VGOF-P34 09/24
LEGG MASON ETF INVESTMENT TRUST
LEGG MASON PARTNERS INVESTMENT TRUST
LEGG MASON PARTNERS VARIABLE EQUITY TRUST
SUPPLEMENT DATED SEPTEMBER 26, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A (each a “Fund” and collectively, the “Funds”)
| I. | The following sentences are added to the end of the section titled “Management — Portfolio managers” in each Fund’s Summary Prospectus and Prospectus: |
Effective December 31, 2024, Peter Vanderlee will step down as portfolio manager to the fund. Mr. Vanderlee will continue to serve as portfolio manager for other Franklin Templeton funds.
| II. | The following sentences are added to the end of the section titled “More on fund management — Portfolio managers” in each Fund’s Prospectus: |
Effective December 31, 2024, Peter Vanderlee will step down as portfolio manager to the fund. Mr. Vanderlee will continue to serve as portfolio manager for other Franklin Templeton funds.
| III. | The following footnote is added to all references to Peter Vanderlee with respect to each Fund in the sections of each Fund’s SAI titled “Portfolio Managers — Other Accounts Managed by the Portfolio Managers” and “Portfolio Managers — Portfolio Managers Securities Ownership”: |
| * | Effective December 31, 2024, Peter Vanderlee will step down as portfolio manager to the Fund. Mr. Vanderlee will continue to serve as portfolio manager for other Franklin Templeton funds. |
SCHEDULE A
| Fund |
Date of Summary Prospectus, Prospectus and SAI | |
| LEGG MASON ETF INVESTMENT TRUST | ||
| ClearBridge Dividend Strategy ESG ETF |
August 1, 2024 | |
| LEGG MASON PARTNERS INVESTMENT TRUST |
||
| ClearBridge Dividend Strategy Fund |
May 1, 2024 | |
| LEGG MASON PARTNERS VARIABLE EQUITY TRUST |
||
| ClearBridge Variable Dividend Strategy Portfolio |
May 1, 2024 | |
Please retain this supplement for future reference.
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