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, 47th 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.
ClearBridge Variable Dividend Strategy Portfolio | ||
Class Itrue | ||
Semi-Annual Shareholder Report | 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.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class I1 | $39 | 0.75% |
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
1 | Does not reflect expenses incurred from investing through variable annuity or variable life insurance products. |
Total Net Assets | $437,563,654 |
Total Number of Portfolio Holdings* | 57 |
Portfolio Turnover Rate | 12% |
* | Does not include derivatives, except purchased options, if any. |
* | 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 |
ClearBridge Variable Dividend Strategy Portfolio | PAGE 1 | 7947-STSR-0824 |
ClearBridge Variable Dividend Strategy Portfolio | ||
Class IItrue | ||
Semi-Annual Shareholder Report | 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.
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class II1 | $46 | 0.90% |
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
1 | Does not reflect expenses incurred from investing through variable annuity or variable life insurance products. |
Total Net Assets | $437,563,654 |
Total Number of Portfolio Holdings* | 57 |
Portfolio Turnover Rate | 12% |
* | Does not include derivatives, except purchased options, if any. |
* | 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 |
ClearBridge Variable Dividend Strategy Portfolio | PAGE 1 | 7723-STSR-0824 |
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. |
a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
b) | Not applicable. |
ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Variable Dividend Strategy Portfolio
1 | |
5 | |
6 | |
7 | |
8 | |
10 | |
19 | |
19 | |
19 | |
20 |
Security | Shares | Value | |||
Common Stocks — 99.4% | |||||
Communication Services — 8.6% | |||||
Entertainment — 0.9% | |||||
Walt Disney Co. | 36,920 | $3,665,787 | |||
Interactive Media & Services — 2.3% | |||||
Alphabet Inc., Class A Shares | 20,100 | 3,661,215 | |||
Meta Platforms Inc., Class A Shares | 13,000 | 6,554,860 | |||
Total Interactive Media & Services | 10,216,075 | ||||
Media — 3.0% | |||||
Comcast Corp., Class A Shares | 337,670 | 13,223,157 | |||
Wireless Telecommunication Services — 2.4% | |||||
T-Mobile US Inc. | 59,000 | 10,394,620 | |||
Total Communication Services | 37,499,639 | ||||
Consumer Discretionary — 2.3% | |||||
Automobiles — 0.7% | |||||
General Motors Co. | 67,300 | 3,126,758 | |||
Specialty Retail — 1.6% | |||||
Home Depot Inc. | 20,210 | 6,957,090 | |||
Total Consumer Discretionary | 10,083,848 | ||||
Consumer Staples — 11.3% | |||||
Beverages — 3.5% | |||||
Coca-Cola Co. | 142,380 | 9,062,487 | |||
Diageo PLC | 207,100 | 6,501,699 (a) | |||
Total Beverages | 15,564,186 | ||||
Food Products — 3.9% | |||||
Mondelez International Inc., Class A Shares | 47,510 | 3,109,055 | |||
Nestle SA, ADR | 134,820 | 13,812,309 | |||
Total Food Products | 16,921,364 | ||||
Household Products — 1.7% | |||||
Procter & Gamble Co. | 45,920 | 7,573,126 | |||
Personal Care Products — 2.2% | |||||
Haleon PLC | 1,326,500 | 5,397,153 (a) | |||
Kenvue Inc. | 224,700 | 4,085,046 | |||
Total Personal Care Products | 9,482,199 | ||||
Total Consumer Staples | 49,540,875 | ||||
Energy — 9.5% | |||||
Oil, Gas & Consumable Fuels — 9.5% | |||||
Enbridge Inc. | 317,929 | 11,315,093 | |||
EQT Corp. | 57,130 | 2,112,667 |
1
Security | Shares | Value | |||
Oil, Gas & Consumable Fuels — continued | |||||
Exxon Mobil Corp. | 115,949 | $13,348,049 | |||
Williams Cos. Inc. | 344,410 | 14,637,425 | |||
Total Energy | 41,413,234 | ||||
Financials — 16.6% | |||||
Banks — 4.5% | |||||
JPMorgan Chase & Co. | 72,310 | 14,625,420 | |||
PNC Financial Services Group Inc. | 31,670 | 4,924,052 | |||
Total Banks | 19,549,472 | ||||
Consumer Finance — 1.6% | |||||
Capital One Financial Corp. | 51,400 | 7,116,330 | |||
Financial Services — 5.7% | |||||
Apollo Global Management Inc. | 129,250 | 15,260,548 | |||
Visa Inc., Class A Shares | 37,990 | 9,971,235 | |||
Total Financial Services | 25,231,783 | ||||
Insurance — 4.8% | |||||
American International Group Inc. | 56,170 | 4,170,061 | |||
MetLife Inc. | 87,296 | 6,127,306 | |||
Travelers Cos. Inc. | 51,970 | 10,567,580 | |||
Total Insurance | 20,864,947 | ||||
Total Financials | 72,762,532 | ||||
Health Care — 10.2% | |||||
Biotechnology — 0.9% | |||||
Gilead Sciences Inc. | 59,800 | 4,102,878 | |||
Health Care Equipment & Supplies — 2.9% | |||||
Becton Dickinson & Co. | 54,180 | 12,662,408 | |||
Health Care Providers & Services — 1.5% | |||||
UnitedHealth Group Inc. | 13,110 | 6,676,398 | |||
Pharmaceuticals — 4.9% | |||||
AstraZeneca PLC | 35,900 | 5,587,227 (a) | |||
Johnson & Johnson | 39,840 | 5,823,015 | |||
Merck & Co. Inc. | 80,010 | 9,905,238 | |||
Total Pharmaceuticals | 21,315,480 | ||||
Total Health Care | 44,757,164 | ||||
Industrials — 7.3% | |||||
Aerospace & Defense — 2.9% | |||||
Northrop Grumman Corp. | 11,670 | 5,087,537 | |||
RTX Corp. | 74,724 | 7,501,542 | |||
Total Aerospace & Defense | 12,589,079 |
2
Security | Shares | Value | |||
Air Freight & Logistics — 0.9% | |||||
United Parcel Service Inc., Class B Shares | 28,840 | $3,946,754 | |||
Commercial Services & Supplies — 1.7% | |||||
Waste Management Inc. | 35,810 | 7,639,705 | |||
Ground Transportation — 1.8% | |||||
Union Pacific Corp. | 34,280 | 7,756,193 | |||
Total Industrials | 31,931,731 | ||||
Information Technology — 15.0% | |||||
Semiconductors & Semiconductor Equipment — 4.4% | |||||
Broadcom Inc. | 7,620 | 12,234,138 | |||
Intel Corp. | 126,500 | 3,917,705 | |||
Texas Instruments Inc. | 16,620 | 3,233,089 | |||
Total Semiconductors & Semiconductor Equipment | 19,384,932 | ||||
Software — 8.5% | |||||
Microsoft Corp. | 43,230 | 19,321,649 | |||
Oracle Corp. | 69,000 | 9,742,800 | |||
SAP SE, ADR | 39,640 | 7,995,784 | |||
Total Software | 37,060,233 | ||||
Technology Hardware, Storage & Peripherals — 2.1% | |||||
Apple Inc. | 44,146 | 9,298,031 | |||
Total Information Technology | 65,743,196 | ||||
Materials — 8.7% | |||||
Chemicals — 5.4% | |||||
Air Products & Chemicals Inc. | 24,300 | 6,270,615 | |||
Linde PLC | 26,520 | 11,637,241 | |||
PPG Industries Inc. | 46,340 | 5,833,743 | |||
Total Chemicals | 23,741,599 | ||||
Construction Materials — 2.3% | |||||
Vulcan Materials Co. | 39,770 | 9,890,004 | |||
Metals & Mining — 1.0% | |||||
Freeport-McMoRan Inc. | 95,240 | 4,628,664 | |||
Total Materials | 38,260,267 | ||||
Real Estate — 4.7% | |||||
Residential REITs — 1.9% | |||||
AvalonBay Communities Inc. | 40,600 | 8,399,734 | |||
Specialized REITs — 2.8% | |||||
American Tower Corp. | 37,950 | 7,376,721 | |||
Public Storage | 16,200 | 4,659,930 | |||
Total Specialized REITs | 12,036,651 | ||||
Total Real Estate | 20,436,385 |
3
Security | Shares | Value | |||
Utilities — 5.2% | |||||
Electric Utilities — 1.1% | |||||
Edison International | 63,302 | $4,545,717 | |||
Multi-Utilities — 4.1% | |||||
DTE Energy Co. | 39,200 | 4,351,592 | |||
Sempra | 180,320 | 13,715,139 | |||
Total Multi-Utilities | 18,066,731 | ||||
Total Utilities | 22,612,448 | ||||
Total Investments before Short-Term Investments (Cost — $235,274,341) | 435,041,319 | ||||
Rate | |||||
Short-Term Investments — 0.7% | |||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class | 5.145% | 1,519,202 | 1,519,202 (b) | ||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | 5.235% | 1,519,202 | 1,519,202 (b)(c) | ||
Total Short-Term Investments (Cost — $3,038,404) | 3,038,404 | ||||
Total Investments — 100.1% (Cost — $238,312,745) | 438,079,723 | ||||
Liabilities in Excess of Other Assets — (0.1)% | (516,069 ) | ||||
Total Net Assets — 100.0% | $437,563,654 |
(a) | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
(b) | Rate shown is one-day yield as of the end of the reporting period. |
(c) | In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Portfolio ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At June 30, 2024, the total market value of investments in Affiliated Companies was $1,519,202 and the cost was $1,519,202 (Note 8). |
Abbreviation(s) used in this schedule: | ||
ADR | — | American Depositary Receipts |
4
Assets: | |
Investments in unaffiliated securities, at value (Cost — $236,793,543) | $436,560,521 |
Investments in affiliated securities, at value (Cost — $1,519,202) | 1,519,202 |
Cash | 79,360 |
Dividends receivable from unaffiliated investments | 530,733 |
Receivable for Portfolio shares sold | 10,749 |
Dividends receivable from affiliated investments | 6,332 |
Prepaid expenses | 329 |
Total Assets | 438,707,226 |
Liabilities: | |
Payable for Portfolio shares repurchased | 785,082 |
Investment management fee payable | 251,926 |
Service and/or distribution fees payable | 40,205 |
Trustees’ fees payable | 9,478 |
Accrued expenses | 56,881 |
Total Liabilities | 1,143,572 |
Total Net Assets | $437,563,654 |
Net Assets: | |
Par value (Note 7) | $202 |
Paid-in capital in excess of par value | 205,587,669 |
Total distributable earnings (loss) | 231,975,783 |
Total Net Assets | $437,563,654 |
Net Assets: | |
Class I | $112,139,842 |
Class II | $325,423,812 |
Shares Outstanding: | |
Class I | 5,190,324 |
Class II | 14,989,906 |
Net Asset Value: | |
Class I | $21.61 |
Class II | $21.71 |
5
Investment Income: | |
Dividends from unaffiliated investments | $5,318,881 |
Dividends from affiliated investments | 37,913 |
Less: Foreign taxes withheld | (199,285 ) |
Total Investment Income | 5,157,509 |
Expenses: | |
Investment management fee (Note 2) | 1,523,498 |
Service and/or distribution fees (Notes 2 and 5) | 404,732 |
Fund accounting fees | 34,910 |
Legal fees | 17,930 |
Audit and tax fees | 15,189 |
Trustees’ fees | 14,379 |
Shareholder reports | 10,988 |
Commitment fees (Note 9) | 1,914 |
Insurance | 1,662 |
Custody fees | 1,136 |
Interest expense | 468 |
Transfer agent fees (Notes 2 and 5) | 294 |
Miscellaneous expenses | 3,056 |
Total Expenses | 2,030,156 |
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | (162,550 ) |
Net Expenses | 1,867,606 |
Net Investment Income | 3,289,903 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3): | |
Net Realized Gain (Loss) From: | |
Investment transactions in unaffiliated securities | 31,269,057 |
Foreign currency transactions | (3,501 ) |
Net Realized Gain | 31,265,556 |
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments | (4,596,043 ) |
Net Gain on Investments and Foreign Currency Transactions | 26,669,513 |
Increase in Net Assets From Operations | $29,959,416 |
6
For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023 | 2024 | 2023 |
Operations: | ||
Net investment income | $3,289,903 | $6,932,006 |
Net realized gain | 31,265,556 | 34,719,470 |
Change in net unrealized appreciation (depreciation) | (4,596,043 ) | 13,336,677 |
Increase in Net Assets From Operations | 29,959,416 | 54,988,153 |
Distributions to Shareholders From (Notes 1 and 6): | ||
Total distributable earnings | (5,772,750 ) | (67,450,538 ) |
Decrease in Net Assets From Distributions to Shareholders | (5,772,750 ) | (67,450,538 ) |
Portfolio Share Transactions (Note 7): | ||
Net proceeds from sale of shares | 11,475,573 | 20,055,229 |
Reinvestment of distributions | 5,772,750 | 67,450,538 |
Cost of shares repurchased | (34,690,238 ) | (57,739,465 ) |
Increase (Decrease) in Net Assets From Portfolio Share Transactions | (17,441,915 ) | 29,766,302 |
Increase in Net Assets | 6,744,751 | 17,303,917 |
Net Assets: | ||
Beginning of period | 430,818,903 | 413,514,986 |
End of period | $437,563,654 | $430,818,903 |
7
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 | 2020 | 2019 |
Net asset value, beginning of period | $20.44 | $21.18 | $25.62 | $22.10 | $21.00 | $17.47 |
Income (loss) from operations: | ||||||
Net investment income | 0.17 | 0.38 | 0.44 | 0.30 | 0.30 | 0.32 |
Net realized and unrealized gain (loss) | 1.28 | 2.44 | (2.54 ) | 5.57 | 1.27 | 5.13 |
Total income (loss) from operations | 1.45 | 2.82 | (2.10) | 5.87 | 1.57 | 5.45 |
Less distributions from: | ||||||
Net investment income | (0.08 ) | (0.46 ) | (0.33 ) | (0.39 ) | (0.29 ) | (0.31 ) |
Net realized gains | (0.20 ) | (3.10 ) | (2.01 ) | (1.96 ) | (0.18 ) | (1.61 ) |
Total distributions | (0.28 ) | (3.56 ) | (2.34 ) | (2.35 ) | (0.47 ) | (1.92 ) |
Net asset value, end of period | $21.61 | $20.44 | $21.18 | $25.62 | $22.10 | $21.00 |
Total return3 | 7.15 % | 14.20 % | (8.10 )% | 26.80 % | 7.67 % | 31.59 % |
Net assets, end of period (millions) | $112 | $110 | $107 | $122 | $110 | $118 |
Ratios to average net assets: | ||||||
Gross expenses | 0.75 %4 | 0.75 % | 0.74 % | 0.75 % | 0.76 % | 0.75 % |
Net expenses5,6 | 0.75 4 | 0.75 | 0.74 | 0.75 | 0.76 | 0.75 |
Net investment income | 1.63 4 | 1.78 | 1.89 | 1.20 | 1.50 | 1.58 |
Portfolio turnover rate | 12 % | 16 % | 15 % | 10 % | 13 % | 16 % |
1 | Per share amounts have been calculated using the average shares method. |
2 | For the six months ended June 30, 2024 (unaudited). |
3 | 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. |
4 | Annualized. |
5 | As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. |
6 | Reflects fee waivers and/or expense reimbursements. |
8
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 | 2020 | 2019 |
Net asset value, beginning of period | $20.55 | $21.28 | $25.72 | $22.18 | $21.08 | $17.53 |
Income (loss) from operations: | ||||||
Net investment income | 0.16 | 0.35 | 0.40 | 0.26 | 0.27 | 0.29 |
Net realized and unrealized gain (loss) | 1.28 | 2.45 | (2.54 ) | 5.59 | 1.27 | 5.15 |
Total income (loss) from operations | 1.44 | 2.80 | (2.14) | 5.85 | 1.54 | 5.44 |
Less distributions from: | ||||||
Net investment income | (0.08 ) | (0.43 ) | (0.29 ) | (0.35 ) | (0.26 ) | (0.28 ) |
Net realized gains | (0.20 ) | (3.10 ) | (2.01 ) | (1.96 ) | (0.18 ) | (1.61 ) |
Total distributions | (0.28 ) | (3.53 ) | (2.30 ) | (2.31 ) | (0.44 ) | (1.89 ) |
Net asset value, end of period | $21.71 | $20.55 | $21.28 | $25.72 | $22.18 | $21.08 |
Total return3 | 7.06 % | 14.01 % | (8.23 )% | 26.61 % | 7.50 % | 31.41 % |
Net assets, end of period (millions) | $325 | $320 | $306 | $437 | $374 | $363 |
Ratios to average net assets: | ||||||
Gross expenses | 1.00 %4 | 1.00 % | 0.99 % | 0.99 % | 1.01 % | 1.00 % |
Net expenses5,6 | 0.90 4 | 0.90 | 0.89 | 0.89 | 0.91 | 0.90 |
Net investment income | 1.47 4 | 1.63 | 1.72 | 1.06 | 1.35 | 1.43 |
Portfolio turnover rate | 12 % | 16 % | 15 % | 10 % | 13 % | 16 % |
1 | Per share amounts have been calculated using the average shares method. |
2 | For the six months ended June 30, 2024 (unaudited). |
3 | 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. |
4 | Annualized. |
5 | As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class II shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Portfolio’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. |
6 | Reflects fee waivers and/or expense reimbursements. |
9
10
11
ASSETS | ||||
Description | Quoted Prices (Level 1) | Other Significant Observable Inputs (Level 2)* | Significant Unobservable Inputs (Level 3) | Total |
Long-Term Investments†: | ||||
Common Stocks: | ||||
Consumer Staples | $37,642,023 | $11,898,852 | — | $49,540,875 |
Health Care | 39,169,937 | 5,587,227 | — | 44,757,164 |
Other Common Stocks | 340,743,280 | — | — | 340,743,280 |
Total Long-Term Investments | 417,555,240 | 17,486,079 | — | 435,041,319 |
Short-Term Investments† | 3,038,404 | — | — | 3,038,404 |
Total Investments | $420,593,644 | $17,486,079 | — | $438,079,723 |
* | As a result of the fair value pricing procedures for international equities utilized by the Portfolio, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Portfolio’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy. |
† | See Schedule of Investments for additional detailed categorizations. |
12
13
14
Average Daily Net Assets | Annual Rate |
First $1 billion | 0.700 % |
Next $1 billion | 0.680 |
Next $3 billion | 0.650 |
Next $5 billion | 0.600 |
Over $10 billion | 0.550 |
During the six months ended June 30, 2024, fees waived and/or expenses reimbursed amounted to $162,550, which included an affiliated money market fund waiver of $657.
15
Purchases | $50,098,382 |
Sales | 67,802,810 |
Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation | |
Securities | $238,312,745 | $202,603,354 | $(2,836,376) | $199,766,978 |
Service and/or Distribution Fees† | Transfer Agent Fees | |
Class I | — | $118 |
Class II | $404,732 | 176 |
Total | $404,732 | $294 |
† | During the six months ended June 30, 2024, Franklin Distributors voluntarily waived a portion of its distribution fees equal to 0.10% of the daily net assets of the Class II shares of the Portfolio, resulting in a waiver of $161,893. The service and/or distribution fees waiver can be terminated at any time. |
16
Waivers/Expense Reimbursements | |
Class I | $168 |
Class II | 162,382 |
Total | $162,550 |
Six Months Ended June 30, 2024 | Year Ended December 31, 2023 | |
Net Investment Income: | ||
Class I | $435,777 | $2,256,602 |
Class II | 1,264,225 | 6,043,414 |
Total | $1,700,002 | $8,300,016 |
Net Realized Gains: | ||
Class I | $1,044,005 | $15,277,447 |
Class II | 3,028,743 | 43,873,075 |
Total | $4,072,748 | $59,150,522 |
Six Months Ended June 30, 2024 | Year Ended December 31, 2023 | |||
Shares | Amount | Shares | Amount | |
Class I | ||||
Shares sold | 271,036 | $5,693,905 | 559,202 | $11,882,994 |
Shares issued on reinvestment | 69,052 | 1,479,782 | 865,305 | 17,534,049 |
Shares repurchased | (551,968 ) | (11,728,415 ) | (1,075,026 ) | (22,738,187 ) |
Net increase (decrease) | (211,880 ) | $(4,554,728 ) | 349,481 | $6,678,856 |
Class II | ||||
Shares sold | 272,016 | $5,781,668 | 383,912 | $8,172,235 |
Shares issued on reinvestment | 199,302 | 4,292,968 | 2,451,353 | 49,916,489 |
Shares repurchased | (1,074,358 ) | (22,961,823 ) | (1,642,367 ) | (35,001,278 ) |
Net increase (decrease) | (603,040 ) | $(12,887,187 ) | 1,192,898 | $23,087,446 |
17
Affiliate Value at December 31, 2023 | Purchased | Sold | |||
Cost | Shares | Proceeds | Shares | ||
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | $2,304,500 | $19,665,244 | 19,665,244 | $20,450,542 | 20,450,542 |
(cont’d) | Realized Gain (Loss) | Dividend Income | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | Affiliate Value at June 30, 2024 |
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | — | $37,913 | — | $1,519,202 |
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1-, 5- and 10-year periods.
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Chair
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Baltimore, MD
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
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https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.
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 |