CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

Schedule of investments (unaudited)	March 31, 2024
(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.9%
COMMUNICATION SERVICES - 9.6%
Entertainment - 2.2%
Netflix Inc.		17,320	$	10,518,956	*
Walt Disney Co.		116,197		14,217,865
Total Entertainment				24,736,821
Interactive Media & Services - 5.9%
Alphabet Inc., Class A Shares		142,353		21,485,338	*
Alphabet Inc., Class C Shares		107,347		16,344,654	*
Meta Platforms Inc., Class A Shares		56,105		27,243,466
Total Interactive Media & Services				65,073,458
Media - 1.0%
Comcast Corp., Class A Shares		252,908		10,963,562
Wireless Telecommunication Services - 0.5%
T-Mobile US Inc.		36,375		5,937,127
TOTAL COMMUNICATION SERVICES				106,710,968
CONSUMER DISCRETIONARY - 6.5%
Broadline Retail - 3.5%
Amazon.com Inc.		217,767		39,280,812	*
Specialty Retail - 3.0%
Home Depot Inc.		25,677		9,849,697
TJX Cos. Inc.		227,762		23,099,622
Total Specialty Retail				32,949,319
TOTAL CONSUMER DISCRETIONARY				72,230,131
CONSUMER STAPLES - 6.3%
Beverages - 1.9%
Coca-Cola Co.		159,115		9,734,656
PepsiCo Inc.		64,113		11,220,416
Total Beverages				20,955,072
Consumer Staples Distribution & Retail - 2.1%
Walmart Inc.		385,207		23,177,905
Food Products - 1.1%
Mondelez International Inc., Class A Shares		130,615		9,143,050
Nestle SA, ADR		26,394		2,803,043
Total Food Products				11,946,093
Household Products - 1.2%
Procter & Gamble Co.		84,411		13,695,685
TOTAL CONSUMER STAPLES				69,774,755

See Notes to Schedule of Investments.

ClearBridge Variable Appreciation Portfolio 2024 Quarterly Report      1

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

Schedule of investments (unaudited) (cont’d)	March 31, 2024
(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
ENERGY - 5.3%
Oil, Gas & Consumable Fuels - 5.3%
Chevron Corp.		113,072	$	17,835,977
EQT Corp.		130,299		4,830,184
Exxon Mobil Corp.		141,338		16,429,129
Kinder Morgan Inc.		313,100		5,742,254
Pioneer Natural Resources Co.		54,310		14,256,375
TOTAL ENERGY				59,093,919
FINANCIALS - 17.4%
Banks - 5.6%
Bank of America Corp.		424,969		16,114,825
JPMorgan Chase & Co.		150,087		30,062,426
US Bancorp		373,690		16,703,943
Total Banks				62,881,194
Capital Markets - 1.7%
CME Group Inc.		42,341		9,115,594
Intercontinental Exchange Inc.		71,523		9,829,406
Total Capital Markets				18,945,000
Financial Services - 6.5%
Berkshire Hathaway Inc., Class A Shares		66		41,873,040	*
Visa Inc., Class A Shares		110,024		30,705,498
Total Financial Services				72,578,538
Insurance - 3.6%
Hartford Financial Services Group Inc.		63,686		6,562,842
Progressive Corp.		65,700		13,588,074
Travelers Cos. Inc.		86,536		19,915,395
Total Insurance				40,066,311
TOTAL FINANCIALS				194,471,043
HEALTH CARE - 12.6%
Biotechnology - 1.4%
AbbVie Inc.		84,136		15,321,166
Health Care Equipment & Supplies - 1.2%
Stryker Corp.		37,561		13,441,955
Health Care Providers & Services - 1.7%
UnitedHealth Group Inc.		38,251		18,922,770
Life Sciences Tools & Services - 2.2%
ICON PLC		21,510		7,226,284	*
Thermo Fisher Scientific Inc.		29,755		17,293,904
Total Life Sciences Tools & Services				24,520,188

See Notes to Schedule of Investments.

    2  ClearBridge Variable Appreciation Portfolio 2024 Quarterly Report

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

Schedule of investments (unaudited) (cont’d)	March 31, 2024
(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Pharmaceuticals - 6.1%
Eli Lilly & Co.		30,429	$	23,672,545
Johnson & Johnson		114,503		18,113,229
Merck & Co. Inc.		201,378		26,571,827
Total Pharmaceuticals				68,357,601
TOTAL HEALTH CARE				140,563,680
INDUSTRIALS - 11.1%
Aerospace & Defense - 1.6%
Northrop Grumman Corp.		9,417		4,507,541
RTX Corp.		137,278		13,388,723
Total Aerospace & Defense				17,896,264
Air Freight & Logistics - 1.0%
United Parcel Service Inc., Class B Shares		75,738		11,256,939
Commercial Services & Supplies - 1.7%
Waste Management Inc.		89,344		19,043,673
Electrical Equipment - 2.3%
Eaton Corp. PLC		47,525		14,860,117
Emerson Electric Co.		90,704		10,287,648
Total Electrical Equipment				25,147,765
Ground Transportation - 1.2%
Canadian Pacific Kansas City Ltd.		83,610		7,371,894
Union Pacific Corp.		25,592		6,293,840
Total Ground Transportation				13,665,734
Industrial Conglomerates - 1.8%
Honeywell International Inc.		98,351		20,186,543
Professional Services - 1.5%
Automatic Data Processing Inc.		64,609		16,135,452
TOTAL INDUSTRIALS				123,332,370
INFORMATION TECHNOLOGY - 23.0%
Communications Equipment - 0.8%
Arista Networks Inc.		31,429		9,113,782	*
Semiconductors & Semiconductor Equipment - 5.4%
ASML Holding NV, Registered Shares		16,401		15,916,678
Intel Corp.		84,094		3,714,432
Marvell Technology Inc.		78,207		5,543,312
NVIDIA Corp.		38,319		34,623,516
Total Semiconductors & Semiconductor Equipment				59,797,938

See Notes to Schedule of Investments.

ClearBridge Variable Appreciation Portfolio 2024 Quarterly Report      3

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

Schedule of investments (unaudited) (cont’d)	March 31, 2024
(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
Software - 12.0%
Adobe Inc.		34,666	$	17,492,464	*
Microsoft Corp.		230,409		96,937,674
Oracle Corp.		113,086		14,204,732
Synopsys Inc.		9,687		5,536,121	*
Total Software				134,170,991
Technology Hardware, Storage & Peripherals - 4.8%
Apple Inc.		309,465		53,067,058
TOTAL INFORMATION TECHNOLOGY				256,149,769
MATERIALS - 5.4%
Chemicals - 3.1%
Ecolab Inc.		37,945		8,761,501
Linde PLC		6,131		2,846,746
PPG Industries Inc.		93,278		13,515,982
Sherwin-Williams Co.		28,473		9,889,527
Total Chemicals				35,013,756
Construction Materials - 1.0%
Vulcan Materials Co.		42,047		11,475,467
Containers & Packaging - 0.6%
Crown Holdings Inc.		76,824		6,089,070
Metals & Mining - 0.7%
ArcelorMittal SA, Registered Shares		262,603		7,242,591
TOTAL MATERIALS				59,820,884
REAL ESTATE - 1.0%
Specialized REITs - 1.0%
American Tower Corp.		59,715		11,799,087
UTILITIES - 0.7%
Electric Utilities - 0.3%
NextEra Energy Inc.		45,112		2,883,108
Multi-Utilities - 0.4%
Sempra		66,315		4,763,406
TOTAL UTILITIES				7,646,514
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $362,914,606)				1,101,593,120

See Notes to Schedule of Investments.

    4  ClearBridge Variable Appreciation Portfolio 2024 Quarterly Report

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

Schedule of investments (unaudited) (cont’d)	March 31, 2024
(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		5.155	%		4,607,041	$	4,607,041	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		5.242	%		4,607,041		4,607,041	(a)(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $9,214,082)							9,214,082
TOTAL INVESTMENTS - 99.7% (Cost - $372,128,688)							1,110,807,202
Other Assets in Excess of Liabilities - 0.3%							3,355,371
TOTAL NET ASSETS - 100.0%						$	1,114,162,573

* 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, 2024, the total market value of investments in Affiliated Companies was $4,607,041 and the cost was $4,607,041 (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 2024 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

6

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.

7

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†	$	1,101,593,120		—		—	$	1,101,593,120
Short-Term Investments†		9,214,082		—		—		9,214,082
Total Investments	$	1,110,807,202		—		—	$	1,110,807,202

† 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, 2024. The following transactions were effected in such company for the period ended March 31, 2024.

	Affiliate Value at December 31,		Purchased				Sold
	2023		Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	7,894,572	$	16,742,574		16,742,574	$	20,030,105		20,030,105

8

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, 2024
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	91,909		—	$	4,607,041

9