# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-26-021630
**Filing Date:** 2026-5
**Character Count:** 42414
**Document Hash:** 707f6b330578a1449521a43ad3ccca65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021630.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021630

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261031892

**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 Large Cap Growth Portfolio (Series ID: S000016935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047118 | Class I      | QLMLOX          |
| C000047119 | Class II     | LVLGX           |

## Nport-Ex

Schedule of Investments (unaudited)

March 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **ClearBridge Variable Large Cap Growth Portfolio**

&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>(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.8%** | **Common Stocks — 96.8%** | **Common Stocks — 96.8%** |
| **Communication Services — 13.7%** | **Communication Services — 13.7%** | **Communication Services — 13.7%** |
| *Entertainment — 4.6%* | *Entertainment — 4.6%* | *Entertainment — 4.6%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 250263 | &nbsp;&nbsp;&nbsp; $*24,062,788*<br> \*<br>|
| *Interactive Media & Services — 9.1%* | *Interactive Media & Services — 9.1%* | *Interactive Media & Services — 9.1%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 62418 | &nbsp;&nbsp;&nbsp; 17948920<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 51617 | &nbsp;&nbsp;&nbsp; 29531634<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *47480554* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **71543342** |
| **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** |
| *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* |
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 23553 | &nbsp;&nbsp;&nbsp; *8,755,828*<br> \*<br>|
| *Broadline Retail — 6.9%* | *Broadline Retail — 6.9%* | *Broadline Retail — 6.9%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 173954 | &nbsp;&nbsp;&nbsp; *36,229,400*<br> \*<br>|
| *Hotels, Restaurants & Leisure — 3.1%* | *Hotels, Restaurants & Leisure — 3.1%* | *Hotels, Restaurants & Leisure — 3.1%* |
| &nbsp;&nbsp;&nbsp; Airbnb Inc., Class A Shares | &nbsp;&nbsp; 68537 | &nbsp;&nbsp;&nbsp; 8,654,852<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill Inc. | &nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp; 7,298,280<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *15953132* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **60938360** |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |
| *Beverages — 1.1%* | *Beverages — 1.1%* | *Beverages — 1.1%* |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. | &nbsp;&nbsp; 79998 | &nbsp;&nbsp;&nbsp; **5,796,655**<br> \*<br>|
| **Financials — 6.6%** | **Financials — 6.6%** | **Financials — 6.6%** |
| *Capital Markets — 1.2%* | *Capital Markets — 1.2%* | *Capital Markets — 1.2%* |
| &nbsp;&nbsp;&nbsp; Blackstone Inc. | &nbsp;&nbsp; 9344 | &nbsp;&nbsp;&nbsp; 1074466<br>|
| &nbsp;&nbsp;&nbsp; S&P Global Inc. | &nbsp;&nbsp; 11996 | &nbsp;&nbsp;&nbsp; 5102379<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6176845* |
| *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 66223 | &nbsp;&nbsp;&nbsp; *20015240*<br>|
| *Insurance — 1.6%* | *Insurance — 1.6%* | *Insurance — 1.6%* |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 46801 | &nbsp;&nbsp;&nbsp; *8117633*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **34309718** |
| **Health Care — 8.7%** | **Health Care — 8.7%** | **Health Care — 8.7%** |
| *Biotechnology — 2.6%* | *Biotechnology — 2.6%* | *Biotechnology — 2.6%* |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 9462 | &nbsp;&nbsp;&nbsp; 3,130,692<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 22996 | &nbsp;&nbsp;&nbsp; 10,268,634<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *13399326* |
| *Health Care Equipment & Supplies — 3.7%* | *Health Care Equipment & Supplies — 3.7%* | *Health Care Equipment & Supplies — 3.7%* |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical Inc. | &nbsp;&nbsp; 24850 | &nbsp;&nbsp;&nbsp; 11,455,601<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp; 23191 | &nbsp;&nbsp;&nbsp; 7620331<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *19075932* |
| *Life Sciences Tools & Services — 1.5%* | *Life Sciences Tools & Services — 1.5%* | *Life Sciences Tools & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 16043 | &nbsp;&nbsp;&nbsp; *7885616*<br>|
| *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Roche Holding AG, ADR | &nbsp;&nbsp; 99470 | &nbsp;&nbsp;&nbsp; *4944654*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **45305528** |

---

See Notes to Schedule of Investments.

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ClearBridge Variable Large Cap Growth Portfolio 2026 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **ClearBridge Variable Large Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 10.0%** | **Industrials — 10.0%** | **Industrials — 10.0%** |
| *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* |
| &nbsp;&nbsp;&nbsp; Airbus SE, ADR | &nbsp;&nbsp; 138234 | &nbsp;&nbsp;&nbsp; $6531556<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 49664 | &nbsp;&nbsp;&nbsp; 9580186<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *16111742* |
| *Electrical Equipment — 2.4%* | *Electrical Equipment — 2.4%* | *Electrical Equipment — 2.4%* |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | &nbsp;&nbsp; 35511 | &nbsp;&nbsp;&nbsp; *12701219*<br>|
| *Ground Transportation — 1.4%* | *Ground Transportation — 1.4%* | *Ground Transportation — 1.4%* |
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 100674 | &nbsp;&nbsp;&nbsp; *7,241,481*<br> \*<br>|
| *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp;&nbsp; *4139590*<br>|
| *Trading Companies & Distributors — 2.3%* | *Trading Companies & Distributors — 2.3%* | *Trading Companies & Distributors — 2.3%* |
| &nbsp;&nbsp;&nbsp; W.W. Grainger Inc. | &nbsp;&nbsp; 11125 | &nbsp;&nbsp;&nbsp; *12135261*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **52329293** |
| **Information Technology — 41.8%** | **Information Technology — 41.8%** | **Information Technology — 41.8%** |
| *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* |
| &nbsp;&nbsp;&nbsp; Arista Networks Inc. | &nbsp;&nbsp; 62990 | &nbsp;&nbsp;&nbsp; *7,733,912*<br> \*<br>|
| *Semiconductors & Semiconductor Equipment — 20.8%* | *Semiconductors & Semiconductor Equipment — 20.8%* | *Semiconductors & Semiconductor Equipment — 20.8%* |
| &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp; 11143843<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 37094 | &nbsp;&nbsp;&nbsp; 11480964<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 394899 | &nbsp;&nbsp;&nbsp; 68870385<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 35040 | &nbsp;&nbsp;&nbsp; 11841768<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 26756 | &nbsp;&nbsp;&nbsp; 5194410<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *108531370* |
| *Software — 14.0%* | *Software — 14.0%* | *Software — 14.0%* |
| &nbsp;&nbsp;&nbsp; Datadog Inc., Class A Shares | &nbsp;&nbsp; 27996 | &nbsp;&nbsp;&nbsp; 3,304,928<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. | &nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp; 3,400,115<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc. | &nbsp;&nbsp; 16370 | &nbsp;&nbsp;&nbsp; 7078061<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 70208 | &nbsp;&nbsp;&nbsp; 25988895<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 75326 | &nbsp;&nbsp;&nbsp; 11081208<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. | &nbsp;&nbsp; 70124 | &nbsp;&nbsp;&nbsp; 11,242,280<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc. | &nbsp;&nbsp; 41030 | &nbsp;&nbsp;&nbsp; 4,289,686<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc. | &nbsp;&nbsp; 17324 | &nbsp;&nbsp;&nbsp; 6,868,619<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *73253792* |
| *Technology Hardware, Storage & Peripherals — 5.5%* | *Technology Hardware, Storage & Peripherals — 5.5%* | *Technology Hardware, Storage & Peripherals — 5.5%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 114559 | &nbsp;&nbsp;&nbsp; *29073929*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **218593003** |
| **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** |
| *Chemicals — 3.2%* | *Chemicals — 3.2%* | *Chemicals — 3.2%* |
| &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp; 8725376<br>|
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | &nbsp;&nbsp; 25280 | &nbsp;&nbsp;&nbsp; 8103504<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16828880** |
| **Total Investments before Short-Term Investments (Cost — $232,497,206)** | **Total Investments before Short-Term Investments (Cost — $232,497,206)** | &nbsp;&nbsp; **505644779** |

---

See Notes to Schedule of Investments.

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ClearBridge Variable Large Cap Growth Portfolio 2026 Quarterly Report

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 **ClearBridge Variable Large Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class | &nbsp;&nbsp; 3.508% | &nbsp;&nbsp; 8407660 | &nbsp;&nbsp;&nbsp; $8407660<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | &nbsp;&nbsp; 3.578% | &nbsp;&nbsp; 8407660 | &nbsp;&nbsp;&nbsp; 8407660<br> <sup>(a)(b)</sup><br>|
| **Total Short-Term Investments (Cost — $16,815,320)** | **Total Short-Term Investments (Cost — $16,815,320)** | **Total Short-Term Investments (Cost — $16,815,320)** | &nbsp;&nbsp; **16815320** |
| **Total Investments — 100.0% (Cost — $249,312,526)** | **Total Investments — 100.0% (Cost — $249,312,526)** | **Total Investments — 100.0% (Cost — $249,312,526)** | &nbsp;&nbsp; **522460099** |
| &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; (2814)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$522457285** |

---

&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 March 31, 2026, the total <br> market value of investments in Affiliated Companies was $8,407,660 and the cost was $8,407,660 (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 |

---

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 Large Cap Growth Portfolio 2026 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 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 (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

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ClearBridge Variable Large Cap Growth Portfolio 2026 Quarterly Report

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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; $505644779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $505644779 |
| Short-Term Investments† | &nbsp;&nbsp; 16815320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16815320 |
| **Total Investments** | &nbsp;&nbsp; **$522460099** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$522460099** |

---

&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 March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026. <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>2025 | 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>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>| $5532267 | $13444543 | 13444543 | $10569150 | 10569150 |

---

&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>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional U.S. Treasury <br> Reserves, Premium Shares<br>|  | $69648 |  | $8407660 |

---

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ClearBridge Variable Large Cap Growth Portfolio 2026 Quarterly Report

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## 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:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

- **b. EDGAR series identifier (if any):** S000016935

- **c. LEI of Series:** 549300V544YNFV1OTM53

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $523311489.66

**Total Liabilities:** $1060814.83

**Net Assets:** $522250674.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047118 | -0.67%               | -3.62%               | -5.23%               |
| Class ID C000047119 | -0.70%               | -3.64%               | -5.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7858407.10              | $-11500641.70                              |
| Month 2  | $3450587.98              | $-24063687.22                              |
| Month 3  | $1090364.58              | $-29841695.78                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Synopsys Inc                                 | Synopsys Inc COM                                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     17324 | NS      | $6868619.52   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC SHARES                              | VISA INC SHARES                                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     66223 | NS      | $20015239.52  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                    | Tesla Inc COM                                              | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     23553 | NS      | $8755827.75   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK CL A                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     62418 | NS      | $17948920.08  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V. NY REGISTRY SHS                          | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      8437 | NS      | $11143842.71  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                    | Airbus SE UNSPONSORED ADR                                  | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |    138234 | NS      | $6531556.50   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     37094 | NS      | $11480963.94  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                       | Texas Instruments Inc. COM                                 | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     26756 | NS      | $5194409.84   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Co., Ltd. SPONSORED ADS | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     35040 | NS      | $11841768.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.             | Marsh & McLennan Companies, Inc. COM                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     46801 | NS      | $8117633.45   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                               | Blackstone Inc COM                                         | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      9344 | NS      | $1074466.56   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies Inc COM                                  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    100674 | NS      | $7241480.82   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                            | JP Morgan Trust I 100%UST MM INS                           | CUSIP: 4812A2835<br>LEI: 549300DM5WZMCZZ70R78 | Long             | STIV             | RF                | US        |   8702819 | NS      | $8702819.24   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WW GRAINGER INC                              | WW GRAINGER INC                                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |     11125 | NS      | $12135261.25  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FACEBOOK INC-A                               | FACEBOOK INC                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     51617 | NS      | $29531634.21  | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                 | THERMO FISHER SCIENTIFIC INC                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     16043 | NS      | $7885615.79   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                    | APPLE INC                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    114559 | NS      | $29073928.61  | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation PLC COM USD0.01                          | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     35511 | NS      | $12701219.37  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                 | Alnylam Pharmaceuticals Inc. COM                           | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      9462 | NS      | $3130691.94   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated          | Vertex Pharmaceuticals Incorporated COM                    | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     22996 | NS      | $10268633.84  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                               | AMAZON.COM INC                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    173954 | NS      | $36229399.58  | 6.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                      | Intuitive Surgical Inc. COM NEW                            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     24850 | NS      | $11455601.50  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc. COM                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    250263 | NS      | $24062787.45  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                 | The Sherwin-Williams Company COM                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     25280 | NS      | $8103504.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                               | Servicenow Inc COM                                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     41030 | NS      | $4289686.50   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                             | Roche Holding AG SPONSORED ADR                             | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     99470 | NS      | $4944653.70   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                  | Datadog Inc CL A COM                                       | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     27996 | NS      | $3304927.80   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    394899 | NS      | $68870385.60  | 13.19%            |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                               | S&P Global Inc COM                                         | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     11996 | NS      | $5102378.64   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                               | MICROSOFT CORP                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     70208 | NS      | $25988895.36  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                   | Chipotle Mexican Grill Inc COM                             | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |    228000 | NS      | $7298280.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp. COM                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     75326 | NS      | $11081207.86  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                   | Airbnb Inc COM CL A                                        | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     68537 | NS      | $8654852.36   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                        | Monster Beverage Corp COM                                  | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     79998 | NS      | $5796655.08   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit Inc COM                                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     16370 | NS      | $7078060.60   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                          | Stryker Corporation COM                                    | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     23191 | NS      | $7620330.69   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Legg Mason Partners Institutional Trust      | Legg Mason Partners Institutional Trust US TRASURY PRM     | CUSIP: 52470G478<br>LEI: 549300FS1J68EF5THY28 | Long             | STIV             | RF                | US        |   8702819 | NS      | $8702819.28   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX Corp. COM                                              | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     49664 | NS      | $9580185.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde PLC COM EUR0.001                                     | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     17600 | NS      | $8725376.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC                       | PALO ALTO NETWORKS INC                                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     70124 | NS      | $11242279.68  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                        | Parker-Hannifin Corp. COM                                  | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      4624 | NS      | $4139589.76   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                       | Fair Isaac Corporation COM                                 | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      3185 | NS      | $3400114.90   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                          | Arista Networks Inc COM SHS                                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     62990 | NS      | $7733912.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer