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

CLEARBRIDGE VARIABLE LARGE CAP VALUE PORTFOLIO

Schedule of investments (unaudited) March 31, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.6%
COMMUNICATION SERVICES - 8.1%
Interactive Media & Services - 3.9%
Alphabet Inc., Class A Shares		28,938	$	3,001,739	*
Meta Platforms Inc., Class A Shares		35,103		7,439,730	*
Total Interactive Media & Services				10,441,469
Media - 4.2%
Charter Communications Inc., Class A Shares		14,561		5,207,159	*
Comcast Corp., Class A Shares		112,586		4,268,135
DISH Network Corp., Class A Shares		191,168		1,783,598	*
Total Media				11,258,892
TOTAL COMMUNICATION SERVICES				21,700,361
CONSUMER DISCRETIONARY - 1.6%
Specialty Retail - 1.6%
Home Depot Inc.		14,776		4,360,693
CONSUMER STAPLES - 3.2%
Beverages - 1.6%
PepsiCo Inc.		23,496		4,283,321
Personal Care Products - 1.6%
Haleon PLC, ADR		521,300		4,243,382
TOTAL CONSUMER STAPLES				8,526,703
ENERGY - 9.7%
Oil, Gas & Consumable Fuels - 9.7%
Chevron Corp.		45,749		7,464,407
ConocoPhillips		114,140		11,323,829
Enterprise Products Partners LP		285,494		7,394,295
TOTAL ENERGY				26,182,531
FINANCIALS - 21.7%
Banks - 8.1%
Bank of America Corp.		294,438		8,420,927
JPMorgan Chase & Co.		78,335		10,207,834
US Bancorp		90,270		3,254,233
Total Banks				21,882,994
Capital Markets - 2.1%
Bank of New York Mellon Corp.		76,282		3,466,254
Charles Schwab Corp.		42,619		2,232,383
Total Capital Markets				5,698,637
Consumer Finance - 3.2%
American Express Co.		51,759		8,537,647

See Notes to Schedule of Investments.

ClearBridge Variable Large Cap Value Portfolio 2023 Quarterly Report         1

CLEARBRIDGE VARIABLE LARGE CAP VALUE PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Financial Services - 3.5%
Berkshire Hathaway Inc., Class B Shares		15,279	$	4,717,697	*
Visa Inc., Class A Shares		20,794		4,688,215
Total Financial Services				9,405,912
Insurance - 4.8%
Marsh & McLennan Cos. Inc.		25,601		4,263,847
Progressive Corp.		34,595		4,949,161
Travelers Cos. Inc.		22,310		3,824,157
Total Insurance				13,037,165
TOTAL FINANCIALS				58,562,355
HEALTH CARE - 12.7%
Biotechnology - 1.3%
Amgen Inc.		14,232		3,440,586
Health Care Equipment & Supplies - 2.0%
Becton Dickinson & Co.		21,632		5,354,785
Health Care Providers & Services - 6.2%
Elevance Health Inc.		13,919		6,400,095
McKesson Corp.		7,497		2,669,307
UnitedHealth Group Inc.		15,990		7,556,714
Total Health Care Providers & Services				16,626,116
Pharmaceuticals - 3.2%
Johnson & Johnson		33,110		5,132,050
Merck & Co. Inc.		33,325		3,545,447
Total Pharmaceuticals				8,677,497
TOTAL HEALTH CARE				34,098,984
INDUSTRIALS - 14.7%
Aerospace & Defense - 5.1%
Northrop Grumman Corp.		11,353		5,241,907
Raytheon Technologies Corp.		88,514		8,668,176
Total Aerospace & Defense				13,910,083
Air Freight & Logistics - 2.1%
United Parcel Service Inc., Class B Shares		28,686		5,564,797
Electrical Equipment - 1.4%
Vertiv Holdings Co.		270,225		3,866,920
Machinery - 6.1%
Deere & Co.		19,882		8,208,880
Illinois Tool Works Inc.		18,983		4,621,411
Otis Worldwide Corp.		41,974		3,542,606
Total Machinery				16,372,897
TOTAL INDUSTRIALS				39,714,697

See Notes to Schedule of Investments.

    2     ClearBridge Variable Large Cap Value Portfolio 2023 Quarterly Report

CLEARBRIDGE VARIABLE LARGE CAP VALUE PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
INFORMATION TECHNOLOGY - 13.7%
Communications Equipment - 5.5%
Cisco Systems Inc.		131,381	$	6,867,942
Motorola Solutions Inc.		28,165		8,058,851
Total Communications Equipment				14,926,793
Electronic Equipment, Instruments & Components - 3.1%
TE Connectivity Ltd.		63,471		8,324,222
Semiconductors & Semiconductor Equipment - 2.6%
Intel Corp.		147,503		4,818,923
QUALCOMM Inc.		17,049		2,175,112
Total Semiconductors & Semiconductor Equipment				6,994,035
Software - 2.5%
Microsoft Corp.		10,506		3,028,880
Oracle Corp.		39,705		3,689,388
Total Software				6,718,268
TOTAL INFORMATION TECHNOLOGY				36,963,318
MATERIALS - 5.1%
Chemicals - 3.8%
Air Products & Chemicals Inc.		20,691		5,942,662
PPG Industries Inc.		31,770		4,243,837
Total Chemicals				10,186,499
Construction Materials - 1.3%
Martin Marietta Materials Inc.		9,889		3,511,188
TOTAL MATERIALS				13,697,687
REAL ESTATE - 1.6%
Specialized REITs - 1.6%
American Tower Corp.		21,288		4,349,990
UTILITIES - 6.5%
Electric Utilities - 2.0%
Edison International		76,685		5,413,194
Multi-Utilities - 4.5%
Sempra Energy		79,351		11,994,697
TOTAL UTILITIES				17,407,891
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $142,314,431)				265,565,210

See Notes to Schedule of Investments.

ClearBridge Variable Large Cap Value Portfolio 2023 Quarterly Report         3

CLEARBRIDGE VARIABLE LARGE CAP VALUE PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		4.436	%		1,529,295	$	1,529,295	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		4.617	%		655,413		655,413	(a)(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,184,708)							2,184,708
TOTAL INVESTMENTS - 99.4% (Cost - $144,499,139)							267,749,918
Other Assets in Excess of Liabilities - 0.6%							1,683,784
TOTAL NET ASSETS - 100.0%						$	269,433,702

* 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 $655,413 and the cost was $655,413 (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 Large Cap Value Portfolio 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Large Cap Value 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
Common Stocks†	$	265,565,210		—		—	$	265,565,210
Short-Term Investments†		2,184,708		—		—		2,184,708
Total Investments	$	267,749,918		—		—	$	267,749,918

† 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	$	1,185,513	$	5,117,120		5,117,120	$	5,647,220		5,647,220

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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		—	$	19,553		—	$	655,413

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