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.

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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

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