# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-25-010372
**Filing Date:** 2025-11
**Character Count:** 56594
**Document Hash:** 92a70be88868655f7cb90dce48b68996
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010372.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010372

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001176343

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21128
- **FILM NUMBER:** 251519300

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason Partners Variable Portfolios IV
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY MULTIPLE DISCIPLINE TRUST
- **DATE OF NAME CHANGE:** 20021004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY MULTIPLE DISCIPLINE ACCOUNT TRUST
- **DATE OF NAME CHANGE:** 20020626

## Series and Classes Contracts Data

### ClearBridge Variable Mid Cap Portfolio (Series ID: S000016937)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047121 | Class I      | QLMMIX          |
| C000047122 | Class II     | QLMPTX          |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **ClearBridge Variable Mid Cap Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** |
| *Entertainment — 1.3%* | *Entertainment — 1.3%* | *Entertainment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment Inc. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp;&nbsp; $*3,529,440*<br> \*<br>|
| *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Pinterest Inc., Class A Shares | &nbsp;&nbsp; 64800 | &nbsp;&nbsp;&nbsp; *2,084,616*<br> \*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5614056** |
| **Consumer Discretionary — 11.4%** | **Consumer Discretionary — 11.4%** | **Consumer Discretionary — 11.4%** |
| *Diversified Consumer Services — 1.2%* | *Diversified Consumer Services — 1.2%* | *Diversified Consumer Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Service Corp. International | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp; *3412020*<br>|
| *Hotels, Restaurants & Leisure — 4.8%* | *Hotels, Restaurants & Leisure — 4.8%* | *Hotels, Restaurants & Leisure — 4.8%* |
| &nbsp;&nbsp;&nbsp; DraftKings Inc., Class A Shares | &nbsp;&nbsp; 103800 | &nbsp;&nbsp;&nbsp; 3,882,120<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp; 4916250<br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder Inc. | &nbsp;&nbsp; 56300 | &nbsp;&nbsp;&nbsp; 4,725,822<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *13524192* |
| *Household Durables — 1.7%* | *Household Durables — 1.7%* | *Household Durables — 1.7%* |
| &nbsp;&nbsp;&nbsp; Mohawk Industries Inc. | &nbsp;&nbsp; 36800 | &nbsp;&nbsp;&nbsp; *4,744,256*<br> \*<br>|
| *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* | *Specialty Retail — 3.7%* |
| &nbsp;&nbsp;&nbsp; Chewy Inc., Class A Shares | &nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp; 7,361,900<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ross Stores Inc. | &nbsp;&nbsp; 19400 | &nbsp;&nbsp;&nbsp; 2956366<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *10318266* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **31998734** |
| **Consumer Staples — 6.9%** | **Consumer Staples — 6.9%** | **Consumer Staples — 6.9%** |
| *Consumer Staples Distribution & Retail — 6.9%* | *Consumer Staples Distribution & Retail — 6.9%* | *Consumer Staples Distribution & Retail — 6.9%* |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;&nbsp; 3,058,600<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Casey's General Stores Inc. | &nbsp;&nbsp; 15800 | &nbsp;&nbsp;&nbsp; 8932056<br>|
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 7,282,800<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **19273456** |
| **Energy — 5.6%** | **Energy — 5.6%** | **Energy — 5.6%** |
| *Energy Equipment & Services — 2.3%* | *Energy Equipment & Services — 2.3%* | *Energy Equipment & Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; Archrock Inc. | &nbsp;&nbsp; 93600 | &nbsp;&nbsp;&nbsp; 2462616<br>|
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp; 83500 | &nbsp;&nbsp;&nbsp; 4068120<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *6530736* |
| *Oil, Gas & Consumable Fuels — 3.3%* | *Oil, Gas & Consumable Fuels — 3.3%* | *Oil, Gas & Consumable Fuels — 3.3%* |
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc. | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp; 1674270<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 138300 | &nbsp;&nbsp;&nbsp; 7527668<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *9201938* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **15732674** |
| **Financials — 13.4%** | **Financials — 13.4%** | **Financials — 13.4%** |
| *Banks — 2.9%* | *Banks — 2.9%* | *Banks — 2.9%* |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp; 2138400<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp; 3656926<br>|
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | &nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp; 2224980<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *8020306* |
| *Capital Markets — 5.5%* | *Capital Markets — 5.5%* | *Capital Markets — 5.5%* |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Inc. | &nbsp;&nbsp; 207200 | &nbsp;&nbsp;&nbsp; 3507896<br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp; 1,991,191<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Houlihan Lokey Inc. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp; 3901080<br>|

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Mid Cap Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Raymond James Financial Inc. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; $6041000<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *15441167* |
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Corpay Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; *1,209,852*<br> \*<br>|
| *Insurance — 4.6%* | *Insurance — 4.6%* | *Insurance — 4.6%* |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | &nbsp;&nbsp; 52800 | &nbsp;&nbsp;&nbsp; 4790544<br>|
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 1400920<br>|
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group Inc. | &nbsp;&nbsp; 50500 | &nbsp;&nbsp;&nbsp; 6736195<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *12927659* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **37598984** |
| **Health Care — 10.3%** | **Health Care — 10.3%** | **Health Care — 10.3%** |
| *Biotechnology — 2.2%* | *Biotechnology — 2.2%* | *Biotechnology — 2.2%* |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 2,280,000<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 3,982,824<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *6262824* |
| *Health Care Equipment & Supplies — 3.9%* | *Health Care Equipment & Supplies — 3.9%* | *Health Care Equipment & Supplies — 3.9%* |
| &nbsp;&nbsp;&nbsp; Insulet Corp. | &nbsp;&nbsp; 8900 | &nbsp;&nbsp;&nbsp; 2,747,697<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Penumbra Inc. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp; 2,786,520<br> \*<br>|
| &nbsp;&nbsp;&nbsp; STERIS PLC | &nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp; 5295216<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *10829433* |
| *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | &nbsp;&nbsp; 22100 | &nbsp;&nbsp;&nbsp; *4,487,184*<br> \*<br>|
| *Life Sciences Tools & Services — 2.6%* | *Life Sciences Tools & Services — 2.6%* | *Life Sciences Tools & Services — 2.6%* |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp; 3949730<br>|
| &nbsp;&nbsp;&nbsp; ICON PLC | &nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp; 3,290,000<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *7239730* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28819171** |
| **Industrials — 17.3%** | **Industrials — 17.3%** | **Industrials — 17.3%** |
| *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc. | &nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp; 1,219,988<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CAE Inc. | &nbsp;&nbsp; 148700 | &nbsp;&nbsp;&nbsp; 4,407,468<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *5627456* |
| *Building Products — 2.6%* | *Building Products — 2.6%* | *Building Products — 2.6%* |
| &nbsp;&nbsp;&nbsp; Resideo Technologies Inc. | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; *7,340,600*<br> \*<br>|
| *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* |
| &nbsp;&nbsp;&nbsp; Clean Harbors Inc. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp; *7,895,480*<br> \*<br>|
| *Construction & Engineering — 4.2%* | *Construction & Engineering — 4.2%* | *Construction & Engineering — 4.2%* |
| &nbsp;&nbsp;&nbsp; API Group Corp. | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 7,561,400<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | &nbsp;&nbsp; 194200 | &nbsp;&nbsp;&nbsp; 4099562<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *11660962* |
| *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp; 6598240<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 3620640<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *10218880* |
| *Trading Companies & Distributors — 2.1%* | *Trading Companies & Distributors — 2.1%* | *Trading Companies & Distributors — 2.1%* |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises Inc. | &nbsp;&nbsp; 21300 | &nbsp;&nbsp;&nbsp; 4783554<br>|

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

------

 **ClearBridge Variable Mid Cap Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; QXO Inc. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp; $1,181,720<br> \*<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *5965274* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **48708652** |
| **Information Technology — 14.2%** | **Information Technology — 14.2%** | **Information Technology — 14.2%** |
| *Electronic Equipment, Instruments & Components — 3.1%* | *Electronic Equipment, Instruments & Components — 3.1%* | *Electronic Equipment, Instruments & Components — 3.1%* |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies Inc. | &nbsp;&nbsp; 14900 | &nbsp;&nbsp;&nbsp; *8,731,996*<br> \*<br>|
| *Semiconductors & Semiconductor Equipment — 2.9%* | *Semiconductors & Semiconductor Equipment — 2.9%* | *Semiconductors & Semiconductor Equipment — 2.9%* |
| &nbsp;&nbsp;&nbsp; Microchip Technology Inc. | &nbsp;&nbsp; 68800 | &nbsp;&nbsp;&nbsp; 4418336<br>|
| &nbsp;&nbsp;&nbsp; Qorvo Inc. | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp; 3,688,740<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *8107076* |
| *Software — 8.2%* | *Software — 8.2%* | *Software — 8.2%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 6,897,984<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 39100 | &nbsp;&nbsp;&nbsp; 2012868<br>|
| &nbsp;&nbsp;&nbsp; Dynatrace Inc. | &nbsp;&nbsp; 97400 | &nbsp;&nbsp;&nbsp; 4,719,030<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Inc. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 4,060,400<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rubrik Inc., Class A Shares | &nbsp;&nbsp; 48500 | &nbsp;&nbsp;&nbsp; 3,989,125<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SailPoint Inc. | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp; 1,479,360<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *23158767* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **39997839** |
| **Materials — 4.1%** | **Materials — 4.1%** | **Materials — 4.1%** |
| *Containers & Packaging — 4.1%* | *Containers & Packaging — 4.1%* | *Containers & Packaging — 4.1%* |
| &nbsp;&nbsp;&nbsp; Crown Holdings Inc. | &nbsp;&nbsp; 57100 | &nbsp;&nbsp;&nbsp; 5515289<br>|
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp; 127200 | &nbsp;&nbsp;&nbsp; 5902080<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **11417369** |
| **Real Estate — 6.2%** | **Real Estate — 6.2%** | **Real Estate — 6.2%** |
| *Health Care REITs — 1.6%* | *Health Care REITs — 1.6%* | *Health Care REITs — 1.6%* |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 51900 | &nbsp;&nbsp;&nbsp; *4325346*<br>|
| *Real Estate Management & Development — 2.2%* | *Real Estate Management & Development — 2.2%* | *Real Estate Management & Development — 2.2%* |
| &nbsp;&nbsp;&nbsp; CoStar Group Inc. | &nbsp;&nbsp; 46500 | &nbsp;&nbsp;&nbsp; 3,923,205<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle Inc. | &nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp; 2,266,928<br> \*<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *6190133* |
| *Retail REITs — 1.4%* | *Retail REITs — 1.4%* | *Retail REITs — 1.4%* |
| &nbsp;&nbsp;&nbsp; NNN REIT Inc. | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp; *4001580*<br>|
| *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp; 14800 | &nbsp;&nbsp;&nbsp; *2861580*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **17378639** |
| **Utilities — 6.2%** | **Utilities — 6.2%** | **Utilities — 6.2%** |
| *Electric Utilities — 2.6%* | *Electric Utilities — 2.6%* | *Electric Utilities — 2.6%* |
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp; *7313088*<br>|
| *Independent Power and Renewable Electricity Producers — 1.8%* | *Independent Power and Renewable Electricity Producers — 1.8%* | *Independent Power and Renewable Electricity Producers — 1.8%* |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 25800 | &nbsp;&nbsp;&nbsp; *5054736*<br>|
| *Multi-Utilities — 1.8%* | *Multi-Utilities — 1.8%* | *Multi-Utilities — 1.8%* |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; *4950050*<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **17317874** |
| **Total Investments before Short-Term Investments (Cost — $185,125,968)** | **Total Investments before Short-Term Investments (Cost — $185,125,968)** | &nbsp;&nbsp; **273857448** |

---

See Notes to Schedule of Investments.

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ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Mid Cap Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class | &nbsp;&nbsp; 3.958% | &nbsp;&nbsp; 3361385 | &nbsp;&nbsp;&nbsp; $3361385<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | &nbsp;&nbsp; 4.013% | &nbsp;&nbsp; 3361385 | &nbsp;&nbsp;&nbsp; 3361385<br> <sup>(a)(b)</sup><br>|
| **Total Short-Term Investments (Cost — $6,722,770)** | **Total Short-Term Investments (Cost — $6,722,770)** | **Total Short-Term Investments (Cost — $6,722,770)** | &nbsp;&nbsp; **6722770** |
| **Total Investments — 100.0% (Cost — $191,848,738)** | **Total Investments — 100.0% (Cost — $191,848,738)** | **Total Investments — 100.0% (Cost — $191,848,738)** | &nbsp;&nbsp; **280580218** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (113024)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$280467194** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio ownership of at least 5% of the <br> outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At September 30, 2025, the total <br> market value of investments in Affiliated Companies was $3,361,385 and the cost was $3,361,385 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| REIT |  | Real Estate Investment Trust |

---

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.

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ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 (the "Board").

Pursuant to policies adopted by the Board, 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. 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, 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 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

------

ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

------

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

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 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: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $273857448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $273857448 |
| Short-Term Investments† | &nbsp;&nbsp; 6722770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6722770 |
| **Total Investments** | &nbsp;&nbsp; **$280580218** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$280580218** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† 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, 2025. The following transactions were effected in such company for the period ended September 30, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>| $3823349 | $25191197 | 25191197 | $25653161 | 25653161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional U.S. Treasury <br> Reserves, Premium Shares<br>|  | $97631 |  | $3361385 |

---

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ClearBridge Variable Mid Cap Portfolio 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Partners Variable Equity Trust

- **b. Investment Company Act file number:** 811-21128

- **c. CIK number of Registrant:** 0001176343

- **d. LEI of Registrant:** 549300W9EP2BXVLOGN89

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

**Item A.2. Information about the Series.**

- **a. Name of Series:** ClearBridge Variable Mid Cap Portfolio

- **b. EDGAR series identifier (if any):** S000016937

- **c. LEI of Series:** 549300V25RD6Q1KR3694

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $280845868.82

**Total Liabilities:** $284018.98

**Net Assets:** $280561849.84

**Cash Not Reported:** $17447.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047122 | 2.48%                | 2.05%                | 1.01%                |
| Class ID C000047121 | 2.53%                | 2.07%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1734454.49             | $8642247.24                                |
| Month 2  | $608286.29               | $4918808.63                                |
| Month 3  | $2198019.43              | $516348.29                                 |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Teledyne Technologies Inc                                | Teledyne Technologies Inc                                | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     14900 | NS      | $8731996.00   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                            | SailPoint Inc                                            | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67000 | NS      | $1479360.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                                 | Resideo Technologies Inc                                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    170000 | NS      | $7340600.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                           | Alexandria Real Estate Equities Inc                      | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     51900 | NS      | $4325346.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                                 | Ferguson Enterprises Inc                                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     21300 | NS      | $4783554.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                                             | Penumbra Inc                                             | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     11000 | NS      | $2786520.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                                        | Clean Harbors Inc                                        | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     34000 | NS      | $7895480.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                      | Axon Enterprise Inc                                      | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1700 | NS      | $1219988.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                              | Raymond James Financial Inc                              | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     35000 | NS      | $6041000.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I                           | PNC Financial Services Group Inc/The                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     18200 | NS      | $3656926.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                                  | CAE Inc                                                  | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    148700 | NS      | $4407468.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                  | SBA Communications Corp                                  | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     14800 | NS      | $2861580.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                               | Corpay Inc                                               | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      4200 | NS      | $1209852.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                                     | Blue Owl Capital Inc                                     | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207200 | NS      | $3507896.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                            | Dynatrace Inc                                            | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     97400 | NS      | $4719030.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                            | AppLovin Corp                                            | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      9600 | NS      | $6897984.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                                | Performance Food Group Co                                | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     70000 | NS      | $7282800.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                         | CoStar Group Inc                                         | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     46500 | NS      | $3923205.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                | Argenx SE                                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      5400 | NS      | $3982824.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                                | Qorvo Inc                                                | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     40500 | NS      | $3688740.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                                       | Regal Rexnord Corp                                       | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     46000 | NS      | $6598240.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Premier Institutional US Treasury Reserves | Western Asset Premier Institutional US Treasury Reserves | CUSIP: 52470G478<br>LEI: 549300FS1J68EF5THY28 | Long             | STIV             | RF                | US        |   3352661 | NS      | $3352660.71   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                                  | PTC Inc                                                  | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     20000 | NS      | $4060400.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                                           | DraftKings Inc                                           | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    103800 | NS      | $3882120.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                           | BJ's Wholesale Club Holdings Inc                         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     32800 | NS      | $3058600.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                        | Everest Group Ltd                                        | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      4000 | NS      | $1400920.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                          | Bio-Techne Corp                                          | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     71000 | NS      | $3949730.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                                       | Houlihan Lokey Inc                                       | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     19000 | NS      | $3901080.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD FINANCIAL SERVICES GROUP INC                    | HARTFORD FINANCIAL SERVICES GR                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     50500 | NS      | $6736195.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                      | Coinbase Global Inc                                      | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      5900 | NS      | $1991191.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                      | Fifth Third Bancorp                                      | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     48000 | NS      | $2138400.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                             | NNN REIT Inc                                             | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     94000 | NS      | $4001580.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                       | Vertiv Holdings Co                                       | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     24000 | NS      | $3620640.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                   | Arch Capital Group Ltd                                   | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     52800 | NS      | $4790544.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                             | Archrock Inc                                             | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     93600 | NS      | $2462616.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                                    | Tenet Healthcare Corp                                    | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     22100 | NS      | $4487184.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                            | Service Corp International/US                            | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     41000 | NS      | $3412020.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                             | Insulet Corp                                             | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      8900 | NS      | $2747697.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                                       | DTE ENERGY CO                                            | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     35000 | NS      | $4950050.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                                          | Baker Hughes Co                                          | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83500 | NS      | $4068120.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                 | Microchip Technology Inc                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     68800 | NS      | $4418336.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                                    | Mohawk Industries Inc                                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     36800 | NS      | $4744256.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                                | Chewy Inc                                                | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |    182000 | NS      | $7361900.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                 | EQT Corp                                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    138300 | NS      | $7527669.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                                   | International Paper Co                                   | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    127200 | NS      | $5902080.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                            | Live Nation Entertainment Inc                            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     21600 | NS      | $3529440.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                                  | QXO Inc                                                  | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62000 | NS      | $1181720.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                                       | Crown Holdings Inc                                       | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     57100 | NS      | $5515289.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                                       | Light & Wonder Inc                                       | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |     56300 | NS      | $4725822.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES INC                                          | ROSS STORES INC                                          | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     19400 | NS      | $2956366.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                              | Alnylam Pharmaceuticals Inc                              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      5000 | NS      | $2280000.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan 100% US Treasury Securities Money Market Fund   | JPMorgan 100% US Treasury Securities Money Market Fund   | CUSIP: 4812A2835<br>LEI: 549300BS6M6EE7LNA816 | Long             | STIV             | RF                | US        |   3352661 | NS      | $3352660.68   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                                       | UMB Financial Corp                                       | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     18800 | NS      | $2224980.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                                 | PPL Corp                                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    196800 | NS      | $7313088.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                              | Vistra Corp                                              | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     25800 | NS      | $5054736.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                   | Diamondback Energy Inc                                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     11700 | NS      | $1674270.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                               | Casey's General Stores Inc                               | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     15800 | NS      | $8932056.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                               | STERIS PLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21400 | NS      | $5295216.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                                      | Bentley Systems Inc                                      | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     39100 | NS      | $2012868.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                           | API Group Corp                                           | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    220000 | NS      | $7561400.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                               | Rubrik Inc                                               | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     48500 | NS      | $3989125.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                                   | Jones Lang LaSalle Inc                                   | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      7600 | NS      | $2266928.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                                 | ICON PLC                                                 | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     18800 | NS      | $3290000.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                                   | WillScot Holdings Corp                                   | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    194200 | NS      | $4099562.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                            | Pinterest Inc                                            | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64800 | NS      | $2084616.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                        | Expedia Group Inc                                        | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23000 | NS      | $4916250.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Legg Mason Partners Variable Equity Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer