# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-25-010386
**Filing Date:** 2025-11
**Character Count:** 53130
**Document Hash:** 27ea15ede0801d76ae22f3a53da8069c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010386.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010386

**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:** 251519317

**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 Appreciation Portfolio (Series ID: S000017013)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047270 | Class I      | QLMAOX          |
| C000053699 | Class II     | CVAPX           |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **ClearBridge Variable Appreciation Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Communication Services — 13.5%** | **Communication Services — 13.5%** | **Communication Services — 13.5%** |
| *Entertainment — 3.5%* | *Entertainment — 3.5%* | *Entertainment — 3.5%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 20554 | &nbsp;&nbsp;&nbsp; $24,642,602<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 160168 | &nbsp;&nbsp;&nbsp; 18339236<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *42981838* |
| *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; 198091 | &nbsp;&nbsp;&nbsp; 48155922<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class C Shares | &nbsp;&nbsp; 65151 | &nbsp;&nbsp;&nbsp; 15867526<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 64621 | &nbsp;&nbsp;&nbsp; 47456370<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *111479818* |
| *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; T-Mobile US Inc. | &nbsp;&nbsp; 45184 | &nbsp;&nbsp;&nbsp; *10816146*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **165277802** |
| **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** |
| *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* |
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 40139 | &nbsp;&nbsp;&nbsp; *17,850,616*<br> \*<br>|
| *Broadline Retail — 3.0%* | *Broadline Retail — 3.0%* | *Broadline Retail — 3.0%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 167003 | &nbsp;&nbsp;&nbsp; *36,668,849*<br> \*<br>|
| *Household Durables — 0.5%* | *Household Durables — 0.5%* | *Household Durables — 0.5%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A Shares | &nbsp;&nbsp; 48413 | &nbsp;&nbsp;&nbsp; *6101975*<br>|
| *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* |
| &nbsp;&nbsp;&nbsp; TJX Cos. Inc. | &nbsp;&nbsp; 184821 | &nbsp;&nbsp;&nbsp; *26714027*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **87335467** |
| **Consumer Staples — 6.4%** | **Consumer Staples — 6.4%** | **Consumer Staples — 6.4%** |
| *Beverages — 1.0%* | *Beverages — 1.0%* | *Beverages — 1.0%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 192401 | &nbsp;&nbsp;&nbsp; *12760034*<br>|
| *Consumer Staples Distribution & Retail — 2.9%* | *Consumer Staples Distribution & Retail — 2.9%* | *Consumer Staples Distribution & Retail — 2.9%* |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 57521 | &nbsp;&nbsp;&nbsp; 5,363,834<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 288987 | &nbsp;&nbsp;&nbsp; 29783000<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *35146834* |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 179376 | &nbsp;&nbsp;&nbsp; *12002048*<br>|
| *Household Products — 1.5%* | *Household Products — 1.5%* | *Household Products — 1.5%* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 118177 | &nbsp;&nbsp;&nbsp; *18157896*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **78066812** |
| **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** |
| *Oil, Gas & Consumable Fuels — 3.3%* | *Oil, Gas & Consumable Fuels — 3.3%* | *Oil, Gas & Consumable Fuels — 3.3%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 54050 | &nbsp;&nbsp;&nbsp; 8393424<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 111692 | &nbsp;&nbsp;&nbsp; 6079396<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 139468 | &nbsp;&nbsp;&nbsp; 15725017<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc. | &nbsp;&nbsp; 346728 | &nbsp;&nbsp;&nbsp; 9815870<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **40013707** |
| **Financials — 13.4%** | **Financials — 13.4%** | **Financials — 13.4%** |
| *Banks — 5.5%* | *Banks — 5.5%* | *Banks — 5.5%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 624458 | &nbsp;&nbsp;&nbsp; 32215788<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 112593 | &nbsp;&nbsp;&nbsp; 35515210<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *67730998* |

---

See Notes to Schedule of Investments.

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ClearBridge Variable Appreciation Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Appreciation Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — 1.6%* | *Capital Markets — 1.6%* | *Capital Markets — 1.6%* |
| &nbsp;&nbsp;&nbsp; CME Group Inc. | &nbsp;&nbsp; 21501 | &nbsp;&nbsp;&nbsp; $5809355<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 82711 | &nbsp;&nbsp;&nbsp; 13935149<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *19744504* |
| *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Inc., Class A Shares | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 25,642,800<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 59692 | &nbsp;&nbsp;&nbsp; 20377655<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *46020455* |
| *Insurance — 2.5%* | *Insurance — 2.5%* | *Insurance — 2.5%* |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 46478 | &nbsp;&nbsp;&nbsp; 9366712<br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc. | &nbsp;&nbsp; 73706 | &nbsp;&nbsp;&nbsp; 20580189<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *29946901* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **163442858** |
| **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** |
| *Biotechnology — 1.4%* | *Biotechnology — 1.4%* | *Biotechnology — 1.4%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc. | &nbsp;&nbsp; 75324 | &nbsp;&nbsp;&nbsp; *17440519*<br>|
| *Health Care Equipment & Supplies — 1.1%* | *Health Care Equipment & Supplies — 1.1%* | *Health Care Equipment & Supplies — 1.1%* |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp; 37314 | &nbsp;&nbsp;&nbsp; *13793866*<br>|
| *Life Sciences Tools & Services — 1.4%* | *Life Sciences Tools & Services — 1.4%* | *Life Sciences Tools & Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 34235 | &nbsp;&nbsp;&nbsp; *16604660*<br>|
| *Pharmaceuticals — 3.5%* | *Pharmaceuticals — 3.5%* | *Pharmaceuticals — 3.5%* |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 30692 | &nbsp;&nbsp;&nbsp; 23417996<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 102568 | &nbsp;&nbsp;&nbsp; 19018158<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *42436154* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **90275199** |
| **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** |
| *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 73687 | &nbsp;&nbsp;&nbsp; 15,903,865<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 100048 | &nbsp;&nbsp;&nbsp; 16741032<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *32644897* |
| *Commercial Services & Supplies — 1.4%* | *Commercial Services & Supplies — 1.4%* | *Commercial Services & Supplies — 1.4%* |
| &nbsp;&nbsp;&nbsp; Waste Management Inc. | &nbsp;&nbsp; 79998 | &nbsp;&nbsp;&nbsp; *17665958*<br>|
| *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* | *Electrical Equipment — 3.6%* |
| &nbsp;&nbsp;&nbsp; Eaton Corp. PLC | &nbsp;&nbsp; 71333 | &nbsp;&nbsp;&nbsp; 26696375<br>|
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp; 133587 | &nbsp;&nbsp;&nbsp; 17523943<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *44220318* |
| *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 74845 | &nbsp;&nbsp;&nbsp; 5575204<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 31660 | &nbsp;&nbsp;&nbsp; 7483474<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *13058678* |
| *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | &nbsp;&nbsp; 88080 | &nbsp;&nbsp;&nbsp; *18540840*<br>|
| *Professional Services — 1.5%* | *Professional Services — 1.5%* | *Professional Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing Inc. | &nbsp;&nbsp; 61877 | &nbsp;&nbsp;&nbsp; *18160900*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **144291591** |
| **Information Technology — 28.7%** | **Information Technology — 28.7%** | **Information Technology — 28.7%** |
| *Semiconductors & Semiconductor Equipment — 13.6%* | *Semiconductors & Semiconductor Equipment — 13.6%* | *Semiconductors & Semiconductor Equipment — 13.6%* |
| &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp; 22957 | &nbsp;&nbsp;&nbsp; 22224442<br>|

---

See Notes to Schedule of Investments.

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ClearBridge Variable Appreciation Portfolio 2025 Quarterly Report

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 **ClearBridge Variable Appreciation Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 124683 | &nbsp;&nbsp;&nbsp; $41134169<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 482209 | &nbsp;&nbsp;&nbsp; 89970555<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 67722 | &nbsp;&nbsp;&nbsp; 12442563<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *165771729* |
| *Software — 10.6%* | *Software — 10.6%* | *Software — 10.6%* | *Software — 10.6%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 214193 | &nbsp;&nbsp;&nbsp; 110941264<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 27546 | &nbsp;&nbsp;&nbsp; 7747037<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. | &nbsp;&nbsp; 56975 | &nbsp;&nbsp;&nbsp; 11,601,250<br> \*<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *130289551* |
| *Technology Hardware, Storage & Peripherals — 4.5%* | *Technology Hardware, Storage & Peripherals — 4.5%* | *Technology Hardware, Storage & Peripherals — 4.5%* | *Technology Hardware, Storage & Peripherals — 4.5%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 215892 | &nbsp;&nbsp;&nbsp; *54972580*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **351033860** |
| **Materials — 5.0%** | **Materials — 5.0%** | **Materials — 5.0%** | **Materials — 5.0%** |
| *Chemicals — 2.9%* | *Chemicals — 2.9%* | *Chemicals — 2.9%* | *Chemicals — 2.9%* |
| &nbsp;&nbsp;&nbsp; Ecolab Inc. | &nbsp;&nbsp;&nbsp; Ecolab Inc. | &nbsp;&nbsp; 43281 | &nbsp;&nbsp;&nbsp; 11852934<br>|
| &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp; 31232 | &nbsp;&nbsp;&nbsp; 14835200<br>|
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | &nbsp;&nbsp; 25672 | &nbsp;&nbsp;&nbsp; 8889187<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *35577321* |
| *Construction Materials — 1.5%* | *Construction Materials — 1.5%* | *Construction Materials — 1.5%* | *Construction Materials — 1.5%* |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp; 60496 | &nbsp;&nbsp;&nbsp; *18609780*<br>|
| *Containers & Packaging — 0.6%* | *Containers & Packaging — 0.6%* | *Containers & Packaging — 0.6%* | *Containers & Packaging — 0.6%* |
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp; 146206 | &nbsp;&nbsp;&nbsp; *6783958*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **60971059** |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp; 53923 | &nbsp;&nbsp;&nbsp; **10370471**<br>|
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 148860 | &nbsp;&nbsp;&nbsp; *13872264*<br>|
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 24492 | &nbsp;&nbsp;&nbsp; *2806538*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **16678802** |
| **Total Investments before Short-Term Investments (Cost — $452,008,622)** | **Total Investments before Short-Term Investments (Cost — $452,008,622)** | **Total Investments before Short-Term Investments (Cost — $452,008,622)** | &nbsp;&nbsp; **1207757628** |
|  | Rate |  |  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class | &nbsp;&nbsp; 3.958% | &nbsp;&nbsp; 6688466 | &nbsp;&nbsp;&nbsp; 6688466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | &nbsp;&nbsp; 4.013% | &nbsp;&nbsp; 6688466 | &nbsp;&nbsp;&nbsp; 6688466<br> <sup>(a)(b)</sup><br>|
| **Total Short-Term Investments (Cost — $13,376,932)** | **Total Short-Term Investments (Cost — $13,376,932)** | **Total Short-Term Investments (Cost — $13,376,932)** | &nbsp;&nbsp; **13376932** |
| **Total Investments — 99.9% (Cost — $465,385,554)** | **Total Investments — 99.9% (Cost — $465,385,554)** | **Total Investments — 99.9% (Cost — $465,385,554)** | &nbsp;&nbsp; **1221134560** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 920551 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1222055111** |

---

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

\* 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 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 market value of investments in Affiliated Companies was $6,688,466 and the cost was $6,688,466 (Note 2). 

See Notes to Schedule of Investments.

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ClearBridge Variable Appreciation Portfolio 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Appreciation Portfolio**

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 Appreciation Portfolio 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

ClearBridge Variable Appreciation 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 Appreciation Portfolio 2025 Quarterly Report

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

relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio's assets carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1207757628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1207757628 |
| Short-Term Investments† | &nbsp;&nbsp; 13376932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13376932 |
| **Total Investments** | &nbsp;&nbsp; **$1221134560** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1221134560** |

---

&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>| $8231470 | $69069754 | 69069754 | $70612758 | 70612758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $376275 |  | $6688466 |

---

------

ClearBridge Variable Appreciation 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 Appreciation Portfolio

- **b. EDGAR series identifier (if any):** S000017013

- **c. LEI of Series:** 549300JPS8VIXKYYNE50

**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:** $1221613081.55

**Total Liabilities:** $855870.93

**Net Assets:** $1220757210.62

**Cash Not Reported:** $187874.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047270 | 2.03%                | 1.30%                | 2.55%                |
| Class ID C000053699 | 2.01%                | 1.30%                | 2.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $32718174.81             | $-8976526.16                               |
| Month 2  | $16147257.42             | $-1468870.57                               |
| Month 3  | $-3934116.40             | $33846411.83                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Canadian Pacific Kansas City L                           | Canadian Pacific Kansas City Ltd                         | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     74845 | NS      | $5575204.05   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                                               | ECOLAB INC                                               | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     43281 | NS      | $11852934.66  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                                   | International Paper Co                                   | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    146206 | NS      | $6783958.40   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC/DE                                     | KINDER MORGAN INC                                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    346728 | NS      | $9815869.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                        | JOHNSON & JOHNSON                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    102568 | NS      | $19018158.56  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                             | Stryker Corp                                             | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     37314 | NS      | $13793866.38  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                                  | Sherwin-Williams Co/The                                  | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     25672 | NS      | $8889186.72   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COS INC                                              | TJX COS INC                                              | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    184821 | NS      | $26714027.34  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMORGAN CHASE & CO                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    112593 | NS      | $35515209.99  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                              | ORACLE CORP                                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     27546 | NS      | $7747037.04   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                      | AMERICAN TOWER CORP                                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     53923 | NS      | $10370471.36  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                               | AbbVie Inc                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     75324 | NS      | $17440518.96  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                | Tesla Inc                                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     40139 | NS      | $17850616.08  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC                              | HONEYWELL INTERNATIONAL INC                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     88080 | NS      | $18540840.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                            | Boeing Co/The                                            | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     73687 | NS      | $15903865.21  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                                           | WALT DISNEY CO                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    160168 | NS      | $18339236.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                           | Amazon.com Inc                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    167003 | NS      | $36668848.71  | 3.00%             |  |  |  | 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        |     57521 | NS      | $5363833.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                            | Intercontinental Exchange Inc                            | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     82711 | NS      | $13935149.28  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                              | Lennar Corp                                              | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     48413 | NS      | $6101974.52   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                                 | RTX Corp                                                 | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    100048 | NS      | $16741031.84  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                                   | Berkshire Hathaway Inc                                   | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        34 | NS      | $25642800.00  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                          | T-Mobile US Inc                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     45184 | NS      | $10816145.92  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                             | Entergy Corp                                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    148860 | NS      | $13872263.40  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                     | BANK OF AMERICA CORP                                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    624458 | NS      | $32215788.22  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                   | Palo Alto Networks Inc                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     56975 | NS      | $11601249.50  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                                 | Marsh & McLennan Cos Inc                                 | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     46478 | NS      | $9366711.34   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC-CL C                                        | ALPHABET INC                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     65151 | NS      | $15867526.05  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                                         | EXXON MOBIL CORP                                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    139468 | NS      | $15725017.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                 | EQT Corp                                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    111692 | NS      | $6079395.56   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                                | APPLE INC                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    215892 | NS      | $54972579.96  | 4.50%             |  |  |  | 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        |   6594529 | NS      | $6594528.72   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                                             | CHEVRON CORP                                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54050 | NS      | $8393424.50   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                          | ASML Holding NV                                          | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     22957 | NS      | $22224442.13  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                            | CME Group Inc                                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     21501 | NS      | $5809355.19   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                                      | VULCAN MATERIALS CO                                      | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     60496 | NS      | $18609779.52  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                            | Automatic Data Processing Inc                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     61877 | NS      | $18160899.50  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC SHARES                                          | VISA INC SHARES                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     59692 | NS      | $20377654.96  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                           | Eaton Corp PLC                                           | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     71333 | NS      | $26696375.25  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                           | Eli Lilly & Co                                           | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     30692 | NS      | $23417996.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                | Linde PLC                                                | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |     31232 | NS      | $14835200.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                              | NVIDIA Corp                                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    482209 | NS      | $89970555.22  | 7.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                                    | Texas Instruments Inc                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     67722 | NS      | $12442563.06  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                                      | Emerson Electric Co                                      | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |    133587 | NS      | $17523942.66  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                       | Meta Platforms Inc                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     64621 | NS      | $47456369.98  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                           | MICROSOFT CORP                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    214193 | NS      | $110941264.35 | 9.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC/THE                                    | TRAVELERS COS INC/THE                                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     73706 | NS      | $20580189.32  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC                                     | WASTE MANAGEMENT INC                                     | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     79998 | NS      | $17665958.34  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                             | Broadcom Inc                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    124683 | NS      | $41134168.53  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                                    | McCormick & Co Inc/MD                                    | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    179376 | NS      | $12002048.16  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO                                             | COCA-COLA CO                                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    192401 | NS      | $12760034.32  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                       | Union Pacific Corp                                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     31660 | NS      | $7483474.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC-CL A                                        | ALPHABET INC                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    198091 | NS      | $48155922.10  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                             | THERMO FISHER SCIENTIFIC INC                             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     34235 | NS      | $16604659.70  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                              | Netflix Inc                                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     20554 | NS      | $24642601.68  | 2.02%             |  |  |  | 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        |   6594529 | NS      | $6594528.81   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                     | WEC Energy Group Inc                                     | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     24492 | NS      | $2806538.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                                              | WALMART INC                                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    288987 | NS      | $29783000.22  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                  | PROCTER & GAMBLE CO/THE                                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    118177 | NS      | $18157896.05  | 1.49%             |  |  |  | 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