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

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

Schedule of investments (unaudited) March 31, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.6%
COMMUNICATION SERVICES - 8.2%
Diversified Telecommunication Services - 0.7%
Verizon Communications Inc.		166,811	$	6,487,280
Entertainment - 1.4%
Activision Blizzard Inc.		83,338		7,132,899
Walt Disney Co.		59,754		5,983,168	*
Total Entertainment				13,116,067
Interactive Media & Services - 3.7%
Alphabet Inc., Class A Shares		146,294		15,175,076	*
Alphabet Inc., Class C Shares		131,824		13,709,696	*
Meta Platforms Inc., Class A Shares		29,122		6,172,117	*
Total Interactive Media & Services				35,056,889
Media - 1.2%
Comcast Corp., Class A Shares		297,495		11,278,036
Wireless Telecommunication Services - 1.2%
T-Mobile US Inc.		78,690		11,397,460	*
TOTAL COMMUNICATION SERVICES				77,335,732
CONSUMER DISCRETIONARY - 7.0%
Automobiles - 0.6%
Tesla Inc.		28,633		5,940,202	*
Broadline Retail - 2.2%
Amazon.com Inc.		199,896		20,647,258	*
Hotels, Restaurants & Leisure - 0.4%
Marriott International Inc., Class A Shares		20,737		3,443,172
Specialty Retail - 3.8%
Home Depot Inc.		52,244		15,418,249
TJX Cos. Inc.		261,863		20,519,585
Total Specialty Retail				35,937,834
TOTAL CONSUMER DISCRETIONARY				65,968,466
CONSUMER STAPLES - 6.8%
Beverages - 2.3%
Coca-Cola Co.		163,514		10,142,773
PepsiCo Inc.		65,927		12,018,492
Total Beverages				22,161,265
Consumer Staples Distribution & Retail - 2.1%
Walmart Inc.		131,931		19,453,226
Food Products - 1.0%
Mondelez International Inc., Class A Shares		134,237		9,359,004
Household Products - 1.4%
Procter & Gamble Co.		86,778		12,903,021
TOTAL CONSUMER STAPLES				63,876,516

See Notes to Schedule of Investments.

ClearBridge Variable Appreciation Portfolio 2023 Quarterly Report         1

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

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

SECURITY	SHARES		VALUE
ENERGY - 6.1%
Oil, Gas & Consumable Fuels - 6.1%
Chevron Corp.		116,216	$	18,961,803
EQT Corp.		133,921		4,273,419
Exxon Mobil Corp.		145,253		15,928,444
Kinder Morgan Inc.		263,565		4,615,023
Pioneer Natural Resources Co.		63,427		12,954,330
TOTAL ENERGY				56,733,019
FINANCIALS - 15.3%
Banks - 3.9%
Bank of America Corp.		325,547		9,310,644
JPMorgan Chase & Co.		175,309		22,844,516
US Bancorp		108,684		3,918,058
Total Banks				36,073,218
Capital Markets - 1.5%
CME Group Inc.		43,564		8,343,377
Intercontinental Exchange Inc.		56,144		5,855,258
Total Capital Markets				14,198,635
Financial Services - 6.4%
Berkshire Hathaway Inc., Class A Shares		69		32,126,400	*
PayPal Holdings Inc.		35,580		2,701,945	*
Visa Inc., Class A Shares		113,082		25,495,468
Total Financial Services				60,323,813
Insurance - 3.5%
Hartford Financial Services Group Inc.		76,042		5,299,367
Progressive Corp.		81,435		11,650,091
Travelers Cos. Inc.		93,715		16,063,688
Total Insurance				33,013,146
TOTAL FINANCIALS				143,608,812
HEALTH CARE - 13.9%
Biotechnology - 0.4%
AbbVie Inc.		23,047		3,673,000
Health Care Equipment & Supplies - 1.9%
Becton Dickinson & Co.		36,706		9,086,203
Stryker Corp.		31,517		8,997,158
Total Health Care Equipment & Supplies				18,083,361

See Notes to Schedule of Investments.

    2     ClearBridge Variable Appreciation Portfolio 2023 Quarterly Report

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

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

SECURITY	SHARES		VALUE
Health Care Providers & Services - 2.7%
UnitedHealth Group Inc.		53,976	$	25,508,518
Life Sciences Tools & Services - 2.1%
Thermo Fisher Scientific Inc.		33,461		19,285,917
Pharmaceuticals - 6.8%
Bayer AG, ADR		152,239		2,425,167
Eli Lilly & Co.		31,323		10,756,945
Johnson & Johnson		125,978		19,526,590
Merck & Co. Inc.		206,924		22,014,644
Pfizer Inc.		211,726		8,638,421
Total Pharmaceuticals				63,361,767
TOTAL HEALTH CARE				129,912,563
INDUSTRIALS - 11.5%
Aerospace & Defense - 2.3%
Northrop Grumman Corp.		5,136		2,371,394
Raytheon Technologies Corp.		200,758		19,660,231
Total Aerospace & Defense				22,031,625
Air Freight & Logistics - 1.6%
United Parcel Service Inc., Class B Shares		75,815		14,707,352
Commercial Services & Supplies - 1.6%
Waste Management Inc.		91,843		14,986,022
Electrical Equipment - 1.2%
Eaton Corp. PLC		54,467		9,332,376
Emerson Electric Co.		19,027		1,658,013
Total Electrical Equipment				10,990,389
Ground Transportation - 1.0%
Canadian Pacific Railway Ltd.		85,955		6,613,378
Union Pacific Corp.		16,081		3,236,462
Total Ground Transportation				9,849,840
Industrial Conglomerates - 2.1%
Honeywell International Inc.		101,095		19,321,276
Professional Services - 1.7%
Automatic Data Processing Inc.		70,802		15,762,649
TOTAL INDUSTRIALS				107,649,153
INFORMATION TECHNOLOGY - 20.1%
Communications Equipment - 0.6%
Arista Networks Inc.		32,353		5,430,775	*
Electronic Equipment, Instruments & Components - 0.5%
Teledyne Technologies Inc.		9,676		4,328,655	*

See Notes to Schedule of Investments.

ClearBridge Variable Appreciation Portfolio 2023 Quarterly Report         3

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

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

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 2.4%
ASML Holding NV, Registered Shares		15,260	$	10,387,634
Enphase Energy Inc.		9,903		2,082,403	*
NVIDIA Corp.		36,065		10,017,775
Total Semiconductors & Semiconductor Equipment				22,487,812
Software - 10.3%
Adobe Inc.		30,950		11,927,202	*
Microsoft Corp.		250,432		72,199,546
Oracle Corp.		116,232		10,800,277
Palo Alto Networks Inc.		6,034		1,205,231	*
Total Software				96,132,256
Technology Hardware, Storage & Peripherals - 6.3%
Apple Inc.		361,359		59,588,099
TOTAL INFORMATION TECHNOLOGY				187,967,597
MATERIALS - 6.7%
Chemicals - 4.2%
Air Products & Chemicals Inc.		46,168		13,259,911
Ecolab Inc.		39,047		6,463,450
PPG Industries Inc.		95,887		12,808,586
Sherwin-Williams Co.		29,317		6,589,582
Total Chemicals				39,121,529
Construction Materials - 0.8%
Vulcan Materials Co.		43,259		7,421,514
Containers & Packaging - 0.6%
Ball Corp.		105,233		5,799,390
Metals & Mining - 1.1%
ArcelorMittal SA, Registered Shares		348,723		10,503,537
TOTAL MATERIALS				62,845,970
REAL ESTATE - 1.2%
Specialized REITs - 1.2%
American Tower Corp.		56,077		11,458,774
UTILITIES - 0.8%
Electric Utilities - 0.4%
NextEra Energy Inc.		46,412		3,577,437
Multi-Utilities - 0.4%
Sempra Energy		25,505		3,855,336
TOTAL UTILITIES				7,432,773
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $354,160,464)				914,789,375

See Notes to Schedule of Investments.

    4     ClearBridge Variable Appreciation Portfolio 2023 Quarterly Report

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

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

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 2.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		4.436	%		13,658,135	$	13,658,135	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		4.617	%		5,853,486		5,853,486	(a)(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $19,511,621)							19,511,621
TOTAL INVESTMENTS - 99.7% (Cost - $373,672,085)							934,300,996
Other Assets in Excess of Liabilities - 0.3%							2,596,135
TOTAL NET ASSETS - 100.0%						$	936,897,131

* Non-income producing security.

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

(b) 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 $5,853,486 and the cost was $5,853,486 (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 Appreciation Portfolio 2023 Quarterly Report         5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Appreciation 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) (cont’d)

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.

7

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

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
Common Stocks†	$	914,789,375		—		—	$	914,789,375
Short-Term Investments†		19,511,621		—		—		19,511,621
Total Investments	$	934,300,996		—		—	$	934,300,996

† 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, 2022		Purchased				Sold
			Cost		Shares		Proceeds		Shares		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	$	5,064,417	$	13,152,665		13,152,665	$	12,363,596		12,363,596		—	$	75,538		—	$	5,853,486

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