Form NPORT-P LEGG MASON PARTNERS VARI For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001176343
          XXXXXXXX
        
      
      
      
      
        S000068274
        C000218581
        C000218580
      
      
    
  
  
    
      Legg Mason Partners Variable Equity Trust
      811-21128
      0001176343
      549300W9EP2BXVLOGN89
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      Franklin Templeton Moderately Aggressive Model Portfolio
      S000068274
      5493001JQ7JYNCZAGH30
      2022-12-31
      2022-03-31
      N
    
    
      1055561845.18
      333421.68
      1055228423.50
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      4148092.69000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        American Funds IS Growth 1A
        N/A
        
        000000000
        
          
        
        293632.02500000
        NS
        USD
        33893944.65000000
        3.212000728484
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fidelity Variable Insurance Products - VIP Emerging Markets Portfolio
        N/A
        
        922177324
        
          
          
        
        2093418.69400000
        NS
        USD
        23027605.63000000
        2.182238946295
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity 500 Index Fund
        VNHOOHES3TKXOTQ3FS51
        
        315911750
        
          
          
        
        749427.69100000
        NS
        USD
        118192241.15000000
        11.20063092671
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity International Index Fund
        549300C2K28SY5V9FK59
        
        315911727
        
          
          
        
        802697.36200000
        NS
        USD
        36916051.68000000
        3.498394362573
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PIMCO VIT Total Return Portfolio
        WXIJUDZ58N7QM7IEFC20
        
        693394785
        
          
        
        6351153.81400000
        NS
        USD
        63829095.83000000
        6.048841597565
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Variable Insurance Products - VIP Contrafund Portfolio
        63OPVRZIKP7DI20FOE51
        
        922175500
        
          
          
        
        425001.22300000
        NS
        USD
        20663559.46000000
        1.958207246869
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP MacKay Common Stock Initl
        N/A
        
        000000000
        
          
        
        2654180.92200000
        NS
        USD
        85198411.34000000
        8.073930671561
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        MainStay VP Epoch US Equity Yield Initl
        N/A
        
        000000000
        
          
        
        3157162.09000000
        NS
        USD
        57199884.17000000
        5.420616323078
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        MainStay VP Large Cap Growth Init
        N/A
        
        000000000
        
          
        
        1891416.99300000
        NS
        USD
        62454967.39000000
        5.918620651142
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        MainStay VP Bond Init
        N/A
        
        000000000
        
          
        
        3860595.57400000
        NS
        USD
        52203359.41000000
        4.947114600727
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        BNY Mellon IP Technology Growth Init
        N/A
        
        000000000
        
          
        
        709070.26200000
        NS
        USD
        19038536.53000000
        1.804209980134
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Liquidity Funds Treasury Trust Fund Portfolio
        549300U5PI8CHFJM7202
        
        09248U551
        
          
          
        
        11225415.83000000
        NS
        USD
        11225415.83000000
        1.063790131123
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ClearBridge Variable Appreciation Portfolio
        549300JPS8VIXKYYNE50
        
        52467W882
        
          
          
        
        1016725.85900000
        NS
        USD
        59580135.34000000
        5.646183708962
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP PIMCO Real Return Init
        N/A
        
        000000000
        
          
        
        3216876.58200000
        NS
        USD
        31068915.72000000
        2.944283439309
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fidelity VIP Equity Income Portfolio
        N/A
        
        922174305
        
          
          
        
        3001398.51800000
        NS
        USD
        77556137.71000000
        7.349701352126
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Funds IS Blue Chip Inc&Gr 1A
        N/A
        
        000000000
        
          
        
        3827221.25900000
        NS
        USD
        67359094.16000000
        6.383366166027
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        PIMCO International Bond Portfolio U.S. Dollar-Hedged
        549300P9300R3FCSTO42
        
        693394694
        
          
          
        
        3522730.29100000
        NS
        USD
        36319349.30000000
        3.441847138606
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Eagle Small Growth Init
        N/A
        
        000000000
        
          
        
        1826177.28300000
        NS
        USD
        28341723.58000000
        2.685837772071
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Fidelity US Bond Index
        5VUJ0DJSDOFYE2WQN531
        
        316146356
        
          
          
        
        9288089.69100000
        NS
        USD
        104212366.33000000
        9.875811152276
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Variable Portfolio - Emerging Markets Bond Fund
        N/A
        
        19766L586
        
          
        
        3098551.50200000
        NS
        USD
        26182760.19000000
        2.481240990756
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VPFidty InsAM Utilts Pf Initl
        N/A
        
        000000000
        
          
        
        2539009.79100000
        NS
        USD
        36629024.75000000
        3.471193907808
        Long
        EC
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-18
      Legg Mason Partners Variable Equity Trust
      Christopher Berarducci
      Christopher Berarducci
      Principal Financial Officer
    
  
  XXXX

FRANKLIN TEMPLETON AGGRESSIVE MODEL PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedules of investments (unaudited)		March 31, 2022

 

DESCRIPTION						SHARES				VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.5%
DOMESTIC EQUITY - 77.5%
American Funds Insurance Series:
Growth Fund, Class 1A							111,343			$	12,852,311
Washington Mutual Investors Fundsm, Class 1A							1,034,030				18,198,937
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares							348,629				9,360,680
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares							208,351				32,859,005
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares							285,674				16,740,499	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class							1,468,684				26,608,881
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class							1,281,716				18,490,673	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class							429,857				6,671,257
MainStay VP Wellington U.S. Equity Portfolio, Initial Class							1,016,747				32,637,280
MainStay VP Winslow Large Cap Growth Portfolio, Initial Class							546,480				18,044,890
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class							994,814				25,705,997
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class							119,409				5,805,669	(c)
Variable Insurance Products Fund III - VIP Growth Opportunities Portfolio, Initial Class							106,619				6,129,518
TOTAL DOMESTIC EQUITY											230,105,597
FOREIGN EQUITY - 13.4%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares							346,101				15,917,171
Janus Aspen Series - Janus Henderson VIT Global Research Portfolio, Institutional Shares							176,560				11,702,385
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class							1,116,223				12,278,460
TOTAL FOREIGN EQUITY											39,898,016
DOMESTIC FIXED INCOME - 7.6%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares							1,998,534				22,423,547
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $290,027,048)											292,427,160
		RATE
SHORT-TERM INVESTMENTS - 1.3%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $3,897,535)			0.195	%			3,897,535				3,897,535
TOTAL INVESTMENTS - 99.8% (Cost - $293,924,583)											296,324,695
Other Assets in Excess of Liabilities - 0.2%											525,840
TOTAL NET ASSETS - 100.0%										$	296,850,535

 

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

 

(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.

 

(c)	Contrafund is a registered service mark of FMR LLC.

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 2022 Quarterly Report		1

---

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedules of investments (unaudited)		March 31, 2022

 

DESCRIPTION						SHARES				VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.6%
DOMESTIC EQUITY - 63.2%
American Funds Insurance Series:
Growth Fund, Class 1A							293,632			$	33,893,945
Washington Mutual Investors Fundsm, Class 1A							3,827,221				67,359,094
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares							770,046				20,675,739
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares							749,428				118,192,241
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares							1,016,726				59,580,135	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class							3,157,162				57,199,884
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class							2,539,010				36,629,025	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class							1,826,177				28,341,724
MainStay VP Wellington U.S. Equity Portfolio, Initial Class							2,654,181				85,198,411
MainStay VP Winslow Large Cap Growth Portfolio, Initial Class							1,891,417				62,454,967
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class							3,001,399				77,556,138
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class							425,001				20,663,560	(c)
TOTAL DOMESTIC EQUITY											667,744,863
DOMESTIC FIXED INCOME - 23.8%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares							9,303,084				104,380,606
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class							3,860,595				52,203,359
MainStay VP PIMCO Real Return Portfolio, Initial Class							3,216,877				31,068,916
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class							6,362,158				63,939,684
TOTAL DOMESTIC FIXED INCOME											251,592,565
FOREIGN FIXED INCOME - 5.9%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1							3,131,812				26,463,814
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class							3,526,532				36,358,541
TOTAL FOREIGN FIXED INCOME											62,822,355
FOREIGN EQUITY - 5.7%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares							802,697				36,916,052
Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class							2,093,419				23,027,605
TOTAL FOREIGN EQUITY											59,943,657
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,050,592,709)											1,042,103,440
		RATE
SHORT-TERM INVESTMENTS - 1.2%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $13,427,869)			0.195	%			13,427,869				13,427,869
TOTAL INVESTMENTS - 99.8% (Cost - $1,064,020,578)											1,055,531,309
Other Assets in Excess of Liabilities - 0.2%											1,649,671
TOTAL NET ASSETS - 100.0%										$	1,057,180,980

 

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

 

(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.

 

(c)	Contrafund is a registered service mark of FMR LLC.

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.

 

2		Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

---

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedules of investments (unaudited)		March 31, 2022

 

DESCRIPTION						SHARES				VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.8%
DOMESTIC EQUITY - 51.1%
American Funds Insurance Series:
Growth Fund, Class 1A							157,167			$	18,141,781
Washington Mutual Investors Fundsm, Class 1A							3,055,662				53,779,653
BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares							666,271				17,889,368
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares							630,506				99,437,186
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares							688,663				40,355,675	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class							1,985,961				35,980,645
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class							3,767,084				54,345,832	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class							1,148,690				17,827,325
MainStay VP Wellington U.S. Equity Portfolio, Initial Class							1,462,130				46,933,932
MainStay VP Winslow Large Cap Growth Portfolio, Initial Class							681,697				22,509,783
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class							1,557,634				40,249,260
Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class							368,458				17,914,418	(c)
TOTAL DOMESTIC EQUITY											465,364,858
DOMESTIC FIXED INCOME - 36.7%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares							6,949,724				77,975,905
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class							3,327,850				44,999,515
MainStay VP MacKay Convertible Portfolio, Initial Class							2,306,115				40,702,012
MainStay VP MacKay Government Portfolio, Initial Class							1,731,119				17,904,449
MainStay VP PIMCO Real Return Portfolio, Initial Class							2,772,827				26,780,245
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class							12,534,309				125,969,801
TOTAL DOMESTIC FIXED INCOME											334,331,927
FOREIGN FIXED INCOME - 5.9%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1							2,699,362				22,809,604
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class							3,039,462				31,336,857
TOTAL FOREIGN FIXED INCOME											54,146,461
FOREIGN EQUITY - 5.1%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares							1,011,941				46,539,148
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $908,981,447)											900,382,394
		RATE
SHORT-TERM INVESTMENTS - 0.9%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $8,216,867)			0.195	%			8,216,867				8,216,867
TOTAL INVESTMENTS - 99.7% (Cost - $917,198,314)											908,599,261
Other Assets in Excess of Liabilities - 0.3%											2,716,145
TOTAL NET ASSETS - 100.0%										$	911,315,406

 

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

 

(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.

 

(c)	Contrafund is a registered service mark of FMR LLC.

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 2022 Quarterly Report		3

---

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedules of investments (unaudited)		March 31, 2022

 

DESCRIPTION						SHARES				VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.6%
DOMESTIC FIXED INCOME - 46.1%
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares							2,705,126			$	30,351,517
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class							2,621,201				35,444,139
MainStay VP MacKay Convertible Portfolio, Initial Class							633,119				11,174,302
MainStay VP MacKay Government Portfolio, Initial Class							1,292,283				13,365,699
MainStay VP PIMCO Real Return Portfolio, Initial Class							2,194,110				21,190,929
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class							5,025,591				50,507,186
TOTAL DOMESTIC FIXED INCOME											162,033,772
DOMESTIC EQUITY - 39.9%
American Funds Insurance Series:
Growth Fund, Class 1A							64,909				7,492,395
Washington Mutual Investors Fundsm, Class 1A							833,972				14,677,910
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares							252,081				39,755,694
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio,
Class I Shares							182,002				10,665,325	(a)
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class							717,719				13,003,283
MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class							1,110,240				16,016,876	(b)
MainStay VP Small Cap Growth Portfolio, Initial Class							473,420				7,347,335
MainStay VP Wellington U.S. Equity Portfolio, Initial Class							279,881				8,984,097
MainStay VP Winslow Large Cap Growth Portfolio, Initial Class							282,384				9,324,370
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class							504,145				13,027,114
TOTAL DOMESTIC EQUITY											140,294,399
FOREIGN FIXED INCOME - 10.6%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets
Bond Fund, Class 1							1,430,518				12,087,875
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class							2,433,551				25,089,910
TOTAL FOREIGN FIXED INCOME											37,177,785
FOREIGN EQUITY - 2.0%
Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares							156,989				7,219,920
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $354,767,659)											346,725,876
		RATE
SHORT-TERM INVESTMENTS - 1.5%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $5,257,926)			0.195	%			5,257,926				5,257,926
TOTAL INVESTMENTS - 100.1% (Cost - $360,025,585)											351,983,802
Liabilities in Excess of Other Assets - (0.1)%											(251,459	)
TOTAL NET ASSETS - 100.0%										$	351,732,343

 

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

 

(b)	Fidelity Institutional AM is a registered service mark of FMR LLC.

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.

 

4		Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

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FRANKLIN TEMPLETON CONSERVATIVE MODEL PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedules of investments (unaudited)		March 31, 2022

 

DESCRIPTION						SHARES				VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.0%
DOMESTIC FIXED INCOME - 61.3%
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund, Class I							885,439			$	6,375,162
Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares							1,663,527				18,664,777
MainStay VP Funds Trust:
MainStay VP Bond Portfolio, Initial Class							1,727,698				23,362,099
MainStay VP MacKay Government Portfolio, Initial Class							1,045,092				10,809,077
MainStay VP PIMCO Real Return Portfolio, Initial Class							1,591,642				15,372,232
PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class							2,316,333				23,279,146
TOTAL DOMESTIC FIXED INCOME											97,862,493
DOMESTIC EQUITY - 21.5%
American Funds Insurance Series, Washington Mutual Investors Fundsm, Class 1A							187,909				3,307,197
Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares							112,697				17,773,514
MainStay VP Funds Trust:
MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class							341,303				6,183,554
MainStay VP Small Cap Growth Portfolio, Initial Class							221,781				3,441,975
Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class							143,365				3,704,549
TOTAL DOMESTIC EQUITY											34,410,789
FOREIGN FIXED INCOME - 16.2%
Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1							855,449				7,228,548
PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class							1,807,230				18,632,542
TOTAL FOREIGN FIXED INCOME											25,861,090
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $166,273,620)											158,134,372
		RATE
SHORT-TERM INVESTMENTS - 0.8%
Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares (Cost - $1,331,069)			0.195	%			1,331,069				1,331,069
TOTAL INVESTMENTS - 99.8% (Cost - $167,604,689)											159,465,441
Other Assets in Excess of Liabilities - 0.2%											282,302
TOTAL NET ASSETS - 100.0%										$	159,747,743

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 2022 Quarterly Report		5

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Notes to Schedules of Investments (unaudited)

 

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 non-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 following are significant accounting policies consistently followed by the Portfolios and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Portfolios’ pricing policies, and reporting to the Board of Trustees. 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 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

 

6

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

 

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 of Trustees, 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 of Trustees 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 – 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

 

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity		$	96,601,368			$	133,504,229				—			$	230,105,597
Other Investments in Underlying Funds			62,321,563				—				—				62,321,563
Total Long-Term Investments			158,922,931				133,504,229				—				292,427,160
Short-Term Investments†			3,897,535				—				—				3,897,535
Total Investments		$	162,820,466			$	133,504,229				—			$	296,324,695
†   See Schedule of Investments for additional detailed categorizations.

 

Moderately Aggressive Model Portfolio
ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity		$	296,667,813			$	371,077,050				—			$	667,744,863
Domestic Fixed Income			168,320,290				83,272,275				—				251,592,565
Other Investments in Underlying Funds			122,766,012				—				—				122,766,012
Total Long-Term Investments			587,754,115				454,349,325				—				1,042,103,440
Short-Term Investments†			13,427,869				—				—				13,427,869
Total Investments		$	601,181,984			$	454,349,325				—			$	1,055,531,309
†   See Schedule of Investments for additional detailed categorizations.

 

				7

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

 

Moderate Model Portfolio
ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity		$	215,845,907			$	249,518,951				—			$	465,364,858
Domestic Fixed Income			203,945,706				130,386,221				—				334,331,927
Other Investments in Underlying Funds			100,685,609				—				—				100,685,609
Total Long-Term Investments			520,477,222				379,905,172				—				900,382,394
Short-Term Investments†			8,216,867				—				—				8,216,867
Total Investments		$	528,694,089			$	379,905,172				—			$	908,599,261
†   See Schedule of Investments for additional detailed categorizations.
Moderately Conservative Model Portfolio
ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity		$	63,448,133			$	76,846,266				—			$	140,294,399
Domestic Fixed Income			80,858,703				81,175,069				—				162,033,772
Other Investments in Underlying Funds			44,397,705				—				—				44,397,705
Total Long-Term Investments			188,704,541				158,021,335				—				346,725,876
Short-Term Investments†			5,257,926				—				—				5,257,926
Total Investments		$	193,962,467			$	158,021,335				—			$	351,983,802
†   See Schedule of Investments for additional detailed categorizations.
Conservative Model Portfolio
ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments:
Investments in Underlying Funds†:
Domestic Equity		$	21,478,063			$	12,932,726				—			$	34,410,789
Domestic Fixed Income			48,319,085				49,543,408				—				97,862,493
Foreign Fixed Income			25,861,090				—				—				25,861,090
Total Long-Term Investments			95,658,238				62,476,134				—				158,134,372
Short-Term Investments†			1,331,069				—				—				1,331,069
Total Investments		$	96,989,307			$	62,476,134				—			$	159,465,441
†   See Schedule of Investments for additional detailed categorizations.

 

8

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

 

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, 2022. The following transactions were effected in such Underlying Funds for the period ended March 31, 2022.

 

		Affiliate Value at December 31, 2021				Purchased								Sold								Realized Gain (Loss) from Sale of Affiliated Underlying Funds				Income Distributions from Affiliated Underlying Funds				Return of Capital from Affiliated Underlying Funds				Capital Gain Distributions from Affiliated Underlying Funds				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
Aggressive Model Portfolio
						Cost				Shares				Cost				Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares		$	14,889,965			$	2,435,000				41,976				—				—				—				—				—				—			$	(584,466	)		$	16,740,499
		Affiliate Value at December 31, 2021				Purchased								Sold								Realized Gain (Loss) from Sale of Affiliated Underlying Funds				Income Distributions from Affiliated Underlying Funds				Return of Capital from Affiliated Underlying Funds				Capital Gain Distributions from Affiliated Underlying Funds				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
Moderately Aggressive Model Portfolio
						Cost				Shares				Cost				Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares		$	55,620,849			$	6,175,000				106,401				—				—				—				—				—				—			$	(2,215,714	)		$	59,580,135
		Affiliate Value at December 31, 2021				Purchased								Sold								Realized Gain (Loss) from Sale of Affiliated Underlying Funds				Income Distributions from Affiliated Underlying Funds				Return of Capital from Affiliated Underlying Funds				Capital Gain Distributions from Affiliated Underlying Funds				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
Moderate Model Portfolio
						Cost				Shares				Cost				Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares		$	38,510,025			$	3,400,000				58,384				—				—				—				—				—				—			$	(1,554,350	)		$	40,355,675
Moderately Conservative Model Portfolio		Affiliate Value at December 31, 2021				Purchased								Sold								Realized Gain (Loss) from Sale of Affiliated Underlying Funds				Income Distributions from Affiliated Underlying Funds				Return of Capital from Affiliated Underlying Funds				Capital Gain Distributions from Affiliated Underlying Funds				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
						Cost				Shares				Cost				Shares
ClearBridge Variable Appreciation Portfolio, Class I Shares		$	9,860,479			$	1,174,999				20,619				—				—				—				—				—				—			$	(370,153	)		$	10,665,325

 

				9

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