CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited) March 31, 2024

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.4%
COMMUNICATION SERVICES - 9.9%
Entertainment - 3.9%
Netflix Inc.		33,000	$	20,041,890	*
Interactive Media & Services - 6.0%
Meta Platforms Inc., Class A Shares		64,116		31,133,447
TOTAL COMMUNICATION SERVICES				51,175,337
CONSUMER DISCRETIONARY - 10.4%
Automobile Components - 0.7%
Aptiv PLC		46,862		3,732,558	*
Automobiles - 0.5%
Tesla Inc.		15,700		2,759,903	*
Broadline Retail - 8.0%
Amazon.com Inc.		228,600		41,234,868	*
Textiles, Apparel & Luxury Goods - 1.2%
NIKE Inc., Class B Shares		63,400		5,958,332
TOTAL CONSUMER DISCRETIONARY				53,685,661
CONSUMER STAPLES - 4.6%
Beverages - 1.5%
Monster Beverage Corp.		134,800		7,990,944	*
Consumer Staples Distribution & Retail - 1.8%
Target Corp.		53,000		9,392,130
Personal Care Products - 1.3%
Estee Lauder Cos. Inc., Class A Shares		43,700		6,736,355
TOTAL CONSUMER STAPLES				24,119,429
FINANCIALS - 9.6%
Capital Markets - 2.3%
Intercontinental Exchange Inc.		25,500		3,504,465
S&P Global Inc.		19,932		8,480,069
Total Capital Markets				11,984,534
Financial Services - 5.9%
PayPal Holdings Inc.		98,756		6,615,665	*
Visa Inc., Class A Shares		85,587		23,885,620
Total Financial Services				30,501,285
Insurance - 1.4%
Marsh & McLennan Cos. Inc.		36,100		7,435,878
TOTAL FINANCIALS				49,921,697

See Notes to Schedule of Investments.

ClearBridge Variable Large Cap Growth Portfolio 2024 Quarterly Report      1

CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Portfolio net assets)

SECURITY	SHARES		VALUE
HEALTH CARE - 14.0%
Health Care Equipment & Supplies - 5.5%
Alcon Inc.		96,100	$	8,004,169
Intuitive Surgical Inc.		27,270		10,883,184	*
Stryker Corp.		26,900		9,626,703
Total Health Care Equipment & Supplies				28,514,056
Health Care Providers & Services - 2.9%
UnitedHealth Group Inc.		30,574		15,124,958
Life Sciences Tools & Services - 2.6%
Thermo Fisher Scientific Inc.		23,129		13,442,806
Pharmaceuticals - 3.0%
Eli Lilly & Co.		11,300		8,790,948
Zoetis Inc.		40,674		6,882,448
Total Pharmaceuticals				15,673,396
TOTAL HEALTH CARE				72,755,216
INDUSTRIALS - 11.0%
Aerospace & Defense - 1.5%
RTX Corp.		80,790		7,879,449
Air Freight & Logistics - 0.9%
United Parcel Service Inc., Class B Shares		31,824		4,730,001
Electrical Equipment - 2.3%
Eaton Corp. PLC		38,080		11,906,854
Ground Transportation - 3.6%
Uber Technologies Inc.		146,785		11,300,977	*
Union Pacific Corp.		30,100		7,402,493
Total Ground Transportation				18,703,470
Trading Companies & Distributors - 2.7%
W.W. Grainger Inc.		13,527		13,761,017
TOTAL INDUSTRIALS				56,980,791
INFORMATION TECHNOLOGY - 34.5%
Semiconductors & Semiconductor Equipment - 12.2%
ASML Holding NV, Registered Shares		10,420		10,112,298
Intel Corp.		120,000		5,300,399
NVIDIA Corp.		52,988		47,877,837
Total Semiconductors & Semiconductor Equipment				63,290,534
Software - 18.6%
Adobe Inc.		19,248		9,712,541	*
Atlassian Corp., Class A Shares		29,030		5,664,043	*
Intuit Inc.		10,700		6,955,000
Microsoft Corp.		100,612		42,329,481
Palo Alto Networks Inc.		36,739		10,438,652	*

See Notes to Schedule of Investments.

    2  ClearBridge Variable Large Cap Growth Portfolio 2024 Quarterly Report

CLEARBRIDGE VARIABLE LARGE CAP GROWTH PORTFOLIO

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Portfolio net assets)

SECURITY				SHARES		VALUE
Software - continued
Salesforce Inc.					40,810	$	12,291,156
Workday Inc., Class A Shares					33,530		9,145,307	*
Total Software							96,536,180
Technology Hardware, Storage & Peripherals - 3.7%
Apple Inc.					110,862		19,010,616
TOTAL INFORMATION TECHNOLOGY							178,837,330
MATERIALS - 2.0%
Chemicals - 2.0%
Sherwin-Williams Co.					29,200		10,142,036
REAL ESTATE - 1.4%
Specialized REITs - 1.4%
Equinix Inc.					8,709		7,187,799
UTILITIES - 1.0%
Electric Utilities - 1.0%
NextEra Energy Inc.					79,800		5,100,018
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $229,916,852)							509,905,314
	RATE
SHORT-TERM INVESTMENTS - 1.7%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		5.155	%		4,490,789		4,490,789	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		5.242	%		4,490,789		4,490,789	(a)(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $8,981,578)							8,981,578
TOTAL INVESTMENTS - 100.1% (Cost - $238,898,430)							518,886,892
Liabilities in Excess of Other Assets - (0.1)%							(575,445	)
TOTAL NET ASSETS - 100.0%						$	518,311,447

* 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 $4,490,789 and the cost was $4,490,789 (Note 2).

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 Large Cap Growth Portfolio 2024 Quarterly Report      3

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Large Cap Growth 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

    4  ClearBridge Variable Large Cap Growth Portfolio 2024 Quarterly Report

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.

ClearBridge Variable Large Cap Growth Portfolio 2024 Quarterly Report      5

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†	$	509,905,314		—		—	$	509,905,314
Short-Term Investments†		8,981,578		—		—		8,981,578
Total Investments	$	518,886,892		—		—	$	518,886,892

† 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, 2023		Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2024
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	5,573,208	$	13,809,135		13,809,135	$	14,891,554		14,891,554		—	$	56,744		—	$	4,490,789

    6  ClearBridge Variable Large Cap Growth Portfolio 2024 Quarterly Report