Legg Mason Partners Variable Equity Trust NPORT-P ClearBridge Variable Dividend Strategy Portfolio (Mar 2023 report)

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

Schedule of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 5.0%
Diversified Telecommunication Services - 1.4%
Verizon Communications Inc.		147,315	$	5,729,080
Entertainment - 0.8%
Walt Disney Co.		34,420		3,446,475	*
Media - 2.8%
Comcast Corp., Class A Shares		297,470		11,277,088
TOTAL COMMUNICATION SERVICES				20,452,643
CONSUMER DISCRETIONARY - 3.0%
Automobiles - 0.8%
General Motors Co.		94,400		3,462,592
Specialty Retail - 2.2%
Home Depot Inc.		30,210		8,915,575
TOTAL CONSUMER DISCRETIONARY				12,378,167
CONSUMER STAPLES - 10.7%
Beverages - 3.7%
Coca-Cola Co.		144,080		8,937,282
Diageo PLC		143,700		6,413,285	(a)
Total Beverages				15,350,567
Food Products - 4.6%
Mondelez International Inc., Class A Shares		140,510		9,796,357
Nestle SA, ADR		73,720		8,970,987
Total Food Products				18,767,344
Household Products - 2.4%
Procter & Gamble Co.		67,520		10,039,549
TOTAL CONSUMER STAPLES				44,157,460
ENERGY - 8.7%
Oil, Gas & Consumable Fuels - 8.7%
Chesapeake Energy Corp.		53,180		4,043,807
Enbridge Inc.		295,029		11,255,356
EQT Corp.		112,430		3,587,641
Pioneer Natural Resources Co.		22,190		4,532,086
Williams Cos. Inc.		409,110		12,216,025
TOTAL ENERGY				35,634,915
FINANCIALS - 15.8%
Banks - 3.7%
JPMorgan Chase & Co.		81,110		10,569,444
PNC Financial Services Group Inc.		34,770		4,419,267
Total Banks				14,988,711

See Notes to Schedule of Investments.

ClearBridge Variable Dividend Strategy Portfolio 2023 Quarterly Report         1

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Consumer Finance - 0.8%
Capital One Financial Corp.		36,000	$	3,461,760
Financial Services - 7.2%
Apollo Global Management Inc.		193,950		12,249,882
Mastercard Inc., Class A Shares		21,540		7,827,851
Visa Inc., Class A Shares		41,590		9,376,882
Total Financial Services				29,454,615
Insurance - 4.1%
American International Group Inc.		71,570		3,604,265
MetLife Inc.		86,396		5,005,784
Travelers Cos. Inc.		49,170		8,428,230
Total Insurance				17,038,279
TOTAL FINANCIALS				64,943,365
HEALTH CARE - 11.6%
Health Care Equipment & Supplies - 3.1%
Becton Dickinson & Co.		51,980		12,867,129
Health Care Providers & Services - 2.3%
UnitedHealth Group Inc.		19,910		9,409,267
Pharmaceuticals - 6.2%
Johnson & Johnson		65,240		10,112,200
Merck & Co. Inc.		87,510		9,310,189
Pfizer Inc.		149,010		6,079,608
Total Pharmaceuticals				25,501,997
TOTAL HEALTH CARE				47,778,393
INDUSTRIALS - 10.0%
Aerospace & Defense - 4.7%
Northrop Grumman Corp.		10,870		5,018,897
Raytheon Technologies Corp.		147,024		14,398,060
Total Aerospace & Defense				19,416,957
Air Freight & Logistics - 1.9%
United Parcel Service Inc., Class B Shares		40,140		7,786,758
Commercial Services & Supplies - 1.6%
Waste Management Inc.		39,110		6,381,579
Ground Transportation - 1.8%
Union Pacific Corp.		37,480		7,543,225
TOTAL INDUSTRIALS				41,128,519
INFORMATION TECHNOLOGY - 17.9%
Communications Equipment - 1.6%
Cisco Systems Inc.		125,580		6,564,695

See Notes to Schedule of Investments.

    2     ClearBridge Variable Dividend Strategy Portfolio 2023 Quarterly Report

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 3.3%
Broadcom Inc.		10,720	$	6,877,309
Intel Corp.		104,000		3,397,680
Texas Instruments Inc.		18,220		3,389,102
Total Semiconductors & Semiconductor Equipment				13,664,091
Software - 9.3%
Microsoft Corp.		75,030		21,631,149
Oracle Corp.		87,700		8,149,084
SAP SE, ADR		66,540		8,420,637
Total Software				38,200,870
Technology Hardware, Storage & Peripherals - 3.7%
Apple Inc.		93,346		15,392,755
TOTAL INFORMATION TECHNOLOGY				73,822,411
MATERIALS - 8.3%
Chemicals - 5.2%
Linde PLC		36,120		12,838,493
PPG Industries Inc.		63,240		8,447,599
Total Chemicals				21,286,092
Construction Materials - 2.1%
Vulcan Materials Co.		51,270		8,795,881
Metals & Mining - 1.0%
Freeport-McMoRan Inc.		94,640		3,871,722
TOTAL MATERIALS				33,953,695
REAL ESTATE - 3.2%
Residential REITs - 1.6%
AvalonBay Communities Inc.		40,300		6,772,818
Specialized REITs - 1.6%
American Tower Corp.		31,950		6,528,663
TOTAL REAL ESTATE				13,301,481
UTILITIES - 4.3%
Electric Utilities - 1.5%
Edison International		86,302		6,092,058
Multi-Utilities - 2.8%
Sempra Energy		76,510		11,565,252
TOTAL UTILITIES				17,657,310
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $217,439,294)				405,208,359

See Notes to Schedule of Investments.

ClearBridge Variable Dividend Strategy Portfolio 2023 Quarterly Report         3

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 1.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		4.436	%		4,151,412	$	4,151,412	(b)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		4.617	%		1,779,176		1,779,176	(b)(c)
TOTAL SHORT-TERM INVESTMENTS (Cost - $5,930,588)							5,930,588
TOTAL INVESTMENTS - 99.9% (Cost - $223,369,882)							411,138,947
Other Assets in Excess of Liabilities - 0.1%							241,500
TOTAL NET ASSETS - 100.0%						$	411,380,447

* Non-income producing security.

(a) Security is valued in good faith 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 March 31, 2023, the total market value of investments in Affiliated Companies was $1,779,176 and the cost was $1,779,176 (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.

    4     ClearBridge Variable Dividend Strategy Portfolio 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Dividend Strategy 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 Portfolio follows 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 Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(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

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Notes to Schedule of Investments (unaudited) (continued)

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 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.

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Notes to Schedule of Investments (unaudited) (continued)

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)

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
Long-Term Investments†:
Common Stocks:
Consumer Staples	$	37,744,175	$	6,413,285		—	$	44,157,460
Other Common Stocks		361,050,899		—		—		361,050,899
Total Long-Term Investments		398,795,074		6,413,285		—		405,208,359
Short-Term Investments†		5,930,588		—		—		5,930,588
Total Investments	$	404,725,662	$	6,413,285		—	$	411,138,947

† 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 March 31, 2023. The following transactions were effected in such company for the period ended March 31, 2023.

	Affiliate Value at
	December 31,		Purchased				Sold
	2022		Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	634,929	$	6,444,968		6,444,968	$	5,300,721		5,300,721

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Notes to Schedule of Investments (unaudited) (continued)

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2023
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	14,822		—	$	1,779,176

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