# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-25-010364
**Filing Date:** 2025-11
**Character Count:** 51638
**Document Hash:** 82c142e79996adba4d77b0511315efb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010364.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010364

**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:** 251519293

**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 Dividend Strategy Portfolio (Series ID: S000008304)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022693 | Class II     | QLMETX          |
| C000047600 | Class I      | QLMEIX          |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **ClearBridge Variable Dividend Strategy Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Communication Services — 9.7%** | **Communication Services — 9.7%** | **Communication Services — 9.7%** |
| *Entertainment — 0.9%* | *Entertainment — 0.9%* | *Entertainment — 0.9%* |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 39095 | &nbsp;&nbsp;&nbsp; $*4476378*<br>|
| *Interactive Media & Services — 4.2%* | *Interactive Media & Services — 4.2%* | *Interactive Media & Services — 4.2%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 42495 | &nbsp;&nbsp;&nbsp; 10330534<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 12415 | &nbsp;&nbsp;&nbsp; 9117328<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *19447862* |
| *Media — 2.4%* | *Media — 2.4%* | *Media — 2.4%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 357169 | &nbsp;&nbsp;&nbsp; *11222250*<br>|
| *Wireless Telecommunication Services — 2.2%* | *Wireless Telecommunication Services — 2.2%* | *Wireless Telecommunication Services — 2.2%* |
| &nbsp;&nbsp;&nbsp; T-Mobile US Inc. | &nbsp;&nbsp; 42342 | &nbsp;&nbsp;&nbsp; *10135828*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **45282318** |
| **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** |
| *Specialty Retail — 3.2%* | *Specialty Retail — 3.2%* | *Specialty Retail — 3.2%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 19023 | &nbsp;&nbsp;&nbsp; 7707929<br>|
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA, ADR | &nbsp;&nbsp; 517206 | &nbsp;&nbsp;&nbsp; 7142615<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **14850544** |
| **Consumer Staples — 8.4%** | **Consumer Staples — 8.4%** | **Consumer Staples — 8.4%** |
| *Beverages — 2.3%* | *Beverages — 2.3%* | *Beverages — 2.3%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 117268 | &nbsp;&nbsp;&nbsp; 7777213<br>|
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 133034 | &nbsp;&nbsp;&nbsp; 3183196<br> <sup>(a)</sup><br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *10960409* |
| *Food Products — 2.9%* | *Food Products — 2.9%* | *Food Products — 2.9%* |
| &nbsp;&nbsp;&nbsp; Nestle SA, ADR | &nbsp;&nbsp; 147061 | &nbsp;&nbsp;&nbsp; *13495788*<br>|
| *Household Products — 0.9%* | *Household Products — 0.9%* | *Household Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 26654 | &nbsp;&nbsp;&nbsp; *4095387*<br>|
| *Personal Care Products — 2.3%* | *Personal Care Products — 2.3%* | *Personal Care Products — 2.3%* |
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp; 179145 | &nbsp;&nbsp;&nbsp;&nbsp; *10589019*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **39140603** |
| **Energy — 10.9%** | **Energy — 10.9%** | **Energy — 10.9%** |
| *Oil, Gas & Consumable Fuels — 10.9%* | *Oil, Gas & Consumable Fuels — 10.9%* | *Oil, Gas & Consumable Fuels — 10.9%* |
| &nbsp;&nbsp;&nbsp; Enbridge Inc. | &nbsp;&nbsp; 329111 | &nbsp;&nbsp;&nbsp; 16606941<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 68470 | &nbsp;&nbsp;&nbsp; 3726822<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 150273 | &nbsp;&nbsp;&nbsp; 16943281<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc. | &nbsp;&nbsp; 211527 | &nbsp;&nbsp;&nbsp; 13400235<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **50677279** |
| **Financials — 14.5%** | **Financials — 14.5%** | **Financials — 14.5%** |
| *Banks — 3.9%* | *Banks — 3.9%* | *Banks — 3.9%* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 36664 | &nbsp;&nbsp;&nbsp; 11564925<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 32643 | &nbsp;&nbsp;&nbsp; 6558958<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *18123883* |
| *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 32369 | &nbsp;&nbsp;&nbsp; *6881002*<br>|
| *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | &nbsp;&nbsp; 66499 | &nbsp;&nbsp;&nbsp; 8862322<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 25427 | &nbsp;&nbsp;&nbsp; 8680269<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *17542591* |

---

See Notes to Schedule of Investments.

------

ClearBridge Variable Dividend Strategy Portfolio 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **ClearBridge Variable Dividend Strategy Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 29400 | &nbsp;&nbsp;&nbsp; $5924982<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc. | &nbsp;&nbsp; 112037 | &nbsp;&nbsp;&nbsp; 9228488<br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc. | &nbsp;&nbsp; 34110 | &nbsp;&nbsp;&nbsp; 9524194<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *24677664* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **67225140** |
| **Health Care — 11.5%** | **Health Care — 11.5%** | **Health Care — 11.5%** |
| *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp; 68295 | &nbsp;&nbsp;&nbsp; *12782775*<br>|
| *Health Care Providers & Services — 2.4%* | *Health Care Providers & Services — 2.4%* | *Health Care Providers & Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 96343 | &nbsp;&nbsp;&nbsp; 7263299<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | &nbsp;&nbsp; 10664 | &nbsp;&nbsp;&nbsp; 3682279<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *10945578* |
| *Pharmaceuticals — 6.4%* | *Pharmaceuticals — 6.4%* | *Pharmaceuticals — 6.4%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | &nbsp;&nbsp; 43318 | &nbsp;&nbsp;&nbsp; 6636366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Haleon PLC | &nbsp;&nbsp; 1826334 | &nbsp;&nbsp;&nbsp; 8218835<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 37635 | &nbsp;&nbsp;&nbsp; 6978282<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc. | &nbsp;&nbsp; 94862 | &nbsp;&nbsp;&nbsp; 7961768<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *29795251* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **53523604** |
| **Industrials — 9.8%** | **Industrials — 9.8%** | **Industrials — 9.8%** |
| *Aerospace & Defense — 5.2%* | *Aerospace & Defense — 5.2%* | *Aerospace & Defense — 5.2%* |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc. | &nbsp;&nbsp; 27333 | &nbsp;&nbsp;&nbsp; 8347772<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | &nbsp;&nbsp; 12838 | &nbsp;&nbsp;&nbsp; 7822450<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 49259 | &nbsp;&nbsp;&nbsp; 8242508<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *24412730* |
| *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* |
| &nbsp;&nbsp;&nbsp; Waste Management Inc. | &nbsp;&nbsp; 33756 | &nbsp;&nbsp;&nbsp; *7454338*<br>|
| *Ground Transportation — 3.0%* | *Ground Transportation — 3.0%* | *Ground Transportation — 3.0%* |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line Inc. | &nbsp;&nbsp; 26600 | &nbsp;&nbsp;&nbsp; 3744748<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 42717 | &nbsp;&nbsp;&nbsp; 10097017<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *13841765* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **45708833** |
| **Information Technology — 15.1%** | **Information Technology — 15.1%** | **Information Technology — 15.1%** |
| *Electronic Equipment, Instruments & Components — 1.9%* | *Electronic Equipment, Instruments & Components — 1.9%* | *Electronic Equipment, Instruments & Components — 1.9%* |
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | &nbsp;&nbsp; 39205 | &nbsp;&nbsp;&nbsp; *8606674*<br>|
| *Semiconductors & Semiconductor Equipment — 5.2%* | *Semiconductors & Semiconductor Equipment — 5.2%* | *Semiconductors & Semiconductor Equipment — 5.2%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 50838 | &nbsp;&nbsp;&nbsp; 16771965<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 40749 | &nbsp;&nbsp;&nbsp; 7486814<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *24258779* |
| *Software — 6.3%* | *Software — 6.3%* | *Software — 6.3%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 40784 | &nbsp;&nbsp;&nbsp; 21124073<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 28849 | &nbsp;&nbsp;&nbsp; 8113493<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *29237566* |
| *Technology Hardware, Storage & Peripherals — 1.7%* | *Technology Hardware, Storage & Peripherals — 1.7%* | *Technology Hardware, Storage & Peripherals — 1.7%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 31356 | &nbsp;&nbsp;&nbsp; *7984178*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **70087197** |

---

See Notes to Schedule of Investments.

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ClearBridge Variable Dividend Strategy Portfolio 2025 Quarterly Report

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 **ClearBridge Variable Dividend Strategy Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** |
| *Chemicals — 2.9%* | *Chemicals — 2.9%* | *Chemicals — 2.9%* | *Chemicals — 2.9%* |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp; 18835 | &nbsp;&nbsp;&nbsp; $5136681<br>|
| &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp; 17629 | &nbsp;&nbsp;&nbsp; 8373775<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *13510456* |
| *Construction Materials — 1.8%* | *Construction Materials — 1.8%* | *Construction Materials — 1.8%* | *Construction Materials — 1.8%* |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp; 27788 | &nbsp;&nbsp;&nbsp; *8548144*<br>|
| *Metals & Mining — 1.0%* | *Metals & Mining — 1.0%* | *Metals & Mining — 1.0%* | *Metals & Mining — 1.0%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc. | &nbsp;&nbsp; 116944 | &nbsp;&nbsp;&nbsp; *4586544*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **26645144** |
| **Real Estate — 5.2%** | **Real Estate — 5.2%** | **Real Estate — 5.2%** | **Real Estate — 5.2%** |
| *Residential REITs — 2.0%* | *Residential REITs — 2.0%* | *Residential REITs — 2.0%* | *Residential REITs — 2.0%* |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 48904 | &nbsp;&nbsp;&nbsp; *9446786*<br>|
| *Specialized REITs — 3.2%* | *Specialized REITs — 3.2%* | *Specialized REITs — 3.2%* | *Specialized REITs — 3.2%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp; 39221 | &nbsp;&nbsp;&nbsp; 7542983<br>|
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp; 24578 | &nbsp;&nbsp;&nbsp; 7099355<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *14642338* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **24089124** |
| **Utilities — 4.9%** | **Utilities — 4.9%** | **Utilities — 4.9%** | **Utilities — 4.9%** |
| *Electric Utilities — 0.6%* | *Electric Utilities — 0.6%* | *Electric Utilities — 0.6%* | *Electric Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp; 45093 | &nbsp;&nbsp;&nbsp; *2492741*<br>|
| *Multi-Utilities — 4.3%* | *Multi-Utilities — 4.3%* | *Multi-Utilities — 4.3%* | *Multi-Utilities — 4.3%* |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 37003 | &nbsp;&nbsp;&nbsp; 5233334<br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 165035 | &nbsp;&nbsp;&nbsp; 14849850<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *20083184* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **22575925** |
| **Total Investments before Short-Term Investments (Cost — $253,652,170)** | **Total Investments before Short-Term Investments (Cost — $253,652,170)** | **Total Investments before Short-Term Investments (Cost — $253,652,170)** | &nbsp;&nbsp; **459805711** |
|  | Rate |  |  |
| **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 Class | &nbsp;&nbsp; 3.958% | &nbsp;&nbsp; 3170764 | &nbsp;&nbsp;&nbsp; 3170764<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares | &nbsp;&nbsp; 4.013% | &nbsp;&nbsp; 3170764 | &nbsp;&nbsp;&nbsp; 3170764<br> <sup>(b)(c)</sup><br>|
| **Total Short-Term Investments (Cost — $6,341,528)** | **Total Short-Term Investments (Cost — $6,341,528)** | **Total Short-Term Investments (Cost — $6,341,528)** | &nbsp;&nbsp; **6341528** |
| **Total Investments — 100.2% (Cost — $259,993,698)** | **Total Investments — 100.2% (Cost — $259,993,698)** | **Total Investments — 100.2% (Cost — $259,993,698)** | &nbsp;&nbsp; **466147239** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; (1073004)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$465074235** |

---

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

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

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

<sup>(c)</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 $3,170,764 and the cost was $3,170,764 (Note 2). 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Portfolio's investments as of the date of the schedule. Other information regarding the Portfolio is available in the Portfolio's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

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ClearBridge Variable Dividend Strategy 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 Dividend Strategy Portfolio (the "Portfolio") is a separate diversified investment series of Legg Mason Partners Variable Equity Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Shares of the Portfolio may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The Portfolio follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio's Board of Trustees (the "Board"). This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

Pursuant to policies adopted by the Board, 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.

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ClearBridge Variable Dividend Strategy Portfolio 2025 Quarterly Report

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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.

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 |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; $25368388 | &nbsp;&nbsp; $13772215 | &nbsp;&nbsp; — | &nbsp;&nbsp; $39140603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 38668403 | &nbsp;&nbsp; 14855201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53523604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 367141504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 367141504 |
| Total Long-Term Investments | &nbsp;&nbsp; 431178295 | &nbsp;&nbsp; 28627416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 459805711 |
| Short-Term Investments† | &nbsp;&nbsp; 6341528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6341528 |
| **Total Investments** | &nbsp;&nbsp; **$437519823** | &nbsp;&nbsp; **$28627416** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$466147239** |

---

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

---

| | |
|:---|:---|
| \* | As a result of the fair value pricing procedures for international equities utilized by the Portfolio, which account for events occurring after the close of the <br> principal market of the security but prior to the calculation of the Portfolio's net asset value, certain securities were classified as Level 2 within the fair <br> value hierarchy.<br>|
| † | 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>| $1428300 | $36077453 | 36077453 | $34334989 | 34334989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $115340 |  | $3170764 |

---

------

ClearBridge Variable Dividend Strategy 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 Dividend Strategy Portfolio

- **b. EDGAR series identifier (if any):** S000008304

- **c. LEI of Series:** 5493002UOIQFVG3SUR80

**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:** $466584530.28

**Total Liabilities:** $1222713.83

**Net Assets:** $465361816.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000022693 | 0.28%                | 3.49%                | 1.68%                |
| Class ID C000047600 | 0.32%                | 3.46%                | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-840209.92              | $1980878.35                                |
| Month 2  | $3449865.43              | $11499363.39                               |
| Month 3  | $6560441.83              | $680528.36                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Broadcom Inc                                             | Broadcom Inc                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     50838 | NS      | $16771964.58  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                              | Oracle Corp                                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     28849 | NS      | $8113492.76   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                                    | Becton Dickinson & Co                                    | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     68295 | NS      | $12782775.15  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                           | Air Products and Chemicals Inc                           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     17335 | NS      | $4727601.20   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP                             | PNC FINANCIAL SERVICES GROUP INC/THE                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     32643 | NS      | $6558957.99   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                             | COMCAST CORP-CLASS A                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    357169 | NS      | $11222249.98  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                               | Haleon PLC                                               | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   1737234 | NS      | $7817869.17   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                           | MICROSOFT CORP                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40784 | NS      | $21124072.80  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                   | Sempra                                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    165035 | NS      | $14849849.30  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                     | Edison International                                     | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     45093 | NS      | $2492741.04   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                                | AvalonBay Communities Inc                                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     48904 | NS      | $9446785.68   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                               | Diageo PLC                                               | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    133034 | NS      | $3183195.80   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                    | Northrop Grumman Corp                                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     12838 | NS      | $7822450.16   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                             | Alphabet Inc                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     42495 | NS      | $10330534.50  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                             | Apollo Global Management Inc                             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     66499 | NS      | $8862321.73   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                                      | Vulcan Materials Co                                      | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     27788 | NS      | $8548144.56   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                                         | WILLIAMS COS INC/THE                                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    211527 | NS      | $13400235.45  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                       | Meta Platforms Inc                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     12415 | NS      | $9117327.70   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                | Linde PLC                                                | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |     17629 | NS      | $8373775.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                                           | WALT DISNEY CO                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     39095 | NS      | $4476377.50   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMORGAN CHASE & CO                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     36664 | NS      | $11564925.52  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC SHARES                                          | VISA INC SHARES                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     25427 | NS      | $8680269.26   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                           | Public Storage                                           | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     24578 | NS      | $7099355.30   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                                | APPLE INC                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     31356 | NS      | $7984178.28   | 1.72%             |  |  |  | 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        |   3579100 | NS      | $3579099.99   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NESTLE SA-SPONS ADR                                      | NESTLE SA                                                | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    147061 | NS      | $13495787.97  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                          | AstraZeneca PLC                                          | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     43318 | NS      | $6636365.90   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc                            | Old Dominion Freight Line Inc                            | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     26600 | NS      | $3744748.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                 | EQT Corp                                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     68470 | NS      | $3726822.10   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                            | DTE Energy Co                                            | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     37003 | NS      | $5233334.29   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                                 | Marsh & McLennan Cos Inc                                 | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     29400 | NS      | $5924982.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                    | TEXAS INSTRUMENTS INC                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     40749 | NS      | $7486813.77   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                                       | UNION PACIFIC CORP                                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     42717 | NS      | $10097017.29  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                              | METLIFE INC                                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    112037 | NS      | $9228487.69   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                                 | RTX Corp                                                 | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     49259 | NS      | $8242508.47   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC                                     | WASTE MANAGEMENT INC                                     | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     33756 | NS      | $7454337.48   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                               | Capital One Financial Corp                               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     32369 | NS      | $6881002.02   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                          | CVS Health Corp                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     96343 | NS      | $7263298.77   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                  | PROCTER & GAMBLE CO/THE                                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     26654 | NS      | $4095387.10   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                                           | HOME DEPOT INC                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     19023 | NS      | $7707929.37   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                         | Exxon Mobil Corp                                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    150273 | NS      | $16943280.75  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                      | AMERICAN TOWER CORP                                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     39221 | NS      | $7542982.72   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO                                             | COCA-COLA CO                                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    117268 | NS      | $7777213.76   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                        | JOHNSON & JOHNSON                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     37635 | NS      | $6978281.70   | 1.50%             |  |  |  | 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        |   3579100 | NS      | $3579099.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO. INC.                                         | MERCK & CO. INC.                                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     94862 | NS      | $7961767.66   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                          | T-Mobile US Inc                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     42342 | NS      | $10135827.96  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                             | Enbridge Inc                                             | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    329111 | NS      | $16606941.06  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                   | UNITEDHEALTH GROUP INC                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     10664 | NS      | $3682279.20   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                            | Industria de Diseno Textil SA                            | CUSIP: 455793109<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    517206 | NS      | $7142614.86   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                                | L3Harris Technologies Inc                                | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     27333 | NS      | $8347771.53   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                                      | TE Connectivity PLC                                      | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     39205 | NS      | $8606673.65   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                                     | Freeport-McMoRan Inc                                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    116944 | NS      | $4586543.68   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                             | Unilever PLC                                             | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    179145 | NS      | $10589018.78  | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC/THE                                    | TRAVELERS COS INC/THE                                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     34110 | NS      | $9524194.20   | 2.05%             |  |  |  | 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