# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0000940400-26-021661
**Filing Date:** 2026-5
**Character Count:** 83333
**Document Hash:** 6228236536a4b5984b2cb08cd0d14a52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021661.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021661

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21128
- **FILM NUMBER:** 261031925

**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

### Franklin Templeton Moderately Conservative Model Portfolio (Series ID: S000068275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218582 | Class I      | QLMAGX          |
| C000218583 | Class II     | QLMAHX          |

## Nport-Ex

Schedules of Investments (unaudited)

March 31, 2026

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

 **Franklin Templeton Aggressive Model Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Description |  | Shares | Value |
| **Investments in Underlying Funds — 97.7%** | **Investments in Underlying Funds — 97.7%** | **Investments in Underlying Funds — 97.7%** | **Investments in Underlying Funds — 97.7%** |
| **Domestic Equity — 76.8%** | **Domestic Equity — 76.8%** | **Domestic Equity — 76.8%** | **Domestic Equity — 76.8%** |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio, <br> Class A |  | &nbsp;&nbsp; 1127146 | &nbsp;&nbsp;&nbsp; $36778760<br>|
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Growth Fund, Class 1A |  | &nbsp;&nbsp; 646632 | &nbsp;&nbsp;&nbsp; 82180473<br>|
| &nbsp;&nbsp;&nbsp; Delaware VIP Trust — Nomura VIP Small Cap Value Series, Standard Class |  | &nbsp;&nbsp; 710462 | &nbsp;&nbsp;&nbsp; 30,088,075<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> 500 Index Fund, Institutional Premium Shares |  | &nbsp;&nbsp; 592194 | &nbsp;&nbsp;&nbsp; 134670883<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. Main Street Small Cap Fund, Class I <br> Shares |  | &nbsp;&nbsp; 1230817 | &nbsp;&nbsp;&nbsp; 34795178<br>|
| &nbsp;&nbsp;&nbsp; Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, <br> Class I Shares |  | &nbsp;&nbsp; 1099055 | &nbsp;&nbsp;&nbsp; 65943302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: | &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Newton Technology Growth Portfolio, Initial Class |  | &nbsp;&nbsp; 6105595 | &nbsp;&nbsp;&nbsp; 68172633<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Dimensional U.S. Equity Portfolio, Initial Class |  | &nbsp;&nbsp; 2849116 | &nbsp;&nbsp;&nbsp; 79568407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Epoch U.S. Equity Yield Portfolio, Initial Class |  | &nbsp;&nbsp; 1977029 | &nbsp;&nbsp;&nbsp; 36419245<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Investors Trust Portfolio, Initial Class |  | &nbsp;&nbsp; 2803593 | &nbsp;&nbsp;&nbsp; 29769671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Research Portfolio, Initial Class |  | &nbsp;&nbsp; 1437868 | &nbsp;&nbsp;&nbsp; 14970360<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Small Cap Growth Portfolio, Initial Class |  | &nbsp;&nbsp; 1518489 | &nbsp;&nbsp;&nbsp; 17661852<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Winslow Large Cap Growth Portfolio, Initial Class |  | &nbsp;&nbsp; 1173441 | &nbsp;&nbsp;&nbsp; 32441893<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class |  | &nbsp;&nbsp; 2712685 | &nbsp;&nbsp;&nbsp; 81733203<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class |  | &nbsp;&nbsp; 863148 | &nbsp;&nbsp;&nbsp; 71062954<br>|
| &nbsp;&nbsp;&nbsp; Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares |  | &nbsp;&nbsp; 4578827 | &nbsp;&nbsp;&nbsp; 97116919<br>|
| **Total Domestic Equity** | **Total Domestic Equity** | **Total Domestic Equity** | &nbsp;&nbsp; **913373808** |
| **Foreign Equity — 14.2%** | **Foreign Equity — 14.2%** | **Foreign Equity — 14.2%** | **Foreign Equity — 14.2%** |
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> International Index Fund, Institutional Premium <br> Shares |  | &nbsp;&nbsp; 948681 | &nbsp;&nbsp;&nbsp; 58230064<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I <br> Shares |  | &nbsp;&nbsp; 734588 | &nbsp;&nbsp;&nbsp; 25490197<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust — NYLI VP PineStone International Equity <br> Portfolio, Initial Class |  | &nbsp;&nbsp; 1935026 | &nbsp;&nbsp;&nbsp; 22350512<br>|
| &nbsp;&nbsp;&nbsp; Putnam Variable Trust — Putnam VT International Value Fund, Class IA |  | &nbsp;&nbsp; 2217826 | &nbsp;&nbsp;&nbsp; 35063837<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class |  | &nbsp;&nbsp; 1732679 | &nbsp;&nbsp;&nbsp; 28156037<br>|
| **Total Foreign Equity** | **Total Foreign Equity** | **Total Foreign Equity** | &nbsp;&nbsp; **169290647** |
| **Domestic Fixed Income — 6.7%** | **Domestic Fixed Income — 6.7%** | **Domestic Fixed Income — 6.7%** | **Domestic Fixed Income — 6.7%** |
| &nbsp;&nbsp;&nbsp; Fidelity Salem Street Trust — Fidelity<sup>®</sup> U.S. Bond Index Fund, Institutional Premium Shares |  | &nbsp;&nbsp; 7601715 | &nbsp;&nbsp;&nbsp; *79589959*<br>|
| **Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,033,718,219)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,033,718,219)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,033,718,219)** | &nbsp;&nbsp; **1162254414** |
|  | Rate |  |  |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| &nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares <br>(Cost — $32,848,682) | &nbsp;&nbsp; 3.556% | &nbsp;&nbsp; 32848682 | &nbsp;&nbsp;&nbsp;&nbsp; **32848682**<br> <sup>(b)</sup><br>|
| **Total Investments — 100.5% (Cost — $1,066,566,901)** | **Total Investments — 100.5% (Cost — $1,066,566,901)** | **Total Investments — 100.5% (Cost — $1,066,566,901)** | &nbsp;&nbsp; **1195103096** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.5)% | &nbsp;&nbsp;&nbsp; (5727326)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1189375770** |

---

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

\* Non-income producing security.

<sup>(a)</sup> Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2). 

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

See Notes to Schedules of Investments.

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin Templeton Aggressive Model 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 Schedules of Investments.

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

------

Schedules of Investments (unaudited)

March 31, 2026

 **Franklin Templeton Moderately Aggressive Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| **Investments in Underlying Funds — 99.7%** | **Investments in Underlying Funds — 99.7%** | **Investments in Underlying Funds — 99.7%** |
| **Domestic Equity — 58.2%** | **Domestic Equity — 58.2%** | **Domestic Equity — 58.2%** |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio, <br> Class A | &nbsp;&nbsp; 1703717 | &nbsp;&nbsp;&nbsp; $55592290<br>|
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Growth Fund, Class 1A | &nbsp;&nbsp; 1256411 | &nbsp;&nbsp;&nbsp; 159677338<br>|
| &nbsp;&nbsp;&nbsp; Delaware VIP Trust — Nomura VIP Small Cap Value Series, Standard Class | &nbsp;&nbsp; 1288347 | &nbsp;&nbsp;&nbsp; 54,561,481<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> 500 Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 1289560 | &nbsp;&nbsp;&nbsp; 293258855<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. Main Street Small Cap Fund, Class I <br> Shares | &nbsp;&nbsp; 929726 | &nbsp;&nbsp;&nbsp; 26283342<br>|
| &nbsp;&nbsp;&nbsp; Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, <br> Class I Shares | &nbsp;&nbsp; 2409966 | &nbsp;&nbsp;&nbsp; 144597947<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Newton Technology Growth Portfolio, Initial Class | &nbsp;&nbsp; 8326539 | &nbsp;&nbsp;&nbsp; 92970809<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Dimensional U.S. Equity Portfolio, Initial Class | &nbsp;&nbsp; 3356912 | &nbsp;&nbsp;&nbsp; 93749833<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Epoch U.S. Equity Yield Portfolio, Initial Class | &nbsp;&nbsp; 3735378 | &nbsp;&nbsp;&nbsp; 68810153<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Investors Trust Portfolio, Initial Class | &nbsp;&nbsp; 3813505 | &nbsp;&nbsp;&nbsp; 40493318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Research Portfolio, Initial Class | &nbsp;&nbsp; 2607924 | &nbsp;&nbsp;&nbsp; 27152401<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Small Cap Growth Portfolio, Initial Class | &nbsp;&nbsp; 2294608 | &nbsp;&nbsp;&nbsp; 26689041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Winslow Large Cap Growth Portfolio, Initial Class | &nbsp;&nbsp; 2418314 | &nbsp;&nbsp;&nbsp; 66858635<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class | &nbsp;&nbsp; 4100267 | &nbsp;&nbsp;&nbsp; 123541056<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class | &nbsp;&nbsp; 1549130 | &nbsp;&nbsp;&nbsp; 127539919<br>|
| &nbsp;&nbsp;&nbsp; Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares | &nbsp;&nbsp; 9071983 | &nbsp;&nbsp;&nbsp; 192416753<br>|
| **Total Domestic Equity** | **Total Domestic Equity** | &nbsp;&nbsp; **1594193171** |
| **Domestic Fixed Income — 29.9%** | **Domestic Fixed Income — 29.9%** | **Domestic Fixed Income — 29.9%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America, Class 1A | &nbsp;&nbsp; 12781562 | &nbsp;&nbsp;&nbsp; 120530131<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund, Class 1A | &nbsp;&nbsp; 9410823 | &nbsp;&nbsp;&nbsp; 92320172<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares | &nbsp;&nbsp; 14416307 | &nbsp;&nbsp;&nbsp; 99328356<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Salem Street Trust — Fidelity<sup>®</sup> U.S. Bond Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 25228584 | &nbsp;&nbsp;&nbsp; 264143270<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class | &nbsp;&nbsp; 9100520 | &nbsp;&nbsp;&nbsp; 84998859<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class | &nbsp;&nbsp; 16472700 | &nbsp;&nbsp;&nbsp; 155996467<br>|
| **Total Domestic Fixed Income** | **Total Domestic Fixed Income** | &nbsp;&nbsp; **817317255** |
| **Foreign Equity — 10.6%** | **Foreign Equity — 10.6%** | **Foreign Equity — 10.6%** |
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> International Index Fund, Institutional Premium <br> Shares | &nbsp;&nbsp; 1983999 | &nbsp;&nbsp;&nbsp; 121777880<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I <br> Shares | &nbsp;&nbsp; 1493348 | &nbsp;&nbsp;&nbsp; 51819163<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust — NYLI VP PineStone International Equity <br> Portfolio, Initial Class | &nbsp;&nbsp; 2212886 | &nbsp;&nbsp;&nbsp; 25559944<br>|
| &nbsp;&nbsp;&nbsp; Putnam Variable Trust — Putnam VT International Value Fund, Class IA | &nbsp;&nbsp; 3381318 | &nbsp;&nbsp;&nbsp; 53458634<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class | &nbsp;&nbsp; 2377891 | &nbsp;&nbsp;&nbsp; 38640726<br>|
| **Total Foreign Equity** | **Total Foreign Equity** | &nbsp;&nbsp; **291256347** |
| **Foreign Fixed Income — 1.0%** | **Foreign Fixed Income — 1.0%** | **Foreign Fixed Income — 1.0%** |
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-<br> Hedged), Institutional Class | &nbsp;&nbsp; 2863063 | &nbsp;&nbsp;&nbsp; *28000753*<br>|
| **Total Investments in Underlying Funds before Short-Term Investments (Cost — $2,455,629,460)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $2,455,629,460)** | &nbsp;&nbsp; **2730767526** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin Templeton Moderately Aggressive Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Description | Rate | Shares | Value |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| &nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares <br>(Cost — $8,492,550) | &nbsp;&nbsp; 3.556% | &nbsp;&nbsp; 8492550 | &nbsp;&nbsp;&nbsp;&nbsp; **$8492550**<br> <sup>(b)</sup><br>|
| **Total Investments — 100.0% (Cost — $2,464,122,010)** | **Total Investments — 100.0% (Cost — $2,464,122,010)** | **Total Investments — 100.0% (Cost — $2,464,122,010)** | &nbsp;&nbsp; **2739260076** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 610784 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2739870860** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at <br> www.franklintempleton.com (Note 2).<br>|
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

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 Schedules of Investments.

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

------

Schedules of Investments (unaudited)

March 31, 2026

 **Franklin Templeton Moderate Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| **Investments in Underlying Funds — 97.9%** | **Investments in Underlying Funds — 97.9%** | **Investments in Underlying Funds — 97.9%** |
| **Domestic Equity — 46.8%** | **Domestic Equity — 46.8%** | **Domestic Equity — 46.8%** |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio, <br> Class A | &nbsp;&nbsp; 841079 | &nbsp;&nbsp;&nbsp; $27444392<br>|
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Growth Fund, Class 1A | &nbsp;&nbsp; 551227 | &nbsp;&nbsp;&nbsp; 70055448<br>|
| &nbsp;&nbsp;&nbsp; Delaware VIP Trust — Nomura VIP Small Cap Value Series, Standard Class | &nbsp;&nbsp; 318029 | &nbsp;&nbsp;&nbsp; 13,468,518<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> 500 Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 902303 | &nbsp;&nbsp;&nbsp; 205192800<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. Main Street Small Cap Fund, Class I <br> Shares | &nbsp;&nbsp; 1070959 | &nbsp;&nbsp;&nbsp; 30275997<br>|
| &nbsp;&nbsp;&nbsp; Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, <br> Class I Shares | &nbsp;&nbsp; 1250636 | &nbsp;&nbsp;&nbsp; 75038154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Newton Technology Growth Portfolio, Initial Class | &nbsp;&nbsp; 4696632 | &nbsp;&nbsp;&nbsp; 52440720<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Dimensional U.S. Equity Portfolio, Initial Class | &nbsp;&nbsp; 1747279 | &nbsp;&nbsp;&nbsp; 48796973<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Epoch U.S. Equity Yield Portfolio, Initial Class | &nbsp;&nbsp; 1475135 | &nbsp;&nbsp;&nbsp; 27173754<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Investors Trust Portfolio, Initial Class | &nbsp;&nbsp; 2091473 | &nbsp;&nbsp;&nbsp; 22208098<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Research Portfolio, Initial Class | &nbsp;&nbsp; 1716318 | &nbsp;&nbsp;&nbsp; 17869442<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Small Cap Growth Portfolio, Initial Class | &nbsp;&nbsp; 755111 | &nbsp;&nbsp;&nbsp; 8782847<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Winslow Large Cap Growth Portfolio, Initial Class | &nbsp;&nbsp; 954882 | &nbsp;&nbsp;&nbsp; 26399429<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class | &nbsp;&nbsp; 2248872 | &nbsp;&nbsp;&nbsp; 67758512<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class | &nbsp;&nbsp; 590214 | &nbsp;&nbsp;&nbsp; 48592282<br>|
| &nbsp;&nbsp;&nbsp; Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares | &nbsp;&nbsp; 4834773 | &nbsp;&nbsp;&nbsp; 102545544<br>|
| **Total Domestic Equity** | **Total Domestic Equity** | &nbsp;&nbsp; **844042910** |
| **Domestic Fixed Income — 39.5%** | **Domestic Fixed Income — 39.5%** | **Domestic Fixed Income — 39.5%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America, Class 1A | &nbsp;&nbsp; 10847499 | &nbsp;&nbsp;&nbsp; 102291915<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund, Class 1A | &nbsp;&nbsp; 13292592 | &nbsp;&nbsp;&nbsp; 130400326<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares | &nbsp;&nbsp; 12155350 | &nbsp;&nbsp;&nbsp; 83750365<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Salem Street Trust — Fidelity<sup>®</sup> U.S. Bond Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 10391580 | &nbsp;&nbsp;&nbsp; 108799844<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Bond Portfolio, Initial Class | &nbsp;&nbsp; 3813892 | &nbsp;&nbsp;&nbsp; 46455876<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP PIMCO Real Return Portfolio, Initial Class | &nbsp;&nbsp; 4736774 | &nbsp;&nbsp;&nbsp; 37126360<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class | &nbsp;&nbsp; 7957765 | &nbsp;&nbsp;&nbsp; 74325521<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class | &nbsp;&nbsp; 13748649 | &nbsp;&nbsp;&nbsp; 130199706<br>|
| **Total Domestic Fixed Income** | **Total Domestic Fixed Income** | &nbsp;&nbsp; **713349913** |
| **Foreign Equity — 9.1%** | **Foreign Equity — 9.1%** | **Foreign Equity — 9.1%** |
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> International Index Fund, Institutional Premium <br> Shares | &nbsp;&nbsp; 1575077 | &nbsp;&nbsp;&nbsp; 96678213<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. EQV International Equity Fund, Class I <br> Shares | &nbsp;&nbsp; 860037 | &nbsp;&nbsp;&nbsp; 29843301<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust — NYLI VP PineStone International Equity <br> Portfolio, Initial Class | &nbsp;&nbsp; 1456405 | &nbsp;&nbsp;&nbsp; 16822211<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class | &nbsp;&nbsp; 1304107 | &nbsp;&nbsp;&nbsp; 21191733<br>|
| **Total Foreign Equity** | **Total Foreign Equity** | &nbsp;&nbsp; **164535458** |
| **Foreign Fixed Income — 2.5%** | **Foreign Fixed Income — 2.5%** | **Foreign Fixed Income — 2.5%** |
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-<br> Hedged), Institutional Class | &nbsp;&nbsp; 4694134 | &nbsp;&nbsp;&nbsp; *45908628*<br>|
| **Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,612,538,439)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $1,612,538,439)** | &nbsp;&nbsp; **1767836909** |

---

See Notes to Schedules of Investments.

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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Schedules of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin Templeton Moderate Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Description | Rate | Shares | Value |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| &nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares <br>(Cost — $37,308,509) | &nbsp;&nbsp; 3.556% | &nbsp;&nbsp; 37308509 | &nbsp;&nbsp;&nbsp;&nbsp; **$37308509**<br> <sup>(b)</sup><br>|
| **Total Investments — 100.0% (Cost — $1,649,846,948)** | **Total Investments — 100.0% (Cost — $1,649,846,948)** | **Total Investments — 100.0% (Cost — $1,649,846,948)** | &nbsp;&nbsp; **1805145418** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 569066 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1805714484** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at <br> www.franklintempleton.com (Note 2).<br>|
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

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 Schedules of Investments.

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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Schedules of Investments (unaudited)

March 31, 2026

 **Franklin Templeton Moderately Conservative Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| **Investments in Underlying Funds — 97.6%** | **Investments in Underlying Funds — 97.6%** | **Investments in Underlying Funds — 97.6%** |
| **Domestic Fixed Income — 50.4%** | **Domestic Fixed Income — 50.4%** | **Domestic Fixed Income — 50.4%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America, Class 1A | &nbsp;&nbsp; 2979195 | &nbsp;&nbsp;&nbsp; $28093809<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund, Class 1A | &nbsp;&nbsp; 5462468 | &nbsp;&nbsp;&nbsp; 53586807<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares | &nbsp;&nbsp; 4257679 | &nbsp;&nbsp;&nbsp; 29335408<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Salem Street Trust — Fidelity<sup>®</sup> U.S. Bond Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 3047701 | &nbsp;&nbsp;&nbsp; 31909426<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Bond Portfolio, Initial Class | &nbsp;&nbsp; 2003851 | &nbsp;&nbsp;&nbsp; 24408314<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP PIMCO Real Return Portfolio, Initial Class | &nbsp;&nbsp; 1866557 | &nbsp;&nbsp;&nbsp; 14629891<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class | &nbsp;&nbsp; 2482454 | &nbsp;&nbsp;&nbsp; 23186118<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class | &nbsp;&nbsp; 4024589 | &nbsp;&nbsp;&nbsp; 38112856<br>|
| **Total Domestic Fixed Income** | **Total Domestic Fixed Income** | &nbsp;&nbsp; **243262629** |
| **Domestic Equity — 35.4%** | **Domestic Equity — 35.4%** | **Domestic Equity — 35.4%** |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Variable Products Series Fund, Inc. — AB VPS Relative Value Portfolio, <br> Class A | &nbsp;&nbsp; 148099 | &nbsp;&nbsp;&nbsp; 4832480<br>|
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Growth Fund, Class 1A | &nbsp;&nbsp; 109227 | &nbsp;&nbsp;&nbsp; 13881628<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> 500 Index Fund, Institutional Premium Shares | &nbsp;&nbsp; 241824 | &nbsp;&nbsp;&nbsp; 54993191<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. Main Street Small Cap Fund, Class I Shares | &nbsp;&nbsp; 404228 | &nbsp;&nbsp;&nbsp; 11427537<br>|
| &nbsp;&nbsp;&nbsp; Legg Mason Partners Variable Equity Trust — ClearBridge Variable Appreciation Portfolio, <br> Class I Shares | &nbsp;&nbsp; 218706 | &nbsp;&nbsp;&nbsp; 13122345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Dimensional U.S. Equity Portfolio, Initial Class | &nbsp;&nbsp; 250379 | &nbsp;&nbsp;&nbsp; 6992427<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Epoch U.S. Equity Yield Portfolio, Initial Class | &nbsp;&nbsp; 259763 | &nbsp;&nbsp;&nbsp; 4785145<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Investors Trust Portfolio, Initial Class | &nbsp;&nbsp; 508319 | &nbsp;&nbsp;&nbsp; 5397533<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Research Portfolio, Initial Class | &nbsp;&nbsp; 453400 | &nbsp;&nbsp;&nbsp; 4720573<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Winslow Large Cap Growth Portfolio, Initial Class | &nbsp;&nbsp; 252275 | &nbsp;&nbsp;&nbsp; 6974600<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class | &nbsp;&nbsp; 396021 | &nbsp;&nbsp;&nbsp; 11932131<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund III — VIP Growth Opportunities Portfolio, Initial Class | &nbsp;&nbsp; 155931 | &nbsp;&nbsp;&nbsp; 12837781<br>|
| &nbsp;&nbsp;&nbsp; Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares | &nbsp;&nbsp; 893091 | &nbsp;&nbsp;&nbsp; 18942464<br>|
| **Total Domestic Equity** | **Total Domestic Equity** | &nbsp;&nbsp; **170839835** |
| **Foreign Fixed Income — 6.5%** | **Foreign Fixed Income — 6.5%** | **Foreign Fixed Income — 6.5%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Capital World Bond, Class 1A | &nbsp;&nbsp; 1205895 | &nbsp;&nbsp;&nbsp; 11974539<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-Hedged), <br> Institutional Class | &nbsp;&nbsp; 1973039 | &nbsp;&nbsp;&nbsp; 19296319<br>|
| **Total Foreign Fixed Income** | **Total Foreign Fixed Income** | &nbsp;&nbsp; **31270858** |
| **Foreign Equity — 5.3%** | **Foreign Equity — 5.3%** | **Foreign Equity — 5.3%** |
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> International Index Fund, Institutional Premium <br> Shares | &nbsp;&nbsp; 360971 | &nbsp;&nbsp;&nbsp; 22156386<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Emerging Markets Portfolio, Initial Class | &nbsp;&nbsp; 206760 | &nbsp;&nbsp;&nbsp; 3359856<br>|
| **Total Foreign Equity** | **Total Foreign Equity** | &nbsp;&nbsp; **25516242** |
| **Total Investments in Underlying Funds before Short-Term Investments (Cost — $439,342,274)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $439,342,274)** | &nbsp;&nbsp; **470889564** |

---

See Notes to Schedules of Investments.

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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Schedules of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin Templeton Moderately Conservative Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Description | Rate | Shares | Value |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| &nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares <br>(Cost — $13,341,482) | &nbsp;&nbsp; 3.556% | &nbsp;&nbsp; 13341482 | &nbsp;&nbsp;&nbsp;&nbsp; **$13341482**<br> <sup>(b)</sup><br>|
| **Total Investments — 100.3% (Cost — $452,683,756)** | **Total Investments — 100.3% (Cost — $452,683,756)** | **Total Investments — 100.3% (Cost — $452,683,756)** | &nbsp;&nbsp; **484231046** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.3)% | &nbsp;&nbsp;&nbsp; (1664596)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$482566450** |

---

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

<sup>(a)</sup> Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (Note 2). <br> <sup>(b)</sup> Rate shown is one-day yield as of the end of the reporting period.

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 Schedules of Investments.

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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Schedules of Investments (unaudited)

March 31, 2026

 **Franklin Templeton Conservative Model Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Description |  | Shares | Value |
| **Investments in Underlying Funds — 97.6%** | **Investments in Underlying Funds — 97.6%** | **Investments in Underlying Funds — 97.6%** | **Investments in Underlying Funds — 97.6%** |
| **Domestic Fixed Income — 65.0%** | **Domestic Fixed Income — 65.0%** | **Domestic Fixed Income — 65.0%** | **Domestic Fixed Income — 65.0%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series: | &nbsp;&nbsp;&nbsp; American Funds Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America, Class 1A |  | &nbsp;&nbsp; 1696220 | &nbsp;&nbsp;&nbsp; $15995358<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund, Class 1A |  | &nbsp;&nbsp; 2449749 | &nbsp;&nbsp;&nbsp; 24032037<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Variable Series Funds II, Inc. — BlackRock High Yield V.I. Fund, Class I Shares |  | &nbsp;&nbsp; 1913200 | &nbsp;&nbsp;&nbsp; 13181950<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Salem Street Trust — Fidelity<sup>®</sup> U.S. Bond Index Fund, Institutional Premium Shares |  | &nbsp;&nbsp; 1624918 | &nbsp;&nbsp;&nbsp; 17012889<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: | &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Bond Portfolio, Initial Class |  | &nbsp;&nbsp; 1234891 | &nbsp;&nbsp;&nbsp; 15041839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP PIMCO Real Return Portfolio, Initial Class |  | &nbsp;&nbsp; 958541 | &nbsp;&nbsp;&nbsp; 7512948<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO Total Return Portfolio, Institutional Class |  | &nbsp;&nbsp; 1157389 | &nbsp;&nbsp;&nbsp; 10810010<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund V — Investment Grade Bond II Portfolio, Initial Class |  | &nbsp;&nbsp; 1788595 | &nbsp;&nbsp;&nbsp; 16937997<br>|
| **Total Domestic Fixed Income** | **Total Domestic Fixed Income** | **Total Domestic Fixed Income** | &nbsp;&nbsp; **120525028** |
| **Domestic Equity — 19.7%** | **Domestic Equity — 19.7%** | **Domestic Equity — 19.7%** | **Domestic Equity — 19.7%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Growth Fund, Class 1A |  | &nbsp;&nbsp; 41835 | &nbsp;&nbsp;&nbsp; 5316841<br>|
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> 500 Index Fund, Institutional Premium Shares |  | &nbsp;&nbsp; 89703 | &nbsp;&nbsp;&nbsp; 20399297<br>|
| &nbsp;&nbsp;&nbsp; Invesco Variable Insurance Funds — Invesco V.I. Main Street Small Cap Fund, Class I Shares |  | &nbsp;&nbsp; 92894 | &nbsp;&nbsp;&nbsp; 2626107<br>|
| &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: | &nbsp;&nbsp;&nbsp; New York Life Investments VP Funds Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP Epoch U.S. Equity Yield Portfolio, Initial Class |  | &nbsp;&nbsp; 74633 | &nbsp;&nbsp;&nbsp; 1374829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYLI VP MFS<sup>®</sup> Investors Trust Portfolio, Initial Class |  | &nbsp;&nbsp; 126985 | &nbsp;&nbsp;&nbsp; 1348378<br>|
| &nbsp;&nbsp;&nbsp; Variable Insurance Products Fund — VIP Equity-Income Portfolio, Initial Class |  | &nbsp;&nbsp; 45512 | &nbsp;&nbsp;&nbsp; 1371268<br>|
| &nbsp;&nbsp;&nbsp; Voya Variable Funds — Voya Growth and Income Portfolio, Class I Shares |  | &nbsp;&nbsp; 189474 | &nbsp;&nbsp;&nbsp; 4018747<br>|
| **Total Domestic Equity** | **Total Domestic Equity** | **Total Domestic Equity** | &nbsp;&nbsp; **36455467** |
| **Foreign Fixed Income — 12.0%** | **Foreign Fixed Income — 12.0%** | **Foreign Fixed Income — 12.0%** | **Foreign Fixed Income — 12.0%** |
| &nbsp;&nbsp;&nbsp; American Funds Insurance Series — Capital World Bond, Class 1A |  | &nbsp;&nbsp; 1300486 | &nbsp;&nbsp;&nbsp; 12913826<br>|
| &nbsp;&nbsp;&nbsp; PIMCO Variable Insurance Trust — PIMCO International Bond Portfolio (U.S. Dollar-Hedged), <br> Institutional Class |  | &nbsp;&nbsp; 949923 | &nbsp;&nbsp;&nbsp; 9290247<br>|
| **Total Foreign Fixed Income** | **Total Foreign Fixed Income** | **Total Foreign Fixed Income** | &nbsp;&nbsp; **22204073** |
| **Foreign Equity — 0.9%** | **Foreign Equity — 0.9%** | **Foreign Equity — 0.9%** | **Foreign Equity — 0.9%** |
| &nbsp;&nbsp;&nbsp; Fidelity Concord Street Trust — Fidelity<sup>®</sup> International Index Fund, Institutional Premium <br> Shares |  | &nbsp;&nbsp; 28607 | &nbsp;&nbsp;&nbsp; *1755892*<br>|
| **Total Investments in Underlying Funds before Short-Term Investments (Cost — $172,554,878)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $172,554,878)** | **Total Investments in Underlying Funds before Short-Term Investments (Cost — $172,554,878)** | &nbsp;&nbsp; **180940460** |
|  | Rate |  |  |
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| &nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds — Treasury Trust Fund, Institutional Shares <br>(Cost — $4,260,685) | &nbsp;&nbsp; 3.556% | &nbsp;&nbsp; 4260685 | &nbsp;&nbsp;&nbsp;&nbsp; **4260685**<br> <sup>(a)</sup><br>|
| **Total Investments — 99.9% (Cost — $176,815,563)** | **Total Investments — 99.9% (Cost — $176,815,563)** | **Total Investments — 99.9% (Cost — $176,815,563)** | &nbsp;&nbsp; **185201145** |
| &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; 248129 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$185449274** |

---

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

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

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 Schedules of Investments.

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Templeton Aggressive Model Portfolio ("Aggressive Model Portfolio"), Franklin Templeton Moderately Aggressive Model Portfolio ("Moderately Aggressive Model Portfolio"), Franklin Templeton Moderate Model Portfolio ("Moderate Model Portfolio"), Franklin Templeton Moderately Conservative Model Portfolio ("Moderately Conservative Model Portfolio") and Franklin Templeton Conservative Model Portfolio ("Conservative Model Portfolio") (collectively, the "Portfolios") are 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. The Portfolios invest in insurance-dedicated mutual funds that have been selected by New York Life Insurance and Annuity Corporation ("NYLIAC") as investment options for use with their variable annuity and variable universal life insurance policies, noninsurance-dedicated mutual funds and exchange traded funds ("Underlying Funds"). The Underlying Funds include funds managed by investment advisers that are not affiliated with Franklin Resources, Inc. ("Franklin Resources") and funds managed by Franklin Resources affiliated investment advisers. Shares of the Portfolios are offered to variable annuity and variable life insurance separate accounts established by NYLIAC.

Shares of the Portfolios may only be purchased or redeemed through variable annuity contracts and variable life insurance policies issued by NYLIAC through their separate accounts.

The Portfolios follow 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 Portfolios and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of 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 Portfolios hold securities or other assets that are denominated in a foreign currency, the Portfolios 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 each Portfolio calculates its net asset value, the Portfolios value these securities as determined in accordance with procedures approved by the Portfolios' Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Portfolios' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolios' 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 Portfolios' pricing policies, and reporting to the Portfolios' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolios, 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

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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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. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund's last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund's last net asset value per share calculation but prior to the day of valuation.

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 Portfolios use 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 Portfolios' 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 Portfolios' assets carried at fair value:

**Aggressive Model Portfolio** <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; Investments in Underlying Funds†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | &nbsp;&nbsp; $480615336 | &nbsp;&nbsp; $432758472 | &nbsp;&nbsp; — | &nbsp;&nbsp; $913373808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Equity | &nbsp;&nbsp; 86386100 | &nbsp;&nbsp; 82904546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169290646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Fixed Income | &nbsp;&nbsp; 79589960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79589960 |
| Total Long-Term Investments | &nbsp;&nbsp; 646591396 | &nbsp;&nbsp; 515663018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162254414 |
| Short-Term Investments† | &nbsp;&nbsp; 32848682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32848682 |
| **Total Investments** | &nbsp;&nbsp; **$679440078** | &nbsp;&nbsp; **$515663018** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1195103096** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**Moderately Aggressive Model Portfolio** <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; Investments in Underlying Funds†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | &nbsp;&nbsp; $935916011 | &nbsp;&nbsp; $658277161 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1594193172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Fixed Income | &nbsp;&nbsp; 569000616 | &nbsp;&nbsp; 248316639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 817317255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Equity | &nbsp;&nbsp; 160418605 | &nbsp;&nbsp; 130837741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291256346 |

---

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Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Fixed Income | &nbsp;&nbsp; $28000753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $28000753 |
| Total Long-Term Investments | &nbsp;&nbsp; 1693335985 | &nbsp;&nbsp; 1037431541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2730767526 |
| Short-Term Investments† | &nbsp;&nbsp; 8492550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8492550 |
| **Total Investments** | &nbsp;&nbsp; **$1701828535** | &nbsp;&nbsp; **$1037431541** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2739260076** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**Moderate Model Portfolio** <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; Investments in Underlying Funds†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | &nbsp;&nbsp; $512595811 | &nbsp;&nbsp; $331447101 | &nbsp;&nbsp; — | &nbsp;&nbsp; $844042912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Fixed Income | &nbsp;&nbsp; 369167645 | &nbsp;&nbsp; 344182267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 713349912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Equity | &nbsp;&nbsp; 117869945 | &nbsp;&nbsp; 46665512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164535457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Fixed Income | &nbsp;&nbsp; 45908628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45908628 |
| Total Long-Term Investments | &nbsp;&nbsp; 1045542029 | &nbsp;&nbsp; 722294880 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1767836909 |
| Short-Term Investments† | &nbsp;&nbsp; 37308509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37308509 |
| **Total Investments** | &nbsp;&nbsp; **$1082850538** | &nbsp;&nbsp; **$722294880** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1805145418** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**Moderately Conservative Model Portfolio** <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; Investments in Underlying Funds†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Fixed Income | &nbsp;&nbsp; $112524760 | &nbsp;&nbsp; $130737868 | &nbsp;&nbsp; — | &nbsp;&nbsp; $243262628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | &nbsp;&nbsp; 111827912 | &nbsp;&nbsp; 59011923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 170839835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Fixed Income | &nbsp;&nbsp; 19296319 | &nbsp;&nbsp; 11974539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31270858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Equity | &nbsp;&nbsp; 25516243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25516243 |
| Total Long-Term Investments | &nbsp;&nbsp; 269165234 | &nbsp;&nbsp; 201724330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 470889564 |
| Short-Term Investments† | &nbsp;&nbsp; 13341482 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13341482 |
| **Total Investments** | &nbsp;&nbsp; **$282506716** | &nbsp;&nbsp; **$201724330** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$484231046** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**Conservative Model Portfolio** <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; Investments in Underlying Funds†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Fixed Income | &nbsp;&nbsp; $57000208 | &nbsp;&nbsp; $63524821 | &nbsp;&nbsp; — | &nbsp;&nbsp; $120525029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | &nbsp;&nbsp; 25789312 | &nbsp;&nbsp; 10666155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36455467 |

---

------

Franklin Templeton Model Portfolio Funds 2026 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Fixed Income | &nbsp;&nbsp; $9290246 | &nbsp;&nbsp; $12913826 | &nbsp;&nbsp; — | &nbsp;&nbsp; $22204072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Equity | &nbsp;&nbsp; 1755892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1755892 |
| Total Long-Term Investments | &nbsp;&nbsp; 93835658 | &nbsp;&nbsp; 87104802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180940460 |
| Short-Term Investments† | &nbsp;&nbsp; 4260685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4260685 |
| **Total Investments** | &nbsp;&nbsp; **$98096343** | &nbsp;&nbsp; **$87104802** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$185201145** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Portfolios own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolios. The following Underlying Funds were considered affiliated companies for all or some portion of the period ended March 31, 2026. The following transactions were effected in such Underlying Funds for the period ended March 31, 2026. <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Aggressive Model <br> Portfolio<br>| Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares |
|  | $67753627 | $736737 | 11692 |  |  |  |  |  | $(2547062)<br>| $65943302 |
| Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA |
|  | 36343766 | 2149942 | 136184 | $3004274 | 172934 | $296759 | $889882 | $650152 | (722356)<br>| 35063837 |
|  | **$104097393** | **$2886679** |  | **$3004274** |  | **$296759** | **$889882** | **$650152** | **$(3269418)**<br>| **$101007139** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Moderately Aggressive <br> Model Portfolio<br>| Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares |
|  | $149898344 | $270903 | 4279 |  |  |  |  |  | $(5571300)<br>| $144597947 |
| Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA | Putnam VT International Value Fund, Class IA |
|  | 56203197 | 2784380 | 179390 | $4932094 | 284623 | $835527 | $1356723 | $991228 | (1432376)<br>| 53458634 |
|  | **$206101541** | **$3055283** |  | **$4932094** |  | **$835527** | **$1356723** | **$991228** | **$(7003676)**<br>| **$198056581** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Moderate Model Portfolio | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares |
|  | $78049586 |  |  | $123957 | 1965 | $(6637)<br>|  |  | $(2880838)<br>| $75038154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Moderately Conservative Model <br> Portfolio<br>| Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) <br>from Sale <br>of Affiliated <br>Underlying <br>Funds | Income <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Capital Gain <br>Distributions <br>from <br>Affiliated <br>Underlying <br>Funds | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares | ClearBridge Variable Appreciation Portfolio, Class I Shares |
|  | $13735712 |  |  | $109702 | 1736 | $915 |  |  | $(504580)<br>| $13122345 |

---

------

Franklin Templeton Model Portfolio Funds 2026 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:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

- **a. Name of Series:** Franklin Templeton Moderately Conservative Model Portfolio

- **b. EDGAR series identifier (if any):** S000068275

- **c. LEI of Series:** 549300PJG3C9WJK3OL06

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $482215687.23

**Total Liabilities:** $171771.76

**Net Assets:** $482043915.47

**Cash Not Reported:** $188264.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218582 | 0.97%                | 0.88%                | -3.65%               |
| Class ID C000218583 | 0.97%                | 0.88%                | -3.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $4533961.29                                |
| Month 2  | $484803.93               | $2111335.72                                |
| Month 3  | $92669.84                | $-18497439.30                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Voya Variable Funds                                             | VOYA GROWTH AND INCOME PORTFOLIO                          | CUSIP: 92913H105<br>LEI: 549300J1AYTJTJWHW556 | Long             | EC               | RF                | US        |    887868 | NS      | $18831683.36  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Salem Street Trust                                     | Fidelity Salem Street Trust US BD INDEX FD                | CUSIP: 316146356<br>LEI: S4W85DGKOEJ24DPRB829 | Long             | EC               | RF                | US        |   3037967 | NS      | $31807509.72  | 6.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStay VP MacKay Common Stock Initl                           | MainStay VP MacKay Common Stock Initl                     | CUSIP: 56064D379<br>LEI: N/A                  | Long             | EC               | RF                | US        |    250379 | NS      | $6992426.86   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AB VPS Relative Value Portfolio Class A                         | AB VPS Relative Value Portfolio Class A                   | CUSIP: 018792101<br>LEI: N/A                  | Long             | EC               | RF                | US        |    147300 | NS      | $4806413.81   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) | Aim Variable Insurance Funds V I MAIN SMCP IB             | CUSIP: 00900X793<br>LEI: FC4UULIMJMGKBDUARB13 | Long             | EC               | RF                | US        |    401923 | NS      | $11362371.86  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                       | BlackRock Liquidity Funds TREAS TR INSTL                  | CUSIP: 09248U551<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  13153218 | NS      | $13153217.52  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| American Funds IS The Bond Fd of Amer1A                         | American Funds IS The Bond Fd of Amer1A                   | CUSIP: 02630E293<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2979195 | NS      | $28093809.34  | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| American Funds IS US Government Secs 1A                         | American Funds IS US Government Secs 1A                   | CUSIP: 02630E244<br>LEI: N/A                  | Long             | EC               | RF                | US        |   5462468 | NS      | $53586807.25  | 11.12%            |  |  |  | No            |                  2 | On Loan: No      |
| NYLI VP MFS Research - Initial Class                            | NYLI VP MFS Research - Initial Class                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |    450896 | NS      | $4694507.29   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| PIMCO VARIABLE INSURANCE TRUST                                  | Pimco Var Ins Tr FGN BD PTFL I                            | CUSIP: 693394694<br>LEI: 549300KNGHUU7TTJOR56 | Long             | EC               | RF                | US        |   1966369 | NS      | $19231085.54  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| VARIABLE INSURANCE PRODUCTS FUND III                            | Fidelity Advisor Annuity Fd GROWTH OPPTNTS                | CUSIP: 315802207<br>LEI: C88PZA3GJP7OWPNW6V03 | Long             | EC               | RF                | US        |    155060 | NS      | $12766100.09  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStay VP Epoch US Equity Yield Initl                         | MainStay VP Epoch US Equity Yield Initl                   | CUSIP: 56064D445<br>LEI: N/A                  | Long             | EC               | RF                | US        |    258348 | NS      | $4759078.59   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Life Investments VP Funds Trust                        | New York Life Investments VP Funds Trust BD PORTFOL INITI | CUSIP: 56064D478<br>LEI: 549300AG6K4RXYNOVN04 | Long             | EC               | RF                | US        |   2003851 | NS      | $24408313.66  | 5.06%             |  |  |  | No            |                  2 | On Loan: No      |
| American Funds IS Capital World Bond 1A                         | American Funds IS Capital World Bond 1A                   | CUSIP: 02630E285<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1205895 | NS      | $11974539.19  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PIMCO VARIABLE INSURANCE TRUST                                  | Pimco Var Ins Tr TTL RTN BD INS                           | CUSIP: 693394785<br>LEI: 549300KNGHUU7TTJOR56 | Long             | EC               | RF                | US        |   2473944 | NS      | $23106635.16  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Concord Street Trust                                   | Fidelity Concord Street Trust INTL IDX FD                 | CUSIP: 315911727<br>LEI: EEX0N4ID1C226M44VF22 | Long             | EC               | RF                | US        |    334165 | NS      | $20511067.83  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStay VP Large Cap Growth Init                               | MainStay VP Large Cap Growth Init                         | CUSIP: 56064D387<br>LEI: N/A                  | Long             | EC               | RF                | US        |    250861 | NS      | $6935501.41   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| American Funds IS Growth 1A                                     | American Funds IS Growth 1A                               | CUSIP: 02630E434<br>LEI: N/A                  | Long             | EC               | RF                | US        |    108611 | NS      | $13803429.69  | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| NYLI VP MFS Investors Trust - Initial Class                     | NYLI VP MFS Investors Trust - Initial Class               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |    505496 | NS      | $5367557.45   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK VARIABLE SERIES FUNDS II INC                          | Blackrock Ser Fds Ii Inc HI YILD VI FD I                  | CUSIP: 09258X107<br>LEI: 549300CYYTFFNBNORE26 | Long             | EC               | RF                | US        |   4257679 | NS      | $29335407.43  | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Life Investments VP Funds Trust                        | New York Life Investments VP Funds Trust PIMCO REAL RET P | CUSIP: 56064D254<br>LEI: 549300AG6K4RXYNOVN04 | Long             | EC               | RF                | US        |   1866557 | NS      | $14629890.75  | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| VARIABLE INSURANCE PRODUCTS FUND II                             | Variable Insurance Products Fund IV FIDELITY VIP          | CUSIP: 922177324<br>LEI: D8TUF5IXYLDDLCD6AV58 | Long             | EC               | RF                | US        |    205557 | NS      | $3340307.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Concord Street Trust                                   | Fidelity Concord Street Trust 500 INDEX FUND              | CUSIP: 315911750<br>LEI: EEX0N4ID1C226M44VF22 | Long             | EC               | RF                | US        |    241824 | NS      | $54993191.29  | 11.41%            |  |  |  | No            |                  1 | On Loan: No      |
| VARIABLE INSURANCE PRODUCTS FUND V                              | Variable Ins Prods Fd EQTY INCOM PTF                      | CUSIP: 922174305<br>LEI: S8GYVGVVOPTJ8G3T5C60 | Long             | EC               | RF                | US        |    393859 | NS      | $11866965.49  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity VIP Investment Grade Bd II Init                        | Fidelity VIP Investment Grade Bd II Init                  | CUSIP: 922178652<br>LEI: N/A                  | Long             | EC               | RF                | US        |   4024589 | NS      | $38112856.42  | 7.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Legg Mason Partners Variable Equity Trust                       | ClearBridge Variable Appreciation Portfolio               | CUSIP: 52467W882<br>LEI: 549300JPS8VIXKYYNE50 | Long             | EC               | RF                | US        |    218706 | NS      | $13122345.24  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer