CLEARBRIDGE VARIABLE MID CAP PORTFOLIO

Schedule of investments (unaudited) September 30, 2023

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.9%
COMMUNICATION SERVICES - 3.5%
Entertainment - 2.7%
Endeavor Group Holdings Inc., Class A Shares		206,500	$	4,109,350
Live Nation Entertainment Inc.		27,200		2,258,688	*
Total Entertainment				6,368,038
Interactive Media & Services - 0.8%
Pinterest Inc., Class A Shares		68,300		1,846,149	*
TOTAL COMMUNICATION SERVICES				8,214,187
CONSUMER DISCRETIONARY - 9.8%
Automobile Components - 2.2%
Aptiv PLC		54,300		5,353,437	*
Broadline Retail - 0.9%
Etsy Inc.		33,800		2,182,804	*
Diversified Consumer Services - 0.9%
Service Corp. International		37,100		2,119,894
Hotels, Restaurants & Leisure - 1.4%
Expedia Group Inc.		32,300		3,329,161	*
Leisure Products - 1.8%
Hasbro Inc.		64,500		4,266,030
Specialty Retail - 2.6%
Five Below Inc.		14,300		2,300,870	*
Ross Stores Inc.		34,300		3,874,185
Total Specialty Retail				6,175,055
TOTAL CONSUMER DISCRETIONARY				23,426,381
CONSUMER STAPLES - 7.9%
Consumer Staples Distribution & Retail - 5.5%
Casey’s General Stores Inc.		20,300		5,511,856
Performance Food Group Co.		128,100		7,539,966	*
Total Consumer Staples Distribution & Retail				13,051,822
Personal Care Products - 2.4%
Coty Inc., Class A Shares		524,400		5,752,668	*
TOTAL CONSUMER STAPLES				18,804,490
ENERGY - 6.3%
Energy Equipment & Services - 1.7%
Baker Hughes Co.		56,200		1,984,984
Noble Corp. PLC		40,000		2,026,000
Total Energy Equipment & Services				4,010,984

See Notes to Schedule of Investments.

ClearBridge Variable Mid Cap Portfolio 2023 Quarterly Report         1

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Oil, Gas & Consumable Fuels - 4.6%
EQT Corp.		88,000	$	3,571,040
Pioneer Natural Resources Co.		32,400		7,437,420
Total Oil, Gas & Consumable Fuels				11,008,460
TOTAL ENERGY				15,019,444
FINANCIALS - 10.9%
Banks - 1.6%
Fifth Third Bancorp		43,600		1,104,388
PNC Financial Services Group Inc.		13,800		1,694,226
US Bancorp		32,900		1,087,674
Total Banks				3,886,288
Capital Markets - 4.0%
Blue Owl Capital Inc.		216,900		2,811,024
Houlihan Lokey Inc.		51,300		5,495,256
Raymond James Financial Inc.		12,000		1,205,160
Total Capital Markets				9,511,440
Insurance - 5.3%
Arch Capital Group Ltd.		70,900		5,651,439	*
Everest Group Ltd.		3,600		1,338,012
Hartford Financial Services Group Inc.		77,300		5,481,343
Total Insurance				12,470,794
TOTAL FINANCIALS				25,868,522
HEALTH CARE - 10.5%
Biotechnology - 0.5%
Argenx SE, ADR		2,600		1,278,238	*
Health Care Equipment & Supplies - 2.7%
IDEXX Laboratories Inc.		3,200		1,399,264	*
STERIS PLC		11,500		2,523,330
Teleflex Inc.		12,200		2,396,202
Total Health Care Equipment & Supplies				6,318,796
Health Care Technology - 1.0%
Doximity Inc., Class A Shares		106,000		2,249,320	*
Life Sciences Tools & Services - 6.3%
Avantor Inc.		202,500		4,268,700	*
Bio-Techne Corp.		41,100		2,797,677
ICON PLC, ADR		28,000		6,895,000	*
Maravai LifeSciences Holdings Inc., Class A Shares		112,100		1,121,000	*
Total Life Sciences Tools & Services				15,082,377
TOTAL HEALTH CARE				24,928,731

See Notes to Schedule of Investments.

    2 ClearBridge Variable Mid Cap Portfolio 2023 Quarterly Report    

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
INDUSTRIALS - 21.2%
Aerospace & Defense - 1.6%
CAE Inc.		162,200	$	3,787,370	*
Building Products - 3.9%
Advanced Drainage Systems Inc.		20,200		2,299,366
Masonite International Corp.		32,000		2,983,040	*
Resideo Technologies Inc.		260,000		4,108,000	*
Total Building Products				9,390,406
Commercial Services & Supplies - 1.9%
Clean Harbors Inc.		26,600		4,451,776	*
Construction & Engineering - 4.9%
API Group Corp.		179,800		4,662,214	*
WillScot Mobile Mini Holdings Corp.		169,500		7,049,505	*
Total Construction & Engineering				11,711,719
Electrical Equipment - 6.6%
Atkore Inc.		26,000		3,878,940	*
Regal Rexnord Corp.		52,800		7,544,064
Vertiv Holdings Co.		118,400		4,404,480
Total Electrical Equipment				15,827,484
Machinery - 2.3%
ATS Corp.		126,900		5,408,478	*
TOTAL INDUSTRIALS				50,577,233
INFORMATION TECHNOLOGY - 13.7%
Electronic Equipment, Instruments & Components - 4.7%
CDW Corp.		15,000		3,026,400
Keysight Technologies Inc.		31,700		4,194,227	*
Teledyne Technologies Inc.		9,700		3,963,226	*
Total Electronic Equipment, Instruments & Components				11,183,853
Semiconductors & Semiconductor Equipment - 2.5%
Marvell Technology Inc.		109,900		5,948,887
Software - 6.5%
Aspen Technology Inc.		13,300		2,716,658	*
Bentley Systems Inc., Class B Shares		63,100		3,165,096
Everbridge Inc.		69,600		1,560,432	*
NCR Corp.		158,800		4,282,836	*
Workiva Inc.		36,500		3,698,910	*
Total Software				15,423,932
TOTAL INFORMATION TECHNOLOGY				32,556,672

See Notes to Schedule of Investments.

ClearBridge Variable Mid Cap Portfolio 2023 Quarterly Report         3

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO

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

(Percentages shown based on Portfolio net assets)

SECURITY				SHARES		VALUE
MATERIALS - 4.9%
Chemicals - 4.2%
Ashland Inc.					66,100	$	5,399,048
Eastman Chemical Co.					28,500		2,186,520
Sensient Technologies Corp.					41,200		2,409,376
Total Chemicals							9,994,944
Containers & Packaging - 0.7%
Crown Holdings Inc.					19,374		1,714,211
TOTAL MATERIALS							11,709,155
REAL ESTATE - 5.4%
Industrial REITs - 1.3%
Americold Realty Trust Inc.					99,700		3,031,877
Office REITs - 1.4%
Alexandria Real Estate Equities Inc.					33,400		3,343,340
Real Estate Management & Development - 1.5%
CoStar Group Inc.					45,600		3,506,184	*
Residential REITs - 1.2%
Sun Communities Inc.					25,500		3,017,670
TOTAL REAL ESTATE							12,899,071
UTILITIES - 3.8%
Electric Utilities - 1.1%
Eversource Energy					45,600		2,651,640
Multi-Utilities - 2.7%
Ameren Corp.					55,600		4,160,548
DTE Energy Co.					23,400		2,323,152
Total Multi-Utilities							6,483,700
TOTAL UTILITIES							9,135,340
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $189,428,577)							233,139,226
	RATE
SHORT-TERM INVESTMENTS - 2.9%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		5.204	%		3,478,972		3,478,972	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		5.270	%		3,478,972		3,478,972	(a)(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $6,957,944)							6,957,944
TOTAL INVESTMENTS - 100.8% (Cost - $196,386,521)							240,097,170
Liabilities in Excess of Other Assets - (0.8)%							(1,800,366	)
TOTAL NET ASSETS - 100.0%						$	238,296,804

See Notes to Schedule of Investments.

    4 ClearBridge Variable Mid Cap Portfolio 2023 Quarterly Report    

CLEARBRIDGE VARIABLE MID CAP PORTFOLIO

* 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 September 30, 2023, the total market value of investments in Affiliated Companies was $3,478,972 and the cost was $3,478,972 (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 Mid Cap Portfolio 2023 Quarterly Report         5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Mid Cap 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.

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

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 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†	$	233,139,226		—		—	$	233,139,226
Short-Term Investments†		6,957,944		—		—		6,957,944
Total Investments	$	240,097,170		—		—	$	240,097,170

† 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 September 30, 2023. The following transactions were effected in such company for the period ended September 30, 2023.

			Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2023
	Affiliate Value at December 31, 2022		Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	1,013,014	$	26,816,567		26,816,567	$	24,350,609		24,350,609		—	$	104,109		—	$	3,478,972

8