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497 1 d469572d497.htm MULTI-REGISTRANT Multi-Registrant

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LEGG MASON ETF INVESTMENT TRUST II

LEGG MASON PARTNERS INVESTMENT TRUST

SUPPLEMENT DATED MAY 1, 2023

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

OF EACH FUND LISTED IN SCHEDULE A

I.	Effective May 1, 2023, the following changes are made to each Fund’s Summary Prospectus and Prospectus:

In the section titled “Management – Portfolio managers” in each Fund’s Summary Prospectus and Prospectus, the following information is added:


Portfolio manager	Title	Portfolio manager of the fund since

Deepon Nag	Director and Portfolio Manager of ClearBridge	December 2023*

Effective December 31, 2023, Deepon Nag will join the fund’s portfolio management team.

The following sentence is added to the end of the section titled “Management – Portfolio managers” in each Fund’s Summary Prospectus and Prospectus:

It is anticipated that Robert Feitler, Jr. will retire and step down as a member of the fund’s portfolio management team on or about December 31, 2023.

In the section titled “More on fund management – Portfolio managers” in each Fund’s Prospectus, the following information is added:


Portfolio manager	Title and recent biography	Portfolio manager of the fund since

Deepon Nag	Mr. Nag is a Director and Portfolio Manager of ClearBridge with 14 years of industry experience. Mr. Nag joined ClearBridge in 2016 as a Senior Sector Analyst. Prior to joining the subadviser, he was a Senior Research Analyst at Millennium Partners and a Lead Software Engineer in Design Automation at Intel Corp.	December 2023*

Effective December 31, 2023, Deepon Nag will join the fund’s portfolio management team.

In the section of each Fund’s Prospectus titled “More on fund management – Portfolio managers”, the following sentence is added to the column titled “Title and recent biography” for Robert Feitler, Jr.:

It is anticipated that Mr. Feitler will retire and step down as a member of the fund’s portfolio management team on or about December 31, 2023.

II.

Effective May 1, 2023, the following changes are made to each Fund’s SAI:

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”, the following footnote is added to all references to Robert Feitler, Jr. with respect to each Fund:

It is anticipated that Mr. Feitler will retire and step down as a member of the Fund’s portfolio management team on or about December 31, 2023.

In the section titled “Portfolio Managers – Other Accounts Managed by the Portfolio Managers” in each Fund’s SAI, the following information is added to the table with respect to each Fund:


Portfolio Manager	Type of Account	Number of Accounts Managed	Total Assets Managed (Billions) ($)	Number of Accounts Managed for which Advisory Fee is Performance- Based	Assets Managed for which Advisory Fee is Performance Based (Billions) ($)
Deepon Nag **	Registered Investment Companies	None	None	None	None
	Other Pooled Investment Vehicles	None	None	None	None
	Other Accounts	None	None	None	None

The information is as of March 31, 2023 and does not reflect additional accounts (including the Fund) for which Mr. Nag will join the portfolio management team on December 31, 2023.

In the section titled “Portfolio Managers – Portfolio Managers Securities Ownership” in each Fund’s SAI, the following information is added to the table with respect to each Fund:


Portfolio Manager		Dollar Range of Ownership of Securities ($)
Deepon Nag**		None

The information is as of March 31, 2023.

SCHEDULE A


Fund		Date of Summary Prospectus, Prospectus and SAI
LEGG MASON ETF INVESTMENT TRUST II

ClearBridge Focus Value ESG ETF		December 16, 2022

LEGG MASON PARTNERS INVESTMENT TRUST

ClearBridge Large Cap Value Fund		March 1, 2023

Please retain this supplement for future reference.