CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

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

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.6%
COMMUNICATION SERVICES - 7.8%
Entertainment - 1.3%
Walt Disney Co.		45,620	$	5,582,063
Interactive Media & Services - 1.1%
Meta Platforms Inc., Class A Shares		10,400		5,050,032
Media - 3.2%
Comcast Corp., Class A Shares		335,670		14,551,295
Wireless Telecommunication Services - 2.2%
T-Mobile US Inc.		60,700		9,907,454
TOTAL COMMUNICATION SERVICES				35,090,844
CONSUMER DISCRETIONARY - 2.6%
Automobiles - 0.8%
General Motors Co.		84,200		3,818,470
Specialty Retail - 1.8%
Home Depot Inc.		20,610		7,905,996
TOTAL CONSUMER DISCRETIONARY				11,724,466
CONSUMER STAPLES - 11.2%
Beverages - 3.5%
Coca-Cola Co.		146,580		8,967,764
Diageo PLC		185,100		6,849,111	(a)
Total Beverages				15,816,875
Food Products - 4.1%
Mondelez International Inc., Class A Shares		109,310		7,651,700
Nestle SA, ADR		104,320		11,078,784
Total Food Products				18,730,484
Household Products - 1.7%
Procter & Gamble Co.		47,220		7,661,445
Personal Care Products - 1.9%
Haleon PLC		823,500		3,451,107	(a)
Kenvue Inc.		231,400		4,965,844
Total Personal Care Products				8,416,951
TOTAL CONSUMER STAPLES				50,625,755
ENERGY - 8.9%
Oil, Gas & Consumable Fuels - 8.9%
Enbridge Inc.		327,129		11,835,527
EQT Corp.		49,830		1,847,198
Exxon Mobil Corp.		41,100		4,777,464

See Notes to Schedule of Investments.

ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report      1

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

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

SECURITY	SHARES		VALUE
Oil, Gas & Consumable Fuels - (continued)
Pioneer Natural Resources Co.		29,790	$	7,819,875
Williams Cos. Inc.		354,410		13,811,358
TOTAL ENERGY				40,091,422
FINANCIALS - 17.3%
Banks - 4.5%
JPMorgan Chase & Co.		76,410		15,304,923
PNC Financial Services Group Inc.		32,570		5,263,312
Total Banks				20,568,235
Consumer Finance - 1.6%
Capital One Financial Corp.		47,300		7,042,497
Financial Services - 6.0%
Apollo Global Management Inc.		143,050		16,085,973
Visa Inc., Class A Shares		39,190		10,937,145
Total Financial Services				27,023,118
Insurance - 5.2%
American International Group Inc.		57,970		4,531,515
MetLife Inc.		89,896		6,662,192
Travelers Cos. Inc.		53,470		12,305,586
Total Insurance				23,499,293
TOTAL FINANCIALS				78,133,143
HEALTH CARE - 10.3%
Biotechnology - 1.0%
Gilead Sciences Inc.		61,600		4,512,200
Health Care Equipment & Supplies - 2.9%
Becton Dickinson & Co.		52,980		13,109,901
Health Care Providers & Services - 1.5%
UnitedHealth Group Inc.		13,510		6,683,397
Pharmaceuticals - 4.9%
AstraZeneca PLC		37,000		4,970,722	(a)
Johnson & Johnson		41,040		6,492,118
Merck & Co. Inc.		82,210		10,847,609
Total Pharmaceuticals				22,310,449
TOTAL HEALTH CARE				46,615,947
INDUSTRIALS - 7.7%
Aerospace & Defense - 3.1%
Northrop Grumman Corp.		12,070		5,777,426
RTX Corp.		84,724		8,263,132
Total Aerospace & Defense				14,040,558

See Notes to Schedule of Investments.

    2  ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

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

SECURITY	SHARES		VALUE
Air Freight & Logistics - 1.0%
United Parcel Service Inc., Class B Shares		29,640	$	4,405,393
Commercial Services & Supplies - 1.7%
Waste Management Inc.		36,810		7,846,052
Ground Transportation - 1.9%
Union Pacific Corp.		35,280		8,676,410
TOTAL INDUSTRIALS				34,968,413
INFORMATION TECHNOLOGY - 15.3%
Semiconductors & Semiconductor Equipment - 4.2%
Broadcom Inc.		7,820		10,364,706
Intel Corp.		130,400		5,759,768
Texas Instruments Inc.		17,120		2,982,475
Total Semiconductors & Semiconductor Equipment				19,106,949
Software - 9.4%
Microsoft Corp.		60,530		25,466,182
Oracle Corp.		71,000		8,918,310
SAP SE, ADR		40,840		7,965,025
Total Software				42,349,517
Technology Hardware, Storage & Peripherals - 1.7%
Apple Inc.		45,346		7,775,932
TOTAL INFORMATION TECHNOLOGY				69,232,398
MATERIALS - 8.8%
Chemicals - 5.3%
Air Products & Chemicals Inc.		18,600		4,506,222
Linde PLC		27,120		12,592,359
PPG Industries Inc.		47,640		6,903,036
Total Chemicals				24,001,617
Construction Materials - 2.5%
Vulcan Materials Co.		40,970		11,181,532
Metals & Mining - 1.0%
Freeport-McMoRan Inc.		98,140		4,614,543
TOTAL MATERIALS				39,797,692
REAL ESTATE - 4.7%
Residential REITs - 1.7%
AvalonBay Communities Inc.		41,800		7,756,408
Specialized REITs - 3.0%
American Tower Corp.		39,150		7,735,648
Public Storage		19,600		5,685,176
Total Specialized REITs				13,420,824
TOTAL REAL ESTATE				21,177,232

See Notes to Schedule of Investments.

ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report      3

CLEARBRIDGE VARIABLE DIVIDEND STRATEGY PORTFOLIO

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

SECURITY				SHARES		VALUE
UTILITIES - 5.0%
Electric Utilities - 1.0%
Edison International					65,202	$	4,611,737
Multi-Utilities - 4.0%
DTE Energy Co.					40,400		4,530,456
Sempra					185,520		13,325,902
Total Multi-Utilities							17,856,358
TOTAL UTILITIES							22,468,095
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $233,090,980)							449,925,407
	RATE
SHORT-TERM INVESTMENTS - 0.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		5.155	%		264,631		264,631	(b)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		5.242	%		264,631		264,631	(b)(c)
TOTAL SHORT-TERM INVESTMENTS (Cost - $529,262)							529,262
TOTAL INVESTMENTS - 99.7% (Cost - $233,620,242)							450,454,669
Other Assets in Excess of Liabilities - 0.3%							1,143,627
TOTAL NET ASSETS - 100.0%						$	451,598,296

(a) Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

(b) Rate shown is one-day yield as of the end of the reporting period.

(c) 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 $264,631 and the cost was $264,631 (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 Dividend Strategy Portfolio 2024 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Variable Dividend Strategy 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. This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

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

ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report      5

Notes to Schedule of Investments (unaudited) (continued)

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.

    6  ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report

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
Long-Term Investments†:
Common Stocks:
Consumer Staples	$	40,325,537	$	10,300,218		—	$	50,625,755
Health Care		41,645,225		4,970,722		—		46,615,947
Other Common Stocks		352,683,705		—		—		352,683,705
Total Long-Term Investments		434,654,467		15,270,940		—		449,925,407
Short-Term Investments†		529,262		—		—		529,262
Total Investments	$	435,183,729	$	15,270,940		—	$	450,454,669

* As a result of the fair value pricing procedures for international equities utilized by the Portfolio, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Portfolio’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.

† 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

ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report      7

Notes to Schedule of Investments (unaudited) (continued)

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	$	2,304,500	$	9,301,505		9,301,505	$	11,341,374		11,341,374		—	$	15,839		—	$	264,631

    8  ClearBridge Variable Dividend Strategy Portfolio 2024 Quarterly Report