VGOF-P19 06/26
LEGG MASON PARTNERS VARIABLE EQUITY TRUST
SUPPLEMENT DATED JUNE 1, 2026
TO THE SUMMARY PROSPECTUS AND PROSPECTUS
OF EACH FUND LISTED IN SCHEDULE A
| I. | The following paragraph supplements and supersedes the information regarding the Franklin Multi-Asset Variable Conservative Growth Fund composite and performance benchmarks contained in the section of the fund’s Summary Prospectus and Prospectus, respectively, titled “Performance”: |
Effective June 1, 2026, the composition of the fund’s composite benchmark will change from 28% Russell 1000 Index, 12% Russell 2000 Index, 10% MSCI EAFE Index, 43% Bloomberg U.S. Aggregate Index and 7% Bloomberg U.S. High Yield—2% Issuer Cap Index to 44% Russell 3000 Index, 11% MSCI EAFE Index and 45% Bloomberg U.S. Aggregate Index (the “New Composition”). The fund’s subadviser believes the New Composition better reflects the fund’s current portfolio.
Effective June 1, 2026, the fund will no longer compare its performance to the Russell 1000 Index. The fund will continue to compare its performance to the Russell 3000 Index, a broad-based securities market index, and the Bloomberg U.S. Aggregate Index, an additional index with characteristics relevant to the fund.
| II. | The following paragraph supplements and supersedes the information regarding the Franklin Multi-Asset Variable Growth Fund composite benchmark contained in the section of the fund’s Summary Prospectus and Prospectus, respectively, titled “Performance”: |
Effective June 1, 2026, the composition of the fund’s composite benchmark will change from 45% Russell 1000 Index, 20% Russell 2000 Index, 20% MSCI EAFE Index, 10% Bloomberg U.S. Aggregate Index and 5% Bloomberg U.S. High Yield—2% Issuer Cap Index to 72% Russell 3000 Index, 18% MSCI EAFE Index and