# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-25-010418
**Filing Date:** 2025-11
**Character Count:** 71780
**Document Hash:** 6fc20c759e640d451af87d1bd5732913
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010418.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010418

**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:** 251519694

**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 Small Cap Growth Portfolio (Series ID: S000017007)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047262 | Class I      | QLMSIX          |
| C000047263 | Class II     | QLMSTX          |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **ClearBridge Variable Small Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.7%** | **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |
| **Consumer Discretionary — 7.7%** | **Consumer Discretionary — 7.7%** | **Consumer Discretionary — 7.7%** |
| *Automobile Components — 1.1%* | *Automobile Components — 1.1%* | *Automobile Components — 1.1%* |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp. | &nbsp;&nbsp; 56339 | &nbsp;&nbsp;&nbsp; $1,368,474<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co. | &nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp; 3,155,952<br> \*<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *4524426* |
| *Broadline Retail — 1.3%* | *Broadline Retail — 1.3%* | *Broadline Retail — 1.3%* |
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd. | &nbsp;&nbsp; 160300 | &nbsp;&nbsp;&nbsp; *5,732,328*<br> \*<br>|
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Duolingo Inc. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp; 1,126,440<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Universal Technical Institute Inc. | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp; 1,497,300<br> \*<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *2623740* |
| *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* |
| &nbsp;&nbsp;&nbsp; Dutch Bros Inc., Class A Shares | &nbsp;&nbsp; 109105 | &nbsp;&nbsp;&nbsp; 5,710,556<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wingstop Inc. | &nbsp;&nbsp; 30741 | &nbsp;&nbsp;&nbsp; 7736895<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *13447451* |
| *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* |
| &nbsp;&nbsp;&nbsp; Installed Building Products Inc. | &nbsp;&nbsp; 13700 | &nbsp;&nbsp;&nbsp; *3379242*<br>|
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings Inc. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp; *3,148,680*<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **32855867** |
| **Consumer Staples — 8.5%** | **Consumer Staples — 8.5%** | **Consumer Staples — 8.5%** |
| *Consumer Staples Distribution & Retail — 7.5%* | *Consumer Staples Distribution & Retail — 7.5%* | *Consumer Staples Distribution & Retail — 7.5%* |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 87483 | &nbsp;&nbsp;&nbsp; 8,157,790<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Casey's General Stores Inc. | &nbsp;&nbsp; 22873 | &nbsp;&nbsp;&nbsp; 12930564<br>|
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. | &nbsp;&nbsp; 175686 | &nbsp;&nbsp;&nbsp; 2,819,760<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. | &nbsp;&nbsp; 77766 | &nbsp;&nbsp;&nbsp; 8,090,775<br> \*<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *31998889* |
| *Personal Care Products — 1.0%* | *Personal Care Products — 1.0%* | *Personal Care Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; e.l.f. Beauty Inc. | &nbsp;&nbsp; 29800 | &nbsp;&nbsp;&nbsp; *3,947,904*<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **35946793** |
| **Energy — 2.5%** | **Energy — 2.5%** | **Energy — 2.5%** |
| *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Archrock Inc. | &nbsp;&nbsp; 74300 | &nbsp;&nbsp;&nbsp; 1954833<br>|
| &nbsp;&nbsp;&nbsp; Cactus Inc., Class A Shares | &nbsp;&nbsp; 114580 | &nbsp;&nbsp;&nbsp; 4522473<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *6477306* |
| *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* | *Oil, Gas & Consumable Fuels — 1.0%* |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | &nbsp;&nbsp; 95800 | &nbsp;&nbsp;&nbsp; *4304294*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **10781600** |
| **Financials — 9.3%** | **Financials — 9.3%** | **Financials — 9.3%** |
| *Banks — 2.2%* | *Banks — 2.2%* | *Banks — 2.2%* |
| &nbsp;&nbsp;&nbsp; Pathward Financial Inc. | &nbsp;&nbsp; 19500 | &nbsp;&nbsp;&nbsp; 1443195<br>|
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | &nbsp;&nbsp; 11300 | &nbsp;&nbsp;&nbsp; 1337355<br>|
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp; 51700 | &nbsp;&nbsp;&nbsp; 6847148<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *9627698* |
| *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* |
| &nbsp;&nbsp;&nbsp; Hamilton Lane Inc., Class A Shares | &nbsp;&nbsp; 55203 | &nbsp;&nbsp;&nbsp; 7440812<br>|

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Small Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; PJT Partners Inc., Class A Shares | &nbsp;&nbsp; 51701 | &nbsp;&nbsp;&nbsp; $9188819<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *16629631* |
| *Financial Services — 2.6%* | *Financial Services — 2.6%* | *Financial Services — 2.6%* |
| &nbsp;&nbsp;&nbsp; NMI Holdings Inc. | &nbsp;&nbsp; 98800 | &nbsp;&nbsp;&nbsp; 3,787,992<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments Inc., Class A Shares | &nbsp;&nbsp; 92125 | &nbsp;&nbsp;&nbsp; 7,130,475<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *10918467* |
| *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* |
| &nbsp;&nbsp;&nbsp; Trupanion Inc. | &nbsp;&nbsp; 56639 | &nbsp;&nbsp;&nbsp; *2,451,336*<br> \*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **39627132** |
| **Health Care — 21.0%** | **Health Care — 21.0%** | **Health Care — 21.0%** |
| *Biotechnology — 9.1%* | *Biotechnology — 9.1%* | *Biotechnology — 9.1%* |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences Inc. | &nbsp;&nbsp; 47900 | &nbsp;&nbsp;&nbsp; 2,087,003<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Biohaven Ltd. | &nbsp;&nbsp; 54449 | &nbsp;&nbsp;&nbsp; 817,279<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma Inc. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp; 3,272,220<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Caris Life Sciences Inc. | &nbsp;&nbsp; 92607 | &nbsp;&nbsp;&nbsp; 2,801,362<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CG oncology Inc. | &nbsp;&nbsp; 32300 | &nbsp;&nbsp;&nbsp; 1,301,044<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Geron Corp. | &nbsp;&nbsp; 655600 | &nbsp;&nbsp;&nbsp; 898,172<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insmed Inc. | &nbsp;&nbsp; 58300 | &nbsp;&nbsp;&nbsp; 8,395,783<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals Inc. | &nbsp;&nbsp; 126600 | &nbsp;&nbsp;&nbsp; 9,281,046<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp; 33700 | &nbsp;&nbsp;&nbsp; 3,403,363<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TG Therapeutics Inc. | &nbsp;&nbsp; 181400 | &nbsp;&nbsp;&nbsp; 6,553,075<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *38810347* |
| *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* |
| &nbsp;&nbsp;&nbsp; Glaukos Corp. | &nbsp;&nbsp; 28200 | &nbsp;&nbsp;&nbsp; 2,299,710<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insulet Corp. | &nbsp;&nbsp; 17176 | &nbsp;&nbsp;&nbsp; 5,302,747<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Penumbra Inc. | &nbsp;&nbsp; 40326 | &nbsp;&nbsp;&nbsp; 10,215,382<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *17817839* |
| *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* |
| &nbsp;&nbsp;&nbsp; HealthEquity Inc. | &nbsp;&nbsp; 67632 | &nbsp;&nbsp;&nbsp; 6,409,484<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hims & Hers Health Inc. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp; 1,928,480<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RadNet Inc. | &nbsp;&nbsp; 97500 | &nbsp;&nbsp;&nbsp; 7,430,475<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Surgery Partners Inc. | &nbsp;&nbsp; 269998 | &nbsp;&nbsp;&nbsp; 5,842,757<br> \*<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *21611196* |
| *Life Sciences Tools & Services — 1.9%* | *Life Sciences Tools & Services — 1.9%* | *Life Sciences Tools & Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; ICON PLC | &nbsp;&nbsp; 19500 | &nbsp;&nbsp;&nbsp; 3,412,500<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Medpace Holdings Inc. | &nbsp;&nbsp; 8900 | &nbsp;&nbsp;&nbsp; 4,576,024<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *7988524* |
| *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp; 51400 | &nbsp;&nbsp;&nbsp; *3,054,702*<br> \*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **89282608** |
| **Industrials — 23.7%** | **Industrials — 23.7%** | **Industrials — 23.7%** |
| *Aerospace & Defense — 5.5%* | *Aerospace & Defense — 5.5%* | *Aerospace & Defense — 5.5%* |
| &nbsp;&nbsp;&nbsp; BWX Technologies Inc. | &nbsp;&nbsp; 54700 | &nbsp;&nbsp;&nbsp; 10085039<br>|
| &nbsp;&nbsp;&nbsp; Karman Holdings Inc. | &nbsp;&nbsp; 30900 | &nbsp;&nbsp;&nbsp; 2,230,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 53900 | &nbsp;&nbsp;&nbsp; 4,924,843<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Moog Inc., Class A Shares | &nbsp;&nbsp; 29300 | &nbsp;&nbsp;&nbsp; 6084731<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *23325593* |

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

------

 **ClearBridge Variable Small Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Air Freight & Logistics — 1.4%* | *Air Freight & Logistics — 1.4%* | *Air Freight & Logistics — 1.4%* |
| &nbsp;&nbsp;&nbsp; GXO Logistics Inc. | &nbsp;&nbsp; 116385 | &nbsp;&nbsp;&nbsp; $*6,155,603*<br> \*<br>|
| *Building Products — 1.4%* | *Building Products — 1.4%* | *Building Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Trex Co. Inc. | &nbsp;&nbsp; 114527 | &nbsp;&nbsp;&nbsp; *5,917,610*<br> \*<br>|
| *Construction & Engineering — 2.8%* | *Construction & Engineering — 2.8%* | *Construction & Engineering — 2.8%* |
| &nbsp;&nbsp;&nbsp; Construction Partners Inc., Class A Shares | &nbsp;&nbsp; 82100 | &nbsp;&nbsp;&nbsp; 10,426,700<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Limbach Holdings Inc. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp; 1,670,464<br> \*<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *12097164* |
| *Electrical Equipment — 3.7%* | *Electrical Equipment — 3.7%* | *Electrical Equipment — 3.7%* |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 184069 | &nbsp;&nbsp;&nbsp; *15,566,715*<br> \*<br>|
| *Ground Transportation — 2.3%* | *Ground Transportation — 2.3%* | *Ground Transportation — 2.3%* |
| &nbsp;&nbsp;&nbsp; XPO Inc. | &nbsp;&nbsp; 76980 | &nbsp;&nbsp;&nbsp; *9,951,205*<br> \*<br>|
| *Machinery — 2.9%* | *Machinery — 2.9%* | *Machinery — 2.9%* |
| &nbsp;&nbsp;&nbsp; RBC Bearings Inc. | &nbsp;&nbsp; 31136 | &nbsp;&nbsp;&nbsp; *12,152,069*<br> \*<br>|
| *Trading Companies & Distributors — 3.7%* | *Trading Companies & Distributors — 3.7%* | *Trading Companies & Distributors — 3.7%* |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp; 5339520<br>|
| &nbsp;&nbsp;&nbsp; McGrath RentCorp. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp;&nbsp; 5184660<br>|
| &nbsp;&nbsp;&nbsp; Xometry Inc., Class A Shares | &nbsp;&nbsp; 93587 | &nbsp;&nbsp;&nbsp; 5,097,684<br> \*<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *15621864* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **100787823** |
| **Information Technology — 22.3%** | **Information Technology — 22.3%** | **Information Technology — 22.3%** |
| *Electronic Equipment, Instruments & Components — 3.6%* | *Electronic Equipment, Instruments & Components — 3.6%* | *Electronic Equipment, Instruments & Components — 3.6%* |
| &nbsp;&nbsp;&nbsp; Fabrinet | &nbsp;&nbsp; 20700 | &nbsp;&nbsp;&nbsp; 7,547,634<br> \*<br>|
| &nbsp;&nbsp;&nbsp; OSI Systems Inc. | &nbsp;&nbsp; 31143 | &nbsp;&nbsp;&nbsp; 7,762,081<br> \*<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *15309715* |
| *IT Services — 2.6%* | *IT Services — 2.6%* | *IT Services — 2.6%* |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd. | &nbsp;&nbsp; 61147 | &nbsp;&nbsp;&nbsp; *10,861,542*<br> \*<br>|
| *Semiconductors & Semiconductor Equipment — 5.8%* | *Semiconductors & Semiconductor Equipment — 5.8%* | *Semiconductors & Semiconductor Equipment — 5.8%* |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems Inc. | &nbsp;&nbsp; 210215 | &nbsp;&nbsp;&nbsp; 6,138,278<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 27700 | &nbsp;&nbsp;&nbsp; 4,033,397<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp. | &nbsp;&nbsp; 166350 | &nbsp;&nbsp;&nbsp; 12,196,782<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rigetti Computing Inc. | &nbsp;&nbsp; 83200 | &nbsp;&nbsp;&nbsp; 2,478,528<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *24846985* |
| *Software — 9.4%* | *Software — 9.4%* | *Software — 9.4%* |
| &nbsp;&nbsp;&nbsp; Brain Corp. | &nbsp;&nbsp; 52367 | &nbsp;&nbsp;&nbsp; 234,062<br> \*<sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cellebrite DI Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 1,074,740<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings Inc., Class A Shares | &nbsp;&nbsp; 102500 | &nbsp;&nbsp;&nbsp; 1,847,050<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Intapp Inc. | &nbsp;&nbsp; 101500 | &nbsp;&nbsp;&nbsp; 4,151,350<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Klaviyo Inc., Class A Shares | &nbsp;&nbsp; 209649 | &nbsp;&nbsp;&nbsp; 5,805,181<br> \*<br>|
| &nbsp;&nbsp;&nbsp; nCino Inc. | &nbsp;&nbsp; 142200 | &nbsp;&nbsp;&nbsp; 3,855,042<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Onestream Inc. | &nbsp;&nbsp; 77119 | &nbsp;&nbsp;&nbsp; 1,421,303<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PagerDuty Inc. | &nbsp;&nbsp; 194454 | &nbsp;&nbsp;&nbsp; 3,212,380<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qualys Inc. | &nbsp;&nbsp; 10165 | &nbsp;&nbsp;&nbsp; 1,345,134<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sprout Social Inc., Class A Shares | &nbsp;&nbsp; 120650 | &nbsp;&nbsp;&nbsp; 1,558,798<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Varonis Systems Inc. | &nbsp;&nbsp; 199767 | &nbsp;&nbsp;&nbsp; 11,480,610<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A Shares | &nbsp;&nbsp; 201770 | &nbsp;&nbsp;&nbsp; 4,009,170<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *39994820* |

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Small Cap Growth Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* |
| &nbsp;&nbsp;&nbsp; IonQ Inc. | &nbsp;&nbsp;&nbsp; IonQ Inc. |  | &nbsp;&nbsp; 59100 | &nbsp;&nbsp;&nbsp; $*3,634,650*<br> \*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **94647712** |
| **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** |
| *Chemicals — 2.7%* | *Chemicals — 2.7%* | *Chemicals — 2.7%* | *Chemicals — 2.7%* | *Chemicals — 2.7%* |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | &nbsp;&nbsp;&nbsp; Balchem Corp. |  | &nbsp;&nbsp; 39556 | &nbsp;&nbsp;&nbsp; 5935773<br>|
| &nbsp;&nbsp;&nbsp; Element Solutions Inc. | &nbsp;&nbsp;&nbsp; Element Solutions Inc. |  | &nbsp;&nbsp; 227500 | &nbsp;&nbsp;&nbsp; 5726175<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **11661948** |
| **Total Common Stocks (Cost — $246,500,276)** | **Total Common Stocks (Cost — $246,500,276)** | **Total Common Stocks (Cost — $246,500,276)** | **Total Common Stocks (Cost — $246,500,276)** | &nbsp;&nbsp;&nbsp; **415591483**<br>|
| **Investments in Underlying Funds — 1.1%** | **Investments in Underlying Funds — 1.1%** | **Investments in Underlying Funds — 1.1%** | **Investments in Underlying Funds — 1.1%** | **Investments in Underlying Funds — 1.1%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF (Cost — $3,823,661) |  |  | &nbsp;&nbsp; 45500<br>| &nbsp;&nbsp;&nbsp; **4559100**<br>|
|  | Rate |  |  |  |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* |
| &nbsp;&nbsp;&nbsp; Brain Corp. (Cost — $898,085) | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 170237 | &nbsp;&nbsp;&nbsp; **760,900**<br> \*<sup>(a)(b)(c)</sup><br>|
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Put @ $60.000 (Cost — $97,858) | 10/31/25 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; $22600 | &nbsp;&nbsp;&nbsp; **49720**<br>|
| **Total Investments before Short-Term Investments (Cost — $251,319,880)** | **Total Investments before Short-Term Investments (Cost — $251,319,880)** | **Total Investments before Short-Term Investments (Cost — $251,319,880)** | **Total Investments before Short-Term Investments (Cost — $251,319,880)** | &nbsp;&nbsp; **420961203** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional <br> Class | &nbsp;&nbsp; 3.958% |  | &nbsp;&nbsp; 2838515 | &nbsp;&nbsp;&nbsp; 2838515<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | &nbsp;&nbsp; 4.013% |  | &nbsp;&nbsp; 2838515 | &nbsp;&nbsp;&nbsp; 2838515<br> <sup>(d)(e)</sup><br>|
| **Total Short-Term Investments (Cost — $5,677,030)** | **Total Short-Term Investments (Cost — $5,677,030)** | **Total Short-Term Investments (Cost — $5,677,030)** | **Total Short-Term Investments (Cost — $5,677,030)** | &nbsp;&nbsp; **5677030** |
| **Total Investments — 100.3% (Cost — $256,996,910)** | **Total Investments — 100.3% (Cost — $256,996,910)** | **Total Investments — 100.3% (Cost — $256,996,910)** | **Total Investments — 100.3% (Cost — $256,996,910)** | &nbsp;&nbsp; **426638233** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; (1450438)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$425187795** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Restricted security (Note 3). |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</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 $2,838,515 and the cost was $2,838,515 (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:** |
| ETF |  | Exchange-Traded Fund |
| SPDR |  | Standard & Poor's Depositary Receipts |

---

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

See Notes to Schedule of Investments.

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ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

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 **ClearBridge Variable Small Cap Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| Bloom Energy Corp., Call <br>(Premiums received — $96,534) | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; $85.000 | &nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp; $21300 | &nbsp;&nbsp;&nbsp; **$(259860)** |

---

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 Small Cap Growth Portfolio 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

ClearBridge Variable Small 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, including exchange-traded funds, 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 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.

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ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

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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 and liabilities 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 |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; $94413650 | &nbsp;&nbsp; — | &nbsp;&nbsp; $234062 | &nbsp;&nbsp; $94647712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 320943771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 320943771 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; 4559100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4559100 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 760900 | &nbsp;&nbsp; 760900 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 49720 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49720 |
| Total Long-Term Investments | &nbsp;&nbsp; 419966241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 994962 | &nbsp;&nbsp; 420961203 |
| Short-Term Investments† | &nbsp;&nbsp; 5677030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5677030 |
| **Total Investments** | &nbsp;&nbsp; **$425643271** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$994962** | &nbsp;&nbsp; **$426638233** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| 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 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp; $259860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $259860 |

---

&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>| $5588019 | $33480142 | 33480142 | $36229646 | 36229646 |

---

&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>|  | $115052 |  | $2838515 |

---

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ClearBridge Variable Small Cap Growth Portfolio 2025 Quarterly Report

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

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

**3. Restricted securities** 

The following Portfolio investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 9/30/2025<br>| Value Per <br>Share<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Brain Corp., Preferred <br> Shares<br>| &nbsp;&nbsp; 170237 | 4/20, 11/20 | $898085 | $760900 | &nbsp;&nbsp; $4.47 | 0.18<br> %<br>|
| Brain Corp., Common <br> Shares<br>| &nbsp;&nbsp; 52367 | 3/21 | 228844 | 234062 | 4.47 | 0.06 |
|  |  |  | **$1126929** | **$994962** |  | &nbsp;&nbsp; **0.24%** |

---

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ClearBridge Variable Small Cap Growth 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 Small Cap Growth Portfolio

- **b. EDGAR series identifier (if any):** S000017007

- **c. LEI of Series:** 5493004OQFKBTJT2N744

**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:** $426039675.51

**Total Liabilities:** $654920.41

**Net Assets:** $425384755.10

**Cash Not Reported:** $223190.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047263 | 1.51%                | 6.19%                | 1.48%                |
| Class ID C000047262 | 1.53%                | 6.21%                | 1.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1997325.36             | $8357761.27                                |
| Month 2  | $-4093077.61             | $29124111.96                               |
| Month 3  | $-5357470.23             | $11948192.24                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Geron Corp                                               | Geron Corp                                               | CUSIP: 374163103<br>LEI: 549300T282D7Z2YESL90 | Long             | EC               | CORP              | US        |    655600 | NS      | $898172.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                                           | Dutch Bros Inc                                           | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109105 | NS      | $5710555.70   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY INC                                         | TREX COMPANY INC                                         | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114527 | NS      | $5917610.09   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                                   | Boot Barn Holdings Inc                                   | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     19000 | NS      | $3148680.00   | 0.74%             |  |  |  | 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        |     87483 | NS      | $8157789.75   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                                 | IonQ Inc                                                 | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |     59100 | NS      | $3634650.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                        | FTAI Aviation Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $5339520.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding                           | Credo Technology Group Holding Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27700 | NS      | $4033397.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                                      | Shift4 Payments Inc                                      | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92125 | NS      | $7130475.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                                | Performance Food Group Co                                | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     77766 | NS      | $8090774.64   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc                                        | GXO Logistics Inc                                        | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |    116385 | NS      | $6155602.65   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                                          | OSI Systems Inc                                          | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     31143 | NS      | $7762081.32   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                                            | Trupanion Inc                                            | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |     56639 | NS      | $2451335.92   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                                  | Avidity Biosciences Inc                                  | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47900 | NS      | $2087003.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                                     | Bridgebio Pharma Inc                                     | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     63000 | NS      | $3272220.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                                     | Matador Resources Co                                     | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     95800 | NS      | $4304294.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc                                    | Rigetti Computing Inc                                    | CUSIP: 76655K103<br>LEI: 52990024JHY459DH8W71 | Long             | EC               | CORP              | US        |     83200 | NS      | $2478528.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                            | Clearwater Analytics Holdings Inc                        | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102500 | NS      | $1847050.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                                | Construction Partners Inc                                | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     82100 | NS      | $10426700.00  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS INC                                      | VARONIS SYSTEMS INC                                      | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    199767 | NS      | $11480609.49  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                               | Tarsus Pharmaceuticals Inc                               | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48077 | NS      | $2857216.11   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                | BLOOM ENERGY CORP                                        | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       226 | NC      | $49720.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO LOGISTICS INC                                        | XPO LOGISTICS INC                                        | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     76980 | NS      | $9951204.60   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                                 | Allegro MicroSystems Inc                                 | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210215 | NS      | $6138278.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                         | RBC Bearings Inc                                         | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31136 | NS      | $12152069.44  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                                       | UMB Financial Corp                                       | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     11300 | NS      | $1337355.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                                         | PJT Partners Inc                                         | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     51701 | NS      | $9188818.73   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp                                 | Fox Factory Holding Corp                                 | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     56339 | NS      | $1368474.31   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology Inc                                          | CG oncology Inc                                          | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32300 | NS      | $1301044.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                                     | BWX Technologies Inc                                     | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     54700 | NS      | $10085039.00  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                                         | HealthEquity Inc                                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     67632 | NS      | $6409484.64   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                                | Zeta Global Holdings Corp                                | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |    201770 | NS      | $4009169.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                                   | Pathward Financial Inc                                   | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |     19500 | NS      | $1443195.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu                           | Kratos Defense & Security Solutions Inc                  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     53900 | NS      | $4924843.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp                               | Lattice Semiconductor Corp                               | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    166350 | NS      | $12196782.00  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                                        | Cellebrite DI Ltd                                        | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |     33374 | NS      | $618420.22    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                                        | Bloom Energy Corp                                        | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |    184069 | NS      | $15566715.33  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                        | Hamilton Lane Inc                                        | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     55203 | NS      | $7440812.37   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAIN CORPORATION PRIVATE PLACEMENT                      | BRAIN CORPORATION PRIVATE PLACEMENT                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170237 | NS      | $760899.81    | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Duolingo Inc                                             | Duolingo Inc                                             | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $1126440.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                             | Archrock Inc                                             | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     74300 | NS      | $1954833.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                               | Insmed Inc                                               | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     58300 | NS      | $8395783.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                                     | Medpace Holdings Inc                                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      8900 | NS      | $4576024.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                                 | Fabrinet                                                 | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |     20700 | NS      | $7547634.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                                  | Wintrust Financial Corp                                  | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     51700 | NS      | $6847148.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp                              | Grocery Outlet Holding Corp                              | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175686 | NS      | $2819760.30   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                                             | PENUMBRA INC                                             | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     40326 | NS      | $10215382.32  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                                | Mirum Pharmaceuticals Inc                                | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |    126600 | NS      | $9281046.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                         | NMI Holdings Inc                                         | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     98800 | NS      | $3787992.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                                           | elf Beauty Inc                                           | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     29800 | NS      | $3947904.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                                    | Element Solutions Inc                                    | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    227500 | NS      | $5726175.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                               | Rhythm Pharmaceuticals Inc                               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     33700 | NS      | $3403363.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc                                     | Limbach Holdings Inc                                     | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     17200 | NS      | $1670464.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                             | Wingstop Inc                                             | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     30741 | NS      | $7736894.88   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                                      | Global-e Online Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    160300 | NS      | $5732328.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In                           | Installed Building Products Inc                          | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     13700 | NS      | $3379242.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                               | Casey's General Stores Inc                               | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     22873 | NS      | $12930564.36  | 3.04%             |  |  |  | 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        |   2726920 | NS      | $2726919.94   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                                              | Xometry Inc                                              | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     93587 | NS      | $5097683.89   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                                 | ICON PLC                                                 | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     19500 | NS      | $3412500.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                                | nCino Inc                                                | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |    142200 | NS      | $3855042.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                             | Glaukos Corp                                             | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     28200 | NS      | $2299710.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc                                        | Sprout Social Inc                                        | CUSIP: 85209W109<br>LEI: 254900QE3QH8EBRDOB65 | Long             | EC               | CORP              | US        |    120650 | NS      | $1558798.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                                  | Modine Manufacturing Co                                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     22200 | NS      | $3155952.00   | 0.74%             |  |  |  | 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        |   2726920 | NS      | $2726919.69   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                                         | McGrath RentCorp                                         | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     44200 | NS      | $5184660.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF                                     | SPDR S&P Biotech ETF                                     | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |     45500 | NS      | $4559100.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                                                 | Moog Inc                                                 | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     29300 | NS      | $6084731.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                              | Klaviyo Inc                                              | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209649 | NS      | $5805180.81   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                                      | Karman Holdings Inc                                      | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30900 | NS      | $2230980.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                               | RadNet Inc                                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     97500 | NS      | $7430475.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgery Partners Inc                                     | Surgery Partners Inc                                     | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |    269998 | NS      | $5842756.72   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                                             | Biohaven Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54449 | NS      | $817279.49    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                                            | PagerDuty Inc                                            | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |    194454 | NS      | $3212380.08   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                                      | TG Therapeutics Inc                                      | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    181400 | NS      | $6553075.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Onestream Inc                                            | Onestream Inc                                            | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     77119 | NS      | $1421303.17   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                                             | INSULET CORP                                             | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     17176 | NS      | $5302746.48   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                             | Balchem Corp                                             | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     39556 | NS      | $5935773.36   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                              | Wix.com Ltd                                              | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     61147 | NS      | $10861541.61  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CACTUS INC                                               | CACTUS INC                                               | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    114580 | NS      | $4522472.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAIN CORP COMMON STOCK PRIVATE PLCMT                    | BRAIN CORP COMMON STOCK PRIVATE PLCMT                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52367 | NS      | $234062.16    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Caris Life Sciences Inc                                  | Caris Life Sciences Inc                                  | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |     92607 | NS      | $2801361.75   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                                   | Hims & Hers Health Inc                                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     34000 | NS      | $1928480.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALYS INC                                               | QUALYS INC                                               | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     10165 | NS      | $1345134.45   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                                               | Intapp Inc                                               | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101500 | NS      | $4151350.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                                | BLOOM ENERGY CORP                                        | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |      -213 | NC      | $-259860.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute                            | Universal Technical Institute Inc                        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     46000 | NS      | $1497300.00   | 0.35%             |  |  |  | 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