# EDGAR Filing Document

**Accession Number:** 0000880366
**File Stem:** 0001133228-25-014007
**Filing Date:** 2025-12
**Character Count:** 198787
**Document Hash:** 724772277cff28e521bf27cb2c821a7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014007.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001133228-25-014007

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000880366

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06444
- **FILM NUMBER:** 251598669

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS EQUITY TRUST
- **DATE OF NAME CHANGE:** 20070412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20060407

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BARNEY INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19950831

## Series and Classes Contracts Data

### ClearBridge Mid Cap Fund (Series ID: S000004162)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011723 | Class A      | SBMAX           |
| C000011725 | Class C      | SBMLX           |
| C000011726 | Class I      | SMBYX           |
| C000011727 | Class 1      | SMCPX           |
| C000060700 | Class R      | LMREX           |
| C000066225 | Class IS     | LSIRX           |

?xml version='1.0' encoding='ASCII'? 2025-11-18LMA1900_ClearBridgeMidCapFund_Class1_TSRAnnual

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)

**One Madison Avenue, 17<sup>th</sup> Floor, New York, NY 10010**

(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: **October 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class 1 [SMCPX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class 1 | $88 | 0.84% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class 1 shares of ClearBridge Mid Cap Fund returned 8.34%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7709-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class 1** 10/31/2015 — 10/31/2025

![image](ts5770img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class 1**  | 8.34 | 8.50 | 7.54 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5770img005.jpg)

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

ClearBridge Mid Cap Fund PAGE 2 7709-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7709-ATSR-1225

1000097751166111435131521375320573157741544019089206811000010424129241377615635172212478220688224223091037343100001041712613129661474515353223221849018304247832745619.814.512.311.211.16.46.05.55.43.92.11.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class A [SBMAX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class A | $119 | 1.14% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of ClearBridge Mid Cap Fund returned 8.05%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7641-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5771img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 8.05 | 8.16 | 7.20 |
| **Class A (with sales charge)**  | 2.09 | 6.89 | 6.56 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

Performance for periods beginning prior to August 15, 2022, reflects a higher maximum sales charge in effect at that time. Performance for periods beginning after August 15, 2022, reflects the current maximum sales charge.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

ClearBridge Mid Cap Fund PAGE 2 7641-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5771img005.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7641-ATSR-1225

942591831092010674122381275619020145351418317479188861000010424129241377615635172212478220688224223091037343100001041712613129661474515353223221849018304247832745619.814.512.311.211.16.46.05.55.43.92.11.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class C [SBMLX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class C | $195 | 1.88% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of ClearBridge Mid Cap Fund returned 7.22%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7643-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5772img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 7.22 | 7.38 | 6.44 |
| **Class C (with sales charge)**  | 6.27 | 7.38 | 6.44 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5772img005.jpg)

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

ClearBridge Mid Cap Fund PAGE 2 7643-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7643-ATSR-1225

1000096781143011098126361308019363146921423417414186701000010424129241377615635172212478220688224223091037343100001041712613129661474515353223221849018304247832745619.814.512.311.211.16.46.05.55.43.92.11.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class R [LMREX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class R | $151 | 1.45% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of ClearBridge Mid Cap Fund returned 7.69%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7047-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5775img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 7.69 | 7.83 | 6.89 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5775img005.jpg)

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

ClearBridge Mid Cap Fund PAGE 2 7047-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7047-ATSR-1225

1000097221153211238128511336019856151261471618085194771000010424129241377615635172212478220688224223091037343100001041712613129661474515353223221849018304247832745619.814.512.311.211.16.46.05.55.43.92.11.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class I [SMBYX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class I | $86 | 0.83% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class I shares of ClearBridge Mid Cap Fund returned 8.38%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7644-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **1,000,000 INVESTMENT –** **Class I** 10/31/2015 — 10/31/2025

![image](ts5774img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 8.38 | 8.48 | 7.54 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5774img005.jpg)

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

ClearBridge Mid Cap Fund PAGE 2 7644-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7644-ATSR-1225

1000000977786116680911439041315825137632320580981577200154388819081892068115100000010424311292400137764615634861722150247816020688232242194309098037342911000000104166112613471296602147447815352862232236184903218304202478290274560319.814.512.311.211.16.46.05.55.43.92.11.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Mid Cap Fund**  | **ClearBridge Mid Cap Fund**  |
| Class IS [LSIRX] | Annual Shareholder Report \| October 31, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Mid Cap Fund for the period November 1, 2024, to October 31, 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 YEAR?** (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**<sup>\*</sup>  |
| Class IS | $78 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class IS shares of ClearBridge Mid Cap Fund returned 8.46%. The Fund compares its performance to the Russell Mid Cap Index, which returned 10.79% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | AppLovin, in the IT sector, engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content, particularly in mobile apps. AppLovin shares rose on several successive quarter earnings, with sustained growth from the company's core gaming business and increased optimism around catalyst driven growth in its emerging e-commerce business. |
| ↑ | Resideo Technologies, in the industrials sector, is a global leader in smart-home systems and controls including security, HVAC, water, and safety products. The stock rose as opportunities for margin improvement and compounding of revenue growth were augmented by potential separation of two business units to lock sum of the parts value. |
| ↑ | Rubrik, in the IT sector, provides data security solutions for individuals and businesses. The company continued to benefit from customers' increasing prioritization and spending on IT security. Its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it to take shares from legacy data backup providers, while new artificial intelligence (AI) data security products could offer an additional revenue source to Rubrik's business. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Alexandria Real Estate Equities, in the real estate sector, is a real estate investment trust (REIT) focused on life science, technology and agricultural technology campuses. The company's share price fell in response to a dip in occupancy levels and delayed asset sales, as well as concern about demand for lab space by biotech and pharmaceutical companies. |
| ↓ | Ultragenyx Pharmaceutical, in the health care sector, is a biotechnology company developing therapeutics to treat rare diseases. The stock came under pressure due to a regulatory rejection for its gene therapy candidate UX111 for Sanfilippo syndrome, a delay of final data for the clinical trial of an important drug development candidate, setrusumab, and questions about the company's ability to fund ongoing drug development spending in excess of commercial revenue. |
| ↓ | Avantor, in the health care sector, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company continued to improve its operating margins, but end market trends have been difficult. |

---

ClearBridge Mid Cap Fund PAGE 1 7963-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **1,000,000 INVESTMENT –** **Class IS** 10/31/2015 — 10/31/2025

![image](ts5773img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IS**  | 8.46 | 8.58 | 7.64 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Index**  | 10.79 | 12.33 | 10.63 |

---

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1629290655 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $12203390 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5773img005.jpg)

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

ClearBridge Mid Cap Fund PAGE 2 7963-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

ClearBridge Mid Cap Fund PAGE 3 7963-ATSR-1225

1000000978544116884911471351320992138303420700351588165155546319248332087624100000010424311292400137764615634861722150247816020688232242194309098037342911000000104166112613471296602147447815352862232236184903218304202478290274560319.814.512.311.211.16.46.05.55.43.92.11.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Stephen R. Gross, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Stephen R. Gross as the Audit Committee's financial expert. Stephen R. Gross is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $350,718 in October 31, 2024 and $354,225 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $100,500 in October 31, 2024 and $100,500 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment manager or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $811,835 in October 31, 2024 and $870,024 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](imge575bc4b1.gif)

**ClearBridge**

**Mid Cap Fund**

**Financial Statements and Other Important Information**

**Annual** \| October 31, 2025

![](imga48e10b42.gif)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_SOI-Header-SOI-3141_1) | **1** |
| [Statement of Assets and Liabilities](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_SAL-Header-SAL-3141_1) | **5** |
| [Statement of Operations](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_SOP-Header-SOP-3141_1) | **7** |
| [Statements of Changes in Net Assets](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_SOC-Header-SOC-3141_1) | **8** |
| [Financial Highlights](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_FH-Header-Financialhighlights-3141_1) | **9** |
| [Notes to Financial Statements](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_NTF-Header-Notestofinancialstatements-3141_1) | **15** |
| [Report of Independent Registered Public Accounting](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_RIRPAF-Header-Auditletter-3141_1) [Firm](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_RIRPAF-Header-Auditletter-3141_1) | **26** |
| [Important Tax Information](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_ITI-Header-Importanttaxinformation-3141_1) | **27** |
| [Changes in and Disagreements with Accountants](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_TSR-TOCTSRDisclosures-3141_1) | **28** |
| [Results of Meeting(s) of Shareholders](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_TSR-TOCTSRDisclosures-3141_1) | **28** |
| [Remuneration Paid to Directors, Officers and Others](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_TSR-TOCTSRDisclosures-3141_1) | **28** |
| [Board Approval of Management and Subadvisory](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_BAMSA-TOC-Mgmtandsubadvisoryagreements-3141_1) [Agreements](#xx_46b492af-cd02-4705-bfd5-3af9c17169a6_BAMSA-TOC-Mgmtandsubadvisoryagreements-3141_1) | **29** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

October 31, 2025

 **ClearBridge Mid Cap Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| Entertainment — 1.3% | Entertainment — 1.3% | Entertainment — 1.3% |
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 136000 | &nbsp;&nbsp; $20,336,080<br> \*<br>|
| Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% |
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 13,240,000<br> \*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **33576080** |
| **Consumer Discretionary — 11.1%** | **Consumer Discretionary — 11.1%** | **Consumer Discretionary — 11.1%** |
| Diversified Consumer Services — 1.3% | Diversified Consumer Services — 1.3% | Diversified Consumer Services — 1.3% |
| Service Corp. International | &nbsp;&nbsp; 246000 | &nbsp;&nbsp; 20543460<br>|
| Hotels, Restaurants & Leisure — 4.7% | Hotels, Restaurants & Leisure — 4.7% | Hotels, Restaurants & Leisure — 4.7% |
| Churchill Downs Inc. | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 24800000<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 117000 | &nbsp;&nbsp; 25740000<br>|
| Light & Wonder Inc. | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 25,445,000<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 75985000 |
| Household Durables — 1.6% | Household Durables — 1.6% | Household Durables — 1.6% |
| Mohawk Industries Inc. | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 26,137,200<br> \*<br>|
| Specialty Retail — 3.5% | Specialty Retail — 3.5% | Specialty Retail — 3.5% |
| Chewy Inc., Class A Shares | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 37,935,000<br> \*<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; 19547160<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 57482160 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **180147820** |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |
| Consumer Staples Distribution & Retail — 5.5% | Consumer Staples Distribution & Retail — 5.5% | Consumer Staples Distribution & Retail — 5.5% |
| Casey's General Stores Inc. | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 48753050<br>|
| Performance Food Group Co. | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 41,114,500<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **89867550** |
| **Energy — 6.0%** | **Energy — 6.0%** | **Energy — 6.0%** |
| Energy Equipment & Services — 2.5% | Energy Equipment & Services — 2.5% | Energy Equipment & Services — 2.5% |
| Archrock Inc. | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 14530250<br>|
| Baker Hughes Co. | &nbsp;&nbsp; 526000 | &nbsp;&nbsp; 25463660<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 39993910 |
| Oil, Gas & Consumable Fuels — 3.5% | Oil, Gas & Consumable Fuels — 3.5% | Oil, Gas & Consumable Fuels — 3.5% |
| Diamondback Energy Inc. | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 10739250<br>|
| EQT Corp. | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 46882500<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 57621750 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **97615660** |
| **Financials — 12.3%** | **Financials — 12.3%** | **Financials — 12.3%** |
| Banks — 2.8% | Banks — 2.8% | Banks — 2.8% |
| Fifth Third Bancorp | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 12486000<br>|

---

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Schedule of Investments (cont'd)

October 31, 2025

 **ClearBridge Mid Cap Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 112000 | &nbsp;&nbsp; $20445600<br>|
| UMB Financial Corp. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 12398080<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 45329680 |
| Capital Markets — 5.4% | Capital Markets — 5.4% | Capital Markets — 5.4% |
| Blue Owl Capital Inc. | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 20501000<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 12,376,080<br> \*<br>|
| Houlihan Lokey Inc. | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 21489600<br>|
| Raymond James Financial Inc. | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 34114050<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 88480730 |
| Insurance — 4.1% | Insurance — 4.1% | Insurance — 4.1% |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 28482300<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 304000 | &nbsp;&nbsp; 37750720<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 66233020 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **200043430** |
| **Health Care — 11.2%** | **Health Care — 11.2%** | **Health Care — 11.2%** |
| Biotechnology — 2.6% | Biotechnology — 2.6% | Biotechnology — 2.6% |
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 32000 | &nbsp;&nbsp; 14,593,280<br> \*<br>|
| Argenx SE, ADR | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 27,829,000<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 42422280 |
| Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% | Health Care Equipment & Supplies — 3.9% |
| Insulet Corp. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 17,528,560<br> \*<br>|
| Penumbra Inc. | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 15,461,160<br> \*<br>|
| STERIS PLC | &nbsp;&nbsp; 131000 | &nbsp;&nbsp; 30876700<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 63866420 |
| Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% |
| Tenet Healthcare Corp. | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 28,908,600<br> \*<br>|
| Life Sciences Tools & Services — 2.9% | Life Sciences Tools & Services — 2.9% | Life Sciences Tools & Services — 2.9% |
| Bio-Techne Corp. | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 27217950<br>|
| ICON PLC | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 20,446,580<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 47664530 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **182861830** |
| **Industrials — 19.8%** | **Industrials — 19.8%** | **Industrials — 19.8%** |
| Aerospace & Defense — 2.1% | Aerospace & Defense — 2.1% | Aerospace & Defense — 2.1% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 8,054,530<br> \*<br>|
| CAE Inc. | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 25,955,500<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 34010030 |
| Building Products — 2.7% | Building Products — 2.7% | Building Products — 2.7% |
| Resideo Technologies Inc. | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 44,940,000<br> \*<br>|
| Commercial Services & Supplies — 3.7% | Commercial Services & Supplies — 3.7% | Commercial Services & Supplies — 3.7% |
| Casella Waste Systems Inc., Class A Shares | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 16,828,300<br> \*<br>|

---

See Notes to Financial Statements.

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

 **ClearBridge Mid Cap Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| Clean Harbors Inc. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; $43,575,570<br> \*<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 60403870 |
| Construction & Engineering — 4.7% | Construction & Engineering — 4.7% | Construction & Engineering — 4.7% |
| API Group Corp. | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 49,707,000<br> \*<br>|
| WillScot Holdings Corp. | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 26208750<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 75915750 |
| Electrical Equipment — 4.2% | Electrical Equipment — 4.2% | Electrical Equipment — 4.2% |
| Regal Rexnord Corp. | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 39449200<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 28929000<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 68378200 |
| Trading Companies & Distributors — 2.4% | Trading Companies & Distributors — 2.4% | Trading Companies & Distributors — 2.4% |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 32305000<br>|
| QXO Inc. | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 7,068,000<br> \*<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 39373000 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **323020850** |
| **Information Technology — 14.5%** | **Information Technology — 14.5%** | **Information Technology — 14.5%** |
| Electronic Equipment, Instruments & Components — 3.0% | Electronic Equipment, Instruments & Components — 3.0% | Electronic Equipment, Instruments & Components — 3.0% |
| Teledyne Technologies Inc. | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 48,467,440<br> \*<br>|
| Semiconductors & Semiconductor Equipment — 3.1% | Semiconductors & Semiconductor Equipment — 3.1% | Semiconductors & Semiconductor Equipment — 3.1% |
| Microchip Technology Inc. | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 26528500<br>|
| Qorvo Inc. | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 24,204,600<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 50733100 |
| Software — 8.4% | Software — 8.4% | Software — 8.4% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 37,602,470<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 12707500<br>|
| Dynatrace Inc. | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 30,342,000<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 24,817,500<br> \*<br>|
| Rubrik Inc., Class A Shares | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 22,581,000<br> \*<br>|
| SailPoint Inc. | &nbsp;&nbsp; 422066 | &nbsp;&nbsp; 9,150,391<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 137200861 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **236401401** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| Containers & Packaging — 3.9% | Containers & Packaging — 3.9% | Containers & Packaging — 3.9% |
| Crown Holdings Inc. | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 34013000<br>|
| International Paper Co. | &nbsp;&nbsp; 783000 | &nbsp;&nbsp; 30255120<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **64268120** |
| **Real Estate — 5.4%** | **Real Estate — 5.4%** | **Real Estate — 5.4%** |
| Health Care REITs — 0.8% | Health Care REITs — 0.8% | Health Care REITs — 0.8% |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 226000 | &nbsp;&nbsp; 13157720<br>|

---

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Schedule of Investments (cont'd)

October 31, 2025

 **ClearBridge Mid Cap Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Real Estate Management & Development — 2.1% | Real Estate Management & Development — 2.1% | Real Estate Management & Development — 2.1% | Real Estate Management & Development — 2.1% |
| CoStar Group Inc. | CoStar Group Inc. | &nbsp;&nbsp; 294000 | &nbsp;&nbsp; $20,230,140<br> \*<br>|
| Jones Lang LaSalle Inc. | Jones Lang LaSalle Inc. | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 14,339,230<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 34569370 |
| Retail REITs — 1.4% | Retail REITs — 1.4% | Retail REITs — 1.4% | Retail REITs — 1.4% |
| NNN REIT Inc. | NNN REIT Inc. | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 23264500<br>|
| Specialized REITs — 1.1% | Specialized REITs — 1.1% | Specialized REITs — 1.1% | Specialized REITs — 1.1% |
| SBA Communications Corp. | SBA Communications Corp. | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 17233200<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **88224790** |
| **Utilities — 6.5%** | **Utilities — 6.5%** | **Utilities — 6.5%** | **Utilities — 6.5%** |
| Electric Utilities — 2.8% | Electric Utilities — 2.8% | Electric Utilities — 2.8% | Electric Utilities — 2.8% |
| PPL Corp. | PPL Corp. | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp; 44919600<br>|
| Independent Power and Renewable Electricity Producers — 1.9% | Independent Power and Renewable Electricity Producers — 1.9% | Independent Power and Renewable Electricity Producers — 1.9% | Independent Power and Renewable Electricity Producers — 1.9% |
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 30316300<br>|
| Multi-Utilities — 1.8% | Multi-Utilities — 1.8% | Multi-Utilities — 1.8% | Multi-Utilities — 1.8% |
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 29818800<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **105054700** |
| **Total Investments before Short-Term Investments (Cost — $1,065,666,367)** | **Total Investments before Short-Term Investments (Cost — $1,065,666,367)** | **Total Investments before Short-Term Investments (Cost — $1,065,666,367)** | &nbsp;&nbsp; **1601082231** |
|  | Rate |  |  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| JPMorgan 100% U.S. Treasury Securities Money Market <br> Fund, Institutional Class | &nbsp;&nbsp; 3.833% | &nbsp;&nbsp; 14778435 | &nbsp;&nbsp; 14778435<br> <sup>(a)</sup><br>|
| Western Asset Premier Institutional U.S. Treasury <br> Reserves, Premium Shares | &nbsp;&nbsp; 3.896% | &nbsp;&nbsp; 14778436 | &nbsp;&nbsp; 14778436<br> <sup>(a)(b)</sup><br>|
| **Total Short-Term Investments (Cost — $29,556,871)** | **Total Short-Term Investments (Cost — $29,556,871)** | **Total Short-Term Investments (Cost — $29,556,871)** | &nbsp;&nbsp; **29556871** |
| **Total Investments — 100.1% (Cost — $1,095,223,238)** | **Total Investments — 100.1% (Cost — $1,095,223,238)** | **Total Investments — 100.1% (Cost — $1,095,223,238)** | &nbsp;&nbsp; **1630639102** |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp; (1348447)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1629290655** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(b)</sup> 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 October 31, 2025, the total market value of investments in Affiliated Companies was $14,778,436 and the cost was $14,778,436 (Note 8). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| REIT | —  | Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

Statement of Assets and Liabilities

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $1,080,444,802) | &nbsp;&nbsp; $1615860666 |
| Investments in affiliated securities, at value (Cost — $14,778,436) | &nbsp;&nbsp; 14778436 |
| Cash | &nbsp;&nbsp; 111 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 744335 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 732595 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 34143 |
| Prepaid expenses | &nbsp;&nbsp; 43464 |
| **Total Assets** | &nbsp;&nbsp; **1632193750** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 1090356 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 936067 |
| Transfer agent fees payable | &nbsp;&nbsp; 418849 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 282116 |
| Trustees' fees payable | &nbsp;&nbsp; 2333 |
| Accrued expenses | &nbsp;&nbsp; 173374 |
| **Total Liabilities** | &nbsp;&nbsp; **2903095** |
| **Total Net Assets** | &nbsp;&nbsp; **$1629290655** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $445 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 968650519 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 660639691 |
| **Total Net Assets** | &nbsp;&nbsp; **$1629290655** |

---

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Statement of Assets and Liabilities (cont'd)

October 31, 2025

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class 1 | &nbsp;&nbsp; $2232745 |
| Class A | &nbsp;&nbsp; $1140006293 |
| Class C | &nbsp;&nbsp; $7758295 |
| Class R | &nbsp;&nbsp; $56012464 |
| Class I | &nbsp;&nbsp; $241495462 |
| Class IS | &nbsp;&nbsp; $181785396 |
| **Shares Outstanding:** |  |
| Class 1 | &nbsp;&nbsp; 58520 |
| Class A | &nbsp;&nbsp; 32381341 |
| Class C | &nbsp;&nbsp; 343543 |
| Class R | &nbsp;&nbsp; 1689867 |
| Class I | &nbsp;&nbsp; 5753020 |
| Class IS | &nbsp;&nbsp; 4267165 |
| **Net Asset Value:** |  |
| Class 1 (and redemption price) | &nbsp;&nbsp; $38.15 |
| Class A (and redemption price) | &nbsp;&nbsp; $35.21 |
| Class C\*  | &nbsp;&nbsp; $22.58 |
| Class R (and redemption price) | &nbsp;&nbsp; $33.15 |
| Class I (and redemption price) | &nbsp;&nbsp; $41.98 |
| Class IS (and redemption price) | &nbsp;&nbsp; $42.60 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 5.50%) | &nbsp;&nbsp; $37.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 Mid Cap Fund 2025 Annual Report

------

Statement of Operations

For the Year Ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $18276946 |
| Dividends from affiliated investments | &nbsp;&nbsp; 598639 |
| **Total Investment Income** | &nbsp;&nbsp; **18875585** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 12351359 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 3294803 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 1998886 |
| Registration fees | &nbsp;&nbsp; 114223 |
| Legal fees | &nbsp;&nbsp; 87878 |
| Fund accounting fees | &nbsp;&nbsp; 82464 |
| Trustees' fees | &nbsp;&nbsp; 78749 |
| Audit and tax fees | &nbsp;&nbsp; 42527 |
| Commitment fees (Note 9) | &nbsp;&nbsp; 14948 |
| Insurance | &nbsp;&nbsp; 10987 |
| Shareholder reports | &nbsp;&nbsp; 9732 |
| Custody fees | &nbsp;&nbsp; 9405 |
| Interest expense  | &nbsp;&nbsp; 8664 |
| Miscellaneous expenses  | &nbsp;&nbsp; 21588 |
| **Total Expenses** | &nbsp;&nbsp; **18126213** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (147969)<br>|
| **Net Expenses** | &nbsp;&nbsp; **17978244** |
| **Net Investment Income** | &nbsp;&nbsp; **897341** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 144199072 |
| Foreign currency transactions | &nbsp;&nbsp; (21041)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **144178031** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **(12614999)**<br>|
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **131563032** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$132460373** |

---

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended October 31, | 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $897341 | $1381394 |
| Net realized gain  | &nbsp;&nbsp; 144178031 | 161160085 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (12614999)<br>| 233041310 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **132460373** | **395582789** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (137960387)<br>| (35515061)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(137960387)**<br>| **(35515061)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 139261121 | 212292518 |
| Reinvestment of distributions | &nbsp;&nbsp; 133789715 | 34512992 |
| Cost of shares repurchased  | &nbsp;&nbsp; (363223990)<br>| (638582406)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(90173154)**<br>| **(391776896)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(95673168)**<br>| **(31709168)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1724963823 | 1756672991 |
| **End of year** | &nbsp;&nbsp; **$1629290655** | **$1724963823** |

---

See Notes to Financial Statements.

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class 1 Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $38.03 | &nbsp;&nbsp; $31.34 | &nbsp;&nbsp; $33.52 | &nbsp;&nbsp; $49.24 | &nbsp;&nbsp; $35.25 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.11 | 0.10 | 0.10 | 0.06 | 0.04 |
| Net realized and unrealized gain (loss) | 3.07 | 7.25 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (10.39)<br>| 16.62 |
| **Total income (loss) from operations** | **3.18** | **7.35** | &nbsp;&nbsp; **(0.62)** | &nbsp;&nbsp; **(10.33)** | **16.66** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(3.06)**<br>| &nbsp;&nbsp; **(0.66)**<br>| &nbsp;&nbsp; **(1.56)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.67)**<br>|
| **Net asset value, end of year** | $38.15 | &nbsp;&nbsp; $38.03 | &nbsp;&nbsp; $31.34 | &nbsp;&nbsp; $33.52 | &nbsp;&nbsp; $49.24 |
| **Total return**<sup>3</sup> <br>| **8.34%**<br>| **23.64%**<br>| &nbsp;&nbsp; **(2.12)%**<br>| &nbsp;&nbsp; **(23.33)%**<br>| **49.59%**<br>|
| **Net assets, end of year (000s)** | $2233 | &nbsp;&nbsp; $2722 | &nbsp;&nbsp; $3065 | &nbsp;&nbsp; $3294 | &nbsp;&nbsp; $4556 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.85<br> %<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.84 | 0.83 | 0.83 | 0.82 | 0.82 |
| Net investment income | 0.29 | 0.29 | 0.29 | 0.14 | 0.09 |
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>3</sup> 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. 

<sup>4</sup> As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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. 

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class A Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $35.31 | &nbsp;&nbsp; $29.19 | &nbsp;&nbsp; $31.33 | &nbsp;&nbsp; $46.52 | &nbsp;&nbsp; $33.53 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment loss | (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | 2.87 | 6.74 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (9.74)<br>| 15.75 |
| **Total income (loss) from operations** | **2.86** | **6.73** | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; **(9.80)** | **15.66** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(2.96)**<br>| &nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp; **(1.47)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.67)**<br>|
| **Net asset value, end of year** | $35.21 | &nbsp;&nbsp; $35.31 | &nbsp;&nbsp; $29.19 | &nbsp;&nbsp; $31.33 | &nbsp;&nbsp; $46.52 |
| **Total return**<sup>2</sup> <br>| **8.05%**<br>| **23.25%**<br>| &nbsp;&nbsp; **(2.43)%**<br>| &nbsp;&nbsp; **(23.58)%**<br>| **49.11%**<br>|
| **Net assets, end of year (millions)** | $1140 | &nbsp;&nbsp; $1155 | &nbsp;&nbsp; $1023 | &nbsp;&nbsp; $1087 | &nbsp;&nbsp; $1411 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 1.15<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.14<br> %<br>| 1.13<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 1.14 | 1.15 | 1.15 | 1.14 | 1.13 |
| Net investment loss | (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. 

<sup>3</sup> 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 1.20%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class C Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $23.77 | &nbsp;&nbsp; $19.97 | &nbsp;&nbsp; $22.03 | &nbsp;&nbsp; $34.56 | &nbsp;&nbsp; $25.68 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment loss | (0.17)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized and unrealized gain (loss) | 1.92 | 4.58 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (6.90)<br>| 11.84 |
| **Total income (loss) from operations** | **1.75** | **4.41** | &nbsp;&nbsp; **(0.59)** | &nbsp;&nbsp; **(7.14)** | **11.55** |
| **Less distributions from:** |  |  |  |  |  |
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(2.94)**<br>| &nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp; **(1.47)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.67)**<br>|
| **Net asset value, end of year** | $22.58 | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $19.97 | &nbsp;&nbsp; $22.03 | &nbsp;&nbsp; $34.56 |
| **Total return**<sup>2</sup> <br>| **7.22%**<br>| **22.34%**<br>| &nbsp;&nbsp; **(3.12)%**<br>| &nbsp;&nbsp; **(24.12)%**<br>| **48.03%**<br>|
| **Net assets, end of year (000s)** | $7758 | &nbsp;&nbsp; $10928 | &nbsp;&nbsp; $12982 | &nbsp;&nbsp; $19227 | &nbsp;&nbsp; $30728 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 1.89<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.87<br> %<br>| 1.87<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 1.88 | 1.88 | 1.86 | 1.87 | 1.87 |
| Net investment loss | (0.74)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.96)<br>|
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. 

<sup>3</sup> 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 1.95%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class R Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $33.49 | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp; $29.98 | &nbsp;&nbsp; $44.88 | &nbsp;&nbsp; $32.53 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment loss | (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized and unrealized gain (loss) | 2.71 | 6.42 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (9.34)<br>| 15.23 |
| **Total income (loss) from operations** | **2.60** | **6.31** | &nbsp;&nbsp; **(0.72)** | &nbsp;&nbsp; **(9.51)** | **15.02** |
| **Less distributions from:** |  |  |  |  |  |
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(2.94)**<br>| &nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp; **(1.47)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.67)**<br>|
| **Net asset value, end of year** | $33.15 | &nbsp;&nbsp; $33.49 | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp; $29.98 | &nbsp;&nbsp; $44.88 |
| **Total return**<sup>2</sup> <br>| **7.69%**<br>| **22.90%**<br>| &nbsp;&nbsp; **(2.71)%**<br>| &nbsp;&nbsp; **(23.82)%**<br>| **48.63%**<br>|
| **Net assets, end of year (000s)** | $56012 | &nbsp;&nbsp; $61913 | &nbsp;&nbsp; $53438 | &nbsp;&nbsp; $57554 | &nbsp;&nbsp; $71031 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 1.46<br> %<br>| 1.46<br> %<br>| 1.46<br> %<br>| 1.45<br> %<br>| 1.46<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
| Net investment loss | (0.33)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. 

<sup>3</sup> 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 1.45%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class I Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $41.54 | &nbsp;&nbsp; $34.18 | &nbsp;&nbsp; $36.40 | &nbsp;&nbsp; $53.02 | &nbsp;&nbsp; $37.79 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.12 | 0.11 | 0.10 | 0.05 | 0.03 |
| Net realized and unrealized gain (loss) | 3.37 | 7.89 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (11.28)<br>| 17.87 |
| **Total income (loss) from operations** | **3.49** | **8.00** | &nbsp;&nbsp; **(0.68)** | &nbsp;&nbsp; **(11.23)** | **17.90** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(3.05)**<br>| &nbsp;&nbsp; **(0.64)**<br>| &nbsp;&nbsp; **(1.54)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.67)**<br>|
| **Net asset value, end of year** | $41.98 | &nbsp;&nbsp; $41.54 | &nbsp;&nbsp; $34.18 | &nbsp;&nbsp; $36.40 | &nbsp;&nbsp; $53.02 |
| **Total return**<sup>3</sup> <br>| **8.38%**<br>| **23.60%**<br>| &nbsp;&nbsp; **(2.11)%**<br>| &nbsp;&nbsp; **(23.36)%**<br>| **49.53%**<br>|
| **Net assets, end of year (millions)** | $241 | &nbsp;&nbsp; $294 | &nbsp;&nbsp; $358 | &nbsp;&nbsp; $414 | &nbsp;&nbsp; $545 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.83 | 0.85 | 0.85 | 0.85 | 0.84 |
| Net investment income | 0.29 | 0.27 | 0.28 | 0.11 | 0.07 |
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>3</sup> 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. 

<sup>4</sup> 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 0.85%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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. 

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31:** |
| Class IS Shares<sup>1</sup> <br>| 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of year** | $42.13 | &nbsp;&nbsp; $34.65 | &nbsp;&nbsp; $36.91 | &nbsp;&nbsp; $53.63 | &nbsp;&nbsp; $38.17 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.15 | 0.16 | 0.14 | 0.09 | 0.08 |
| Net realized and unrealized gain (loss) | 3.42 | 8.00 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (11.42)<br>| 18.06 |
| **Total income (loss) from operations** | **3.57** | **8.16** | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; **(11.33)** | **18.14** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (2.94)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (5.39)<br>| &nbsp;&nbsp; (2.67)<br>|
| **Total distributions** | **(3.10)**<br>| &nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp; **(1.59)**<br>| &nbsp;&nbsp; **(5.39)**<br>| &nbsp;&nbsp; **(2.68)**<br>|
| **Net asset value, end of year** | $42.60 | &nbsp;&nbsp; $42.13 | &nbsp;&nbsp; $34.65 | &nbsp;&nbsp; $36.91 | &nbsp;&nbsp; $53.63 |
| **Total return**<sup>2</sup> <br>| **8.46%**<br>| **23.75%**<br>| &nbsp;&nbsp; **(2.06)%**<br>| &nbsp;&nbsp; **(23.28)%**<br>| **49.68%**<br>|
| **Net assets, end of year (millions)** | $182 | &nbsp;&nbsp; $200 | &nbsp;&nbsp; $306 | &nbsp;&nbsp; $381 | &nbsp;&nbsp; $518 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.76<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| Net investment income | 0.37 | 0.39 | 0.38 | 0.22 | 0.17 |
| **Portfolio turnover rate** | **29%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp; **30%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. 

<sup>3</sup> 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 0.75%. 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, 2027 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. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

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ClearBridge Mid Cap Fund 2025 Annual Report

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

ClearBridge Mid Cap 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

ClearBridge Mid Cap Fund 2025 Annual Report

------

Notes to Financial Statements (cont'd)

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 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.

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ClearBridge Mid Cap Fund 2025 Annual Report

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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** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1601082231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1601082231 |
| Short-Term Investments† | &nbsp;&nbsp; 29556871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29556871 |
| **Total Investments** | &nbsp;&nbsp; **$1630639102** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1630639102** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† 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 Mid Cap Fund 2025 Annual Report

------

Notes to Financial Statements (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

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ClearBridge Mid Cap Fund 2025 Annual Report

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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 had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, credits earned, if any, are recognized as income.

**(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, 2025, 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 the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(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. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| (a) | &nbsp;&nbsp; $(15689001) | &nbsp;&nbsp; $15689001 |

---

<sup>(a)</sup>

Reclassifications are due to distributions paid in connection with the redemption of Fund shares.

**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 Mid Cap Fund 2025 Annual Report

------

Notes to Financial Statements (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 $1 billion | 0.750<br> %<br>|
| Next $1 billion | 0.700 |
| Next $3 billion | 0.650 |
| Next $5 billion | 0.600 |
| Over $10 billion | 0.550 |

---

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 R, Class I and Class IS shares did not exceed 1.20%, 1.95%, 1.45%, 0.85% and 0.75%, 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 and the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 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 year ended October 31, 2025, fees waived and/or expenses reimbursed amounted to $147,969, which included an affiliated money market fund waiver of $16,556.

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 Mid Cap Fund 2025 Annual Report

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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 year ended October 31, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $43,638 was earned by Investor Services.

There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, 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 year ended October 31, 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 | &nbsp;&nbsp; $134165 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 2601 | &nbsp;&nbsp; $753 |

---

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 year ended October 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $486048359 |
| Sales | &nbsp;&nbsp; 719388702 |

---

At October 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1096972293 | &nbsp;&nbsp; $575592283 | &nbsp;&nbsp; $(41925474) | &nbsp;&nbsp; $533666809 |

---

**4. Derivative instruments and hedging activities**

During the year ended October 31, 2025, the Fund did not invest in derivative instruments.

ClearBridge Mid Cap Fund 2025 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 and Class R shares calculated at the annual rate of 0.25%, 1.00% 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 year ended October 31, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2165 |
| Class A | &nbsp;&nbsp; $2899161 | &nbsp;&nbsp; 1640223 |
| Class C | &nbsp;&nbsp; 93564 | &nbsp;&nbsp; 11938 |
| Class R | &nbsp;&nbsp; 302078 | &nbsp;&nbsp; 121488 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 217696 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 5376 |
| **Total** | &nbsp;&nbsp; **$3294803** | &nbsp;&nbsp; **$1998886** |

---

For the year ended October 31, 2025, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class 1 | &nbsp;&nbsp; $205 |
| Class A | &nbsp;&nbsp; 97107 |
| Class C | &nbsp;&nbsp; 783 |
| Class R | &nbsp;&nbsp; 5885 |
| Class I | &nbsp;&nbsp; 22535 |
| Class IS | &nbsp;&nbsp; 21454 |
| **Total** | &nbsp;&nbsp; **$147969** |

---

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>October 31, 2025<br>| Year Ended <br>October 31, 2024<br>|
| **Net Investment Income:** |  |  |
| Class 1 | &nbsp;&nbsp; $8177 | &nbsp;&nbsp; $4484 |
| Class A | &nbsp;&nbsp; 501607 | &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; 756677 | &nbsp;&nbsp; 356984 |
| Class IS | &nbsp;&nbsp; 733583 | &nbsp;&nbsp; 638558 |
| **Total** | &nbsp;&nbsp; **$2000044** | &nbsp;&nbsp; **$1000026** |

---

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ClearBridge Mid Cap Fund 2025 Annual Report

------

---

| | | |
|:---|:---|:---|
|  | Year Ended<br> October 31, 2025<br>| Year Ended<br> October 31, 2024<br>|
| **Net Realized Gains:** |  |  |
| Class 1 | &nbsp;&nbsp; $200256 | &nbsp;&nbsp; $59853 |
| Class A | &nbsp;&nbsp; 95102509 | &nbsp;&nbsp; 21347547 |
| Class C | &nbsp;&nbsp; 1325445 | &nbsp;&nbsp; 368516 |
| Class R | &nbsp;&nbsp; 5362827 | &nbsp;&nbsp; 1176700 |
| Class I | &nbsp;&nbsp; 20378501 | &nbsp;&nbsp; 6268000 |
| Class IS | &nbsp;&nbsp; 13590805 | &nbsp;&nbsp; 5294419 |
| **Total** | &nbsp;&nbsp; **$135960343** | &nbsp;&nbsp; **$34515035** |

---

**7. Shares of beneficial interest**

At October 31, 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.

Transactions in shares of each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2024 | Year Ended <br>October 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class 1** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 5456 | &nbsp;&nbsp;&nbsp; $208433 | &nbsp;&nbsp;&nbsp; 1844 | &nbsp;&nbsp;&nbsp; $64337 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (18511)<br>| &nbsp;&nbsp;&nbsp; (646609)<br>| &nbsp;&nbsp;&nbsp; (28091)<br>| &nbsp;&nbsp;&nbsp; (1065062)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(13055)**<br>| &nbsp;&nbsp;&nbsp; **$(438176)**<br>| &nbsp;&nbsp;&nbsp; **(26247)**<br>| &nbsp;&nbsp;&nbsp; **$(1000725)**<br>|
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 2264948 | &nbsp;&nbsp;&nbsp; $77662991 | &nbsp;&nbsp;&nbsp; 2455518 | &nbsp;&nbsp;&nbsp; $82361898 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 2649803 | &nbsp;&nbsp;&nbsp; 93644024 | &nbsp;&nbsp;&nbsp; 643655 | &nbsp;&nbsp;&nbsp; 20915104 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (5249813)<br>| &nbsp;&nbsp;&nbsp; (181129021)<br>| &nbsp;&nbsp;&nbsp; (5416225)<br>| &nbsp;&nbsp;&nbsp; (183507675)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(335062)**<br>| &nbsp;&nbsp;&nbsp; **$(9822006)**<br>| &nbsp;&nbsp;&nbsp; **(2317052)**<br>| &nbsp;&nbsp;&nbsp; **$(80230673)**<br>|
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 46070 | &nbsp;&nbsp;&nbsp; $1042705 | &nbsp;&nbsp;&nbsp; 50906 | &nbsp;&nbsp;&nbsp; $1163778 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 56852 | &nbsp;&nbsp;&nbsp; 1297361 | &nbsp;&nbsp;&nbsp; 16467 | &nbsp;&nbsp;&nbsp; 362465 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (219130)<br>| &nbsp;&nbsp;&nbsp; (4844879)<br>| &nbsp;&nbsp;&nbsp; (257789)<br>| &nbsp;&nbsp;&nbsp; (5851849)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(116208)**<br>| &nbsp;&nbsp;&nbsp; **$(2504813)**<br>| &nbsp;&nbsp;&nbsp; **(190416)**<br>| &nbsp;&nbsp;&nbsp; **$(4325606)**<br>|
| **Class R** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 130852 | &nbsp;&nbsp;&nbsp; $4134262 | &nbsp;&nbsp;&nbsp; 229533 | &nbsp;&nbsp;&nbsp; $7330813 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 159992 | &nbsp;&nbsp;&nbsp; 5338938 | &nbsp;&nbsp;&nbsp; 37951 | &nbsp;&nbsp;&nbsp; 1172441 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (449907)<br>| &nbsp;&nbsp;&nbsp; (14414933)<br>| &nbsp;&nbsp;&nbsp; (341488)<br>| &nbsp;&nbsp;&nbsp; (11021958)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(159063)**<br>| &nbsp;&nbsp;&nbsp; **$(4941733)**<br>| &nbsp;&nbsp;&nbsp; **(74004)**<br>| &nbsp;&nbsp;&nbsp; **$(2518704)**<br>|

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ClearBridge Mid Cap Fund 2025 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> October 31, 2025 | Year Ended<br> October 31, 2025 | Year Ended<br> October 31, 2024 | Year Ended<br> October 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 614653 | &nbsp;&nbsp;&nbsp; $25388027 | &nbsp;&nbsp;&nbsp; 1450833 | &nbsp;&nbsp;&nbsp; $56869087 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 470819 | &nbsp;&nbsp;&nbsp; 19788538 | &nbsp;&nbsp;&nbsp; 163919 | &nbsp;&nbsp;&nbsp; 6249311 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (2403584)<br>| &nbsp;&nbsp;&nbsp; (97208741)<br>| &nbsp;&nbsp;&nbsp; (5030576)<br>| &nbsp;&nbsp;&nbsp; (199384766)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(1318112)**<br>| &nbsp;&nbsp;&nbsp; **$(52032176)**<br>| &nbsp;&nbsp;&nbsp; **(3415824)**<br>| &nbsp;&nbsp;&nbsp; **$(136266368)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 748320 | &nbsp;&nbsp;&nbsp; $31033136 | &nbsp;&nbsp;&nbsp; 1629521 | &nbsp;&nbsp;&nbsp; $64566942 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 317044 | &nbsp;&nbsp;&nbsp; 13512421 | &nbsp;&nbsp;&nbsp; 148819 | &nbsp;&nbsp;&nbsp; 5749334 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1553994)<br>| &nbsp;&nbsp;&nbsp; (64979807)<br>| &nbsp;&nbsp;&nbsp; (5858274)<br>| &nbsp;&nbsp;&nbsp; (237751096)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(488630)**<br>| &nbsp;&nbsp;&nbsp; **$(20434250)**<br>| &nbsp;&nbsp;&nbsp; **(4079934)**<br>| &nbsp;&nbsp;&nbsp; **$(167434820)**<br>|

---

**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 year ended October 31, 2025. The following transactions were effected in such company for the year ended October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>October 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>October 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>| $11171852 | $138661521 | 138661521 | $135054937 | 135054937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>October 31, <br>2025<br>|
| Western Asset Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>|  | $598639 |  | $14778436 |

---

**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

------

ClearBridge Mid Cap Fund 2025 Annual Report

------

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 year ended October 31, 2025.

**10. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended October 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $2000044 | &nbsp;&nbsp; $1000026 |
| Net long-term capital gains | &nbsp;&nbsp; 135960343 | &nbsp;&nbsp; 34515035 |
| **Total distributions paid** | &nbsp;&nbsp; **$137960387** | &nbsp;&nbsp; **$35515061** |

---

As of October 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $29471407 |
| Undistributed long-term capital gains — net | &nbsp;&nbsp; 97501475 |
| Total undistributed earnings | &nbsp;&nbsp; $126972882 |
| Unrealized appreciation (depreciation)<sup>(a)</sup> <br>| &nbsp;&nbsp; 533666809 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$660639691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

**11. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Mid Cap Fund 2025 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason Partners Investment Trust and Shareholders of ClearBridge Mid Cap Fund**

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ClearBridge Mid Cap Fund (one of the funds constituting Legg Mason Partners Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

ClearBridge Mid Cap Fund 2025 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended October 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Long-Term Capital Gain Dividends Distributed | §852(b)(3)(C) | $148362463 |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $13569080 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $14253000 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $783271 |
| Short-Term Capital Gain Dividends Distributed | §871(k)(2)(C) | $3274601 |
| Qualified Business Income Dividends Earned | §199A | $2754515 |
| Section 163(j) Interest Earned | §163(j) | $1186062 |
| Interest Earned from Federal Obligations | Note (1) | $1188900 |

---

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

ClearBridge Mid Cap Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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. | Refer to the financial statements included herein. |

---

------

ClearBridge Mid Cap Fund

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Partners Investment Trust (the "Trust") held on May 6-7, 2025, the Board, including the Trustees who are not considered to be "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940, as amended (the "1940 Act"), approved for an annual period the continuation of the management agreement (the "Management Agreement") between the Trust and Franklin Templeton Fund Adviser, LLC (the "Manager") with respect to ClearBridge Mid Cap Fund, a series of the Trust (the "Fund"), and the sub-advisory agreement pursuant to which ClearBridge Investments, LLC ("ClearBridge") provides day-to-day management of the Fund's portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC ("Western Asset" and, together with ClearBridge, the "Sub-Advisers") provides day-to-day management of the Fund's cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the "Agreements."

**Background**

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Advisers, and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Advisers, as well as the management and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2025 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Sub-Advisers pursuant to the Sub-Advisory Agreements.

**Board approval of management agreement and sub-advisory agreements**

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements. The Independent Trustees also reviewed the

ClearBridge Mid Cap Fund

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

proposed continuation of the Management Agreement and the Sub-Advisory Agreements in private sessions with their independent legal counsel at which no representatives of the Manager and Sub-Advisers were present. The Independent Trustees considered the Management Agreement and each Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Advisers in providing services to the Fund.

In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreements. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and each Sub-Advisory Agreement.

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.

**Nature, extent and quality of the services under the management agreement and sub-advisory agreements**

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Advisers under the Management Agreement and the Sub-Advisory Agreements, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund's affairs and the Manager's role in coordinating the activities of the Fund's other service providers. The Board's evaluation of the services provided by the Manager and the Sub-Advisers took into account the Board's knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Advisers, and the quality of the Manager's administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Advisers, and of the undertakings required of the Manager and Sub-Advisers in connection with those services, including maintaining and monitoring their own and the Fund's compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial,

------

ClearBridge Mid Cap Fund

------

operational, reputational, litigation and regulatory risk), as well as the Manager's and each Sub-Adviser's risk management processes.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's and each Sub-Adviser's senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager's affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Manager and the Sub-Advisers. The Board recognized the importance of having a fund manager with significant resources.

The Board considered the division of responsibilities among the Manager and the Sub-Advisers and the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Advisers regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management's periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.

The Board received and considered performance information for the Fund as well as for a group of funds (the "Performance Universe") selected by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper ("Lipper"). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions.

The information comparing the Fund's performance to that of its Performance Universe, consisting of funds (including the Fund) classified as mid-cap core funds by Lipper, showed, among other data, that the performance of the Fund's Class I shares for the 1-, 3-, 5- and 10-year periods ended December 31, 2024 was below the median performance of the funds in the Performance Universe for each period. The Board noted the explanations from the Manager and the Sub-Advisers concerning the reasons for the Fund's relative performance versus the peer group for the various periods.

ClearBridge Mid Cap Fund

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and each Sub-Advisory Agreement were sufficient for renewal.

**Management fees and expense ratios**

The Board reviewed and considered the contractual management fee payable by the Fund to the Manager (the "Contractual Management Fee") and the actual management fees paid by the Fund to the Manager after giving effect to breakpoints and waivers, if any (the "Actual Management Fee"), in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-Advisers, respectively. The Board also noted that the compensation paid to the Sub-Advisers is the responsibility and expense of the Manager, not the Fund. The Board also considered that fee waiver and/or expense reimbursement arrangements are currently in place for the Fund.

The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund's total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Advisers to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, institutional separate and commingled accounts, retail managed accounts, and third-party sub-advised funds.

The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund's chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts, and the differences in the degree of entrepreneurial and other risks borne by the Manager in managing the Fund and in managing other types of accounts.

The Board considered the overall management fee, the fees of each of the Sub-Advisers and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

The Board also received and considered information comparing the Fund's Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with

------

ClearBridge Mid Cap Fund

------

those of a group of funds consisting of 15 mid-cap core funds (including the Fund) selected by Broadridge to be comparable to the Fund (the "Expense Group"), and a broader group of funds selected by Broadridge consisting of mid-cap core funds (including the Fund) (the "Expense Universe"). This information showed that the Fund's Contractual Management Fee was at the median of management fees payable by the funds in the Expense Group and that the Fund's Actual Management Fee was at the median of management fees paid by the funds in the Expense Group and approximately equivalent to the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund's actual total expense ratio was approximately equivalent to the median of the total expense ratios of the funds in the Expense Group and approximately equivalent to the median of the actual total expense ratios of the funds in the Expense Universe. The Board also considered that the current limitation on the Fund's expenses is expected to continue until and expire on December 31, 2026.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreements.

**Manager profitability**

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Funds complex as a whole. The Board received information with respect to the Manager's allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Economies of scale**

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund's assets grow. The Board noted that the Manager had previously agreed to institute breakpoints in the Fund's Contractual Management Fee, reflecting the potential for reducing the blended rate of the Contractual Management Fee as the Fund grows. The Board considered whether the breakpoint fee structure was a reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund's asset levels. The Board noted that the Fund had reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered.

The Board determined that the management fee structure for the Fund, including breakpoints, was reasonable.

ClearBridge Mid Cap Fund

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

**Other benefits to the manager and the sub-advisers**

The Board considered other benefits received by the Manager, the Sub-Advisers and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Advisers to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Advisers and their affiliates received were reasonable.

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ClearBridge Mid Cap Fund

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ClearBridge

Mid Cap 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 Mid Cap Fund**

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

ClearBridge Mid Cap Fund

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

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 Mid Cap 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© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](imgf239919a3.jpg)

**90153-AFSOI 12/25**© 2025 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](cmcf-efp20742_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](cmcf-efp20742_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](cmcf-efp20742_ex99906cert.htm)

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: December 23, 2025

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: December 23, 2025

---

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

---

Date: December 23, 2025

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of **Legg Mason Partners Investment Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 23, 2025 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason Partners Investment Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information
included in this report, and the financial statements on which the financial information is based, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 23, 2025 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Chief Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Legg Mason Partners Investment Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Legg Mason Partners Investment Trust | Legg Mason Partners Investment Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: December 23, 2025 | Date: December 23, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.