Legg Mason Partners Variable Equity Trust NPORT-P Franklin Templeton Moderately Aggressive Model Portfolio (Mar 2023 report)

FRANKLIN TEMPLETON AGGRESSIVE MODEL PORTFOLIO

Schedules of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.2%
DOMESTIC EQUITY - 77.4%
American Funds Insurance Series:
Growth Fund, Class 1A					506,491	$	42,869,387
Washington Mutual Investors Fundsm, Class 1A					1,671,004		21,305,299
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares					606,113		12,849,588
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class					410,384		14,925,653
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					217,178		31,078,252
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares					488,228		25,602,688	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					1,537,322		25,547,686
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class					1,332,428		17,002,853	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class					1,508,648		15,003,657
MainStay VP Wellington U.S. Equity Portfolio, Initial Class					1,505,432		34,183,389
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class					770,637		25,731,558
MFS® Research Series, Initial Class					593,126		17,165,063
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					941,358		22,300,776
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class					623,271		25,597,740	(c)
TOTAL DOMESTIC EQUITY							331,163,589
DOMESTIC FIXED INCOME - 12.4%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					5,089,699		53,034,661
FOREIGN EQUITY - 8.4%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					331,207		14,814,895
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class					2,050,984		21,043,096
TOTAL FOREIGN EQUITY							35,857,991
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $451,607,176)							420,056,241
	RATE
SHORT-TERM INVESTMENTS - 2.4%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $10,213,858)		4.480	%		10,213,858		10,213,858	(d)
TOTAL INVESTMENTS - 100.6% (Cost - $461,821,034)							430,270,099
Liabilities in Excess of Other Assets - (0.6)%							(2,436,197	)
TOTAL NET ASSETS - 100.0%						$	427,833,902

(a) Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2).

(b) Fidelity Institutional AM is a registered service mark of FMR LLC.

(c) Contrafund is a registered service mark of FMR LLC.

(d) Rate shown is one-day yield as of the end of the reporting period.

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 Schedules of Investments.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         1

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

Schedules of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.7%
DOMESTIC EQUITY - 61.7%
American Funds Insurance Series:
Growth Fund, Class 1A					997,884	$	84,460,877
Washington Mutual Investors Fundsm, Class 1A					2,368,451		30,197,750
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares					1,273,415		26,996,389
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class					1,108,478		40,315,342
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					917,780		131,334,277
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares					1,474,303		77,312,474	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					3,227,936		53,642,809
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class					3,148,765		40,180,761	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class					4,075,002		40,526,308
MainStay VP Wellington U.S. Equity Portfolio, Initial Class					3,408,839		77,403,495
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class					2,225,874		74,321,925
MFS® Research Series, Initial Class					1,867,247		54,038,144
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					1,977,182		46,839,438
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class					1,309,582		53,784,516	(c)
TOTAL DOMESTIC EQUITY							831,354,505
DOMESTIC FIXED INCOME - 25.6%
American Funds Insurance Series - The Bond Fund of America, Class 1A					4,532,785		43,605,390
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					12,875,147		134,159,032
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares					8,055,238		40,195,637	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class					3,228,311		40,147,275
MainStay VP PIMCO Real Return Portfolio, Initial Class					3,158,674		26,757,764
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class					6,607,020		60,388,161
TOTAL DOMESTIC FIXED INCOME							345,253,259
FOREIGN EQUITY - 7.9%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					1,490,117		66,652,911
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class					3,877,083		39,778,872
TOTAL FOREIGN EQUITY							106,431,783
FOREIGN FIXED INCOME - 4.5%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1					3,597,340		27,159,921
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class					3,442,045		33,422,254
TOTAL FOREIGN FIXED INCOME							60,582,175
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,458,965,734)							1,343,621,722
	RATE
SHORT-TERM INVESTMENTS - 2.2%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $30,140,256)		4.480	%		30,140,256		30,140,256	(d)
TOTAL INVESTMENTS - 101.9% (Cost - $1,489,105,990)							1,373,761,978
Liabilities in Excess of Other Assets - (1.9)%							(26,118,094	)
TOTAL NET ASSETS - 100.0%						$	1,347,643,884

(a) Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2).

(b) Fidelity Institutional AM is a registered service mark of FMR LLC.

(c) Contrafund is a registered service mark of FMR LLC.

(d) Rate shown is one-day yield as of the end of the reporting period.

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 Schedules of Investments.

    2     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

Schedules of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.2%
DOMESTIC EQUITY - 47.5%
American Funds Insurance Series - Growth Fund, Class 1A					532,648	$	45,083,336
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares					1,062,026		22,514,942
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class					616,163		22,409,855
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					570,891		81,694,517
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares					962,012		50,447,918	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					2,019,196		33,555,600
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class					2,624,620		33,492,247	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class					2,264,408		22,519,763
MainStay VP Wellington U.S. Equity Portfolio, Initial Class					2,471,374		56,116,744
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class					1,518,831		50,713,774
MFS® Research Series, Initial Class					1,557,040		45,060,738
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					1,296,135		30,705,451
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class					955,679		39,249,726	(c)
TOTAL DOMESTIC EQUITY							533,564,611
DOMESTIC FIXED INCOME - 42.2%
American Funds Insurance Series - The Bond Fund of America, Class 1A					11,301,019		108,715,808
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					13,371,917		139,335,380
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares					11,158,661		55,681,716	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class					3,576,818		44,481,312
MainStay VP MacKay Convertible Portfolio, Initial Class					1,589,405		22,370,878
MainStay VP PIMCO Real Return Portfolio, Initial Class					3,936,663		33,348,256
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class					7,626,699		69,708,029
TOTAL DOMESTIC FIXED INCOME							473,641,379
FOREIGN FIXED INCOME - 5.0%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1					2,987,910		22,558,722
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class					3,432,431		33,328,902
TOTAL FOREIGN FIXED INCOME							55,887,624
FOREIGN EQUITY - 3.5%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					870,357		38,931,083
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,195,807,793)							1,102,024,697
	RATE
SHORT-TERM INVESTMENTS - 2.4%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $27,518,169)		4.480	%		27,518,169		27,518,169	(d)
TOTAL INVESTMENTS - 100.6% (Cost - $1,223,325,962)							1,129,542,866
Liabilities in Excess of Other Assets - (0.6)%							(7,229,834	)
TOTAL NET ASSETS - 100.0%						$	1,122,313,032

(a) Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2).

(b) Fidelity Institutional AM is a registered service mark of FMR LLC.

(c) Contrafund is a registered service mark of FMR LLC.

(d) Rate shown is one-day yield as of the end of the reporting period.

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 Schedules of Investments.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         3

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

Schedules of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.4%
DOMESTIC FIXED INCOME - 52.3%
American Funds Insurance Series - The Bond Fund of America, Class 1A					5,403,091	$	51,977,732
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					4,795,154		49,965,508
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares					4,800,837		23,956,175	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class					2,244,456		27,912,050
MainStay VP MacKay Convertible Portfolio, Initial Class					569,936		8,021,856
MainStay VP PIMCO Real Return Portfolio, Initial Class					2,352,619		19,929,507
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class					3,062,276		27,989,206
TOTAL DOMESTIC FIXED INCOME							209,752,034
DOMESTIC EQUITY - 31.4%
American Funds Insurance Series - Growth Fund, Class 1A					95,503		8,083,334
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					169,469		24,251,022
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares					229,959		12,059,027	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					724,121		12,033,661
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class					941,080		12,008,935	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class					812,540		8,080,797
MainStay VP Wellington U.S. Equity Portfolio, Initial Class					443,402		10,068,193
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class					484,177		16,166,684
MFS® Research Series, Initial Class					489,052		14,153,178
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					380,286		9,008,974
TOTAL DOMESTIC EQUITY							125,913,805
FOREIGN FIXED INCOME - 10.0%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1					1,607,591		12,137,312
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class					2,871,750		27,884,691
TOTAL FOREIGN FIXED INCOME							40,022,003
FOREIGN EQUITY - 4.7%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					423,523		18,944,186
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $429,932,296)							394,632,028
	RATE
SHORT-TERM INVESTMENTS - 1.5%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $6,114,108)		4.480	%		6,114,108		6,114,108	(c)
TOTAL INVESTMENTS - 99.9% (Cost - $436,046,404)							400,746,136
Other Assets in Excess of Liabilities - 0.1%							594,499
TOTAL NET ASSETS - 100.0%						$	401,340,635

(a) Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2).

(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.

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 Schedules of Investments.

    4     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

FRANKLIN TEMPLETON CONSERVATIVE MODEL PORTFOLIO

Schedules of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.0%
DOMESTIC FIXED INCOME - 66.1%
American Funds Insurance Series - The Bond Fund of America, Class 1A					2,467,647	$	23,738,765
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					2,356,583		24,555,595
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares					1,966,649		9,813,580	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class					1,772,977		22,048,741
MainStay VP MacKay Convertible Portfolio, Initial Class					233,387		3,284,919
MainStay VP PIMCO Real Return Portfolio, Initial Class					1,156,506		9,796,995
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class					1,702,313		15,559,137
TOTAL DOMESTIC FIXED INCOME							108,797,732
DOMESTIC EQUITY - 16.0%
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					69,372		9,927,112
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					296,556		4,928,246
MainStay VP Small Cap Growth Portfolio, Initial Class					332,586		3,307,600
MFS Variable Insurance Portfolios - MFS® Research Series, Initial Class					171,612		4,966,458
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					138,414		3,279,034
TOTAL DOMESTIC EQUITY							26,408,450
FOREIGN FIXED INCOME - 15.9%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1					877,862		6,627,857
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class					2,016,328		19,578,550
TOTAL FOREIGN FIXED INCOME							26,206,407
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $179,130,323)							161,412,589
	RATE
SHORT-TERM INVESTMENTS - 1.5%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $2,514,322)		4.480	%		2,514,322		2,514,322	(b)
TOTAL INVESTMENTS - 99.5% (Cost - $181,644,645)							163,926,911
Other Assets in Excess of Liabilities - 0.5%							825,139
TOTAL NET ASSETS - 100.0%						$	164,752,050

(a) Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2).

(b) Rate shown is one-day yield as of the end of the reporting period.

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 Schedules of Investments.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         5

Notes to Schedules of Investments (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.

(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

6

Notes to Schedules of Investments (unaudited) (cont’d)

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. 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	$	160,325,665	$	170,837,924		—	$	331,163,589
Other Investments in Underlying Funds		88,892,652		—		—		88,892,652
Total Long-Term Investments		249,218,317		170,837,924		—		420,056,241
Short-Term Investments†		10,213,858		—		—		10,213,858
Total Investments	$	259,432,175	$	170,837,924		—	$	430,270,099

† 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	$	464,627,163	$	366,727,342		—	$	831,354,505
Domestic Fixed Income		278,348,220		66,905,039		—		345,253,259
Other Investments in Underlying Funds		167,013,958		—		—		167,013,958
Total Long-Term Investments		909,989,341		433,632,381		—		1,343,621,722
Short-Term Investments†		30,140,256		—		—		30,140,256
Total Investments	$	940,129,597	$	433,632,381		—	$	1,373,761,978

† See Schedule of Investments for additional detailed categorizations.

7

Notes to Schedules of Investments (unaudited) (cont’d)

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	$	320,387,066	$	213,177,545		—	$	533,564,611
Domestic Fixed Income		373,440,933		100,200,446		—		473,641,379
Other Investments in Underlying Funds		94,818,707		—		—		94,818,707
Total Long-Term Investments		788,646,706		313,377,991		—		1,102,024,697
Short-Term Investments†		27,518,169		—		—		27,518,169
Total Investments	$	816,164,875	$	313,377,991		—	$	1,129,542,866

† 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	$	75,638,885	$	50,274,920		—	$	125,913,805
Domestic Fixed Income		153,888,621		55,863,413		—		209,752,034
Other Investments in Underlying Funds		58,966,189		—		—		58,966,189
Total Long-Term Investments		288,493,695		106,138,333		—		394,632,028
Short-Term Investments†		6,114,108		—		—		6,114,108
Total Investments	$	294,607,803	$	106,138,333		—	$	400,746,136

† 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†:
Foreign Fixed Income	$	26,206,407		—		—	$	26,206,407
Domestic Equity		18,172,604	$	8,235,846		—		26,408,450
Domestic Fixed Income		73,667,077		35,130,655		—		108,797,732
Total Long-Term Investments		118,046,088		43,366,501		—		161,412,589
Short-Term Investments†		2,514,322		—		—		2,514,322
Total Investments	$	120,560,410	$	43,366,501		—	$	163,926,911

† See Schedule of Investments for additional detailed categorizations.

8

Notes to Schedules of Investments (unaudited) (cont’d)

2. 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 period ended March 31, 2023. The following transactions were effected in such Underlying Funds for the period ended March 31, 2023.

Aggressive Model Portfolio	Affiliate Value at December 31, 2022		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 March 31, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	22,065,907	$	2,550,000		49,455		—		—		—			—		—	$	986,781	$	25,602,688
Moderately Aggressive Model Portfolio	Affiliate Value at December 31, 2022		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 March 31, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	69,165,103	$	5,095,000		98,978		—		—		—			—		—	$	3,052,371	$	77,312,474
Western Asset Core Plus VIT Portfolio, Class I Shares		36,252,748		2,675,000		533,921		—		—		—			—		—		1,267,889		40,195,637
	$	105,417,851	$	7,770,000				—				—			—		—	$	4,320,260	$	117,508,111
Moderate Model Portfolio	Affiliate Value at December 31, 2022		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 March 31, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	45,447,191	$	3,045,000		58,310		—		—		—			—		—	$	1,955,727	$	50,447,918
Western Asset Core Plus VIT Portfolio, Class I Shares		49,757,563		4,145,000		835,515		—		—		—			—		—		1,779,153		55,681,716
	$	95,204,754	$	7,190,000				—				—			—		—	$	3,734,880	$	106,129,634
Moderately Conservative Model Portfolio	Affiliate Value at December 31, 2022		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 March 31, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	11,200,877	$	375,000		7,233		—		—		—			—		—	$	483,150	$	12,059,027
Western Asset Core Plus VIT Portfolio, Class I Shares		21,777,870		1,410,000		282,607		—		—		—			—		—		768,305		23,956,175
	$	32,978,747	$	1,785,000				—				—			—		—	$	1,251,455	$	36,015,202
Conservative Model Portfolio	Affiliate Value at December 31, 2022		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 March 31, 2023
			Cost		Shares		Proceeds		Shares
Western Asset Core Plus VIT Portfolio, Class I Shares	$	9,618,015	$	10,000		2,004	$	155,000		30,794	$	(4,202	)		—		—	$	344,767	$	9,813,580

9