# EDGAR Filing Document

**Accession Number:** 0000880366
**File Stem:** 0001133228-25-006689
**Filing Date:** 2025-6
**Character Count:** 125851
**Document Hash:** 74a90adeb8474033c2114ac8554dd2f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006689.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001133228-25-006689

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06444
- **FILM NUMBER:** 251072465

**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 Appreciation Fund (Series ID: S000016651)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046514 | Class A      | SHAPX           |
| C000046516 | Class C      | SAPCX           |
| C000046517 | Class I      | SAPYX           |
| C000046518 | Class R      | LMPPX           |
| C000046519 | Class FI     | LMPIX           |
| C000063669 | Class IS     | LMESX           |

?xml version='1.0' encoding='ASCII'? 2025-05-12LMA0500_ClearBridgeAppreciationFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06444**

**Legg Mason Partners Investment Trust**

(Exact name of registrant as specified in charter)

**620 Eighth Avenue, 47<sup>th</sup> Floor, New York, NY 10018**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class A [SHAPX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.91% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3968img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7006-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class C [SAPCX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $83 | 1.67% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3971img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7248-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class FI [LMPIX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class FI | $49 | 0.99% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3981img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7907-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class R [LMPPX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $62 | 1.25% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3978img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7906-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class I [SAPYX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class I | $33 | 0.67% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3975img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7444-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

---

| | |
|:---|:---|
| **ClearBridge Appreciation Fund**  | ![image](i202406031209949.jpg) |
| Class IS [LMESX] | ![image](i202406031209949.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031209949.jpg) |
| ![image](i202407221332340.jpg) | ![image](i202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about ClearBridge Appreciation Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class IS | $27 | 0.55% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8416704772 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 65 |
| **Portfolio Turnover Rate** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

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

![image](ts3984img003.jpg)

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

---

| | |
|:---|:---|
| ![image](i202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Appreciation Fund PAGE 1 7975-STSR-0625

24.017.110.910.68.87.56.95.43.91.41.42.1 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

![](img90b5fb811.gif)

**ClearBridge**

**Appreciation Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| April 30, 2025

![](img6e2a21042.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_SOI-Header-SOI-3129_1) | **1** |
| [Statement of Assets and Liabilities](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_SAL-Header-SAL-3129_1) | **5** |
| [Statement of Operations](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_SOP-Header-SOP-3129_1) | **7** |
| [Statements of Changes in Net Assets](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_SOC-Header-SOC-3129_1) | **8** |
| [Financial Highlights](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_FH-Header-Financialhighlights-3129_1) | **9** |
| [Notes to Financial Statements](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_NTF-Header-Notestofinancialstatements-3129_1) | **15** |
| [Changes in and Disagreements with Accountants](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_TSR-TOCTSRDisclosures-3129_1) | **27** |
| [Results of Meeting(s) of Shareholders](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_TSR-TOCTSRDisclosures-3129_1) | **27** |
| [Remuneration Paid to Directors, Officers and Others](#xx_1810ea81-8feb-4adf-9213-003a12ea5864_TSR-TOCTSRDisclosures-3129_1) | **27** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

April 30, 2025

 **ClearBridge Appreciation Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Communication Services — 10.5%** | **Communication Services — 10.5%** | **Communication Services — 10.5%** |
| Entertainment — 3.6% | Entertainment — 3.6% | Entertainment — 3.6% |
| Netflix Inc. | &nbsp;&nbsp; 162917 | &nbsp;&nbsp; $184,376,427<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 1279333 | &nbsp;&nbsp; 116355337<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 300731764 |
| Interactive Media & Services — 6.1% | Interactive Media & Services — 6.1% | Interactive Media & Services — 6.1% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 942552 | &nbsp;&nbsp; 149677257<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 516530 | &nbsp;&nbsp; 83104512<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 513250 | &nbsp;&nbsp; 281774250<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 514556019 |
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| T-Mobile US Inc. | &nbsp;&nbsp; 279422 | &nbsp;&nbsp; 69003263<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **884291046** |
| **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** |
| Automobiles — 0.6% | Automobiles — 0.6% | Automobiles — 0.6% |
| Tesla Inc. | &nbsp;&nbsp; 181600 | &nbsp;&nbsp; 51,240,256<br> \*<br>|
| Broadline Retail — 3.6% | Broadline Retail — 3.6% | Broadline Retail — 3.6% |
| Amazon.com Inc. | &nbsp;&nbsp; 1650129 | &nbsp;&nbsp; 304,316,790<br> \*<br>|
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Starbucks Corp. | &nbsp;&nbsp; 445715 | &nbsp;&nbsp; 35679486<br>|
| Specialty Retail — 2.3% | Specialty Retail — 2.3% | Specialty Retail — 2.3% |
| TJX Cos. Inc. | &nbsp;&nbsp; 1465062 | &nbsp;&nbsp; 188524178<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **579760710** |
| **Consumer Staples — 7.5%** | **Consumer Staples — 7.5%** | **Consumer Staples — 7.5%** |
| Beverages — 1.7% | Beverages — 1.7% | Beverages — 1.7% |
| Coca-Cola Co. | &nbsp;&nbsp; 1539025 | &nbsp;&nbsp; 111656264<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 248637 | &nbsp;&nbsp; 33710204<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 145366468 |
| Consumer Staples Distribution & Retail — 3.3% | Consumer Staples Distribution & Retail — 3.3% | Consumer Staples Distribution & Retail — 3.3% |
| BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 459421 | &nbsp;&nbsp; 54,009,533<br> \*<br>|
| Walmart Inc. | &nbsp;&nbsp; 2309666 | &nbsp;&nbsp; 224615018<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 278624551 |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 1089148 | &nbsp;&nbsp; 83494086<br>|
| Household Products — 1.5% | Household Products — 1.5% | Household Products — 1.5% |
| Procter & Gamble Co. | &nbsp;&nbsp; 754905 | &nbsp;&nbsp; 122724906<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **630210011** |
| **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** |
| Oil, Gas & Consumable Fuels — 3.9% | Oil, Gas & Consumable Fuels — 3.9% | Oil, Gas & Consumable Fuels — 3.9% |
| Chevron Corp. | &nbsp;&nbsp; 432388 | &nbsp;&nbsp; 58830711<br>|

---

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **ClearBridge Appreciation Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| ConocoPhillips | &nbsp;&nbsp; 215269 | &nbsp;&nbsp; $19184773<br>|
| EQT Corp. | &nbsp;&nbsp; 894361 | &nbsp;&nbsp; 44217208<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 1112536 | &nbsp;&nbsp; 117517178<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 3274246 | &nbsp;&nbsp; 86112670<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **325862540** |
| **Financials — 17.0%** | **Financials — 17.0%** | **Financials — 17.0%** |
| Banks — 5.3% | Banks — 5.3% | Banks — 5.3% |
| Bank of America Corp. | &nbsp;&nbsp; 4547764 | &nbsp;&nbsp; 181364829<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 1071223 | &nbsp;&nbsp; 262042570<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 443407399 |
| Capital Markets — 1.7% | Capital Markets — 1.7% | Capital Markets — 1.7% |
| CME Group Inc. | &nbsp;&nbsp; 170555 | &nbsp;&nbsp; 47257380<br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 600129 | &nbsp;&nbsp; 100803668<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 148061048 |
| Financial Services — 6.8% | Financial Services — 6.8% | Financial Services — 6.8% |
| Berkshire Hathaway Inc., Class A Shares | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 302,604,120<br> \*<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 772979 | &nbsp;&nbsp; 267064244<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 569668364 |
| Insurance — 3.2% | Insurance — 3.2% | Insurance — 3.2% |
| Progressive Corp. | &nbsp;&nbsp; 295207 | &nbsp;&nbsp; 83171620<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 709431 | &nbsp;&nbsp; 187382010<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 270553630 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1431690441** |
| **Health Care — 8.8%** | **Health Care — 8.8%** | **Health Care — 8.8%** |
| Biotechnology — 1.4% | Biotechnology — 1.4% | Biotechnology — 1.4% |
| AbbVie Inc. | &nbsp;&nbsp; 598889 | &nbsp;&nbsp; 116843244<br>|
| Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% |
| Stryker Corp. | &nbsp;&nbsp; 224443 | &nbsp;&nbsp; 83923727<br>|
| Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 241653 | &nbsp;&nbsp; 99425710<br>|
| Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 168502 | &nbsp;&nbsp; 72287358<br>|
| Pharmaceuticals — 4.3% | Pharmaceuticals — 4.3% | Pharmaceuticals — 4.3% |
| Eli Lilly & Co. | &nbsp;&nbsp; 214135 | &nbsp;&nbsp; 192496658<br>|
| Johnson & Johnson | &nbsp;&nbsp; 817878 | &nbsp;&nbsp; 127842510<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 530129 | &nbsp;&nbsp; 45166991<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 365506159 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **737986198** |

---

See Notes to Financial Statements.

------

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

 **ClearBridge Appreciation Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 10.9%** | **Industrials — 10.9%** | **Industrials — 10.9%** |
| Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% |
| Boeing Co. | &nbsp;&nbsp; 253109 | &nbsp;&nbsp; $46,379,693<br> \*<br>|
| RTX Corp. | &nbsp;&nbsp; 796575 | &nbsp;&nbsp; 100472005<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 146851698 |
| Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% |
| Waste Management Inc. | &nbsp;&nbsp; 641989 | &nbsp;&nbsp; 149814553<br>|
| Electrical Equipment — 2.8% | Electrical Equipment — 2.8% | Electrical Equipment — 2.8% |
| Eaton Corp. PLC | &nbsp;&nbsp; 523573 | &nbsp;&nbsp; 154124184<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 810351 | &nbsp;&nbsp; 85175994<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 239300178 |
| Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 599200 | &nbsp;&nbsp; 43424024<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 183620 | &nbsp;&nbsp; 39599489<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 83023513 |
| Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% | Industrial Conglomerates — 1.8% |
| Honeywell International Inc. | &nbsp;&nbsp; 709923 | &nbsp;&nbsp; 149438792<br>|
| Professional Services — 1.8% | Professional Services — 1.8% | Professional Services — 1.8% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 491645 | &nbsp;&nbsp; 147788487<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **916217221** |
| **Information Technology — 24.0%** | **Information Technology — 24.0%** | **Information Technology — 24.0%** |
| Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% |
| Arista Networks Inc. | &nbsp;&nbsp; 556066 | &nbsp;&nbsp; 45,747,550<br> \*<br>|
| Semiconductors & Semiconductor Equipment — 7.7% | Semiconductors & Semiconductor Equipment — 7.7% | Semiconductors & Semiconductor Equipment — 7.7% |
| ASML Holding NV, Registered Shares | &nbsp;&nbsp; 160677 | &nbsp;&nbsp; 107345090<br>|
| Broadcom Inc. | &nbsp;&nbsp; 1066291 | &nbsp;&nbsp; 205229029<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 3066123 | &nbsp;&nbsp; 333962117<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 646536236 |
| Software — 11.0% | Software — 11.0% | Software — 11.0% |
| Microsoft Corp. | &nbsp;&nbsp; 1679945 | &nbsp;&nbsp; 664015061<br>|
| Oracle Corp. | &nbsp;&nbsp; 362677 | &nbsp;&nbsp; 51035907<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 259833 | &nbsp;&nbsp; 48,570,583<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 255081 | &nbsp;&nbsp; 117,084,730<br> \*<br>|
| Workday Inc., Class A Shares | &nbsp;&nbsp; 173433 | &nbsp;&nbsp; 42,491,085<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 923197366 |
| Technology Hardware, Storage & Peripherals — 4.8% | Technology Hardware, Storage & Peripherals — 4.8% | Technology Hardware, Storage & Peripherals — 4.8% |
| Apple Inc. | &nbsp;&nbsp; 1889708 | &nbsp;&nbsp; 401562950<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2017044102** |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| Chemicals — 3.0% | Chemicals — 3.0% | Chemicals — 3.0% |
| Ecolab Inc. | &nbsp;&nbsp; 345566 | &nbsp;&nbsp; 86885659<br>|

---

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2025

 **ClearBridge Appreciation Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Linde PLC | Linde PLC | &nbsp;&nbsp; 206476 | &nbsp;&nbsp; $93581118<br>|
| Sherwin-Williams Co. | Sherwin-Williams Co. | &nbsp;&nbsp; 205202 | &nbsp;&nbsp; 72419890<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 252886667 |
| Construction Materials — 1.5% | Construction Materials — 1.5% | Construction Materials — 1.5% | Construction Materials — 1.5% |
| Vulcan Materials Co. | Vulcan Materials Co. | &nbsp;&nbsp; 483361 | &nbsp;&nbsp; 126800091<br>|
| Containers & Packaging — 0.8% | Containers & Packaging — 0.8% | Containers & Packaging — 0.8% | Containers & Packaging — 0.8% |
| Crown Holdings Inc. | Crown Holdings Inc. | &nbsp;&nbsp; 718041 | &nbsp;&nbsp; 69168889<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **448855647** |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| Specialized REITs — 1.4% | Specialized REITs — 1.4% | Specialized REITs — 1.4% | Specialized REITs — 1.4% |
| American Tower Corp. | American Tower Corp. | &nbsp;&nbsp; 530542 | &nbsp;&nbsp; **119589472**<br>|
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% |
| Entergy Corp. | Entergy Corp. | &nbsp;&nbsp; 1178845 | &nbsp;&nbsp; 98044538<br>|
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 194834 | &nbsp;&nbsp; 21338220<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **119382758** |
| **Total Investments before Short-Term Investments (Cost — $3,136,211,524)** | **Total Investments before Short-Term Investments (Cost — $3,136,211,524)** | **Total Investments before Short-Term Investments (Cost — $3,136,211,524)** | &nbsp;&nbsp; **8210890146** |
|  | Rate |  |  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| JPMorgan 100% U.S. Treasury Securities Money Market <br> Fund, Institutional Class | &nbsp;&nbsp; 4.131% | &nbsp;&nbsp; 90069212 | &nbsp;&nbsp; 90069212<br> <sup>(a)</sup><br>|
| Western Asset Premier Institutional U.S. Treasury <br> Reserves, Premium Shares | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 90069212 | &nbsp;&nbsp; 90069212<br> <sup>(a)(b)</sup><br>|
| **Total Short-Term Investments (Cost — $180,138,424)** | **Total Short-Term Investments (Cost — $180,138,424)** | **Total Short-Term Investments (Cost — $180,138,424)** | &nbsp;&nbsp; **180138424** |
| **Total Investments — 99.7% (Cost — $3,316,349,948)** | **Total Investments — 99.7% (Cost — $3,316,349,948)** | **Total Investments — 99.7% (Cost — $3,316,349,948)** | &nbsp;&nbsp; **8391028570** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 25676202 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$8416704772** |

---

&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 April 30, 2025, the total market value of investments in Affiliated Companies was $90,069,212 and the cost was $90,069,212 (Note 8). 

See Notes to Financial Statements.

------

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

April 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $3,226,280,736) | &nbsp;&nbsp; $8300959358 |
| Investments in affiliated securities, at value (Cost — $90,069,212) | &nbsp;&nbsp; 90069212 |
| Receivable for securities sold  | &nbsp;&nbsp; 40273484 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 3537608 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 1944653 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 339713 |
| Prepaid expenses | &nbsp;&nbsp; 111164 |
| **Total Assets** | &nbsp;&nbsp; **8437235192** |
| **Liabilities:** |  |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 12429421 |
| Investment management fee payable | &nbsp;&nbsp; 3615090 |
| Transfer agent fees payable | &nbsp;&nbsp; 2714911 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 1438244 |
| Trustees' fees payable | &nbsp;&nbsp; 17695 |
| Accrued expenses | &nbsp;&nbsp; 315059 |
| **Total Liabilities** | &nbsp;&nbsp; **20530420** |
| **Total Net Assets** | &nbsp;&nbsp; **$8416704772** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $2512 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 2646245825 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 5770456435 |
| **Total Net Assets** | &nbsp;&nbsp; **$8416704772** |

---

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited) (cont'd)

April 30, 2025

---

| | |
|:---|:---|
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $6982546737 |
| Class C | &nbsp;&nbsp; $53078486 |
| Class FI | &nbsp;&nbsp; $2266684 |
| Class R | &nbsp;&nbsp; $20718674 |
| Class I | &nbsp;&nbsp; $933601158 |
| Class IS | &nbsp;&nbsp; $424493033 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 208061132 |
| Class C | &nbsp;&nbsp; 1672735 |
| Class FI | &nbsp;&nbsp; 66780 |
| Class R | &nbsp;&nbsp; 617108 |
| Class I | &nbsp;&nbsp; 28075782 |
| Class IS | &nbsp;&nbsp; 12701875 |
| **Net Asset Value:** |  |
| Class A (and redemption price) | &nbsp;&nbsp; $33.56 |
| Class C\*  | &nbsp;&nbsp; $31.73 |
| Class FI (and redemption price) | &nbsp;&nbsp; $33.94 |
| Class R (and redemption price) | &nbsp;&nbsp; $33.57 |
| Class I (and redemption price) | &nbsp;&nbsp; $33.25 |
| Class IS (and redemption price) | &nbsp;&nbsp; $33.42 |
| **Maximum Public Offering Price Per Share:** |  |
| Class A (based on maximum initial sales charge of 5.50%) | &nbsp;&nbsp; $35.51 |

---

&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 Appreciation Fund 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $58969939 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1829598 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (144924)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **60654613** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 23510386 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 9366818 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 4532222 |
| Trustees' fees | &nbsp;&nbsp; 229700 |
| Legal fees | &nbsp;&nbsp; 119490 |
| Registration fees | &nbsp;&nbsp; 106732 |
| Fund accounting fees | &nbsp;&nbsp; 78514 |
| Shareholder reports | &nbsp;&nbsp; 61929 |
| Commitment fees (Note 9) | &nbsp;&nbsp; 39581 |
| Audit and tax fees | &nbsp;&nbsp; 28104 |
| Insurance | &nbsp;&nbsp; 26582 |
| Custody fees | &nbsp;&nbsp; 23231 |
| Miscellaneous expenses  | &nbsp;&nbsp; 22722 |
| **Total Expenses** | &nbsp;&nbsp; **38146011** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (45462)<br>|
| **Net Expenses** | &nbsp;&nbsp; **38100549** |
| **Net Investment Income** | &nbsp;&nbsp; **22554064** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** <br>**(Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** <br>**(Notes 1 and 3):** |
| Net Realized Gain From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 682577021 |
| Foreign currency transactions | &nbsp;&nbsp; 2319 |
| **Net Realized Gain**  | &nbsp;&nbsp; **682579340** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **(716292672)**<br>|
| **Net Loss on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **(33713332)**<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **$(11159268)**<br>|

---

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended April 30, 2025 (unaudited) <br>and the Year Ended October 31, 2024<br>| 2025 | 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $22554064 | $53334365 |
| Net realized gain  | &nbsp;&nbsp; 682579340 | 731960832 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (716292672)<br>| 1360962729 |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **(11159268)**<br>| **2146257926** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (744072898)<br>| (315263901)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(744072898)**<br>| **(315263901)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 422033628 | 834339024 |
| Reinvestment of distributions | &nbsp;&nbsp; 725030016 | 306121373 |
| Cost of shares repurchased  | &nbsp;&nbsp; (781430695)<br>| (1240515553)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **365632949** | **(100055156)**<br>|
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(389599217)**<br>| **1730938869** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 8806303989 | 7075365120 |
| **End of period** | &nbsp;&nbsp; **$8416704772** | **$8806303989** |

---

See Notes to Financial Statements.

------

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of period** | $36.60 | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp; $28.93 | &nbsp;&nbsp; $34.83 | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp; $26.58 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.08 | 0.20 | 0.23 | 0.22 | 0.15 | 0.23 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>3</sup><br>| 8.49 | 2.42 | &nbsp;&nbsp; (3.93)<br>| 9.48 | 1.44 |
| **Total income (loss) from operations** | **0.08** | **8.69** | **2.65** | &nbsp;&nbsp; **(3.71)** | **9.63** | **1.67** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(3.12)**<br>| &nbsp;&nbsp; **(1.29)**<br>| &nbsp;&nbsp; **(2.38)**<br>| &nbsp;&nbsp; **(2.19)**<br>| &nbsp;&nbsp; **(1.19)**<br>| &nbsp;&nbsp; **(1.86)**<br>|
| **Net asset value, end of period** | $33.56 | &nbsp;&nbsp; $36.60 | &nbsp;&nbsp; $29.20 | &nbsp;&nbsp; $28.93 | &nbsp;&nbsp; $34.83 | &nbsp;&nbsp; $26.39 |
| **Total return**<sup>4</sup> <br>| **(0.26)%**<br>| **30.62%**<br>| **9.57%**<br>| &nbsp;&nbsp; **(11.25)%**<br>| **37.51%**<br>| **6.56%**<br>|
| **Net assets, end of period (millions)** | $6983 | &nbsp;&nbsp; $7171 | &nbsp;&nbsp; $5689 | &nbsp;&nbsp; $5422 | &nbsp;&nbsp; $6370 | &nbsp;&nbsp; $4726 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.91 %<sup>5</sup><br>| 0.91<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.95<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.91 <br><sup>5</sup><br>| 0.91 | 0.93 | 0.93 | 0.93 | 0.95 |
| Net investment income | 0.48 <br><sup>5</sup><br>| 0.59 | 0.78 | 0.72 | 0.49 | 0.91 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>8</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</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 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class C Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of** <br> **period**<br>| $34.72 | &nbsp;&nbsp; $27.77 | &nbsp;&nbsp; $27.60 | &nbsp;&nbsp; $33.39 | &nbsp;&nbsp; $25.33 | &nbsp;&nbsp; $25.47 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| 0.02 | &nbsp;&nbsp; (0.00 )<sup>3</sup><br>| &nbsp;&nbsp; (0.07)<br>| 0.06 |
| Net realized and unrealized gain <br> (loss)<br>| 0.01 | 8.07 | 2.30 | &nbsp;&nbsp; (3.77)<br>| 9.12 | 1.37 |
| **Total income (loss) from** <br> **operations**<br>| **(0.04)** | **8.03** | **2.32** | &nbsp;&nbsp; **(3.77)** | **9.05** | **1.43** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(2.95)**<br>| &nbsp;&nbsp; **(1.08)**<br>| &nbsp;&nbsp; **(2.15)**<br>| &nbsp;&nbsp; **(2.02)**<br>| &nbsp;&nbsp; **(0.99)**<br>| &nbsp;&nbsp; **(1.57)**<br>|
| **Net asset value, end of period** | $31.73 | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $27.77 | &nbsp;&nbsp; $27.60 | &nbsp;&nbsp; $33.39 | &nbsp;&nbsp; $25.33 |
| **Total return**<sup>4</sup> <br>| **(0.62)%**<br>| **29.65%**<br>| **8.80%**<br>| &nbsp;&nbsp; **(11.93)%**<br>| **36.55%**<br>| **5.81%**<br>|
| **Net assets, end of period (000s)** | $53078 | &nbsp;&nbsp; $57451 | &nbsp;&nbsp; $53437 | &nbsp;&nbsp; $66803 | &nbsp;&nbsp; $105810 | &nbsp;&nbsp; $111438 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.67 %<sup>5</sup><br>| 1.65<br> %<br>| 1.65<br> %<br>| 1.66<br> %<br>| 1.65<br> %<br>| 1.65<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.67 <br><sup>5</sup><br>| 1.65 | 1.65 | 1.66 | 1.65 | 1.65 |
| Net investment income (loss) | (0.28 )<sup>5</sup><br>| &nbsp;&nbsp; (0.14)<br>| 0.08 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.22)<br>| 0.23 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>8</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</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 1.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

------

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class FI Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of period** | $36.97 | &nbsp;&nbsp; $29.48 | &nbsp;&nbsp; $29.21 | &nbsp;&nbsp; $35.10 | &nbsp;&nbsp; $26.55 | &nbsp;&nbsp; $26.73 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.07 | 0.17 | 0.19 | 0.21 | 0.14 | 0.21 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 8.58 | 2.45 | &nbsp;&nbsp; (3.97)<br>| 9.56 | 1.45 |
| **Total income (loss) from operations** | **0.06** | **8.75** | **2.64** | &nbsp;&nbsp; **(3.76)** | **9.70** | **1.66** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(3.09)**<br>| &nbsp;&nbsp; **(1.26)**<br>| &nbsp;&nbsp; **(2.37)**<br>| &nbsp;&nbsp; **(2.13)**<br>| &nbsp;&nbsp; **(1.15)**<br>| &nbsp;&nbsp; **(1.84)**<br>|
| **Net asset value, end of period** | $33.94 | &nbsp;&nbsp; $36.97 | &nbsp;&nbsp; $29.48 | &nbsp;&nbsp; $29.21 | &nbsp;&nbsp; $35.10 | &nbsp;&nbsp; $26.55 |
| **Total return**<sup>3</sup> <br>| **(0.28)%**<br>| **30.52%**<br>| **9.44%**<br>| &nbsp;&nbsp; **(11.29)%**<br>| **37.47%**<br>| **6.46%**<br>|
| **Net assets, end of period (000s)** | $2267 | &nbsp;&nbsp; $2583 | &nbsp;&nbsp; $1888 | &nbsp;&nbsp; $1713 | &nbsp;&nbsp; $2115 | &nbsp;&nbsp; $2679 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.99 %<sup>4</sup><br>| 1.00<br> %<br>| 1.05<br> %<br>| 0.96<br> %<br>| 0.99<br> %<br>| 1.03<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.99 <br><sup>4</sup><br>| 1.00 | 1.05 | 0.96 | 0.99 | 1.03 |
| Net investment income | 0.40 <br><sup>4</sup><br>| 0.50 | 0.66 | 0.69 | 0.46 | 0.84 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>7</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<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. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</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 FI shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class R Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of period** | $36.54 | &nbsp;&nbsp; $29.14 | &nbsp;&nbsp; $28.87 | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $26.31 | &nbsp;&nbsp; $26.48 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.02 | 0.09 | 0.13 | 0.12 | 0.05 | 0.15 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>3</sup><br>| 8.48 | 2.42 | &nbsp;&nbsp; (3.93)<br>| 9.46 | 1.44 |
| **Total income (loss) from** <br> **operations**<br>| **0.02** | **8.57** | **2.55** | &nbsp;&nbsp; **(3.81)** | **9.51** | **1.59** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(2.99)**<br>| &nbsp;&nbsp; **(1.17)**<br>| &nbsp;&nbsp; **(2.28)**<br>| &nbsp;&nbsp; **(2.04)**<br>| &nbsp;&nbsp; **(1.10)**<br>| &nbsp;&nbsp; **(1.76)**<br>|
| **Net asset value, end of period** | $33.57 | &nbsp;&nbsp; $36.54 | &nbsp;&nbsp; $29.14 | &nbsp;&nbsp; $28.87 | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $26.31 |
| **Total return**<sup>4</sup> <br>| **(0.40)%**<br>| **30.20%**<br>| **9.20%**<br>| &nbsp;&nbsp; **(11.56)%**<br>| **37.04%**<br>| **6.22%**<br>|
| **Net assets, end of period (000s)** | $20719 | &nbsp;&nbsp; $21571 | &nbsp;&nbsp; $19000 | &nbsp;&nbsp; $22005 | &nbsp;&nbsp; $28503 | &nbsp;&nbsp; $29950 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 1.25 %<sup>5</sup><br>| 1.24<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 1.25 <br><sup>5</sup><br>| 1.24 | 1.26 | 1.26 | 1.27 | 1.27 |
| Net investment income | 0.14 <br><sup>5</sup><br>| 0.26 | 0.46 | 0.38 | 0.16 | 0.61 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>8</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</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 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

------

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class I Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of period** | $36.33 | &nbsp;&nbsp; $29.00 | &nbsp;&nbsp; $28.76 | &nbsp;&nbsp; $34.64 | &nbsp;&nbsp; $26.25 | &nbsp;&nbsp; $26.45 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.13 | 0.29 | 0.31 | 0.31 | 0.24 | 0.30 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>3</sup><br>| 8.42 | 2.40 | &nbsp;&nbsp; (3.92)<br>| 9.42 | 1.44 |
| **Total income (loss) from operations** | **0.13** | **8.71** | **2.71** | &nbsp;&nbsp; **(3.61)** | **9.66** | **1.74** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.37)<br>|
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(3.21)**<br>| &nbsp;&nbsp; **(1.38)**<br>| &nbsp;&nbsp; **(2.47)**<br>| &nbsp;&nbsp; **(2.27)**<br>| &nbsp;&nbsp; **(1.27)**<br>| &nbsp;&nbsp; **(1.94)**<br>|
| **Net asset value, end of period** | $33.25 | &nbsp;&nbsp; $36.33 | &nbsp;&nbsp; $29.00 | &nbsp;&nbsp; $28.76 | &nbsp;&nbsp; $34.64 | &nbsp;&nbsp; $26.25 |
| **Total return**<sup>4</sup> <br>| **(0.10)%**<br>| **30.97%**<br>| **9.87%**<br>| &nbsp;&nbsp; **(11.01)%**<br>| **37.89%**<br>| **6.87%**<br>|
| **Net assets, end of period (millions)** | $934 | &nbsp;&nbsp; $987 | &nbsp;&nbsp; $827 | &nbsp;&nbsp; $706 | &nbsp;&nbsp; $879 | &nbsp;&nbsp; $818 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.67 %<sup>5</sup><br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.67 <br><sup>5</sup><br>| 0.65 | 0.64 | 0.64 | 0.65 | 0.66 |
| Net investment income | 0.72 <br><sup>5</sup><br>| 0.85 | 1.07 | 1.01 | 0.78 | 1.20 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>8</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</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 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2025 Semi-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,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended October 31,** <br>**unless otherwise noted:** |
| Class IS Shares<sup>1</sup> <br>| 2025<sup>2</sup> <br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2020 |
| **Net asset value, beginning of period** | $36.52 | &nbsp;&nbsp; $29.13 | &nbsp;&nbsp; $28.88 | &nbsp;&nbsp; $34.78 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $26.54 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.15 | 0.32 | 0.33 | 0.32 | 0.27 | 0.33 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>3</sup><br>| 8.46 | 2.41 | &nbsp;&nbsp; (3.92)<br>| 9.45 | 1.44 |
| **Total income (loss) from operations** | **0.15** | **8.78** | **2.74** | &nbsp;&nbsp; **(3.60)** | **9.72** | **1.77** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>|
| Net realized gains | (2.95)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.57)<br>|
| **Total distributions**  | **(3.25)**<br>| &nbsp;&nbsp; **(1.39)**<br>| &nbsp;&nbsp; **(2.49)**<br>| &nbsp;&nbsp; **(2.30)**<br>| &nbsp;&nbsp; **(1.29)**<br>| &nbsp;&nbsp; **(1.96)**<br>|
| **Net asset value, end of period** | $33.42 | &nbsp;&nbsp; $36.52 | &nbsp;&nbsp; $29.13 | &nbsp;&nbsp; $28.88 | &nbsp;&nbsp; $34.78 | &nbsp;&nbsp; $26.35 |
| **Total return**<sup>4</sup> <br>| **(0.08)%**<br>| **31.12%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(10.95)%**<br>| **38.01%**<br>| **6.98%**<br>|
| **Net assets, end of period (millions)** | $424 | &nbsp;&nbsp; $567 | &nbsp;&nbsp; $485 | &nbsp;&nbsp; $484 | &nbsp;&nbsp; $618 | &nbsp;&nbsp; $730 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.55 %<sup>5</sup><br>| 0.56<br> %<br>| 0.57<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>|
| Net expenses<sup>6,7</sup> <br>| 0.55 <br><sup>5</sup><br>| 0.56 | 0.57 | 0.56 | 0.56 | 0.57 |
| Net investment income | 0.83 <br><sup>5</sup><br>| 0.94 | 1.15 | 1.05 | 0.87 | 1.29 |
| **Portfolio turnover rate** | **13%**<br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **6%** <br><sup>8</sup><br>| &nbsp;&nbsp; **12%**<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> For the six months ended April 30, 2025 (unaudited).

<sup>3</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>4</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. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Annualized.

<sup>6</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 0.70%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

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ClearBridge Appreciation Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

ClearBridge Appreciation Fund (the "Fund") is a separate diversified investment series of Legg Mason Partners Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (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 Appreciation Fund 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (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 Appreciation Fund 2025 Semi-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; $8210890146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8210890146 |
| Short-Term Investments† | &nbsp;&nbsp; 180138424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 180138424 |
| **Total Investments** | &nbsp;&nbsp; **$8391028570** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$8391028570** |

---

&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 Appreciation Fund 2025 Semi-Annual Report

------

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

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

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

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

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

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

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

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ClearBridge Appreciation Fund 2025 Semi-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 has an arrangement with its custodian bank whereby a portion of the custodian's fees is paid indirectly by credits earned on the Fund's cash on deposit with the bank.

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

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

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

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

**2. Investment management agreement and other transactions with affiliates**

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

ClearBridge Appreciation Fund 2025 Semi-Annual Report

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

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

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Rate |
| First $250 million | 0.750<br> %<br>|
| Next $250 million | 0.700 |
| Next $500 million | 0.650 |
| Next $1 billion | 0.600 |
| Next $1 billion | 0.550 |
| Over $3 billion | 0.500 |

---

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

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.15%, 1.90%, 1.05%, 1.40%, 0.80% and 0.70%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board's consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the six months ended April 30, 2025, fees waived and/or expenses reimbursed amounted to $45,462, all of which was an affiliated money market fund waiver.

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

Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of

------

ClearBridge Appreciation Fund 2025 Semi-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 six months ended April 30, 2025, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $38,198 was earned by Investor Services.

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

For the six months ended April 30, 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; $878831 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; 3422 | &nbsp;&nbsp; $1390 |

---

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

**3. Investments**

During the six months ended April 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1140460344 |
| Sales | &nbsp;&nbsp; 1528777886 |

---

At April 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $3317279385 | &nbsp;&nbsp; $5129400863 | &nbsp;&nbsp; $(55651678) | &nbsp;&nbsp; $5073749185 |

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ClearBridge Appreciation Fund 2025 Semi-Annual Report

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

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

**4. Derivative instruments and hedging activities**

During the six months ended April 30, 2025, the Fund did not invest in derivative instruments.

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

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

For the six months ended April 30, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $9025428 | &nbsp;&nbsp; $3929153 |
| Class C | &nbsp;&nbsp; 283617 | &nbsp;&nbsp; 31910 |
| Class FI | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 2369 |
| Class R | &nbsp;&nbsp; 54658 | &nbsp;&nbsp; 21327 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 546689 |
| Class IS | &nbsp;&nbsp; — | &nbsp;&nbsp; 774 |
| **Total** | &nbsp;&nbsp; **$9366818** | &nbsp;&nbsp; **$4532222** |

---

For the six months ended April 30, 2025, waivers and/or expense reimbursements by class were as follows:

---

| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $37601 |
| Class C | &nbsp;&nbsp; 294 |
| Class FI | &nbsp;&nbsp; 13 |
| Class R | &nbsp;&nbsp; 114 |
| Class I | &nbsp;&nbsp; 5059 |
| Class IS | &nbsp;&nbsp; 2381 |
| **Total** | &nbsp;&nbsp; **$45462** |

---

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ClearBridge Appreciation Fund 2025 Semi-Annual Report

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

**6. Distributions to shareholders by class**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>April 30, 2025<br>| Year Ended <br>October 31, 2024<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $34126748 | &nbsp;&nbsp; $40187814 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class FI | &nbsp;&nbsp; 10051 | &nbsp;&nbsp; 12032 |
| Class R | &nbsp;&nbsp; 22184 | &nbsp;&nbsp; 60690 |
| Class I | &nbsp;&nbsp; 7081350 | &nbsp;&nbsp; 8424544 |
| Class IS | &nbsp;&nbsp; 3759773 | &nbsp;&nbsp; 5315125 |
| **Total** | &nbsp;&nbsp; **$45000106** | &nbsp;&nbsp; **$54000205** |
| **Net Realized Gains:** |  |  |
| Class A | &nbsp;&nbsp; $576341180 | &nbsp;&nbsp; $209501428 |
| Class C | &nbsp;&nbsp; 4888614 | &nbsp;&nbsp; 2017715 |
| Class FI | &nbsp;&nbsp; 205325 | &nbsp;&nbsp; 71905 |
| Class R | &nbsp;&nbsp; 1735145 | &nbsp;&nbsp; 703944 |
| Class I | &nbsp;&nbsp; 79140233 | &nbsp;&nbsp; 30724766 |
| Class IS | &nbsp;&nbsp; 36762295 | &nbsp;&nbsp; 18243938 |
| **Total** | &nbsp;&nbsp; **$699072792** | &nbsp;&nbsp; **$261263696** |

---

**7. Shares of beneficial interest**

At April 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>April 30, 2025 | Six Months Ended <br>April 30, 2025 | Year Ended <br>October 31, 2024 | Year Ended <br>October 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 9057992 | &nbsp;&nbsp;&nbsp; $318663259 | &nbsp;&nbsp;&nbsp; 16517041 | &nbsp;&nbsp;&nbsp; $558615164 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 16897579 | &nbsp;&nbsp;&nbsp; 600877897 | &nbsp;&nbsp;&nbsp; 8044324 | &nbsp;&nbsp;&nbsp; 245673635 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (13836630)<br>| &nbsp;&nbsp;&nbsp; (483600752)<br>| &nbsp;&nbsp;&nbsp; (23477593)<br>| &nbsp;&nbsp;&nbsp; (797179728)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **12118941** | &nbsp;&nbsp;&nbsp; **$435940404** | &nbsp;&nbsp;&nbsp; **1083772** | &nbsp;&nbsp;&nbsp; **$7109071** |
| **Class C** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 174033 | &nbsp;&nbsp;&nbsp; $5813629 | &nbsp;&nbsp;&nbsp; 357861 | &nbsp;&nbsp;&nbsp; $11441741 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 143310 | &nbsp;&nbsp;&nbsp; 4832410 | &nbsp;&nbsp;&nbsp; 67890 | &nbsp;&nbsp;&nbsp; 1980361 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (299215)<br>| &nbsp;&nbsp;&nbsp; (9930030)<br>| &nbsp;&nbsp;&nbsp; (695452)<br>| &nbsp;&nbsp;&nbsp; (22025361)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **18128** | &nbsp;&nbsp;&nbsp; **$716009** | &nbsp;&nbsp;&nbsp; **(269701)**<br>| &nbsp;&nbsp;&nbsp; **$(8603259)**<br>|

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ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | Year Ended<br> October 31, 2024 | Year Ended<br> October 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class FI** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 4435 | &nbsp;&nbsp;&nbsp; $158436 | &nbsp;&nbsp;&nbsp; 9844 | &nbsp;&nbsp;&nbsp; $326978 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 5986 | &nbsp;&nbsp;&nbsp; 215376 | &nbsp;&nbsp;&nbsp; 2718 | &nbsp;&nbsp;&nbsp; 83937 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (13525)<br>| &nbsp;&nbsp;&nbsp; (478762)<br>| &nbsp;&nbsp;&nbsp; (6720)<br>| &nbsp;&nbsp;&nbsp; (225295)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **(3104)**<br>| &nbsp;&nbsp;&nbsp; **$(104950)**<br>| &nbsp;&nbsp;&nbsp; **5842** | &nbsp;&nbsp;&nbsp; **$185620** |
| **Class R** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 75708 | &nbsp;&nbsp;&nbsp; $2639306 | &nbsp;&nbsp;&nbsp; 141709 | &nbsp;&nbsp;&nbsp; $4754631 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 48603 | &nbsp;&nbsp;&nbsp; 1731227 | &nbsp;&nbsp;&nbsp; 24654 | &nbsp;&nbsp;&nbsp; 754149 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (97540)<br>| &nbsp;&nbsp;&nbsp; (3396688)<br>| &nbsp;&nbsp;&nbsp; (228021)<br>| &nbsp;&nbsp;&nbsp; (7850193)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **26771** | &nbsp;&nbsp;&nbsp; **$973845** | &nbsp;&nbsp;&nbsp; **(61658)**<br>| &nbsp;&nbsp;&nbsp; **$(2341413)**<br>|
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1918942 | &nbsp;&nbsp;&nbsp; $67014739 | &nbsp;&nbsp;&nbsp; 3813872 | &nbsp;&nbsp;&nbsp; $126202251 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 2312862 | &nbsp;&nbsp;&nbsp; 81412735 | &nbsp;&nbsp;&nbsp; 1217494 | &nbsp;&nbsp;&nbsp; 36829201 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (3310103)<br>| &nbsp;&nbsp;&nbsp; (115801533)<br>| &nbsp;&nbsp;&nbsp; (6383901)<br>| &nbsp;&nbsp;&nbsp; (213238808)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **921701** | &nbsp;&nbsp;&nbsp; **$32625941** | &nbsp;&nbsp;&nbsp; **(1352535)**<br>| &nbsp;&nbsp;&nbsp; **$(50207356)**<br>|
| **Class IS** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 785559 | &nbsp;&nbsp;&nbsp; $27744259 | &nbsp;&nbsp;&nbsp; 4006848 | &nbsp;&nbsp;&nbsp; $132998259 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1016979 | &nbsp;&nbsp;&nbsp; 35960371 | &nbsp;&nbsp;&nbsp; 684664 | &nbsp;&nbsp;&nbsp; 20800090 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (4626744)<br>| &nbsp;&nbsp;&nbsp; (168222930)<br>| &nbsp;&nbsp;&nbsp; (5806705)<br>| &nbsp;&nbsp;&nbsp; (199996168)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(2824206)**<br>| &nbsp;&nbsp;&nbsp; **$(104518300)**<br>| &nbsp;&nbsp;&nbsp; **(1115193)**<br>| &nbsp;&nbsp;&nbsp; **$(46197819)**<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 six months ended April 30, 2025. The following transactions were effected in such company for the six months ended April 30, 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>| $89564564 | $340023754 | 340023754 | $339519106 | 339519106 |

---

------

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>April 30, <br>2025<br>|
| Western Asset Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>|  | $1829598 |  | $90069212 |

---

**9. Redemption facility**

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

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended April 30, 2025.

**10. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**11. Operating segments**

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

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment Manager serves as the Chief Operating Decision Maker (CODM),

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

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

evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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

------

ClearBridge Appreciation Fund 2025 Semi-Annual Report

------

&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 Appreciation Fund

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ClearBridge

Appreciation Fund

**Trustees**

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O'Brien

Chair

Thomas F. Schlafly

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

ClearBridge Investments, LLC

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

Baltimore, MD

**ClearBridge Appreciation Fund**

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

ClearBridge Appreciation Fund

Legg Mason Funds

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 Appreciation Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

Franklin Templeton Funds Privacy and Security Notice

**Your Privacy Is Our Priority**

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

**Information We Collect** 

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

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

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

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

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

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

**Disclosure Policy**

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

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

Franklin Templeton Funds Privacy and Security Notice

(cont'd)

assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

**Confidentiality and Security**

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

At all times, you may view our current privacy notice on our website at

https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

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

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

Franklin Advisers, Inc.

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

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

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

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

![](img9ce8eb623.jpg)

**90000-SFSOI 6/25**© 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. |

---

Not applicable.

ITEM 16. CONTROLS AND PROCEDURES.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](lmp-efp16151_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](lmp-efp16151_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: June 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: June 23, 2025

---

| | |
|:---|:---|
| By: | /s/ Christopher Berarducci |

---

Christopher Berarducci

Principal Financial Officer

Date: June 23, 2025

## 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: | June 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;

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):

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: | June 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 **April 30, 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: June 23, 2025 Date: June 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.