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

  
    NPORT-P
    false
    
      
      
        
          0001176343
          XXXXXXXX
        
      
      
      
      
        S000017007
        C000047263
        C000047262
      
      
    
  
  
    
      Legg Mason Partners Variable Equity Trust
      811-21128
      0001176343
      549300W9EP2BXVLOGN89
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      ClearBridge Variable Small Cap Growth Portfolio
      S000017007
      5493004OQFKBTJT2N744
      2022-12-31
      2022-03-31
      N
    
    
      462667518.49
      423480.06
      462244038.43
      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
      241996.81000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Chegg Inc
        549300AKX7O8JG0O3G77
        
        163092109
        
          
          
        
        166233.00000000
        NS
        USD
        6030933.24000000
        1.304707630299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dutch Bros Inc
        N/A
        
        26701L100
        
          
          
        
        39405.00000000
        NS
        USD
        2177914.35000000
        0.471161154916
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zeta Global Holdings Corp
        N/A
        
        98956A105
        
          
          
        
        224470.00000000
        NS
        USD
        2861992.50000000
        0.619151846656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Certara Inc
        N/A
        
        15687V109
        
          
          
        
        239310.00000000
        NS
        USD
        5140378.80000000
        1.112048695632
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wix.com Ltd
        5493008P6N29Q1AG9464
        
        000000000
        
          
          
          
        
        15940.00000000
        NS
        USD
        1665092.40000000
        0.360219334716
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Progyny Inc
        N/A
        
        74340E103
        
          
          
        
        192490.00000000
        NS
        USD
        9893986.00000000
        2.140424792411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultragenyx Pharmaceutical Inc
        529900EV44GVDN1DCX77
        
        90400D108
        
          
          
        
        51321.00000000
        NS
        USD
        3726931.02000000
        0.806269137111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SYNEOS HEALTH INC
        549300F1ZGKDS8P6GU13
        
        87166B102
        
          
          
        
        137019.00000000
        NS
        USD
        11091688.05000000
        2.399530794961
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanterix Corp
        N/A
        
        74766Q101
        
          
          
        
        37635.00000000
        NS
        USD
        1098565.65000000
        0.237659235959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareDx Inc
        549300NQOFKL9NON0U06
        
        14167L103
        
          
          
        
        126742.00000000
        NS
        USD
        4688186.58000000
        1.014223265252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Casey's General Stores Inc
        549300CAFWSI86V66Q65
        
        147528103
        
          
          
        
        43273.00000000
        NS
        USD
        8575410.41000000
        1.855169498589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Health Catalyst Inc
        549300223PL6GWKVJG92
        
        42225T107
        
          
          
        
        146715.00000000
        NS
        USD
        3833662.95000000
        0.829359089848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Albany International Corp
        L73WCPNCZIRSQGZTW097
        
        012348108
        
          
          
        
        40980.00000000
        NS
        USD
        3455433.60000000
        0.747534486704
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nLight Inc
        N/A
        
        65487K100
        
          
          
        
        85180.00000000
        NS
        USD
        1477021.20000000
        0.319532774293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trupanion Inc
        549300J86GFKIDGMQP18
        
        898202106
        
          
          
        
        83774.00000000
        NS
        USD
        7465938.88000000
        1.615150928794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONRO INC
        N/A
        
        610236101
        
          
          
        
        85049.00000000
        NS
        USD
        3771072.66000000
        0.815818560431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMrush Holdings Inc
        N/A
        
        81686C104
        
          
          
        
        118760.00000000
        NS
        USD
        1417994.40000000
        0.306763155846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paycor HCM Inc
        N/A
        
        70435P102
        
          
          
        
        211400.00000000
        NS
        USD
        6153854.00000000
        1.331299808841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CARISDPVT - Caris Life Sciences Series D Private Placement
        N/A
        
        000000000
        
          
        
        31383.00000000
        NS
        USD
        134075.39000000
        0.029005325943
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        VARONIS SYSTEMS INC
        549300SHIVNRRH7STS26
        
        922280102
        
          
          
        
        224467.00000000
        NS
        USD
        10671161.18000000
        2.308555717937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        
        695127100
        
          
          
        
        86852.00000000
        NS
        USD
        6628544.64000000
        1.433992456130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Alliance Bancorp
        5493003VJXZ5JXT9S762
        
        957638109
        
          
          
        
        107674.00000000
        NS
        USD
        8917560.68000000
        1.929188899934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEW YORK STOCK EXCHANGE
        549300HIIRNTNKXV3M12
        
        000000000
        
          
          
        
        -99.00000000
        NC
        USD
        -4455.00000000
        -0.00096377662
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              NEW YORK STOCK EXCHANGE
              549300HIIRNTNKXV3M12
            
            Call
            Written
            
              
                Sweetgreen Inc
                Sweetgreen Inc
                
                  
                  
                  
                
              
            
            100.00000000
            40.00000000
            USD
            2022-04-14
            XXXX
            16538.83000000
          
        
        
          N
          N
          N
        
      
      
        Iridium Communications Inc
        549300U620NVQ4J1CT96
        
        46269C102
        
          
          
        
        147204.00000000
        NS
        USD
        5935265.28000000
        1.284011211947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Performance Food Group Co
        549300EUK8GR9IT1YK57
        
        71377A103
        
          
          
        
        61337.00000000
        NS
        USD
        3122666.67000000
        0.675545039067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        
        75524B104
        
          
          
        
        54136.00000000
        NS
        USD
        10495887.68000000
        2.270637760012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shoals Technologies Group Inc
        N/A
        
        82489W107
        
          
          
        
        199080.00000000
        NS
        USD
        3392323.20000000
        0.733881438800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tennant Co
        JYAIRLT8DVP6DP8UT336
        
        880345103
        
          
          
        
        61997.00000000
        NS
        USD
        4885363.60000000
        1.056879741833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Factory Holding Corp
        529900GE1HSV0617R721
        
        35138V102
        
          
          
        
        103039.00000000
        NS
        USD
        10092670.05000000
        2.183407293748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sweetgreen Inc
        N/A
        
        87043Q108
        
          
          
        
        19822.00000000
        NS
        USD
        634105.78000000
        0.137179871946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        XPO LOGISTICS INC
        54930096DB9LCLPN7H13
        
        983793100
        
          
          
        
        75780.00000000
        NS
        USD
        5516784.00000000
        1.193478669565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CryoPort Inc
        N/A
        
        229050307
        
          
          
        
        91125.00000000
        NS
        USD
        3181173.75000000
        0.688202223398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hain Celestial Group Inc/The
        5493000S8QXWHLIXDP75
        
        405217100
        
          
          
        
        134781.00000000
        NS
        USD
        4636466.40000000
        1.003034331334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Smartsheet Inc
        549300N9WF42OK9VL589
        
        83200N103
        
          
          
        
        54260.00000000
        NS
        USD
        2972362.80000000
        0.643028909598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        
        05988J103
        
          
          
        
        66700.00000000
        NS
        USD
        2160413.00000000
        0.467374983858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lattice Semiconductor Corp
        549300LRBBPZDQ2II567
        
        518415104
        
          
          
        
        140950.00000000
        NS
        USD
        8590902.50000000
        1.858520994490
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Equity Investment Lif
        549300RK5RZQ740FPL83
        
        025676206
        
          
          
        
        157792.00000000
        NS
        USD
        6297478.72000000
        1.362370998096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Model N Inc
        549300WCIL3W0EYSBN94
        
        607525102
        
          
          
        
        176485.00000000
        NS
        USD
        4747446.50000000
        1.027043315934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envestnet Inc
        549300HLWZ5OKIDM8737
        
        29404K106
        
          
          
        
        89074.00000000
        NS
        USD
        6630668.56000000
        1.434451936366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silk Road Medical Inc
        549300VL8KC0ZPDQHE14
        
        82710M100
        
          
          
        
        105833.00000000
        NS
        USD
        4369844.57000000
        0.945354446288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CARIS LIFE SCIENCES PRIVATE PLACEMENT
        N/A
        
        000000000
        
          
        
        183481.00000000
        NS
        USD
        783873.03000000
        0.169579911222
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Hamilton Lane Inc
        5493006OKN3V1NORM833
        
        407497106
        
          
          
        
        66020.00000000
        NS
        USD
        5102685.80000000
        1.103894344928
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calavo Growers Inc
        N/A
        
        128246105
        
          
          
        
        47400.00000000
        NS
        USD
        1727730.00000000
        0.373770098986
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprout Social Inc
        N/A
        
        85209W109
        
          
          
        
        66220.00000000
        NS
        USD
        5305546.40000000
        1.147780384149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surgery Partners Inc
        549300LC82HG33S19I03
        
        86881A100
        
          
          
        
        217963.00000000
        NS
        USD
        11998863.15000000
        2.595785375784
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICON PLC
        6354008SRQGEMC4XFI67
        
        000000000
        
          
          
          
        
        35355.00000000
        NS
        USD
        8599043.10000000
        1.860282098868
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        ASPEN TECHNOLOGY INC
        529900B0MZWTVFG7CB96
        
        045327103
        
          
          
        
        60583.00000000
        NS
        USD
        10018610.71000000
        2.167385596583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PENUMBRA INC
        549300RGE06P3ECANU72
        
        70975L107
        
          
          
        
        53344.00000000
        NS
        USD
        11849302.72000000
        2.563430079108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shift4 Payments Inc
        N/A
        
        82452J109
        
          
          
        
        117425.00000000
        NS
        USD
        7272130.25000000
        1.573223156041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAAR Surgical Co
        5299006LRHI7OJ8BY308
        
        852312305
        
          
          
        
        30200.00000000
        NS
        USD
        2413282.00000000
        0.522079637456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        
        925550105
        
          
          
        
        265178.00000000
        NS
        USD
        4264062.24000000
        0.922469926163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forward Air Corp
        N/A
        
        349853101
        
          
          
        
        84212.00000000
        NS
        USD
        8234249.36000000
        1.781364101085
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicell Inc
        5493008RH0GTKHHPZI77
        
        68213N109
        
          
          
        
        51936.00000000
        NS
        USD
        6725192.64000000
        1.454900892360
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Figs Inc
        N/A
        
        30260D103
        
          
          
        
        54570.00000000
        NS
        USD
        1174346.40000000
        0.254053335979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jamf Holding Corp
        254900IHLXZU4Z5ANA12
        
        47074L105
        
          
          
        
        140495.00000000
        NS
        USD
        4890630.95000000
        1.058019258963
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INTEGRA LIFESCIENCES HOLDING
        WB7IJCYY8YFTENS4O147
        
        457985208
        
          
          
        
        140817.00000000
        NS
        USD
        9048900.42000000
        1.957602406454
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INSULET CORP
        549300TZTYD2PYN92D43
        
        45784P101
        
          
          
        
        8076.00000000
        NS
        USD
        2151365.64000000
        0.465417714700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan 100% US Treasury Securities Money Market Fund
        549300BS6M6EE7LNA816
        
        4812A2835
        
          
          
        
        1748935.96000000
        NS
        USD
        1748935.96000000
        0.378357710342
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        
        69343T107
        
          
          
        
        76758.00000000
        NS
        USD
        4844964.96000000
        1.048140063948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xometry Inc
        5493006JFRGU7YRRXE44
        
        98423F109
        
          
          
        
        66100.00000000
        NS
        USD
        2429175.00000000
        0.525517864600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GXO Logistics Inc
        5493007CNWMXN78JRN66
        
        36262G101
        
          
          
        
        75780.00000000
        NS
        USD
        5406145.20000000
        1.169543520423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KLAVPRIVT - KLAVIYO INC Private Placement
        N/A
        
        000000000
        
          
        
        69558.00000000
        NS
        USD
        1956295.10000000
        0.423216945456
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        QUALYS INC
        549300EMBXYOW9W1XA17
        
        74758T303
        
          
          
        
        26365.00000000
        NS
        USD
        3754639.65000000
        0.812263509715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        
        15872M104
        
          
          
        
        183321.00000000
        NS
        USD
        4487698.08000000
        0.970850396522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Vision Holdings Inc
        549300JHURCBLI5ROA42
        
        63845R107
        
          
          
        
        256342.00000000
        NS
        USD
        11168820.94000000
        2.416217411463
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Olink Holding AB
        8945004Z7ZHV3LML4J27
        
        680710100
        
          
          
        
        110810.00000000
        NS
        USD
        1956904.60000000
        0.423348802214
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        Redfin Corp
        549300HXWD3JEMZU3O57
        
        75737F108
        
          
          
        
        51604.00000000
        NS
        USD
        930936.16000000
        0.201394952147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masonite International Corp
        549300H0H07ZFT4JYM32
        
        575385109
        
          
          
        
        62990.00000000
        NS
        USD
        5602330.60000000
        1.211985473956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&E Equipment Services Inc
        254900KVLRCDMQRYY541
        
        404030108
        
          
          
        
        151522.00000000
        NS
        USD
        6594237.44000000
        1.426570575663
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEW RELIC INC
        549300AB8FY2HQILL804
        
        64829B100
        
          
          
        
        71218.00000000
        NS
        USD
        4763059.84000000
        1.030421042568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biohaven Pharmaceutical Holdin
        5299007STZTNN32O9920
        
        000000000
        
          
          
          
        
        66998.00000000
        NS
        USD
        7943952.86000000
        1.718562533976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Azenta Inc
        35ZN6X1ANPH25YN32Y17
        
        114340102
        
          
          
        
        71983.00000000
        NS
        USD
        5965951.04000000
        1.290649644777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Premier Institutional US Treasury Reserves
        549300FS1J68EF5THY28
        
        52470G478
        
          
          
        
        437233.95000000
        NS
        USD
        437233.95000000
        0.094589418932
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OSI Systems Inc
        DDX3MPX1Y8YD30050X33
        
        671044105
        
          
          
        
        30643.00000000
        NS
        USD
        2608332.16000000
        0.564275997773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PagerDuty Inc
        549300U1SB749EDAGH21
        
        69553P100
        
          
          
        
        272510.00000000
        NS
        USD
        9317116.90000000
        2.015627271612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegro MicroSystems Inc
        N/A
        
        01749D105
        
          
          
        
        260915.00000000
        NS
        USD
        7409986.00000000
        1.603046309730
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Grocery Outlet Holding Corp
        N/A
        
        39874R101
        
          
          
        
        161685.00000000
        NS
        USD
        5300034.30000000
        1.146587918797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONOLITHIC POWER SYSTEMS INC
        529900TB7O85LSZ1XU31
        
        609839105
        
          
          
        
        16291.00000000
        NS
        USD
        7912212.88000000
        1.711696035469
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Balchem Corp
        549300VR70OPMHUI3557
        
        057665200
        
          
          
        
        38556.00000000
        NS
        USD
        5270605.20000000
        1.140221346694
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BJ's Wholesale Club Holdings I
        549300UCIWH1C93V0J03
        
        05550J101
        
          
          
        
        253283.00000000
        NS
        USD
        17124463.63000000
        3.704636989621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CACTUS INC
        549300J3T8C9F8QFKV08
        
        127203107
        
          
          
        
        153080.00000000
        NS
        USD
        8685759.20000000
        1.879041908144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRAIN CORP COMMON STOCK PRIVATE PLCMT
        N/A
        
        000000000
        
          
        
        52367.00000000
        NS
        USD
        265425.81000000
        0.057421142931
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Hayward Holdings Inc
        N/A
        
        421298100
        
          
          
        
        203720.00000000
        NS
        USD
        3385826.40000000
        0.732475947445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viant Technology Inc
        N/A
        
        92557A101
        
          
          
        
        85505.00000000
        NS
        USD
        560057.75000000
        0.121160621541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRAIN CORPORATION PRIVATE PLACEMENT
        N/A
        
        000000000
        
          
        
        170237.00000000
        NS
        USD
        862858.15000000
        0.186667231649
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Momentive Global Inc
        549300PR9RG3VC9OH575
        
        60878Y108
        
          
          
        
        247887.00000000
        NS
        USD
        4030642.62000000
        0.871972872530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hydrofarm Holdings Group Inc
        5493005Y60YG0W2FYJ83
        
        44888K209
        
          
          
        
        66480.00000000
        NS
        USD
        1007172.00000000
        0.217887504492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bloom Energy Corp
        549300XB5J9BFW5JXV97
        
        093712107
        
          
          
        
        286769.00000000
        NS
        USD
        6925471.35000000
        1.498228375972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TREX COMPANY INC
        N/A
        
        89531P105
        
          
          
        
        177927.00000000
        NS
        USD
        11623970.91000000
        2.514682709479
        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 SMALL CAP GROWTH PORTFOLIO

 

Schedule of investments (unaudited)		March 31, 2022

 

(Percentages shown based on Portfolio net assets)

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.8%
Bandwidth Inc., Class A Shares			66,700			$	2,160,413	*
Iridium Communications Inc.			147,204				5,935,265	*
Total Diversified Telecommunication Services							8,095,678
Media - 0.4%
Klaviyo Inc.			69,558				1,956,295	*(a)(b)(c)
TOTAL COMMUNICATION SERVICES							10,051,973
CONSUMER DISCRETIONARY - 8.1%
Auto Components - 2.2%
Fox Factory Holding Corp.			103,039				10,092,670	*
Diversified Consumer Services - 1.3%
Chegg Inc.			166,233				6,030,933	*
Hotels, Restaurants & Leisure - 0.6%
Dutch Bros Inc., Class A Shares			39,405				2,177,914	*
Sweetgreen Inc., Class A Shares			19,822				634,106	*(d)
Total Hotels, Restaurants & Leisure							2,812,020
Internet & Direct Marketing Retail - 0.5%
Xometry Inc., Class A Shares			66,100				2,429,175	*
Leisure Products - 0.7%
Hayward Holdings Inc.			203,720				3,385,827	*
Specialty Retail - 2.8%
Monro Inc.			33,607				1,490,134
National Vision Holdings Inc.			256,342				11,168,821	*
Total Specialty Retail							12,658,955
TOTAL CONSUMER DISCRETIONARY							37,409,580
CONSUMER STAPLES - 8.8%
Food & Staples Retailing - 7.4%
BJ’s Wholesale Club Holdings Inc.			253,283				17,124,464	*
Casey’s General Stores Inc.			43,273				8,575,410
Grocery Outlet Holding Corp.			161,685				5,300,034	*
Performance Food Group Co.			61,337				3,122,667	*
Total Food & Staples Retailing							34,122,575
Food Products - 1.4%
Calavo Growers Inc.			47,400				1,727,730
Hain Celestial Group Inc.			134,781				4,636,467	*
Total Food Products							6,364,197
TOTAL CONSUMER STAPLES							40,486,772

 

See Notes to Schedule of Investments.

 

		ClearBridge Variable Small Cap Growth Portfolio 2022 Quarterly Report		1

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CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO

 

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

 

(Percentages shown based on Portfolio net assets)

 

SECURITY		SHARES				VALUE
ENERGY - 2.8%
Energy Equipment & Services - 2.8%
Cactus Inc., Class A Shares			153,080			$	8,685,759
ChampionX Corp.			183,321				4,487,698	*
TOTAL ENERGY							13,173,457
FINANCIALS - 7.1%
Banks - 1.9%
Western Alliance Bancorp			107,674				8,917,561
Capital Markets - 2.2%
Hamilton Lane Inc., Class A Shares			66,020				5,102,686
PJT Partners Inc., Class A Shares			76,758				4,844,965
Total Capital Markets							9,947,651
Insurance - 3.0%
American Equity Investment Life Holding Co.			157,792				6,297,478
Trupanion Inc.			83,774				7,465,939	*
Total Insurance							13,763,417
TOTAL FINANCIALS							32,628,629
HEALTH CARE - 25.4%
Biotechnology - 3.6%
Biohaven Pharmaceutical Holding Co. Ltd.			66,998				7,943,953	*
CareDx Inc.			126,742				4,688,187	*
Ultragenyx Pharmaceutical Inc.			51,321				3,726,931	*
Total Biotechnology							16,359,071
Health Care Equipment & Supplies - 7.4%
CryoPort Inc.			91,125				3,181,174	*
Figs Inc., Class A Shares			54,570				1,174,346	*
Insulet Corp.			8,076				2,151,366	*
Integra LifeSciences Holdings Corp.			140,817				9,048,900	*
Penumbra Inc.			53,344				11,849,303	*
Silk Road Medical Inc.			105,833				4,369,845	*
STAAR Surgical Co.			30,200				2,413,282	*
Total Health Care Equipment & Supplies							34,188,216
Health Care Providers & Services - 4.7%
Progyny Inc.			192,490				9,893,986	*
Surgery Partners Inc.			217,963				11,998,863	*
Total Health Care Providers & Services							21,892,849
Health Care Technology - 3.4%
Certara Inc.			239,310				5,140,379	*
Health Catalyst Inc.			146,715				3,833,663	*
Omnicell Inc.			51,936				6,725,192	*
Total Health Care Technology							15,699,234

 

See Notes to Schedule of Investments.

 

2		ClearBridge Variable Small Cap Growth Portfolio 2022 Quarterly Report

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CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO

 

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

 

(Percentages shown based on Portfolio net assets)

 

SECURITY		SHARES				VALUE
Life Sciences Tools & Services - 4.9%
ICON PLC			35,355			$	8,599,043	*
Olink Holding AB, ADR			110,810				1,956,904	*
Quanterix Corp.			37,635				1,098,566	*
Syneos Health Inc.			137,019				11,091,688	*
Total Life Sciences Tools & Services							22,746,201
Pharmaceuticals - 1.4%
Pacira BioSciences Inc.			86,852				6,628,545	*
TOTAL HEALTH CARE							117,514,116
INDUSTRIALS - 15.8%
Air Freight & Logistics - 3.0%
Forward Air Corp.			84,212				8,234,250
GXO Logistics Inc.			75,780				5,406,145	*
Total Air Freight & Logistics							13,640,395
Building Products - 3.7%
Masonite International Corp.			62,990				5,602,330	*
Trex Co. Inc.			177,927				11,623,971	*
Total Building Products							17,226,301
Electrical Equipment - 2.2%
Bloom Energy Corp., Class A Shares			286,769				6,925,472	*
Shoals Technologies Group Inc., Class A Shares			199,080				3,392,323	*
Total Electrical Equipment							10,317,795
Machinery - 4.3%
Albany International Corp., Class A Shares			40,980				3,455,434
Hydrofarm Holdings Group Inc.			66,480				1,007,172	*
RBC Bearings Inc.			54,136				10,495,888	*
Tennant Co.			61,997				4,885,363
Total Machinery							19,843,857
Road & Rail - 1.2%
XPO Logistics Inc.			75,780				5,516,784	*
Trading Companies & Distributors - 1.4%
H&E Equipment Services Inc.			151,522				6,594,237
TOTAL INDUSTRIALS							73,139,369
INFORMATION TECHNOLOGY - 27.2%
Communications Equipment - 0.9%
Viavi Solutions Inc.			265,178				4,264,062	*
Electronic Equipment, Instruments & Components - 1.0%
Brain Corp.			52,367				265,426	*(a)(b)(c)
nLight Inc.			85,180				1,477,021	*
OSI Systems Inc.			30,643				2,608,332	*
Total Electronic Equipment, Instruments & Components							4,350,779

 

See Notes to Schedule of Investments.

 

		ClearBridge Variable Small Cap Growth Portfolio 2022 Quarterly Report		3

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CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO

 

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

 

(Percentages shown based on Portfolio net assets)

 

SECURITY						SHARES				VALUE
IT Services - 1.9%
Shift4 Payments Inc., Class A Shares							117,425			$	7,272,130	*
Wix.com Ltd.							15,940				1,665,093	*
Total IT Services											8,937,223
Semiconductors & Semiconductor Equipment - 6.5%
Allegro MicroSystems Inc.							260,915				7,409,986	*
Azenta Inc.							71,983				5,965,951
Lattice Semiconductor Corp.							140,950				8,590,902	*
Monolithic Power Systems Inc.							16,291				7,912,213
Total Semiconductors & Semiconductor Equipment											29,879,052
Software - 16.9%
Aspen Technology Inc.							60,583				10,018,611	*
Envestnet Inc.							89,074				6,630,669	*
Jamf Holding Corp.							140,495				4,890,631	*
Model N Inc.							176,485				4,747,446	*
Momentive Global Inc.							247,887				4,030,643	*
New Relic Inc.							71,218				4,763,060	*
PagerDuty Inc.							272,510				9,317,117	*
Paycor HCM Inc.							211,400				6,153,854	*
Qualys Inc.							26,365				3,754,640	*
SEMrush Holdings Inc., Class A Shares							118,760				1,417,994	*
Smartsheet Inc., Class A Shares							54,260				2,972,363	*
Sprout Social Inc., Class A Shares							66,220				5,305,546	*
Varonis Systems Inc.							224,467				10,671,161	*
Viant Technology Inc., Class A Shares							85,505				560,058	*
Zeta Global Holdings Corp., Class A Shares							224,470				2,861,992	*
Total Software											78,095,785
TOTAL INFORMATION TECHNOLOGY											125,526,901
MATERIALS - 1.1%
Chemicals - 1.1%
Balchem Corp.							38,556				5,270,605
TOTAL COMMON STOCKS (Cost - $277,120,927)											455,201,402
		RATE
PREFERRED STOCKS - 0.4%
HEALTH CARE - 0.2%
Pharmaceuticals - 0.2%
Caris Life Sciences Inc., Series C			-				183,481				783,873	*(a)(b)(c)
Caris Life Sciences Inc., Series D			-				31,383				134,075	*(a)(b)(c)
TOTAL HEALTH CARE											917,948

 

 

See Notes to Schedule of Investments.

 

4		ClearBridge Variable Small Cap Growth Portfolio 2022 Quarterly Report

---

CLEARBRIDGE VARIABLE SMALL CAP GROWTH PORTFOLIO

 

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

 

(Percentages shown based on Portfolio net assets)

 

SECURITY		RATE				SHARES				VALUE
INFORMATION TECHNOLOGY - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Brain Corp.			-				170,237			$	862,858	*(a)(b)(c)
TOTAL PREFERRED STOCKS (Cost - $1,658,694)											1,780,806
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $278,779,621)											456,982,208
SHORT-TERM INVESTMENTS - 0.5%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class			0.139	%			1,942,534				1,942,534
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares			0.212	%			485,633				485,633	(e)
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,428,167)											2,428,167
TOTAL INVESTMENTS - 99.4% (Cost - $281,207,788)											459,410,375
Other Assets in Excess of Liabilities - 0.6%											2,734,831
TOTAL NET ASSETS - 100.0%										$	462,145,206

 

*	Non-income producing security.

 

(a)	Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

 

(b)	Security is valued using significant unobservable inputs (Note 1).

 

(c)	Restricted security (Note 3).

 

(d)	All or a portion of this security is pledged as collateral for written options.

 

(e)

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 $485,633 and the cost was $485,633 (Note 2).

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

SCHEDULE OF WRITTEN OPTIONS

 

Exchange-Traded Written Options
SECURITY		EXPIRATION DATE				STRIKE PRICE				CONTRACTS				NOTIONAL AMOUNT				VALUE
Sweetgreen Inc., Call (Premiums received - $20,994)			4/14/22			$	40.00				99			$	316,701			$	(4,455	)

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 Small Cap Growth Portfolio 2022 Quarterly Report		5

---

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge Variable Small Cap Growth 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

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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.

 

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

 

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

 

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Long-Term Investments†:
Common Stocks:
Communication Services		$	8,095,678				—			$	1,956,295			$	10,051,973
Information Technology			125,261,475				—				265,426				125,526,901
Other Common Stocks			319,622,528				—				—				319,622,528
Preferred Stocks:
Health Care			—				—				917,948				917,948
Information Technology			—				—				862,858				862,858
Total Long-Term Investments			452,979,681				—				4,002,527				456,982,208
Short-Term Investments†			2,428,167				—				—				2,428,167
Total Investments		$	455,407,848				—			$	4,002,527			$	459,410,375
LIABILITIES
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Other Financial Instruments:
Written Options		$	4,455				—				—			$	4,455

 

†	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
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		$	666,377			$	3,179,648				3,179,648			$	3,360,392				3,360,392

 

8

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

 

(cont’d)		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			—			$	56				—			$	485,633

3. Restricted securities

The following Portfolio investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.

 

Security		Number of Shares				Acquisition Date				Cost				Fair Value at 3/31/2022				Value Per Share				Percent of Net Assets
Brain Corp., Common Shares			52,367				3/21			$	228,844			$	265,426			$	5.07				0.06	%
Brain Corp., Preferred Shares			170,237				4/20, 11/20				898,085				862,858				5.07				0.19
Caris Life Sciences Inc., Series C, Preferred Shares			183,481				10/20				506,407				783,873				4.27				0.17
Caris Life Sciences Inc., Series D, Preferred Shares			31,383				5/21				254,202				134,075				4.27				0.03
Klaviyo Inc., Common Shares			69,558				5/21				2,321,946				1,956,295				28.12				0.42
										$	4,209,484			$	4,002,527								0.87	%

 

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