0001752724-22-259063.txt : 20221121 0001752724-22-259063.hdr.sgml : 20221121 20221121155256 ACCESSION NUMBER: 0001752724-22-259063 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221121 DATE AS OF CHANGE: 20221121 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS VARIABLE EQUITY TRUST CENTRAL INDEX KEY: 0001176343 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21128 FILM NUMBER: 221405660 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 620 EIGHTH AVENUE, 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 1-877-721-1926 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 620 EIGHTH AVENUE, 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: Legg Mason Partners Variable Portfolios IV DATE OF NAME CHANGE: 20060501 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY MULTIPLE DISCIPLINE TRUST DATE OF NAME CHANGE: 20021004 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY MULTIPLE DISCIPLINE ACCOUNT TRUST DATE OF NAME CHANGE: 20020626 0001176343 S000068273 Franklin Templeton Moderate Model Portfolio C000218578 Class II QLMAFX C000218579 Class I QLMAEX NPORT-P 1 primary_doc.xml NPORT-P false 0001176343 XXXXXXXX S000068273 C000218579 C000218578 Legg Mason Partners Variable Equity Trust 811-21128 0001176343 549300W9EP2BXVLOGN89 620 Eighth Avenue 47thFloor New York 10018 1-877-721-1926 Franklin Templeton Moderate Model Portfolio S000068273 54930032BXZRBBQFVG10 2022-12-31 2022-09-30 N 922535154.11 309802.07 922225352.04 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 200844.78000000 N Fidelity International Index Fund 549300C2K28SY5V9FK59 Fidelity International Index Fund 315911727 752631.12200000 NS USD 26899036.30000000 2.916753073475 Long EC RF US N 1 N N N PIMCO International Bond Portfolio U.S. Dollar-Hedged 549300P9300R3FCSTO42 PIMCO International Bond Portfolio U.S. Dollar-Hedged 693394694 2987988.71700000 NS USD 28326133.04000000 3.071497977944 Long EC RF US N 1 N N N MainStay VP MacKay Convertible Initl N/A MainStay VP MacKay Convertible Initl 000000000 1191037.89900000 NS USD 18227882.21000000 1.976510640233 Long EC RF US N 2 N N N PIMCO VIT Total Return Portfolio WXIJUDZ58N7QM7IEFC20 PIMCO VIT Total Return Portfolio 693394785 6559099.13800000 NS USD 58375982.33000000 6.329904312527 Long EC RF US N 1 N N N MainStay VPFidty InsAM Utilts Pf Initl N/A MainStay VPFidty InsAM Utilts Pf Initl 000000000 2070780.52500000 NS USD 27119562.99000000 2.940665524972 Long EC RF US N 2 N N N Fidelity VIP Equity Income Portfolio N/A Fidelity VIP Equity Income Portfolio 922174305 1123537.81700000 NS USD 24785244.24000000 2.687547483396 Long EC RF US N 1 N N N MainStay VP PIMCO Real Return Init N/A MainStay VP PIMCO Real Return Init 000000000 3222460.43100000 NS USD 27603918.30000000 2.993185802031 Long EC RF US N 2 N N N MainStay VP Epoch US Equity Yield Initl N/A MainStay VP Epoch US Equity Yield Initl 000000000 1722811.43500000 NS USD 26840023.91000000 2.910354161336 Long EC RF US N 2 N N N Fidelity 500 Index Fund VNHOOHES3TKXOTQ3FS51 Fidelity 500 Index Fund 315911750 659593.72400000 NS USD 82403043.94000000 8.935239500597 Long EC RF US N 1 N N N BNY Mellon IP Technology Growth Init N/A BNY Mellon IP Technology Growth Init 000000000 1001167.68900000 NS USD 17720668.10000000 1.921511706526 Long EC RF US N 1 N N N Fidelity Variable Insurance Products - VIP Contrafund Portfolio 63OPVRZIKP7DI20FOE51 Fidelity Variable Insurance Products - VIP Contrafund Portfolio 922175500 838995.13200000 NS USD 31672066.23000000 3.434308779295 Long EC RF US N 1 N N N MFS Variable Insurance Trust - Research Series N/A MFS Variable Insurance Trust - Research Series 55273F308 1379328.27600000 NS USD 35572876.24000000 3.857286742476 Long EC RF US N 2 N N N MFS VIT Investors Trust Init N/A MFS VIT Investors Trust Init 000000000 1347120.87600000 NS USD 39996018.81000000 4.336902983801 Long EC CORP US N 2 N N N American Funds IS The Bond Fd of Amer1A N/A American Funds IS The Bond Fd of Amer1A 000000000 9670955.45700000 NS USD 91003690.85000000 9.867836602918 Long EC CORP US N 1 N N N Delaware VIP Trust - Delaware VIP Small Cap Value Series 549300V02QTMX38GSE96 Delaware VIP Trust - Delaware VIP Small Cap Value Series 246493670 526803.82000000 NS USD 17447742.52000000 1.891917466962 Long EC RF US N 2 N N N ClearBridge Variable Appreciation Portfolio 549300JPS8VIXKYYNE50 ClearBridge Variable Appreciation Portfolio 52467W882 840289.62200000 NS USD 40577585.85000000 4.399964256050 Long EC RF US N 1 N N N MainStay VP Bond Init N/A MainStay VP Bond Init 000000000 3087451.86200000 NS USD 37549280.80000000 4.071594943355 Long EC RF US N 2 N N N MainStay VP MacKay Common Stock Initl N/A MainStay VP MacKay Common Stock Initl 000000000 1736354.55500000 NS USD 44697238.95000000 4.846672112312 Long EC RF US N 2 N N N Fidelity US Bond Index 5VUJ0DJSDOFYE2WQN531 Fidelity US Bond Index 316146356 11633529.46400000 NS USD 117265977.00000000 12.71554471372 Long EC RF US N 1 N N N BlackRock Liquidity Funds Treasury Trust Fund Portfolio 549300U5PI8CHFJM7202 BlackRock Liquidity Funds Treasury Trust Fund Portfolio 09248U551 9486018.16000000 NS USD 9486018.16000000 1.028600887951 Long STIV RF US N 1 N N N Columbia Variable Portfolio - Emerging Markets Bond Fund N/A Columbia Variable Portfolio - Emerging Markets Bond Fund 19766L586 2565026.37700000 NS USD 18032135.43000000 1.955285157810 Long EC RF US N 1 N N N American Funds IS Growth 1A N/A American Funds IS Growth 1A 000000000 479510.26100000 NS USD 35488554.42000000 3.848143443627 Long EC RF US N 2 N N N Western Asset Core Plus VIT Portfolio 549300ZKZMJ585OXJ739 Western Asset Core Plus VIT Portfolio 52467K771 9652258.32700000 NS USD 46523885.14000000 5.044741508904 Long EC RF US N 1 N N N MainStay VP Eagle Small Growth Init N/A MainStay VP Eagle Small Growth Init 000000000 1492359.42000000 NS USD 18289610.87000000 1.983204086673 Long EC RF US N 2 N N N 2022-11-21 Legg Mason Partners Variable Equity Trust Christopher Berarducci Christopher Berarducci Principal Financial Officer XXXX NPORT-EX 2 LMA7700Legg09302022.htm HTML

FRANKLIN TEMPLETON AGGRESSIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

DESCRIPTION

     SHARES      VALUE  
INVESTMENTS IN UNDERLYING FUNDS - 98.8%        

Domestic Equity - 77.8%

        

American Funds Insurance Series:

        

Growth Fund, Class 1A

        418,519      $ 30,974,588  

Washington Mutual Investors Fundsm, Class 1A

        1,379,906        15,744,723  

BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares

        522,083        9,240,862  

Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class

        323,413        10,711,430  

Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares

        230,068        28,742,364  

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares

        391,063        18,884,427 (a) 

MainStay VP Funds Trust:

        

MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class

        1,204,169        18,759,993  

MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class

        936,001        12,258,156 (b) 

MainStay VP Small Cap Growth Portfolio, Initial Class

        909,964        11,152,060  

MainStay VP Wellington U.S. Equity Portfolio, Initial Class

        968,713        24,936,617  

MFS Variable Insurance Portfolios:

        

MFS® Investors Trust Series, Initial Class

        628,515        18,660,617  

MFS® Research Series, Initial Class

        482,766        12,450,545  

Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class

        749,835        16,541,359  

Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class

        501,765        18,941,638 (c) 
       

 

 

  

Total Domestic Equity

           247,999,379  
       

 

 

  

Domestic Fixed Income - 13.2%

        

Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares

        4,159,598        41,928,748  
       

 

 

  

Foreign Equity - 7.8%

        

Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares

        263,002        9,399,684  

Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class

        1,749,276        15,498,587  
       

 

 

  

Total Foreign Equity

           24,898,271  
       

 

 

  

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS
(Cost - $374,351,381)

           314,826,398  
       

 

 

  
     RATE               
SHORT-TERM INVESTMENTS - 1.4%        

Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares
(Cost - $4,343,188)

      2.487 %      4,343,188        4,343,188  
       

 

 

  

TOTAL INVESTMENTS - 100.2%
(Cost - $378,694,569)

           319,169,586  

Liabilities in Excess of Other Assets - (0.2)%

           (661,671 ) 
       

 

 

  

TOTAL NET ASSETS - 100.0%

         $ 318,507,915  
       

 

 

  

 

(a)

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

 

(b)

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

 

(c)

Contrafund is a registered service mark of FMR LLC.

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

 

See Notes to Schedules of Investments.

 

 

Franklin Templeton Model Portfolio Funds 2022 Quarterly Report    

  

 

 

1

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

DESCRIPTION

     SHARES      VALUE  
INVESTMENTS IN UNDERLYING FUNDS - 98.4%        

Domestic Equity - 60.4%

        

American Funds Insurance Series:

        

Growth Fund, Class 1A

        879,867      $ 65,118,978  

Washington Mutual Investors Fundsm, Class 1A

        2,085,665        23,797,432  

BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares

        1,107,600        19,604,519  

Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class

        901,828        29,868,554  

Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares

        895,850        111,918,561  

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares

        1,252,127        60,465,189 (a)  

MainStay VP Funds Trust:

        

MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class

        2,691,617        41,933,244  

MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class

        2,409,131        31,550,704 (b)  

MainStay VP Small Cap Growth Portfolio, Initial Class

        2,513,725        30,806,953  

MainStay VP Wellington U.S. Equity Portfolio, Initial Class

        2,327,756        59,921,107  

MFS Variable Insurance Portfolios:

        

MFS® Investors Trust Series, Initial Class

        1,865,624        55,390,377  

MFS® Research Series, Initial Class

        1,569,477        40,476,810  

Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class

        1,678,136        37,019,677  

Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class

        1,117,477        42,184,744 (c)  
       

 

 

  

Total Domestic Equity

           650,056,849  
       

 

 

  

Domestic Fixed Income - 26.6%

        

American Funds Insurance Series, The Bond Fund of America, Class 1A

        3,838,501        36,120,295  

Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares

        11,034,523        111,227,993  

Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares

        6,856,099        33,046,395 (a)  

MainStay VP Funds Trust:

        

MainStay VP Bond Portfolio, Initial Class

        2,752,702        33,478,090  

MainStay VP PIMCO Real Return Portfolio, Initial Class

        2,545,531        21,805,276  

PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class

        5,627,021        50,080,484  
       

 

 

  

Total Domestic Fixed Income

           285,758,533  
       

 

 

  

Foreign Equity - 6.8%

        

Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares

        1,166,248        41,681,681  

Variable Insurance Products Fund - VIP Emerging Markets Portfolio, Initial Class

        3,496,075        30,975,225  
       

 

 

  

Total Foreign Equity

           72,656,906  
       

 

 

  

Foreign Fixed Income - 4.6%

        

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1

        3,076,281        21,626,254  

PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

        2,977,104        28,222,949  
       

 

 

  

Total Foreign Fixed Income

           49,849,203  
       

 

 

  

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS
(Cost - $1,258,248,021)

           1,058,321,491  
       

 

 

  
     RATE               
SHORT-TERM INVESTMENTS - 1.4%        

Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares
(Cost - $15,626,290)

      2.487 %      15,626,290        15,626,290  
       

 

 

  

TOTAL INVESTMENTS - 99.8%
(Cost - $1,273,874,311)

           1,073,947,781  

Other Assets in Excess of Liabilities - 0.2%

           1,790,203  
       

 

 

  

TOTAL NET ASSETS - 100.0%

         $ 1,075,737,984  
       

 

 

  

 

See Notes to Schedules of Investments.

 

 

 

2

  

    Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

  

FRANKLIN TEMPLETON MODERATELY AGGRESSIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited) (cont’d)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

(a)

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

 

(b)

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

 

(c)

Contrafund is a registered service mark of FMR LLC.

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

 

See Notes to Schedules of Investments.

 

 

Franklin Templeton Model Portfolio Funds 2022 Quarterly Report    

  

 

 

3

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

 

Schedules of investments (unaudited)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

DESCRIPTION

     SHARES      VALUE  
INVESTMENTS IN UNDERLYING FUNDS - 98.9%        

Domestic Equity - 47.9%

        

American Funds Insurance Series, Growth Fund, Class 1A

        479,510      $ 35,488,554  

BNY Mellon Investment Portfolios - Technology Growth Portfolio, Initial Shares

        1,001,168        17,720,668  

Delaware VIP Trust - Delaware VIP Small Cap Value Series, Standard Class

        526,804        17,447,743  

Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares

        659,594        82,403,044  

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares

        840,290        40,577,586 (a) 

MainStay VP Funds Trust:

        

MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class

        1,722,811        26,840,024  

MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class

        2,070,780        27,119,563 (b) 

MainStay VP Small Cap Growth Portfolio, Initial Class

        1,492,359        18,289,611  

MainStay VP Wellington U.S. Equity Portfolio, Initial Class

        1,736,355        44,697,239  

MFS Variable Insurance Portfolios:

        

MFS® Investors Trust Series, Initial Class

        1,347,121        39,996,019  

MFS® Research Series, Initial Class

        1,379,328        35,572,876  

Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class

        1,123,538        24,785,244  

Variable Insurance Products Fund II - VIP Contrafund® Portfolio, Initial Class

        838,995        31,672,066 (c) 
       

 

 

  

Total Domestic Equity

           442,610,237  
       

 

 

  

Domestic Fixed Income - 43.0%

        

American Funds Insurance Series, The Bond Fund of America, Class 1A

        9,670,956        91,003,691  

Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares

        11,657,963        117,512,268  

Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares

        9,652,258        46,523,885 (a) 

MainStay VP Funds Trust:

        

MainStay VP Bond Portfolio, Initial Class

        3,087,452        37,549,281  

MainStay VP MacKay Convertible Portfolio, Initial Class

        1,191,038        18,227,882  

MainStay VP PIMCO Real Return Portfolio, Initial Class

        3,222,460        27,603,918  

PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class

        6,575,861        58,525,162  
       

 

 

  

Total Domestic Fixed Income

           396,946,087  
       

 

 

  

Foreign Fixed Income - 5.1%

        

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1

        2,595,789        18,248,393  

PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

        2,992,404        28,367,993  
       

 

 

  

Total Foreign Fixed Income

           46,616,386  
       

 

 

  

Foreign Equity - 2.9%

        

Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares

        752,631        26,899,036  
       

 

 

  

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS
(Cost - $1,064,271,647)

           913,071,746  
       

 

 

  
     RATE               
SHORT-TERM INVESTMENTS - 1.0%        

Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares
(Cost - $9,470,606)

      2.487 %      9,470,606        9,470,606  
       

 

 

  

TOTAL INVESTMENTS - 99.9%
(Cost - $1,073,742,253)

           922,542,352  

Other Assets in Excess of Liabilities - 0.1%

           1,117,524  
       

 

 

  

TOTAL NET ASSETS - 100.0%

         $ 923,659,876  
       

 

 

  

 

See Notes to Schedules of Investments.

 

 

 

4

  

    Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

  

FRANKLIN TEMPLETON MODERATE MODEL PORTFOLIO

 

Schedules of investments (unaudited) (cont’d)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

(a)

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

 

(b)

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

 

(c)

Contrafund is a registered service mark of FMR LLC.

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

 

See Notes to Schedules of Investments.

 

 

Franklin Templeton Model Portfolio Funds 2022 Quarterly Report    

  

 

 

5

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

DESCRIPTION

     SHARES      VALUE  
INVESTMENTS IN UNDERLYING FUNDS - 99.2%        

Domestic Fixed Income - 52.9%

        

American Funds Insurance Series, The Bond Fund of America, Class 1A

        4,874,624      $ 45,870,209  

Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares

        4,407,048        44,423,045  

Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares

        4,378,123        21,102,550 (a) 

MainStay VP Funds Trust:

        

MainStay VP Bond Portfolio, Initial Class

        2,042,499        24,840,667  

MainStay VP MacKay Convertible Portfolio, Initial Class

        456,673        6,989,019  

MainStay VP PIMCO Real Return Portfolio, Initial Class

        2,030,019        17,389,349  

PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class

        2,784,270        24,780,005  
       

 

 

  

Total Domestic Fixed Income

           185,394,844  
       

 

 

  

Domestic Equity - 31.6%

        

American Funds Insurance Series, Growth Fund, Class 1A

        91,354        6,761,082  

Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares

        202,151        25,254,693  

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio, Class I Shares

        211,623        10,219,300 (a) 

MainStay VP Funds Trust:

        

MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class

        651,227        10,145,602  

MainStay VP Fidelity Institutional AM® Utilities Portfolio, Initial Class

        773,415        10,128,881 (b) 

MainStay VP Small Cap Growth Portfolio, Initial Class

        563,491        6,905,860  

MainStay VP Wellington U.S. Equity Portfolio, Initial Class

        328,120        8,446,464  

MFS Variable Insurance Portfolios:

        

MFS® Investors Trust Series, Initial Class

        452,715        13,441,105  

MFS® Research Series, Initial Class

        456,181        11,764,911  

Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class

        347,131        7,657,703  
       

 

 

  

Total Domestic Equity

           110,725,601  
       

 

 

  

Foreign Fixed Income - 10.1%

        

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1

        1,471,383        10,343,823  

PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

        2,637,870        25,007,006  
       

 

 

  

Total Foreign Fixed Income

           35,350,829  
       

 

 

  

Foreign Equity - 4.6%

        

Fidelity Concord Street Trust - Fidelity® International Index Fund, Institutional Premium Shares

        450,582        16,103,795  
       

 

 

  

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS
(Cost - $400,871,764)

           347,575,069  
       

 

 

  
     RATE               
SHORT-TERM INVESTMENTS - 0.6%        

Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares
(Cost - $2,207,577)

      2.487 %      2,207,577        2,207,577  
       

 

 

  

TOTAL INVESTMENTS - 99.8%
(Cost - $403,079,341)

           349,782,646  

Other Assets in Excess of Liabilities - 0.2%

           614,265  
       

 

 

  

TOTAL NET ASSETS - 100.0%

         $ 350,396,911  
       

 

 

  

 

(a)

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

 

(b)

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

 

See Notes to Schedules of Investments.

 

 

 

6

  

    Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

  

FRANKLIN TEMPLETON MODERATELY CONSERVATIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited) (cont’d)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

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

 

See Notes to Schedules of Investments.

 

 

Franklin Templeton Model Portfolio Funds 2022 Quarterly Report    

  

 

 

7

FRANKLIN TEMPLETON CONSERVATIVE MODEL PORTFOLIO

 

Schedules of investments (unaudited)    September 30, 2022

(Percentages shown based on Portfolio net assets)

 

DESCRIPTION

     SHARES      VALUE  
INVESTMENTS IN UNDERLYING FUNDS - 96.6%        

Domestic Fixed Income - 64.5%

        

American Funds Insurance Series, The Bond Fund of America, Class 1A

        2,351,497      $ 22,127,585  

Fidelity Salem Street Trust - Fidelity® U.S. Bond Index Fund, Institutional Premium Shares

        2,279,256        22,974,897  

Legg Mason Partners Variable Income Trust - Western Asset Core Plus VIT Portfolio, Class I Shares

        1,882,880        9,075,483 (a)  

MainStay VP Funds Trust:

        

MainStay VP Bond Portfolio, Initial Class

        1,698,169        20,652,966  

MainStay VP MacKay Convertible Portfolio, Initial Class

        204,730        3,133,224  

MainStay VP PIMCO Real Return Portfolio, Initial Class

        1,038,088        8,892,362  

PIMCO Variable Insurance Trust - PIMCO Total Return Portfolio, Institutional Class

        1,633,935        14,542,023  
       

 

 

  

Total Domestic Fixed Income

           101,398,540  
       

 

 

  

Domestic Equity - 16.3%

        

Fidelity Concord Street Trust - Fidelity® 500 Index Fund, Institutional Premium Shares

        86,744        10,836,965  

MainStay VP Funds Trust:

        

MainStay VP Epoch U.S. Equity Yield Portfolio, Initial Class

        281,178        4,380,534  

MainStay VP Small Cap Growth Portfolio, Initial Class

        242,021        2,966,083  

MFS Variable Insurance Portfolios, MFS® Research Series, Initial Class

        172,957        4,460,557  

Variable Insurance Products Fund - VIP Equity-Income Portfolio, Initial Class

        133,720        2,949,869  
       

 

 

  

Total Domestic Equity

           25,594,008  
       

 

 

  

Foreign Fixed Income - 15.8%

        

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets Bond Fund, Class 1

        860,268        6,047,685  

PIMCO Variable Insurance Trust - PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class

        1,975,836        18,730,918  
       

 

 

  

Total Foreign Fixed Income

           24,778,603  
       

 

 

  

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS
(Cost - $175,780,176)

           151,771,151  
       

 

 

  
     RATE               
SHORT-TERM INVESTMENTS - 2.1%        

Blackrock Liquidity Funds - Treasury Trust Fund, Institutional Shares
(Cost - $3,323,674)

      2.487 %      3,323,674        3,323,674  
       

 

 

  

TOTAL INVESTMENTS - 98.7%
(Cost - $179,103,850)

           155,094,825  

Other Assets in Excess of Liabilities - 1.3%

           1,972,006  
       

 

 

  

TOTAL NET ASSETS - 100.0%

         $ 157,066,831  
       

 

 

  

 

(a)

Underlying Fund is affiliated with Franklin Resources, Inc. and more information about the Underlying Fund is available at www.franklintempleton.com (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 Schedules of Investments.

 

 

 

8

  

    Franklin Templeton Model Portfolio Funds 2022 Quarterly Report

  

Notes to Schedules of Investments (unaudited)

 

1. Organization and significant accounting policies

Franklin Templeton Aggressive Model Portfolio (“Aggressive Model Portfolio”), Franklin Templeton Moderately Aggressive Model Portfolio (“Moderately Aggressive Model Portfolio”), Franklin Templeton Moderate Model Portfolio (“Moderate Model Portfolio”), Franklin Templeton Moderately Conservative Model Portfolio (“Moderately Conservative Model Portfolio”) and Franklin Templeton Conservative Model Portfolio (“Conservative Model Portfolio”) (collectively, the “Portfolios”) are separate diversified investment series of Legg Mason Partners Variable Equity Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Portfolios invest in insurance-dedicated mutual funds that have been selected by New York Life Insurance and Annuity Corporation (“NYLIAC”) as investment options for use with their variable annuity and variable universal life insurance policies, noninsurance-dedicated mutual funds and exchange traded funds (“Underlying Funds”). The Underlying Funds include funds managed by investment advisers that are not affiliated with Franklin Resources, Inc. (“Franklin Resources”) and funds managed by Franklin Resources affiliated investment advisers. Shares of the Portfolios are offered to variable annuity and variable life insurance separate accounts established by NYLIAC.

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

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

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

Pursuant to policies adopted by the Board of Trustees, the Portfolios’ manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolios’ manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolios’ pricing policies, and reporting to the Portfolios’ manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Portfolios, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

 

   

 

 

9

Notes to Schedules of Investments (unaudited) (continued)

 

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Portfolios use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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

 

  •  

Level 1 – unadjusted quoted prices in active markets for identical investments

 

  •  

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

 

  •  

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

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

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

Aggressive Model Portfolio

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments:

            

Investments in Underlying Funds†:

            

Domestic Equity

    $ 92,350,650      $ 155,648,729        —        $ 247,999,379  

Other Investments in Underlying Funds

      66,827,019        —          —          66,827,019  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      159,177,669        155,648,729        —          314,826,398  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†

      4,343,188        —          —          4,343,188  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 163,520,857      $ 155,648,729        —        $ 319,169,586  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

Moderately Aggressive Model Portfolio

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments:

            

Investments in Underlying Funds†:

            

Domestic Equity

    $ 271,192,690      $ 378,864,159        —        $ 650,056,849  

Domestic Fixed Income

      230,475,167        55,283,366        —          285,758,533  

Other Investments in Underlying Funds

      122,506,109        —          —          122,506,109  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      624,173,966        434,147,525        —          1,058,321,491  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†

      15,626,290        —          —          15,626,290  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 639,800,256      $ 434,147,525        —        $ 1,073,947,781  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

 

 

10

    

Notes to Schedules of Investments (unaudited) (continued)

 

Moderate Model Portfolio    

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments:

            

Investments in Underlying Funds†:

            

Domestic Equity

    $ 197,158,608      $ 245,451,629        —        $ 442,610,237  

Domestic Fixed Income

      313,565,006        83,381,081        —          396,946,087  

Other Investments in Underlying Funds

      73,515,422        —          —          73,515,422  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      584,239,036        328,832,710        —          913,071,746  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†

      9,470,606        —          —          9,470,606  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 593,709,642      $ 328,832,710        —        $ 922,542,352  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.    

Moderately Conservative Model Portfolio    

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments:

            

Investments in Underlying Funds†:

            

Domestic Equity

    $ 43,131,696      $ 67,593,905        —        $ 110,725,601  

Domestic Fixed Income

      136,175,809        49,219,035        —          185,394,844  

Other Investments in Underlying Funds

      51,454,624        —          —          51,454,624  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      230,762,129        116,812,940        —          347,575,069  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†

      2,207,577        —          —          2,207,577  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 232,969,706      $ 116,812,940        —        $ 349,782,646  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.    

Conservative Model Portfolio    

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Long-Term Investments:

            

Investments in Underlying Funds†:

            

Foreign Fixed Income

    $ 24,778,603        —          —        $ 24,778,603  

Domestic Equity

      13,786,834      $ 11,807,174        —          25,594,008  

Domestic Fixed Income

      68,719,988        32,678,552        —          101,398,540  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Long-Term Investments

      107,285,425        44,485,726        —          151,771,151  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments†

      3,323,674        —          —          3,323,674  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 110,609,099      $ 44,485,726        —        $ 155,094,825  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.    

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Portfolios own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolios. The following Underlying Funds were considered affiliated companies for all or some portion of the period ended September 30, 2022. The following transactions were effected in such Underlying Funds for the period ended September 30, 2022.

 

   

 

 

11

Notes to Schedules of Investments (unaudited) (continued)

 

Aggressive Model Portfolio

   Affiliate
Value at
December 31,
2021		     Purchased     Sold     Realized
Gain (Loss)
from Sale
of
Affiliated
Underlying
Funds		     Income
Distributions
from
Affiliated
Underlying
Funds		     Capital Gain
Distributions
from
Affiliated
Underlying
Funds		     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		     Affiliate
Value at
September 30,
2022		  
  Cost     Shares     Cost     Shares  
ClearBridge Variable Appreciation Portfolio, Class I Shares   $ 14,889,965     $ 8,005,939       147,365       —         —         —       $ 12,258     $ 158,680     $ (4,011,477 )    $ 18,884,427  

 

Moderately Aggressive Model
Portfolio

   Affiliate
Value at
December 31,
2021		     Purchased     Sold     Realized
Gain (Loss)
from Sale
of
Affiliated
Underlying
Funds		     Income
Distributions
from
Affiliated
Underlying
Funds		     Capital Gain
Distributions
from
Affiliated
Underlying
Funds		     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		     Affiliate
Value at
September 30,
2022		  
  Cost     Shares     Cost     Shares  
ClearBridge Variable Appreciation Portfolio, Class I Shares   $ 55,620,849     $ 18,611,082       341,802       —         —         —       $ 41,312     $ 534,770     $ (13,766,742 )    $ 60,465,189  
Western Asset Core Plus VIT Portfolio, Class I Shares     —         35,855,000       6,938,613     $ 426,601       82,514     $ (6,601 )      —         —         (2,382,004 )      33,046,395  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 55,620,849     $ 54,466,082       $ 426,601       $ (6,601 )    $ 41,312     $ 534,770     $ (16,148,746 )    $ 93,511,584  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Moderate Model Portfolio

   Affiliate
Value at
December 31,
2021		     Purchased     Sold     Realized
Gain (Loss)
from Sale
of
Affiliated
Underlying
Funds		     Income
Distributions
from
Affiliated
Underlying
Funds		     Capital Gain
Distributions
from
Affiliated
Underlying
Funds		     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		     Affiliate
Value at
September 30,
2022		  
  Cost     Shares     Cost     Shares  
ClearBridge Variable Appreciation Portfolio, Class I Shares   $ 38,510,025     $ 11,322,068       210,011       —         —         —       $ 27,758     $ 359,310     $ (9,254,507 )    $ 40,577,586  
Western Asset Core Plus VIT Portfolio, Class I Shares     —         50,405,000       9,760,313     $ 558,644       108,055     $ (8,644 )      —         —         (3,322,471 )      46,523,885  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 38,510,025     $ 61,727,068       $ 558,644       $ (8,644 )    $ 27,758     $ 359,310     $ (12,576,978 )    $ 87,101,471  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Moderately Conservative
Model Portfolio

   Affiliate
Value at
December 31,
2021		     Purchased     Sold     Realized
Gain (Loss)
from Sale
of
Affiliated
Underlying
Funds		     Income
Distributions
from
Affiliated
Underlying
Funds		     Capital Gain
Distributions
from
Affiliated
Underlying
Funds		     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		     Affiliate
Value at
September 30,
2022		  
  Cost     Shares     Cost     Shares  
ClearBridge Variable Appreciation Portfolio, Class I Shares   $ 9,860,479     $ 2,694,774       50,240       —         —         —       $ 7,155     $ 92,619     $ (2,335,953 )    $ 10,219,300  
Western Asset Core Plus VIT Portfolio, Class I Shares     —         22,785,000       4,415,451     $ 192,986       37,328     $ (2,986 )      —         —         (1,489,464 )      21,102,550  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 9,860,479     $ 25,479,774       $ 192,986       $ (2,986 )    $ 7,155     $ 92,619     $ (3,825,417 )    $ 31,321,850  
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Conservative Model Portfolio

   Affiliate
Value at
December 31,
2021		     Purchased     Sold     Realized
Gain (Loss)
from Sale
of
Affiliated
Underlying
Funds		     Income
Distributions
from
Affiliated
Underlying
Funds		     Capital Gain
Distributions
from
Affiliated
Underlying
Funds		     Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)		     Affiliate
Value at
September 30,
2022		  
  Cost     Shares     Cost     Shares  
Western Asset Core Plus VIT Portfolio, Class I Shares     —       $ 9,825,000       1,901,544     $ 96,493       18,664     $ (1,493 )      —         —       $ (653,024 )    $ 9,075,483  

 

 

 

12