Semiconductors & Semiconductor Equipment									1,908,380
Software — 0.7%
Microsoft Corp., Senior Notes		1.550	%		8/8/21		150,000		152,084
Microsoft Corp., Senior Notes		2.400	%		2/6/22		210,000		216,798
Microsoft Corp., Senior Notes		2.875	%		2/6/24		200,000		215,694
Microsoft Corp., Senior Notes		2.700	%		2/12/25		70,000		76,358
Microsoft Corp., Senior Notes		2.400	%		8/8/26		170,000		185,700
Microsoft Corp., Senior Notes		3.300	%		2/6/27		220,000		251,953
Microsoft Corp., Senior Notes		3.450	%		8/8/36		10,000		12,100
Microsoft Corp., Senior Notes		2.525	%		6/1/50		110,000		115,332
Microsoft Corp., Senior Notes		3.950	%		8/8/56		42,000		54,153
Microsoft Corp., Senior Notes		2.675	%		6/1/60		8,000		8,374
salesforce.com Inc., Senior Notes		3.250	%		4/11/23		50,000		53,756
salesforce.com Inc., Senior Notes		3.700	%		4/11/28		30,000		35,044
Total Software									1,377,346
Technology Hardware, Storage & Peripherals — 0.2%
Apple Inc., Senior Notes		2.000	%		11/13/20		110,000		110,703
Apple Inc., Senior Notes		1.550	%		8/4/21		10,000		10,149
Apple Inc., Senior Notes		1.125	%		5/11/25		200,000		204,456
Apple Inc., Senior Notes		2.450	%		8/4/26		100,000		108,739
Total Technology Hardware, Storage & Peripherals									434,047
Total Information Technology									4,494,512
Materials — 1.2%
Metals & Mining — 1.2%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		300,000		315,152	(a)
ArcelorMittal SA, Senior Notes		3.600	%		7/16/24		110,000		109,078
ArcelorMittal SA, Senior Notes		6.125	%		6/1/25		210,000		228,045
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		190,000		256,098
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		170,000		235,456
Freeport-McMoRan Inc., Senior Notes		3.550	%		3/1/22		70,000		70,156
Freeport-McMoRan Inc., Senior Notes		4.550	%		11/14/24		10,000		10,189
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		10,000		9,913
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		100,000		98,339

See Notes to Financial Statements.

28 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Metals & Mining — continued
Glencore Funding LLC, Senior Notes		3.000	%		10/27/22		20,000	$	20,660	(a)
Glencore Funding LLC, Senior Notes		4.125	%		5/30/23		60,000		64,195	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		50,000		53,651	(a)
Glencore Funding LLC, Senior Notes		4.625	%		4/29/24		130,000		143,599	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		80,000		85,865	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		90,000		96,256	(a)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		290,000		344,630
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		10,000		10,608
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		149,000		195,309
Total Materials									2,347,199
Utilities — 0.9%
Electric Utilities — 0.8%
Berkshire Hathaway Energy Co., Senior Notes		6.125	%		4/1/36		97,000		140,304
Duke Energy Carolinas LLC, Secured Bonds		5.300	%		2/15/40		110,000		152,750
FirstEnergy Corp., Senior Notes		4.250	%		3/15/23		220,000		238,047
FirstEnergy Corp., Senior Notes		1.600	%		1/15/26		30,000		30,304
FirstEnergy Corp., Senior Notes		3.900	%		7/15/27		200,000		226,596
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		240,000		350,955
FirstEnergy Corp., Senior Notes		4.850	%		7/15/47		150,000		190,397
Pacific Gas and Electric Co., Secured Bonds		1.750	%		6/16/22		130,000		130,533
Pacific Gas and Electric Co., Secured Bonds		2.100	%		8/1/27		40,000		39,686
Pacific Gas and Electric Co., Secured Bonds		2.500	%		2/1/31		50,000		49,042
Pacific Gas and Electric Co., Secured Bonds		3.300	%		8/1/40		20,000		19,543
Pacific Gas and Electric Co., Secured Bonds		3.500	%		8/1/50		20,000		19,380
Total Electric Utilities									1,587,537
Multi-Utilities — 0.1%
Consolidated Edison Co. of New York Inc., Senior Notes		3.350	%		4/1/30		40,000		45,520
Consolidated Edison Co. of New York Inc., Senior Notes		3.950	%		4/1/50		20,000		24,185
Total Multi-Utilities									69,705
Total Utilities									1,657,242
Total Corporate Bonds & Notes (Cost — $75,476,548)									81,686,478
Mortgage-Backed Securities — 18.2%
FHLMC — 6.0%
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		6/1/38-1/1/49		1,517,044		1,656,016

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 29

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
FHLMC — continued
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		6/1/46-6/1/48		636,844	$	690,193
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		10/1/48-3/1/50		836,539		914,257
Federal Home Loan Mortgage Corp. (FHLMC)		3.000	%		9/1/49		277,117		299,672
Federal Home Loan Mortgage Corp. (FHLMC) Gold		5.000	%		6/1/41		274,790		314,581
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.500	%		3/1/43-3/1/45		792,788		857,535
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.000	%		6/1/43		3,427,439		3,740,935
Federal Home Loan Mortgage Corp. (FHLMC) Gold		3.000	%		10/1/46-5/1/47		2,607,253		2,821,938
Federal Home Loan Mortgage Corp. (FHLMC) Gold		4.500	%		4/1/48-4/1/49		199,449		218,353
Total FHLMC									11,513,480
FNMA — 8.8%
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		59,184		67,820
Federal National Mortgage Association (FNMA)		3.260	%		5/1/29		40,000		46,305
Federal National Mortgage Association (FNMA)		2.260	%		4/1/30		99,676		108,168
Federal National Mortgage Association (FNMA)		2.765	%		8/1/31		200,000		224,944
Federal National Mortgage Association (FNMA)		2.770	%		8/1/31		100,000		112,519
Federal National Mortgage Association (FNMA)		2.850	%		8/1/31		100,000		113,325
Federal National Mortgage Association (FNMA)		2.000	%		7/1/35-7/1/50		3,300,000		3,400,805	(e)
Federal National Mortgage Association (FNMA)		4.000	%		10/1/40-6/1/57		1,829,441		2,028,328
Federal National Mortgage Association (FNMA)		3.500	%		3/1/43-3/1/57		1,608,538		1,750,694
Federal National Mortgage Association (FNMA)		3.000	%		7/1/46-6/1/50		2,808,319		3,026,002
Federal National Mortgage Association (FNMA)		4.500	%		6/1/48-9/1/57		2,386,018		2,619,730

See Notes to Financial Statements.

30 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†			Value
FNMA — continued
Federal National Mortgage Association (FNMA)		5.000	%		8/1/48-8/1/49		1,472,063		$	1,609,065
Federal National Mortgage Association (FNMA)		2.500	%		7/1/50		1,700,000			1,772,383	(e)
Total FNMA										16,880,088
GNMA — 3.4%
Government National Mortgage Association (GNMA)		3.000	%		9/15/42-10/15/42		212,586			226,159
Government National Mortgage Association (GNMA)		3.500	%		5/15/50		99,852			107,478
Government National Mortgage Association (GNMA) II		3.500	%		3/20/45-10/20/47		1,930,431			2,065,918
Government National Mortgage Association (GNMA) II		4.000	%		10/20/45-11/20/49		1,270,025			1,374,808
Government National Mortgage Association (GNMA) II		3.000	%		11/20/46-1/20/50		157,797			167,611
Government National Mortgage Association (GNMA) II		4.500	%		6/20/48-4/20/49		1,438,667			1,546,581
Government National Mortgage Association (GNMA) II		5.000	%		1/20/49		377,108			410,210
Government National Mortgage Association (GNMA) II		2.500	%		7/1/50		500,000			526,367	(e)
Total GNMA										6,425,132
Total Mortgage-Backed Securities (Cost — $33,535,999)										34,818,700
Sovereign Bonds — 11.5%
Argentina — 0.3%
Argentine Bonos del Tesoro, Bonds		18.200	%		10/3/21		9,410,000	ARS		68,071	(f)
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		350,000			145,430	*(g)
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		310,000			126,074	*(g)
Argentine Republic Government International Bond, Senior Notes, Step Bond (3.750% to 3/31/29 then 5.250%)		3.750	%		12/31/38		380,000			149,832	*(g)
Provincia de Buenos Aires, Senior Notes		6.500	%		2/15/23		160,000			68,002	*(a)(g)
Total Argentina										557,409
Brazil — 1.3%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		2,228,000	BRL		425,315

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 31

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†			Value
Brazil — continued
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		6,348,000	BRL	$	1,326,677
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		276,000	BRL		60,303
Brazilian Government International Bond, Senior Notes		4.625	%		1/13/28		200,000			209,539
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		510,000			491,790
Total Brazil										2,513,624
China — 1.6%
China Government Bond, Senior Notes		3.390	%		5/21/25		1,500,000	CNH		220,816	(h)
China Government Bond, Senior Notes		3.310	%		11/30/25		7,500,000	CNH		1,103,510	(h)
China Government Bond, Senior Notes		3.290	%		5/23/29		12,000,000	CNY		1,745,165
Total China										3,069,491
Colombia — 0.2%
Colombia Government International Bond, Senior Notes		5.625	%		2/26/44		240,000			289,031
Egypt — 0.1%
Egypt Government International Bond, Senior Notes		5.577	%		2/21/23		200,000			205,000	(a)
Indonesia — 1.1%
Indonesia Government International Bond, Senior Notes		3.750	%		4/25/22		390,000			405,754	(h)
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		300,000			339,128
Indonesia Government International Bond, Senior Notes		3.700	%		10/30/49		290,000			302,598
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/27		13,823,000,000	IDR		970,561
Indonesia Treasury Bond, Senior Notes		7.500	%		6/15/35		2,348,000,000	IDR		162,774
Total Indonesia										2,180,815
Israel — 0.1%
Israel Government International Bond, Senior Notes		2.750	%		7/3/30		200,000			221,048
Italy — 1.3%
Italy Buoni Poliennali Del Tesoro, Senior Notes		2.300	%		10/15/21		2,200,000	EUR		2,548,080	(h)
Kenya — 0.1%
Kenya Government International Bond, Senior Notes		6.875	%		6/24/24		200,000			203,735	(h)

See Notes to Financial Statements.

32 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†			Value
Kuwait — 0.3%
Kuwait International Government Bond, Senior Notes		3.500	%		3/20/27		470,000		$	525,549	(a)
Mexico — 2.5%
Mexican Bonos, Bonds		10.000	%		12/5/24		2,000,000	MXN		104,781
Mexican Bonos, Bonds		8.000	%		11/7/47		53,650,000	MXN		2,617,668
Mexican Bonos, Senior Notes		7.750	%		11/13/42		38,000,000	MXN		1,807,424
Mexico Government International Bond, Senior Notes		4.600	%		2/10/48		230,000			239,613
Total Mexico										4,769,486
Nigeria — 0.1%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		200,000			190,900	(a)
Peru — 0.1%
Peruvian Government International Bond, Senior Notes		5.625	%		11/18/50		120,000			189,815
Poland — 0.1%
Republic of Poland Government International Bond, Senior Notes		4.000	%		1/22/24		220,000			244,653
Qatar — 0.4%
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		330,000			435,143	(a)
Qatar Government International Bond, Senior Notes		4.400	%		4/16/50		200,000			248,036	(a)
Total Qatar										683,179
Russia — 1.8%
Russian Federal Bond — OFZ		7.000	%		8/16/23		53,550,000	RUB		802,007
Russian Federal Bond — OFZ		8.150	%		2/3/27		7,520,000	RUB		121,914
Russian Federal Bond — OFZ		7.050	%		1/19/28		67,452,000	RUB		1,035,136
Russian Federal Bond — OFZ		6.900	%		5/23/29		19,830,000	RUB		301,715
Russian Federal Bond — OFZ		7.650	%		4/10/30		43,880,000	RUB		699,151
Russian Federal Bond — OFZ		7.700	%		3/16/39		23,730,000	RUB		390,514
Total Russia										3,350,437
United Arab Emirates — 0.1%
Abu Dhabi Government International Bond, Senior Notes		2.500	%		10/11/22		260,000			269,066	(a)
Total Sovereign Bonds (Cost — $24,165,700)										22,011,318
Collateralized Mortgage Obligations (i)— 10.4%
Banc of America Funding Trust, 2015-R4 6A1 (1 mo. USD LIBOR + 0.140%)		0.308	%		8/27/36		16,425			16,457	(a)(c)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 33

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (i)— continued
Banc of America Funding Trust, 2015-R4 6A2 (1 mo. USD LIBOR + 0.140%)		0.308	%		8/27/36		780,000	$	781,163	(a)(c)
Bank, 2017-BNK5 A5		3.390	%		6/15/60		640,000		714,372
Bank, 2017-BNK7 A5		3.435	%		9/15/60		190,000		213,347
Bank, 2017-BNK7 XA, IO		0.922	%		9/15/60		3,206,973		130,872	(c)
BCAP LLC Trust, 2011-RR5 11A4 (1 mo. USD LIBOR + 0.150%)		0.468	%		5/28/36		454,972		454,566	(a)(c)
BCAP LLC Trust, 2015-RR6 1A2		3.500	%		5/26/37		360,000		358,634	(a)(c)
Benchmark Mortgage Trust, 2020-IG1 AS		2.909	%		9/15/43		500,000		506,308	(c)
BX Commercial Mortgage Trust, 2018-IND G (1 mo. USD LIBOR + 2.050%)		2.235	%		11/15/35		238,000		230,498	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-2A B1		0.956	%		5/25/35		169,095		124,018	(a)(c)
Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A1 (1 mo. USD LIBOR + 0.250%)		0.435	%		8/25/35		497,790		481,881	(a)(c)
Chevy Chase Mortgage Funding Corp., 2004-3A A2 (1 mo. USD LIBOR + 0.300%)		0.485	%		8/25/35		543,161		527,871	(a)(c)
CORE Mortgage Trust, 2019-CORE A (1 mo. USD LIBOR + 0.880%)		1.065	%		12/15/31		490,000		485,045	(a)(c)
CSMC Trust, 2014-USA F		4.373	%		9/15/37		640,000		480,660	(a)
CSMC Trust, 2017-CHOP G (1 mo. USD LIBOR + 5.350%)		5.535	%		7/15/32		800,000		498,035	(a)(c)
CSMC Trust, 2018-J1 A2		3.500	%		2/25/48		959,610		999,298	(a)(c)
CSMC Trust, 2019-AFC1 A1		2.573	%		7/25/49		476,875		488,489	(a)
CSMC Trust, 2019-RIO A		3.208	%		12/15/21		480,000		441,656	(a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K091 A2		3.505	%		3/25/29		170,000		202,138
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K099 X1, IO		1.006	%		9/25/29		1,088,799		75,595	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K736 X1, IO		1.437	%		7/25/26		1,999,528		132,528	(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 2020-DNA3		1.671	%		6/25/50		480,000		480,000	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3281 AI, IO (-1.000 x 1 mo. USD LIBOR + 6.430%)		6.245	%		2/15/37		2,390,945		566,425	(c)

See Notes to Financial Statements.

34 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (i)— continued
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 328 S4, IO		3.365	%		2/15/38		44,427	$	2,688	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-DNA2 M2 (1 mo. USD LIBOR + 3.450%)		3.635	%		10/25/29		460,000		470,866	(c)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2017-HRP1 B1 (1 mo. USD LIBOR + 4.600%)		4.785	%		12/25/42		670,000		632,691	(c)
Federal National Mortgage Association (FNMA) — CAS, 2016-C04 1M2 (1 mo. USD LIBOR + 4.250%)		4.435	%		1/25/29		395,715		412,978	(a)(c)
Federal National Mortgage Association (FNMA) — CAS, 2018-C03 1M2 (1 mo. USD LIBOR + 2.150%)		2.335	%		10/25/30		441,869		438,170	(a)(c)
Federal National Mortgage Association (FNMA) — CAS, 2018-C05 1B1 (1 mo. USD LIBOR + 4.250%)		4.435	%		1/25/31		200,000		200,726	(a)(c)
Federal National Mortgage Association (FNMA) ACES, 2013-M6 1AC		3.552	%		2/25/43		85,085		95,291	(c)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.228	%		4/25/28		99,991		112,729	(c)
Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2		3.610	%		2/25/31		100,000		119,999
Federal National Mortgage Association (FNMA) ACES, 2019-M23 3A3		2.720	%		10/25/31		199,971		217,808	(c)
Federal National Mortgage Association (FNMA) REMIC, 2006-115 EI, IO (-1.000 x 1 mo. USD LIBOR + 6.640%)		6.456	%		12/25/36		2,045,193		509,148	(c)
Federal National Mortgage Association (FNMA) REMIC, 2015-55 IO, IO		2.834	%		8/25/55		379,142		19,082	(c)
Federal National Mortgage Association (FNMA) REMIC, 2016-60 QS, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.916	%		9/25/46		692,128		143,823	(c)
Federal National Mortgage Association (FNMA) REMIC, 2020-47 GZ		2.000	%		7/25/50		100,000		99,437	(f)(j)
Flagstar Mortgage Trust, 2018-2 A4		3.500	%		4/25/48		148,656		153,475	(a)(c)
Government National Mortgage Association (GNMA), 2012-34 SA, IO (-1.000 x 1 mo. USD LIBOR + 6.050%)		5.860	%		3/20/42		632,375		150,852	(c)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 35

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (i)— continued
Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x 1 mo. USD LIBOR + 6.600%)		6.405	%		4/16/42		344,878	$	88,339	(c)
Government National Mortgage Association (GNMA), 2013-101 IO, IO		0.499	%		10/16/54		5,232,537		102,487	(c)
Government National Mortgage Association (GNMA), 2013-107 AD		2.694	%		11/16/47		93,751		99,235	(c)
Government National Mortgage Association (GNMA), 2014-17 AM		2.580	%		6/16/48		34,794		36,459	(c)
Government National Mortgage Association (GNMA), 2014-186 IO, IO		0.700	%		8/16/54		1,595,293		58,256	(c)
Government National Mortgage Association (GNMA), 2015-167 OI, IO		4.000	%		4/16/45		239,624		38,135
Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC		4.500	%		11/16/45		1,713,924		308,120
Government National Mortgage Association (GNMA), 2016-135 SB, IO (-1.000 x 1 mo. USD LIBOR + 6.100%)		5.905	%		10/16/46		368,986		103,527	(c)
Government National Mortgage Association (GNMA), 2019-123 A		3.000	%		10/20/49		88,861		95,550
Government National Mortgage Association (GNMA), 2020-H04 FP (1 mo. USD LIBOR + 0.500%)		0.803	%		6/20/69		294,202		294,062	(c)
Government National Mortgage Association (GNMA), 2020-H9 FL (1 mo. USD LIBOR + 1.150%)		1.340	%		5/20/70		200,135		208,995	(c)
Government National Mortgage Association (GNMA), 2020-H9 NF (1 mo. USD LIBOR + 1.250%)		1.440	%		4/20/70		98,163		100,900	(c)
GS Mortgage Securities Corp. II, 2018- SRP5 A (1 mo. USD LIBOR + 1.300%)		1.485	%		9/15/31		530,000		508,165	(a)(c)
GS Mortgage Securities Corp. II, 2018- SRP5 B (1 mo. USD LIBOR + 2.500%)		2.685	%		9/15/31		530,000		501,081	(a)(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (1 mo. USD LIBOR + 3.750%)		3.935	%		5/15/28		128,833		126,429	(a)(c)
JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 A4		2.822	%		8/15/49		200,000		213,747
JPMorgan Mortgage Trust, 2018-3 A1		3.500	%		9/25/48		73,938		75,953	(a)(c)
JPMorgan Mortgage Trust, 2018-4 A1		3.500	%		10/25/48		261,558		268,668	(a)(c)
JPMorgan Mortgage Trust, 2018-5 A1		3.500	%		10/25/48		402,941		412,418	(a)(c)

See Notes to Financial Statements.

36 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (i) — continued
Morgan Stanley Capital I Trust, 2007-IQ13 AJ		5.438	%		3/15/44		1,213	$	1,212
Morgan Stanley Capital I Trust, 2007-IQ16 AJ		6.461	%		12/12/49		27,313		16,688	(c)
Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. USD LIBOR + 0.850%)		1.035	%		11/15/34		281,410		262,863	(a)(c)
Morgan Stanley Capital I Trust, 2019-BPR A (1 mo. USD LIBOR + 1.400%)		1.585	%		5/15/36		330,000		294,179	(a)(c)
Morgan Stanley Resecuritization Trust, 2015-R3 7A1 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		2.461	%		4/26/47		180,577		179,132	(a)(c)
Morgan Stanley Resecuritization Trust, 2015-R3 7A2 (Federal Reserve U.S. 12 mo. Cumulative Avg 1 Year CMT + 0.770%)		2.461	%		4/26/47		730,000		689,798	(a)(c)
Morgan Stanley Resecuritization Trust, 2015-R3 9A1 (1 mo. USD LIBOR + 0.260%)		0.688	%		4/26/47		127,411		126,466	(a)(c)
New Residential Mortgage Loan Trust, 2016-4A A1		3.750	%		11/25/56		724,369		775,314	(a)(c)
New Residential Mortgage Loan Trust, 2017-6A A1		4.000	%		8/27/57		425,942		457,441	(a)(c)
Nomura Resecuritization Trust, 2015-5R 4A1 (1 mo. USD LIBOR + 0.140%)		2.330	%		7/26/37		157,117		157,099	(a)(c)
Waterfall Commercial Mortgage Trust, 2015-SBC5 A		4.104	%		9/14/22		76,898		75,866	(a)(c)
Wells Fargo Commercial Mortgage Trust, 2017-RB1 XA		1.403	%		3/15/50		2,157,922		142,027	(c)
Total Collateralized Mortgage Obligations (Cost — $20,133,396)									19,988,230
Senior Loans — 4.8%
Communication Services — 1.0%
Diversified Telecommunication Services — 0.2%
Level 3 Financing Inc., 2027 Term Loan B (3 mo. USD LIBOR + 1.750%)		1.928	%		3/1/27		175,411		166,201	(c)(k)(l)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		2.685	%		1/31/28		240,000		230,280	(c)(k)(l)
Total Diversified Telecommunication Services									396,481
Entertainment — 0.0%††
CEOC LLC, Term Loan B (1 mo. USD LIBOR + 2.000%)		2.178	%		10/7/24		92,468		92,249	(c)(k)(l)
Media — 0.7%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.930	%		4/30/25		222,441		215,242	(c)(k)(l)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 37

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Media — continued
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.930	%		2/1/27		39,799	$	38,362	(c)(k)(l)
iHeartCommunications Inc., New Term Loan (1 mo. USD LIBOR + 3.000%)		3.178	%		5/1/26		91,638		84,842	(c)(k)(l)
Nexstar Broadcasting Inc., Term Loan B4 (1 mo. USD LIBOR + 2.750%)		2.923	%		9/18/26		269,417		256,956	(c)(k)(l)
Numericable U.S. LLC, USD Term Loan B12 (1 mo. USD LIBOR + 3.688%)		3.872	%		1/31/26		129,836		124,805	(c)(k)(l)
Terrier Media Buyer Inc., Term Loan (1 mo. USD LIBOR + 4.250%)		4.428	%		12/17/26		109,400		104,751	(c)(k)(l)
Univision Communications Inc.		—			3/16/26		20,000		18,717	(m)
Univision Communications Inc., 2020 Replacement Term Loan (1 mo. USD LIBOR + 3.75%)		4.750	%		3/15/24		267,662		248,702	(c)(k)(l)
Ziggo Financing Partnership, Term Loan I (1 mo. USD LIBOR + 2.500%)		2.685	%		4/30/28		200,000		189,500	(c)(k)(l)
Total Media									1,281,877
Wireless Telecommunication Services — 0.1%
CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.500%)		2.685	%		4/15/27		39,900		38,045	(c)(k)(l)
T-Mobile USA Inc., Term Loan (1 mo. USD LIBOR + 3.000%)		3.178	%		4/1/27		150,000		150,000	(c)(k)(l)(m)
Total Wireless Telecommunication Services									188,045
Total Communication Services									1,958,652
Consumer Discretionary — 0.9%
Commercial Services & Supplies — 0.0%††
Atlantic Aviation FBO Inc., Term Loan (3 mo. USD LIBOR + 3.750%)		3.930%			12/6/25		29,550		27,777	(c)(j)(k)(l)
Diversified Consumer Services — 0.1%
Prime Security Services Borrower LLC, 2019 Refinancing Term Loan B1		4.250%			9/23/26		219,006		211,067	(c)(k)(l)
Hotels, Restaurants & Leisure — 0.7%
1011778 BC Unlimited Liability Co., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.928	%		11/19/26		257,553		244,868	(c)(k)(l)
Alterra Mountain Co., Initial Term Loan (1 mo. USD LIBOR + 2.75%)		2.928	%		7/31/24		68,564		64,835	(c)(k)(l)
Aramark Services Inc., Term Loan B4 (1 mo. USD LIBOR + 1.750%)		1.928	%		1/15/27		144,638		136,682	(c)(k)(l)
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.750%)		2.928	%		12/23/24		67,085		60,116	(c)(k)(l)

See Notes to Financial Statements.

38 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Hotels, Restaurants & Leisure — continued
Four Seasons Hotels Ltd., Restated Term Loan (1 mo. USD LIBOR + 2.000%)		2.178	%		11/30/23		89,153	$	84,919	(c)(k)(l)
Golden Nugget Inc., First Initial Term Loan		3.250	%		10/4/23		135,210		112,021	(c)(k)(l)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.935	%		6/22/26		188,276		176,509	(c)(k)(l)
PCI Gaming Authority, Term Loan Facility B (1 mo. USD LIBOR + 2.500%)		2.678	%		5/29/26		79,044		76,031	(c)(k)(l)
Scientific Games International Inc., Initial Term Loan B5		2.928-3.612	%		8/14/24		173,246		153,583	(c)(k)(l)
Wynn Resorts Finance LLC, Term Loan Facility A (1 mo. USD LIBOR + 1.750%)		1.930	%		9/20/24		240,625		227,391	(c)(j)(k)(l)
Total Hotels, Restaurants & Leisure									1,336,955
Specialty Retail — 0.1%
Academy Ltd., Initial Term Loan (1 mo. USD LIBOR + 4.000%)		5.000	%		7/1/22		233,015		188,257	(c)(k)(l)
Michaels Stores Inc., 2018 New Replacement Term Loan B		3.500-3.568	%		1/30/23		65,263		59,988	(c)(k)(l)
Party City Holdings Inc., 2018 Replacement Term Loan		3.250-4.100	%		8/19/22		29,801		14,441	(c)(k)(l)
Total Specialty Retail									262,686
Total Consumer Discretionary									1,838,485
Consumer Staples — 0.1%
Food & Staples Retailing — 0.1%
Froneri U.S. Inc., Term Loan Facility B2 (1 mo. USD LIBOR + 2.250%)		2.428	%		1/29/27		90,000		84,975	(c)(k)(l)
US Foods Inc., 2019 Incremental Term Loan B (1 mo. USD LIBOR + 2.000%)		3.072	%		9/13/26		59,850		56,483	(c)(k)(l)
US Foods Inc., Repriced Term Loan (1 mo. USD LIBOR + 1.750%)		1.928	%		6/27/23		59,844		55,804	(c)(k)(l)
Total Consumer Staples									197,262
Financials — 0.7%
Capital Markets — 0.1%
Edelman Financial Center LLC, First Lien Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.180	%		7/21/25		29,178		27,981	(c)(k)(l)
First Eagle Holdings Inc., 2018 Refinancing Term Loan B (3 mo. USD LIBOR + 2.500%)		2.808	%		2/1/27		59,152		57,107	(c)(k)(l)
Focus Financial Partners LLC, Term Loan B3 (1 mo. USD LIBOR + 2.000%)		2.178	%		7/3/24		128,637		123,492	(c)(k)(l)
Total Capital Markets									208,580

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 39

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Diversified Financial Services — 0.4%
Citadel Securities LP, Term Loan Facility B (1 mo. USD LIBOR + 2.750%)		2.928	%		2/27/26		59,850	$	58,403	(c)(k)(l)
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan (1 mo. USD LIBOR + 3.750%)		4.750	%		4/9/27		180,000		175,219	(c)(k)(l)
Jane Street Group LLC, Dollar Term Loan (1 mo. USD LIBOR + 3.000%)		3.178	%		1/31/25		68,876		67,211	(c)(k)(l)
RPI 2019 Intermediate Finance Trust, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.928	%		2/5/27		199,000		194,979	(c)(k)(l)
TKC Holdings Inc., First Lien Initial Term Loan (3 mo. USD LIBOR + 3.750%)		4.750	%		2/1/23		53,778		50,592	(c)(k)(l)
Trans Union LLC, Term Loan B5 (1 mo. USD LIBOR + 1.750%)		1.928	%		11/16/26		76,911		74,043	(c)(k)(l)
UFC Holdings LLC, Term Loan B (6 mo. USD LIBOR + 3.250%)		4.250	%		4/29/26		153,140		146,376	(c)(k)(l)
VFH Parent LLC, Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.188	%		3/1/26		53,552		52,303	(c)(k)(l)
Total Diversified Financial Services									819,126
Insurance — 0.2%
Asurion LLC, Fourteenth Amendment Replacement Term Loan B4 (1 mo. USD LIBOR + 3.000%)		3.178	%		8/4/22		152,269		148,605	(c)(k)(l)
Asurion LLC, New Term Loan B7 (1 mo. USD LIBOR + 3.000%)		3.178	%		11/3/24		118,340		114,605	(c)(k)(l)
Asurion LLC, Replacement Term Loan B6 (1 mo. USD LIBOR + 3.000%)		3.178	%		11/3/23		39,790		38,596	(c)(k)(l)
Total Insurance									301,806
Total Financials									1,329,512
Health Care — 1.0%
Health Care Providers & Services — 0.7%
Elanco Animal Health Inc., Term Loan B		—			2/4/27		160,000		153,200	(m)
EyeCare Partners LLC, First Lien Initial Delayed Draw Term Loan		—			2/18/27		11,351		10,311	(m)
EyeCare Partners LLC, First Lien Initial Term Loan (3 mo. USD LIBOR + 3.750%)		4.822	%		2/18/27		48,527		44,079	(c)(k)(l)
Grifols Worldwide Operations USA Inc., Term Loan B (1 week USD LIBOR + 2.000%)		2.109	%		11/15/27		199,000		192,173	(c)(k)(l)
Jaguar Holding Co. II, 2018 Term Loan (1 mo. USD LIBOR + 2.500%)		3.500	%		8/18/22		137,921		135,914	(c)(k)(l)
LifePoint Health Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.750%)		3.928	%		11/17/25		229,705		215,205	(c)(k)(l)

See Notes to Financial Statements.

40 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Health Care Providers & Services — continued
MPH Acquisition Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 2.750%)		3.750	%		6/7/23		230,634	$	219,342	(c)(k)(l)
Option Care Health Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		4.678	%		8/6/26		109,450		106,622	(c)(k)(l)
Phoenix Guarantor Inc., Term Loan B1 (1 mo. USD LIBOR + 3.250%)		3.435	%		3/5/26		89,202		86,135	(c)(k)(l)
Sotera Health Holdings LLC, First Lien Initial Term Loan (1 mo. USD LIBOR + 4.500%)		5.500	%		12/11/26		239,400		234,687	(c)(k)(l)
Total Health Care Providers & Services									1,397,668
Health Care Technology — 0.3%
AthenaHealth Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.500%)		4.818	%		2/11/26		306,896		297,434	(c)(k)(l)
Change Healthcare Holdings LLC, Closing Date Term Loan (3 mo. USD LIBOR + 2.500%)		3.500	%		3/1/24		270,695		260,656	(c)(k)(l)
Total Health Care Technology									558,090
Pharmaceuticals — 0.0%††
Bausch Health Cos. Inc., Initial Term Loan (1 mo. USD LIBOR + 3.000%)		3.190	%		6/2/25		49,080		47,723	(c)(k)(l)
Total Health Care									2,003,481
Industrials — 0.5%
Airlines — 0.1%
American Airlines Inc., 2017 Replacement Term Loan B (1 mo. USD LIBOR + 2.000%)		2.185	%		12/14/23		129,082		105,294	(c)(k)(l)
Delta Air Lines Inc., Initial Term Loan (3 mo. USD LIBOR + 4.750%)		5.510	%		4/27/23		150,000		147,600	(c)(k)(l)
Total Airlines									252,894
Commercial Services & Supplies — 0.2%
Allied Universal Holdco LLC, Initial Term Loan (1 mo. USD LIBOR + 4.250%)		4.428	%		7/10/26		185,724		180,307	(c)(k)(l)
APi Group DE Inc., Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.678	%		10/1/26		109,450		106,235	(c)(k)(l)
Garda World Security Corp., First Lien Term Loan B (1 mo. USD LIBOR + 4.750%)		4.930	%		10/30/26		48,094		47,373	(c)(k)(l)
GFL Environmental Inc., 2018 Incremental Term Loan (3 mo. USD LIBOR + 3.000%)		4.000	%		5/30/25		23,859		23,252	(c)(k)(l)
Total Commercial Services & Supplies									357,167

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 41

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
Electrical Equipment — 0.1%
Brookfield WEC Holdings Inc., Refinancing Term Loan (1 mo. USD LIBOR + 3.000%)		3.750	%		8/1/25		79,471	$	76,987	(c)(k)(l)
Road & Rail — 0.1%
Genesee & Wyoming Inc., Initial Term Loan (3 mo. USD LIBOR + 2.000%)		2.308	%		12/30/26		179,550		173,580	(c)(k)(l)
Trading Companies & Distributors — 0.0%††
BrightView Landscapes LLC, Initial Term Loan (1 mo. USD LIBOR + 2.500%)		2.688-2.750	%		8/15/25		58,800		57,330	(c)(j)(k)(l)
Total Industrials									917,958
Information Technology — 0.3%
IT Services — 0.1%
McAfee LLC, USD Term Loan B (1 mo. USD LIBOR + 3.750%)		3.934	%		9/30/24		227,435		221,522	(c)(k)(l)
Software — 0.1%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 4.000%)		4.178	%		10/16/26		159,600		154,978	(c)(k)(l)
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC, Refinancing Term Loan B1 (1 mo. USD LIBOR + 2.000%)		2.750	%		9/19/25		150,068		146,504	(c)(k)(l)
Western Digital Corp., New Term Loan B4 (3 mo. USD LIBOR + 1.750%)		1.924	%		4/29/23		29,574		28,946	(c)(k)(l)
Total Technology Hardware, Storage & Peripherals									175,450
Total Information Technology									551,950
Materials — 0.2%
Containers & Packaging — 0.2%
Berry Global Inc., Term Loan W (1 mo. USD LIBOR + 2.000%)		2.177	%		10/1/22		100,000		97,687	(c)(k)(l)
Reynolds Consumer Products LLC, Initial Term Loan (1 mo. USD LIBOR + 1.750%)		1.928	%		2/4/27		220,377		212,526	(c)(k)(l)
Total Materials									310,213
Real Estate — 0.1%
Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 1.750%)		1.940	%		12/20/24		100,000		93,500	(c)(k)(l)
Real Estate Management & Development — 0.0%††
CityCenter Holdings LLC, Refinancing Term Loan (1 mo. USD LIBOR + 2.250%)		3.000	%		4/18/24		26,078		23,775	(c)(k)(l)
Total Real Estate									117,275
Total Senior Loans (Cost — $9,693,525)									9,224,788

See Notes to Financial Statements.

42 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security	Rate			Maturity Date		Face Amount†		Value
U.S. Treasury Inflation Protected Securities — 3.9%
U.S. Treasury Bonds, Inflation Indexed		1.375	%		2/15/44		583,053	$	795,698	(n)
U.S. Treasury Bonds, Inflation Indexed		0.750	%		2/15/45		958,135		1,172,183	(n)
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/46		497,748		644,673
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/48		530,252		701,148
U.S. Treasury Bonds, Inflation Indexed		1.000	%		2/15/49		2,078,536		2,773,500
U.S. Treasury Bonds, Inflation Indexed		0.250	%		2/15/50		1,246,562		1,400,180
Total U.S. Treasury Inflation Protected Securities (Cost — $6,067,150)									7,487,382
U.S. Government & Agency Obligations — 3.0%
U.S. Government Agencies — 0.1%
Federal National Mortgage Association (FNMA)		4.500	%		3/1/50		94,747		102,242	(d)
U.S. Government Obligations — 2.9%
U.S. Treasury Bonds		2.000	%		2/15/50		820,000		939,380
U.S. Treasury Bonds		1.250	%		5/15/50		670,000		643,933
U.S. Treasury Notes		0.500	%		6/30/27		3,410,000		3,413,197
U.S. Treasury Strip Principal (STRIPS)		0.000	%		5/15/49		950,000		622,699
Total U.S. Government Obligations									5,619,209
Total U.S. Government & Agency Obligations (Cost — $5,588,605)									5,721,451
						Face Amount†/ Units
Asset-Backed Securities — 2.0%
Applebee’s Funding LLC, 2019-1A A2I		4.194	%		6/7/49		400,000		355,032	(a)
Avis Budget Rental Car Funding AESOP LLC, 2019-2A A		3.350	%		9/22/25		290,000		294,663	(a)
Community Funding CLO, 2015-1A A		5.750	%		11/1/27		246,159		265,097	(a)
Ford Credit Floorplan Master Owner Trust, 2018-4 A		4.060	%		11/15/30		280,000		302,028
Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. USD LIBOR + 0.900%)		1.085	%		1/15/43		470,000		466,838	(a)(c)
SBA Small Business Investment Cos., 2018-10B 1		3.548	%		9/10/28		152,426		164,159
SBA Small Business Investment Cos., 2019-10A 1		3.113	%		3/10/29		270,884		290,065
SLM Private Credit Student Loan Trust, 2006-A A5 (3 mo. USD LIBOR + 0.290%)		0.603	%		6/15/39		502,810		466,929	(c)
SMB Private Education Loan Trust, 2015-C R		0.000	%		9/18/46		1,092		547,711	(a)
Sofi Consumer Loan Program LLC, 2017-1 A		3.280	%		1/26/26		41,402		41,555	(a)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 43

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security	Rate		Maturity Date		Face Amount†/ Units		Value
Asset-Backed Securities — continued
Structured Asset Securities Corp. Mortgage Loan Trust, 2007-WF1 A1 (1 mo. USD LIBOR + 0.210%)		0.395%		2/25/37		494,095	$	465,084	(c)
United States Small Business Administration, 2019-20D 1		2.980%		4/1/39		85,823		91,476
United States Small Business Administration, 2019-25G 1		2.690%		7/1/44		88,622		95,270
Total Asset-Backed Securities (Cost — $4,745,289)								3,845,907
	Expiration Date		Contracts		Notional Amount†
Purchased Options — 0.1%
Exchange-Traded Purchased Options — 0.1%
U.S. Treasury 10-Year Notes Futures, Call @ $138.00		7/24/20		19		19,000		25,234
U.S. Treasury 10-Year Notes Futures, Call @ $139.25		7/24/20		10		10,000		4,688
U.S. Treasury 10-Year Notes Futures, Call @ $138.50		8/21/20		7		7,000		8,203
U.S. Treasury 10-Year Notes Futures, Put @ $136.50		7/24/20		28		28,000		1,313
U.S. Treasury 10-Year Notes Futures, Put @ $138.50		8/21/20		7		7,000		3,500
U.S. Treasury 10-Year Notes Futures, Call @ $139.00		7/24/20		40		40,000		23,750
U.S. Treasury 10-Year Notes Futures, Put @ $137.00		7/24/20		19		19,000		1,188
U.S. Treasury 10-Year Notes Futures, Put @ $138.50		7/24/20		10		10,000		2,656
U.S. Treasury Long-Term Bonds Futures, Call @ $180.00		7/24/20		9		9,000		9,563
U.S. Treasury Long-Term Bonds Futures, Put @ $176.00		7/24/20		13		13,000		8,938
U.S. Treasury Long-Term Bonds Futures, Put @ $179.00		7/24/20		5		5,000		9,453
U.S. Treasury Long-Term Bonds Futures, Call @ $178.00		7/24/20		22		22,000		42,969
Total Exchange-Traded Purchased Options (Cost — $176,609)								141,455

See Notes to Financial Statements.

44 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Security

Counterparty

Expiration Date

Contracts

Notional Amount†

Value

OTC Purchased Options — 0.0%††

Interest rate swaption, Put @ 188.00 bps

Morgan Stanley & Co. Inc.

7/30/20

160,000

160,000

$

5

Interest rate swaption, Put @ 188.00 bps

Morgan Stanley & Co. Inc.

7/30/20

480,000

480,000

16

Interest rate swaption, Put @ 192.00 bps

Morgan Stanley & Co. Inc.

7/30/20

520,000

520,000

15

Interest rate swaption, Put @ 191.00 bps

Morgan Stanley & Co. Inc.

8/19/20

730,000

730,000

203

U.S. Dollar/Euro, Put @ $1.14

Goldman Sachs Group Inc.

9/11/20

2,110,000

2,110,000

16,538

Total OTC Purchased Options (Cost — $75,144)

16,777

Total Purchased Options (Cost — $251,753)

158,232

Rate

Maturity Date

Face Amount†

Municipal Bonds — 0.0%††

Missouri — 0.0%††

Missouri State HEFA Revenue, The Washington University, Taxable, Series A, Refunding (Cost — $80,000)

3.229%

5/15/50

80,000

91,506

Non-U.S. Treasury Inflation Protected Securities — 0.0%††

Argentina — 0.0%††

Argentina Treasury Bond (Cost — $53,722)

1.000%

8/5/21

5,624,222

ARS

51,192

(f)

Shares

Common Stocks — 0.0%††

Communication Services — 0.0%††

Media — 0.0%††

New Cotai LLC/New Cotai Capital Corp., Class B Shares

1

0

*(f)(j)(o)

Energy — 0.0%††

Energy Equipment & Services — 0.0%††

KCAD Holdings I Ltd.

108,106,087

0

*(f)(j)(o)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 45

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Security						Shares		Value
Oil, Gas & Consumable Fuels — 0.0%††
MWO Holdings LLC							146	$	11,195	*(f)(j)
Total Energy									11,195
Total Common Stocks (Cost — $1,030,181)									11,195
Total Investments before Short-Term Investments (Cost — $180,821,868)									185,096,379
	Rate			Maturity Date		Face Amount†
Short-Term Investments — 2.9%
U.S. Treasury Bills — 1.6%
U.S. Treasury Bills		0.127%			8/18/20		1,330,000		1,329,774	(p)
U.S. Treasury Bills		0.148%			10/15/20		1,700,000		1,699,262	(p)
Total U.S. Treasury Bills (Cost — $3,028,860)									3,029,036
						Shares
Money Market Funds — 1.3%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $2,487,250)		0.109	%				2,487,250		2,487,250	(q)
Total Short-Term Investments (Cost — $5,516,110)									5,516,286
Total Investments — 99.4% (Cost — $186,337,978)									190,612,665
Other Assets in Excess of Liabilities — 0.6%									1,084,177
Total Net Assets — 100.0%								$	191,696,842

See Notes to Financial Statements.

46 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

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

†† Represents less than 0.1%.    

* Non-income producing security.

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

^(e)  This security is traded on a to-be-announced (“TBA”) basis. At June 30, 2020, the Portfolio held TBA securities with a total cost of $5,665,606.    

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

^(g)  The coupon payment on these securities is currently in default as of June 30, 2020.

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

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

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

^(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 June 30, 2020. The interest rate for fully unfunded term loans is to be determined.    

⁽ⁿ⁾  All or a portion of this security is held at the broker as collateral for open swap contracts.

^(o)  Value is less than $1.

^(p)  Rate shown represents yield-to-maturity.

^(q)  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 June 30, 2020, the total market value of investments in Affiliated Companies was $2,487,250 and the cost was $2,487,250 (Note 8).    

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 47

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

Abbreviation(s) used in this schedule:
ACES	— Alternative Credit Enhancement Securities
ARS	— Argentine Peso
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury
CNH	— Chinese Offshore Yuan
CNY	— Chinese Yuan Renminbi
EUR	— Euro
HEFA	— Health & Educational Facilities Authority
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 10-Year Notes Futures, Call		7/24/20	$	139.50		48		48,000	$	(17,250)
U.S. Treasury 10-Year Notes Futures, Call		7/24/20		139.75		20		20,000		(5,313)
U.S. Treasury 10-Year Notes Futures, Call		7/24/20		140.00		8		8,000		(1,625)
U.S. Treasury 10-Year Notes Futures, Put		7/24/20		135.50		48		48,000		(1,500)
U.S. Treasury 10-Year Notes Futures, Put		7/24/20		138.00		20		20,000		(3,125)
U.S. Treasury Long-Term Bonds Futures, Call		7/24/20		182.00		15		15,000		(8,203)
U.S. Treasury Long-Term Bonds Futures, Call		7/24/20		183.00		11		11,000		(4,297)
U.S. Treasury Long-Term Bonds Futures, Call		8/21/20		186.00		5		5,000		(3,125)
U.S. Treasury Long-Term Bonds Futures, Put		7/24/20		173.00		10		10,000		(2,031)
U.S. Treasury Long-Term Bonds Futures, Put		7/24/20		177.00		10		10,000		(9,844)
Total Exchange-Traded Written Options (Premiums received — $74,710)									$	(56,313)

See Notes to Financial Statements.

48 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Schedule of Written Options (cont’d)
OTC Written Options
Security	Counterparty	Expiration Date		Strike Price			Contracts		Notional Amount†		Value
Interest rate swaption, Put	Morgan Stanley & Co. Inc.		7/30/20		155.00	bps		890,000		890,000	$	0	(a)
Interest rate swaption, Put	Morgan Stanley & Co. Inc.		7/30/20		155.00	bps		2,660,000		2,660,000		0	(a)
Interest rate swaption, Put	Morgan Stanley & Co. Inc.		8/3/20		160.00	bps		2,590,000		2,590,000		0	(a)
Interest rate swaption, Put	Morgan Stanley & Co. Inc.		8/19/20		160.00	bps		3,640,000		3,640,000		0	(a)
U.S. Dollar/Mexican Peso, Put	Goldman Sachs Group Inc.		7/24/20		25.52	MXN		1,920,000		1,920,000		(207,135)
Total OTC Written Options (Premiums received — $117,615)											$	(207,135)
Total Written Options (Premiums received — $192,325)											$	(263,448)

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

(a) Value is less than $1.

Abbreviation(s) used in this schedule:
bps	— basis point spread (100 basis points = 1.00%)
MXN	— Mexican Peso

At June 30, 2020, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
90-Day Eurodollar		75		12/20	$	18,469,867	$	18,695,625	$	225,758
Euro		2		9/20		283,190		281,338		(1,852)
Euro-BTP		55		9/20		8,695,886		8,890,705		194,819
Euro-OAT		13		9/20		2,422,205		2,448,612		26,407
Mexican Peso		5		9/20		113,145		107,700		(5,445)
U.S. Treasury 2-Year Notes		39		9/20		8,611,294		8,612,297		1,003
U.S. Treasury 5-Year Notes		244		9/20		30,606,523		30,681,094		74,571
U.S. Treasury 10-Year Notes		60		9/20		8,326,745		8,350,313		23,568
U.S. Treasury Ultra Long- Term Bonds		93		9/20		20,139,280		20,288,531		149,251
										688,080
Contracts to Sell:
90-Day Eurodollar		75		3/21		18,684,792		18,712,500		(27,708)
90-Day Eurodollar		31		6/21		7,648,510		7,736,050		(87,540)
90-Day Eurodollar		128		12/21		31,727,631		31,936,000		(208,369)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 49

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

	Number of Contracts		Expiration Date		Notional Amount			Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell: continued							��
Euro-Bund		87		9/20	$	17,132,606		$	17,253,859	$	(121,253)
Euro-Buxl		7		9/20		1,695,824			1,729,875		(34,051)
Japanese 10-Year Bonds		4		9/20		5,624,976			5,629,081		(4,105)
U.S. Treasury Long-Term Bonds		38		9/20		6,746,747			6,785,375		(38,628)
U.S. Treasury Ultra 10-Year Notes		8		9/20		1,255,439			1,259,875		(4,436)
United Kingdom Long Gilt Bonds		19		9/20		3,236,360			3,240,444		(4,084)
											(530,174)
Net unrealized appreciation on open futures contracts										$	157,906

At June 30, 2020, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	6,790,000	USD	4,867,104	BNP Paribas SA		7/16/20	$	134,604
CNH	230,767	USD	32,640	BNP Paribas SA		7/16/20		(30)
EUR	210,000	USD	238,770	BNP Paribas SA		7/16/20		(2,753)
EUR	640,000	USD	727,601	BNP Paribas SA		7/16/20		(8,310)
EUR	2,340,000	USD	2,625,012	BNP Paribas SA		7/16/20		4,896
EUR	2,390,000	USD	2,684,926	BNP Paribas SA		7/16/20		1,177
USD	1,124,974	CAD	1,540,000	BNP Paribas SA		7/16/20		(9,434)
USD	3,060,805	CAD	4,190,000	BNP Paribas SA		7/16/20		(25,669)
USD	1,564,890	CNH	11,114,634	BNP Paribas SA		7/16/20		(5,721)
USD	800,788	CNY	5,690,000	BNP Paribas SA		7/16/20		(2,857)
USD	21,865	EUR	20,000	BNP Paribas SA		7/16/20		(613)
USD	621,012	EUR	570,000	BNP Paribas SA		7/16/20		(19,607)
USD	1,269,234	EUR	1,161,000	BNP Paribas SA		7/16/20		(35,605)
EUR	160,000	USD	174,466	Citibank N.A.		7/16/20		5,357
GBP	1,824,673	USD	2,265,404	Citibank N.A.		7/16/20		(4,217)
IDR	25,051,825,883	USD	1,515,537	Citibank N.A.		7/16/20		234,931
MXN	2,500,000	USD	109,585	Citibank N.A.		7/16/20		(1,051)
MXN	10,000,000	USD	414,781	Citibank N.A.		7/16/20		19,354
MXN	21,368,991	USD	841,514	Citibank N.A.		7/16/20		86,190
PHP	6,980,000	USD	136,809	Citibank N.A.		7/16/20		3,176
PHP	8,875,706	USD	175,337	Citibank N.A.		7/16/20		2,667
PHP	27,320,000	USD	537,170	Citibank N.A.		7/16/20		10,737

See Notes to Financial Statements.

50 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
PHP	34,990,000	USD	687,591	Citibank N.A.		7/16/20	$	14,139
USD	202,697	EUR	180,000	Citibank N.A.		7/16/20		396
USD	218,174	EUR	200,000	Citibank N.A.		7/16/20		(6,604)
USD	1,447,144	EUR	1,337,557	Citibank N.A.		7/16/20		(56,126)
USD	1,449,873	EUR	1,336,343	Citibank N.A.		7/16/20		(52,032)
USD	6,711,578	EUR	6,135,195	Citibank N.A.		7/16/20		(183,721)
USD	56,375	JPY	6,000,000	Citibank N.A.		7/16/20		796
USD	855,273	MXN	21,368,991	Citibank N.A.		7/16/20		(72,431)
USD	322,817	ZAR	5,615,137	Citibank N.A.		7/16/20		(189)
ZAR	5,615,137	USD	308,931	Citibank N.A.		7/16/20		14,074
MXN	15,162,568	USD	615,951	Goldman Sachs Group Inc.		7/16/20		42,310
MXN	23,306,800	USD	1,067,856	Goldman Sachs Group Inc.		7/16/20		(56,024)
USD	76,920	BRL	407,637	Goldman Sachs Group Inc.		7/16/20		2,019
USD	183,646	EUR	170,000	Goldman Sachs Group Inc.		7/16/20		(7,415)
USD	11,964	JPY	1,282,401	Goldman Sachs Group Inc.		7/16/20		85
USD	148,737	JPY	16,157,266	Goldman Sachs Group Inc.		7/16/20		(931)
USD	13,747	MXN	300,000	Goldman Sachs Group Inc.		7/16/20		723
USD	57,935	RUB	4,647,972	Goldman Sachs Group Inc.		7/16/20		(7,251)
AUD	198,810	USD	123,882	JPMorgan Chase & Co.		7/16/20		13,331
CNY	901,872	USD	127,605	JPMorgan Chase & Co.		7/16/20		(226)
INR	27,646,086	USD	353,079	JPMorgan Chase & Co.		7/16/20		12,512
PHP	7,730,000	USD	151,953	JPMorgan Chase & Co.		7/16/20		3,073
USD	1,293,049	CNY	9,196,162	JPMorgan Chase & Co.		7/16/20		(5,800)
USD	447,233	EUR	407,610	JPMorgan Chase & Co.		7/16/20		(10,876)
USD	1,657,578	PHP	85,895,706	JPMorgan Chase & Co.		7/16/20		(65,073)
CAD	230,000	USD	163,152	Morgan Stanley & Co. Inc.		7/16/20		6,272
CAD	2,180,763	USD	1,546,942	Morgan Stanley & Co. Inc.		7/16/20		59,470
JPY	12,136,001	USD	112,023	Morgan Stanley & Co. Inc.		7/16/20		395
USD	163,657	EUR	150,000	Morgan Stanley & Co. Inc.		7/16/20		(4,926)
USD	13,504	JPY	1,440,001	Morgan Stanley & Co. Inc.		7/16/20		165
USD	1,047,420	EUR	920,000	Goldman Sachs Group Inc.		9/15/20		12,048
CAD	1,540,000	USD	1,125,146	BNP Paribas SA		10/16/20		9,456
CAD	4,190,000	USD	3,061,275	BNP Paribas SA		10/16/20		25,726
USD	2,630,434	EUR	2,340,000	BNP Paribas SA		10/16/20		(5,044)
USD	2,690,459	EUR	2,390,000	BNP Paribas SA		10/16/20		(1,332)
ZAR	5,615,137	USD	319,934	Citibank N.A.		10/16/20		171
Total							$	68,382

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 51

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

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
PHP	—Philippine Peso
RUB	—Russian Ruble
USD	—United States Dollar
ZAR	—South African Rand

At June 30, 2020, 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)
	8,070,000		3/23/22	3-Month LIBOR quarterly	0.600% semi-annually	$	1,084	$	51,011
	22,471,000		8/31/24	3-Month LIBOR quarterly	0.380% semi-annually		6,353		94,173
	5,696,000		11/30/24	Daily U.S. Federal Funds Intraday Effective Rate annually	0.100% annually		3,562		8,172
	4,700,000		3/23/25	3-Month LIBOR quarterly	0.700% semi-annually		(3,584)		91,055
	17,927,000		6/30/26	1.550% semi-annually	3-Month LIBOR quarterly		62,213		(1,303,749)
	3,829,000		11/15/26	1.600% semi-annually	3-Month LIBOR quarterly		1,824		(288,441)
	1,404,000		11/15/26	1.650% semi-annually	3-Month LIBOR quarterly		(5,312)		(104,246)
	5,364,000		2/15/27	0.750% semi-annually	3-Month LIBOR quarterly		993		(111,865)
	6,380,000		3/24/27	3-Month LIBOR quarterly	0.770% semi-annually		45,418		92,658

See Notes to Financial Statements.

52 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Western Asset Core Plus VIT Portfolio

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)
7,692,000		5/15/27	0.260% annually	Daily U.S. Federal Funds Intraday Effective Rate annually	$	(25,820)	$	6,662
28,260,000 MXN		7/18/29	28-Day MXN TIIE — Banxico every 28 days	7.450% every 28 days		10,844		164,091
47,980,000 MXN		7/20/29	28-Day MXN TIIE — Banxico every 28 days	7.440% every 28 days		22,330		273,085
5,427,000		11/15/44	1.850% semi-annually	3-Month LIBOR quarterly		11,390		(1,174,755)
700,000		3/17/50	0.900% semi-annually	3-Month LIBOR quarterly		11,875		(8,807)
357,000		3/18/50	0.792% semi-annually	3-Month LIBOR quarterly		—		12,087
353,000		3/19/50	0.818% semi-annually	3-Month LIBOR quarterly		—		9,794
Total					$	143,170	$	(2,189,075)

OTC INTEREST RATE SWAPS
Swap Counterparty	Notional Amount*			Termination Date		Payments Made by the Portfolio†	Payments Received by the Portfolio†			Upfront Premiums Paid (Received)		Unrealized Appreciation
Citibank N.A.		2,400,000	BRL		1/4/27	BRL-CDI**		7.024	%**		—	$	18,778
Citibank N.A.		2,900,000	BRL		1/4/27	BRL-CDI**		7.024	%**	$	1,363		21,327
Citibank N.A.		3,108,000	BRL		1/4/27	BRL-CDI**		7.024	%**		1,703		22,614
JPMorgan Chase & Co.		2,000,000	BRL		1/4/27	BRL-CDI**		7.044	%**		—		15,989
Total										$	3,066	$	78,708

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.34 Index	$	2,318,000		6/20/25	5.000% quarterly	$	(15,990)	$	(129,307)	$	113,317
Markit CDX.NA.IG.34 Index		30,870,000		6/20/25	1.000% quarterly		364,448		(42,577)		407,025
Total	$	33,188,000				$	348,458	$	(171,884)	$	520,342

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 53

Schedule of investments (unaudited) (cont’d)

June 30, 2020

Western Asset Core Plus VIT Portfolio

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

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

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

† Percentage shown is an annual percentage rate.

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

** One time payment made at termination date.

Abbreviation(s) used in this table:
BRL	— Brazilian Real
BRL-CDI	— Brazil Cetip InterBank Deposit Rate
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
TIIE	— Equilibrium Interbanking Interest Rate (Tasa de Intere’s Interbancaria de Equilibrio)

See Notes to Financial Statements.

54 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Statement of assets and liabilities (unaudited)

June 30, 2020

Assets:
Investments in unaffiliated securities, at value (Cost — $183,850,728)	$	188,125,415
Investments in affiliated securities, at value (Cost — $2,487,250)		2,487,250
Foreign currency, at value (Cost — $1,539,496)		1,544,511
Cash		1,006,890
Interest receivable		1,227,695
Deposits with brokers for open futures contracts and exchange-traded options		1,207,284
Receivable for securities sold		1,050,096
Foreign currency collateral for open futures contracts and exchange-traded options, at value (Cost — $836,356)		865,344
Receivable for Portfolio shares sold		740,416
Unrealized appreciation on forward foreign currency contracts		720,250
Receivable from broker — net variation margin on centrally cleared swap contracts		622,806
Deposits with brokers for centrally cleared swap contracts		512,446
Deposits with brokers for OTC derivatives		290,000
OTC swaps, at value (premiums paid — $3,066)		81,774
Prepaid expenses		874
Total Assets		200,483,051
Liabilities:
Payable for securities purchased		7,590,877
Unrealized depreciation on forward foreign currency contracts		651,868
Written options, at value (premiums received — $192,325)		263,448
Payable for Portfolio shares repurchased		85,784
Investment management fee payable		62,485
Payable to broker — net variation margin on open futures contracts		27,620
Service and/or distribution fees payable		23,531
Trustees’ fees payable		1,064
Accrued expenses		79,532
Total Liabilities		8,786,209
Total Net Assets	$	191,696,842
Net Assets:
Par value (Note 7)	$	318
Paid-in capital in excess of par value		193,855,848
Total distributable earnings (loss)		(2,159,324)
Total Net Assets	$	191,696,842

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 55

Statement of assets and liabilities (unaudited) (cont’d)

June 30, 2020

Net Assets:
Class I	$75,346,368
Class II	$116,350,474
Shares Outstanding:
Class I	12,481,693
Class II	19,279,121
Net Asset Value:
Class I	$6.04
Class II	$6.04

See Notes to Financial Statements.

56 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended June 30, 2020

Investment Income:
Interest from unaffiliated investments	$	3,362,730
Interest from affiliated investments		3,223
Less: Foreign taxes withheld		(4,517)
Total Investment Income		3,361,436
Expenses:
Investment management fee (Note 2)		427,161
Service and/or distribution fees (Notes 2 and 5)		147,515
Fund accounting fees		36,901
Audit and tax fees		23,156
Custody fees		17,623
Shareholder reports		17,342
Legal fees		12,834
Excise tax (Note 1)		7,991
Transfer agent fees (Note 5)		3,778
Trustees’ fees		3,441
Insurance		1,973
Commitment fees (Note 9)		1,444
Interest expense		354
Miscellaneous expenses		3,908
Total Expenses		705,421
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(47,066)
Net Expenses		658,355
Net Investment Income		2,703,081
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		3,237,396
Futures contracts		5,777,810
Written options		870,846
Swap contracts		(1,590,901)
Forward foreign currency contracts		(1,253,565)
Foreign currency transactions		(72,948)
Net Realized Gain		6,968,638
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities		(151,626)
Futures contracts		600,406
Written options		(146,175)
Swap contracts		(2,784,258)

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 57

Statement of operations (unaudited) (cont’d)

For the Six Months Ended June 30, 2020

Forward foreign currency contracts		(109,887)
Foreign currencies		(19,093)
Change in Net Unrealized Appreciation (Depreciation)		(2,610,633)
Net Gain on Investments, Futures Contracts, Written Options, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions		4,358,005
Increase in Net Assets From Operations	$	7,061,086

See Notes to Financial Statements.

58 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Statements of changes in net assets

For the Six Months Ended June 30, 2020 (unaudited) and the Year Ended December 31, 2019	2020		2019
Operations:
Net investment income	$	2,703,081	$	7,096,408
Net realized gain		6,968,638		2,890,167
Change in net unrealized appreciation (depreciation)		(2,610,633)		14,984,319
Increase in Net Assets From Operations		7,061,086		24,970,894
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(700,022)		(8,225,012)
Decrease in Net Assets From Distributions to Shareholders		(700,022)		(8,225,012)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares		18,106,604		34,914,078
Reinvestment of distributions		700,022		8,225,012
Cost of shares repurchased		(26,866,924)		(80,469,084)
Decrease in Net Assets From Portfolio Share Transactions		(8,060,298)		(37,329,994)
Decrease in Net Assets		(1,699,234)		(20,584,112)
Net Assets:
Beginning of period		193,396,076		213,980,188
End of period	$	191,696,842	$	193,396,076

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 59

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1,2	20203			2019			2018			2017			2016			2015
Net asset value, beginning of period		$5.82			$5.43			$5.77			$5.70			$5.58			$5.60
Income (loss) from operations:
Net investment income		0.09			0.20			0.19			0.17			0.15			0.22
Net realized and unrealized gain (loss)		0.15			0.46			(0.32)			0.16			0.10			(0.15)
Total income (loss) from operations		0.24			0.66			(0.13)			0.33			0.25			0.07
Less distributions from:
Net investment income		(0.02)			(0.27)			(0.21)			(0.26)			(0.13)			(0.09)
Total distributions		(0.02)			(0.27)			(0.21)			(0.26)			(0.13)			(0.09)
Net asset value, end of period		$6.04			$5.82			$5.43			$5.77			$5.70			$5.58
Total return4		4.17	%		12.17	%		(2.23)	%		5.75	%		4.55	%		1.20	%
Net assets, end of period (000s)		$75,346			$72,787			$66,580			$70,884			$71,159			$76,862
Ratios to average net assets:
Gross expenses		0.59	%5		0.56	%		0.57	%		0.57	%		0.50	%		0.65	%
Net expenses6		0.54	5,7		0.54	7		0.54	7		0.54	7		0.50			0.60	7
Net investment income		3.00	5		3.43			3.47			2.89			2.63			3.79
Portfolio turnover rate8		56	%		133	%		101	%		151	%		108	%		185	%

¹  In April 2015, the Portfolio’s outstanding class of shares, which was previously unnamed, became known as Class I shares.

²  Per share amounts have been calculated using the average shares method.

³  For the six months ended June 30, 2020 (unaudited).

⁴  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results. Total returns or periods of less than one year are not annualized.

⁵  Annualized.

⁶  As a result of an expense limitation arrangement, effective April 15, 2015, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.54%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 15, 2015, the expense limitation was 1.00%.

⁷  Reflects fee waivers and/or expense reimbursements.

⁸  Excluding mortgage dollar roll transactions. If mortgage dollar roll transactions had been included, the portfolio turnover rate would have been 68% for the six months ended June 30, 2020 and 198%, 226%, 346%, 280% and 417% for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

See Notes to Financial Statements.

60 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20202			2019			2018			2017			2016			20153
Net asset value, beginning of period		$5.83			$5.43			$5.78			$5.69			$5.57			$5.77
Income (loss) from operations:
Net investment income		0.08			0.19			0.18			0.15			0.14			0.08
Net realized and unrealized gain (loss)		0.15			0.46			(0.33)			0.17			0.10			(0.20)
Total income (loss) from operations		0.23			0.65			(0.15)			0.32			0.24			(0.12)
Less distributions from:
Net investment income		(0.02)			(0.25)			(0.20)			(0.23)			(0.12)			(0.08)
Total distributions		(0.02)			(0.25)			(0.20)			(0.23)			(0.12)			(0.08)
Net asset value, end of period		$6.04			$5.83			$5.43			$5.78			$5.69			$5.57
Total return4		4.17	%		11.82	%		(2.64)	%		5.69	%		4.17	%		(1.85)	%
Net assets, end of period (millions)		$116			$121			$147			$139			$563			$348
Ratios to average net assets:
Gross expenses		0.84	%5		0.80	%		0.82	%		0.78	%		0.76	%		0.76	%5
Net expenses6		0.79	5,7		0.79	7		0.79	7		0.75	7		0.76			0.71	5,7
Net investment income		2.76	5		3.21			3.23			2.53			2.36			2.05	5
Portfolio turnover rate8		56	%		133	%		101	%		151	%		108	%		185	%9

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

²  For the six months ended June 30, 2020 (unaudited).

³  For the period May 1, 2015 (inception date) to December 31, 2015.

⁴  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results. Total returns or periods of less than one year are not annualized.

⁵  Annualized.

⁶  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class II shares did not exceed 0.79%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁷  Reflects fee waivers and/or expense reimbursements.

⁸  Excluding mortgage dollar roll transactions. If mortgage dollar roll transactions had been included, the portfolio turnover rate would have been 68% for the six months ended June 30, 2020 and 198%, 226%, 346%, 280% and 417% for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁹  For the year ended December 31, 2015.

See Notes to Financial Statements.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 61

Notes to financial statements (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”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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.

62 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic 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.

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.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 63

Notes to financial statements (unaudited) (cont’d)

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

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

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

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

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

64 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

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		—	$	81,686,478		—		$	81,686,478
Mortgage-Backed Securities		—		34,818,700		—			34,818,700
Sovereign Bonds		—		22,011,318		—			22,011,318
Collateralized Mortgage Obligations		—		19,888,793	$	99,437			19,988,230
Senior Loans:
Consumer Discretionary		—		1,583,317		255,168			1,838,485
Industrials		—		860,628		57,330			917,958
Other Senior Loans		—		6,468,345		—			6,468,345
U.S. Treasury Inflation Protected Securities		—		7,487,382		—			7,487,382
U.S. Government & Agency Obligations		—		5,721,451		—			5,721,451
Asset-Backed Securities		—		3,845,907		—			3,845,907
Purchased Options:
Exchange-Traded Purchased Options	$	141,455		—		—			141,455
OTC Purchased Options		—		16,777		—			16,777
Municipal Bonds		—		91,506		—			91,506
Non-U.S. Treasury Inflation Protected Securities		—		51,192		—			51,192
Common Stocks:
Communication Services		—		—		0	*		0	*
Energy		—		—		11,195			11,195
Total Long-Term Investments		141,455		184,531,794		423,130			185,096,379
Short-Term Investments†:
U.S. Treasury Bills		—		3,029,036		—			3,029,036
Money Market Funds		2,487,250		—		—			2,487,250
Total Short-Term Investments		2,487,250		3,029,036		—			5,516,286
Total Investments	$	2,628,705	$	187,560,830	$	423,130		$	190,612,665

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 65

Notes to financial statements (unaudited) (cont’d)

ASSETS (cont’d)
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Futures Contracts	$	695,377		—		—	$	695,377
Forward Foreign Currency Contracts		—	$	720,250		—		720,250
Centrally Cleared Interest Rate Swaps		—		802,788		—		802,788
OTC Interest Rate Swaps‡		—		81,774		—		81,774
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection		—		520,342		—		520,342
Total Other Financial Instruments	$	695,377	$	2,125,154		—	$	2,820,531
Total	$	3,324,082	$	189,685,984	$	423,130	$	193,433,196
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	$	56,313		—		—	$	56,313
OTC Written Options		—	$	207,135		—		207,135
Futures Contracts		537,471		—		—		537,471
Forward Foreign Currency Contracts		—		651,868		—		651,868
Centrally Cleared Interest Rate Swaps		—		2,991,863		—		2,991,863
Total	$	593,784	$	3,850,866		—	$	4,444,650

^†   See Schedule of Investments for additional detailed categorizations.

^*  Amount represents less than $1.

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

(b) Purchased options. When the Portfolio purchases an option, an amount equal to the premium paid by the Portfolio is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Portfolio realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

66 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

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

The risk in writing a covered call option is that the Portfolio may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Portfolio may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Portfolio is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Portfolio may not be able to enter into a closing transaction because of an illiquid secondary market.

(d) Options on futures contracts. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the underlying futures contract at the specified option exercise price at any time prior to the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer’s futures margin account that represents the amount by which the market price of the futures contract exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. The potential for loss related to the purchase of an option on a futures contract is limited to the premium paid for the option plus transaction costs. Because the value of the option is fixed at the point of purchase, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option changes daily and that change would be reflected in the net asset value of the Portfolio. The potential for loss related to writing call options is unlimited. The potential for loss related to writing put options is limited only by the aggregate strike price of the put option less the premium received.

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

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 67

Notes to financial statements (unaudited) (cont’d)

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

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

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

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

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolio bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(g) Swap agreements. The Portfolio invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract (“OTC Swaps”) or centrally cleared (“Centrally Cleared Swaps”). Unlike Centrally Cleared Swaps, the Portfolio has credit exposure to the counterparties of OTC Swaps.

68 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the “CCP”) and the CCP becomes the ultimate counterparty of the swap agreement. The Portfolio is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Portfolio is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Portfolio’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, and the possible lack of liquidity with respect to the swap agreements.

OTC swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Portfolio are recognized as a realized gain or loss in the Statement of Operations.

The Portfolio’s maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of June 30, 2020, the total notional value of all credit default swaps to sell protection was $33,188,000. This amount would be offset by the value of the swap’s reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Portfolio bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended June 30, 2020, see Note 4.

Credit default swaps

The Portfolio enters into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 69

Notes to financial statements (unaudited) (cont’d)

default of all or part of the referenced entities comprising a credit index. The Portfolio may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Portfolio has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, the Portfolio generally receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Portfolio could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Portfolio effectively adds leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of credit default swap agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Portfolio’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty). As the protection seller, the Portfolio’s maximum risk is the notional amount of the contract. Credit default swaps are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

70 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

Interest rate swaps

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

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

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

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

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

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 71

Notes to financial statements (unaudited) (cont’d)

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

(i) Loan participations. The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of off-set against the borrower and the Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Portfolio assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Portfolio and the borrower. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any off-set between the lender and the borrower.

(j) Unfunded loan commitments. The Portfolio may enter into certain credit agreements where all or a portion of the total amount committed may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Schedule of Investments. At June 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

The yield to maturity on IO’s is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup its initial investment in IO’s.

(l) Securities traded on a when-issued and delayed delivery basis. The Portfolio may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Portfolio with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Portfolio at the time of entering into the transaction.

72 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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

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

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

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

(o) Inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation. As the index measuring inflation changes, the principal value or interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 73

Notes to financial statements (unaudited) (cont’d)

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

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

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

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

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

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default

74 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

(r) Foreign investment risks. The Portfolio’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

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

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

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

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 75

Notes to financial statements (unaudited) (cont’d)

percentage decrease in the Portfolio’s net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

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

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

As of June 30, 2020, the Portfolio held OTC written options and forward foreign currency contracts with credit related contingent features which had a liability position of $859,003. If a contingent feature in the master agreements would have been triggered, the Portfolio would have been required to pay this amount to its derivatives counterparties. As of June 30, 2020, the Portfolio had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $290,000, which can be used to reduce the required payment.

At June 30, 2020, the Portfolio held non-cash collateral from Citibank N.A. in the amount of $343,102. This amount could be used to reduce the Portfolio’s exposure to the counterparty in the event of default.

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

76 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

(u) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Portfolio are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

However, due to the timing of when distributions are made by the Portfolio, the Portfolio may be subject to an excise tax of 4% of the amount by which 98% of the Portfolio’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the period, the Fund paid $7,991 of federal excise taxes attributable to calendar year 2019.

Management has analyzed the Portfolio’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2019, no provision for income tax is required in the Portfolio’s financial statements. The Portfolio’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

(y) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 77

Notes to financial statements (unaudited) (cont’d)

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Portfolio’s investment manager. Western Asset Management Company, LLC (“Western Asset”), Western Asset Management Company Limited in London (“Western Asset London”), Western Asset Management Company Pte. Ltd. in Singapore (“Western Asset Singapore”) and Western Asset Management Company Ltd in Japan (“Western Asset Japan”) are the Portfolio’s subadvisers. LMPFA, Western Asset, Western Asset London, Western Asset Singapore and Western Asset Japan are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”). As of July 31, 2020, LMPFA, Western Asset, Western Asset London, Western Asset Singapore and Western Asset Japan are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

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

Average Daily Net Assets	Annual Rate
first $500 million		0.450	%
next $ 500 million		0.425
over $ 1 billion		0.400

LMPFA provides administrative and certain oversight services to the Portfolio. LMPFA delegates to the subadvisers the day-to-day portfolio management of the Portfolio. Western Asset London, Western Asset Japan and Western Asset Singapore provide certain subadvisory services related to currency transactions and investments in non-U.S. dollar denominated securities and related foreign currency instruments. For its services, LMPFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Portfolio. In turn, Western Asset pays Western Asset London, Western Asset Singapore and Western Asset Japan monthly a subadvisory fee in an amount equal to 100% of the management fee paid to Western Asset on the assets that Western Asset allocates to each such non-U.S. subadviser to manage.

As a result of expense limitation arrangements between the Portfolio and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I and Class II shares did not exceed 0.54% and 0.79%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

78 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

During the six months ended June 30, 2020, fees waived and/or expenses reimbursed amounted to $47,066, which included an affiliated money market fund waiver of $548.

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

Legg Mason Investor Services, LLC (“LMIS”), a wholly-owned broker-dealer subsidiary of Legg Mason, serves as the Portfolio’s sole and exclusive distributor. As of July 31, 2020, LMIS is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

All officers and one Trustee of the Trust are employees of Legg Mason or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended June 30, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

	Investments		U.S. Government & Agency Obligations
Purchases	$	34,324,837	$	96,524,745
Sales		6,095,426		134,755,256

At June 30, 2020, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost/Premiums Paid (Received)		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Securities	$	186,337,978	$	11,401,793	$	(7,127,106)	$	4,274,687
Swap contracts		(25,648)		1,401,838		(2,991,863)		(1,590,025)
Written options		(192,325)		71,658		(142,781)		(71,123)
Futures contracts		—		695,377		(537,471)		157,906
Forward foreign currency contracts		—		720,250		(651,868)		68,382

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 79

Notes to financial statements (unaudited) (cont’d)

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2020.

ASSET DERIVATIVES1
	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Total
Purchased options2	$	141,694	$	16,538		—	$	158,232
Futures contracts3		695,377		—		—		695,377
OTC swap contracts4		81,774		—		—		81,774
Centrally cleared swap contracts5		802,788		—	$	520,342		1,323,130
Forward foreign currency contracts		—		720,250		—		720,250
Total	$	1,721,633	$	736,788	$	520,342	$	2,978,763

LIABILITY DERIVATIVES1
	Interest Rate Risk		Foreign Exchange Risk		Total
Written options	$	56,313	$	207,135	$	263,448
Futures contracts3		530,174		7,297		537,471
Centrally cleared swap contracts5		2,991,863		—		2,991,863
Forward foreign currency contracts		—		651,868		651,868
Total	$	3,578,350	$	866,300	$	4,444,650

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

²  Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement of Assets and Liabilities.

³  Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

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

⁵  Includes cumulative appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

80 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio’s Statement of Operations for the six months ended June 30, 2020. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in unrealized appreciation (depreciation) resulting from the Portfolio’s derivatives and hedging activities during the period.

AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Total
Purchased options1	$	(525,212)	$	10,309		—	$	(514,903)
Written options		823,574		42,332	$	4,940		870,846
Futures contracts		5,801,081		(23,271)		—		5,777,810
Swap contracts		(1,484,231)		—		(106,670)		(1,590,901)
Forward foreign currency contracts		—		(1,253,565)		—		(1,253,565)
Total	$	4,615,212	$	(1,224,195)	$	(101,730)	$	3,289,287

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

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Credit Risk		Total
Purchased options1	$	(71,865)	$	(14,099)	$	—	$	(85,964)
Written options		(12,432)		(133,743)		—		(146,175)
Futures contracts		616,796		(16,390)		—		600,406
Swap contracts		(3,225,858)		—	$	441,600		(2,784,258)
Forward foreign currency contracts		—		(109,887)		—		(109,887)
Total	$	(2,693,359)	$	(274,119)	$	441,600	$	(2,525,878)

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

During the six months ended June 30, 2020, the volume of derivative activity for the Portfolio was as follows:

	Average Market Value
Purchased options	$	182,672
Written options		683,978
Futures contracts (to buy)		211,825,503
Futures contracts (to sell)		93,118,213
Forward foreign currency contracts (to buy)		21,662,166
Forward foreign currency contracts (to sell)		19,932,615

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 81

Notes to financial statements (unaudited) (cont’d)

	Average Notional Balance
Interest rate swap contracts	$	79,646,355
Credit default swap contracts (to buy protection)†		110,314
Credit default swap contracts (to sell protection)		24,373,543

† At June 30, 2020, there were no open positions held in this derivative.

The following table presents the Portfolio’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Portfolio as of June 30, 2020.

Counterparty	Gross Assets Subject to Master Agreements1		Gross Liabilities Subject to Master Agreements1		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)2,3		Net Amount4,5
BNP Paribas SA	$	175,859	$	(116,975)	$	58,884		—	$	58,884
Citibank N.A.		457,773		(376,371)		81,402	$	(343,102)		(261,700)
Goldman Sachs Group Inc.		73,723		(278,756)		(205,033)		278,756		73,723
JPMorgan Chase & Co.		44,905		(81,975)		(37,070)		—		(37,070)
Morgan Stanley & Co. Inc.		66,541		(4,926)		61,615		—		61,615
Total	$	818,801	$	(859,003)	$	(40,202)	$	(64,346)	$	(104,548)

¹   Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

²  Gross amounts are not offset in the Statement of Assets and Liabilities.

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

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

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

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

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

For the six months ended June 30, 2020, class specific expenses were as follows:

	Service and/or Distribution Fees		Transfer Agent Fees
Class I		—	$	2,283
Class II	$	147,515		1,495
Total	$	147,515	$	3,778

82 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

For the six months ended June 30, 2020, waivers and/or expense reimbursements by class were as follows:

	Waivers/ Expense Reimbursements
Class I	$	18,664
Class II		28,402
Total	$	47,066

6. Distributions to shareholders by class    

	Six Months Ended June 30, 2020		Year Ended December 31, 2019
Net Investment Income:
Class I	$	275,311	$	3,255,996
Class II		424,711		4,969,016
Total	$	700,022	$	8,225,012

7. Shares of beneficial interest

At June 30, 2020, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Portfolio has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended June 30, 2020				Year Ended December 31, 2019
	Shares		Amount		Shares		Amount
Class I
Shares sold		975,132	$	5,718,377		2,172,547	$	12,723,835
Shares issued on reinvestment		45,657		275,311		560,412		3,255,996
Shares repurchased		(1,044,688)		(6,020,894)		(2,492,783)		(14,510,876)
Net increase (decrease)		(23,899)	$	(27,206)		240,176	$	1,468,955
Class II
Shares sold		2,117,624	$	12,388,227		3,824,453	$	22,190,243
Shares issued on reinvestment		70,433		424,711		853,783		4,969,016
Shares repurchased		(3,609,955)		(20,846,030)		(11,116,304)		(65,958,208)
Net decrease		(1,421,898)	$	(8,033,092)		(6,438,068)	$	(38,798,949)

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Portfolio’s relative ownership, the following company was considered an affiliated company for all or some portion of the six months ended June 30,

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 83

Notes to financial statements (unaudited) (cont’d)

2020. The following transactions were effected in shares of such company for the six months ended June 30, 2020.

	Affiliate Value at December 31, 2019		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	102,105	$	30,339,618		30,339,618	$	27,954,473		27,954,473

(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at June 30, 2020
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	3,223		—	$	2,487,250

9. Redemption facility

The Portfolio and certain other participating funds within the Legg Mason Partners Income Trust, Legg Mason Partners Institutional Trust and Legg Mason Partners Variable Income Trust (the “Participating Funds”), have available an unsecured revolving credit facility (the “Redemption Facility”) from the lenders and The Bank of New York Mellon (“BNY Mellon”), as administrative agent for the lenders. The Redemption Facility is to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of shares. Under the agreement, BNY Mellon provides a 364-day revolving credit facility, in the aggregate amount of $220 million. Unless renewed, the agreement will terminate on November 16, 2020. Any borrowings under the Redemption Facility will bear interest at current market rates as set forth in the credit agreement. The annual commitment fee to maintain the Redemption Facility is 0.15% and is incurred on the unused portion of the facility and is allocated to all Participating Funds pro rata based on net assets; there is no upfront fee. For the six months ended June 30, 2020, the Portfolio incurred a commitment fee in the amount of $1,444. The Portfolio did not utilize the Redemption Facility during the six months ended June 30, 2020.

10. Deferred capital losses

As of December 31, 2019, the Portfolio had deferred capital losses of $11,675,822, which have no expiration date, that will be available to offset future taxable capital gains.

84 Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report

11. Other matters

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Portfolio’s investments, impair the Portfolio’s ability to satisfy redemption requests, and negatively impact the Portfolio’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Portfolio by its service providers.

*  *  *

The Fund’s investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Plans are underway to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Fund or the Fund’s investments cannot yet be determined.

12. Subsequent event

Effective January 1, 2021, LMPFA is permitted to recapture amounts waived and/or reimbursed to a class within two years after the fiscal year in which LMPFA earned the fee or incurred the expense if the class’ total annual operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will LMPFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

Western Asset Core Plus VIT Portfolio 2020 Semi-Annual Report 85

Board approval of new management and new subadvisory agreements (unaudited)

On February 18, 2020, Franklin Resources, Inc., a global investment management organization operating, together with its subsidiaries, as Franklin Templeton (“Franklin Templeton”) and Legg Mason, Inc. (“Legg Mason”) announced that they have entered into a definitive agreement (the “Transaction Agreement”) for Franklin Templeton to acquire Legg Mason in an all-cash transaction. As part of this transaction, the Fund’s manager, Legg Mason Partners Fund Advisor, LLC (the “Manager”), and the Fund’s subadvisers, Western Asset Management Company, LLC (“Western Asset”), Western Asset Management Company Limited in London (“WAML”), Western Asset Management Company Pte. Ltd. in Singapore (“Western Asset Singapore”) and Western Asset Management Company Ltd in Japan (“Western Asset Japan” and, together with Western Asset, WAML and Western Singapore, the “Subadvisers,” and, collectively with the Manager, the “Advisers”), each currently a wholly owned subsidiary of Legg Mason, would become a wholly owned subsidiary of Franklin Templeton (the “Transaction”). The Transaction is subject to approval by Legg Mason’s shareholders and customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of the other conditions, the Transaction is expected to be consummated in the latter part of 2020. Under the Investment Company Act of 1940, as amended (the “1940 Act”), consummation of the Transaction will result in the automatic termination of the Fund’s current management agreement with the Manager (the “Current Management Agreement”) and the current sub-advisory agreements between the Manager and Western Asset and between Western Asset and each of WAML, Western Asset Singapore and Western Asset Japan (the “Current Sub-advisory Agreements,” and, collectively, the “Current Agreements”).

Therefore, at a meeting of the Board of Trustees of Legg Mason Partners Variable Income Trust (the “Trust”) held on April 14, 20201, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the 1940 Act, approved a new management agreement (the “New Management Agreement”) between the Trust and the Manager with respect to Western Asset Core Plus VIT Portfolio (the “Fund”), a series of the Trust , and the new sub-advisory agreements (the “New Sub-Advisory Agreements,” and, collectively, the “New Agreements”) between the Manager and Western Asset and between Western Asset and each of WAML, Western Asset Singapore and Western Asset Japan with respect to the Fund. The Board also authorized the Fund’s officers to submit the New Agreements to Fund shareholders for their approval. Fund shareholders were sent notice of the shareholder meeting and a proxy statement in April, 2020. In the event the Fund’s shareholders do not approve the New Agreements and

1 This meeting was held telephonically in reliance on an exemptive order issued by the Securities and Exchange Commission on March 25, 2020. Reliance on the exemptive order is necessary and appropriate due to circumstances related to current or potential effects of COVID-19. All Trustees participating in the telephonic meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

86 Western Asset Core Plus VIT Portfolio

the Transaction is completed, the Board has also approved an interim investment management agreement between the Manager and the Fund (the “Interim Management Agreement”) and interim sub-advisory agreements between the Manager and Western Asset and between Western Asset and each of WAML, Western Asset Singapore and Western Asset Japan (the “Interim Sub-advisory Agreements,” and, collectively, the “Interim Agreements”) that will take effect upon the closing of the Transaction to enable the Manager and Subadvisers to serve as investment managers of the Fund following the termination of the Current Agreements and pending shareholder approval of the New Agreements.

Background

On March 9, 2020, during a telephonic meeting, members of the Board discussed with Legg Mason management and certain Franklin Templeton representatives the Transaction and Franklin Templeton’s plans and intentions regarding the Legg Mason funds and Legg Mason’s asset management business, including the preservation and continued investment autonomy of the investment advisory businesses conducted by the Subadvisers and the combination of Legg Mason’s and Franklin Templeton’s distribution resources.

On April 8, 2020, the Independent Trustees met with representatives of Legg Mason to discuss the Transaction and the New Agreements. In addition, the Independent Trustees met separately, with the assistance of their independent legal counsel, to discuss and evaluate the information provided and to consider what additional information was desired.

The Independent Trustees considered, among other things, whether it would be in the best interests of the Fund and its respective shareholders to approve the New Agreements, and the anticipated impacts of the Transaction on the Fund and its shareholders. To assist the Board in its consideration of the New Agreements, Franklin Templeton provided materials and information about Franklin Templeton, including its financial condition and asset management capabilities and organization, and Franklin Templeton and Legg Mason provided materials and information about the proposed Transaction between Legg Mason and Franklin Templeton.

Before or during the April 14, 2020 meeting, the Board sought additional information as it deemed necessary and appropriate. In connection with the Board’s consideration of the New Agreements, the Independent Trustees worked with their independent legal counsel to prepare requests for information that were submitted to Franklin Templeton and Legg Mason. The Board requested information relevant to the consideration of the New Agreements, distribution arrangements, and other anticipated impacts of the Transaction on the Fund and its shareholders. Franklin Templeton and Legg Mason provided documents and information in response to the request for information. Following their review of this information, the Independent Trustees submitted supplemental due diligence requests for additional information to Franklin Templeton and Legg Mason. Franklin Templeton and Legg

Western Asset Core Plus VIT Portfolio 87

Board approval of new management and new subadvisory agreements (unaudited) (cont’d)

Mason provided further information in response to this supplemental diligence request, which the Board reviewed. Senior management representatives from Franklin Templeton and Legg Mason participated in a portion of the meeting and addressed various questions raised by the Board.

At the April 14, 2020 meeting, representatives of Legg Mason (including representatives of the Advisers) and Franklin Templeton made presentations to, and responded to questions from, the Board. After the presentations and after reviewing the written materials provided, the Independent Trustees met in executive session with their counsel to consider the New Agreements.

The Board’s evaluation of the New Agreements reflected the information provided specifically in connection with its review of the New Agreements, as well as, where relevant, information that was previously furnished to the Board in connection with the most recent renewal of the Current Agreements at in-person meetings held in November 2019 and at other prior Board meetings.

Among other things, the Board considered:

(i) the reputation, experience, financial strength and resources of Franklin Templeton and its investment advisory subsidiaries;

(ii) that Franklin Templeton has informed the Board that it intends to maintain the investment autonomy of the Legg Mason investment advisory subsidiaries;

(iii) that Franklin Templeton and Legg Mason have informed the Board that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Fund and its shareholders by the Advisers, including compliance and other non-advisory services, and have represented that there are not expected to be any changes in the portfolio management personnel managing the Fund as a result of the Transaction;

(iv) that Franklin Templeton and Legg Mason have informed the Board regarding transition plans, including Legg Mason’s provision of retention incentives for certain Legg Mason corporate personnel until the transaction closes, and Franklin Templeton’s provision of long-term retention mechanisms for certain personnel following the closing;

(v) that there are not expected to be any changes to the Fund’s custodian or other service providers as a result of the Transaction;

(vi) that Franklin Templeton has informed the Board that it has no present intention to alter currently effective expense waivers and reimbursements after their expiration, and, while it reserves the right to do so in the future, it would consult with the Board before making any changes;

88 Western Asset Core Plus VIT Portfolio

(vii) that Franklin Templeton does not expect to propose any changes to the investment objective of the Fund or any changes to the principal investment strategies of the Fund as a result of the Transaction;

(viii) the potential benefits to Fund shareholders from being part of a combined fund family with Franklin Templeton-sponsored funds and access to a broader array of investment opportunities;

(ix) that Franklin Templeton’s distribution capabilities, particularly with respect to retail investors, and significant network of intermediary relationships may provide additional opportunities for the Fund to grow assets and lower expense ratios by spreading expenses over a larger asset base;

(x) that Franklin Templeton and Legg Mason will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered;

(xi) the fact that the Fund’s contractual management fee rates will remain the same and will not increase by virtue of the New Agreements;

(xii) the terms and conditions of the New Agreements, including that each New Agreement is identical to its corresponding Current Agreement except for their respective dates of execution, effectiveness and termination;

(xiii) the support expressed by the current senior management team at Legg Mason for the Transaction and Legg Mason’s recommendation that the Board approve the New Agreements;

(xiv) that the Current Agreements are the product of multiple years of review and negotiation and information received and considered by the Board in the exercise of its business judgment during those years, and that within the past year the Board had performed a full review of and approved the Current Agreements as required by the 1940 Act and had determined in the exercise of the Board’s business judgment that each Adviser had the capabilities, resources and personnel necessary to provide the services provided to the Fund, and that the management and subadvisory fees paid by or in respect of the Fund represented reasonable compensation to the applicable Adviser in light of the services provided, the costs to the Adviser of providing those services, the fees and other expenses paid by similar funds, and such other matters as the Trustees considered relevant in the exercise of their business judgment, and represented an appropriate sharing between Fund shareholders and the Advisers of any economies of scale in the management of the Fund at current and anticipated asset levels;

(xv) that the Current Agreements were considered and approved in November 2019;

Western Asset Core Plus VIT Portfolio 89

Board approval of new management and new subadvisory agreements (unaudited) (cont’d)

(xvi) that the Fund will not bear the costs of obtaining shareholder approval of the New Agreements, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statement, regardless of whether the Transaction is consummated; and

(xvii) that under the Transaction Agreement Franklin Templeton has acknowledged that Legg Mason had entered into the Transaction Agreement in reliance upon the benefits and protections provided by Section 15(f) of the 1940 Act, and that, in furtherance of the foregoing, Franklin Templeton represented to the Trustees that it would conduct its business such that (a) for a period of not less than three years after the closing of the Transaction no more than 25% of the members of the Board shall be “interested persons” (as defined in the 1940 Act) of any investment adviser for a Fund, and (b) for a period of not less than two years after the closing, neither Franklin Templeton nor any of its affiliates shall impose an “unfair burden” (within the meaning of the 1940 Act, including any interpretations or no-action letters of the Securities and Exchange Commission) on the Fund as a result of the transactions contemplated by the Transaction Agreement or any express or implied terms, conditions or understandings applicable thereto.

Certain of these considerations are discussed in more detail below.

The information provided and presentations made to the Board encompassed the Fund and all other funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions rendered by the Manager, both of which functions are encompassed by the New Management Agreement, as well as the advisory functions rendered by the Subadvisers pursuant to the New Sub-Advisory Agreements.

Board approval of the New Agreements

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed approval of the New Management Agreement and the New Sub-Advisory Agreements. The Independent Trustees also reviewed the proposed approval of the New Management Agreement and the New Sub-Advisory Agreements in private sessions with their independent legal counsel at which no representatives of the Manager and Subadvisers were present. The Independent Trustees considered the New Management Agreement and each New Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Subadvisers in providing services to the Fund.

In their deliberations, the Trustees considered information received in connection with the most recent Board approval/continuation of each Current Agreement in addition to

90 Western Asset Core Plus VIT Portfolio

information provided by Franklin Templeton and Legg Mason in connection with their evaluation of the terms and conditions of the New Agreements. In connection with the most recent approval/continuation of each Current Agreement, and in connection with their review of each New Agreement, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors.

After considering all of the factors and information, and in the exercise of its business judgment, the Board, including the Independent Trustees, concluded that the New Agreements, including the fees payable thereunder, were fair and reasonable and that entering into the New Agreements for the Fund was in the best interests of the Fund’s shareholders and approved the New Agreements and recommended that shareholders approve the New Agreements.

Nature, extent and quality of the services under the New Agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Subadvisers under the Current Agreements. In evaluating the nature, quality and extent of the services to be provided by the Advisers under the New Agreements, the Trustees considered, among other things, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Adviser, and that Franklin Templeton and Legg Mason have advised the Boards that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Fund and its shareholders by the Advisers, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction. The Board has received information at regular meetings throughout the past year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and Subadvisers took into account the Board’s knowledge gained as Trustees of funds in the Legg Mason fund complex, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Subadvisers, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Subadvisers, and the undertakings required of the Manager and Subadvisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager and the Subadvisers regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, and took that information into account in its evaluation of the New Agreements.

Western Asset Core Plus VIT Portfolio 91

Board approval of new management and new subadvisory agreements (unaudited) (cont’d)

The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and each Subadviser’s risk management processes.

The Board considered information provided by Franklin Templeton regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition.

The Board also reviewed the qualifications, backgrounds and responsibilities of the Manager’s and each Subadviser’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the financial resources of Legg Mason and Franklin Templeton and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Fund of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility.

The Board also considered the policies and practices of the Manager and the Subadvisers regarding the selection of brokers and dealers and the execution of portfolio transactions for the Fund. In addition, the Board considered management’s periodic reports to the Board on, among other things, its business plans and any organizational changes.

The Board received and considered performance information for the Fund as well as for a group of funds (the “Performance Universe”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper (“Lipper”). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund’s performance against its benchmark and against the Fund’s peers. In addition, the Board considered the Fund’s performance in light of overall financial market conditions.

The information comparing the Fund’s performance to that of its Performance Universe, consisting of all funds (including the Fund) classified as core plus bond funds underlying variable insurance products by Lipper, showed, among other data, that the Fund’s performance for the 1-, 3-, 5- and 10-year periods ended December 31, 2019 was above the median.

92 Western Asset Core Plus VIT Portfolio

Based on their review of the materials provided and the assurances received from Franklin Templeton and Legg Mason, the Trustees determined that the Transaction was not expected to affect adversely the nature, extent and quality of services provided by each Adviser and that the Transaction was not expected to have an adverse effect on the ability of the Manager and Subadvisers to provide those services, and the Board concluded that, overall, the nature, extent and quality of services expected to be provided, including performance, under the New Agreements were sufficient for approval.

Management fees and expense ratios

The Board considered that it had reviewed the Fund’s management fee and total expense ratio at the 2019 contract renewal meetings. The Board considered that the New Agreements do not change the Fund’s management fee rate or the computation method for calculating such fees, and that there is no present intention to alter expense waiver and reimbursement arrangements that are currently in effect.

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”) and the actual management fees paid by the Fund to the Manager (the “Actual Management Fee”) in light of the nature, extent and quality of the management and sub-advisory services to be provided by the Manager and the Subadvisers. The Board also considered that fee waiver and/or expense reimbursement arrangements are currently in place for the Fund. The Board also noted that the compensation paid to the Subadvisers is the responsibility and expense of the Manager or Western Asset, as applicable, not the Fund.

In addition, the Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund’s total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Subadvisers to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, separate accounts.

The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts and the differences in associated risks borne by the Advisers.

Western Asset Core Plus VIT Portfolio 93

Board approval of new management and new subadvisory agreements (unaudited) (cont’d)

The Board considered the management fee, the fees of the Subadvisers and the amount of the management fee retained by the Manager after payment of the subadvisory fees in each case in light of the services rendered for those amounts. The Board also received an analysis of Legg Mason complex-wide management fees for funds with a similar strategy provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

The information comparing the Fund’s Contractual and Actual Management Fees as well as its actual total expense ratio to its expense group, consisting of a group of core plus bond funds underlying variable insurance products (including the Fund) chosen by Broadridge to be comparable to the Fund, showed that the Fund’s Contractual Management Fee and Actual Management Fee were below the median. The Board noted that the Fund’s actual total expense ratio was at the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2021.

In evaluating the costs of the services to be provided by the Manager and Subadvisers under the New Agreements, the Board considered, among other things, whether management fees or other expenses would change as a result of the Transaction. Based on their review of the materials provided and the assurances they had received from Franklin Templeton and Legg Mason, the Trustees determined that the Transaction would not increase the total fees payable by the Fund for management services.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the subadvisory fees for the Fund were reasonable in light of the nature, extent and quality of the services to be provided to the Fund under the New Agreements.

Profitability and economies of scale

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason fund complex as a whole. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been previously reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

The Board received and considered information concerning whether the Advisers realize economies of scale as the Fund’s assets grow. In conjunction with their most recent or prior deliberations concerning the Current Agreements, the Board noted that fee breakpoints had been implemented for the Fund, as well as contractual expense limitations, and that after taking those breakpoints and expense limitations into account, the Board had determined

94 Western Asset Core Plus VIT Portfolio

that the total fees for management services, and administrative services for the Fund, were reasonable in light of the services provided, and that any economies of scale were being shared appropriately.

The Board noted that Franklin Templeton and Legg Mason are expected to realize cost savings from the Transaction based on synergies of operations, as well as to benefit from possible growth of the Fund resulting from enhanced distribution capabilities. However, they noted that other factors could also affect profitability and potential economies of scale, and that it was not possible to predict with any degree of certainty how the Transaction would affect the Advisers’ profitability from their relationship with the Fund, nor to quantify at this time any possible future economies of scale. The Trustees noted they will have the opportunity to periodically re-examine such profitability and any economies of scale going forward.

The Board determined that the management fee structure for the Fund, including its breakpoints, was reasonable.

Other benefits to the Manager and the Subadvisers

The Board considered other benefits received by the Manager, the Subadvisers and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Subadvisers to the Fund, the Board considered that the ancillary benefits that the Manager and its affiliates received are reasonable. In evaluating the fall-out benefits to be received by the Manager and Subadvisers under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits received by virtue of the Current Agreements.

The Board considered that Franklin Templeton may derive reputational and other benefits from its ability to use the Legg Mason investment affiliates’ names in connection with operating and marketing the Fund. The Board also considered that the Transaction, if completed, would significantly increase Franklin Templeton’s assets under management and expand Franklin Templeton’s investment capabilities.

Western Asset Core Plus VIT Portfolio 95

Western Asset

Core Plus VIT Portfolio

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson*

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chairman

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

* Effective March 6, 2020, Mr. Larson became a Trustee.

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadvisers

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Pte. Ltd.

Western Asset Management Company Ltd

Distributor

Legg Mason Investor Services, LLC

Custodian

The Bank of New York Mellon

Transfer agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

Western Asset Core Plus VIT Portfolio

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

Western Asset Core Plus VIT Portfolio

Legg Mason Funds

620 Eighth Avenue, 49th Floor

New York, NY 10018

The Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Portfolio’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Portfolio at 1-877-721-1926.

Information on how the Portfolio voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Portfolio uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Portfolio at 1-877-721-1926, (2) at www.leggmason.com/variablefunds and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Core Plus VIT Portfolio. This report is not authorized for distribution to prospective investors in the Portfolio unless preceded or accompanied by a current prospectus.

Investors should consider the Portfolio’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Portfolio. Please read the prospectus carefully before investing.

www.leggmason.com

© 2020 Legg Mason Investor Services, LLC

Member FINRA, SIPC

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

• Personal information included on applications or other forms;

• Account balances, transactions, and mutual fund holdings and positions;

• Bank account information, legal documents, and identity verification documentation;

• Online account access user IDs, passwords, security challenge question responses; and

• Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

• Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;

• Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

• Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE SEMI-ANNUAL REPORT

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

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.leggmason.com, or contact the Funds at 1-877-721-1926.

Revised April 2018

NOT PART OF THE SEMI-ANNUAL REPORT

www.leggmason.com

© 2020 Legg Mason Investor Services, LLC Member FINRA, SIPC

FD04231 8/20 SR20-3942

ITEM 2.	CODE OF ETHICS.
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
ITEM 6.	SCHEDULE OF INVESTMENTS.
	Included herein under Item 1.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	Not applicable.
ITEM 11.	CONTROLS AND PROCEDURES.
	(a)   The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
	(b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12.	DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable
ITEM 13.	EXHIBITS.
	(a) (1) Not applicable.
	Exhibit 99.CODE ETH
	(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.CERT
	(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.906CERT

SIGNATURES

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

Legg Mason Partners Variable Income Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	August 24, 2020

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

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	August 24, 2020
By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	August 24, 2020