ThZeal - The Zeal

N-CSRS 1 d821906dncsrs.htm CLEARBRIDGE APPRECIATION FUND ClearBridge Appreciation Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06444

Legg Mason Partners Investment Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor,

New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 877-6LM-FUND/656-3863

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

LOGO

Semi-Annual Report

April 30, 2024

CLEARBRIDGE

APPRECIATION FUND

The Securities and Exchange Commission has adopted new regulations that will result in changes to the design and delivery of annual and semi-annual shareholder reports beginning in July 2024.

If you have previously elected to receive shareholder reports electronically, you will continue to do so and need not take any action.

Otherwise, paper copies of the Fund’s shareholder reports will be mailed to you beginning in July 2024. If you would like to receive shareholder reports and other communications from the Fund electronically instead of by mail, you may make that request at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, enrolling at franklintempleton.com.

You may access franklintempleton.com by scanning the code below.

LOGO

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE


What’s inside
Letter from the president			II
Performance review			III
Fund at a glance			1
Fund expenses			2
Schedule of investments			4
Statement of assets and liabilities			9
Statement of operations			11
Statements of changes in net assets			12
Financial highlights			13
Notes to financial statements			19

Fund objective

The Fund seeks to provide long-term appreciation of shareholders’ capital.

Letter from the president

LOGO

Dear Shareholder,

We are pleased to provide the semi-annual report of ClearBridge Appreciation Fund for the six-month reporting period ended April 30, 2024. Please read on for Fund performance information during the Fund’s reporting period.

Special shareholder notice

It is anticipated that Scott K. Glasser will step down as a member of the Fund’s portfolio management team on or about December 31, 2024. Thereafter, Mr. Glasser will continue as Chief Investment Officer and a Managing Director of ClearBridge. For more information, please see the Fund’s prospectus supplement dated March 25, 2024.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

May 31, 2024

ClearBridge Appreciation Fund

Performance review

For the six months ended April 30, 2024, Class A shares of ClearBridge Appreciation Fund, excluding sales charges, returned 17.06%. The Fund’s unmanaged benchmark, the S&P 500 Indexⁱ, returned 20.98% for the same period.


Performance Snapshot as of April 30, 2024 (unaudited)
(excluding sales charges)	6 months
ClearBridge Appreciation Fund:
Class A		17.06	%
Class C		16.62	%
Class FI		17.03	%
Class R		16.87	%
Class I		17.27	%
Class IS		17.30	%
S&P 500 Index		20.98	%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.franklintempleton.com.

All share class returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply or the deduction of taxes that a shareholder would pay on Fund distributions. If sales charges were reflected, the performance quoted would be lower. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Total Annual Operating Expenses (unaudited)

As of the Fund’s current prospectus dated March 1, 2024, the gross total annual fund operating expense ratios for Class A, Class C, Class FI, Class R, Class I and Class IS shares were 0.93%, 1.65%, 1.05%, 1.27%, 0.64% and 0.57%, respectively.

Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

ClearBridge Appreciation Fund

III

Performance review (cont’d)

As always, thank you for your confidence in our stewardship of your assets.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

May 31, 2024

RISKS: Stock prices are subject to market and price fluctuations. The Fund may invest in small-and mid-cap companies that may involve a higher degree of risk and volatility than investments in large-cap companies. International investments are subject to special risks including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

ⁱ	The S&P 500 Index is an unmanaged index of the stocks of 500 leading companies, and is generally representative of the performance of larger companies in the U.S.

ClearBridge Appreciation Fund

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†	The bar graph above represents the composition of the Fund’s investments as of April 30, 2024 and October 31, 2023. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Fund expenses (unaudited)

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on November 1, 2023 and held for the six months ended April 30, 2024.

Actual expenses

The table below titled “Based on actual total return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

Hypothetical example for comparison purposes

The table below titled “Based on hypothetical total return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



Based on actual total return¹													Based on hypothetical total return¹
	Actual Total Return Without Sales Charge²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		17.06	%	$	1,000.00	$	1,170.60		0.91	%	$	4.91	Class A		5.00	%	$	1,000.00	$	1,020.34		0.91	%	$	4.57
Class C		16.62			1,000.00		1,166.20		1.65			8.89	Class C		5.00			1,000.00		1,016.66		1.65			8.27
Class FI		17.03			1,000.00		1,170.30		0.97			5.23	Class FI		5.00			1,000.00		1,020.04		0.97			4.87
Class R		16.87			1,000.00		1,168.70		1.24			6.69	Class R		5.00			1,000.00		1,018.70		1.24			6.22
Class I		17.27			1,000.00		1,172.70		0.62			3.35	Class I		5.00			1,000.00		1,021.78		0.62			3.12
Class IS		17.30			1,000.00		1,173.00		0.56			3.03	Class IS		5.00			1,000.00		1,022.08		0.56			2.82

ClearBridge Appreciation Fund 2024 Semi-Annual Report

¹	For the six months ended April 30, 2024.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. 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.

Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), then divided by 366.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Schedule of investments (unaudited)

April 30, 2024

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security

Value

Common Stocks — 98.3%

Communication Services — 9.7%

Entertainment — 2.1%

Netflix Inc.

131,058

72,165,777

Walt Disney Co.

890,817

98,969,769

Total Entertainment

171,135,546

Interactive Media & Services — 6.2%

Alphabet Inc., Class A Shares

1,085,941

176,769,476

Alphabet Inc., Class C Shares

818,102

134,692,314

Meta Platforms Inc., Class A Shares

452,454

194,632,137

Total Interactive Media & Services

506,093,927

Media — 0.9%

Comcast Corp., Class A Shares

1,929,685

73,540,295

Wireless Telecommunication Services — 0.5%

T-Mobile US Inc.

276,143

45,334,396

Total Communication Services

796,104,164

Consumer Discretionary — 6.4%

Broadline Retail — 3.6%

Amazon.com Inc.

1,665,125

291,396,876

Specialty Retail — 2.8%

Home Depot Inc.

196,879

65,800,899

TJX Cos. Inc.

1,739,017

163,624,110

Total Specialty Retail

229,425,009

Total Consumer Discretionary

520,821,885

Consumer Staples — 6.5%

Beverages — 2.0%

Coca-Cola Co.

1,227,890

75,846,765

PepsiCo Inc.

505,307

88,888,555

Total Beverages

164,735,320

Consumer Staples Distribution & Retail — 2.2%

Walmart Inc.

2,980,386

176,885,909

Food Products — 1.0%

Mondelez International Inc., Class A Shares

613,931

44,166,196

Nestle SA, ADR

369,860

37,207,916

Total Food Products

81,374,112

Household Products — 1.3%

Procter & Gamble Co.

660,765

107,836,848

Total Consumer Staples

530,832,189

Energy — 5.6%

Oil, Gas & Consumable Fuels — 5.6%

Chevron Corp.

872,033

140,632,762

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)


Security	Shares		Value
Oil, Gas & Consumable Fuels — continued
EQT Corp.		997,506	$	39,990,016
Exxon Mobil Corp.		1,074,096		127,033,334
Kinder Morgan Inc.		2,433,789		44,489,663
Pioneer Natural Resources Co.		409,042		110,163,191
Total Energy				462,308,966
Financials — 16.7%
Banks — 5.5%
Bank of America Corp.		3,216,273		119,034,264
JPMorgan Chase & Co.		1,148,319		220,178,685
US Bancorp		2,857,935		116,117,899
Total Banks				455,330,848
Capital Markets — 1.7%
CME Group Inc.		324,679		68,065,706
Intercontinental Exchange Inc.		546,823		70,408,929
Total Capital Markets				138,474,635
Financial Services — 6.5%
Berkshire Hathaway Inc., Class A Shares		504		302,148,005	*
Visa Inc., Class A Shares		858,786		230,678,507
Total Financial Services				532,826,512
Insurance — 3.0%
Progressive Corp.		507,446		105,675,630
Travelers Cos. Inc.		665,875		141,272,040
Total Insurance				246,947,670
Total Financials				1,373,579,665
Health Care — 12.5%
Biotechnology — 1.3%
AbbVie Inc.		642,012		104,416,832
Health Care Equipment & Supplies — 1.2%
Stryker Corp.		288,650		97,130,725
Health Care Providers & Services — 1.7%
UnitedHealth Group Inc.		295,053		142,717,136
Life Sciences Tools & Services — 2.1%
ICON PLC		165,073		49,171,945	*
Thermo Fisher Scientific Inc.		225,046		127,988,161
Total Life Sciences Tools & Services				177,160,106
Pharmaceuticals — 6.2%
Eli Lilly & Co.		233,685		182,531,353

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2024

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security

Value

Pharmaceuticals — continued

Johnson & Johnson

876,754

126,769,861

Merck & Co. Inc.

1,528,417

197,502,045

Total Pharmaceuticals

506,803,259

Total Health Care

1,028,228,058

Industrials — 11.7%

Aerospace & Defense — 1.7%

Northrop Grumman Corp.

72,712

35,267,501

RTX Corp.

1,054,205

107,022,892

Total Aerospace & Defense

142,290,393

Air Freight & Logistics — 1.3%

United Parcel Service Inc., Class B Shares

704,718

103,931,811

Commercial Services & Supplies — 1.7%

Waste Management Inc.

688,210

143,161,444

Electrical Equipment — 2.3%

Eaton Corp. PLC

366,434

116,621,285

Emerson Electric Co.

690,714

74,445,155

Total Electrical Equipment

191,066,440

Ground Transportation — 1.2%

Canadian Pacific Kansas City Ltd.

642,345

50,379,118

Union Pacific Corp.

196,863

46,688,029

Total Ground Transportation

97,067,147

Industrial Conglomerates — 1.8%

Honeywell International Inc.

761,033

146,673,890

Professional Services — 1.7%

Automatic Data Processing Inc.

558,540

135,105,241

Total Industrials

959,296,366

Information Technology — 22.3%

Communications Equipment — 0.8%

Arista Networks Inc.

241,397

61,932,814

Semiconductors & Semiconductor Equipment — 5.1%

ASML Holding NV, Registered Shares

124,606

108,714,997

Marvell Technology Inc.

832,859

54,893,737

NVIDIA Corp.

291,833

252,149,548

Total Semiconductors & Semiconductor Equipment

415,758,282

Software — 11.5%

Adobe Inc.

263,638

122,019,575

Microsoft Corp.

1,761,611

685,848,011

Oracle Corp.

861,393

97,983,454

Synopsys Inc.

74,329

39,438,224

Total Software

945,289,264

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security

Value

Technology Hardware, Storage & Peripherals — 4.9%

Apple Inc.

2,370,724

403,805,419

Total Information Technology

1,826,785,779

Materials — 5.2%

Chemicals — 2.8%

Ecolab Inc.

291,213

65,857,820

Linde PLC

47,396

20,899,740

PPG Industries Inc.

717,821

92,598,909

Sherwin-Williams Co.

184,741

55,350,251

Total Chemicals

234,706,720

Construction Materials — 1.0%

Vulcan Materials Co.

320,706

82,623,487

Containers & Packaging — 0.8%

Crown Holdings Inc.

769,736

63,172,234

Metals & Mining — 0.6%

ArcelorMittal SA, Registered Shares

1,977,633

49,460,601

Total Materials

429,963,042

Real Estate — 1.0%

Specialized REITs — 1.0%

American Tower Corp.

458,465

78,654,255

Utilities — 0.7%

Electric Utilities — 0.3%

NextEra Energy Inc.

348,579

23,344,335

Multi-Utilities — 0.4%

Sempra

508,295

36,409,171

Total Utilities

59,753,506

Total Investments before Short-Term Investments (Cost — $2,693,609,240)

8,066,327,875

Rate

Short-Term Investments — 1.4%

JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class

5.156%

56,904,829

^(a)

Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares

5.252%

56,904,829

^(a)(b)

Total Short-Term Investments (Cost — $113,809,658)

113,809,658

Total Investments — 99.7% (Cost — $2,807,418,898)

8,180,137,533

Other Assets in Excess of Liabilities — 0.3%

21,857,351

Total Net Assets — 100.0%

8,201,994,884

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

April 30, 2024

ClearBridge Appreciation Fund

*	Non-income producing security.

^(a)	Rate shown is one-day yield as of the end of the reporting period.

^(b)

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 April 30, 2024, the total market value of investments in Affiliated Companies was $56,904,829 and the cost was $56,904,829 (Note 8).


Abbreviation(s) used in this schedule:

ADR		— American Depositary Receipts

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Statement of assets and liabilities (unaudited)

April 30, 2024



Assets:
Investments in unaffiliated securities, at value (Cost — $2,750,514,069)	$	8,123,232,704
Investments in affiliated securities, at value (Cost — $56,904,829)		56,904,829
Receivable for securities sold		28,247,432
Dividends receivable from unaffiliated investments		4,090,007
Receivable for Fund shares sold		3,749,131
Dividends receivable from affiliated investments		269,831
Prepaid expenses		81,708
*Total Assets*		*8,216,575,642*

Liabilities:
Payable for Fund shares repurchased		4,847,525
Investment management fee payable		3,700,817
Payable for securities purchased		3,060,035
Service and/or distribution fees payable		1,428,195
Transfer agent fees payable		1,347,942
Trustees’ fees payable		52,737
Accrued expenses		143,507
*Total Liabilities*		*14,580,758*
Total Net Assets	$	8,201,994,884

Net Assets:
Par value (Note 7)	$	2,505
Paid-in capital in excess of par value		2,584,071,884
Total distributable earnings (loss)		5,617,920,495
Total Net Assets	$	8,201,994,884

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Statement of assets and liabilities (unaudited) (cont’d)

April 30, 2024



Net Assets:
Class A			$6,562,822,033
Class C			$55,006,371
Class FI			$2,341,074
Class R			$22,432,206
Class I			$934,218,254
Class IS			$625,174,946

Shares Outstanding:
Class A			200,083,020
Class C			1,761,056
Class FI			70,624
Class R			683,824
Class I			28,722,690
Class IS			19,136,838

Net Asset Value:
Class A (and redemption price)			$32.80
Class C*			$31.23
Class FI (and redemption price)			$33.15
Class R (and redemption price)			$32.80
Class I (and redemption price)			$32.53
Class IS (and redemption price)			$32.67
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)			$34.71

*	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 Appreciation Fund 2024 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended April 30, 2024



Investment Income:
Dividends from unaffiliated investments	$	64,097,902
Dividends from affiliated investments		1,553,046
Less: Foreign taxes withheld		(375,628)
*Total Investment Income*		*65,275,320*

Expenses:
Investment management fee (Note 2)		21,479,463
Service and/or distribution fees (Notes 2 and 5)		8,287,955
Transfer agent fees (Notes 2 and 5)		3,667,377
Trustees’ fees		249,100
Registration fees		80,256
Fund accounting fees		70,118
Legal fees		57,001
Shareholder reports		47,936
Commitment fees (Note 9)		32,597
Insurance		26,593
Audit and tax fees		26,332
Custody fees		20,916
Interest expense		1,186
Miscellaneous expenses		30,459
*Total Expenses*		*34,077,289*
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(26,481)
*Net Expenses*		*34,050,808*
Net Investment Income		31,224,512

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		228,629,722
Foreign currency transactions		(1,949)
*Net Realized Gain*		*228,627,773*
*Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments*		*942,710,070*
Net Gain on Investments and Foreign Currency Transactions		1,171,337,843
Increase in Net Assets From Operations	$	1,202,562,355

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Statements of changes in net assets


For the Six Months Ended April 30, 2024 (unaudited) and the Year Ended October 31, 2023	2024		2023

Operations:
Net investment income	$	31,224,512	$	57,524,869
Net realized gain		228,627,773		275,655,543
Change in net unrealized appreciation (depreciation)		942,710,070		301,379,837
*Increase in Net Assets From Operations*		*1,202,562,355*		*634,560,249*

Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(315,263,901)		(551,581,570)
*Decrease in Net Assets From Distributions to Shareholders*		*(315,263,901)*		*(551,581,570)*

Fund Share Transactions (Note 7):
Net proceeds from sale of shares		462,401,099		799,315,820
Reinvestment of distributions		306,121,373		530,567,198
Cost of shares repurchased		(529,191,162)		(1,040,360,763)
*Increase in Net Assets From Fund Share Transactions*		*239,331,310*		*289,522,255*
*Increase in Net Assets*		*1,126,629,764*		*372,500,934*

Net Assets:
Beginning of period		7,075,365,120		6,702,864,186
End of period	$	8,201,994,884	$	7,075,365,120

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Financial highlights


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class A Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$29.20			$28.93			$34.83			$26.39			$26.58			$24.56

Income (loss) from operations:
Net investment income		0.12			0.23			0.22			0.15			0.23			0.27
Net realized and unrealized gain (loss)		4.77			2.42			(3.93)			9.48			1.44			3.20
*Total income (loss) from operations*		*4.89*			*2.65*			*(3.71)*			*9.63*			*1.67*			*3.47*

Less distributions from:
Net investment income		(0.21)			(0.23)			(0.17)			(0.22)			(0.29)			(0.24)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.29)*			*(2.38)*			*(2.19)*			*(1.19)*			*(1.86)*			*(1.45)*

Net asset value, end of period		$32.80			$29.20			$28.93			$34.83			$26.39			$26.58
*Total return³*		*17.06*	%		*9.57*	%		*(11.25)*	%		*37.51*	%		*6.56*	%		*15.03*	%

Net assets, end of period (millions)		$6,563			$5,689			$5,422			$6,370			$4,726			$4,678

Ratios to average net assets:
Gross expenses		0.91	%⁴		0.93	%		0.93	%		0.93	%		0.95	%		0.95	%
Net expenses^5,6		0.91	⁴		0.93			0.93			0.93			0.95			0.95
Net investment income		0.74	⁴		0.78			0.72			0.49			0.91			1.11

Portfolio turnover rate		8	%		13	%		9	%		6	%⁷		12	%		10	%⁷

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

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 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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 Appreciation Fund 2024 Semi-Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class C Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$27.77			$27.60			$33.39			$25.33			$25.47			$23.58

Income (loss) from operations:
Net investment income (loss)		0.00	³		0.02			(0.00)	³		(0.07)			0.06			0.12
Net realized and unrealized gain (loss)		4.54			2.30			(3.77)			9.12			1.37			3.05
*Total income (loss) from operations*		*4.54*			*2.32*			*(3.77)*			*9.05*			*1.43*			*3.17*

Less distributions from:
Net investment income		—			—			—			(0.02)			—			(0.07)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.08)*			*(2.15)*			*(2.02)*			*(0.99)*			*(1.57)*			*(1.28)*

Net asset value, end of period		$31.23			$27.77			$27.60			$33.39			$25.33			$25.47
*Total return⁴*		*16.62*	%		*8.80*	%		*(11.93)*	%		*36.55*	%		*5.81*	%		*14.25*	%

Net assets, end of period (000s)		$55,006			$53,437			$66,803			$105,810			$111,438			$144,970

Ratios to average net assets:
Gross expenses		1.65	%⁵		1.65	%		1.66	%		1.65	%		1.65	%		1.65	%
Net expenses^6,7		1.65	⁵		1.65			1.66			1.65			1.65			1.65
Net investment income (loss)		0.01	⁵		0.08			(0.01)			(0.22)			0.23			0.51

Portfolio turnover rate		8	%		13	%		9	%		6	%⁸		12	%		10	%⁸

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

³	Amount represents less than $0.005 or greater than $(0.005) per share.

⁴

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.

⁵	Annualized.

⁶

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 1.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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.

⁷	Reflects fee waivers and/or expense reimbursements.

⁸	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class FI Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$29.48			$29.21			$35.10			$26.55			$26.73			$24.68

Income (loss) from operations:
Net investment income		0.11			0.19			0.21			0.14			0.21			0.27
Net realized and unrealized gain (loss)		4.82			2.45			(3.97)			9.56			1.45			3.21
*Total income (loss) from operations*		*4.93*			*2.64*			*(3.76)*			*9.70*			*1.66*			*3.48*

Less distributions from:
Net investment income		(0.18)			(0.22)			(0.11)			(0.18)			(0.27)			(0.22)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.26)*			*(2.37)*			*(2.13)*			*(1.15)*			*(1.84)*			*(1.43)*

Net asset value, end of period		$33.15			$29.48			$29.21			$35.10			$26.55			$26.73
*Total return³*		*17.03*	%		*9.44*	%		*(11.29)*	%		*37.47*	%		*6.46*	%		*14.97*	%

Net assets, end of period (000s)		$2,341			$1,888			$1,713			$2,115			$2,679			$3,426

Ratios to average net assets:
Gross expenses		0.98	%⁴		1.05	%		0.96	%		0.99	%		1.03	%		1.01	%
Net expenses⁵		0.97	^4,6		1.05	⁶		0.96	⁶		0.99	⁶		1.03	⁶		1.01
Net investment income		0.67	⁴		0.66			0.69			0.46			0.84			1.08

Portfolio turnover rate		8	%		13	%		9	%		6	%⁷		12	%		10	%⁷

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

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 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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 Appreciation Fund 2024 Semi-Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class R Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$29.14			$28.87			$34.72			$26.31			$26.48			$24.46

Income (loss) from operations:
Net investment income		0.06			0.13			0.12			0.05			0.15			0.20
Net realized and unrealized gain (loss)		4.77			2.42			(3.93)			9.46			1.44			3.18
*Total income (loss) from operations*		*4.83*			*2.55*			*(3.81)*			*9.51*			*1.59*			*3.38*

Less distributions from:
Net investment income		(0.09)			(0.13)			(0.02)			(0.13)			(0.19)			(0.15)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.17)*			*(2.28)*			*(2.04)*			*(1.10)*			*(1.76)*			*(1.36)*

Net asset value, end of period		$32.80			$29.14			$28.87			$34.72			$26.31			$26.48
*Total return³*		*16.87*	%		*9.20*	%		*(11.56)*	%		*37.04*	%		*6.22*	%		*14.67*	%

Net assets, end of period (000s)		$22,432			$19,000			$22,005			$28,503			$29,950			$36,193

Ratios to average net assets:
Gross expenses		1.24	%⁴		1.27	%		1.26	%		1.27	%		1.27	%		1.28	%
Net expenses⁵		1.24	^4,6		1.26	⁶		1.26	⁶		1.27	⁶		1.27	⁶		1.28
Net investment income		0.41	⁴		0.46			0.38			0.16			0.61			0.81

Portfolio turnover rate		8	%		13	%		9	%		6	%⁷		12	%		10	%⁷

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

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 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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 Appreciation Fund 2024 Semi-Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class I Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$29.00			$28.76			$34.64			$26.25			$26.45			$24.45

Income (loss) from operations:
Net investment income		0.16			0.31			0.31			0.24			0.30			0.34
Net realized and unrealized gain (loss)		4.75			2.40			(3.92)			9.42			1.44			3.19
*Total income (loss) from operations*		*4.91*			*2.71*			*(3.61)*			*9.66*			*1.74*			*3.53*

Less distributions from:
Net investment income		(0.30)			(0.32)			(0.25)			(0.30)			(0.37)			(0.32)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.38)*			*(2.47)*			*(2.27)*			*(1.27)*			*(1.94)*			*(1.53)*

Net asset value, end of period		$32.53			$29.00			$28.76			$34.64			$26.25			$26.45
*Total return³*		*17.27*	%		*9.87*	%		*(11.01)*	%		*37.89*	%		*6.87*	%		*15.40*	%

Net assets, end of period (millions)		$934			$827			$706			$879			$818			$818

Ratios to average net assets:
Gross expenses		0.62	%⁴		0.64	%		0.64	%		0.65	%		0.66	%		0.66	%
Net expenses⁵		0.62	^4,6		0.64	⁶		0.64	⁶		0.65	⁶		0.66	⁶		0.66
Net investment income		1.03	⁴		1.07			1.01			0.78			1.20			1.41

Portfolio turnover rate		8	%		13	%		9	%		6	%⁷		12	%		10	%⁷

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

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 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 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 Appreciation Fund 2024 Semi-Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class IS Shares¹	2024²			2023			2022			2021			2020			2019

Net asset value, beginning of period		$29.13			$28.88			$34.78			$26.35			$26.54			$24.54

Income (loss) from operations:
Net investment income		0.17			0.33			0.32			0.27			0.33			0.37
Net realized and unrealized gain (loss)		4.76			2.41			(3.92)			9.45			1.44			3.18
*Total income (loss) from operations*		*4.93*			*2.74*			*(3.60)*			*9.72*			*1.77*			*3.55*

Less distributions from:
Net investment income		(0.31)			(0.34)			(0.28)			(0.32)			(0.39)			(0.34)
Net realized gains		(1.08)			(2.15)			(2.02)			(0.97)			(1.57)			(1.21)
*Total distributions*		*(1.39)*			*(2.49)*			*(2.30)*			*(1.29)*			*(1.96)*			*(1.55)*

Net asset value, end of period		$32.67			$29.13			$28.88			$34.78			$26.35			$26.54
*Total return³*		*17.30*	%		*9.95*	%		*(10.95)*	%		*38.01*	%		*6.98*	%		*15.49*	%

Net assets, end of period (millions)		$625			$485			$484			$618			$730			$806

Ratios to average net assets:
Gross expenses		0.56	%⁴		0.57	%		0.56	%		0.56	%		0.57	%		0.57	%
Net expenses⁵		0.56	^4,6		0.57	⁶		0.56	⁶		0.56	⁶		0.57	⁶		0.57
Net investment income		1.08	⁴		1.15			1.05			0.87			1.29			1.50

Portfolio turnover rate		8	%		13	%		9	%		6	%⁷		12	%		10	%⁷

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended April 30, 2024 (unaudited).

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 0.70%. 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, 2025 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 Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited)

1. Organization and significant accounting policies

ClearBridge Appreciation 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.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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 of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts 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 of Trustees, 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 of Trustees 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.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

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.

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
Common Stocks†	$	8,066,327,875		—		—	$	8,066,327,875
Short-Term Investments†		113,809,658		—		—		113,809,658
Total Investments	$	8,180,137,533		—		—	$	8,180,137,533

†	See Schedule of Investments for additional detailed categorizations.

(b) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(c) 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.

(d) 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.

(e) REIT distributions. The character of distributions received from Real Estate Investment Trusts (‘‘REITs’’) held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund’s records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

(f) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to

ClearBridge Appreciation Fund 2024 Semi-Annual Report

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.

(g) Share class accounting. Investment income, common expenses and realized/ unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(h) 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.

(i) 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 October 31, 2023, 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.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(j) 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”).

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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 $250 million		0.750	%
Next $250 million		0.700
Next $500 million		0.650
Next $1 billion		0.600
Next $1 billion		0.550
Over $3 billion		0.500

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 Fund’s 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.

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 1.15%,

1.90%, 1.05%, 1.40%, 0.80% and 0.70%, 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, 2025 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 (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 April 30, 2024, fees waived and/or expenses reimbursed amounted to $26,481, 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

ClearBridge Appreciation Fund 2024 Semi-Annual Report

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 April 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $35,522 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% 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.

For the six months ended April 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:


	Class A		Class C
Sales charges	$	721,781		—
CDSCs		2,656	$	1,464

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 April 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:


Purchases	$	628,464,265
Sales		690,330,303

At April 30, 2024, 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	$	2,807,418,898	$	5,382,666,995	$	(9,948,360)	$	5,372,718,635

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

4. Derivative instruments and hedging activities

During the six months ended April 30, 2024, 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 April 30, 2024, class specific expenses were as follows:


	Service and/or Distribution Fees		Transfer Agent Fees
Class A	$	7,950,807	$	3,343,929
Class C		280,436		26,605
Class FI		2,804		1,868
Class R		53,908		19,635
Class I		—		273,932
Class IS		—		1,408
Total	$	8,287,955	$	3,667,377

For the six months ended April 30, 2024, waivers and/or expense reimbursements by class were as follows:


	Waivers/Expense Reimbursements
Class A	$	21,262
Class C		188
Class FI		8
Class R		72
Class I		3,057
Class IS		1,894
Total	$	26,481

ClearBridge Appreciation Fund 2024 Semi-Annual Report

6. Distributions to shareholders by class


	Six Months Ended April 30, 2024		Year Ended October 31, 2023
Net Investment Income:
Class A	$	40,187,814	$	42,089,947
Class C		—		—
Class FI		12,032		12,836
Class R		60,690		95,586
Class I		8,424,544		7,692,254
Class IS		5,315,125		5,590,140
Total	$	54,000,205	$	55,480,763

Net Realized Gains:
Class A	$	209,501,428	$	401,493,292
Class C		2,017,715		5,086,302
Class FI		71,905		126,458
Class R		703,944		1,616,495
Class I		30,724,766		52,319,002
Class IS		18,243,938		35,459,258
Total	$	261,263,696	$	496,100,807

7. Shares of beneficial interest

At April 30, 2024, 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.

Transactions in shares of each class were as follows:


	Six Months Ended April 30, 2024				Year Ended October 31, 2023
	Shares		Amount		Shares		Amount
Class A
Shares sold		8,530,249	$	274,220,514		13,433,855	$	387,748,920
Shares issued on reinvestment		8,044,324		245,673,635		15,669,046		436,069,550
Shares repurchased		(11,349,972)		(363,062,885)		(21,658,635)		(623,196,038)
Net increase		5,224,601	$	156,831,264		7,444,266	$	200,622,432

Class C
Shares sold		208,469	$	6,373,741		282,086	$	7,788,959
Shares issued on reinvestment		67,890		1,980,361		186,637		4,970,131
Shares repurchased		(439,611)		(13,349,935)		(965,230)		(26,471,629)
Net decrease		(163,252)	$	(4,995,833)		(496,507)	$	(13,712,539)

ClearBridge Appreciation Fund 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)


	Six Months Ended April 30, 2024				Year Ended October 31, 2023
	Shares		Amount		Shares		Amount
Class FI
Shares sold		7,388	$	238,740		15,186	$	446,305
Shares issued on reinvestment		2,718		83,937		4,952		139,294
Shares repurchased		(3,524)		(115,784)		(14,741)		(435,552)
Net increase		6,582	$	206,893		5,397	$	150,047

Class R
Shares sold		75,557	$	2,413,264		114,592	$	3,311,469
Shares issued on reinvestment		24,654		754,149		60,862		1,695,608
Shares repurchased		(68,382)		(2,188,186)		(285,584)		(8,154,896)
Net increase (decrease)		31,829	$	979,227		(110,130)	$	(3,147,819)

Class I
Shares sold		2,365,144	$	75,238,783		10,487,276	$	301,896,016
Shares issued on reinvestment		1,217,494		36,829,201		1,808,543		49,861,524
Shares repurchased		(3,366,564)		(106,555,148)		(8,339,313)		(240,115,072)
Net increase		216,074	$	5,512,836		3,956,506	$	111,642,468

Class IS
Shares sold		3,189,332	$	103,916,057		3,397,301	$	98,124,151
Shares issued on reinvestment		684,664		20,800,090		1,366,730		37,831,091
Shares repurchased		(1,378,432)		(43,919,224)		(4,895,700)		(141,987,576)
Net increase (decrease)		2,495,564	$	80,796,923		(131,669)	$	(6,032,334)

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 all or some portion of the six months ended April 30, 2024. The following transactions were effected in such company for the six months ended April 30, 2024.


	Affiliate Value at October 31, 2023		Purchased				Sold
	Affiliate Value at October 31, 2023		Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	61,014,985	$	227,227,917		227,227,917	$	231,338,073		231,338,073

ClearBridge Appreciation Fund 2024 Semi-Annual Report


(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at April 30, 2024
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	1,553,046		—	$	56,904,829

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 $2.675 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 31, 2025.

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 April 30, 2024.

10. Recent accounting pronouncement

In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management has reviewed the requirements and believes that the adoption of the ASU will not have a material impact on the financial statements.

ClearBridge Appreciation Fund 2024 Semi-Annual Report

ClearBridge

Appreciation 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

*	Effective February 7, 2024, Mr. O’Brien became Chair of the Board.

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 Appreciation Fund

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

ClearBridge Appreciation 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 Appreciation 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.

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

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice (cont’d)

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

www.franklintempleton.com

FD0404 6/24 SR24-4875

ITEM 2.

CODE OF ETHICS.

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 14.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

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.


Legg Mason Partners Investment Trust

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

Date:		June 26, 2024

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.


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

Date:		June 26, 2024

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

Date:		June 26, 2024