FRANKLIN TEMPLETON AGGRESSIVE MODEL PORTFOLIO

Schedules of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.4%
DOMESTIC EQUITY - 70.3%
American Funds Insurance Series - Growth Fund, Class 1A					459,684	$	39,569,605
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares					854,350		19,940,529
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class					578,482		19,870,858
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					280,332		41,870,386
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio,
Class I Shares					539,658		29,476,112	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					1,752,373		29,433,030
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class					1,221,500		14,402,334	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class					1,507,101		14,775,616
MainStay VP Wellington U.S. Equity Portfolio, Initial Class					1,663,788		39,365,723
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class					763,581		24,633,126
MFS® Research Series, Initial Class					693,281		19,703,058
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					1,328,697		31,835,589
Variable Insurance Products Fund III - VIP Growth Opportunities Portfolio, Initial Class					456,219		23,664,060
TOTAL DOMESTIC EQUITY							348,540,026
FOREIGN EQUITY - 16.7%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					420,813		18,515,798
Invesco Variable Insurance Funds - Invesco V.I. International Growth Fund, Class I Shares					731,579		22,166,844
MainStay VP Funds Trust - MainStay VP MacKay International Equity Portfolio, Initial Class					1,838,691		17,340,326
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class					2,482,256		24,623,976
TOTAL FOREIGN EQUITY							82,646,944
DOMESTIC FIXED INCOME - 12.4%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional
Premium Shares					6,253,792		61,662,390
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $519,190,299)							492,849,360
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $2,349,512)		5.228	%		2,349,512		2,349,512	(c)
TOTAL INVESTMENTS - 99.9% (Cost - $521,539,811)							495,198,872
Other Assets in Excess of Liabilities - 0.1%							378,252
TOTAL NET ASSETS - 100.0%						$	495,577,124

(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.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         1

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

Schedules of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.5%
DOMESTIC EQUITY - 55.9%
American Funds Insurance Series - Growth Fund, Class 1A		1,085,145	$	93,409,249
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares		1,290,827		30,127,895
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class		983,219		33,773,565
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares		971,608		145,119,399
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares		1,562,637		85,351,246	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class		3,530,182		59,293,293
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class		3,690,677		43,515,668	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class		3,035,949		29,764,443
MainStay VP Wellington U.S. Equity Portfolio, Initial Class		3,142,254		74,346,674
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class		1,845,795		59,545,341
MFS® Research Series, Initial Class		1,832,861		52,089,915
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class		2,934,049		70,299,817
Variable Insurance Products Fund III - VIP Growth Opportunities Portfolio, Initial Class		1,160,865		60,214,046
TOTAL DOMESTIC EQUITY				836,850,551
DOMESTIC FIXED INCOME - 26.9%
American Funds Insurance Series - The Bond Fund of America, Class 1A		4,881,955		44,669,886
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund, Class I Shares		3,425,484		22,334,158
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares		15,172,047		149,596,380
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio,
Class I Shares		10,971,814		52,225,833	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class		3,129,576		37,307,056
MainStay VP PIMCO Real Return Portfolio, Initial Class		3,661,767		29,859,877
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class		7,735,671		67,068,273
TOTAL DOMESTIC FIXED INCOME				403,061,463
FOREIGN EQUITY - 13.5%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares		1,695,603		74,606,552
Invesco Variable Insurance Funds - Invesco V.I. International Growth Fund, Class I Shares		1,719,512		52,101,212
MainStay VP Funds Trust - MainStay VP MacKay International Equity Portfolio, Initial Class		3,175,167		29,944,365
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class		4,500,590		44,645,849
TOTAL FOREIGN EQUITY				201,297,978
FOREIGN FIXED INCOME - 3.2%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1		2,557,307		18,566,050
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class		3,186,473		29,761,656
TOTAL FOREIGN FIXED INCOME				48,327,706
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,588,769,002)				1,489,537,698

See Notes to Schedules of Investments.

    2     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

Schedules of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.3%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $5,145,199)		5.228	%		5,145,199	$	5,145,199	(c)
TOTAL INVESTMENTS - 99.8% (Cost - $1,593,914,201)							1,494,682,897
Other Assets in Excess of Liabilities - 0.2%							2,927,314
TOTAL NET ASSETS - 100.0%						$	1,497,610,211

(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.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         3

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

Schedules of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.8%
DOMESTIC FIXED INCOME - 43.4%
American Funds Insurance Series - The Bond Fund of America, Class 1A		12,720,149	$	116,389,368
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund, Class I Shares		3,661,677		23,874,133
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares		15,204,288		149,914,276
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares		13,823,018		65,797,564	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class		3,010,722		35,890,211
MainStay VP MacKay Convertible Portfolio, Initial Class		1,675,706		23,911,659
MainStay VP PIMCO Real Return Portfolio, Initial Class		3,669,665		29,924,281
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class		8,613,704		74,680,816
TOTAL DOMESTIC FIXED INCOME				520,382,308
DOMESTIC EQUITY - 41.2%
American Funds Insurance Series - Growth Fund, Class 1A		558,770		48,098,935
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares		1,038,627		24,241,545
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class		527,353		18,114,562
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares		681,527		101,792,941
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares		983,932		53,742,383	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class		1,419,984		23,850,188
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class		2,969,744		35,015,361	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class		1,831,819		17,959,153
MainStay VP Wellington U.S. Equity Portfolio, Initial Class		2,022,443		47,851,616
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class		1,113,840		35,932,475
MFS® Research Series, Initial Class		1,053,315		29,935,219
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class		1,366,815		32,748,892
Variable Insurance Products Fund III - VIP Growth Opportunities Portfolio, Initial Class		466,976		24,222,025
TOTAL DOMESTIC EQUITY				493,505,295
FOREIGN EQUITY - 11.2%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares		1,023,136		45,017,987
Invesco Variable Insurance Funds - Invesco V.I. International Growth Fund, Class I Shares		1,185,820		35,930,359
MainStay VP Funds Trust - MainStay VP MacKay International Equity Portfolio, Initial Class		2,554,501		24,090,985
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class		3,017,708		29,935,660
TOTAL FOREIGN EQUITY				134,974,991
FOREIGN FIXED INCOME - 4.0%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1		2,459,531		17,856,198
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class		3,193,689		29,829,057
TOTAL FOREIGN FIXED INCOME				47,685,255
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,288,555,170)				1,196,547,849

See Notes to Schedules of Investments.

    4     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

Schedules of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.3%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $3,460,531)		5.228	%		3,460,531	$	3,460,531	(c)
TOTAL INVESTMENTS - 100.1% (Cost - $1,292,015,701)							1,200,008,380
Liabilities in Excess of Other Assets - (0.1)%							(963,294	)
TOTAL NET ASSETS - 100.0%						$	1,199,045,086

(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.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         5

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

Schedules of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 100.1%
DOMESTIC FIXED INCOME - 54.6%
American Funds Insurance Series - The Bond Fund of America, Class 1A		4,844,512	$	44,327,288
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund, Class I Shares		1,854,028		12,088,262
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares		5,132,799		50,609,399
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares		5,938,386		28,266,717	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class		2,371,345		28,268,326
MainStay VP MacKay Convertible Portfolio, Initial Class		565,484		8,069,229
MainStay VP PIMCO Real Return Portfolio, Initial Class		2,477,620		20,203,755
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class		3,256,755		28,236,061
TOTAL DOMESTIC FIXED INCOME				220,069,037
DOMESTIC EQUITY - 28.7%
American Funds Insurance Series - Growth Fund, Class 1A		94,290		8,116,521
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class		148,231		5,091,719
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares		202,984		30,317,659
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares		239,895		13,103,079	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class		479,484		8,053,466
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class		1,002,584		11,821,163	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class		515,426		5,053,242
MainStay VP Wellington U.S. Equity Portfolio, Initial Class		341,450		8,078,803
MFS Variable Insurance Portfolios:
MFS® Investors Trust Series, Initial Class		281,982		9,096,728
MFS® Research Series, Initial Class		284,397		8,082,557
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class		377,409		9,042,721
TOTAL DOMESTIC EQUITY				115,857,658
FOREIGN EQUITY - 8.8%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares		437,388		19,245,075
Invesco Variable Insurance Funds - Invesco V.I. International Growth Fund, Class I Shares		266,767		8,083,048
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class		814,819		8,083,007
TOTAL FOREIGN EQUITY				35,411,130
FOREIGN FIXED INCOME - 8.0%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1		1,107,353		8,039,381
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class		2,587,084		24,163,364
TOTAL FOREIGN FIXED INCOME				32,202,745
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $440,778,624)				403,540,570

See Notes to Schedules of Investments.

    6     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

Schedules of investments (unaudited) (cont’d) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.2%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $1,027,577)		5.228	%		1,027,577	$	1,027,577	(c)
TOTAL INVESTMENTS - 100.3% (Cost - $441,806,201)							404,568,147
Liabilities in Excess of Other Assets - (0.3)%							(1,325,843	)
TOTAL NET ASSETS - 100.0%						$	403,242,304

(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.

Franklin Templeton Model Portfolio Funds 2023 Quarterly Report         7

FRANKLIN TEMPLETON CONSERVATIVE MODEL PORTFOLIO

Schedules of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.0%
DOMESTIC FIXED INCOME - 68.8%
American Funds Insurance Series - The Bond Fund of America, Class 1A					1,802,052	$	16,488,780
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund, Class I Shares					963,003		6,278,779
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares					2,319,905		22,874,259
Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares					2,314,311		11,016,122	(a)
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class					1,782,197		21,245,216
MainStay VP MacKay Convertible Portfolio, Initial Class					220,268		3,143,133
MainStay VP PIMCO Real Return Portfolio, Initial Class					1,641,415		13,384,918
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class					1,722,177		14,931,271
TOTAL DOMESTIC FIXED INCOME							109,362,478
DOMESTIC EQUITY - 15.4%
American Funds Insurance Series - Growth Fund, Class 1A					36,728		3,161,541
Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class					46,158		1,585,526
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares					79,101		11,814,505
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class					186,791		3,137,365
MainStay VP Small Cap Growth Portfolio, Initial Class					160,618		1,574,696
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class					130,718		3,132,014
TOTAL DOMESTIC EQUITY							24,405,647
FOREIGN FIXED INCOME - 12.8%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1					431,739		3,134,427
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class					1,848,535		17,265,316
TOTAL FOREIGN FIXED INCOME							20,399,743
FOREIGN EQUITY - 2.0%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares					71,713		3,155,367
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $176,150,349)							157,323,235
	RATE
SHORT-TERM INVESTMENTS - 1.0%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $1,485,969)		5.228	%		1,485,969		1,485,969	(b)
TOTAL INVESTMENTS - 100.0% (Cost - $177,636,318)							158,809,204
Other Assets in Excess of Liabilities - 0.0%††							63,606
TOTAL NET ASSETS - 100.0%						$	158,872,810

†† Represents less than 0.1%.

(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.

    8     Franklin Templeton Model Portfolio Funds 2023 Quarterly Report

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

9

Notes to Schedules of Investments (unaudited) (continued)

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	$	210,993,718	$	137,546,308		—	$	348,540,026
Other Investments in Underlying Funds		144,309,334		—		—		144,309,334
Total Long-Term Investments		355,303,052		137,546,308		—		492,849,360
Short-Term Investments†		2,349,512		—		—		2,349,512
Total Investments	$	357,652,564	$	137,546,308		—	$	495,198,872

† 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	$	536,521,224	$	300,329,327		—	$	836,850,551
Domestic Fixed Income		335,894,530		67,166,933		—		403,061,463
Other Investments in Underlying Funds		249,625,684		—		—		249,625,684
Total Long-Term Investments		1,122,041,438		367,496,260		—		1,489,537,698
Short-Term Investments†		5,145,199		—		—		5,145,199
Total Investments	$	1,127,186,637	$	367,496,260		—	$	1,494,682,897

† See Schedule of Investments for additional detailed categorizations.

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Notes to Schedules of Investments (unaudited) (continued)

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	$	320,730,043	$	172,775,253		—	$	493,505,296
Domestic Fixed Income		430,656,156		89,726,151		—		520,382,307
Other Investments in Underlying Funds		182,660,246		—		—		182,660,246
Total Long-Term Investments		934,046,445		262,501,404		—		1,196,547,849
Short-Term Investments†		3,460,531		—		—		3,460,531
Total Investments	$	937,506,976	$	262,501,404		—	$	1,200,008,380

† 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	$	74,734,463	$	41,123,195		—	$	115,857,658
Domestic Fixed Income		163,527,727		56,541,310		—		220,069,037
Other Investments in Underlying Funds		67,613,875		—		—		67,613,875
Total Long-Term Investments		305,876,065		97,664,505		—		403,540,570
Short-Term Investments†		1,027,577		—		—		1,027,577
Total Investments	$	306,903,642	$	97,664,505		—	$	404,568,147

† 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†:
Domestic Equity	$	16,532,045	$	7,873,602		—	$	24,405,647
Domestic Fixed Income		71,589,211		37,773,267		—		109,362,478
Other Investments in Underlying Funds		23,555,110		—		—		23,555,110
Total Long-Term Investments		111,676,366		45,646,869		—		157,323,235
Short-Term Investments†		1,485,969		—		—		1,485,969
Total Investments	$	113,162,335	$	45,646,869		—	$	158,809,204

† See Schedule of Investments for additional detailed categorizations.

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 September 30, 2023. The following transactions

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Notes to Schedules of Investments (unaudited) (continued)

were effected in such Underlying Funds for the period ended September 30, 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 September 30, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	22,065,907	$	5,406,315		100,885		—		—		—	$	4,281	$	167,034	$	2,003,890	$	29,476,112

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 September 30, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	69,165,103	$	10,093,511		187,312		—		—		—		$	12,583	$	490,928	$	6,092,632		$	85,351,246
Western Asset Core Plus VIT Portfolio, Class I Shares		36,252,748		17,650,000		3,547,135	$	460,000		96,638	$	(46,539	)		—		—		(1,170,376	)		52,225,833
	$	105,417,851	$	27,743,511			$	460,000			$	(46,539	)	$	12,583	$	490,928	$	4,922,256		$	137,577,079

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 September 30, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	45,447,191	$	4,373,551		82,490	$	130,000		2,260	$	(11,142	)	$	8,211	$	320,340	$	4,062,783		$	53,742,383
Western Asset Core Plus VIT Portfolio, Class I Shares		49,757,563		17,740,000		3,574,452		355,000		74,580		(34,307	)		—		—		(1,310,692	)		65,797,564
	$	95,204,754	$	22,113,551			$	485,000			$	(45,449	)	$	8,211	$	320,340	$	2,752,091	)	$	119,539,947

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 September 30, 2023
			Cost		Shares		Proceeds		Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares	$	11,200,877	$	1,464,209		27,556	$	590,000		10,387	$	(41,612	)	$	2,104	$	82,105	$	1,069,605		$	13,103,079
Western Asset Core Plus VIT Portfolio, Class I Shares		21,777,870		7,070,000		1,420,156		—		—		—			—		—		(581,153	)		28,266,717
	$	32,978,747	$	8,534,209			$	590,000			$	(41,612	)	$	2,104	$	82,105	$	488,452	)	$	41,369,796

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 September 30, 2023
			Cost		Shares		Proceeds		Shares
Western Asset Core Plus VIT Portfolio, Class I Shares	$	9,618,015	$	1,820,000		366,061	$	235,000		47,189	$	(8,965	)		—		—	$	(177,928	)	$	11,016,122

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