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

  
    NPORT-P
    false
    
      
      
        
          0001176343
          XXXXXXXX
        
      
      
      
      
        S000017013
        C000047270
        C000053699
      
      
    
  
  
    
      Legg Mason Partners Variable Equity Trust
      811-21128
      0001176343
      549300W9EP2BXVLOGN89
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      ClearBridge Variable Appreciation Portfolio
      S000017013
      549300JPS8VIXKYYNE50
      2022-12-31
      2022-03-31
      N
    
    
      1024705871.46
      821103.09
      1023884768.37
      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
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        MONDELEZ INTERNATIONAL INC-A
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        134237.00000000
        NS
        USD
        8427398.86000000
        0.823080791934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PEPSICO INC
        FJSUNZKFNQ5YPJ5OT455
        
        713448108
        
          
          
        
        65927.00000000
        NS
        USD
        11034861.26000000
        1.077744449462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEXAS INSTRUMENTS INC
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        14020.00000000
        NS
        USD
        2572389.60000000
        0.251238193932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        
        058498106
        
          
          
        
        95806.00000000
        NS
        USD
        8622540.00000000
        0.842139688602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        374307.00000000
        NS
        USD
        17525053.74000000
        1.711623639826
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        
        863667101
        
          
          
        
        7550.00000000
        NS
        USD
        2018492.50000000
        0.197140592609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PFIZER INC
        765LHXWGK1KXCLTFYQ30
        
        717081103
        
          
          
        
        260786.00000000
        NS
        USD
        13500891.22000000
        1.318594790846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALT DISNEY CO
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        68703.00000000
        NS
        USD
        9423303.48000000
        0.920348048052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALMART INC
        Y87794H0US1R65VBXU25
        
        931142103
        
          
          
        
        131931.00000000
        NS
        USD
        19647164.52000000
        1.918884343916
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        
        084670108
        
          
          
        
        69.00000000
        NS
        USD
        36495549.00000000
        3.564419564332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        
        45866F104
        
          
          
        
        43379.00000000
        NS
        USD
        5731233.48000000
        0.559753759119
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        16081.00000000
        NS
        USD
        4393490.01000000
        0.429100045798
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toll Brothers Inc
        529900JB6IS9MSZGVR44
        
        889478103
        
          
          
        
        131074.00000000
        NS
        USD
        6163099.48000000
        0.601932919640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        
        879360105
        
          
          
        
        8134.00000000
        NS
        USD
        3844372.42000000
        0.375469246028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton Dickinson and Co
        ICE2EP6D98PQUILVRZ91
        
        075887109
        
          
          
        
        29168.00000000
        NS
        USD
        7758688.00000000
        0.757769647491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC
        2S72QS2UO2OESLG6Y829
        
        92343V104
        
          
          
        
        166811.00000000
        NS
        USD
        8497352.34000000
        0.829912955295
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES CO
        FY8JBF7CCL2VE4F1B628
        
        723787107
        
          
          
        
        63427.00000000
        NS
        USD
        15858652.81000000
        1.548870859290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC
        ISRPG12PN4EIEOEMW547
        
        438516106
        
          
          
        
        101095.00000000
        NS
        USD
        19671065.10000000
        1.921218647613
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eaton Corp PLC
        549300VDIGTMXUNT7H71
        
        000000000
        
          
          
          
        
        42769.00000000
        NS
        USD
        6490623.44000000
        0.633921281037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORP
        N/A
        
        166764100
        
          
          
        
        116216.00000000
        NS
        USD
        18923451.28000000
        1.848201268793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FACEBOOK INC-A
        BQ4BKCS1HXDV9HN80Z93
        
        30303M102
        
          
          
        
        37412.00000000
        NS
        USD
        8318932.32000000
        0.812487164277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        THERMO FISHER SCIENTIFIC INC
        HCHV7422L5HDJZCRFL38
        
        883556102
        
          
          
        
        40261.00000000
        NS
        USD
        23780159.65000000
        2.322542573600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        
        053015103
        
          
          
        
        74517.00000000
        NS
        USD
        16955598.18000000
        1.656006486647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        221143.00000000
        NS
        USD
        30146213.76000000
        2.944297511915
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL A
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        8643.00000000
        NS
        USD
        24039208.05000000
        2.347843116005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan 100% US Treasury Securities Money Market Fund
        549300BS6M6EE7LNA816
        
        4812A2835
        
          
          
        
        9127627.50000000
        NS
        USD
        9127627.50000000
        0.891470190979
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
          
        
        32442.00000000
        NS
        USD
        7716654.12000000
        0.753664314421
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VULCAN MATERIALS CO
        549300Q8LSNHAVWBNI21
        
        929160109
        
          
          
        
        32417.00000000
        NS
        USD
        5955002.90000000
        0.581608700897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Canadian Pacific Railway Ltd
        N/A
        
        13645T100
        
          
          
        
        72638.00000000
        NS
        USD
        5995540.52000000
        0.585567898382
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Premier Institutional US Treasury Reserves
        549300FS1J68EF5THY28
        
        52470G478
        
          
          
        
        2281907.02000000
        NS
        USD
        2281907.02000000
        0.222867561906
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRAVELERS COS INC/THE
        549300Y650407RU8B149
        
        89417E109
        
          
          
        
        129626.00000000
        NS
        USD
        23686558.98000000
        2.313400854444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADOBE SYSTEMS INC
        FU4LY2G4933NH2E1CP29
        
        00724F101
        
          
          
        
        25774.00000000
        NS
        USD
        11743149.88000000
        1.146921044513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        
        023135106
        
          
          
        
        10551.00000000
        NS
        USD
        34395732.45000000
        3.359336276166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        71759.00000000
        NS
        USD
        7206038.78000000
        0.703793923164
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        
        040413106
        
          
          
        
        55027.00000000
        NS
        USD
        7647652.46000000
        0.746925112693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC SHARES
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
          
        
        113082.00000000
        NS
        USD
        25078195.14000000
        2.449318118085
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMPRA ENERGY
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        25505.00000000
        NS
        USD
        4287900.60000000
        0.418787419489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED PARCEL SERVICE-CL B
        D01LMJZU09ULLNCY6Z23
        
        911312106
        
          
          
        
        75815.00000000
        NS
        USD
        16259284.90000000
        1.587999490009
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME DEPOT INC
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        70496.00000000
        NS
        USD
        21101567.68000000
        2.060931887246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        
        91324P102
        
          
          
        
        55708.00000000
        NS
        USD
        28409408.76000000
        2.774668560137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        
        03027X100
        
          
          
        
        51513.00000000
        NS
        USD
        12941095.86000000
        1.263921122745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROCTER & GAMBLE CO/THE
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        82716.00000000
        NS
        USD
        12639004.80000000
        1.234416722510
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        
        00507V109
        
          
          
        
        83338.00000000
        NS
        USD
        6676207.18000000
        0.652046732820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        367562.00000000
        NS
        USD
        64180000.82000000
        6.268283580599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corp
        I07WOS4YJ0N7YRFE7309
        
        75513E101
        
          
          
        
        200758.00000000
        NS
        USD
        19889095.06000000
        1.942513032170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Products and Chemicals Inc
        7QEON6Y1RL5XR3R1W237
        
        009158106
        
          
          
        
        46168.00000000
        NS
        USD
        11537844.88000000
        1.126869471685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        549300LKFJ962MZ46593
        
        17275R102
        
          
          
        
        147104.00000000
        NS
        USD
        8202519.04000000
        0.801117400453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KINDER MORGAN INC/DE
        549300WR7IX8XE0TBO16
        
        49456B101
        
          
          
        
        263565.00000000
        NS
        USD
        4984014.15000000
        0.486774909049
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
          
        
        438382.00000000
        NS
        USD
        18070106.04000000
        1.764857393939
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        
        26884L109
        
          
          
        
        133921.00000000
        NS
        USD
        4608221.61000000
        0.450072288636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        
        000000000
        
          
          
          
        
        16472.00000000
        NS
        USD
        1827568.40000000
        0.178493562601
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hartford Financial Services Gr
        IU7C3FTM7Y3BQM112U94
        
        416515104
        
          
          
        
        52222.00000000
        NS
        USD
        3750061.82000000
        0.366258189968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly & Co
        FRDRIPF3EKNDJ2CQJL29
        
        532457108
        
          
          
        
        31323.00000000
        NS
        USD
        8969967.51000000
        0.876071974806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG INDUSTRIES INC
        549300BKPEP01R3V6C59
        
        693506107
        
          
          
        
        108449.00000000
        NS
        USD
        14214410.43000000
        1.388282243189
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX COS INC
        V167QI9I69W364E2DY52
        
        872540109
        
          
          
        
        230598.00000000
        NS
        USD
        13969626.84000000
        1.364374905414
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Co
        54930070NSV60J38I987
        
        37045V100
        
          
          
        
        126396.00000000
        NS
        USD
        5528561.04000000
        0.539959301162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORP
        J3WHBG0MTS7O8ZVMDC91
        
        30231G102
        
          
          
        
        145253.00000000
        NS
        USD
        11996445.27000000
        1.171659706306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcelorMittal SA
        2EULGUTUI56JI9SAL165
        
        03938L203
        
          
          
        
        310639.00000000
        NS
        USD
        9943554.39000000
        0.971159518842
        Long
        EC
        CORP
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        salesforce.com Inc
        RCGZFPDMRW58VJ54VR07
        
        79466L302
        
          
          
        
        28835.00000000
        NS
        USD
        6122247.20000000
        0.597942990181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
          
        
        104892.00000000
        NS
        USD
        8677715.16000000
        0.847528494228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marriott International Inc/MD
        225YDZ14ZO8E1TXUSU86
        
        571903202
        
          
          
        
        8673.00000000
        NS
        USD
        1524279.75000000
        0.148872197056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        
        000000000
        
          
          
          
        
        14939.00000000
        NS
        USD
        9978206.27000000
        0.974543872342
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        
        29355A107
        
          
          
        
        27823.00000000
        NS
        USD
        5614124.94000000
        0.548316091168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        
        824348106
        
          
          
        
        29317.00000000
        NS
        USD
        7318109.54000000
        0.714739565044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WASTE MANAGEMENT INC
        549300YX8JIID70NFS41
        
        94106L109
        
          
          
        
        91843.00000000
        NS
        USD
        14557115.50000000
        1.421753301709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        267614.00000000
        NS
        USD
        82508072.34000000
        8.058335751136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANCORP
        N1GZ7BBF3NP8GI976H15
        
        902973304
        
          
          
        
        108684.00000000
        NS
        USD
        5776554.60000000
        0.564180147849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MERCK & CO. INC.
        4YV9Y5M8S0BRK1RP0397
        
        58933Y105
        
          
          
        
        206924.00000000
        NS
        USD
        16978114.20000000
        1.658205564189
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        
        78486Q101
        
          
          
        
        6399.00000000
        NS
        USD
        3579920.55000000
        0.349640961619
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA-COLA CO
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        163514.00000000
        NS
        USD
        10137868.00000000
        0.990137592938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        5136.00000000
        NS
        USD
        2296921.92000000
        0.224334025757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        125978.00000000
        NS
        USD
        22327080.94000000
        2.180624385646
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY INC
        N/A
        
        65339F101
        
          
          
        
        35056.00000000
        NS
        USD
        2969593.76000000
        0.290032028186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        
        89832Q109
        
          
          
        
        75332.00000000
        NS
        USD
        4271324.40000000
        0.417168467775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        
        872590104
        
          
          
        
        78690.00000000
        NS
        USD
        10099861.50000000
        0.986425602959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Progressive Corp/The
        529900TACNVLY9DCR586
        
        743315103
        
          
          
        
        44372.00000000
        NS
        USD
        5057964.28000000
        0.493997414186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL C
        5493006MHB84DD0ZWV18
        
        02079K107
        
          
          
        
        8119.00000000
        NS
        USD
        22676285.81000000
        2.214730261697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ECOLAB INC
        82DYEISM090VG8LTLS26
        
        278865100
        
          
          
        
        39047.00000000
        NS
        USD
        6894138.32000000
        0.673331465900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-18
      Legg Mason Partners Variable Equity Trust
      Christopher Berarducci
      Christopher Berarducci
      Principal Financial Officer
    
  
  XXXX

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedule of investments (unaudited)		March 31, 2022

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 98.7%
COMMUNICATION SERVICES - 10.5%
Diversified Telecommunication Services - 0.8%
Verizon Communications Inc.			166,811			$	8,497,352
Entertainment - 1.6%
Activision Blizzard Inc.			83,338				6,676,207
Walt Disney Co.			68,703				9,423,304	*
Total Entertainment							16,099,511
Interactive Media & Services - 5.4%
Alphabet Inc., Class A Shares			8,643				24,039,208	*
Alphabet Inc., Class C Shares			8,119				22,676,286	*
Meta Platforms Inc., Class A Shares			37,412				8,318,932	*
Total Interactive Media & Services							55,034,426
Media - 1.7%
Comcast Corp., Class A Shares			374,307				17,525,054
Wireless Telecommunication Services - 1.0%
T-Mobile US Inc.			78,690				10,099,861	*
TOTAL COMMUNICATION SERVICES							107,256,204
CONSUMER DISCRETIONARY - 8.0%
Automobiles - 0.5%
General Motors Co.			126,396				5,528,561	*
Hotels, Restaurants & Leisure - 0.1%
Marriott International Inc., Class A Shares			8,673				1,524,280	*
Household Durables - 0.6%
Toll Brothers Inc.			131,074				6,163,100
Internet & Direct Marketing Retail - 3.4%
Amazon.com Inc.			10,551				34,395,732	*
Specialty Retail - 3.4%
Home Depot Inc.			68,989				20,650,477
TJX Cos. Inc.			230,598				13,969,627
Total Specialty Retail							34,620,104
TOTAL CONSUMER DISCRETIONARY							82,231,777
CONSUMER STAPLES - 6.0%
Beverages - 2.1%
Coca-Cola Co.			163,514				10,137,868
PepsiCo Inc.			65,927				11,034,861
Total Beverages							21,172,729
Food & Staples Retailing - 1.9%
Walmart Inc.			131,931				19,647,164
Food Products - 0.8%
Mondelez International Inc., Class A Shares			134,237				8,427,399

 

See Notes to Schedule of Investments.

 

		ClearBridge Variable Appreciation Portfolio 2022 Quarterly Report		1

---

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

SECURITY		SHARES				VALUE
Household Products - 1.2%
Procter & Gamble Co.			82,716			$	12,639,005
TOTAL CONSUMER STAPLES							61,886,297
ENERGY - 5.5%
Oil, Gas & Consumable Fuels - 5.5%
Chevron Corp.			116,216				18,923,451
EQT Corp.			133,921				4,608,222
Exxon Mobil Corp.			145,253				11,996,445
Kinder Morgan Inc.			263,565				4,984,014
Pioneer Natural Resources Co.			63,427				15,858,653
TOTAL ENERGY							56,370,785
FINANCIALS - 14.0%
Banks - 5.9%
Bank of America Corp.			438,382				18,070,106
JPMorgan Chase & Co.			214,314				29,215,284
SVB Financial Group			6,399				3,579,921	*
Truist Financial Corp.			75,332				4,271,324
US Bancorp			108,684				5,776,555
Total Banks							60,913,190
Capital Markets - 1.3%
CME Group Inc.			32,442				7,716,654
Intercontinental Exchange Inc.			43,379				5,731,234
Total Capital Markets							13,447,888
Diversified Financial Services - 3.6%
Berkshire Hathaway Inc., Class A Shares			69				36,495,549	*
Insurance - 3.2%
Hartford Financial Services Group Inc.			52,222				3,750,062
Progressive Corp.			44,372				5,057,964
Travelers Cos. Inc.			129,626				23,686,559
Total Insurance							32,494,585
TOTAL FINANCIALS							143,351,212
HEALTH CARE - 12.3%
Health Care Equipment & Supplies - 1.1%
Becton Dickinson and Co.			29,168				7,758,688
Medtronic PLC			16,472				1,827,568
Stryker Corp.			7,550				2,018,493
Total Health Care Equipment & Supplies							11,604,749
Health Care Providers & Services - 2.8%
UnitedHealth Group Inc.			55,708				28,409,409

 

See Notes to Schedule of Investments.

 

2		ClearBridge Variable Appreciation Portfolio 2022 Quarterly Report

---

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

SECURITY		SHARES				VALUE
Life Sciences Tools & Services - 2.3%
Thermo Fisher Scientific Inc.			40,261			$	23,780,159
Pharmaceuticals - 6.1%
Eli Lilly & Co.			31,323				8,969,968
Johnson & Johnson			125,978				22,327,081
Merck & Co. Inc.			206,924				16,978,114
Pfizer Inc.			260,786				13,500,891
Total Pharmaceuticals							61,776,054
TOTAL HEALTH CARE							125,570,371
INDUSTRIALS - 8.8%
Aerospace & Defense - 2.2%
Northrop Grumman Corp.			5,136				2,296,922
Raytheon Technologies Corp.			200,758				19,889,095
Total Aerospace & Defense							22,186,017
Air Freight & Logistics - 1.6%
United Parcel Service Inc., Class B Shares			75,815				16,259,285
Commercial Services & Supplies - 1.4%
Waste Management Inc.			91,843				14,557,116
Electrical Equipment - 0.7%
Eaton Corp. PLC			42,769				6,490,623
Industrial Conglomerates - 1.9%
Honeywell International Inc.			101,095				19,671,065
Road & Rail - 1.0%
Canadian Pacific Railway Ltd.			72,638				5,995,541
Union Pacific Corp.			16,081				4,393,490
Total Road & Rail							10,389,031
TOTAL INDUSTRIALS							89,553,137
INFORMATION TECHNOLOGY - 25.3%
Communications Equipment - 1.5%
Arista Networks Inc.			55,027				7,647,653	*
Cisco Systems Inc.			147,104				8,202,519
Total Communications Equipment							15,850,172
Electronic Equipment, Instruments & Components - 0.4%
Teledyne Technologies Inc.			8,134				3,844,372	*
IT Services - 4.8%
Automatic Data Processing Inc.			74,517				16,955,598
Fidelity National Information Services Inc.			71,759				7,206,039
Visa Inc., Class A Shares			113,082				25,078,195
Total IT Services							49,239,832
Semiconductors & Semiconductor Equipment - 1.7%
ASML Holding NV, Registered Shares			14,939				9,978,206

 

See Notes to Schedule of Investments.

 

		ClearBridge Variable Appreciation Portfolio 2022 Quarterly Report		3

---

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

SECURITY		SHARES				VALUE
Semiconductors & Semiconductor Equipment - continued
Enphase Energy Inc.			27,823			$	5,614,125	*
Texas Instruments Inc.			8,377				1,537,012
Total Semiconductors & Semiconductor Equipment							17,129,343
Software - 10.6%
Adobe Inc.			25,774				11,743,150	*
Microsoft Corp.			267,614				82,508,073
Oracle Corp.			104,892				8,677,715
salesforce.com Inc.			28,835				6,122,247	*
Total Software							109,051,185
Technology Hardware, Storage & Peripherals - 6.3%
Apple Inc.			367,562				64,180,001
TOTAL INFORMATION TECHNOLOGY							259,294,905
MATERIALS - 6.3%
Chemicals - 3.9%
Air Products & Chemicals Inc.			46,168				11,537,845
Ecolab Inc.			39,047				6,894,138
PPG Industries Inc.			108,449				14,214,410
Sherwin-Williams Co.			29,317				7,318,110
Total Chemicals							39,964,503
Construction Materials - 0.6%
Vulcan Materials Co.			32,417				5,955,003
Containers & Packaging - 0.8%
Ball Corp.			95,806				8,622,540
Metals & Mining - 1.0%
ArcelorMittal SA, Registered Shares			310,639				9,943,555
TOTAL MATERIALS							64,485,601
REAL ESTATE - 1.3%
Equity Real Estate Investment Trusts (REITs) - 1.3%
American Tower Corp.			51,513				12,941,096
UTILITIES - 0.7%
Electric Utilities - 0.3%
NextEra Energy Inc.			35,056				2,969,594
Multi-Utilities - 0.4%
Sempra Energy			25,505				4,287,900
TOTAL UTILITIES							7,257,494
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $366,118,166)							1,010,198,879

 

See Notes to Schedule of Investments.

 

4		ClearBridge Variable Appreciation Portfolio 2022 Quarterly Report

---

CLEARBRIDGE VARIABLE APPRECIATION PORTFOLIO

(Percentages shown based on Portfolio net assets)

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

SECURITY		RATE				SHARES				VALUE
SHORT-TERM INVESTMENTS - 1.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class			0.139	%			9,076,665			$	9,076,665
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares			0.212	%			2,269,166				2,269,166	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $11,345,831)											11,345,831
TOTAL INVESTMENTS - 99.8% (Cost - $377,463,997)											1,021,544,710
Other Assets in Excess of Liabilities - 0.2%											2,058,611
TOTAL NET ASSETS - 100.0%										$	1,023,603,321

 

*	Non-income producing security.

 

(a)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Portfolio ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At March 31, 2022, the total market value of investments in Affiliated Companies was $2,269,166 and the cost was $2,269,166 (Note 2).

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

 

See Notes to Schedule of Investments.

 

		ClearBridge Variable Appreciation Portfolio 2022 Quarterly Report		5

---

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

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

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

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

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

The Board 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 Portfolio’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Portfolio, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

6

---

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

 

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board 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 Portfolio uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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

 

•

Level 1 – quoted prices in active markets for identical investments

 

•

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

 

•

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

 

				7

---

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

 

The following is a summary of the inputs used in valuing the Portfolio’s assets carried at fair value:

 

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Common Stocks†		$	1,010,198,879				—				—			$	1,010,198,879
Short-Term Investments†			11,345,831				—				—				11,345,831
Total Investments		$	1,021,544,710				—				—			$	1,021,544,710

 

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2022. The following transactions were effected in such company for the period ended March 31, 2022.

 

		Affiliate Value at December 31, 2021				Purchased								Sold
						Cost				Shares				Cost				Shares				Realized Gain (Loss)				Dividend Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		$	2,338,748			$	7,570,625				7,570,625			$	7,640,207				7,640,207				—			$	234				—			$	2,269,166

 

8

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