Legg Mason Partners Variable Equity Trust NCSRS 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

811-21128

Legg Mason Partners Variable Equity 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, 2024

ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.


Franklin Templeton Aggressive Model Portfolio
Class Itrue
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Franklin Templeton Aggressive Model Portfolio for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class I¹	$6	0.12%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$719,741,231
Total Number of Portfolio Holdings*	21
Portfolio Turnover Rate	14%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Aggressive Model Portfolio

PAGE 1

7301-STSR-0824

77.114.48.10.4


Franklin Templeton Aggressive Model Portfolio
Class IItrue
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class II¹	$19	0.37%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$719,741,231
Total Number of Portfolio Holdings*	21
Portfolio Turnover Rate	14%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Aggressive Model Portfolio

PAGE 1

7302-STSR-0824

77.114.48.10.4


Franklin Templeton Moderately Aggressive Model Portfolio
Class Itrue
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Franklin Templeton Moderately Aggressive Model Portfolio for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class I¹	$6	0.11%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$1,964,917,989
Total Number of Portfolio Holdings*	29
Portfolio Turnover Rate	19%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderately Aggressive Model Portfolio

PAGE 1

7303-STSR-0824

59.028.910.71.00.4


Franklin Templeton Moderately Aggressive Model Portfolio
Class IItrue
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class II¹	$19	0.36%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$1,964,917,989
Total Number of Portfolio Holdings*	29
Portfolio Turnover Rate	19%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderately Aggressive Model Portfolio

PAGE 1

7530-STSR-0824

59.028.910.71.00.4


Franklin Templeton Moderate Model Portfolio
Class Itrue
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Franklin Templeton Moderate Model Portfolio for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class I¹	$6	0.11%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$1,464,854,072
Total Number of Portfolio Holdings*	30
Portfolio Turnover Rate	23%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderate Model Portfolio

PAGE 1

7305-STSR-0824

48.339.98.62.90.3


Franklin Templeton Moderate Model Portfolio
Class IItrue
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class II¹	$19	0.36%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$1,464,854,072
Total Number of Portfolio Holdings*	30
Portfolio Turnover Rate	23%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderate Model Portfolio

PAGE 1

7306-STSR-0824

48.339.98.62.90.3


Franklin Templeton Moderately Conservative Model Portfolio
Class Itrue
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Franklin Templeton Moderately Conservative Model Portfolio for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class I¹	$7	0.13%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$428,585,151
Total Number of Portfolio Holdings*	26
Portfolio Turnover Rate	30%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderately Conservative Model Portfolio

PAGE 1

7307-STSR-0824

51.636.36.45.60.1


Franklin Templeton Moderately Conservative Model Portfolio
Class IItrue
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class II¹	$19	0.38%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$428,585,151
Total Number of Portfolio Holdings*	26
Portfolio Turnover Rate	30%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Moderately Conservative Model Portfolio

PAGE 1

7308-STSR-0824

51.636.36.45.60.1


Franklin Templeton Conservative Model Portfolio
Class Itrue
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about Franklin Templeton Conservative Model Portfolio for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class I¹	$8	0.16%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$163,284,774
Total Number of Portfolio Holdings*	21
Portfolio Turnover Rate	35%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Conservative Model Portfolio

PAGE 1

7309-STSR-0824

65.720.911.71.00.7


Franklin Templeton Conservative Model Portfolio
Class IItrue
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment†
Class II¹	$21	0.41%

†	Annualized.

1	Does not reflect expenses incurred from investing through variable annuity or variable life insurance products.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$163,284,774
Total Number of Portfolio Holdings*	21
Portfolio Turnover Rate	35%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

*	Does not include derivatives, except purchased options, if any.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Franklin Templeton Conservative Model Portfolio

PAGE 1

7310-STSR-0824

65.720.911.71.00.7

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.

Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

Not applicable.

ITEM 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Franklin Templeton Model Portfolio Funds

Financial Statements and Other Important Information

Semi-Annual | June 30, 2024

Franklin Templeton Aggressive Model Portfolio

Franklin Templeton Moderately Aggressive Model Portfolio

Franklin Templeton Moderate Model Portfolio

Franklin Templeton Moderately Conservative Model Portfolio

Franklin Templeton Conservative Model Portfolio

Table of Contents

Schedules of Investments	1
Statements of Assets and Liabilities	9
Statements of Operations	11
Statements of Changes in Net Assets	13
Financial Highlights	18
Notes to Financial Statements	28
Changes in and Disagreements with Accountants	39
Results of Meeting(s) of Shareholders	39
Remuneration Paid to Directors, Officers and Others	39
Board Approval of Management and Subadvisory Agreements	40

franklintempleton.com

Financial Statements and Other Important Information — Semi-Annual

Schedules of Investments (unaudited)

June 30, 2024

Franklin Templeton Aggressive Model Portfolio

(Percentages shown based on Portfolio net assets)

Description		Shares	Value
Investments in Underlying Funds — 99.2%
Domestic Equity — 76.8%
American Funds Insurance Series — Growth Fund, Class 1A		523,887	$58,360,989
BNY Mellon Investment Portfolios — Technology Growth Portfolio, Initial Shares		886,954	30,129,814
Delaware VIP Trust — Macquarie VIP Small Cap Value Series, Standard Class		744,027	27,953,108
Fidelity Concord Street Trust — Fidelity® 500 Index Fund, Institutional Premium Shares		460,301	87,549,190
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, Class I Shares		658,335	43,397,446 (a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class		1,563,110	28,476,591
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class		683,923	8,194,977 (b)
MainStay VP Small Cap Growth Portfolio, Initial Class		1,902,003	21,070,195
MainStay VP Wellington U.S. Equity Portfolio, Initial Class		1,774,674	54,702,731
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class		869,047	35,769,963
MFS® Research Series, Initial Class		799,062	28,590,457
Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class		1,430,576	38,654,159
Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class		584,027	43,439,927
Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares		2,125,538	46,400,493

Total Domestic Equity			552,690,040
Foreign Equity — 14.3%
Fidelity Concord Street Trust — Fidelity® International Index Fund, Institutional Premium Shares		590,626	29,395,473
Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I Shares		500,505	17,522,667
MainStay VP Funds Trust — MainStay VP MacKay International Equity Portfolio, Initial Class		1,216,872	14,157,821
Putnam Variable Trust — Putnam VT International Value Fund, Class IA		1,697,909	20,561,680 (a)
Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class		1,828,426	21,228,025

Total Foreign Equity			102,865,666
Domestic Fixed Income — 8.1%
Fidelity Salem Street Trust — Fidelity® U.S. Bond Index Fund, Institutional Premium Shares		5,721,655	58,360,877
Total Investments in Underlying Funds before Short-Term Investments (Cost — $621,394,951)			713,916,583
	Rate
Short-Term Investments — 0.4%
Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares (Cost — $3,110,181)	4.364%	3,110,181	3,110,181 (c)
Total Investments — 99.6% (Cost — $624,505,132)			717,026,764
Other Assets in Excess of Liabilities — 0.4%			2,714,467
Total Net Assets — 100.0%			$719,741,231

(a)	Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 8).
(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.
(c)	Rate shown is one-day yield as of the end of the reporting period.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Schedules of Investments (unaudited) (cont’d)

June 30, 2024

Franklin Templeton Moderately Aggressive Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Shares	Value
Investments in Underlying Funds — 99.5%
Domestic Equity — 58.9%
American Funds Insurance Series — Growth Fund, Class 1A	1,120,333	$124,805,095
BNY Mellon Investment Portfolios — Technology Growth Portfolio, Initial Shares	1,213,926	41,237,048
Delaware VIP Trust — Macquarie VIP Small Cap Value Series, Standard Class	1,145,872	43,050,413
Fidelity Concord Street Trust — Fidelity® 500 Index Fund, Institutional Premium Shares	1,154,862	219,654,795
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, Class I Shares	1,727,077	113,848,914 (a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class	2,674,507	48,723,908
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class	1,872,333	22,434,857 (b)
MainStay VP Small Cap Growth Portfolio, Initial Class	3,471,072	38,452,184
MainStay VP Wellington U.S. Equity Portfolio, Initial Class	2,914,853	89,847,719
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class	1,665,173	68,538,521
MFS® Research Series, Initial Class	1,913,840	68,477,186
Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class	2,848,253	76,959,793
Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class	1,331,934	99,069,285
Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares	4,699,554	102,591,271

Total Domestic Equity		1,157,690,989
Domestic Fixed Income — 28.9%
American Funds Insurance Series:
The Bond Fund of America, Class 1A	6,266,998	58,596,431
U.S. Government Securities Fund, Class 1A	5,999,299	58,193,199
BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares	7,123,868	48,584,781
Fidelity Salem Street Trust — Fidelity® U.S. Bond Index Fund, Institutional Premium Shares	18,586,177	189,578,999
Legg Mason Partners Variable Income Trust — Western Asset Core Plus VIT Portfolio, Class I Shares	13,949,115	67,792,701 (a)
MainStay VP Funds Trust — MainStay VP Bond Portfolio, Initial Class	1,968,941	24,296,144
PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class	4,335,801	39,152,280
Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class	8,744,995	82,377,855

Total Domestic Fixed Income		568,572,390
Foreign Equity — 10.7%
Fidelity Concord Street Trust — Fidelity® International Index Fund, Institutional Premium Shares	1,519,318	75,616,472
Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I Shares	1,233,048	43,169,001
MainStay VP Funds Trust — MainStay VP MacKay International Equity Portfolio, Initial Class	1,665,614	19,378,749
Putnam Variable Trust — Putnam VT International Value Fund, Class IA	3,099,108	37,530,198 (a)
Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class	2,919,318	33,893,288

Total Foreign Equity		209,587,708
Foreign Fixed Income — 1.0%
PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class	1,981,569	19,379,741
Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,768,294,257)		1,955,230,828

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderately Aggressive Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Rate	Shares	Value
Short-Term Investments — 0.4%
Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares (Cost — $7,171,910)	4.364%	7,171,910	$7,171,910 (c)
Total Investments — 99.9% (Cost — $1,775,466,167)			1,962,402,738
Other Assets in Excess of Liabilities — 0.1%			2,515,251
Total Net Assets — 100.0%			$1,964,917,989

(a)	Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 8).
(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.
(c)	Rate shown is one-day yield as of the end of the reporting period.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Schedules of Investments (unaudited) (cont’d)

June 30, 2024

Franklin Templeton Moderate Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Shares	Value
Investments in Underlying Funds — 99.6%
Domestic Equity — 48.2%
American Funds Insurance Series — Growth Fund, Class 1A	570,908	$63,599,171
BNY Mellon Investment Portfolios — Technology Growth Portfolio, Initial Shares	909,656	30,900,996
Delaware VIP Trust — Macquarie VIP Small Cap Value Series, Standard Class	572,484	21,508,215
Fidelity Concord Street Trust — Fidelity® 500 Index Fund, Institutional Premium Shares	963,952	183,343,701
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, Class I Shares	1,012,901	66,770,414 (a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class	1,603,359	29,209,834
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class	1,122,488	13,449,993 (b)
MainStay VP Small Cap Growth Portfolio, Initial Class	1,950,763	21,610,358
MainStay VP Wellington U.S. Equity Portfolio, Initial Class	1,698,976	52,369,395
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class	1,069,602	44,024,827
MFS® Research Series, Initial Class	1,024,423	36,653,857
Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class	1,334,020	36,045,215
Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class	598,933	44,548,660
Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares	2,850,950	62,236,233

Total Domestic Equity		706,270,869
Domestic Fixed Income — 39.9%
American Funds Insurance Series:
The Bond Fund of America, Class 1A	9,307,366	87,023,874
U.S. Government Securities Fund, Class 1A	9,652,443	93,628,695
BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares	6,348,362	43,295,826
Fidelity Salem Street Trust — Fidelity® U.S. Bond Index Fund, Institutional Premium Shares	11,657,535	118,906,862
Legg Mason Partners Variable Income Trust — Western Asset Core Plus VIT Portfolio, Class I Shares	16,276,105	79,101,870 (a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class	2,923,988	36,081,134
MainStay VP PIMCO Real Return Portfolio, Initial Class	3,665,197	28,800,019
PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class	4,025,285	36,348,325
Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class	6,494,637	61,179,479

Total Domestic Fixed Income		584,366,084
Foreign Equity — 8.6%
Fidelity Concord Street Trust — Fidelity® International Index Fund, Institutional Premium Shares	1,211,548	60,298,752
Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I Shares	821,387	28,756,761
MainStay VP Funds Trust — MainStay VP MacKay International Equity Portfolio, Initial Class	1,248,067	14,520,759
Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class	1,874,950	21,768,173

Total Foreign Equity		125,344,445
Foreign Fixed Income — 2.9%
American Funds Insurance Series — Capital World Bank 1A	1,465,505	14,200,746
PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class	2,941,116	28,764,114

Total Foreign Fixed Income		42,964,860
Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,346,689,034)		1,458,946,258

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderate Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Rate	Shares	Value
Short-Term Investments — 0.3%
Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares (Cost — $4,911,640)	4.364%	4,911,640	$4,911,640 (c)
Total Investments — 99.9% (Cost — $1,351,600,674)			1,463,857,898
Other Assets in Excess of Liabilities — 0.1%			996,174
Total Net Assets — 100.0%			$1,464,854,072

(a)	Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 8).
(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.
(c)	Rate shown is one-day yield as of the end of the reporting period.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Schedules of Investments (unaudited) (cont’d)

June 30, 2024

Franklin Templeton Moderately Conservative Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Shares	Value
Investments in Underlying Funds — 99.8%
Domestic Fixed Income — 51.5%
American Funds Insurance Series:
The Bond Fund of America, Class 1A	3,194,794	$29,871,326
U.S. Government Securities Fund, Class 1A	4,150,500	40,259,849
BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares	2,490,430	16,984,729
Fidelity Salem Street Trust — Fidelity® U.S. Bond Index Fund, Institutional Premium Shares	3,534,528	36,052,180
Legg Mason Partners Variable Income Trust — Western Asset Core Plus VIT Portfolio, Class I Shares	6,094,130	29,617,473 (a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class	1,720,423	21,229,507
MainStay VP PIMCO Real Return Portfolio, Initial Class	1,617,392	12,708,977
PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class	1,421,098	12,832,517
Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class	2,248,267	21,178,675

Total Domestic Fixed Income		220,735,233
Domestic Equity — 36.3%
American Funds Insurance Series — Growth Fund, Class 1A	138,111	15,385,590
Delaware VIP Trust — Macquarie VIP Small Cap Value Series, Standard Class	140,162	5,265,890
Fidelity Concord Street Trust — Fidelity® 500 Index Fund, Institutional Premium Shares	265,780	50,551,359
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, Class I Shares	214,904	14,166,469 (a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class	412,161	7,508,710
MainStay VP Small Cap Growth Portfolio, Initial Class	477,471	5,289,377
MainStay VP Wellington U.S. Equity Portfolio, Initial Class	285,210	8,791,343
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class	235,661	9,699,807
MFS® Research Series, Initial Class	240,747	8,613,940
Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class	313,506	8,470,931
Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class	146,658	10,908,412
Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares	492,649	10,754,521

Total Domestic Equity		155,406,349
Foreign Fixed Income — 6.4%
American Funds Insurance Series — Capital World Bank 1A	1,077,734	10,443,242
PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class	1,730,903	16,928,232

Total Foreign Fixed Income		27,371,474
Foreign Equity — 5.6%
Fidelity Concord Street Trust — Fidelity® International Index Fund, Institutional Premium Shares	397,715	19,794,272
Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class	367,171	4,262,859

Total Foreign Equity		24,057,131
Total Investments in Underlying Funds before Short-Term Investments (Cost — $408,283,702)		427,570,187

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderately Conservative Model Portfolio

(Percentages shown based on Portfolio net assets)

Description	Rate	Shares	Value
Short-Term Investments — 0.1%
Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares (Cost — $605,259)	4.364%	605,259	$605,259 (b)
Total Investments — 99.9% (Cost — $408,888,961)			428,175,446
Other Assets in Excess of Liabilities — 0.1%			409,705
Total Net Assets — 100.0%			$428,585,151

(a)	Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 8).
(b)	Rate shown is one-day yield as of the end of the reporting period.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Schedules of Investments (unaudited) (cont’d)

June 30, 2024

Franklin Templeton Conservative Model Portfolio

(Percentages shown based on Portfolio net assets)

Description		Shares	Value
Investments in Underlying Funds — 99.4%
Domestic Fixed Income — 65.8%
American Funds Insurance Series:
The Bond Fund of America, Class 1A		1,735,654	$16,228,364
U.S. Government Securities Fund, Class 1A		1,827,785	17,729,514
BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares		1,184,096	8,075,534
Fidelity Salem Street Trust — Fidelity® U.S. Bond Index Fund, Institutional Premium Shares		1,739,939	17,747,375
Legg Mason Partners Variable Income Trust — Western Asset Core Plus VIT Portfolio, Class I Shares		2,317,827	11,264,641 (a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class		1,046,938	12,918,903
MainStay VP PIMCO Real Return Portfolio, Initial Class		820,206	6,444,936
PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class		720,618	6,507,178
Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class		1,111,469	10,470,039

Total Domestic Fixed Income			107,386,484
Domestic Equity — 20.9%
American Funds Insurance Series — Growth Fund, Class 1A		45,125	5,026,921
Delaware VIP Trust — Macquarie VIP Small Cap Value Series, Standard Class		32,052	1,204,219
Fidelity Concord Street Trust — Fidelity® 500 Index Fund, Institutional Premium Shares		101,330	19,272,955
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class		67,327	1,226,553
MainStay VP Small Cap Growth Portfolio, Initial Class		109,218	1,209,903
MFS Variable Insurance Portfolios, MFS® Investors Trust Series, Initial Class		59,882	2,464,732
Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class		44,814	1,210,876
Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares		112,664	2,459,466

Total Domestic Equity			34,075,625
Foreign Fixed Income — 11.7%
American Funds Insurance Series — Capital World Bank 1A		1,147,814	11,122,316
PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class		823,369	8,052,553

Total Foreign Fixed Income			19,174,869
Foreign Equity — 1.0%
Fidelity Concord Street Trust — Fidelity® International Index Fund, Institutional Premium Shares		31,920	1,588,629
Total Investments in Underlying Funds before Short-Term Investments (Cost — $160,485,062)			162,225,607
	Rate
Short-Term Investments — 0.7%
Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares (Cost — $1,215,926)	4.364%	1,215,926	1,215,926 (b)
Total Investments — 100.1% (Cost — $161,700,988)			163,441,533
Liabilities in Excess of Other Assets — (0.1)%			(156,759 )
Total Net Assets — 100.0%			$163,284,774

(a)	Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 8).
(b)	Rate shown is one-day yield as of the end of the reporting period.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Assets and Liabilities (unaudited)

June 30, 2024

	Franklin Templeton Aggressive Model Portfolio	Franklin Templeton Moderately Aggressive Model Portfolio	Franklin Templeton Moderate Model Portfolio
Assets:
Investments in affiliated Underlying Funds, at cost	$58,236,754	$206,537,841	$139,494,922
Investments in unaffiliated Underlying Funds, at cost	566,268,378	1,568,928,326	1,212,105,752
Investments in affiliated Underlying Funds, at value	$63,959,126	$219,171,813	$145,872,284
Investments in unaffiliated Underlying Funds, at value	653,067,638	1,743,230,925	1,317,985,614
Receivable for Portfolio shares sold	2,757,818	2,266,858	848,077
Distributions receivable from unaffiliated Underlying Funds	167,824	1,028,064	825,533
Prepaid expenses	224	773	649
Total Assets	719,952,630	1,965,698,433	1,465,532,157
Liabilities:
Service and/or distribution fees payable	126,598	384,188	296,095
Investment management fee payable	53,517	146,989	110,541
Audit and tax fees payable	13,432	13,432	13,432
Trustees’ fees payable	6,778	23,681	20,103
Payable for investments in unaffiliated Underlying Funds	—	200,531	226,762
Accrued expenses	11,074	11,623	11,152
Total Liabilities	211,399	780,444	678,085
Total Net Assets	$719,741,231	$1,964,917,989	$1,464,854,072
Net Assets:
Par value (Note 7)	$485	$1,472	$1,195
Paid-in capital in excess of par value	631,342,739	1,812,190,748	1,391,450,449
Total distributable earnings (loss)	88,398,007	152,725,769	73,402,428
Total Net Assets	$719,741,231	$1,964,917,989	$1,464,854,072
Net Assets:
Class I	$92,443,648	$69,069,648	$16,059,709
Class II	$627,297,583	$1,895,848,341	$1,448,794,363
Shares Outstanding:
Class I	6,210,090	5,155,378	1,304,487
Class II	42,304,488	142,092,416	118,216,287
Net Asset Value:
Class I	$14.89	$13.40	$12.31
Class II	$14.83	$13.34	$12.26

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Assets and Liabilities (unaudited) (cont’d)

June 30, 2024

	Franklin Templeton Moderately Conservative Model Portfolio	Franklin Templeton Conservative Model Portfolio
Assets:
Investments in affiliated Underlying Funds, at cost	$42,927,457	$11,788,639
Investments in unaffiliated Underlying Funds, at cost	365,961,504	149,912,349
Investments in affiliated Underlying Funds, at value	$43,783,942	$11,264,641
Investments in unaffiliated Underlying Funds, at value	384,391,504	152,176,892
Receivable for Portfolio shares sold	353,881	11,544
Distributions receivable from unaffiliated Underlying Funds	311,018	152,012
Prepaid expenses	260	120
Total Assets	428,840,605	163,605,209
Liabilities:
Payable for investments in unaffiliated Underlying Funds	105,395	51,385
Service and/or distribution fees payable	87,414	33,045
Investment management fee payable	32,621	12,376
Audit and tax fees payable	12,932	13,432
Trustees’ fees payable	7,415	3,017
Payable for Portfolio shares repurchased	—	194,132
Accrued expenses	9,677	13,048
Total Liabilities	255,454	320,435
Total Net Assets	$428,585,151	$163,284,774
Net Assets:
Par value (Note 7)	$380	$165
Paid-in capital in excess of par value	428,772,776	177,122,199
Total distributable earnings (loss)	(188,005)	(13,837,590)
Total Net Assets	$428,585,151	$163,284,774
Net Assets:
Class I	$4,561,781	$2,340,059
Class II	$424,023,370	$160,944,715
Shares Outstanding:
Class I	403,599	236,282
Class II	37,605,520	16,307,484
Net Asset Value:
Class I	$11.30	$9.90
Class II	$11.28	$9.87

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2024

	Franklin Templeton Aggressive Model Portfolio	Franklin Templeton Moderately Aggressive Model Portfolio	Franklin Templeton Moderate Model Portfolio
Investment Income:
Income distributions from unaffiliated Underlying Funds	$1,708,548	$9,028,481	$8,419,656
Income distributions from affiliated Underlying Funds	21,640	298,751	318,954
Total Investment Income	1,730,188	9,327,232	8,738,610
Expenses:
Service and/or distribution fees (Notes 2 and 5)	708,799	2,191,772	1,725,839
Investment management fee (Note 2)	302,242	848,254	652,371
Trustees’ fees	18,632	54,450	43,179
Fund accounting fees	17,757	23,212	21,560
Legal fees	17,657	29,526	29,881
Audit and tax fees	12,432	12,432	12,432
Commitment fees (Note 9)	2,638	7,622	5,967
Shareholder reports	2,045	2,450	2,372
Insurance	1,753	5,195	4,174
Custody fees	1,237	2,839	2,494
Interest expense	253	—	—
Transfer agent fees (Notes 2 and 5)	30	30	30
Miscellaneous expenses	2,173	5,438	4,534
Total Expenses	1,087,648	3,183,220	2,504,833
Net Investment Income	642,540	6,144,012	6,233,777
Realized and Unrealized Gain (Loss) on Underlying Funds, Affiliated Underlying Funds, Capital Gain Distributions From Affiliated Underlying Funds and Capital Gain Distributions From Unaffiliated Underlying Funds (Notes 1 and 3):
Net Realized Gain (Loss) From:
Sale of affiliated Underlying Funds	(1,549)	8,761	64,319
Sale of unaffiliated Underlying Funds	(1,514,413)	(21,715,093)	(20,121,084)
Capital gain distributions from affiliated Underlying Funds	387,750	1,018,511	603,683
Capital gain distributions from unaffiliated Underlying Funds	2,978,344	5,852,897	3,133,379
Net Realized Gain (Loss)	1,850,132	(14,834,924)	(16,319,703)
Change in Net Unrealized Appreciation (Depreciation) From:
Unaffiliated Underlying Funds	62,901,444	147,655,168	101,133,206
Affiliated Underlying Funds	4,508,323	11,525,534	6,754,302
Change in Net Unrealized Appreciation (Depreciation)	67,409,767	159,180,702	107,887,508
Net Gain on Underlying Funds, Affiliated Underlying Funds, Capital Gain Distributions From Affiliated Underlying Funds and Capital Gain Distributions From Unaffiliated Underlying Funds	69,259,899	144,345,778	91,567,805
Increase in Net Assets From Operations	$69,902,439	$150,489,790	$97,801,582

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Operations (unaudited) (cont’d)

For the Six Months Ended June 30, 2024

	Franklin Templeton Moderately Conservative Model Portfolio	Franklin Templeton Conservative Model Portfolio
Investment Income:
Income distributions from unaffiliated Underlying Funds	$3,150,498	$1,528,266
Income distributions from affiliated Underlying Funds	115,840	40,827
Total Investment Income	3,266,338	1,569,093
Expenses:
Service and/or distribution fees (Notes 2 and 5)	526,675	197,516
Investment management fee (Note 2)	199,245	74,972
Legal fees	17,649	14,382
Fund accounting fees	17,214	15,878
Trustees’ fees	14,232	5,628
Audit and tax fees	12,432	12,432
Shareholder reports	2,061	1,961
Commitment fees (Note 9)	1,893	715
Insurance	1,451	605
Custody fees	1,201	452
Interest expense	776	561
Transfer agent fees (Notes 2 and 5)	30	30
Miscellaneous expenses	1,913	1,199
Total Expenses	796,772	326,331
Net Investment Income	2,469,566	1,242,762
Realized and Unrealized Gain (Loss) on Underlying Funds, Affiliated Underlying Funds, Capital Gain Distributions From Affiliated Underlying Funds and Capital Gain Distributions From Unaffiliated Underlying Funds (Notes 1 and 3):
Net Realized Gain (Loss) From:
Sale of affiliated Underlying Funds	10,943	(39,127)
Sale of unaffiliated Underlying Funds	(10,690,373)	(7,460,228)
Capital gain distributions from affiliated Underlying Funds	130,204	—
Capital gain distributions from unaffiliated Underlying Funds	732,375	220,997
Net Realized Loss	(9,816,851)	(7,278,358)
Change in Net Unrealized Appreciation (Depreciation) From:
Unaffiliated Underlying Funds	27,918,195	10,745,778
Affiliated Underlying Funds	1,282,130	(165,628)
Change in Net Unrealized Appreciation (Depreciation)	29,200,325	10,580,150
Net Gain on Underlying Funds, Affiliated Underlying Funds, Capital Gain Distributions From Affiliated Underlying Funds and Capital Gain Distributions From Unaffiliated Underlying Funds	19,383,474	3,301,792
Increase in Net Assets From Operations	$21,853,040	$4,544,554

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Changes in Net Assets

Franklin Templeton Aggressive Model Portfolio

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$642,540	$5,369,220
Net realized gain (loss)	1,850,132	(766,789)
Change in net unrealized appreciation (depreciation)	67,409,767	76,003,019
Increase in Net Assets From Operations	69,902,439	80,605,450
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(609,126)	(7,578,684)
Decrease in Net Assets From Distributions to Shareholders	(609,126)	(7,578,684)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares	78,078,065	130,772,390
Reinvestment of distributions	609,126	7,577,631
Cost of shares repurchased	(9,062,192 )	(9,091,402 )
Increase in Net Assets From Portfolio Share Transactions	69,624,999	129,258,619
Increase in Net Assets	138,918,312	202,285,385
Net Assets:
Beginning of period	580,822,919	378,537,534
End of period	$719,741,231	$580,822,919

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Changes in Net Assets (cont’d)

Franklin Templeton Moderately Aggressive Model Portfolio

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$6,144,012	$25,041,046
Net realized loss	(14,834,924)	(12,162,814)
Change in net unrealized appreciation (depreciation)	159,180,702	200,970,447
Increase in Net Assets From Operations	150,489,790	213,848,679
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(6,040,055)	(26,719,671)
Decrease in Net Assets From Distributions to Shareholders	(6,040,055)	(26,719,671)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares	126,737,120	269,825,715
Reinvestment of distributions	6,040,055	26,718,528
Cost of shares repurchased	(9,993,206 )	(14,279,405 )
Increase in Net Assets From Portfolio Share Transactions	122,783,969	282,264,838
Increase in Net Assets	267,233,704	469,393,846
Net Assets:
Beginning of period	1,697,684,285	1,228,290,439
End of period	$1,964,917,989	$1,697,684,285

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderate Model Portfolio

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$6,233,777	$25,087,280
Net realized loss	(16,319,703)	(20,361,683)
Change in net unrealized appreciation (depreciation)	107,887,508	143,230,427
Increase in Net Assets From Operations	97,801,582	147,956,024
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(4,450,004)	(26,175,418)
Decrease in Net Assets From Distributions to Shareholders	(4,450,004)	(26,175,418)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares	51,485,044	182,073,876
Reinvestment of distributions	4,450,004	26,174,129
Cost of shares repurchased	(25,694,195 )	(16,832,172 )
Increase in Net Assets From Portfolio Share Transactions	30,240,853	191,415,833
Increase in Net Assets	123,592,431	313,196,439
Net Assets:
Beginning of period	1,341,261,641	1,028,065,202
End of period	$1,464,854,072	$1,341,261,641

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Statements of Changes in Net Assets (cont’d)

Franklin Templeton Moderately Conservative Model Portfolio

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$2,469,566	$10,668,810
Net realized loss	(9,816,851)	(9,117,050)
Change in net unrealized appreciation (depreciation)	29,200,325	38,280,759
Increase in Net Assets From Operations	21,853,040	39,832,519
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(1,285,010)	(10,575,032)
Decrease in Net Assets From Distributions to Shareholders	(1,285,010)	(10,575,032)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares	15,378,337	51,617,700
Reinvestment of distributions	1,285,010	10,573,547
Cost of shares repurchased	(40,431,117 )	(37,320,790 )
Increase (Decrease) in Net Assets From Portfolio Share Transactions	(23,767,770)	24,870,457
Increase (Decrease) in Net Assets	(3,199,740)	54,127,944
Net Assets:
Beginning of period	431,784,891	377,656,947
End of period	$428,585,151	$431,784,891

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Conservative Model Portfolio

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$1,242,762	$5,026,536
Net realized loss	(7,278,358)	(6,304,820)
Change in net unrealized appreciation (depreciation)	10,580,150	14,226,268
Increase in Net Assets From Operations	4,544,554	12,947,984
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(370,011)	(5,150,022)
Decrease in Net Assets From Distributions to Shareholders	(370,011)	(5,150,022)
Portfolio Share Transactions (Note 7):
Net proceeds from sale of shares	11,153,594	21,138,759
Reinvestment of distributions	370,011	5,148,331
Cost of shares repurchased	(15,697,036 )	(32,038,364 )
Decrease in Net Assets From Portfolio Share Transactions	(4,173,431)	(5,751,274)
Increase in Net Assets	1,112	2,046,688
Net Assets:
Beginning of period	163,283,662	161,236,974
End of period	$163,284,774	$163,283,662

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Financial Highlights

Franklin Templeton Aggressive Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$13.36	$11.46	$14.61	$12.94	$10.00
Income (loss) from operations:
Net investment income	0.03	0.18	0.18	0.27	0.22
Net realized and unrealized gain (loss)	1.51	1.93	(2.61 )	2.29	2.97
Total income (loss) from operations	1.54	2.11	(2.43)	2.56	3.19
Less distributions from:
Net investment income	(0.01 )	(0.15 )	(0.31 )	(0.24 )	(0.12 )
Net realized gains	(0.00 )4	(0.06 )	(0.41 )	(0.65 )	(0.13 )
Total distributions	(0.01 )	(0.21 )	(0.72 )	(0.89 )	(0.25 )
Net asset value, end of period	$14.89	$13.36	$11.46	$14.61	$12.94
Total return5	11.55 %	18.44 %	(16.62 )%	19.75 %	31.90 %
Net assets, end of period (000s)	$92,444	$69,207	$31,077	$13,851	$2,155
Ratios to average net assets:
Gross expenses6	0.12 %7	0.13 %	0.15 %	0.19 %	0.61 %7
Net expenses6,8	0.12 7	0.13	0.15	0.19	0.23 7,9
Net investment income	0.42 7	1.47	1.42	1.82	2.62 7
Portfolio turnover rate	14 %	21 %	41 %	70 %	31 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
4	Amount represents less than $0.005 or greater than $(0.005) per share.
5	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.
6	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
7	Annualized.
8	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 (fees and expenses of Underlying Funds), to average net assets of Class I shares did not exceed 0.23%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Aggressive Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$13.32	$11.44	$14.59	$12.93	$10.00
Income (loss) from operations:
Net investment income	0.01	0.14	0.12	0.21	0.19
Net realized and unrealized gain (loss)	1.51	1.92	(2.57 )	2.32	2.98
Total income (loss) from operations	1.52	2.06	(2.45)	2.53	3.17
Less distributions from:
Net investment income	(0.01 )	(0.12 )	(0.29 )	(0.22 )	(0.11 )
Net realized gains	(0.00 )4	(0.06 )	(0.41 )	(0.65 )	(0.13 )
Total distributions	(0.01 )	(0.18 )	(0.70 )	(0.87 )	(0.24 )
Net asset value, end of period	$14.83	$13.32	$11.44	$14.59	$12.93
Total return5	11.43 %	18.05 %	(16.82 )%	19.51 %	31.70 %
Net assets, end of period (000s)	$627,298	$511,616	$347,461	$250,624	$71,616
Ratios to average net assets:
Gross expenses6	0.37 %7	0.38 %	0.40 %	0.43 %	0.83 %7
Net expenses6,8	0.37 7	0.38	0.40	0.43	0.48 7,9
Net investment income	0.17 7	1.10	0.98	1.46	2.23 7
Portfolio turnover rate	14 %	21 %	41 %	70 %	31 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
4	Amount represents less than $0.005 or greater than $(0.005) per share.
5	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.
6	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
7	Annualized.
8	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 (fees and expenses of Underlying Funds), to average net assets of Class II shares did not exceed 0.48%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Financial Highlights (cont’d)

Franklin Templeton Moderately Aggressive Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$12.36	$10.86	$13.50	$12.39	$10.00
Income (loss) from operations:
Net investment income	0.06	0.25	0.21	0.24	0.24
Net realized and unrealized gain (loss)	1.02	1.45	(2.36 )	1.60	2.36
Total income (loss) from operations	1.08	1.70	(2.15)	1.84	2.60
Less distributions from:
Net investment income	(0.04 )	(0.15 )	(0.29 )	(0.25 )	(0.12 )
Net realized gains	—	(0.05 )	(0.20 )	(0.48 )	(0.09 )
Total distributions	(0.04 )	(0.20 )	(0.49 )	(0.73 )	(0.21 )
Net asset value, end of period	$13.40	$12.36	$10.86	$13.50	$12.39
Total return4	8.75 %	15.94 %	(15.89 )%	14.79 %	25.99 %
Net assets, end of period (000s)	$69,070	$54,173	$27,295	$13,346	$3,118
Ratios to average net assets:
Gross expenses5	0.11 %6	0.12 %	0.13 %	0.15 %	0.28 %6
Net expenses5,7	0.11 6	0.12	0.13	0.15	0.21 6,8
Net investment income	0.93 6	2.12	1.84	1.81	2.92 6
Portfolio turnover rate	19 %	16 %	33 %	66 %	28 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class I shares did not exceed 0.21%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderately Aggressive Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$12.32	$10.84	$13.47	$12.37	$10.00
Income (loss) from operations:
Net investment income	0.04	0.20	0.16	0.20	0.22
Net realized and unrealized gain (loss)	1.02	1.48	(2.32 )	1.60	2.35
Total income (loss) from operations	1.06	1.68	(2.16)	1.80	2.57
Less distributions from:
Net investment income	(0.04 )	(0.15 )	(0.27 )	(0.22 )	(0.11 )
Net realized gains	—	(0.05 )	(0.20 )	(0.48 )	(0.09 )
Total distributions	(0.04 )	(0.20 )	(0.47 )	(0.70 )	(0.20 )
Net asset value, end of period	$13.34	$12.32	$10.84	$13.47	$12.37
Total return4	8.62 %	15.53 %	(16.03 )%	14.56 %	25.69 %
Net assets, end of period (millions)	$1,896	$1,644	$1,201	$970	$266
Ratios to average net assets:
Gross expenses5	0.36 %6	0.37 %	0.38 %	0.39 %	0.51 %6
Net expenses5,7	0.36 6	0.37	0.38	0.39	0.46 6,8
Net investment income	0.67 6	1.72	1.40	1.51	2.71 6
Portfolio turnover rate	19 %	16 %	33 %	66 %	28 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class II shares did not exceed 0.46%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Financial Highlights (cont’d)

Franklin Templeton Moderate Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$11.50	$10.37	$12.64	$11.80	$10.00
Income (loss) from operations:
Net investment income	0.07	0.28	0.22	0.21	0.28
Net realized and unrealized gain (loss)	0.78	1.11	(2.08 )	1.27	1.71
Total income (loss) from operations	0.85	1.39	(1.86)	1.48	1.99
Less distributions from:
Net investment income	(0.04 )	(0.22 )	(0.31 )	(0.23 )	(0.12 )
Net realized gains	—	(0.04 )	(0.10 )	(0.41 )	(0.07 )
Total distributions	(0.04 )	(0.26 )	(0.41 )	(0.64 )	(0.19 )
Net asset value, end of period	$12.31	$11.50	$10.37	$12.64	$11.80
Total return4	7.37 %	13.39 %	(14.77 )%	12.54 %	19.95 %
Net assets, end of period (000s)	$16,060	$13,416	$8,028	$5,724	$2,188
Ratios to average net assets:
Gross expenses5	0.11 %6	0.12 %	0.13 %	0.16 %	0.29 %6
Net expenses5,7	0.11 6	0.12	0.13	0.16	0.21 6,8
Net investment income	1.15 6	2.54	2.01	1.68	3.45 6
Portfolio turnover rate	23 %	18 %	39 %	68 %	27 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class I shares did not exceed 0.21%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderate Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$11.47	$10.34	$12.61	$11.78	$10.00
Income (loss) from operations:
Net investment income	0.05	0.23	0.19	0.18	0.23
Net realized and unrealized gain (loss)	0.78	1.13	(2.08 )	1.27	1.73
Total income (loss) from operations	0.83	1.36	(1.89)	1.45	1.96
Less distributions from:
Net investment income	(0.04 )	(0.19 )	(0.28 )	(0.21 )	(0.11 )
Net realized gains	—	(0.04 )	(0.10 )	(0.41 )	(0.07 )
Total distributions	(0.04 )	(0.23 )	(0.38 )	(0.62 )	(0.18 )
Net asset value, end of period	$12.26	$11.47	$10.34	$12.61	$11.78
Total return4	7.22 %	13.18 %	(14.99 )%	12.30 %	19.65 %
Net assets, end of period (millions)	$1,449	$1,328	$1,020	$855	$267
Ratios to average net assets:
Gross expenses5	0.36 %6	0.37 %	0.38 %	0.39 %	0.51 %6
Net expenses5,7	0.36 6	0.37	0.38	0.39	0.46 6,8
Net investment income	0.89 6	2.13	1.75	1.45	2.92 6
Portfolio turnover rate	23 %	18 %	39 %	68 %	27 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class II shares did not exceed 0.46%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Financial Highlights (cont’d)

Franklin Templeton Moderately Conservative Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$10.76	$10.00	$11.86	$11.47	$10.00
Income (loss) from operations:
Net investment income	0.08	0.33	0.24	0.21	0.25
Net realized and unrealized gain (loss)	0.49	0.73	(1.79 )	0.85	1.40
Total income (loss) from operations	0.57	1.06	(1.55)	1.06	1.65
Less distributions from:
Net investment income	(0.03 )	(0.30 )	(0.28 )	(0.23 )	(0.13 )
Net realized gains	—	—	(0.03 )	(0.44 )	(0.05 )
Total distributions	(0.03 )	(0.30 )	(0.31 )	(0.67 )	(0.18 )
Net asset value, end of period	$11.30	$10.76	$10.00	$11.86	$11.47
Total return4	5.33 %	10.56 %	(13.08 )%	9.22 %	16.43 %
Net assets, end of period (000s)	$4,562	$4,825	$2,860	$2,882	$1,050
Ratios to average net assets:
Gross expenses5	0.13 %6	0.13 %	0.15 %	0.19 %	0.43 %6
Net expenses5,7	0.13 6	0.13	0.15	0.19	0.23 6,8
Net investment income	1.40 6	3.14	2.26	1.74	3.14 6
Portfolio turnover rate	30 %	20 %	35 %	61 %	27 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class I shares did not exceed 0.23%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Moderately Conservative Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$10.75	$9.99	$11.85	$11.47	$10.00
Income (loss) from operations:
Net investment income	0.06	0.27	0.22	0.16	0.23
Net realized and unrealized gain (loss)	0.50	0.76	(1.80 )	0.87	1.40
Total income (loss) from operations	0.56	1.03	(1.58)	1.03	1.63
Less distributions from:
Net investment income	(0.03 )	(0.27 )	(0.25 )	(0.21 )	(0.11 )
Net realized gains	—	—	(0.03 )	(0.44 )	(0.05 )
Total distributions	(0.03 )	(0.27 )	(0.28 )	(0.65 )	(0.16 )
Net asset value, end of period	$11.28	$10.75	$9.99	$11.85	$11.47
Total return4	5.24 %	10.31 %	(13.29 )%	8.96 %	16.32 %
Net assets, end of period (millions)	$424	$427	$375	$326	$129
Ratios to average net assets:
Gross expenses5	0.38 %6	0.38 %	0.39 %	0.41 %	0.63 %6
Net expenses5,7	0.38 6	0.38	0.39	0.41	0.48 6,8
Net investment income	1.16 6	2.62	2.08	1.36	2.99 6
Portfolio turnover rate	30 %	20 %	35 %	61 %	27 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class II shares did not exceed 0.48%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Financial Highlights (cont’d)

Franklin Templeton Conservative Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$9.64	$9.19	$10.86	$10.91	$10.00
Income (loss) from operations:
Net investment income	0.09	0.34	0.26	0.17	0.33
Net realized and unrealized gain (loss)	0.19	0.45	(1.66 )	0.38	0.77
Total income (loss) from operations	0.28	0.79	(1.40)	0.55	1.10
Less distributions from:
Net investment income	(0.02 )	(0.34 )	(0.25 )	(0.23 )	(0.15 )
Net realized gains	—	—	(0.02 )	(0.37 )	(0.04 )
Total distributions	(0.02 )	(0.34 )	(0.27 )	(0.60 )	(0.19 )
Net asset value, end of period	$9.90	$9.64	$9.19	$10.86	$10.91
Total return4	2.93 %	8.56 %	(12.96 )%	4.98 %	10.99 %
Net assets, end of period (000s)	$2,340	$2,491	$2,036	$1,406	$1,053
Ratios to average net assets:
Gross expenses5	0.16 %6	0.17 %	0.18 %	0.25 %	0.57 %6
Net expenses5,7	0.16 6	0.17	0.18	0.23 8	0.23 6,8
Net investment income	1.78 6	3.57	2.64	1.52	4.33 6
Portfolio turnover rate	35 %	26 %	32 %	56 %	22 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class I shares did not exceed 0.23%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Franklin Templeton Conservative Model Portfolio

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class II Shares1	20242	2023	2022	2021	20203
Net asset value, beginning of period	$9.62	$9.17	$10.84	$10.90	$10.00
Income (loss) from operations:
Net investment income	0.07	0.29	0.21	0.14	0.28
Net realized and unrealized gain (loss)	0.20	0.47	(1.64 )	0.38	0.80
Total income (loss) from operations	0.27	0.76	(1.43)	0.52	1.08
Less distributions from:
Net investment income	(0.02 )	(0.31 )	(0.22 )	(0.21 )	(0.14 )
Net realized gains	—	—	(0.02 )	(0.37 )	(0.04 )
Total distributions	(0.02 )	(0.31 )	(0.24 )	(0.58 )	(0.18 )
Net asset value, end of period	$9.87	$9.62	$9.17	$10.84	$10.90
Total return4	2.83 %	8.31 %	(13.18 )%	4.71 %	10.78 %
Net assets, end of period (000s)	$160,945	$160,793	$159,201	$146,525	$82,143
Ratios to average net assets:
Gross expenses5	0.41 %6	0.42 %	0.43 %	0.45 %	0.77 %6
Net expenses5,7	0.41 6	0.42	0.43	0.45	0.48 6,8
Net investment income	1.55 6	3.08	2.18	1.27	3.73 6
Portfolio turnover rate	35 %	26 %	32 %	56 %	22 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period April 15, 2020 (inception date) to December 31, 2020.
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	Does not include fees and expenses of the Underlying Funds in which the Portfolio invests.
6	Annualized.
7	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 (fees and expenses of Underlying Funds), to average net assets of Class II shares did not exceed 0.48%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

Franklin Templeton Aggressive Model Portfolio (“Aggressive Model Portfolio”), Franklin Templeton Moderately Aggressive Model Portfolio (“Moderately Aggressive Model Portfolio”), Franklin Templeton Moderate Model Portfolio (“Moderate Model Portfolio”), Franklin Templeton Moderately Conservative Model Portfolio (“Moderately Conservative Model Portfolio”) and Franklin Templeton Conservative Model Portfolio (“Conservative Model Portfolio”) (collectively, the “Portfolios”) are separate diversified investment series of Legg Mason Partners Variable Equity 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. The Portfolios invest in insurance-dedicated mutual funds that have been selected by New York Life Insurance and Annuity Corporation (“NYLIAC”) as investment options for use with their variable annuity and variable universal life insurance policies, noninsurance-dedicated mutual funds and exchange traded funds (“Underlying Funds”). The Underlying Funds include funds managed by investment advisers that are not affiliated with Franklin Resources, Inc. (“Franklin Resources”) and funds managed by Franklin Resources affiliated investment advisers. Shares of the Portfolios are offered to variable annuity and variable life insurance separate accounts established by NYLIAC.

Shares of the Portfolios may only be purchased or redeemed through variable annuity contracts and variable life insurance policies issued by NYLIAC through their separate accounts.

The Portfolios follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Portfolios and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation. 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. 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. When the Portfolios hold securities or other assets that are denominated in a foreign currency, the Portfolios 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 each Portfolio calculates its net asset value, the Portfolios value these securities as determined in accordance with procedures approved by the Portfolios’ Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Portfolios’ manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolios’ manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolios’ pricing policies, and reporting to the Portfolios’ manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Portfolios, 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

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

comparable companies; and the existence of a shelf registration for restricted securities. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund’s last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund’s last net asset value per share calculation but prior to the day of valuation.

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 Portfolios use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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

•

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

•

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

•

Level 3 — significant unobservable inputs (including the Portfolios’ 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 Portfolios’ assets carried at fair value:

Aggressive Model Portfolio

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity	$381,884,557	$170,805,483	—	$552,690,040
Foreign Equity	50,623,498	52,242,168	—	102,865,666
Domestic Fixed Income	58,360,877	—	—	58,360,877
Total Long-Term Investments	490,868,932	223,047,651	—	713,916,583
Short-Term Investments†	3,110,181	—	—	3,110,181
Total Investments	$493,979,113	$223,047,651	—	$717,026,764

†	See Schedule of Investments for additional detailed categorizations.

Moderately Aggressive Model Portfolio

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity	$833,427,226	$324,263,763	—	$1,157,690,989
Domestic Fixed Income	403,705,192	164,867,198	—	568,572,390

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

ASSETS (cont’d)
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Foreign Fixed Income	$19,379,741	—	—	$19,379,741
Foreign Equity	109,509,760	$100,077,948	—	209,587,708
Total Long-Term Investments	1,366,021,919	589,208,909	—	1,955,230,828
Short-Term Investments†	7,171,910	—	—	7,171,910
Total Investments	$1,373,193,829	$589,208,909	—	$1,962,402,738

†	See Schedule of Investments for additional detailed categorizations.

Moderate Model Portfolio

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity	$526,032,118	$180,238,751	—	$706,270,869
Domestic Fixed Income	364,676,757	219,689,327	—	584,366,084
Foreign Fixed Income	28,764,114	14,200,746	—	42,964,860
Foreign Equity	82,066,925	43,277,520	—	125,344,445
Total Long-Term Investments	1,001,539,914	457,406,344	—	1,458,946,258
Short-Term Investments†	4,911,640	—	—	4,911,640
Total Investments	$1,006,451,554	$457,406,344	—	$1,463,857,898

†	See Schedule of Investments for additional detailed categorizations.

Moderately Conservative Model Portfolio

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity	$118,431,329	$36,975,020	—	$155,406,349
Domestic Fixed Income	125,358,225	95,377,008	—	220,735,233
Foreign Fixed Income	16,928,232	10,443,242	—	27,371,474
Foreign Equity	24,057,131	—	—	24,057,131
Total Long-Term Investments	284,774,917	142,795,270	—	427,570,187
Short-Term Investments†	605,259	—	—	605,259
Total Investments	$285,380,176	$142,795,270	—	$428,175,446

†	See Schedule of Investments for additional detailed categorizations.

Conservative Model Portfolio

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity	$26,612,248	$7,463,377	—	$34,075,625
Domestic Fixed Income	59,823,092	47,563,392	—	107,386,484

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

ASSETS (cont’d)
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Foreign Fixed Income	$8,052,553	$11,122,316	—	$19,174,869
Foreign Equity	1,588,629	—	—	1,588,629
Total Long-Term Investments	96,076,522	66,149,085	—	162,225,607
Short-Term Investments†	1,215,926	—	—	1,215,926
Total Investments	$97,292,448	$66,149,085	—	$163,441,533

†	See Schedule of Investments for additional detailed categorizations.

(b) Fund of funds risk. The cost of investing in the Portfolios, as funds of funds, may be higher than the cost of investing in a mutual fund that only invests directly in individual securities. An Underlying Fund may change its investment objective or policies without the Portfolios’ approval, which could force the Portfolios to withdraw their investments from such Underlying Fund at a time that is unfavorable to the Portfolios. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Portfolios would indirectly bear the costs of these trades without accomplishing any investment purpose.

(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Net investment income distributions, if any, from the Underlying Funds are recorded on the ex-dividend date as investment income. Interest income is recorded on an accrual basis. Short-term and long-term capital gain distributions, if any, from the Underlying Funds are recorded on the ex-dividend date as realized gains. The character of certain distributions received from the Underlying Funds may represent a return of capital. The Portfolios determine the components of these distributions subsequent to the ex-dividend date, based on the actual tax character reported by the Underlying Funds. These distributions are recorded by adjusting the cost basis of the related Underlying Fund. The cost of investments sold is determined by use of the specific identification method.

(d) 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 Portfolios are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

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

(f) Compensating balance arrangements. The Portfolios have an arrangement with their custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Portfolios’ cash on deposit with the bank.

(g) Federal and other taxes. It is the Portfolios’ 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 Portfolios intend to distribute their 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 Portfolios’ financial statements.

Management has analyzed the Portfolios’ tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Portfolios’ financial statements. The Portfolios’ 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.

(h) 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.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is each Portfolio’s investment manager. Franklin Advisers, Inc. (“Franklin Advisers”) is each Portfolio’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of each Portfolio’s cash and short-term instruments allocated to it. FTFA, Franklin Advisers and Western Asset are wholly-owned subsidiaries of Franklin Resources.

Under the investment management agreement, each Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate that decreases as assets increase, as follows: 0.13% of assets up to and including $1 billion, 0.11% of assets over $1 billion and up to and including $1.5 billion, 0.09% of assets over $1.5 billion and up to and including

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

$2 billion, 0.08% of assets over $2 billion and up to and including $3.5 billion, 0.07% of assets over $3.5 billion and up to and including $5 billion and 0.06% of assets over $5 billion. For purposes of determining the effective management fee rate, the net assets of each Portfolio are aggregated.

FTFA provides administrative and certain oversight services to the Portfolios. FTFA delegates to the subadviser the day-to-day portfolio management of the Portfolios, except for the management of the portion of each Portfolio’s cash and short-term instruments allocated to Western Asset. For its services, FTFA pays Franklin Advisers a fee monthly, at an annual rate equal to 70% of the net management fee it receives from each Portfolio. For Western Asset’s services to the Portfolios, FTFA pays Western Asset monthly 0.02% of the portion of each Portfolio’s average daily net assets that are allocated to Western Asset by FTFA.

The Portfolios indirectly bear their proportionate share of expenses from the Underlying Funds. Since the Underlying Funds have varied expense levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of expenses incurred indirectly by the Portfolios will vary.

As a result of expense limitation arrangements between the Portfolios and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses (fees and expenses of Underlying Funds), to average net assets of Class I and Class II shares of Aggressive Model Portfolio, Moderately Conservative Model Portfolio and Conservative Model Portfolio did not exceed 0.23% and 0.48%, respectively. Additionally, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses (fees and expenses of Underlying Funds), to average net assets of Class I and Class II shares of Moderately Aggressive Model Portfolio and Moderate Model Portfolio did not exceed 0.21% and 0.46%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent.

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

In addition, the Portfolios indirectly pay management and/or administration fees to certain FTFA affiliates as shareholders in FTFA affiliated Underlying Funds. These management and/or administration fees ranged from 0.45% to 0.70% of the average daily net assets of such FTFA affiliated Underlying Funds.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Portfolios’ sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Portfolios’ shareholder servicing agent and acts as the Portfolios’ transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Portfolios pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended June 30, 2024, each Portfolio incurred transfer agent fees as reported on the Statement of Operations, of which $19 was earned by Investor Services, respectively.

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, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

	Purchases	Sales
Aggressive Model Portfolio	$164,117,497	$92,419,911
Moderately Aggressive Model Portfolio	473,302,935	335,595,364
Moderate Model Portfolio	356,189,877	313,917,057
Moderately Conservative Model Portfolio	128,428,262	148,088,252
Conservative Model Portfolio	56,785,767	60,113,524

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

At June 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Aggressive Model Portfolio
	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$624,505,132	$94,728,914	$(2,207,282 )	$92,521,632

	Moderately Aggressive Model Portfolio
	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$1,775,466,167	$210,257,503	$(23,320,932 )	$186,936,571

	Moderate Model Portfolio
	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$1,351,600,674	$133,510,811	$(21,253,587 )	$112,257,224

	Moderately Conservative Model Portfolio
	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$408,888,961	$28,483,953	$(9,197,468 )	$19,286,485

	Conservative Model Portfolio
	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$161,700,988	$6,862,799	$(5,122,254 )	$1,740,545

4. Derivative instruments and hedging activities

During the six months ended June 30, 2024, the Portfolios did not invest in derivative instruments.

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

The Portfolios have adopted a Rule 12b-1 shareholder services and distribution plan and under that plan Aggressive Model Portfolio, Moderately Aggressive Model Portfolio, Moderate Model Portfolio, Moderately Conservative Model Portfolio and Conservative Model Portfolio pay service and/or distribution fees with respect to their 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, 2024, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Aggressive Model Portfolio
Class I	—	$18
Class II	$708,799	12
Total	$708,799	$30

	Service and/or Distribution Fees	Transfer Agent Fees
Moderately Aggressive Model Portfolio
Class I	—	$19
Class II	$2,191,772	11
Total	$2,191,772	$30

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

	Service and/or Distribution Fees	Transfer Agent Fees
Moderate Model Portfolio
Class I	—	$19
Class II	$1,725,839	11
Total	$1,725,839	$30

	Service and/or Distribution Fees	Transfer Agent Fees
Moderately Conservative Model Portfolio
Class I	—	$19
Class II	$526,675	11
Total	$526,675	$30

	Service and/or Distribution Fees	Transfer Agent Fees
Conservative Model Portfolio
Class I	—	$19
Class II	$197,516	11
Total	$197,516	$30

6. Distributions to shareholders by class

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Aggressive Model Portfolio
Net Investment Income:
Class I	$50,280	$727,198
Class II	349,743	4,517,870
Total	$400,023	$5,245,068
Net Realized Gains:
Class I	$26,283	$227,311
Class II	182,820	2,106,305
Total	$209,103	$2,333,616

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Moderately Aggressive Model Portfolio
Net Investment Income:
Class I	$209,854	$761,246
Class II	5,830,201	20,068,879
Total	$6,040,055	$20,830,125
Net Realized Gains:
Class I	—	$157,493
Class II	—	5,732,053
Total	—	$5,889,546

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Moderate Model Portfolio
Net Investment Income:
Class I	$47,841	$247,651
Class II	4,402,163	21,852,589
Total	$4,450,004	$22,100,240
Net Realized Gains:
Class I	—	$35,415
Class II	—	4,039,763
Total	—	$4,075,178

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Moderately Conservative Model Portfolio
Net Investment Income:
Class I	$13,337	$128,208
Class II	1,271,673	10,446,824
Total	$1,285,010	$10,575,032

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Conservative Model Portfolio
Net Investment Income:
Class I	$5,177	$84,394
Class II	364,834	5,065,628
Total	$370,011	$5,150,022

7. Shares of beneficial interest

At June 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Portfolios have 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, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Aggressive Model Portfolio
Class I
Shares sold	1,095,555	$15,598,264	2,425,694	$30,046,968
Shares issued on reinvestment	5,191	76,563	72,407	953,456
Shares repurchased	(72,311 )	(1,027,724 )	(27,751 )	(334,981 )
Net increase	1,028,435	$14,647,103	2,470,350	$30,665,443
Class II
Shares sold	4,434,462	$62,479,801	8,227,488	$100,725,422
Shares issued on reinvestment	36,253	532,563	507,153	6,624,175
Shares repurchased	(573,746 )	(8,034,468 )	(707,378 )	(8,756,421 )
Net increase	3,896,969	$54,977,896	8,027,263	$98,593,176

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Moderately Aggressive Model Portfolio
Class I
Shares sold	788,431	$10,163,684	1,835,314	$21,215,546
Shares issued on reinvestment	15,779	209,854	74,914	917,596
Shares repurchased	(32,086 )	(410,060 )	(39,617 )	(453,151 )
Net increase	772,124	$9,963,478	1,870,611	$21,679,991
Class II
Shares sold	9,036,129	$116,573,436	21,599,540	$248,610,169
Shares issued on reinvestment	440,347	5,830,201	2,120,481	25,800,932
Shares repurchased	(747,352 )	(9,583,146 )	(1,191,841 )	(13,826,254 )
Net increase	8,729,124	$112,820,491	22,528,180	$260,584,847

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Moderate Model Portfolio
Class I
Shares sold	196,305	$2,339,367	543,974	$5,975,336
Shares issued on reinvestment	3,915	47,841	24,601	281,777
Shares repurchased	(61,903 )	(743,905 )	(176,817 )	(1,916,540 )
Net increase	138,317	$1,643,303	391,758	$4,340,573
Class II
Shares sold	4,136,980	$49,145,677	16,214,407	$176,098,540
Shares issued on reinvestment	361,722	4,402,163	2,272,588	25,892,352
Shares repurchased	(2,081,397 )	(24,950,290 )	(1,366,929 )	(14,915,632 )
Net increase	2,417,305	$28,597,550	17,120,066	$187,075,260

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Moderately Conservative Model Portfolio
Class I
Shares sold	39,286	$432,152	203,656	$2,107,201
Shares issued on reinvestment	1,188	13,337	11,773	126,723
Shares repurchased	(85,268 )	(937,037 )	(52,960 )	(547,459 )
Net increase (decrease)	(44,794 )	$(491,548 )	162,469	$1,686,465
Class II
Shares sold	1,360,915	$14,946,185	4,780,363	$49,510,499
Shares issued on reinvestment	113,441	1,271,673	972,017	10,446,824
Shares repurchased	(3,591,576 )	(39,494,080 )	(3,536,839 )	(36,773,331 )
Net increase (decrease)	(2,117,220 )	$(23,276,222 )	2,215,541	$23,183,992

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Conservative Model Portfolio
Class I
Shares sold	35,025	$341,587	121,935	$1,152,626
Shares issued on reinvestment	526	5,177	8,567	82,703
Shares repurchased	(57,615 )	(558,935 )	(93,623 )	(898,958 )
Net increase (decrease)	(22,064 )	$(212,171 )	36,879	$336,371

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Conservative Model Portfolio (cont’d)
Class II
Shares sold	1,118,069	$10,812,007	2,125,809	$19,986,133
Shares issued on reinvestment	37,152	364,834	525,891	5,065,628
Shares repurchased	(1,562,062 )	(15,138,101 )	(3,292,334 )	(31,139,406 )
Net decrease	(406,841 )	$(3,961,260 )	(640,634 )	$(6,087,645 )

8. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Portfolios own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolios. The following Underlying Funds were considered affiliated companies for all or some portion of the six months ended June 30, 2024. The following transactions were effected in such Underlying Funds for the six months ended June 30, 2024.

	Affiliate Value at December 31, 2023	Purchased		Sold		Realized Gain (Loss) from Sale of Affiliated Underlying Funds	Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Aggressive Model Portfolio	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares		Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds		Affiliate Value at June 30, 2024
ClearBridge Variable Appreciation Portfolio, Class I Shares
	$33,843,192	$4,867,615	78,430	$207,399	3,296	$(1,549 )	$21,640	$387,750	$4,895,587	$43,397,446
Putnam VT International Value Fund, Class IA
	—	20,948,944	1,697,909	—	—	—	—	—	(387,264 )	20,561,680
	$33,843,192	$25,816,559		$207,399		$(1,549 )	$21,640	$387,750	$4,508,323	$63,959,126

	Affiliate Value at December 31, 2023	Purchased		Sold		Realized Gain (Loss) from Sale of Affiliated Underlying Funds	Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Moderately Aggressive Model Portfolio	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares		Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds		Affiliate Value at June 30, 2024
ClearBridge Variable Appreciation Portfolio, Class I Shares
	$93,584,597	$8,135,734	132,854	$1,171,818	18,470	$8,761	$56,843	$1,018,511	$13,291,640	$113,848,914
Western Asset Core Plus VIT Portfolio, Class I Shares
	58,369,015	10,493,385	2,157,395	—	—	—	241,908	—	(1,069,699 )	67,792,701
Putnam VT International Value Fund, Class IA
	—	38,226,605	3,099,108	—	—	—	—	—	(696,407 )	37,530,198
	$151,953,612	$56,855,724		$1,171,818		$8,761	$298,751	$1,018,511	$11,525,534	$219,171,813

	Affiliate Value at December 31, 2023	Purchased		Sold		Realized Gain (Loss) from Sale of Affiliated Underlying Funds	Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Moderate Model Portfolio	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares		Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds		Affiliate Value at June 30, 2024
ClearBridge Variable Appreciation Portfolio, Class I Shares
	$58,867,701	$2,796,583	45,731	$3,018,548	47,266	$77,546	$33,692	$603,683	$8,047,132	$66,770,414
Western Asset Core Plus VIT Portfolio, Class I Shares
	71,168,849	9,412,467	1,934,310	173,389	35,750	(13,227 )	285,262	—	(1,292,830 )	79,101,870
	$130,036,550	$12,209,050		$3,191,937		$64,319	$318,954	$603,683	$6,754,302	$145,872,284

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

	Affiliate Value at December 31, 2023	Purchased		Sold		Realized Gain (Loss) from Sale of Affiliated Underlying Funds	Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Moderately Conservative Model Portfolio	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares		Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds		Affiliate Value at June 30, 2024
ClearBridge Variable Appreciation Portfolio, Class I Shares
	$13,866,286	$492,344	7,863	$2,022,830	31,909	$111,428	$7,267	$130,204	$1,719,241	$14,166,469
Western Asset Core Plus VIT Portfolio, Class I Shares
	30,145,215	1,717,942	354,009	1,708,088	349,821	(100,485 )	108,573	—	(437,111 )	29,617,473
	$44,011,501	$2,210,286		$3,730,918		$10,943	$115,840	$130,204	$1,282,130	$43,783,942

	Affiliate Value at December 31, 2023	Purchased		Sold		Realized Gain (Loss) from Sale of Affiliated Underlying Funds	Income Distributions from Affiliated Underlying Funds	Capital Gain Distributions from Affiliated Underlying Funds	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Conservative Model Portfolio		Cost	Shares	Proceeds	Shares
Western Asset Core Plus VIT Portfolio, Class I Shares
	$11,423,877	$669,259	138,187	$623,740	128,214	$(39,127 )	$40,827	—	$(165,628 )	$11,264,641

9. Redemption facility

The Portfolios, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, 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 January 31, 2025.

Under the terms of the Global Credit Facility, the Portfolios shall, in addition to interest charged on any borrowings made by the Portfolios and other costs incurred by the Portfolios, 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 Portfolios did not utilize the Global Credit Facility during the six months ended June 30, 2024.

10. Deferred capital losses

As of December 31, 2023, Moderately Aggressive Model Portfolio, Moderate Model Portfolio, Moderately Conservative Model Portfolio and Conservative Model Portfolio had deferred capital losses of $9,899,162, $19,404,130, $9,521,506 and $7,664,649 respectively, which have no expiration date, that will be available to offset future taxable capital gains.

Franklin Templeton Model Portfolio Funds 2024 Semi-Annual Report

Changes in and Disagreements with AccountantsFor the period covered by this report

Not applicable.

Results of Meeting(s) of ShareholdersFor the period covered by this report

Not applicable.

Remuneration Paid to Directors, Officers and OthersFor the period covered by this report

Refer to the financial statements included herein.

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited)

Legg Mason Partners Variable Equity Trust
— Franklin Templeton Aggressive Model Portfolio

At an in-person meeting of the Board of Trustees of Legg Mason Partners Variable Equity Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Franklin Templeton Aggressive Model Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Franklin Advisers, Inc. (“Franklin Advisers”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Franklin Advisers, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Advisers, and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Advisers, as well as the management, advisory and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2024 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

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

Board approval of management agreement and sub-advisory agreements

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

In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreements. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and each Sub-Advisory Agreement.

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

Franklin Templeton Model Portfolio Funds

during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Sub-Advisers took into account the Board’s knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Advisers, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Advisers, and of the undertakings required of the Manager and Sub-Advisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and each Sub-Adviser’s risk management processes.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s and each Sub-Adviser’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 the Manager and the Manager’s affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Manager and the Sub-Advisers. The Board recognized the importance of having a fund manager with significant resources.

The Board considered the division of responsibilities among the Manager and the Sub-Advisers and the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Advisers regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management’s periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.

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

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mixed-asset target allocation aggressive growth funds underlying variable insurance products by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund’s inception (April 15, 2020) through December 31, 2023 was above the median performance of the funds in the Performance Universe for the 3-year period and was approximately equivalent to the median performance of the funds in the Performance Universe for the 1-year and since inception periods and ranked in the first quintile of the funds in the Performance Universe for the 3-year period.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and each Sub-Advisory Agreement were sufficient for renewal.

Management fees and expense ratios

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

sub-advisory services provided by the Manager and the Sub-Advisers, respectively. The Board also noted that the compensation paid to the Sub-Advisers is the responsibility and expense of the Manager, not the Fund.

The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund’s total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Advisers to other U.S. clients investing primarily in an asset class similar to that of the Fund, noting that there were none.

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

The Board considered the overall management fee, the fees of each of the Sub-Advisers and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of eight mixed-asset target allocation aggressive growth funds of funds underlying variable insurance products (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of mixed-asset target allocation aggressive growth funds of funds underlying variable insurance products (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was approximately equivalent to the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was approximately equivalent to the median of management fees paid by the funds in the Expense Group and approximately equivalent to the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was below the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe, and that the Fund’s underlying fund expenses were below the median of the underlying fund expenses of the funds in the Expense Group and below the median of the underlying fund expenses of the funds in the Expense Universe.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreements.

Manager profitability

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

Economies of scale

Franklin Templeton Model Portfolio Funds

reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund’s asset levels. The Board noted that the Fund’s assets had not reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered. The Board also noted the size of the Fund.

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

Other benefits to the manager and the sub-advisers

The Board considered other benefits received by the Manager, the Sub-Advisers and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Advisers to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Advisers and their affiliates received were reasonable.

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Legg Mason Partners Variable Equity Trust
— Franklin Templeton Moderately Aggressive Model Portfolio

At an in-person meeting of the Board of Trustees of Legg Mason Partners Variable Equity Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Franklin Templeton Moderately Aggressive Model Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Franklin Advisers, Inc. (“Franklin Advisers”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Franklin Advisers, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

Board approval of management agreement and sub-advisory agreements

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

Franklin Templeton Model Portfolio Funds

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mixed-asset target allocation growth funds underlying variable insurance products by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund’s inception (April 15, 2020) through December 31, 2023 was above the median performance of the funds in the Performance Universe for each period.

Management fees and expense ratios

The Board reviewed and considered the contractual management fee payable by the Fund to the Manager (the “Contractual Management Fee”) and the actual management fees paid by the Fund to the Manager after giving effect to breakpoints and waivers, if any (the “Actual Management Fee”), in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-Advisers, respectively. The Board also noted that the compensation paid to the Sub-Advisers is the responsibility and expense of the Manager, not the Fund.

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of nine mixed-asset target allocation growth funds of funds underlying variable insurance products (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of mixed-asset target allocation growth funds of funds underlying variable insurance products (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was at the median of management fees paid by the funds in the Expense Group and approximately equivalent to the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was at the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe, and that the Fund’s underlying fund expenses were at the median of the underlying fund expenses of the funds in the Expense Group and approximately equivalent to the median of the underlying fund expenses of the funds in the Expense Universe.

Manager profitability

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow. The Board noted that the Manager had previously agreed to institute breakpoints in the Fund’s Contractual Management Fee, reflecting the potential for reducing the blended rate of the Contractual Management Fee as the Fund grows. The Board considered whether the breakpoint fee structure was a reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund’s asset levels. The Board noted that the Fund’s assets had reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered.

Franklin Templeton Model Portfolio Funds

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

Other benefits to the manager and the sub-advisers

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Legg Mason Partners Variable Equity Trust
— Franklin Templeton Moderate Model Portfolio

At an in-person meeting of the Board of Trustees of Legg Mason Partners Variable Equity Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Franklin Templeton Moderate Model Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Franklin Advisers, Inc. (“Franklin Advisers”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Franklin Advisers, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

Board approval of management agreement and sub-advisory agreements

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

Franklin Templeton Model Portfolio Funds

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mixed-asset target allocation moderate funds underlying variable insurance products by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund’s inception (April 15, 2020) through December 31, 2023 was above the median performance of the funds in the Performance Universe for each period.

Management fees and expense ratios

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of nine mixed-asset target allocation moderate funds of funds underlying variable insurance products (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of mixed-asset target allocation moderate funds of funds underlying variable insurance products (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was approximately equivalent to the median of management fees paid by the funds in the Expense Group and at the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was at the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe, that the Fund’s underlying fund expenses were at the median of the underlying fund expenses of the funds in the Expense Group and below the median of the underlying fund expenses of the funds in the Expense Universe. Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreements.

Manager profitability

Economies of scale

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

Franklin Templeton Model Portfolio Funds

Other benefits to the manager and the sub-advisers

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Legg Mason Partners Variable Equity Trust
— Franklin Templeton Moderately Conservative Model Portfolio

At an in-person meeting of the Board of Trustees of Legg Mason Partners Variable Equity Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Franklin Templeton Moderately Conservative Model Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Franklin Advisers, Inc. (“Franklin Advisers”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Franklin Advisers, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

Board approval of management agreement and sub-advisory agreements

Franklin Templeton Model Portfolio Funds

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Advisers under the Management Agreement and the Sub-Advisory Agreements, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Sub-Advisers took into account the Board’s knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Advisers, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Advisers, and of the undertakings required of the Manager and Sub-Advisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and each Sub-Adviser’s risk management processes.

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mixed-asset target allocation conservative funds underlying variable insurance products by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund’s inception (April 15, 2020) through December 31, 2023 was above the median performance of the funds in the Performance Universe for each period and ranked in the first quintile of the funds in the Performance Universe for the 3-year and since inception periods.

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Management fees and expense ratios

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of nine mixed-asset target allocation conservative funds of funds underlying variable insurance products (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of mixed-asset target allocation conservative funds of funds underlying variable insurance products (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was below the median of management fees paid by the funds in the Expense Group and at the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was approximately equivalent to the median of the total expense ratios of the funds in the Expense Group and approximately equivalent to the median of the actual total expense ratios of the funds in the Expense Universe, and that the Fund’s underlying fund expenses were at the median of the underlying fund expenses of the funds in the Expense Group and at the median of the underlying fund expenses of the funds in the Expense Universe.

Manager profitability

Franklin Templeton Model Portfolio Funds

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow. The Board noted that the Manager had previously agreed to institute breakpoints in the Fund’s Contractual Management Fee, reflecting the potential for reducing the blended rate of the Contractual Management Fee as the Fund grows. The Board considered whether the breakpoint fee structure was a reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund’s asset levels. The Board noted that the Fund’s assets had not reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered. The Board also noted the size of the Fund.

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

Other benefits to the manager and the sub-advisers

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Legg Mason Partners Variable Equity Trust
— Franklin Templeton Conservative Model Portfolio

At an in-person meeting of the Board of Trustees of Legg Mason Partners Variable Equity Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Franklin Templeton Conservative Model Portfolio, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Franklin Advisers, Inc. (“Franklin Advisers”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Franklin Advisers, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

Board approval of management agreement and sub-advisory agreements

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

Franklin Templeton Model Portfolio Funds

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mixed-asset target allocation conservative funds underlying variable insurance products by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1- and 3-year periods ended December 31, 2023 and the period since the Fund’s inception (April 15, 2020) through December 31, 2023 was below the median performance of the funds in the Performance Universe for each period. The Board noted the explanations from the Manager and Franklin Advisers concerning the reasons for the Fund’s relative performance versus the peer group for the various periods. The Board also noted that the Fund’s performance was ahead of its benchmark for the quarter ended March 31, 2024.

Management fees and expense ratios

Franklin Templeton Model Portfolio Funds

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of ten mixed-asset target allocation conservative funds of funds underlying variable insurance products (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of mixed-asset target allocation conservative funds of funds underlying variable insurance products (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was approximately equivalent to the median of management fees paid by the funds in the Expense Group and at the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was approximately equivalent to the median of the total expense ratios of the funds in the Expense Group and at the median of the actual total expense ratios of the funds in the Expense Universe, and that the Fund’s underlying fund expenses were approximately equivalent to the median of the underlying fund expenses of the funds in the Expense Group and at the median of the underlying fund expenses of the funds in the Expense Universe.

Manager profitability

Economies of scale

Franklin Templeton Model Portfolio Funds

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

Other benefits to the manager and the sub-advisers

Franklin Templeton Model Portfolio Funds

(This page intentionally left blank.)

Franklin Templeton
Model Portfolio Funds

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Franklin Advisers, Inc.

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

Franklin Templeton Model Portfolio Funds
Franklin Templeton Aggressive Model Portfolio
Franklin Templeton Moderately Aggressive Model Portfolio
Franklin Templeton Moderate Model Portfolio
Franklin Templeton Moderately Conservative Model Portfolio
Franklin Templeton Conservative Model Portfolio

The Portfolios are separate investment series of Legg Mason Partners Variable Equity Trust, a Maryland statutory trust.

Franklin Templeton Model Portfolio Funds
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018

The Portfolios file their 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 their reports on Form N-PORT. The Portfolios’ 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 Portfolios at 877-6LM-FUND/656-3863.

Information on how the Portfolios 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 Portfolios use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Portfolios 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 Franklin Templeton Aggressive Model Portfolio, Franklin Templeton Moderately Aggressive Model Portfolio, Franklin Templeton Moderate Model Portfolio, Franklin Templeton Moderately Conservative Model Portfolio and Franklin Templeton Conservative Model Portfolio. This report is not authorized for distribution to prospective investors in the Portfolios unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

•

Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

•

Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

•

Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice (cont’d)

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

FTMPF-SFSOI 8/24

ITEM 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 12.

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

Not applicable.

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14.

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

Not applicable.

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 17.

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

Not applicable.

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a)

Not applicable.

(b)

Not applicable.

ITEM 19.

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 Equity Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 14, 2024

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

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 14, 2024

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	August 14, 2024

Legg Mason Partners Variable Equity Trust N-CSRSCertified semi-annual shareholder report (management investment company)