ThZeal - The Zeal


ClearBridge Growth Fund
Class A [SHRAX]
Semi-Annual Shareholder Report \| February 28, 2025

This semi-annual shareholder report contains important information about ClearBridge Growth Fund (previously known as ClearBridge Aggressive Growth Fund) for the period September 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class A	$58	1.13%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)


ClearBridge Growth Fund
Class C [SAGCX]
Semi-Annual Shareholder Report \| February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class C	$96	1.88%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)


ClearBridge Growth Fund
Class FI [LMPFX]
Semi-Annual Shareholder Report \| February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class FI	$58	1.14%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)


ClearBridge Growth Fund
Class R [LMPRX]
Semi-Annual Shareholder Report \| February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class R	$74	1.44%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)


ClearBridge Growth Fund
Class I [SAGYX]
Semi-Annual Shareholder Report \| February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class I	$43	0.84%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)


ClearBridge Growth Fund
Class IS [LSIFX]
Semi-Annual Shareholder Report \| February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class IS	$38	0.74%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of February 28, 2025)


Total Net Assets	$4,257,346,117
Total Number of Portfolio Holdings*	51
Portfolio Turnover Rate	13%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)

Portfolio Composition* (% of Total Investments)

Schedule of Investments (unaudited)

February 28, 2025

ClearBridge Growth Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 100.0%
Communication Services — 9.4%
Diversified Telecommunication Services — 0.0%††
GCI Liberty Inc., Class A Shares (Escrow)	370,293	$1,851 *(a)(b)
Entertainment — 6.9%
Liberty Media Corp.-Liberty Formula One, Class C Shares	698,195	67,326,944 *
Madison Square Garden Entertainment Corp.	917,972	31,697,573 *
Madison Square Garden Sports Corp.	511,069	104,099,645 *
TKO Group Holdings Inc.	604,960	91,131,174 *
Total Entertainment		294,255,336
Interactive Media & Services — 2.5%
Pinterest Inc., Class A Shares	2,832,152	104,732,981 *

Total Communication Services		398,990,168
Consumer Discretionary — 11.4%
Hotels, Restaurants & Leisure — 6.3%
Airbnb Inc., Class A Shares	703,936	97,755,592 *
Cava Group Inc.	247,900	23,557,937 *
Chipotle Mexican Grill Inc.	1,314,700	70,954,359 *
Starbucks Corp.	639,200	74,025,752
Total Hotels, Restaurants & Leisure		266,293,640
Specialty Retail — 5.1%
TJX Cos. Inc.	1,170,000	145,969,200
Tractor Supply Co.	1,289,000	71,346,150
Total Specialty Retail		217,315,350

Total Consumer Discretionary		483,608,990
Consumer Staples — 0.8%
Personal Care Products — 0.8%
e.l.f. Beauty Inc.	468,900	32,940,225 *

Financials — 7.3%
Capital Markets — 7.3%
Ares Management Corp., Class A Shares	545,200	93,196,488
Cohen & Steers Inc.	945,982	82,678,827
MSCI Inc.	143,200	84,561,032
Robinhood Markets Inc., Class A Shares	1,038,900	52,048,890 *

Total Financials		312,485,237
Health Care — 14.0%
Biotechnology — 7.2%
Ionis Pharmaceuticals Inc.	289,337	9,603,095 *
Ultragenyx Pharmaceutical Inc.	436,003	18,713,249 *

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

February 28, 2025

ClearBridge Growth Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Biotechnology — continued
Vertex Pharmaceuticals Inc.	580,096	$278,324,260 *
Total Biotechnology		306,640,604
Health Care Equipment & Supplies — 2.5%
IDEXX Laboratories Inc.	78,500	34,313,135 *
Insulet Corp.	265,100	72,178,777 *
Total Health Care Equipment & Supplies		106,491,912
Health Care Providers & Services — 2.6%
UnitedHealth Group Inc.	236,596	112,373,636
Health Care Technology — 1.3%
Doximity Inc., Class A Shares	757,390	53,395,995 *
Life Sciences Tools & Services — 0.4%
Charles River Laboratories International Inc.	103,014	17,029,244 *

Total Health Care		595,931,391
Industrials — 16.9%
Aerospace & Defense — 3.1%
L3Harris Technologies Inc.	649,667	133,902,865
Building Products — 4.2%
Builders FirstSource Inc.	335,900	46,686,741 *
Johnson Controls International PLC	1,547,019	132,517,648
Total Building Products		179,204,389
Commercial Services & Supplies — 2.6%
Cintas Corp.	356,400	73,953,000
Clean Harbors Inc.	163,100	34,830,005 *
Total Commercial Services & Supplies		108,783,005
Electrical Equipment — 2.2%
Vertiv Holdings Co., Class A Shares	999,600	95,131,932
Ground Transportation — 1.9%
Old Dominion Freight Line Inc.	447,700	79,019,050
Professional Services — 0.6%
Paylocity Holding Corp.	131,200	26,802,848 *
Trading Companies & Distributors — 2.3%
W.W. Grainger Inc.	95,500	97,525,555

Total Industrials		720,369,644
Information Technology — 38.5%
Electronic Equipment, Instruments & Components — 5.2%
TE Connectivity PLC	1,436,692	221,293,669
IT Services — 5.5%
Accenture PLC, Class A Shares	233,925	81,522,863
MongoDB Inc.	60,100	16,072,543 *
Shopify Inc., Class A Shares	749,700	83,966,400 *

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

ClearBridge Growth Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value

IT Services — continued
Snowflake Inc., Class A Shares		304,313	$53,893,832 *
Total IT Services			235,455,638
Semiconductors & Semiconductor Equipment — 6.7%
Broadcom Inc.		1,420,070	283,204,560
Software — 20.8%
AppLovin Corp., Class A Shares		294,900	96,060,726 *
Autodesk Inc.		644,021	176,596,998 *
Crowdstrike Holdings Inc., Class A Shares		469,013	182,755,606 *
DocuSign Inc.		568,189	47,256,279 *
HubSpot Inc.		279,971	202,696,204 *
Palantir Technologies Inc., Class A Shares		937,900	79,646,468 *
ServiceNow Inc.		109,500	101,808,720 *
Total Software			886,821,001
Technology Hardware, Storage & Peripherals — 0.3%
Seagate Technology Holdings PLC		145,058	14,782,861

Total Information Technology			1,641,557,729
Materials — 1.7%
Metals & Mining — 1.7%
Freeport-McMoRan Inc.		1,983,802	73,222,132
Total Investments before Short-Term Investments (Cost — $2,233,977,208)			4,259,105,516
	Rate
Short-Term Investments — 0.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class	4.167%	1,419,069	1,419,069 (c)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	4.222%	1,419,069	1,419,069 (c)(d)

Total Short-Term Investments (Cost — $2,838,138)			2,838,138
Total Investments — 100.1% (Cost — $2,236,815,346)			4,261,943,654
Liabilities in Excess of Other Assets — (0.1)%			(4,597,537 )
Total Net Assets — 100.0%			$4,257,346,117

††	Represents less than 0.1%.
*	Non-income producing security.
(a)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)	Security is valued using significant unobservable inputs (Note 1).
(c)	Rate shown is one-day yield as of the end of the reporting period.
(d)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2025, the total market value of investments in Affiliated Companies was $1,419,069 and the cost was $1,419,069 (Note 8).

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

February 28, 2025

Assets:
Investments in unaffiliated securities, at value (Cost — $2,235,396,277)	$4,260,524,585
Investments in affiliated securities, at value (Cost — $1,419,069)	1,419,069
Dividends receivable from unaffiliated investments	2,034,329
Receivable for Fund shares sold	792,867
Dividends receivable from affiliated investments	30,898
Prepaid expenses	87,078
Total Assets	4,264,888,826
Liabilities:
Payable for Fund shares repurchased	3,094,957
Investment management fee payable	2,479,343
Service and/or distribution fees payable	817,107
Transfer agent fees payable	753,721
Trustees’ fees payable	37,125
Accrued expenses	360,456
Total Liabilities	7,542,709
Total Net Assets	$4,257,346,117
Net Assets:
Par value (Note 7)	$429
Paid-in capital in excess of par value	1,745,665,866
Total distributable earnings (loss)	2,511,679,822
Total Net Assets	$4,257,346,117

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Net Assets:
Class A	$3,874,531,031
Class C	$27,466,811
Class FI	$1,456,607
Class R	$16,765,825
Class I	$275,389,945
Class IS	$61,735,898
Shares Outstanding:
Class A	39,303,149
Class C	835,191
Class FI	14,521
Class R	186,359
Class I	2,066,967
Class IS	449,488
Net Asset Value:
Class A (and redemption price)	$98.58
Class C*	$32.89
Class FI (and redemption price)	$100.31
Class R (and redemption price)	$89.97
Class I (and redemption price)	$133.23
Class IS (and redemption price)	$137.35
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$104.32

*	Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended February 28, 2025

Investment Income:
Dividends from unaffiliated investments	$15,559,015
Dividends from affiliated investments	102,043
Total Investment Income	15,661,058
Expenses:
Investment management fee (Note 2)	15,747,755
Service and/or distribution fees (Notes 2 and 5)	5,181,825
Transfer agent fees (Notes 2 and 5)	2,956,714
Trustees’ fees	104,305
Shareholder reports	83,870
Registration fees	65,185
Fund accounting fees	56,457
Legal fees	54,665
Audit and tax fees	33,774
Commitment fees (Note 9)	19,736
Insurance	14,087
Custody fees	12,278
Interest expense	9,533
Miscellaneous expenses	13,653
Total Expenses	24,353,837
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(2,433 )
Net Expenses	24,351,404
Net Investment Loss	(8,690,346 )
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Gain From Unaffiliated Investment Transactions	563,384,068
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments	(260,708,837 )
Net Gain on Investments	302,675,231
Increase in Net Assets From Operations	$293,984,885

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended February 28, 2025 (unaudited) and the Year Ended August 31, 2024	2025	2024
Operations:
Net investment loss	$(8,690,346 )	$(2,590,651 )
Net realized gain	563,384,068	887,300,090
Change in net unrealized appreciation (depreciation)	(260,708,837 )	(228,812,270 )
Increase in Net Assets From Operations	293,984,885	655,897,169
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(742,640,004 )	(544,857,563 )
Decrease in Net Assets From Distributions to Shareholders	(742,640,004 )	(544,857,563 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	103,297,260	215,732,615
Reinvestment of distributions	730,874,549	535,397,721
Cost of shares repurchased	(445,360,192 )	(829,670,511 )
Increase (Decrease) in Net Assets From Fund Share Transactions	388,811,617	(78,540,175 )
Increase (Decrease) in Net Assets	(59,843,502 )	32,499,431
Net Assets:
Beginning of period	4,317,189,619	4,284,690,188
End of period	$4,257,346,117	$4,317,189,619

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class A Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$110.40	$108.23	$115.82	$197.76	$177.10	$175.73
Income (loss) from operations:
Net investment income (loss)	(0.22 )	(0.09 )	0.14	(0.23 )	(0.05 )	0.40
Net realized and unrealized gain (loss)	8.38	16.65	7.34	(42.93 )	53.05	23.23
Total income (loss) from operations	8.16	16.56	7.48	(43.16)	53.00	23.63
Less distributions from:
Net investment income	—	(0.15 )	—	—	(0.32 )	(0.83 )
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.39 )	(15.07 )	(38.78 )	(32.34 )	(22.26 )
Net asset value, end of period	$98.58	$110.40	$108.23	$115.82	$197.76	$177.10
Total return3	6.76 %	16.38 %	7.24 %	(25.33 )%	33.03 %	13.94 %
Net assets, end of period (millions)	$3,875	$3,902	$3,804	$3,945	$5,837	$4,830
Ratios to average net assets:
Gross expenses	1.13 %4	1.14 %	1.14 %	1.12 %	1.11 %	1.13 %
Net expenses5,6	1.13 4	1.14	1.14	1.12	1.11	1.13
Net investment income (loss)	(0.41 )4	(0.08 )	0.13	(0.16 )	(0.03 )	0.24
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class C Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$49.02	$55.68	$67.22	$133.37	$129.21	$133.78
Income (loss) from operations:
Net investment loss	(0.24 )	(0.38 )	(0.32 )	(0.76 )	(0.91 )	(0.55 )
Net realized and unrealized gain (loss)	4.09	7.96	3.85	(26.61 )	37.09	17.41
Total income (loss) from operations	3.85	7.58	3.53	(27.37)	36.18	16.86
Less distributions from:
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Net asset value, end of period	$32.89	$49.02	$55.68	$67.22	$133.37	$129.21
Total return3	6.38 %	15.56 %	6.49 %	(25.84 )%	32.05 %	13.16 %
Net assets, end of period (000s)	$27,467	$32,604	$49,377	$88,126	$202,551	$256,352
Ratios to average net assets:
Gross expenses	1.88 %4	1.85 %	1.86 %	1.83 %	1.84 %	1.82 %
Net expenses5,6	1.88 4	1.85	1.86	1.83	1.84	1.82
Net investment loss	(1.16 )4	(0.76 )	(0.55 )	(0.87 )	(0.71 )	(0.43 )
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 2.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class FI Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$112.02	$109.72	$117.13	$199.72	$178.54	$176.90
Income (loss) from operations:
Net investment income (loss)	(0.23 )	(0.11 )	0.23	(0.40 )	(0.12 )	0.42
Net realized and unrealized gain (loss)	8.50	16.89	7.43	(43.41 )	53.53	23.35
Total income (loss) from operations	8.27	16.78	7.66	(43.81)	53.41	23.77
Less distributions from:
Net investment income	—	(0.24 )	—	—	(0.21 )	(0.70 )
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.48 )	(15.07 )	(38.78 )	(32.23 )	(22.13 )
Net asset value, end of period	$100.31	$112.02	$109.72	$117.13	$199.72	$178.54
Total return3	6.76 %	16.37 %	7.33 %	(25.42 )%	32.97 %	13.93 %
Net assets, end of period (000s)	$1,457	$1,461	$1,319	$2,056	$4,737	$4,185
Ratios to average net assets:
Gross expenses	1.14 %4	1.16 %	1.07 %	1.24 %	1.15 %	1.15 %
Net expenses5,6	1.14 4	1.16	1.07	1.24	1.15	1.14
Net investment income (loss)	(0.42 )4	(0.11 )	0.22	(0.27 )	(0.06 )	0.24
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class R Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$102.48	$101.56	$109.88	$190.32	$171.73	$170.89
Income (loss) from operations:
Net investment loss	(0.36 )	(0.39 )	(0.15 )	(0.67 )	(0.58 )	(0.07 )
Net realized and unrealized gain (loss)	7.83	15.55	6.90	(40.99 )	51.19	22.51
Total income (loss) from operations	7.47	15.16	6.75	(41.66)	50.61	22.44
Less distributions from:
Net investment income	—	—	—	—	—	(0.17 )
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.60 )
Net asset value, end of period	$89.97	$102.48	$101.56	$109.88	$190.32	$171.73
Total return3	6.60 %	16.03 %	6.94 %	(25.57 )%	32.59 %	13.60 %
Net assets, end of period (000s)	$16,766	$18,071	$17,116	$18,336	$28,047	$33,618
Ratios to average net assets:
Gross expenses	1.44 %4	1.44 %	1.42 %	1.45 %	1.44 %	1.42 %
Net expenses5,6	1.44 4	1.44	1.42	1.45	1.44	1.42
Net investment loss	(0.73 )4	(0.39 )	(0.15 )	(0.49 )	(0.32 )	(0.04 )
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.50%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class I Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$142.66	$135.85	$141.17	$231.08	$202.02	$197.40
Income (loss) from operations:
Net investment income (loss)	(0.09 )	0.33	0.61	0.26	0.62	1.13
Net realized and unrealized gain (loss)	10.64	21.18	9.14	(51.39 )	61.24	26.18
Total income (loss) from operations	10.55	21.51	9.75	(51.13)	61.86	27.31
Less distributions from:
Net investment income	—	(0.46 )	—	—	(0.78 )	(1.26 )
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.70 )	(15.07 )	(38.78 )	(32.80 )	(22.69 )
Net asset value, end of period	$133.23	$142.66	$135.85	$141.17	$231.08	$202.02
Total return3	6.92 %	16.74 %	7.58 %	(25.09 )%	33.42 %	14.31 %
Net assets, end of period (millions)	$275	$301	$360	$462	$894	$896
Ratios to average net assets:
Gross expenses	0.84 %4	0.83 %	0.83 %	0.81 %	0.82 %	0.81 %
Net expenses5,6	0.84 4	0.83	0.83	0.81	0.82	0.81
Net investment income (loss)	(0.13 )4	0.24	0.46	0.15	0.29	0.58
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:
Class IS Shares1	20252	2024	2023	2022	2021	2020
Net asset value, beginning of period	$146.44	$139.09	$144.07	$234.70	$204.72	$199.81
Income (loss) from operations:
Net investment income (loss)	(0.02 )	0.42	0.73	0.48	1.05	1.26
Net realized and unrealized gain (loss)	10.91	21.76	9.36	(52.33 )	61.88	26.55
Total income (loss) from operations	10.89	22.18	10.09	(51.85)	62.93	27.81
Less distributions from:
Net investment income	—	(0.59 )	—	—	(0.93 )	(1.47 )
Net realized gains	(19.98 )	(14.24 )	(15.07 )	(38.78 )	(32.02 )	(21.43 )
Total distributions	(19.98 )	(14.83 )	(15.07 )	(38.78 )	(32.95 )	(22.90 )
Net asset value, end of period	$137.35	$146.44	$139.09	$144.07	$234.70	$204.72
Total return3	6.97 %	16.84 %	7.67 %	(25.00 )%	33.51 %	14.40 %
Net assets, end of period (000s)	$61,736	$62,225	$53,402	$67,498	$192,685	$491,366
Ratios to average net assets:
Gross expenses	0.74 %4	0.74 %	0.74 %	0.69 %	0.74 %	0.73 %
Net expenses5,6	0.74 4	0.74	0.74	0.69	0.74	0.73
Net investment income (loss)	(0.03 )4	0.30	0.54	0.27	0.48	0.64
Portfolio turnover rate	13 %	22 %	10 %	21 %	8 %7	2 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended February 28, 2025 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.80%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Growth Fund 2025 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

ClearBridge Growth Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Investment 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment 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 Fund holds securities or other assets that are denominated in a foreign currency, the Fund 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 the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).

Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s 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 Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts

ClearBridge Growth Fund 2025 Semi-Annual Report

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.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, 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 quarterly.

The Fund uses 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 Fund’s 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.

ClearBridge Growth Fund 2025 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments:
Common Stocks†:
Communication Services	$398,988,317	—	$1,851	$398,990,168
Other Common Stocks	3,860,115,348	—	—	3,860,115,348
Total Long-Term Investments	4,259,103,665	—	1,851	4,259,105,516
Short-Term Investments†	2,838,138	—	—	2,838,138
Total Investments	$4,261,941,803	—	$1,851	$4,261,943,654

†	See Schedule of Investments for additional detailed categorizations.

(b) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(d) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(e) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on

ClearBridge Growth Fund 2025 Semi-Annual Report

the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(f) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(g) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2024, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(h) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and ClearBridge Investments, LLC (“ClearBridge”) is the Fund’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of the Fund’s cash and short-term instruments allocated to it. FTFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

Average Daily Net Assets	Annual Rate
First $1 billion	0.750 %
Next $1 billion	0.725
Next $3 billion	0.700
Next $5 billion	0.675
Over $10 billion	0.650

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the cash and short-term instruments allocated to Western Asset. For its services, FTFA pays ClearBridge a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. For Western Asset’s services to the Fund, FTFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by FTFA.

ClearBridge Growth Fund 2025 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.25%, 2.00%, 1.25%, 1.50%, 0.90% and 0.80%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board’s consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended February 28, 2025, fees waived and/or expenses reimbursed amounted to $2,433, all of which was an affiliated money market fund waiver.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended February 28, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $39,754 was earned by Investor Services.

There is a maximum initial sales charge of 5.50% for Class A shares. Class C shares have a 1.00% contingent deferred sales charge (“CDSC”), which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

ClearBridge Growth Fund 2025 Semi-Annual Report

For the six months ended February 28, 2025, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$193,742	—
CDSCs	1,184	$71

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended February 28, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$547,789,674
Sales	908,651,832

At February 28, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$2,236,815,346	$2,145,656,182	$(120,527,874)	$2,025,128,308

4. Derivative instruments and hedging activities

During the six months ended February 28, 2025, the Fund did not invest in derivative instruments.

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended February 28, 2025, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$4,980,304	$2,762,416
Class C	153,605	20,800
Class FI	1,855	1,109
Class R	46,061	18,872
Class I	—	152,982
Class IS	—	535
Total	$5,181,825	$2,956,714

ClearBridge Growth Fund 2025 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

For the six months ended February 28, 2025, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$2,209
Class C	17
Class FI	1
Class R	10
Class I	161
Class IS	35
Total	$2,433

6. Distributions to shareholders by class

	Six Months Ended February 28, 2025	Year Ended August 31, 2024
Net Investment Income:
Class A	—	$5,167,260
Class C	—	—
Class FI	—	2,967
Class R	—	—
Class I	—	1,078,638
Class IS	—	251,166
Total	—	$6,500,031
Net Realized Gains:
Class A	$679,793,521	$485,194,851
Class C	11,981,902	10,908,780
Class FI	258,604	176,189
Class R	3,395,653	2,335,872
Class I	38,928,540	33,629,469
Class IS	8,281,784	6,112,371
Total	$742,640,004	$538,357,532

7. Shares of beneficial interest

At February 28, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

ClearBridge Growth Fund 2025 Semi-Annual Report

Transactions in shares of each class were as follows:

	Six Months Ended February 28, 2025		Year Ended August 31, 2024
	Shares	Amount	Shares	Amount
Class A
Shares sold	654,267	$70,431,548	1,387,330	$147,407,626
Shares issued on reinvestment	6,579,428	672,088,521	4,746,295	484,549,306
Shares repurchased	(3,273,285 )	(355,087,802 )	(5,937,690 )	(631,220,674 )
Net increase	3,960,410	$387,432,267	195,935	$736,258
Class C
Shares sold	31,824	$1,302,637	54,523	$2,642,769
Shares issued on reinvestment	345,014	11,775,321	233,778	10,650,913
Shares repurchased	(206,779 )	(8,398,449 )	(509,997 )	(25,090,448 )
Net increase (decrease)	170,059	$4,679,509	(221,696 )	$(11,796,766 )
Class FI
Shares sold	818	$89,843	1,894	$204,923
Shares issued on reinvestment	2,488	258,604	1,729	179,156
Shares repurchased	(1,828 )	(198,389 )	(2,600 )	(279,639 )
Net increase	1,478	$150,058	1,023	$104,440
Class R
Shares sold	10,960	$1,087,812	22,129	$2,191,357
Shares issued on reinvestment	36,117	3,369,026	24,429	2,320,252
Shares repurchased	(37,060 )	(3,590,964 )	(38,748 )	(3,823,916 )
Net increase	10,017	$865,874	7,810	$687,693
Class I
Shares sold	167,138	$23,821,129	324,924	$43,926,546
Shares issued on reinvestment	258,392	35,650,315	241,064	31,736,087
Shares repurchased	(469,225 )	(67,182,858 )	(1,102,239 )	(149,359,200 )
Net decrease	(43,695 )	$(7,711,414 )	(536,251 )	$(73,696,567 )
Class IS
Shares sold	44,096	$6,564,291	139,088	$19,359,394
Shares issued on reinvestment	54,379	7,732,762	44,147	5,962,007
Shares repurchased	(73,902 )	(10,901,730 )	(142,258 )	(19,896,634 )
Net increase	24,573	$3,395,323	40,977	$5,424,767

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

ClearBridge Growth Fund 2025 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

all or some portion of the six months ended February 28, 2025. The following transactions were effected in such company for the six months ended February 28, 2025.

	Affiliate Value at August 31, 2024	Purchased		Sold
	Affiliate Value at August 31, 2024	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$2,071,784	$134,291,599	134,291,599	$134,944,314	134,944,314

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at February 28, 2025
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$102,043	—	$1,419,069

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended February 28, 2025.

10. Deferred capital losses

As of August 31, 2024, the Fund had deferred capital losses of $3,032,350, which have no expiration date, that will be available to offset future taxable capital gains.

11. Operating segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund’s financial position or results of operations.

ClearBridge Growth Fund 2025 Semi-Annual Report

The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

ClearBridge Growth Fund 2025 Semi-Annual Report

ClearBridge

Growth Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

ClearBridge Investments, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

ClearBridge Growth Fund

The Fund is a separate investment series of Legg Mason Partners Investment Trust, a Maryland statutory trust.

ClearBridge Growth Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of ClearBridge Growth Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

• Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

• Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

• Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

• Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

• Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Refer to the financial statements included herein.

Legg Mason Partners Investment Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	April 21, 2025

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	April 21, 2025

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	April 21, 2025


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	14
Changes in and Disagreements with Accountants	24
Results of Meeting(s) of Shareholders	24
Remuneration Paid to Directors, Officers and Others	24