Legg Mason Partners Variable Equity Trust NPORT-P ClearBridge Variable Large Cap Growth Portfolio (Sep 2022 report)

CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited)   (Percentages shown based on Portfolio net assets) September 30, 2022

SECURITY	SHARES		VALUE
COMMON STOCKS - 96.5%
COMMUNICATION SERVICES - 7.0%
Entertainment - 3.8%
Netflix Inc.		27,900	$	6,568,776	*
Sea Ltd., ADR		39,520		2,215,096	*
Walt Disney Co.		32,570		3,072,328	*
Total Entertainment				11,856,200
Interactive Media & Services - 3.2%
Meta Platforms Inc., Class A Shares		73,516		9,974,651	*
TOTAL COMMUNICATION SERVICES				21,830,851
CONSUMER DISCRETIONARY - 14.5%
Auto Components - 1.1%
Aptiv PLC		46,862		3,665,077	*
Internet & Direct Marketing Retail - 8.9%
Amazon.com Inc.		246,500		27,854,500	*
Specialty Retail - 2.9%
Advance Auto Parts Inc.		29,549		4,619,690
Tractor Supply Co.		23,560		4,379,333
Total Specialty Retail				8,999,023
Textiles, Apparel & Luxury Goods - 1.6%
NIKE Inc., Class B Shares		59,600		4,953,952
TOTAL CONSUMER DISCRETIONARY				45,472,552
CONSUMER STAPLES - 2.5%
Beverages - 2.5%
Monster Beverage Corp.		89,400		7,774,224	*
FINANCIALS - 3.1%
Capital Markets - 2.6%
S&P Global Inc.		26,732		8,162,616
Insurance - 0.5%
Marsh & McLennan Cos. Inc.		10,800		1,612,332
TOTAL FINANCIALS				9,774,948
HEALTH CARE - 18.8%
Health Care Equipment & Supplies - 6.9%
Alcon Inc.		105,100		6,114,718
Dexcom Inc.		61,600		4,961,264	*
Intuitive Surgical Inc.		27,270		5,111,489	*
Stryker Corp.		27,000		5,468,580
Total Health Care Equipment & Supplies				21,656,051
Health Care Providers & Services - 5.4%
UnitedHealth Group Inc.		33,574		16,956,213

See Notes to Schedule of Investments.

ClearBridge Variable Large Cap Growth Portfolio 2022 Quarterly Report        1

CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) September 30, 2022

SECURITY	SHARES		VALUE
Life Sciences Tools & Services - 3.7%
Thermo Fisher Scientific Inc.		22,529	$	11,426,483
Pharmaceuticals - 2.8%
Zoetis Inc.		59,874		8,878,716
TOTAL HEALTH CARE				58,917,463
INDUSTRIALS - 10.8%
Aerospace & Defense - 2.3%
Raytheon Technologies Corp.		87,290		7,145,559
Air Freight & Logistics - 2.4%
United Parcel Service Inc., Class B Shares		47,324		7,644,719
Electrical Equipment - 2.1%
Eaton Corp. PLC		50,080		6,678,669
Road & Rail - 1.5%
Uber Technologies Inc.		170,985		4,531,103	*
Trading Companies & Distributors - 2.5%
W.W. Grainger Inc.		15,727		7,693,491
TOTAL INDUSTRIALS				33,693,541
INFORMATION TECHNOLOGY - 36.9%
IT Services - 7.6%
PayPal Holdings Inc.		86,156		7,415,447	*
Visa Inc., Class A Shares		93,087		16,536,906
Total IT Services				23,952,353
Semiconductors & Semiconductor Equipment - 4.7%
ASML Holding NV, Registered Shares		8,120		3,372,642
Intel Corp.		98,700		2,543,499
NVIDIA Corp.		71,288		8,653,650
Total Semiconductors & Semiconductor Equipment				14,569,791
Software - 19.7%
Adobe Inc.		15,848		4,361,370	*
Atlassian Corp. PLC, Class A Shares		26,130		5,502,717	*
Microsoft Corp.		100,312		23,362,665
Palo Alto Networks Inc.		66,939		10,963,939	*
Salesforce Inc.		55,710		8,013,326	*
Splunk Inc.		50,292		3,781,958	*
Unity Software Inc.		35,900		1,143,774	*
Workday Inc., Class A Shares		30,130		4,586,388	*
Total Software				61,716,137
Technology Hardware, Storage & Peripherals - 4.9%
Apple Inc.		110,462		15,265,849
TOTAL INFORMATION TECHNOLOGY				115,504,130

See Notes to Schedule of Investments.

  2     ClearBridge Variable Large Cap Growth Portfolio 2022 Quarterly Report

CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Portfolio net assets) September 30, 2022

SECURITY				SHARES		VALUE
MATERIALS - 1.3%
Chemicals - 1.3%
Sherwin-Williams Co.					19,600	$	4,013,100
REAL ESTATE - 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.6%
Equinix Inc.					8,609		4,897,144
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $229,516,048)							301,877,953
	RATE
SHORT-TERM INVESTMENTS - 4.0%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		2.482	%		9,966,537		9,966,537
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		2.615	%		2,491,634		2,491,634	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $12,458,171)							12,458,171
TOTAL INVESTMENTS - 100.5% (Cost - $241,974,219)							314,336,124
Liabilities in Excess of Other Assets - (0.5)%							(1,485,491	)
TOTAL NET ASSETS - 100.0%						$	312,850,633

* Non-income producing security.

(a) 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 September 30, 2022, the total market value of investments in Affiliated Companies was $2,491,634 and the cost was $2,491,634 (Note 2).

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

This Schedule of Investments is unaudited and is intended to provide information about the Portfolio’s investments as of the date of the schedule. Other information regarding the Portfolio is available in the Portfolio’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

ClearBridge Variable Large Cap Growth Portfolio 2022 Quarterly Report        3

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Large Cap Growth Portfolio (the “Portfolio”) is a 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.

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

The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. 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 Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Portfolio’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio’s 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 Portfolio’s pricing policies, and reporting to the Portfolio’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Portfolio, the

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Notes to Schedule of Investments (unaudited) (continued)

Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

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

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 Portfolio’s own assumptions in determining the fair value of investments)

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Notes to Schedule of Investments (unaudited) (continued)

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

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	301,877,953		—		—	$	301,877,953
Short-Term Investments†		12,458,171		—		—		12,458,171
Total Investments	$	314,336,124		—		—	$	314,336,124

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

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

	Affiliate Value at December 31,		Purchased				Sold
	2021		Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	2,443,002	$	11,466,817		11,466,817	$	11,418,185		11,418,185

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2022
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	17,790		—	$	2,491,634

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