# EDGAR Filing Document

**Accession Number:** 0000880366
**File Stem:** 0001133228-26-008369
**Filing Date:** 2026-5
**Character Count:** 133434
**Document Hash:** 68e1484dc09938b5aba04ede7de21537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008369.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001133228-26-008369

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**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:** 261019004

**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

### Franklin S&P 500 Index Fund (Series ID: S000004163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011728 | Class A      | SBSPX           |
| C000011729 | Class D      | SBSDX           |

?xml version='1.0' encoding='ASCII'? 2026-04-20LMA5200_FranklinS-P500IndexFund_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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Legg Mason Partners Investment Trust**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17th Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: **September 30**

Date of reporting period: **March 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Franklin S&P 500 Index Fund**  | ![image](img448_202405131411777.jpg) |
| Class A [SBSPX] | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin S&P 500 Index Fund for the period October 1, 2025, to March 31, 2026.

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 | $27 | 0.54% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $734882079 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 504 |
| **Portfolio Turnover Rate** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7020img003.jpg)

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

---

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

---

Franklin S&P 500 Index Fund PAGE 1 7614-STSR-0526

32.712.510.29.89.49.05.24.02.52.11.90.7 ------

---

| | |
|:---|:---|
| **Franklin S&P 500 Index Fund**  | ![image](img448_202405131411777.jpg) |
| Class D [SBSDX] | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin S&P 500 Index Fund for the period October 1, 2025, to March 31, 2026.

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 D | $17 | 0.34% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $734882079 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 504 |
| **Portfolio Turnover Rate** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7022img003.jpg)

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

---

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

---

Franklin S&P 500 Index Fund PAGE 1 7113-STSR-0526

32.712.510.29.89.49.05.24.02.52.11.90.7 ------

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

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

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

![](img97ad24d31.gif)

**Franklin**

**S&P 500 Index Fund**

**Financial Statements and Other Important Information**

**Semi-Annual** \| March 31, 2026

![](imgd684f7ec2.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_SOI-Header-SOI-3167_1) | **1** |
| [Statement of Assets and Liabilities](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_SAL-Header-SAL-3167_1) | **18** |
| [Statement of Operations](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_SOP-Header-SOP-3167_1) | **19** |
| [Statements of Changes in Net Assets](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_SOC-Header-SOC-3167_1) | **20** |
| [Financial Highlights](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_FH-Header-Financialhighlights-3167_1) | **21** |
| [Notes to Financial Statements](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_NTF-Header-Notestofinancialstatements-3167_1) | **23** |
| [Changes in and Disagreements with Accountants](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_TSR-TOCTSRDisclosures-3167_1) | **35** |
| [Results of Meeting(s) of Shareholders](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_TSR-TOCTSRDisclosures-3167_1) | **35** |
| [Remuneration Paid to Directors, Officers and Others](#xx_7f3f661b-a290-4616-858d-d48b296c9a46_TSR-TOCTSRDisclosures-3167_1) | **35** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Communication Services — 10.2%** | **Communication Services — 10.2%** | **Communication Services — 10.2%** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| AT&T Inc. | &nbsp;&nbsp; 91353 | &nbsp;&nbsp; $2648324<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 46800 | &nbsp;&nbsp; 1343628<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 54921 | &nbsp;&nbsp; 2757034<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 6748986 |
| Entertainment — 1.3% | Entertainment — 1.3% | Entertainment — 1.3% |
| Electronic Arts Inc. | &nbsp;&nbsp; 2941 | &nbsp;&nbsp; 599582<br>|
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 312,798<br> \*<br>|
| Netflix Inc. | &nbsp;&nbsp; 55047 | &nbsp;&nbsp; 5,292,769<br> \*<br>|
| Take-Two Interactive Software Inc. | &nbsp;&nbsp; 2238 | &nbsp;&nbsp; 442,005<br> \*<br>|
| TKO Group Holdings Inc. | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 177049<br>|
| Walt Disney Co. | &nbsp;&nbsp; 23091 | &nbsp;&nbsp; 2225510<br>|
| Warner Bros. Discovery Inc. | &nbsp;&nbsp; 32295 | &nbsp;&nbsp; 886,821<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 9936534 |
| Interactive Media & Services — 7.6% | Interactive Media & Services — 7.6% | Interactive Media & Services — 7.6% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 75919 | &nbsp;&nbsp; 21831268<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 60985 | &nbsp;&nbsp; 17494157<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 28520 | &nbsp;&nbsp; 16317147<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 55642572 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Charter Communications Inc., Class A Shares | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 238,116<br> \*<br>|
| EchoStar Corp., Class A Shares | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 207,799<br> \*<br>|
| Fox Corp., Class A Shares | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; 155402<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 93084<br>|
| News Corp., Class A Shares | &nbsp;&nbsp; 5001 | &nbsp;&nbsp; 124675<br>|
| News Corp., Class B Shares | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 48382<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 4163 | &nbsp;&nbsp; 313516<br>|
| Paramount Skydance Corp., Class B Shares | &nbsp;&nbsp; 3959 | &nbsp;&nbsp; 35710<br>|
| Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 5773 | &nbsp;&nbsp; 130,989<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 1347673 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| T-Mobile US Inc. | &nbsp;&nbsp; 6183 | &nbsp;&nbsp; 1298615<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **74974380** |
| **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** |
| Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† |
| Aptiv PLC | &nbsp;&nbsp; 2742 | &nbsp;&nbsp; 190,405<br> \*<br>|
| Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% |
| Ford Motor Co. | &nbsp;&nbsp; 51491 | &nbsp;&nbsp; 594206<br>|
| General Motors Co. | &nbsp;&nbsp; 11776 | &nbsp;&nbsp; 877312<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Tesla Inc. | &nbsp;&nbsp; 36671 | &nbsp;&nbsp; $13,632,444<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 15103962 |
| Broadline Retail — 3.7% | Broadline Retail — 3.7% | Broadline Retail — 3.7% |
| Amazon.com Inc. | &nbsp;&nbsp; 127381 | &nbsp;&nbsp; 26,529,641<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 5935 | &nbsp;&nbsp; 540204<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 27069845 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Genuine Parts Co. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 190773<br>|
| Pool Corp. | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 89228<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 280001 |
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 5561 | &nbsp;&nbsp; 702,243<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 1772545<br>|
| Carnival Corp. | &nbsp;&nbsp; 14928 | &nbsp;&nbsp; 386337<br>|
| Chipotle Mexican Grill Inc. | &nbsp;&nbsp; 16935 | &nbsp;&nbsp; 542,089<br> \*<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 298177<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 149257<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 733,333<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 1544 | &nbsp;&nbsp; 356494<br>|
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 909503<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 3869 | &nbsp;&nbsp; 208462<br>|
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 2868 | &nbsp;&nbsp; 938037<br>|
| McDonald's Corp. | &nbsp;&nbsp; 9274 | &nbsp;&nbsp; 2882266<br>|
| MGM Resorts International | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 90,415<br> \*<br>|
| Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp; 6186 | &nbsp;&nbsp; 115,678<br> \*<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 900939<br>|
| Starbucks Corp. | &nbsp;&nbsp; 14867 | &nbsp;&nbsp; 1331935<br>|
| Wynn Resorts Ltd. | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 110385<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 3631 | &nbsp;&nbsp; 564548<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 12992643 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| DR Horton Inc. | &nbsp;&nbsp; 3556 | &nbsp;&nbsp; 487954<br>|
| Garmin Ltd. | &nbsp;&nbsp; 2129 | &nbsp;&nbsp; 493949<br>|
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 2782 | &nbsp;&nbsp; 241589<br>|
| NVR Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 237,234<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 2554 | &nbsp;&nbsp; 300376<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1761102 |
| Leisure Products — 0.0%†† | Leisure Products — 0.0%†† | Leisure Products — 0.0%†† |
| Hasbro Inc. | &nbsp;&nbsp; 1792 | &nbsp;&nbsp; 167731<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| AutoZone Inc. | &nbsp;&nbsp; 215 | &nbsp;&nbsp; $726,223<br> \*<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 2573 | &nbsp;&nbsp; 165187<br>|
| Carvana Co. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp; 583,489<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 12964 | &nbsp;&nbsp; 4263730<br>|
| Lowe's Cos. Inc. | &nbsp;&nbsp; 7319 | &nbsp;&nbsp; 1729333<br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 10912 | &nbsp;&nbsp; 1,007,287<br> \*<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 4242 | &nbsp;&nbsp; 918944<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 14483 | &nbsp;&nbsp; 2312935<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 6920 | &nbsp;&nbsp; 313476<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 297,422<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; 282429<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 12600455 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Deckers Outdoor Corp. | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 181,063<br> \*<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 213,421<br> \*<br>|
| NIKE Inc., Class B Shares | &nbsp;&nbsp; 15554 | &nbsp;&nbsp; 821562<br>|
| Ralph Lauren Corp. | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 177843<br>|
| Tapestry Inc. | &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 370414<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1764303 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **71930447** |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |
| Beverages — 1.1% | Beverages — 1.1% | Beverages — 1.1% |
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 54176<br>|
| Coca-Cola Co. | &nbsp;&nbsp; 50560 | &nbsp;&nbsp; 3845088<br>|
| Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 1867 | &nbsp;&nbsp; 280050<br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 17535 | &nbsp;&nbsp; 461696<br>|
| Molson Coors Beverage Co., Class B Shares | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 90125<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 9272 | &nbsp;&nbsp; 671,849<br> \*<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 17817 | &nbsp;&nbsp; 2766802<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 8169786 |
| Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 5790 | &nbsp;&nbsp; 5769330<br>|
| Dollar General Corp. | &nbsp;&nbsp; 2883 | &nbsp;&nbsp; 342298<br>|
| Dollar Tree Inc. | &nbsp;&nbsp; 2424 | &nbsp;&nbsp; 265,452<br> \*<br>|
| Kroger Co. | &nbsp;&nbsp; 7609 | &nbsp;&nbsp; 550587<br>|
| Sysco Corp. | &nbsp;&nbsp; 6193 | &nbsp;&nbsp; 441747<br>|
| Target Corp. | &nbsp;&nbsp; 5890 | &nbsp;&nbsp; 713868<br>|
| Walmart Inc. | &nbsp;&nbsp; 57179 | &nbsp;&nbsp; 7106206<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 15189488 |

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 6296 | &nbsp;&nbsp; $457656<br>|
| Bunge Global SA | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 225398<br>|
| Campbell's Co. | &nbsp;&nbsp; 2717 | &nbsp;&nbsp; 60508<br>|
| Conagra Brands Inc. | &nbsp;&nbsp; 6035 | &nbsp;&nbsp; 94870<br>|
| General Mills Inc. | &nbsp;&nbsp; 6921 | &nbsp;&nbsp; 257600<br>|
| Hershey Co. | &nbsp;&nbsp; 1962 | &nbsp;&nbsp; 407880<br>|
| Hormel Foods Corp. | &nbsp;&nbsp; 3621 | &nbsp;&nbsp; 82016<br>|
| JM Smucker Co. | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 132605<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 11172 | &nbsp;&nbsp; 251258<br>|
| McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 3325 | &nbsp;&nbsp; 167713<br>|
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 16754 | &nbsp;&nbsp; 965700<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 3623 | &nbsp;&nbsp; 232126<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3335330 |
| Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 288079<br>|
| Clorox Co. | &nbsp;&nbsp; 1586 | &nbsp;&nbsp; 164357<br>|
| Colgate-Palmolive Co. | &nbsp;&nbsp; 10526 | &nbsp;&nbsp; 897131<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 4284 | &nbsp;&nbsp; 413277<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 30306 | &nbsp;&nbsp; 4377399<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 6140243 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 227368<br>|
| Kenvue Inc. | &nbsp;&nbsp; 24822 | &nbsp;&nbsp; 427931<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 655299 |
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc. | &nbsp;&nbsp; 21896 | &nbsp;&nbsp; 1444917<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 20317 | &nbsp;&nbsp; 3359213<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 4804130 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **38294276** |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% |
| Baker Hughes Co. | &nbsp;&nbsp; 12849 | &nbsp;&nbsp; 784432<br>|
| Halliburton Co. | &nbsp;&nbsp; 11091 | &nbsp;&nbsp; 432438<br>|
| SLB Ltd. | &nbsp;&nbsp; 19423 | &nbsp;&nbsp; 998148<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 2215018 |
| Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% |
| APA Corp. | &nbsp;&nbsp; 4492 | &nbsp;&nbsp; 190641<br>|
| Chevron Corp. | &nbsp;&nbsp; 24442 | &nbsp;&nbsp; 5057050<br>|
| ConocoPhillips | &nbsp;&nbsp; 15958 | &nbsp;&nbsp; 2106456<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 9936 | &nbsp;&nbsp; 349151<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index 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 |
| Devon Energy Corp. | &nbsp;&nbsp; 8117 | &nbsp;&nbsp; $408447<br>|
| Diamondback Energy Inc. | &nbsp;&nbsp; 2447 | &nbsp;&nbsp; 483992<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 7055 | &nbsp;&nbsp; 1019941<br>|
| EQT Corp. | &nbsp;&nbsp; 8207 | &nbsp;&nbsp; 522294<br>|
| Expand Energy Corp. | &nbsp;&nbsp; 3112 | &nbsp;&nbsp; 341635<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 54494 | &nbsp;&nbsp; 9245452<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 25400 | &nbsp;&nbsp; 851662<br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 3846 | &nbsp;&nbsp; 939116<br>|
| Occidental Petroleum Corp. | &nbsp;&nbsp; 9335 | &nbsp;&nbsp; 606775<br>|
| ONEOK Inc. | &nbsp;&nbsp; 8180 | &nbsp;&nbsp; 739390<br>|
| Phillips 66 | &nbsp;&nbsp; 5222 | &nbsp;&nbsp; 951344<br>|
| Targa Resources Corp. | &nbsp;&nbsp; 2812 | &nbsp;&nbsp; 705053<br>|
| Texas Pacific Land Corp. | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 360191<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 3994 | &nbsp;&nbsp; 986838<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 15935 | &nbsp;&nbsp; 1159749<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 27025177 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **29240195** |
| **Financials — 12.5%** | **Financials — 12.5%** | **Financials — 12.5%** |
| Banks — 3.5% | Banks — 3.5% | Banks — 3.5% |
| Bank of America Corp. | &nbsp;&nbsp; 86541 | &nbsp;&nbsp; 4218874<br>|
| Citigroup Inc. | &nbsp;&nbsp; 22788 | &nbsp;&nbsp; 2584387<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 5574 | &nbsp;&nbsp; 334273<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 11770 | &nbsp;&nbsp; 546834<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 26213 | &nbsp;&nbsp; 410233<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 35161 | &nbsp;&nbsp; 10342960<br>|
| KeyCorp | &nbsp;&nbsp; 12294 | &nbsp;&nbsp; 246495<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 1978 | &nbsp;&nbsp; 408892<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 5266 | &nbsp;&nbsp; 1095802<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 11284 | &nbsp;&nbsp; 294738<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 16540 | &nbsp;&nbsp; 760344<br>|
| US Bancorp | &nbsp;&nbsp; 20264 | &nbsp;&nbsp; 1053931<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 40327 | &nbsp;&nbsp; 3210432<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 25508195 |
| Capital Markets — 3.2% | Capital Markets — 3.2% | Capital Markets — 3.2% |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 529725<br>|
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 2655 | &nbsp;&nbsp; 289660<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 8988 | &nbsp;&nbsp; 1066246<br>|
| Blackrock Inc. | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; 1807053<br>|
| Blackstone Inc. | &nbsp;&nbsp; 9761 | &nbsp;&nbsp; 1122417<br>|
| Cboe Global Markets Inc. | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 385066<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Charles Schwab Corp. | &nbsp;&nbsp; 21745 | &nbsp;&nbsp; $2043595<br>|
| CME Group Inc. | &nbsp;&nbsp; 4699 | &nbsp;&nbsp; 1387850<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 511,956<br> \*<br>|
| FactSet Research Systems Inc. | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 104155<br>|
| Franklin Resources Inc. | &nbsp;&nbsp; 4148 | &nbsp;&nbsp; 97976<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; 3305283<br>|
| Interactive Brokers Group Inc., Class A Shares | &nbsp;&nbsp; 5811 | &nbsp;&nbsp; 389744<br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 7374 | &nbsp;&nbsp; 1159783<br>|
| Invesco Ltd. | &nbsp;&nbsp; 5895 | &nbsp;&nbsp; 143190<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 9004 | &nbsp;&nbsp; 832870<br>|
| Moody's Corp. | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 873372<br>|
| Morgan Stanley | &nbsp;&nbsp; 15655 | &nbsp;&nbsp; 2576343<br>|
| MSCI Inc. | &nbsp;&nbsp; 959 | &nbsp;&nbsp; 516911<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 5820 | &nbsp;&nbsp; 494060<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 2459 | &nbsp;&nbsp; 343203<br>|
| Raymond James Financial Inc. | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 333017<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 10299 | &nbsp;&nbsp; 713,721<br> \*<br>|
| S&P Global Inc. | &nbsp;&nbsp; 3990 | &nbsp;&nbsp; 1697107<br>|
| State Street Corp. | &nbsp;&nbsp; 3631 | &nbsp;&nbsp; 459539<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 2837 | &nbsp;&nbsp; 255727<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 23439569 |
| Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% |
| American Express Co. | &nbsp;&nbsp; 6970 | &nbsp;&nbsp; 2108286<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 8149 | &nbsp;&nbsp; 1486622<br>|
| Synchrony Financial | &nbsp;&nbsp; 4523 | &nbsp;&nbsp; 307654<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 3902562 |
| Financial Services — 3.6% | Financial Services — 3.6% | Financial Services — 3.6% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 676876<br>|
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 23916 | &nbsp;&nbsp; 11,460,547<br> \*<br>|
| Block Inc. | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; 424,510<br> \*<br>|
| Corpay Inc. | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 264,801<br> \*<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 6788 | &nbsp;&nbsp; 318425<br>|
| Fiserv Inc. | &nbsp;&nbsp; 7058 | &nbsp;&nbsp; 393,836<br> \*<br>|
| Global Payments Inc. | &nbsp;&nbsp; 3096 | &nbsp;&nbsp; 208361<br>|
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 146977<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 10622 | &nbsp;&nbsp; 5307389<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 11924 | &nbsp;&nbsp; 539323<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 21922 | &nbsp;&nbsp; 6625705<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 26366750 |

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Aflac Inc. | &nbsp;&nbsp; 6049 | &nbsp;&nbsp; $663636<br>|
| Allstate Corp. | &nbsp;&nbsp; 3362 | &nbsp;&nbsp; 697077<br>|
| American International Group Inc. | &nbsp;&nbsp; 7044 | &nbsp;&nbsp; 530061<br>|
| Aon PLC, Class A Shares | &nbsp;&nbsp; 2787 | &nbsp;&nbsp; 899588<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; 4696 | &nbsp;&nbsp; 450,769<br> \*<br>|
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 3365 | &nbsp;&nbsp; 728792<br>|
| Assurant Inc. | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 139181<br>|
| Brown & Brown Inc. | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; 252167<br>|
| Chubb Ltd. | &nbsp;&nbsp; 4749 | &nbsp;&nbsp; 1547842<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 2032 | &nbsp;&nbsp; 319735<br>|
| Erie Indemnity Co., Class A Shares | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 87205<br>|
| Everest Group Ltd. | &nbsp;&nbsp; 529 | &nbsp;&nbsp; 172904<br>|
| Globe Life Inc. | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 146268<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 3638 | &nbsp;&nbsp; 491967<br>|
| Loews Corp. | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 237923<br>|
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 6276 | &nbsp;&nbsp; 1088572<br>|
| MetLife Inc. | &nbsp;&nbsp; 7218 | &nbsp;&nbsp; 510457<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 2522 | &nbsp;&nbsp; 227257<br>|
| Progressive Corp. | &nbsp;&nbsp; 7621 | &nbsp;&nbsp; 1510787<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 4521 | &nbsp;&nbsp; 441656<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 2821 | &nbsp;&nbsp; 822829<br>|
| Willis Towers Watson PLC | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 361921<br>|
| WR Berkley Corp. | &nbsp;&nbsp; 3903 | &nbsp;&nbsp; 258691<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 12587285 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **91804361** |
| **Health Care — 9.4%** | **Health Care — 9.4%** | **Health Care — 9.4%** |
| Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% |
| AbbVie Inc. | &nbsp;&nbsp; 23059 | &nbsp;&nbsp; 5015102<br>|
| Amgen Inc. | &nbsp;&nbsp; 7014 | &nbsp;&nbsp; 2467876<br>|
| Biogen Inc. | &nbsp;&nbsp; 1931 | &nbsp;&nbsp; 354,010<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 16148 | &nbsp;&nbsp; 2250547<br>|
| Incyte Corp. | &nbsp;&nbsp; 2133 | &nbsp;&nbsp; 200,758<br> \*<br>|
| Moderna Inc. | &nbsp;&nbsp; 4429 | &nbsp;&nbsp; 224,993<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1016022<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 1,475,368<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 13004676 |
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Abbott Laboratories | &nbsp;&nbsp; 22722 | &nbsp;&nbsp; 2332868<br>|
| Align Technology Inc. | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 148,115<br> \*<br>|
| Baxter International Inc. | &nbsp;&nbsp; 6454 | &nbsp;&nbsp; 108427<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Becton Dickinson & Co. | &nbsp;&nbsp; 3691 | &nbsp;&nbsp; $580336<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 19301 | &nbsp;&nbsp; 1,211,138<br> \*<br>|
| Cooper Cos. Inc. | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 181,109<br> \*<br>|
| Dexcom Inc. | &nbsp;&nbsp; 4964 | &nbsp;&nbsp; 311,739<br> \*<br>|
| Edwards Lifesciences Corp. | &nbsp;&nbsp; 7497 | &nbsp;&nbsp; 600,360<br> \*<br>|
| GE HealthCare Technologies Inc. | &nbsp;&nbsp; 5988 | &nbsp;&nbsp; 426226<br>|
| Hologic Inc. | &nbsp;&nbsp; 2960 | &nbsp;&nbsp; 223,746<br> \*<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 587,175<br> \*<br>|
| Insulet Corp. | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 195,991<br> \*<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 4638 | &nbsp;&nbsp; 2,138,072<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 16700 | &nbsp;&nbsp; 1447055<br>|
| ResMed Inc. | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 430104<br>|
| Solventum Corp. | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 120,544<br> \*<br>|
| STERIS PLC | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 287469<br>|
| Stryker Corp. | &nbsp;&nbsp; 4482 | &nbsp;&nbsp; 1472740<br>|
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; 236177<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 13039391 |
| Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% |
| Cardinal Health Inc. | &nbsp;&nbsp; 3059 | &nbsp;&nbsp; 646397<br>|
| Cencora Inc. | &nbsp;&nbsp; 2538 | &nbsp;&nbsp; 797287<br>|
| Centene Corp. | &nbsp;&nbsp; 6007 | &nbsp;&nbsp; 196,669<br> \*<br>|
| Cigna Group | &nbsp;&nbsp; 3439 | &nbsp;&nbsp; 917353<br>|
| CVS Health Corp. | &nbsp;&nbsp; 16608 | &nbsp;&nbsp; 1192786<br>|
| DaVita Inc. | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 64,089<br> \*<br>|
| Elevance Health Inc. | &nbsp;&nbsp; 2877 | &nbsp;&nbsp; 842242<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 2042 | &nbsp;&nbsp; 966356<br>|
| Henry Schein Inc. | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 99,569<br> \*<br>|
| Humana Inc. | &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 277944<br>|
| Labcorp Holdings Inc. | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 285220<br>|
| McKesson Corp. | &nbsp;&nbsp; 1597 | &nbsp;&nbsp; 1381980<br>|
| Quest Diagnostics Inc. | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 277900<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 11807 | &nbsp;&nbsp; 3194856<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 133333<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 11273981 |
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| Agilent Technologies Inc. | &nbsp;&nbsp; 3673 | &nbsp;&nbsp; 418649<br>|
| Bio-Techne Corp. | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 107760<br>|
| Charles River Laboratories International Inc. | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 114,712<br> \*<br>|
| Danaher Corp. | &nbsp;&nbsp; 8198 | &nbsp;&nbsp; 1554341<br>|
| IQVIA Holdings Inc. | &nbsp;&nbsp; 2234 | &nbsp;&nbsp; 380,986<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Life Sciences Tools & Services — continued | Life Sciences Tools & Services — continued | Life Sciences Tools & Services — continued |
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 263 | &nbsp;&nbsp; $331,696<br> \*<br>|
| Revvity Inc. | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 130802<br>|
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 4895 | &nbsp;&nbsp; 2406039<br>|
| Waters Corp. | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 379,695<br> \*<br>|
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 235351<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 6060031 |
| Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 26570 | &nbsp;&nbsp; 1611470<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 10332 | &nbsp;&nbsp; 9503064<br>|
| Johnson & Johnson | &nbsp;&nbsp; 31434 | &nbsp;&nbsp; 7683727<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 32410 | &nbsp;&nbsp; 3898599<br>|
| Pfizer Inc. | &nbsp;&nbsp; 74318 | &nbsp;&nbsp; 2086849<br>|
| Viatris Inc. | &nbsp;&nbsp; 15260 | &nbsp;&nbsp; 206163<br>|
| Zoetis Inc. | &nbsp;&nbsp; 5496 | &nbsp;&nbsp; 649682<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 25639554 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **69017633** |
| **Industrials — 9.0%** | **Industrials — 9.0%** | **Industrials — 9.0%** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 434,458<br> \*<br>|
| Boeing Co. | &nbsp;&nbsp; 10259 | &nbsp;&nbsp; 2,041,849<br> \*<br>|
| General Dynamics Corp. | &nbsp;&nbsp; 3316 | &nbsp;&nbsp; 1138117<br>|
| General Electric Co. | &nbsp;&nbsp; 13679 | &nbsp;&nbsp; 3881690<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 5204 | &nbsp;&nbsp; 1199314<br>|
| Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 190710<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 2433 | &nbsp;&nbsp; 839750<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 2647 | &nbsp;&nbsp; 1599820<br>|
| Northrop Grumman Corp. | &nbsp;&nbsp; 1737 | &nbsp;&nbsp; 1185051<br>|
| RTX Corp. | &nbsp;&nbsp; 17513 | &nbsp;&nbsp; 3378258<br>|
| Textron Inc. | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 194909<br>|
| TransDigm Group Inc. | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 854153<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 16938079 |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 253091<br>|
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 249220<br>|
| FedEx Corp. | &nbsp;&nbsp; 2834 | &nbsp;&nbsp; 1009414<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 9649 | &nbsp;&nbsp; 949269<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 2460994 |
| Building Products — 0.5% | Building Products — 0.5% | Building Products — 0.5% |
| Allegion PLC | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 166938<br>|
| AO Smith Corp. | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 99240<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Building Products — continued | Building Products — continued | Building Products — continued |
| Builders FirstSource Inc. | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; $117,567<br> \*<br>|
| Carrier Global Corp. | &nbsp;&nbsp; 10248 | &nbsp;&nbsp; 577065<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 7993 | &nbsp;&nbsp; 1046684<br>|
| Lennox International Inc. | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 187972<br>|
| Masco Corp. | &nbsp;&nbsp; 2576 | &nbsp;&nbsp; 155513<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 2874 | &nbsp;&nbsp; 1197711<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 3548690 |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| Cintas Corp. | &nbsp;&nbsp; 4425 | &nbsp;&nbsp; 748445<br>|
| Copart Inc. | &nbsp;&nbsp; 11703 | &nbsp;&nbsp; 388,540<br> \*<br>|
| Republic Services Inc. | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 579089<br>|
| Rollins Inc. | &nbsp;&nbsp; 3869 | &nbsp;&nbsp; 206643<br>|
| Veralto Corp. | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; 286392<br>|
| Waste Management Inc. | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 1115630<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 3324739 |
| Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 635715<br>|
| EMCOR Group Inc. | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 426743<br>|
| Quanta Services Inc. | &nbsp;&nbsp; 1948 | &nbsp;&nbsp; 1069491<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 2131949 |
| Electrical Equipment — 1.2% | Electrical Equipment — 1.2% | Electrical Equipment — 1.2% |
| AMETEK Inc. | &nbsp;&nbsp; 2977 | &nbsp;&nbsp; 638150<br>|
| Eaton Corp. PLC | &nbsp;&nbsp; 5065 | &nbsp;&nbsp; 1811599<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 7342 | &nbsp;&nbsp; 961949<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 3514 | &nbsp;&nbsp; 3067371<br>|
| Generac Holdings Inc. | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 144,544<br> \*<br>|
| Hubbell Inc. | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 337629<br>|
| Rockwell Automation Inc. | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 525400<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 4987 | &nbsp;&nbsp; 1249642<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 8736284 |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% | Ground Transportation — 0.9% |
| CSX Corp. | &nbsp;&nbsp; 24253 | &nbsp;&nbsp; 995585<br>|
| J.B. Hunt Transport Services Inc. | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 201941<br>|
| Norfolk Southern Corp. | &nbsp;&nbsp; 2943 | &nbsp;&nbsp; 844641<br>|
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 2415 | &nbsp;&nbsp; 471891<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 26833 | &nbsp;&nbsp; 1,930,098<br> \*<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 7737 | &nbsp;&nbsp; 1877151<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 6321307 |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M Co. | &nbsp;&nbsp; 6864 | &nbsp;&nbsp; 996859<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Industrial Conglomerates — continued | Industrial Conglomerates — continued | Industrial Conglomerates — continued |
| Honeywell International Inc. | &nbsp;&nbsp; 8290 | &nbsp;&nbsp; $1873788<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 2870647 |
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Caterpillar Inc. | &nbsp;&nbsp; 6067 | &nbsp;&nbsp; 4298227<br>|
| Cummins Inc. | &nbsp;&nbsp; 1802 | &nbsp;&nbsp; 969512<br>|
| Deere & Co. | &nbsp;&nbsp; 3296 | &nbsp;&nbsp; 1856637<br>|
| Dover Corp. | &nbsp;&nbsp; 1748 | &nbsp;&nbsp; 364371<br>|
| Fortive Corp. | &nbsp;&nbsp; 4084 | &nbsp;&nbsp; 225763<br>|
| IDEX Corp. | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 184053<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 3422 | &nbsp;&nbsp; 890712<br>|
| Ingersoll Rand Inc. | &nbsp;&nbsp; 4580 | &nbsp;&nbsp; 366950<br>|
| Nordson Corp.  | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 179324<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 5074 | &nbsp;&nbsp; 391104<br>|
| PACCAR Inc. | &nbsp;&nbsp; 6858 | &nbsp;&nbsp; 792099<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1474460<br>|
| Pentair PLC | &nbsp;&nbsp; 2142 | &nbsp;&nbsp; 186590<br>|
| Snap-on Inc. | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 248806<br>|
| Stanley Black & Decker Inc. | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; 147023<br>|
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 2231 | &nbsp;&nbsp; 557549<br>|
| Xylem Inc. | &nbsp;&nbsp; 3206 | &nbsp;&nbsp; 383117<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 13516297 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 566011<br>|
| Southwest Airlines Co. | &nbsp;&nbsp; 6404 | &nbsp;&nbsp; 240598<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 4164 | &nbsp;&nbsp; 383,379<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 1189988 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 5227 | &nbsp;&nbsp; 1062022<br>|
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 247132<br>|
| Equifax Inc. | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 287212<br>|
| Jacobs Solutions Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 193211<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 1683 | &nbsp;&nbsp; 261740<br>|
| Paychex Inc. | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 391786<br>|
| Verisk Analytics Inc. | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 343258<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 2786361 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Fastenal Co. | &nbsp;&nbsp; 14986 | &nbsp;&nbsp; 695350<br>|
| United Rentals Inc. | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 603248<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| W.W. Grainger Inc. | &nbsp;&nbsp; 573 | &nbsp;&nbsp; $625034<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 1923632 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **65748967** |
| **Information Technology — 32.6%** | **Information Technology — 32.6%** | **Information Technology — 32.6%** |
| Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% |
| Arista Networks Inc. | &nbsp;&nbsp; 13441 | &nbsp;&nbsp; 1,650,286<br> \*<br>|
| Ciena Corp. | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 718,226<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 51503 | &nbsp;&nbsp; 3996118<br>|
| F5 Inc. | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 216,708<br> \*<br>|
| Lumentum Holdings Inc. | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 653,567<br> \*<br>|
| Motorola Solutions Inc. | &nbsp;&nbsp; 2153 | &nbsp;&nbsp; 934337<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 8169242 |
| Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 16026 | &nbsp;&nbsp; 2024885<br>|
| CDW Corp. | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 203798<br>|
| Coherent Corp. | &nbsp;&nbsp; 2439 | &nbsp;&nbsp; 580,994<br> \*<br>|
| Corning Inc. | &nbsp;&nbsp; 10192 | &nbsp;&nbsp; 1385806<br>|
| Jabil Inc. | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 370023<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 2254 | &nbsp;&nbsp; 636,462<br> \*<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 3803 | &nbsp;&nbsp; 794903<br>|
| Teledyne Technologies Inc. | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 366,636<br> \*<br>|
| Zebra Technologies Corp., Class A Shares | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 136,947<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6500454 |
| IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 8024 | &nbsp;&nbsp; 1591079<br>|
| Akamai Technologies Inc. | &nbsp;&nbsp; 1883 | &nbsp;&nbsp; 216,263<br> \*<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 6247 | &nbsp;&nbsp; 383253<br>|
| EPAM Systems Inc. | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 91,801<br> \*<br>|
| Gartner Inc. | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 147,256<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 141,862<br> \*<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 12166 | &nbsp;&nbsp; 2948917<br>|
| VeriSign Inc. | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 266490<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 5786921 |
| Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 21258 | &nbsp;&nbsp; 4,324,515<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 6370 | &nbsp;&nbsp; 2026552<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 10338 | &nbsp;&nbsp; 3533425<br>|
| Broadcom Inc. | &nbsp;&nbsp; 61823 | &nbsp;&nbsp; 19134837<br>|
| First Solar Inc. | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 275,967<br> \*<br>|
| Intel Corp. | &nbsp;&nbsp; 61216 | &nbsp;&nbsp; 2,701,462<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| KLA Corp. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; $2517821<br>|
| Lam Research Corp. | &nbsp;&nbsp; 16285 | &nbsp;&nbsp; 3479453<br>|
| Microchip Technology Inc. | &nbsp;&nbsp; 7126 | &nbsp;&nbsp; 460411<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 14675 | &nbsp;&nbsp; 4957802<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 695371<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 316861 | &nbsp;&nbsp; 55260558<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 3292 | &nbsp;&nbsp; 648063<br>|
| ON Semiconductor Corp. | &nbsp;&nbsp; 5174 | &nbsp;&nbsp; 320,374<br> \*<br>|
| Qnity Electronics Inc. | &nbsp;&nbsp; 2689 | &nbsp;&nbsp; 310257<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 13875 | &nbsp;&nbsp; 1786822<br>|
| Skyworks Solutions Inc. | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 100031<br>|
| Teradyne Inc. | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 610708<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 11834 | &nbsp;&nbsp; 2297453<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 105441882 |
| Software — 8.2% | Software — 8.2% | Software — 8.2% |
| Adobe Inc. | &nbsp;&nbsp; 5354 | &nbsp;&nbsp; 1,301,450<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 1,403,348<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 2777 | &nbsp;&nbsp; 664,814<br> \*<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 3554 | &nbsp;&nbsp; 987,550<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; 1,277,812<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 4310 | &nbsp;&nbsp; 508,796<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 333,072<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 8227 | &nbsp;&nbsp; 672,310<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 7179 | &nbsp;&nbsp; 135181<br>|
| Intuit Inc. | &nbsp;&nbsp; 3637 | &nbsp;&nbsp; 1572566<br>|
| Microsoft Corp. | &nbsp;&nbsp; 96832 | &nbsp;&nbsp; 35844301<br>|
| Oracle Corp. | &nbsp;&nbsp; 22111 | &nbsp;&nbsp; 3252749<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 29799 | &nbsp;&nbsp; 4,358,998<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 10537 | &nbsp;&nbsp; 1,689,292<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 1535 | &nbsp;&nbsp; 218,722<br> \*<br>|
| Roper Technologies Inc. | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 485496<br>|
| Salesforce Inc. | &nbsp;&nbsp; 12221 | &nbsp;&nbsp; 2281294<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 13658 | &nbsp;&nbsp; 1,427,944<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 2495 | &nbsp;&nbsp; 989,218<br> \*<br>|
| Trimble Inc. | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 203,191<br> \*<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 190,706<br> \*<br>|
| Workday Inc., Class A Shares | &nbsp;&nbsp; 2787 | &nbsp;&nbsp; 362,087<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 60160897 |
| Technology Hardware, Storage & Peripherals — 7.3% | Technology Hardware, Storage & Peripherals — 7.3% | Technology Hardware, Storage & Peripherals — 7.3% |
| Apple Inc. | &nbsp;&nbsp; 191431 | &nbsp;&nbsp; 48583273<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 3879 | &nbsp;&nbsp; $636660<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 17436 | &nbsp;&nbsp; 415151<br>|
| HP Inc. | &nbsp;&nbsp; 12054 | &nbsp;&nbsp; 231557<br>|
| NetApp Inc. | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 264576<br>|
| Sandisk Corp. | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 1,222,394<br> \*<br>|
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 2843 | &nbsp;&nbsp; 1113774<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 6671 | &nbsp;&nbsp; 151,899<br> \*<br>|
| Western Digital Corp. | &nbsp;&nbsp; 4428 | &nbsp;&nbsp; 1197730<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 53817014 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **239876410** |
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 2921 | &nbsp;&nbsp; 848521<br>|
| Albemarle Corp. | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 273604<br>|
| CF Industries Holdings Inc. | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 262926<br>|
| Corteva Inc. | &nbsp;&nbsp; 8735 | &nbsp;&nbsp; 731207<br>|
| Dow Inc. | &nbsp;&nbsp; 9415 | &nbsp;&nbsp; 392135<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 5378 | &nbsp;&nbsp; 246312<br>|
| Ecolab Inc. | &nbsp;&nbsp; 3335 | &nbsp;&nbsp; 887177<br>|
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 246670<br>|
| Linde PLC | &nbsp;&nbsp; 6078 | &nbsp;&nbsp; 3013229<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 3378 | &nbsp;&nbsp; 272132<br>|
| Mosaic Co. | &nbsp;&nbsp; 4295 | &nbsp;&nbsp; 109522<br>|
| PPG Industries Inc. | &nbsp;&nbsp; 2902 | &nbsp;&nbsp; 310166<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; 3018 | &nbsp;&nbsp; 967420<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 8561021 |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| CRH PLC | &nbsp;&nbsp; 8767 | &nbsp;&nbsp; 921587<br>|
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 459171<br>|
| Vulcan Materials Co. | &nbsp;&nbsp; 1731 | &nbsp;&nbsp; 471351<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 1852109 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Amcor PLC | &nbsp;&nbsp; 5887 | &nbsp;&nbsp; 234008<br>|
| Avery Dennison Corp. | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 168363<br>|
| Ball Corp. | &nbsp;&nbsp; 3434 | &nbsp;&nbsp; 202984<br>|
| International Paper Co. | &nbsp;&nbsp; 6841 | &nbsp;&nbsp; 244224<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 245538<br>|
| Smurfit Westrock PLC | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; 275284<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 1370401 |

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 18766 | &nbsp;&nbsp; $1103065<br>|
| Newmont Corp. | &nbsp;&nbsp; 14211 | &nbsp;&nbsp; 1538341<br>|
| Nucor Corp. | &nbsp;&nbsp; 2960 | &nbsp;&nbsp; 500536<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 1794 | &nbsp;&nbsp; 322920<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 3464862 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **15248393** |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 2061 | &nbsp;&nbsp; 95672<br>|
| Healthpeak Properties Inc. | &nbsp;&nbsp; 8943 | &nbsp;&nbsp; 146933<br>|
| Ventas Inc. | &nbsp;&nbsp; 6192 | &nbsp;&nbsp; 506382<br>|
| Welltower Inc. | &nbsp;&nbsp; 9099 | &nbsp;&nbsp; 1798963<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 2547950 |
| Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† |
| Host Hotels & Resorts Inc. | &nbsp;&nbsp; 8116 | &nbsp;&nbsp; 155503<br>|
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| Prologis Inc. | &nbsp;&nbsp; 12098 | &nbsp;&nbsp; 1599114<br>|
| Office REITs — 0.0%†† | Office REITs — 0.0%†† | Office REITs — 0.0%†† |
| BXP Inc. | &nbsp;&nbsp; 2005 | &nbsp;&nbsp; 104059<br>|
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 3764 | &nbsp;&nbsp; 509,872<br> \*<br>|
| CoStar Group Inc. | &nbsp;&nbsp; 5433 | &nbsp;&nbsp; 219,167<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 729039 |
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 305138<br>|
| Camden Property Trust | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 133989<br>|
| Equity Residential | &nbsp;&nbsp; 4397 | &nbsp;&nbsp; 260082<br>|
| Essex Property Trust Inc. | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 206668<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 7455 | &nbsp;&nbsp; 185257<br>|
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 190874<br>|
| UDR Inc. | &nbsp;&nbsp; 3746 | &nbsp;&nbsp; 126540<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 1408548 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Federal Realty Investment Trust | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 110671<br>|
| Kimco Realty Corp. | &nbsp;&nbsp; 8851 | &nbsp;&nbsp; 198882<br>|
| Realty Income Corp. | &nbsp;&nbsp; 11987 | &nbsp;&nbsp; 733364<br>|
| Regency Centers Corp. | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 166452<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 4236 | &nbsp;&nbsp; 790141<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 1999510 |

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialized REITs — 0.8% | Specialized REITs — 0.8% | Specialized REITs — 0.8% |
| American Tower Corp. | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; $1052738<br>|
| Crown Castle Inc. | &nbsp;&nbsp; 5647 | &nbsp;&nbsp; 459157<br>|
| Digital Realty Trust Inc. | &nbsp;&nbsp; 4237 | &nbsp;&nbsp; 763550<br>|
| Equinix Inc. | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1255687<br>|
| Extra Space Storage Inc. | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 357723<br>|
| Iron Mountain Inc. | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; 396814<br>|
| Public Storage | &nbsp;&nbsp; 2055 | &nbsp;&nbsp; 556658<br>|
| SBA Communications Corp. | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 240782<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 13962 | &nbsp;&nbsp; 381442<br>|
| Weyerhaeuser Co. | &nbsp;&nbsp; 9134 | &nbsp;&nbsp; 223144<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 5687695 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **14231418** |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Alliant Energy Corp. | &nbsp;&nbsp; 3377 | &nbsp;&nbsp; 242334<br>|
| American Electric Power Co. Inc. | &nbsp;&nbsp; 7014 | &nbsp;&nbsp; 919395<br>|
| Constellation Energy Corp. | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 1137944<br>|
| Duke Energy Corp. | &nbsp;&nbsp; 10125 | &nbsp;&nbsp; 1325768<br>|
| Edison International | &nbsp;&nbsp; 4985 | &nbsp;&nbsp; 364802<br>|
| Entergy Corp. | &nbsp;&nbsp; 5904 | &nbsp;&nbsp; 663373<br>|
| Evergy Inc. | &nbsp;&nbsp; 3033 | &nbsp;&nbsp; 248463<br>|
| Eversource Energy | &nbsp;&nbsp; 4915 | &nbsp;&nbsp; 340511<br>|
| Exelon Corp. | &nbsp;&nbsp; 13348 | &nbsp;&nbsp; 654319<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 6802 | &nbsp;&nbsp; 344589<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 27098 | &nbsp;&nbsp; 2516862<br>|
| NRG Energy Inc. | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; 404223<br>|
| PG&E Corp. | &nbsp;&nbsp; 28377 | &nbsp;&nbsp; 498584<br>|
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 160193<br>|
| PPL Corp. | &nbsp;&nbsp; 9742 | &nbsp;&nbsp; 372144<br>|
| Southern Co. | &nbsp;&nbsp; 14342 | &nbsp;&nbsp; 1384290<br>|
| Xcel Energy Inc. | &nbsp;&nbsp; 7690 | &nbsp;&nbsp; 610894<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 12188688 |
| Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† |
| Atmos Energy Corp. | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; 399734<br>|
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| AES Corp. | &nbsp;&nbsp; 9618 | &nbsp;&nbsp; 135518<br>|
| Vistra Corp. | &nbsp;&nbsp; 4122 | &nbsp;&nbsp; 619660<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 755178 |
| Multi-Utilities — 0.7% | Multi-Utilities — 0.7% | Multi-Utilities — 0.7% |
| Ameren Corp. | &nbsp;&nbsp; 3611 | &nbsp;&nbsp; 396921<br>|

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

 **Franklin S&P 500 Index Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| CenterPoint Energy Inc. | CenterPoint Energy Inc. | &nbsp;&nbsp; 8456 | &nbsp;&nbsp; $364961<br>|
| CMS Energy Corp. | CMS Energy Corp. | &nbsp;&nbsp; 3996 | &nbsp;&nbsp; 310010<br>|
| Consolidated Edison Inc. | Consolidated Edison Inc. | &nbsp;&nbsp; 4713 | &nbsp;&nbsp; 533418<br>|
| Dominion Energy Inc. | Dominion Energy Inc. | &nbsp;&nbsp; 11089 | &nbsp;&nbsp; 685522<br>|
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 2709 | &nbsp;&nbsp; 396110<br>|
| NiSource Inc. | NiSource Inc. | &nbsp;&nbsp; 6267 | &nbsp;&nbsp; 292418<br>|
| Public Service Enterprise Group Inc. | Public Service Enterprise Group Inc. | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; 530627<br>|
| Sempra | Sempra | &nbsp;&nbsp; 8548 | &nbsp;&nbsp; 830609<br>|
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 490865<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 4831461 |
| Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 348390<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **18523451** |
| **Total Investments before Short-Term Investments (Cost — $279,283,132)** | **Total Investments before Short-Term Investments (Cost — $279,283,132)** | **Total Investments before Short-Term Investments (Cost — $279,283,132)** | &nbsp;&nbsp; **728889931** |
|  | Rate |  |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| Invesco Treasury Portfolio, Institutional Class <br> (Cost — $4,810,447)  | &nbsp;&nbsp; 3.562% | &nbsp;&nbsp; 4810447<br>| &nbsp;&nbsp; **4810447**<br> <sup>(b)</sup><br>|
| **Total Investments — 99.8% (Cost — $284,093,579)** | **Total Investments — 99.8% (Cost — $284,093,579)** | **Total Investments — 99.8% (Cost — $284,093,579)** | &nbsp;&nbsp; **733700378** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 1181701 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$734882079** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in affiliate. This security is a component of the S&P 500 Index in which the Fund invests (Note 8). |
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; $6698524 | &nbsp;&nbsp; $6570750 | &nbsp;&nbsp; **$(127774)**<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

March 31, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $284,009,954) | &nbsp;&nbsp; $733602402 |
| Investments in affiliated securities, at value (Cost — $83,625) | &nbsp;&nbsp; 97976 |
| Cash | &nbsp;&nbsp; 3 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 633909 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 589267 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 387795 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 236701 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 1369 |
| Prepaid expenses | &nbsp;&nbsp; 25376 |
| **Total Assets** | &nbsp;&nbsp; **735574798** |
| **Liabilities:** |  |
| Payable for Fund shares repurchased | &nbsp;&nbsp; 222446 |
| Investment management fee payable | &nbsp;&nbsp; 128419 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 120720 |
| Transfer agent fees payable | &nbsp;&nbsp; 90135 |
| Standard & Poor's license fees payable | &nbsp;&nbsp; 47618 |
| Fund accounting fees payable | &nbsp;&nbsp; 41142 |
| Accrued expenses | &nbsp;&nbsp; 42239 |
| **Total Liabilities** | &nbsp;&nbsp; **692719** |
| **Total Net Assets** | &nbsp;&nbsp; **$734882079** |
| **Net Assets:** |  |
| Par value (Note 7) | &nbsp;&nbsp; $145 |
| Paid-in capital in excess of par value | &nbsp;&nbsp; 289329655 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 445552279 |
| **Total Net Assets** | &nbsp;&nbsp; **$734882079** |
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $695512580 |
| Class D | &nbsp;&nbsp; $39369499 |
| **Shares Outstanding:** |  |
| Class A | &nbsp;&nbsp; 13775675 |
| Class D | &nbsp;&nbsp; 771154 |
| **Net Asset Value:** |  |
| Class A  | &nbsp;&nbsp; $50.49 |
| Class D  | &nbsp;&nbsp; $51.05 |

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended March 31, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $4584096 |
| Dividends from affiliated investments | &nbsp;&nbsp; 2585 |
| Interest | &nbsp;&nbsp; 16964 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (713)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **4602932** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 940046 |
| Service and/or distribution fees (Notes 2 and 5)  | &nbsp;&nbsp; 710906 |
| Transfer agent fees (Notes 2 and 5) | &nbsp;&nbsp; 289635 |
| Standard & Poor's license fees | &nbsp;&nbsp; 37602 |
| Fund accounting fees | &nbsp;&nbsp; 37233 |
| Legal fees | &nbsp;&nbsp; 32110 |
| Registration fees | &nbsp;&nbsp; 24964 |
| Audit and tax fees | &nbsp;&nbsp; 21393 |
| Trustees' fees | &nbsp;&nbsp; 17590 |
| Shareholder reports | &nbsp;&nbsp; 15519 |
| Commitment fees (Note 9) | &nbsp;&nbsp; 2762 |
| Insurance | &nbsp;&nbsp; 2132 |
| Custody fees | &nbsp;&nbsp; 1820 |
| Miscellaneous expenses  | &nbsp;&nbsp; 5112 |
| **Total Expenses** | &nbsp;&nbsp; **2138824** |
| Less: Fee waivers and/or expense reimbursements (Notes 2 and 5) | &nbsp;&nbsp; (149455)<br>|
| **Net Expenses** | &nbsp;&nbsp; **1989369** |
| **Net Investment Income** | &nbsp;&nbsp; **2613563** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Loss From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (807075)<br>|
| Futures contracts | &nbsp;&nbsp; (246008)<br>|
| **Net Realized Loss**  | &nbsp;&nbsp; **(1053083)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (17428810)<br>|
| Investments in affiliated securities | &nbsp;&nbsp; 1871 |
| Futures contracts | &nbsp;&nbsp; (208420)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(17635359)**<br>|
| **Net Loss on Investments and Futures Contracts**  | &nbsp;&nbsp; **(18688442)**<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **$(16074879)**<br>|

---

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended March 31, 2026 (unaudited) <br>and the Year Ended September 30, 2025<br>| 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2613563 | $5057396 |
| Net realized gain (loss)  | &nbsp;&nbsp; (1053083)<br>| 989983 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (17635359)<br>| 97158262 |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **(16074879)**<br>| **103205641** |
| **Distributions to Shareholders From (Notes 1 and 6):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5958534)<br>| (6651906)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5958534)**<br>| **(6651906)**<br>|
| **Fund Share Transactions (Note 7):** |  |  |
| Net proceeds from sale of shares  | &nbsp;&nbsp; 78814335 | 135964791 |
| Reinvestment of distributions | &nbsp;&nbsp; 5888195 | 6578759 |
| Cost of shares repurchased  | &nbsp;&nbsp; (54556088)<br>| (80054066)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **30146442** | **62489484** |
| **Increase in Net Assets** | &nbsp;&nbsp; **8113029** | **159043219** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 726769050 | 567725831 |
| **End of period** | &nbsp;&nbsp; **$734882079** | **$726769050** |

---

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 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 September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** |
| Class A Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $51.96 | &nbsp;&nbsp; $44.89 | &nbsp;&nbsp; $33.43 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $35.94 | &nbsp;&nbsp; $29.50 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.18 | 0.37 | 0.39 | 0.37 | 0.31 | 0.29 |
| Net realized and unrealized gain (loss) | (1.24)<br>| 7.21 | 11.43 | 5.53 | &nbsp;&nbsp; (5.58)<br>| 8.02 |
| **Total income (loss) from operations** | **(1.06)** | **7.58** | **11.82** | **5.90** | &nbsp;&nbsp; **(5.27)** | **8.31** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.33)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net realized gains | (0.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.52)<br>|
| **Total distributions** | **(0.41)**<br>| &nbsp;&nbsp; **(0.51)**<br>| &nbsp;&nbsp; **(0.36)**<br>| &nbsp;&nbsp; **(1.21)**<br>| &nbsp;&nbsp; **(1.93)**<br>| &nbsp;&nbsp; **(1.87)**<br>|
| **Net asset value, end of period** | $50.49 | &nbsp;&nbsp; $51.96 | &nbsp;&nbsp; $44.89 | &nbsp;&nbsp; $33.43 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $35.94 |
| **Total return**<sup>3</sup> <br>| **(2.06)%**<br>| **17.00%**<br>| **35.60%**<br>| **20.99%**<br>| &nbsp;&nbsp; **(15.77)%**<br>| **29.24%**<br>|
| **Net assets, end of period (millions)** | $696 | &nbsp;&nbsp; $686 | &nbsp;&nbsp; $526 | &nbsp;&nbsp; $333 | &nbsp;&nbsp; $260 | &nbsp;&nbsp; $318 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.58 %<sup>4</sup><br>| 0.60<br> %<br>| 0.58<br> %<br>| 0.61<br> %<br>| 0.61<br> %<br>| 0.59<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.54 <br><sup>4</sup><br>| 0.54 | 0.54 | 0.54 | 0.57 | 0.59 |
| Net investment income | 0.68 <br><sup>4</sup><br>| 0.80 | 0.98 | 1.15 | 0.91 | 0.86 |
| **Portfolio turnover rate** | **0%** <br><sup>7</sup><br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **3%**<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 March 31, 2026 (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, effective June 1, 2022, 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 0.54%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. Prior to June 1, 2022, the expense limitation was 0.59%. 

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

<sup>7</sup> Amount represents less than 1%.

See Notes to Financial Statements.

Franklin S&P 500 Index Fund 2026 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 September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** | **For a share of each class of beneficial interest outstanding throughout each year ended September 30,** <br>**unless otherwise noted:** |
| Class D Shares<sup>1</sup> <br>| 2026<sup>2</sup> <br>| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2021 |
| **Net asset value, beginning of period** | $52.57 | &nbsp;&nbsp; $45.41 | &nbsp;&nbsp; $33.79 | &nbsp;&nbsp; $29.05 | &nbsp;&nbsp; $36.30 | &nbsp;&nbsp; $29.77 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.23 | 0.47 | 0.47 | 0.44 | 0.39 | 0.36 |
| Net realized and unrealized gain (loss) | (1.24)<br>| 7.28 | 11.57 | 5.58 | &nbsp;&nbsp; (5.65)<br>| 8.10 |
| **Total income (loss) from** <br> **operations**<br>| **(1.01)** | **7.75** | **12.04** | **6.02** | &nbsp;&nbsp; **(5.26)** | **8.46** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net realized gains | (0.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.52)<br>|
| **Total distributions** | **(0.51)**<br>| &nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp; **(0.42)**<br>| &nbsp;&nbsp; **(1.28)**<br>| &nbsp;&nbsp; **(1.99)**<br>| &nbsp;&nbsp; **(1.93)**<br>|
| **Net asset value, end of period** | $51.05 | &nbsp;&nbsp; $52.57 | &nbsp;&nbsp; $45.41 | &nbsp;&nbsp; $33.79 | &nbsp;&nbsp; $29.05 | &nbsp;&nbsp; $36.30 |
| **Total return**<sup>3</sup> <br>| **(1.97)%**<br>| **17.21%**<br>| **35.89%**<br>| **21.23%**<br>| &nbsp;&nbsp; **(15.60)%**<br>| **29.52%**<br>|
| **Net assets, end of period (000s)** | $39369 | &nbsp;&nbsp; $40846 | &nbsp;&nbsp; $41626 | &nbsp;&nbsp; $29248 | &nbsp;&nbsp; $25890 | &nbsp;&nbsp; $29592 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.35 %<sup>4</sup><br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.42<br> %<br>| 0.43<br> %<br>| 0.40<br> %<br>|
| Net expenses<sup>5,6</sup> <br>| 0.34 <br><sup>4</sup><br>| 0.34 | 0.34 | 0.34 | 0.37 | 0.39 |
| Net investment income | 0.88 <br><sup>4</sup><br>| 1.00 | 1.18 | 1.35 | 1.11 | 1.06 |
| **Portfolio turnover rate** | **0%** <br><sup>7</sup><br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **1%**<br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp; **3%**<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 March 31, 2026 (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, effective June 1, 2022, 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 D shares did not exceed 0.34%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. Prior to June 1, 2022, the expense limitation was 0.39%. 

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

<sup>7</sup> Amount represents less than 1%.

See Notes to Financial Statements.

------

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin S&P 500 Index 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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").

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

------

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

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts 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.

------

Franklin S&P 500 Index Fund 2026 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 and liabilities carried at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $728889931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $728889931 |
| Short-Term Investments† | &nbsp;&nbsp; 4810447 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4810447 |
| **Total Investments** | &nbsp;&nbsp; **$733700378** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$733700378** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| 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 |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $127774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $127774 |

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(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) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of March 31, 2026, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(e) 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.

**(f) 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.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

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.

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

**(h) 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.

**(i) Compensating balance arrangements.** The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.

**(j) 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 September 30, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

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

**(k) 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. Franklin Advisers, Inc. ("Franklin Advisers") is the Fund's subadviser. Western Asset Management Company, LLC ("Western Asset") manages the portion of the Fund's cash and short-term

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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instruments allocated to it. FTFA, Franklin Advisers and Western Asset are wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets.

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 Franklin Advisers 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, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A and Class D shares did not exceed 0.54% and 0.34%, respectively. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent.

During the six months ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $149,455.

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

Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended March 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $33,110 was earned by Investor Services.

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

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 March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

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| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $32989525 |
| Sales | &nbsp;&nbsp; 3675617 |

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At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $288040388 | &nbsp;&nbsp; $459239274 | &nbsp;&nbsp; $(13579284) | &nbsp;&nbsp; $445659990 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (127774) | &nbsp;&nbsp; (127774) |

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**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at March 31, 2026.

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| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $127774 |

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

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| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(246008)<br>|

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| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(208420)<br>|

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During the six months ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

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| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $12386480 |

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

\* Based on the average of the market values at each month-end during the period.

**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 shares calculated at the annual rate of 0.20% of the average daily net assets of the class. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended March 31, 2026, class specific expenses were as follows:

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| | | |
|:---|:---|:---|
|  | Service and/or <br>Distribution Fees<br>| Transfer Agent <br>Fees<br>|
| Class A | &nbsp;&nbsp; $710906 | &nbsp;&nbsp; $279291 |
| Class D | &nbsp;&nbsp; — | &nbsp;&nbsp; 10344 |
| **Total** | &nbsp;&nbsp; **$710906** | &nbsp;&nbsp; **$289635** |

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

For the six months ended March 31, 2026, waivers and/or expense reimbursements by class were as follows:

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| | |
|:---|:---|
|  | Waivers/Expense <br>Reimbursements<br>|
| Class A | &nbsp;&nbsp; $146784 |
| Class D | &nbsp;&nbsp; 2671 |
| **Total** | &nbsp;&nbsp; **$149455** |

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**6. Distributions to shareholders by class**

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| | | |
|:---|:---|:---|
|  | Six Months Ended <br>March 31, 2026<br>| Year Ended <br>September 30, 2025<br>|
| **Net Investment Income:** |  |  |
| Class A | &nbsp;&nbsp; $4498707 | &nbsp;&nbsp; $4237192 |
| Class D | &nbsp;&nbsp; 329542 | &nbsp;&nbsp; 397957 |
| **Total** | &nbsp;&nbsp; **$4828249** | &nbsp;&nbsp; **$4635149** |
| **Net Realized Gains:** |  |  |
| Class A | &nbsp;&nbsp; $1068884 | &nbsp;&nbsp; $1873231 |
| Class D | &nbsp;&nbsp; 61401 | &nbsp;&nbsp; 143526 |
| **Total** | &nbsp;&nbsp; **$1130285** | &nbsp;&nbsp; **$2016757** |

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**7. Shares of beneficial interest**

At March 31, 2026, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>March 31, 2026 | Six Months Ended <br>March 31, 2026 | Year Ended <br>September 30, 2025 | Year Ended <br>September 30, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 1459496 | &nbsp;&nbsp;&nbsp; $77071585 | &nbsp;&nbsp;&nbsp; 2860901 | &nbsp;&nbsp;&nbsp; $132691811 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 104730 | &nbsp;&nbsp;&nbsp; 5497252 | &nbsp;&nbsp;&nbsp; 129222 | &nbsp;&nbsp;&nbsp; 6037276 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (989887)<br>| &nbsp;&nbsp;&nbsp; (52104407)<br>| &nbsp;&nbsp;&nbsp; (1507334)<br>| &nbsp;&nbsp;&nbsp; (69891085)<br>|
| **Net increase** | &nbsp;&nbsp;&nbsp; **574339** | &nbsp;&nbsp;&nbsp; **$30464430** | &nbsp;&nbsp;&nbsp; **1482789** | &nbsp;&nbsp;&nbsp; **$68838002** |
| **Class D** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 32812 | &nbsp;&nbsp;&nbsp; $1742750 | &nbsp;&nbsp;&nbsp; 70294 | &nbsp;&nbsp;&nbsp; $3272980 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 7369 | &nbsp;&nbsp;&nbsp; 390943 | &nbsp;&nbsp;&nbsp; 11474 | &nbsp;&nbsp;&nbsp; 541483 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (45966)<br>| &nbsp;&nbsp;&nbsp; (2451681)<br>| &nbsp;&nbsp;&nbsp; (221598)<br>| &nbsp;&nbsp;&nbsp; (10162981)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(5785)**<br>| &nbsp;&nbsp;&nbsp; **$(317988)**<br>| &nbsp;&nbsp;&nbsp; **(139830)**<br>| &nbsp;&nbsp;&nbsp; **$(6348518)**<br>|

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

**8. Transactions with affiliated company**

The Fund invests in securities that are components of the S&P 500 Index. Franklin Resources Inc. is a component of the S&P 500 Index and is considered to be affiliated with the Fund. Investments in Franklin Resources Inc. were made in accordance to its proportional weighting in the S&P 500 Index. The following transactions were effected in shares of Franklin Resources Inc. for the year ended March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>September 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>September 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Franklin <br> Resources Inc.<br>| $85234 | $10871 | 463 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| (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>March 31, <br>2026<br>|
| Franklin Resources Inc. |  | $2585 | $1871 | $97976 |

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**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 29, 2027.

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 March 31, 2026.

**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

Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

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 operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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

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Franklin S&P 500 Index Fund 2026 Semi-Annual Report

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

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| | |
|:---|:---|
| **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. |

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Franklin S&P 500 Index Fund

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Franklin

S&P 500 Index Fund

**Trustees**

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

G. Peter O'Brien

Chair

Thomas F. Schlafly

Jane Trust

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

Franklin Advisers, Inc.

**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

**Franklin S&P 500 Index Fund**

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

Franklin S&P 500 Index 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 Franklin S&P 500 Index 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© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](img03c7fab23.jpg)

**90138-SFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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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.

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

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

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

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

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fsif-efp24561_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fsif-efp24561_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: | May 26, 2026 |

---

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: | May 26, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | May 26, 2026 |

---

## 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: | May 26, 2026 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

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

I, Christopher Berarducci, certify that:

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

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

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

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

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

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

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

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

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

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

&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: | May 26, 2026 | /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 **March 31, 2026** (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: May 26, 2026 | Date: May 26, 2026 |

---

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.