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, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report June 30, 2022

WESTERN ASSET

VARIABLE GLOBAL

HIGH YIELD BOND PORTFOLIO

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

What’s inside
Letter from the president	II
Performance review	III
Portfolio at a glance	1
Portfolio expenses	2
Schedule of investments	4
Statement of assets and liabilities	20
Statement of operations	21
Statements of changes in net assets	22
Financial highlights	23
Notes to financial statements	25
Board approval of management and subadvisory agreements	41
Statement regarding liquidity risk management program	45

Portfolio objective

The Portfolio seeks to maximize total return.

Letter from the president

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Variable Global High Yield Bond Portfolio for the six-month reporting period ended June 30, 2022. Please read on for Portfolio performance information during the Portfolio’s reporting period.

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

• Market insights and commentaries from our portfolio managers and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 29, 2022

  II Western Asset Variable Global High Yield Bond Portfolio

Performance review

For the six months ended June 30, 2022, Class I shares of Western Asset Variable Global High Yield Bond Portfolio¹ returned -17.79%. The Portfolio’s unmanaged benchmark, the Bloomberg Global High Yield Index (Hedged) (USD)ⁱ, returned -15.23% for the same period. The Lipper Variable High Yield Funds Category Averageⁱⁱ returned -12.37% over the same period.

Performance Snapshot as of June 30, 2022(unaudited)
	6 months
Western Asset Variable Global High Yield Bond Portfolio:		-17.79	%
Class I
Class II		-17.73	%
Bloomberg Global High Yield Index (Hedged) (USD)		-15.23	%
Lipper Variable High Yield Funds Category Average		-12.37	%

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, 2022 for Class I and Class II shares were 8.08% and 7.80%, 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, 2022, the gross total annual fund operating expense ratios for Class I and Class II shares were 0.82% and 1.07%, 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.

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.

Western Asset Variable Global High Yield Bond Portfolio   III

Performance review (cont’d)

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

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 29, 2022

RISKS: Investments in bonds are subject to interest rate and credit risks. As interest rates rise, bond prices fall, thereby reducing the value of the Portfolios share price. High-yield bonds, commonly known as “junk” bonds, involve greater credit and liquidity risks than investment grade bonds. Investing in foreign securities is subject to certain risks not associated with domestic investing; such as currency fluctuations and social, political and economic uncertainties, which could increase volatility. These risks are magnified in emerging or developing markets. Emerging market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Portfolio may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Portfolio performance. The use of leverage may increase volatility and possibility of loss. Please see the Portfolios 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 Global High Yield Index (Hedged) (USD) provides a broad-based measure of the global high-yield fixed income markets, representing the union of the U.S. High-Yield, Pan-European High-Yield, and Emerging Markets Hard Currency High Yield Indices.

ⁱⁱ  Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the six-month period ended June 30, 2022, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 101 funds in the Portfolio’s Lipper category.

  IV Western Asset Variable Global High Yield Bond 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, 2022 and December 31, 2021 and does not include derivatives, such as futures contracts and forward foreign currency contracts. The Portfolio is actively managed. As a result, the composition of the Portfolio’s investments is subject to change at any time.

Western Asset Variable Global High Yield Bond Portfolio 2022 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, 2022 and held for the six months ended June 30, 2022.

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		-17.79	%	$	1,000.00	$	822.10		0.82	%	$	3.70	Class I		5.00	%	$	1,000.00	$	1,020.73		0.82	%	$	4.11
Class II		-17.73			1,000.00		822.70		1.07			4.84	Class II		5.00			1,000.00		1,019.49		1.07			5.36

  2 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

¹  For the six months ended June 30, 2022.

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 (181), then divided by 365.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   3

Schedule of investments (unaudited)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Corporate Bonds & Notes — 79.7%
Communication Services — 16.5%
Diversified Telecommunication Services — 4.2%
Altice Financing SA, Senior Secured Notes		5.000	%		1/15/28		500,000		$	404,308	(a)
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		1,000,000			805,335	(a)
Altice France Holding SA, Senior Notes		6.000	%		2/15/28		690,000			491,042	(a)
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		810,000			681,259	(a)
Altice France SA, Senior Secured Notes		5.125	%		7/15/29		250,000			189,536	(a)
Altice France SA, Senior Secured Notes		5.500	%		10/15/29		1,580,000			1,211,836	(a)
Level 3 Financing Inc., Senior Notes		3.625	%		1/15/29		1,160,000			896,607	(a)
Turk Telekomunikasyon AS, Senior Notes		6.875	%		2/28/25		850,000			761,651	(a)
Total Diversified Telecommunication Services										5,441,574
Interactive Media & Services —1.3%
Match Group Holdings II LLC, Senior Notes		3.625	%		10/1/31		1,690,000			1,334,170	(a)
Rackspace Technology Global Inc., Senior Secured Notes		3.500	%		2/15/28		500,000			392,500	(a)
Total Interactive Media & Services										1,726,670
Media — 7.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		1,400,000			1,166,876	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		2/1/31		170,000			139,022	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		2,480,000			2,016,451
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		830,000			644,059	(a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes		5.875	%		8/15/27		1,010,000			864,868	(a)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		280,000			236,858
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		440,000			344,522
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		530,000			323,724
DISH DBS Corp., Senior Secured Notes		5.750	%		12/1/28		1,040,000			771,976	(a)
Sirius XM Radio Inc., Senior Notes		4.125	%		7/1/30		700,000			586,299	(a)
United Group BV, Senior Secured Notes		5.250	%		2/1/30		150,000	EUR		116,675	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		5/15/29		900,000			806,522	(a)
VZ Secured Financing BV, Senior Secured Notes		5.000	%		1/15/32		1,920,000			1,597,594	(a)
Total Media										9,615,446

See Notes to Financial Statements.

  4 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Wireless Telecommunication Services — 3.7%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		570,000		$	515,918	(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		1,760,000			1,285,205	(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		630,000			425,623	(a)
Millicom International Cellular SA, Senior Notes		4.500	%		4/27/31		750,000			556,478	(b)
T-Mobile USA Inc., Senior Notes		2.625	%		2/15/29		1,650,000			1,393,395
Vmed 02 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		810,000			656,100	(a)
Total Wireless Telecommunication Services										4,832,719
Total Communication Services										21,616,409
Consumer Discretionary — 25.8%
Auto Components — 2.3%
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		600,000			531,732
American Axle & Manufacturing Inc., Senior Notes		5.000	%		10/1/29		1,110,000			903,222
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		1,690,000			1,624,623	(a)
Total Auto Components										3,059,577
Automobiles — 3.5%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		3,110,000			2,336,776
Ford Motor Credit Co. LLC, Senior Notes		4.125	%		8/17/27		500,000			441,693
Ford Motor Credit Co. LLC, Senior Notes		3.815	%		11/2/27		400,000			340,794
Ford Motor Credit Co. LLC, Senior Notes		2.900	%		2/16/28		1,800,000			1,453,311
Total Automobiles										4,572,574
Diversified Consumer Services — 3.5%
APCOA Parking Holdings GmbH, Senior Secured Notes		4.625	%		1/15/27		1,390,000	EUR		1,190,991	(b)
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		1,840,000			1,499,166	(a)
StoneMor Inc., Senior Secured Notes		8.500	%		5/15/29		960,000			854,587	(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		1,440,000			961,186	(a)
Total Diversified Consumer Services										4,505,930
Hotels, Restaurants & Leisure — 13.9%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		3.500	%		2/15/29		460,000			390,200	(a)
Carnival Corp., Senior Notes		5.750	%		3/1/27		790,000			573,311	(a)
Carnival Corp., Senior Notes		6.000	%		5/1/29		1,100,000			776,633	(a)
Carnival Corp., Senior Notes		10.500	%		6/1/30		560,000			462,143	(a)
Carnival PLC, Senior Notes		1.000	%		10/28/29		1,000,000	EUR		593,973
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		640,000			468,230	(a)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   5

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Hotels, Restaurants & Leisure — continued
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		300,000		$	283,703
Las Vegas Sands Corp., Senior Notes		3.900	%		8/8/29		2,100,000			1,717,437
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.669%)		3.607	%		7/16/35		853,000	GBP		830,960	(b)(c)
Melco Resorts Finance Ltd., Senior Notes		5.375	%		12/4/29		980,000			592,934	(a)
MGM China Holdings Ltd., Senior Notes		4.750	%		2/1/27		870,000			616,038	(a)
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		740,000			582,990	(a)
NCL Corp. Ltd., Senior Secured Notes		5.875	%		2/15/27		160,000			137,101	(a)
NCL Finance Ltd., Senior Notes		6.125	%		3/15/28		1,030,000			750,752	(a)
Royal Caribbean Cruises Ltd., Senior Notes		4.250	%		7/1/26		920,000			655,201	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		8/31/26		500,000			372,700	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		2,020,000	GBP		2,162,815	(b)
Saga PLC, Senior Notes		5.500	%		7/15/26		790,000	GBP		840,824	(b)
Sands China Ltd., Senior Notes		5.400	%		8/8/28		500,000			386,325
Sands China Ltd., Senior Notes		3.100	%		3/8/29		200,000			141,856	(a)
Sands China Ltd., Senior Notes		3.250	%		8/8/31		730,000			483,486	(a)
TUI Cruises GmbH, Senior Notes		6.500	%		5/15/26		250,000	EUR		185,149	(b)
Viking Cruises Ltd., Senior Secured Notes		13.000	%		5/15/25		200,000			205,234	(a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes		5.625	%		2/15/29		160,000			126,364	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		1,460,000			1,175,125	(a)
Wheel Bidco Ltd., Senior Secured Notes		6.750	%		7/15/26		760,000	GBP		743,430	(a)
Wynn Macau Ltd., Senior Notes		5.500	%		10/1/27		530,000			343,777	(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		780,000			482,652	(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		890,000			553,820	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.750	%		4/15/25		600,000			584,703	(a)
Total Hotels, Restaurants & Leisure										18,219,866
Household Durables — 0.3%
TopBuild Corp., Senior Notes		3.625	%		3/15/29		440,000			347,200	(a)
Internet & Direct Marketing Retail — 1.3%
MercadoLibre Inc., Senior Notes		3.125	%		1/14/31		2,360,000			1,702,811
Multiline Retail — 0.3%
Marks & Spencer PLC, Senior Notes		3.750	%		5/19/26		400,000	GBP		428,648	(b)
Specialty Retail — 0.7%
Party City Holdings Inc., Senior Secured Notes		8.750	%		2/15/26		310,000			208,910	(a)
Tendam Brands SAU, Senior Secured Notes		5.000	%		9/15/24		130,000	EUR		130,573	(a)

See Notes to Financial Statements.

  6 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Specialty Retail — continued
Tendam Brands SAU, Senior Secured Notes (3 mo. EURIBOR + 5.250%, 5.250% floor)		5.250	%		9/15/24		360,000	EUR	$	362,280	(a)(c)
Tendam Brands SAU, Senior Secured Notes (3 mo. EURIBOR + 5.250%, 5.250% floor)		5.250	%		9/15/24		250,000	EUR		251,583	(b)(c)
Total Specialty Retail										953,346
Total Consumer Discretionary										33,789,952
Consumer Staples — 0.9%
Beverages — 0.8%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, Senior Notes		5.250	%		4/27/29		1,140,000			997,853	(a)
Food & Staples Retailing — 0.1%
Bellis Acquisition Co. PLC, Senior Secured Notes		4.500	%		2/16/26		170,000	GBP		166,588	(a)
Total Consumer Staples										1,164,441
Energy — 7.9%
Energy Equipment & Services — 0.4%
Sunnova Energy Corp., Senior Notes		5.875	%		9/1/26		670,000			583,883	(a)
Oil, Gas & Consumable Fuels — 7.5%
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		220,000			198,833
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)		6.625	%		2/15/28		130,000			96,218	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		1,120,000			938,771	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		1,090,000			938,110	(c)(d)
EQM Midstream Partners LP, Senior Notes		6.500	%		7/1/27		150,000			139,737	(a)
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/30		240,000			230,942	(a)
MEG Energy Corp., Senior Notes		5.875	%		2/1/29		270,000			247,007	(a)
Occidental Petroleum Corp., Senior Notes		6.625	%		9/1/30		270,000			278,592
Occidental Petroleum Corp., Senior Notes		6.125	%		1/1/31		500,000			507,810
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		410,000			398,110
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		340,000			304,530
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		1,500,000			1,161,938	(a)
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		1,850,000			1,267,398
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/38		1,350,000			892,181
Range Resources Corp., Senior Notes		8.250	%		1/15/29		560,000			571,865
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		770,000			659,844

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   7

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		710,000	$	626,312	(a)
YPF SA, Senior Notes		6.950	%		7/21/27		690,000		392,520	(a)
Total Oil, Gas & Consumable Fuels									9,850,718
Total Energy									10,434,601
Financials — 8.2%
Banks — 3.5%
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)		6.625	%		1/24/32		780,000		638,430	(a)(c)(d)
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.625% to 1/10/28 then 10 year Treasury Constant Maturity Rate + 5.353%)		7.625	%		1/10/28		400,000		371,368	(a)(c)(d)
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)		5.125	%		1/18/33		970,000		823,016	(a)(c)
Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate + 2.600%)		4.198	%		6/1/32		2,220,000		1,628,130	(a)(c)
JPMorgan Chase & Co., Junior Subordinated Notes (6.125% to 4/30/24 then 3 mo. USD LIBOR + 3.330%)		6.125	%		4/30/24		500,000		476,285	(c)(d)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		160,000		163,322
TC Ziraat Bankasi AS, Senior Notes		5.125	%		9/29/23		560,000		536,760	(a)
Total Banks									4,637,311
Capital Markets — 3.8%
B3 SA - Brasil Bolsa Balcao, Senior Notes		4.125	%		9/20/31		1,870,000		1,541,347	(a)
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate + 3.079%)		4.000	%		12/1/30		330,000		254,430	(c)(d)
Coinbase Global Inc., Senior Notes		3.625	%		10/1/31		430,000		242,740	(a)
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		2,200,000		1,911,798	(a)(b)(c)

See Notes to Financial Statements.

  8 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Capital Markets — continued
Credit Suisse Group AG, Junior Subordinated Notes (7.500% to 7/17/23 then USD 5 year ICE Swap Rate + 4.600%)		7.500	%		7/17/23		450,000		$	416,250	(a)(c)(d)
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		570,000			583,538	(a)(c)(d)
Total Capital Markets										4,950,103
Diversified Financial Services — 0.9%
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		1,562,198			1,187,669	(a)(e)
Total Financials										10,775,083
Health Care — 5.3%
Health Care Providers & Services — 0.3%
Tenet Healthcare Corp., Secured Notes		6.250	%		2/1/27		480,000			442,800	(a)
Health Care Technology — 0.2%
Minerva Merger Sub Inc., Senior Notes		6.500	%		2/15/30		300,000			250,363	(a)
Pharmaceuticals — 4.8%
Bausch Health Cos. Inc., Senior Secured Notes		6.125	%		2/1/27		280,000			238,503	(a)
Cheplapharm Arzneimittel GmbH, Senior Secured Notes		5.500	%		1/15/28		560,000			468,579	(a)
Cidron Aida Finco SarI, Senior Secured Notes		6.250	%		4/1/28		360,000	GBP		360,443	(a)
Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Senior Secured Notes		6.125	%		4/1/29		250,000			189,477	(a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		5,570,000			4,585,530
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		4.750	%		5/9/27		470,000			402,023
Total Pharmaceuticals										6,244,555
Total Health Care										6,937,718
Industrials — 8.7%
Aerospace & Defense — 0.4%
BWX Technologies Inc., Senior Notes		4.125	%		6/30/28		590,000			526,203	(a)
Airlines — 2.7%
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.500	%		4/20/26		210,000			193,683	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.750	%		4/20/29		940,000			805,740	(a)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   9

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Airlines — continued
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,038,000		$	1,067,199	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		1,770,000			1,507,500	(a)
Total Airlines										3,574,122
Building Products — 0.8%
Advanced Drainage Systems Inc., Senior Notes		6.375	%		6/15/30		790,000			772,845	(a)
Ideal Standard International SA, Senior Secured Notes		6.375	%		7/30/26		360,000	EUR		233,000	(a)
Total Building Products										1,005,845
Commercial Services & Supplies — 1.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SarI, Senior Secured Notes		4.625	%		6/1/28		690,000			559,467	(a)
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		930,000			908,666
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		740,000			610,659
Total Commercial Services & Supplies										2,078,792
Electrical Equipment — 0.5%
Sensata Technologies Inc., Senior Notes		4.375	%		2/15/30		810,000			690,900	(a)
Machinery — 1.3%
ATS Automation Tooling Systems Inc., Senior Notes		4.125	%		12/15/28		710,000			593,890	(a)
Cellnex Finance Co. SA, Senior Notes		2.000	%		2/15/33		200,000	EUR		139,711	(b)
TK Elevator Midco GmbH, Senior Secured Notes		4.375	%		7/15/27		1,020,000	EUR		926,248	(a)
Total Machinery										1,659,849
Trading Companies & Distributors — 1.4%
Boise Cascade Co., Senior Notes		4.875	%		7/1/30		780,000			683,296	(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		1,420,000			1,151,989	(a)
Total Trading Companies & Distributors										1,835,285
Total Industrials										11,370,996
Information Technology — 0.3%
IT Services — 0.3%
Acuris Finance US Inc./Acuris Finance SARL, Senior Secured Notes		5.000	%		5/1/28		320,000			266,185	(a)
IPD 3 BV, Senior Secured Notes		5.500	%		12/1/25		100,000	EUR		93,985	(a)
Total Information Technology										360,170
Materials — 3.5%
Chemicals — 1.0%
INEOS Quattro Finance 1 PLC, Senior Notes		3.750	%		7/15/26		130,000	EUR		109,646	(a)

See Notes to Financial Statements.

  10 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Chemicals — continued
INEOS Quattro Finance 2 PLC, Senior Secured Notes		3.375	%		1/15/26		690,000		$	580,628	(a)
Sasol Financing USA LLC, Senior Notes		5.500	%		3/18/31		760,000			586,401
Total Chemicals										1,276,675
Containers & Packaging — 2.5%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)		6.500	%		6/30/27		600,000			446,028	(a)(e)
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, Senior Secured Notes		6.000	%		6/15/27		580,000			575,073	(a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		5.250	%		8/15/27		1,000,000			715,765	(a)
Ball Corp., Senior Notes		2.875	%		8/15/30		830,000			669,907
Ball Corp., Senior Notes		3.125	%		9/15/31		430,000			347,578
Cascades Inc./Cascades USA Inc., Senior Notes		5.375	%		1/15/28		110,000			93,701	(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		570,000			505,165
Total Containers & Packaging										3,353,217
Total Materials										4,629,892
Real Estate — 1.9%
Equity Real Estate Investment Trusts (REITs) — 1.3%
Diversified Healthcare Trust, Senior Notes		4.375	%		3/1/31		590,000			401,964
Service Properties Trust, Senior Notes		4.500	%		3/15/25		150,000			118,694
Service Properties Trust, Senior Notes		5.500	%		12/15/27		870,000			705,787
Service Properties Trust, Senior Notes		4.950	%		10/1/29		780,000			533,407
Total Equity Real Estate Investment Trusts (REITs)										1,759,852
Real Estate Management & Development — 0.6%
China Aoyuan Group Ltd., Senior Secured Notes		8.500	%		1/23/22		400,000			45,885	*(b)(f)
China Aoyuan Group Ltd., Senior Secured Notes		6.350	%		2/8/24		850,000			83,258	*(b)(g)
China SCE Group Holdings Ltd., Senior Secured Notes		6.000	%		2/4/26		650,000			180,375	(b)
SamhalIsbyggnadsbolaget i Norden AB, Junior Subordinated Notes (2.624% to 4/30/25 then EUR 5 year Swap Rate + 2.814%)		2.624	%		1/30/25		1,000,000	EUR		357,779	(b)(c)(d)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   11

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Real Estate Management & Development — continued
Yuzhou Group Holdings Co. Ltd., Senior Secured Notes		8.500	%		2/4/23		200,000	$	18,600	*(b)(g)
Yuzhou Group Holdings Co. Ltd., Senior Secured Notes		6.000	%		10/25/23		900,000		67,500	*(b)(g)
Total Real Estate Management & Development									753,397
Total Real Estate									2,513,249
Utilities — 0.7%
Gas Utilities — 0.5%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes		5.000	%		6/1/31		730,000		621,938	(a)
Independent Power and Renewable Electricity Producers — 0.2%
Cikarang Listrindo Tbk PT, Senior Notes		4.950	%		9/14/26		350,000		324,868	(a)
Total Utilities									946,806
Total Corporate Bonds & Notes (Cost — $127,520,796)									104,539,317
Sovereign Bonds — 11.5%
Angola — 0.6%
Angolan Government International Bond, Senior Notes		8.250	%		5/9/28		400,000		333,440	(a)
Angolan Government International Bond, Senior Notes		8.750	%		4/14/32		620,000		497,862	(a)
Total Angola									831,302
Argentina — 1.4%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		193,002		44,370
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		523,917		124,265
Argentine Republic Government International Bond, Senior Notes, Step bond (1.125% to 7/9/22 then 1.500%)		1.125	%		7/9/35		2,309,180		500,224
Provincia de Buenos Aires, Senior Notes, Step bond (3.900% to 9/1/22 then 5.250%)		3.900	%		9/1/37		2,028,278		607,844	(a)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		350,000		268,187	(a)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		390,000		254,962	(a)
Total Argentina									1,799,852
Bahamas — 0.2%
Bahamas Government International Bond, Senior Notes		6.950	%		11/20/29		300,000		218,565	(a)

See Notes to Financial Statements.

  12 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Bahrain — 0.3%
Bahrain Government International Bond, Senior Notes		6.000	%		9/19/44		510,000	$	380,058	(a)
Costa Rica — 0.2%
Costa Rica Government International Bond, Senior Notes		7.000	%		4/4/44		350,000		302,134	(a)
Dominican Republic — 1.3%
Dominican Republic International Bond, Senior Notes		5.500	%		2/22/29		480,000		419,035	(a)
Dominican Republic International Bond, Senior Notes		4.500	%		1/30/30		410,000		330,283	(a)
Dominican Republic International Bond, Senior Notes		4.875	%		9/23/32		150,000		115,791	(a)
Dominican Republic International Bond, Senior Notes		6.000	%		2/22/33		390,000		325,868	(a)
Dominican Republic International Bond, Senior Notes		6.850	%		1/27/45		600,000		476,160	(a)
Total Dominican Republic									1,667,137
Ecuador — 0.7%
Ecuador Government International Bond, Senior Notes		0.000	%		7/31/30		1,270,000		530,755	(a)
Ecuador Government International Bond, Senior Notes, Step bond (1.000% to 7/31/22 then 2.500%)		1.000	%		7/31/35		800,000		387,644	(a)
Total Ecuador									918,399
Egypt — 0.7%
Egypt Government International Bond, Senior Notes		3.875	%		2/16/26		240,000		175,898	(a)
Egypt Government International Bond, Senior Notes		6.588	%		2/21/28		300,000		218,250	(b)
Egypt Government International Bond, Senior Notes		7.600	%		3/1/29		670,000		490,725	(a)
Total Egypt									884,873
Ghana — 0.5%
Ghana Government International Bond, Senior Notes		10.750	%		10/14/30		290,000		250,915	(a)
Ghana Government International Bond, Senior Notes		8.125	%		3/26/32		730,000		355,335	(a)
Total Ghana									606,250

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   13

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†			Value
Ivory Coast — 0.7%
Ivory Coast Government International Bond, Senior Notes		5.750	%		12/31/32		125,389		$	109,013	(b)
Ivory Coast Government International Bond, Senior Notes		6.125	%		6/15/33		1,050,000			826,529	(a)
Total Ivory Coast										935,542
Jordan — 0.5%
Jordan Government International Bond, Senior Notes		7.750	%		1/15/28		780,000			729,300	(a)
Kenya — 0.2%
Republic of Kenya Government International Bond, Senior Notes		7.250	%		2/28/28		300,000			217,701	(a)
Mexico — 1.0%
Mexican Bonos, Senior Notes		7.750	%		11/23/34		22,020,000	MXN		988,910
Mexican Bonos, Senior Notes		7.750	%		11/13/42		8,140,000	MXN		354,149
Total Mexico										1,343,059
Nigeria — 0.2%
Nigeria Government International Bond, Senior Notes		6.500	%		11/28/27		260,000			198,775	(b)
Nigeria Government International Bond, Senior Notes		7.875	%		2/16/32		200,000			139,850	(a)
Total Nigeria										338,625
Paraguay — 0.8%
Paraguay Government International Bond, Senior Notes		2.739	%		1/29/33		1,340,000			1,000,196	(a)
Russia — 0.3%
Russian Federal Bond — OFZ		8.150	%		2/3/27		34,070,000	RUB		55,751	*(g)
Russian Federal Bond — OFZ		7.050	%		1/19/28		88,573,000	RUB		144,938	*(g)
Russian Federal Bond — OFZ		6.900	%		5/23/29		98,650,000	RUB		161,427	*(g)
Total Russia										362,116
Senegal — 0.2%
Senegal Government International Bond, Senior Notes		6.750	%		3/13/48		460,000			294,184	(a)
South Africa — 0.2%
Republic of South Africa Government International Bond, Senior Notes		5.650	%		9/27/47		380,000			260,433

See Notes to Financial Statements.

  14 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Turkey — 1.4%
Turkey Government International Bond, Senior Notes		4.250	%		4/14/26		1,520,000	$	1,225,793
Turkey Government International Bond, Senior Notes		4.875	%		10/9/26		700,000		562,669
Total Turkey									1,788,462
Ukraine — 0.1%
Ukraine Government International Bond, Senior Notes		7.750	%		9/1/26		200,000		52,664	(a)
Ukraine Government International Bond, Senior Notes		7.375	%		9/25/32		600,000		150,327	(a)
Total Ukraine									202,991
Total Sovereign Bonds (Cost — $23,086,443)									15,081,179
Senior Loans — 1.9%
Communication Services — 0.5%
Media — 0.5%
DirecTV Financing LLC, Closing Date Term Loan (1 mo. USD LIBOR + 5.000%)		6.666	%		8/2/27		748,685		691,444	(c)(h)(i)
Industrials — 1.4%
Airlines — 1.4%
United Airlines Inc., Term Loan B (1 mo. USD LIBOR + 3.750%)		5.392	%		4/21/28		1,967,538		1,837,198	(c)(h)(i)
Total Senior Loans (Cost — $2,714,892)									2,528,642
Convertible Bonds & Notes — 1.9%
Communication Services — 1.3%
Media — 1.3%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		700,000		618,625
DISH Network Corp., Senior Notes		3.375	%		8/15/26		1,480,000		1,003,440
Total Communication Services									1,622,065
Industrials — 0.6%
Airlines — 0.6%
Spirit Airlines Inc., Senior Notes		1.000	%		5/15/26		880,000		797,720
Total Convertible Bonds & Notes (Cost — $2,825,923)									2,419,785
						Shares
Investments in Underlying Funds — 1.7%
SPDR Bloomberg High Yield Bond ETF (Cost — $2,404,460)							25,000		2,267,750

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   15

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

(Percentages shown based on Portfolio net assets)

Security	Rate			Maturity Date		Face Amount†		Value
Asset-Backed Securities — 0.4%
Magnetite XII Ltd., 2015-12A ER (3 mo. USD LIBOR + 5.680%) (Cost — $592,417)		6.724	%		10/15/31		600,000	$	521,259	(a)(c)
U.S. Government & Agency Obligations — 0.3%
U.S. Government Obligations — 0.3%
U.S. Treasury Notes		2.875	%		6/15/25		200,000		199,219
U.S. Treasury Notes		1.875	%		2/28/27		200,000		189,863
Total U.S. Government & Agency Obligations (Cost — $386,612)									389,082
				Expiration Date		Warrants
Warrants — 0.0%††
Financials — 0.0%††
Capital Markets — 0.0%††
EG Acquisition Corp., Class A Shares (Cost — $6,358)					5/28/28		6,640		962	*
						Shares
Common Stocks — 0.0%††
Energy — 0.0%††
Energy Equipment & Services — 0.0%††
KCAD Holdings I Ltd. (Cost — $613,437)							75,024,286		0	*(j)(k)(I)
Total Investments — 97.4% (Cost — $160,151,338)									127,747,976
Other Assets in Excess of Liabilities — 2.6%									3,417,697
Total Net Assets — 100.0%								$	131,165,673

See Notes to Financial Statements.

  16 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

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

†† Represents less than 0.1 %.

*  Non-income producing security.

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

^(b)  Security 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.

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

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

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

^(f)  The maturity principal is currently in default as of June 30, 2022.

^(g) The coupon payment on this security is currently in default as of June 30, 2022.

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

⁽ⁱ⁾  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.

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

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

^(l)  Value is less than $1.

Abbreviation(s) used in this schedule:
ETF	— Exchange-Traded Fund
EUR	— Euro
EURIBOR	— Euro Interbank Offered Rate
GBP	— British Pound
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
PIK	— Payment-In-Kind
RUB	— Russian Ruble
SPDR	— Standard & Poor’s Depositary Receipts
USD	— United States Dollar

At June 30, 2022, the Portfolio had the following open futures contracts:

	Number of Contracts		Expiration Date	Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 10-Year Notes		75	9/22	$	8,978,336	$	8,889,844	$	(88,492)

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   17

Schedule of investments (unaudited) (cont’d)

June 30, 2022

Western Asset Variable Global High Yield Bond Portfolio

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Sell:
Euro		27		9/22	$	3,634,808	$	3,556,575	$	78,233
Net unrealized depreciation on open futures contracts									$	(10,259)

At June 30, 2022, the Portfolio had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	495,545	USD	24,623	Citibank N.A.		7/19/22	$	(65)
USD	279,157	EUR	260,000	Citibank N.A.		7/19/22		6,353
EUR	119,672	USD	126,254	Goldman Sachs Group Inc.		7/19/22		(689)
USD	846,682	EUR	800,000	Goldman Sachs Group Inc.		7/19/22		7,284
USD	6,203,938	GBP	4,748,554	Goldman Sachs Group Inc.		7/19/22		421,753
USD	1,529,198	EUR	1,396,171	Morgan Stanley & Co. Inc.		7/19/22		64,271
Total							$	498,907

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

Summary of Investments by Country**
United States	48.4	%
United Kingdom	5.7
Mexico	4.2
Israel	3.9
Brazil	3.1
Luxembourg	2.5
Turkey	2.4
Macau	2.3
Switzerland	2.3
Argentina	2.2
Germany	2.2
Netherlands	1.5
Cayman Islands	1.3
Dominican Republic	1.3
Italy	1.3
France	1.2
Canada	1.0
Peru	0.9

See Notes to Financial Statements.

  18 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Western Asset Variable Global High Yield Bond Portfolio

Summary of Investments by Country** (cont’d)
Paraguay	0.8	%
Guatemala	0.8
Ivory Coast	0.7
Ecuador	0.7
Egypt	0.7
Spain	0.7
South Africa	0.7
Angola	0.6
Jordan	0.6
Ghana	0.5
Hong Kong	0.5
Colombia	0.4
China	0.3
Bahrain	0.3
Russia	0.3
Sweden	0.3
Nigeria	0.3
Indonesia	0.2
Costa Rica	0.2
Senegal	0.2
Belgium	0.2
Bahamas	0.2
Kenya	0.2
Ukraine	0.1
Investments in Underlying Funds	1.8
	100.0	%

** As a percentage of total investments. Please note that the Portfolio holdings are as of June 30, 2022 and are subject to change.

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   19

Statement of assets and liabilities (unaudited)

June 30, 2022

Assets:
Investments, at value (Cost — $160,151,338)	$	127,747,976
Foreign currency, at value (Cost — $448,898)		480,928
Cash		194,353
Interest receivable		1,987,826
Unrealized appreciation on forward foreign currency contracts		499,661
Deposits with brokers for open futures contracts		294,018
Receivable for Portfolio shares sold		145,999
Receivable from brokers — net variation margin on open futures contracts		63,684
Dividends receivable from affiliated investments		37
Prepaid expenses		116
Total Assets		131,414,598
Liabilities:
Investment management fee payable		79,161
Shareholder reports payable		48,749
Payable for Portfolio shares repurchased		48,527
Fund accounting fees payable		34,518
Audit and tax fees payable		21,292
Service and/or distribution fees payable		11,587
Unrealized depreciation on forward foreign currency contracts		754
Trustees’ fees payable		505
Accrued foreign capital gains tax		135
Accrued expenses		3,697
Total Liabilities		248,925
Total Net Assets	$	131,165,673
Net Assets:
Par value (Note 7)	$	219
Paid-in capital in excess of par value		176,221,545
Total distributable earnings (loss)		(45,056,091)
Total Net Assets	$	131,165,673
Net Assets:
Class I		$77,315,459
Class II		$53,850,214
Shares Outstanding:
Class I		13,094,884
Class II		8,819,458
Net Asset Value:
Class I		$5.90
Class II		$6.11

See Notes to Financial Statements.

  20 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended June 30, 2022

Investment Income:
Interest	$	4,045,071
Dividends from unaffiliated investments		24,373
Dividends from affiliated investments		1,872
Less: Foreign taxes withheld		(20,038)
Total Investment Income		4,051,278
Expenses:
Investment management fee (Note 2)		520,608
Service and/or distribution fees (Notes 2 and 5)		74,836
Fund accounting fees		35,316
Audit and tax fees		20,592
Shareholder reports		17,642
Legal fees		4,793
Custody fees		1,909
Transfer agent fees (Note 5)		1,733
Trustees’ fees		1,607
Interest expense		754
Commitment fees (Note 9)		578
Insurance		181
Miscellaneous expenses		3,368
Total Expenses		683,917
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(705)
Net Expenses		683,212
Net Investment Income		3,368,066
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		(2,395,729)
Futures contracts		216,235
Forward foreign currency contracts		370,525
Foreign currency transactions		(3,298)
Net Realized Loss		(1,812,267)
Change in Net Unrealized Appreciation (Depreciation) From: Investments in unaffiliated securities		(30,700,797	)‡
Futures contracts		19,975
Forward foreign currency contracts		422,623
Foreign currencies		26,760
Change in Net Unrealized Appreciation (Depreciation)		(30,231,439)
Net Loss on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions		(32,043,706)
Decrease in Net Assets From Operations	$	(28,675,640)

‡ Net of change in accrued foreign capital gains tax of $135.

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   21

Statements of changes in net assets

For the Six Months Ended June 30, 2022 (unaudited) and the Year Ended December 31, 2021	2022		2021
Operations:
Net investment income	$	3,368,066	$	7,162,624
Net realized gain (loss)		(1,812,267)		4,632,984
Change in net unrealized appreciation (depreciation)		(30,231,439)		(9,782,285)
Increase (Decrease) in Net Assets From Operations		(28,675,640)		2,013,323
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(250,001)		(7,075,015)
Decrease in Net Assets From Distributions to Shareholders		(250,001)		(7,075,015)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares		11,423,008		101,689,793
Reinvestment of distributions		250,001		7,075,015
Cost of shares repurchased		(15,925,958)		(93,470,056)
Increase (Decrease) in Net Assets From Portfolio Share Transactions		(4,252,949)		15,294,752
Increase (Decrease) in Net Assets		(33,178,590)		10,233,060
Net Assets:
Beginning of period		164,344,263		154,111,203
End of period	$	131,165,673	$	164,344,263

See Notes to Financial Statements.

  22 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20222			2021			2020			2019			2018			2017
Net asset value, beginning of period		$7.19			$7.43			$7.19			$6.65			$7.30			$7.09
Income (loss) from operations:
Net investment income		0.15			0.34			0.35			0.40			0.39			0.40
Net realized and unrealized gain (loss)		(1.43)			(0.24)			0.18			0.53			(0.66)			0.21
Total income (loss) from operations		(1.28)			0.10			0.53			0.93			(0.27)			0.61
Less distributions from:
Net investment income		(0.01)			(0.34)			(0.29)			(0.39)			(0.38)			(0.40)
Return of capital		—			—			(0.00)	3		—			—			—
Total distributions		(0.01)			(0.34)			(0.29)			(0.39)			(0.38)			(0.40)
Net asset value, end of period		$5.90			$7.19			$7.43			$7.19			$6.65			$7.30
Total return4		(17.79)	%		1.33	%		7.32	%		14.39	%		(3.92)	%		8.65	%
Net assets, end of period (000s)		$77,315			$99,346			$103,974			$109,173			$117,707			$143,504
Ratios to average net assets:
Gross expenses		0.82	%5		0.82	%		0.84	%		0.83	%		0.85	%		0.82	%
Net expenses6		0.82	5,7		0.82	7		0.84	7		0.83	7		0.85			0.82
Net investment income		4.62	5		4.49			4.89			5.56			5.37			5.34
Portfolio turnover rate		37	%		73	%		98	%		78	%		103	%		112	%

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

²  For the six months ended June 30, 2022 (unaudited).

³  Amount represents less than $0.005 per share.

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 for 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 I shares did not exceed 0.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 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.

See Notes to Financial Statements.

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   23

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20222			2021			2020			2019			2018			2017
Net asset value, beginning of period		$7.44			$7.68			$7.43			$6.86			$7.52			$7.29
Income (loss) from operations:
Net investment income		0.15			0.33			0.34			0.39			0.38			0.39
Net realized and unrealized gain (loss)		(1.47)			(0.25)			0.19			0.56			(0.68)			0.22
Total income (loss) from operations		(1.32)			0.08			0.53			0.95			(0.30)			0.61
Less distributions from:
Net investment income		(0.01)			(0.32)			(0.28)			(0.38)			(0.36)			(0.38)
Return of capital		—			—			(0.00)	3		—			—			—
Total distributions		(0.01)			(0.32)			(0.28)			(0.38)			(0.36)			(0.38)
Net asset value, end of period		$6.11			$7.44			$7.68			$7.43			$6.86			$7.52
Total return4		(17.73)	%		1.04	%		7.12	%		14.01	%		(4.16)	%		8.43	%
Net assets, end of period (000s)		$53,850			$64,999			$50,137			$42,186			$29,432			$29,168
Ratios to average net assets:
Gross expenses		1.07	%5		1.07	%		1.10	%		1.08	%		1.11	%		1.07	%
Net expenses6		1.07	5,7		1.07	7		1.10	7		1.08	7		1.11			1.07
Net investment income		4.39	5		4.26			4.63			5.29			5.16			5.09
Portfolio turnover rate		37	%		73	%		98	%		78	%		103	%		112	%

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

²  For the six months ended June 30, 2022 (unaudited).

³  Amount represents less than $0.005 per share.

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 for 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 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2023 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.

See Notes to Financial Statements.

  24 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Notes to financial statements (unaudited)

1. Organization and significant accounting policies

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

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

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

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   25

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

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

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.

  26 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

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

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

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

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

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

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

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Long-Term Investments†:
Corporate Bonds & Notes		—	$	104,539,317		—		$	104,539,317
Sovereign Bonds		—		15,081,179		—			15,081,179
Senior Loans		—		2,528,642		—			2,528,642
Convertible Bonds & Notes		—		2,419,785		—			2,419,785
Investments in Underlying Funds	$	2,267,750		—		—			2,267,750
Asset-Backed Securities		—		521,259		—			521,259
U.S. Government & Agency Obligations		—		389,082		—			389,082
Warrants		—		962		—			962
Common Stocks		—		—	$	0	*		0	*
Total Investments	$	2,267,750	$	125,480,226	$	0	*	$	127,747,976
Other Financial Instruments:
Futures Contracts††	$	78,233		—		—		$	78,233
Forward Foreign Currency Contracts††		—	$	499,661		—			499,661
Total Other Financial Instruments	$	78,233	$	499,661		—		$	577,894
Total	$	2,345,983	$	125,979,887	$	0	*	$	128,325,870

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   27

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

LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Futures Contracts††	$	88,492		—		—	$	88,492
Forward Foreign Currency Contracts††		—	$	754		—		754
Total	$	88,492	$	754		—	$	89,246

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

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

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

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

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

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

  28 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

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.

(d) Loan participations. The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of 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.

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

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

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

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   29

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

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.

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

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

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

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse.

  30 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

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

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

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

As of June 30, 2022, the Portfolio held forward foreign currency contracts with credit related contingent features which had a liability position of $754. If a contingent feature in the master agreements would have been triggered, the Portfolio would have been required to pay this amount to its derivatives counterparties.

(i) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. 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

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   31

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

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.

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

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

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

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

Management has analyzed the Portfolio’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2021, 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. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of June 30, 2022, there were $135 of capital gains tax liabilities accrued on unrealized gains.

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

  32 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

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

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

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

As a result of expense limitation arrangements between the Portfolio and 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 0.90% and 1.15%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2023 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the six months ended June 30, 2022, fees waived and/or expenses reimbursed amounted to $705, all of which was an affiliated money market fund waiver.

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

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   33

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

Pursuant to these arrangements, at June 30, 2022, the Fund had no remaining fee waivers and/or expense reimbursements subject to recapture by LMPFA. For the six months ended June 30, 2022, LMPFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Portfolio’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

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

3. Investments

During the six months ended June 30, 2022, 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	$	51,004,549	$	4,523,895
Sales		44,832,747		8,586,834

At June 30, 2022, 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		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Securities	$	160,151,338	$	88,541	$	(32,491,903)	$	(32,403,362)
Futures contracts		—		78,233		(88,492)		(10,259)
Forward foreign currency contracts		—		499,661		(754)		498,907

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, 2022.

ASSET DERIVATIVES1
	Foreign Exchange Risk
Futures contracts2	$	78,233
Forward foreign currency contracts		499,661
Total	$	577,894

  34 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

LIABILITY DERIVATIVES1
	Interest Rate Risk		Foreign Exchange Risk		Total
Futures contracts2	$	88,492		—	$	88,492
Forward foreign currency contracts		—	$	754		754
Total	$	88,492	$	754	$	89,246

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio’s Statement of Operations for the six months ended June 30, 2022. 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
					Foreign Exchange Risk
Futures contracts					$	216,235
Forward foreign currency contracts						370,525
Total					$	586,760
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Total
Futures contracts	$	(88,492)	$	108,467	$	19,975
Forward foreign currency contracts		—		422,623		422,623
Total	$	(88,492)	$	531,090	$	442,598

During the six months ended June 30, 2022, the volume of derivative activity for the Portfolio was as follows:

	Average Market Value
Futures contracts (to buy)	$	2,549,833
Futures contracts (to sell)		3,705,292
Forward foreign currency contracts (to buy)		342,422
Forward foreign currency contracts (to sell)		8,307,620

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   35

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

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, 2022.

Counterparty	Gross Assets Subject to Master Agreements1		Gross Liabilities Subject to Master Agreements1		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount2
Citibank N.A.	$	6,353	$	(65)	$	6,288		—	$	6,288
Goldman Sachs Group Inc.		429,037		(689)		428,348		—		428,348
Morgan Stanley & Co. Inc.		64,271		—		64,271		—		64,271
Total	$	499,661	$	(754)	$	498,907		—	$	498,907

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

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

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

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

For the six months ended June 30, 2022, class specific expenses were as follows:

	Service and/or Distribution Fees		Transfer Agent Fees
Class I		—	$	1,342
Class II	$	74,836		391
Total	$	74,836	$	1,733

For the six months ended June 30, 2022, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class I	$	421
Class II		284
Total	$	705

  36 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

6. Distributions to shareholders by class

	Six Months Ended June 30, 2022		Year Ended December 31, 2021
Net Investment Income:
Class I	$	149,467	$	4,453,912
Class II		100,534		2,621,103
Total	$	250,001	$	7,075,015

7. Shares of beneficial interest

At June 30, 2022, 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, 2022				Year Ended December 31, 2021
	Shares		Amount		Shares		Amount
Class I
Shares sold		441,543	$	2,904,733		10,431,532	$	79,155,538
Shares issued on reinvestment		24,828		149,467		622,055		4,453,912
Shares repurchased		(1,189,190)		(7,859,641)		(11,232,909)		(85,246,940)
Net decrease		(722,819)	$	(4,805,441)		(179,322)	$	(1,637,490)
Class II
Shares sold		1,261,417	$	8,518,275		2,912,414	$	22,534,255
Shares issued on reinvestment		16,137		100,534		353,249		2,621,103
Shares repurchased		(1,190,933)		(8,066,317)		(1,062,066)		(8,223,116)
Net increase		86,621	$	552,492		2,203,597	$	16,932,242

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   37

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

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2022. The following transactions were effected in such company for the six months ended June 30, 2022.

	Affiliate
	Value at
	December 31,		Purchased				Sold
	2021		Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	2,336,511	$	26,593,493		26,593,493	$	28,930,004		28,930,004

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at June 30, 2022
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	1,872		—		—

9. Redemption facility

The Portfolio and certain other participating funds within the Trust, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by LMPFA or Franklin Resources, are borrowers in a joint syndicated senior unsecured credit facility totaling $2,675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on February 3, 2023.

Under the terms of the Global Credit Facility, the Portfolio shall, in addition to interest charged on any borrowings made by the Portfolio and other costs incurred by the Portfolio, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Portfolio did not utilize the Global Credit Facility during the six months ended June 30, 2022.

10. Deferred capital losses

As of December 31, 2021, the Portfolio had deferred capital losses of $14,527,474, which have no expiration date, that will be available to offset future taxable capital gains.

  38 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

11. Recent accounting pronouncement

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

12. 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 Portfolio’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. On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR, stated that it will cease the publication of the overnight and one-, three-, six- and twelve-month USD LIBOR settings immediately following the LIBOR publication on Friday, June 30, 2023. All other LIBOR settings, including the one-week and two-month USD LIBOR settings, have ceased publication as of January 1, 2022. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio’s transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio’s investments cannot yet be determined.

*  *  *

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global

Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report   39

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

economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Portfolio has exposure to Russian investments or investments in countries affected by the invasion, the Portfolio’s ability to price, buy, sell, receive or deliver such investments was impaired. The Portfolio could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Portfolio may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Portfolio’s portfolio. The extent and duration of Russia’s military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Portfolio’s performance and the value of an investment in the Portfolio, even beyond any direct exposure the Portfolio may have to Russian issuers or issuers in other countries affected by the invasion. At June 30, 2022, the Fund had 0.28% of its net assets invested in securities with significant economic risk or exposure to Russia.

  40 Western Asset Variable Global High Yield Bond Portfolio 2022 Semi-Annual Report

Board approval of management and subadvisory agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the “Executive and Contracts Committee”) considered the Management Agreement between the Trust and Legg Mason Partners Fund Advisor, LLC (“LMPFA”) with respect to the Fund and the following subadvisory agreements with respect to the Fund (collectively, the “Agreements”) (i) a subadvisory agreement between LMPFA and Western Asset Management Company, LLC (“Western Asset”) with respect to the Fund, (ii) a subadvisory agreement between LMPFA and Western Asset Management Company Limited (“WAML”) with respect to the Fund, and (iii) a subadvisory agreement between LMPFA and Western Asset Management Company Pte. Ltd. in Singapore (“Western Singapore,” and together with WAML, the “Non-U.S. Subadvisers,” and together with Western Asset, the “Subadvisers,” and together with LMPFA, the “Advisers”) with respect to the Fund at a meeting held on April 19, 2022. At an in-person meeting held on May 12, 2022, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

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

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

Western Asset Variable Global High Yield Bond Portfolio   41

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

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

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

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of certain comparable funds and to its investment benchmark over the 1 -, 3-, 5- and 10-year periods ended December 31, 2021. The information comparing the Fund’s performance to that of its Performance Universe, consisting of all funds (including the Fund) classified by Broadridge as high yield funds underlying variable insurance products, showed, among other data, that the Fund’s performance for the 1 -, 3-, 5- and 10-year periods ended December 31, 2021 was below the median. The Board noted that the Fund’s performance exceeded the performance

  42 Western Asset Variable Global High Yield Bond Portfolio

of its benchmark index for the 3-year period ended December 31, 2021, was approximately equal to the performance of its benchmark index for the 5-year period and trailed the performance of its benchmark index for the 1 - and 10-year periods. The Board considered the factors involved in the Fund’s performance relative to the performance of its investment benchmark and Performance Universe. The Board discussed the reasons for the Fund’s underperformance and the steps the Advisers were taking to improve the Fund’s performance.

The Trustees also considered the management fee payable by the Fund to LMPFA, total expenses payable by the Fund and the fee that LMPFA pays to the Subadvisers. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to any of the Subadvisers because LMPFA pays the Subadvisers for services provided to the Fund out of the management fee LMPFA receives from the Fund. The information comparing the Fund’s Contractual and Actual Management Fees as well as its actual total expense ratio to its peer group, consisting of a group of high yield 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 above the median. The Board noted that the Fund’s actual total expense ratio was higher than the median. The Board also considered that the current limitation on the Fund’s expenses is expected to continue through December 2023.

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

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

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

Western Asset Variable Global High Yield Bond Portfolio   43

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

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

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

  44 Western Asset Variable Global High Yield Bond Portfolio

Statement regarding liquidity risk management program (unaudited)

Each Fund has adopted and implemented a written Liquidity Risk Management Program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The LRMP is designed to assess and manage each Fund’s liquidity risk, which is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. In accordance with the Liquidity Rule, the LRMP includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for Funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments that would result in the Fund holding more than 15% of its net assets in Illiquid assets. The LRMP also requires reporting to the Securities and Exchange Commission (“SEC”) (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

The Director of Liquidity Risk within the Investment Risk Management Group (the“IRMG”) is the appointed Administrator of the LRMP. The IRMG maintains the Investment Liquidity Committee (the “ILC”) to provide oversight and administration of policies and procedures governing liquidity risk management for Franklin Templeton and Legg Mason products and portfolios. The ILC includes representatives from Franklin Templeton’s Risk, Trading, Global Compliance, Legal, Investment Compliance, Investment Operations, Valuation Committee, Product Management and Global Product Strategy.

In assessing and managing each Fund’s liquidity risk, the ILC considers, as relevant, a variety of factors, including the Fund’s investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds’ interfund lending facility and line of credit. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value.

Western Asset Variable Global High Yield Bond Portfolio   45

Statement regarding liquidity risk management program (unaudited) (cont’d)

Each Fund primarily holds liquid assets that are defined under the Liquidity Rule as “Highly Liquid Investments,” and therefore is not required to establish an HLIM. Highly Liquid Investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

At meetings of the Funds’ Board of Trustees/Directors held in May 2022, the Program Administrator provided a written report to the Board addressing the adequacy and effectiveness of the program for the year ended December 31, 2021. The Program Administrator report concluded that (i.) the LRMP, as adopted and implemented, remains reasonably designed to assess and manage each Fund’s liquidity risk; (ii.) the LRMP, including the Highly Liquid Investment Minimum (“HLIM”) where applicable, was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk; and (iii.) each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund.

  46 Western Asset Variable Global High Yield Bond Portfolio

Western Asset

Variable Global High Yield Bond Portfolio

Trustees

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chairman

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadvisers

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Pte. Ltd.

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

Western Asset Variable Global High Yield Bond Portfolio

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

Western Asset Variable Global High Yield Bond Portfolio

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

The Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Portfolio’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Portfolio at 877-6LM-FUND/656-3863.

Information on how the Portfolio voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Portfolio uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Portfolio at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Variable Global High Yield Bond Portfolio. This report is not authorized for distribution to prospective investors in the Portfolio unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com

© 2022 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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, Franklin Distributors, 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.franklintempleton.com, or contact the Fund at 877-6LM-FUND/656-3863.

Revised April 2018

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker,

NOT PART OF THE SEMI-ANNUAL  REPORT

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

dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

• In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

• You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: DataProtectionOfficer@franklintempleton.com

Phone: 1-800-396-4748

Revised October 2020

NOT PART OF THE SEMI-ANNUAL  REPORT

www.franklintempleton.com

© 2022 Franklin Distributors, LLC,

FDXX010090 8/22 SR22-4472

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, 2022

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, 2022
By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	August 24, 2022