# EDGAR Filing Document

**Accession Number:** 0001176343
**File Stem:** 0001193125-25-313642
**Filing Date:** 2025-12
**Character Count:** 4944
**Document Hash:** 82b2c256d4c400ae159c57c6591210ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-313642.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001193125-25-313642

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**EFFECTIVENESS DATE**: 20251210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001176343

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-91278
- **FILM NUMBER:** 251561050

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **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
- **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

## Series and Classes Contracts Data

### ClearBridge Variable Large Cap Value Portfolio (Series ID: S000017019)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047279 | Class I      | QLMVIX          |
| C000047280 | Class II     |  |

**VGOF-P37**![LOGO](g23909g78p96.jpg)

**LEGG MASON PARTNERS VARIABLE EQUITY TRUST** 

**SUPPLEMENT DATED DECEMBER 10, 2025** 

**TO THE SUMMARY PROSPECTUS, PROSPECTUS** 

**AND STATEMENT OF ADDITIONAL INFORMATION,** 

**EACH DATED AS OF MAY 1, 2025,** 

**OF EACH FUND LISTED BELOW (EACH, A "FUND")** 

The Board of Trustees, on behalf of each Fund, has approved a reorganization pursuant to which each Fund would be reorganized into a corresponding newly created series of Lincoln Variable Insurance Products Trust (each, an "Acquiring Fund"). Following the reorganizations, Lincoln Financial Investments Corporation, a wholly-owned subsidiary of The Lincoln National Life Insurance Company, would serve as investment manager to each Acquiring Fund. ClearBridge Investments, LLC , each Fund's current subadviser, would continue to serve as subadviser to each Acquiring Fund.

The Board of Trustees of the Funds has unanimously approved each of the proposed reorganizations. The proposed reorganizations are listed below:

---

| | |
|:---|:---|
| Funds | Acquiring Funds |
| ClearBridge Variable Appreciation Portfolio | LVIP ClearBridge Appreciation Fund |
| ClearBridge Variable Dividend Strategy Portfolio | LVIP ClearBridge Dividend Strategy Fund |
| ClearBridge Variable Large Cap Growth Portfolio | LVIP ClearBridge Large Cap Growth Fund |
| ClearBridge Variable Large Cap Value Portfolio | LVIP ClearBridge Large Cap Value Fund |

---

------

Under the reorganizations, each shareholder of a Fund would receive shares of the corresponding Acquiring Fund having the same aggregate net asset value as the Fund shares held by the shareholder immediately prior to the reorganization.

Each reorganization is subject to the satisfaction of certain conditions, including approval by the shareholders of the applicable Fund. If all conditions are satisfied and approvals obtained, the reorganizations are expected to close in the second quarter of 2026.

This document is not an offer to sell shares of the Acquiring Fund, nor is it a solicitation of an offer to buy any such shares or of any proxy. The solicitation of proxies to effect each reorganization will only be made by a final, effective Registration Statement on Form N-14, including a definitive Proxy Statement/Prospectus, after that Registration Statement is declared effective by the Securities and Exchange Commission (the "SEC"). The Registration Statement on Form N-14 has yet to be filed with the SEC. After the Registration Statement on Form N-14 is filed with the SEC, it may be amended or withdrawn and the Proxy Statement/Prospectus will not be distributed to Fund shareholders unless and until the Registration Statement on Form N-14 is declared effective by the SEC.

Fund shareholders are urged to read the Proxy Statement/Prospectus relating to the reorganization of their Fund and other documents filed with the SEC carefully and in their entirety when they become available, because these documents will contain important information about the proposed reorganizations. The Proxy Statement/Prospectus will contain information with respect to the investment objectives, risks, charges and expenses of the Acquiring Funds and other important information that Fund shareholders should carefully consider.

**Please retain this supplement for future reference.**