Legg Mason Partners Equity Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06444

Legg Mason Partners Investment Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: November 30

Date of reporting period: November 30, 2024

ITEM 1. REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

ClearBridge Large Cap Growth Fund
Class A [SBLGX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class A	$119	1.01%

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

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

For the twelve months ended November 30, 2024, Class A shares of ClearBridge Large Cap Growth Fund returned 35.39%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7586-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 11/30/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	10 Year
Class A	35.39	15.53	14.40
Class A (with sales charge)	27.94	14.17	13.72
Russell 3000 Index	34.49	15.23	12.89
Russell 1000 Growth Index	38.04	19.46	16.55

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

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

ClearBridge Large Cap Growth Fund  PAGE 2  7586-ATSR-0125

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7586-ATSR-0125

9425103931091513549149371758122965282592042026725361821000010258111111358514336165571970624897222072500733631100001061211060144671570919010259303389026557335064625337.012.511.611.510.89.52.51.81.60.50.7

ClearBridge Large Cap Growth Fund
Class C [SLCCX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class C	$202	1.72%

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

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

For the twelve months ended November 30, 2024, Class C shares of ClearBridge Large Cap Growth Fund returned 34.42%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7588-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT – Class C 11/30/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	10 Year
Class C	34.42	14.72	13.59
Russell 3000 Index	34.49	15.23	12.89
Russell 1000 Growth Index	38.04	19.46	16.55

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

ClearBridge Large Cap Growth Fund  PAGE 2  7588-ATSR-0125

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7588-ATSR-0125

10000109491141514065154031799623346285172046926603357611000010258111111358514336165571970624897222072500733631100001061211060144671570919010259303389026557335064625337.012.511.611.510.89.52.51.81.60.50.7

ClearBridge Large Cap Growth Fund
Class R [LMPLX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class R	$156	1.33%

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

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

For the twelve months ended November 30, 2024, Class R shares of ClearBridge Large Cap Growth Fund returned 34.96%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7904-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT – Class R 11/30/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	10 Year
Class R	34.96	15.17	14.06
Russell 3000 Index	34.49	15.23	12.89
Russell 1000 Growth Index	38.04	19.46	16.55

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

ClearBridge Large Cap Growth Fund  PAGE 2  7904-ATSR-0125

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7904-ATSR-0125

10000109991152114259156751839223950293722116427616372721000010258111111358514336165571970624897222072500733631100001061211060144671570919010259303389026557335064625337.012.511.611.510.89.52.51.81.60.50.7

ClearBridge Large Cap Growth Fund
Class I [SBLYX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class I	$86	0.73%

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

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

For the twelve months ended November 30, 2024, Class I shares of ClearBridge Large Cap Growth Fund returned 35.78%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7589-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $1,000,000 INVESTMENT – Class I 11/30/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	10 Year
Class I	35.78	15.87	14.74
Russell 3000 Index	34.49	15.23	12.89
Russell 1000 Growth Index	38.04	19.46	16.55

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

ClearBridge Large Cap Growth Fund  PAGE 2  7589-ATSR-0125

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7589-ATSR-0125

10000001106584116569614515571604831189425624815083061604221954029136213955880100000010257701111317135880114337601655760197082824899922221206250111333638471000000106137011061781447012157140519016912593845339035926565023351640462655037.012.511.611.510.89.52.51.81.60.50.7

ClearBridge Large Cap Growth Fund
Class IS [LSITX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class IS	$75	0.64%

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

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

For the twelve months ended November 30, 2024, Class IS shares of ClearBridge Large Cap Growth Fund returned 35.90%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7962-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $1,000,000 INVESTMENT – Class IS 11/30/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	10 Year
Class IS	35.90	15.98	14.84
Russell 3000 Index	34.49	15.23	12.89
Russell 1000 Growth Index	38.04	19.46	16.55

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

ClearBridge Large Cap Growth Fund  PAGE 2  7962-ATSR-0125

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7962-ATSR-0125

10000001106850116679714539981609490190162524937583079784223453329360103989873100000010257701111317135880114337601655760197082824899922221206250111333638471000000106137011061781447012157140519016912593845339035926565023351640462655037.012.511.611.510.89.52.51.81.60.50.7

ClearBridge Large Cap Growth Fund
Class O [LCMMX]
Annual Shareholder Report | November 30, 2024

This annual shareholder report contains important information about ClearBridge Large Cap Growth Fund for the period December 1, 2023, to November 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class O	$80	0.68%

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

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

For the twelve months ended November 30, 2024, Class O shares of ClearBridge Large Cap Growth Fund returned 35.84%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 38.04% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Netflix, a popular video streaming service within the communication services sector, stock was boosted by results that consistently outperformed expectations due to strong subscriber growth, success in its enforcement of paid sharing of subscriptions, continued growth in its advertising business and improved new programming.
↑	Eaton, a diversified power company within the industrials sector whose products enable the electrification of the power grid, saw its shares rise as artificial intelligence drove demand for electricity at data centers that are equipped for high electricity use cases.
↑	Intuitive Surgical, a maker of robotic instruments for surgery within the health care sector, had a well-received launch of an innovative new daVinci robot along with improved sales and earnings growth that lifted its stock.

Top detractors from performance:
↓	Estee Lauder, a cosmetics and skin care products manufacturer within the consumer staples sector, stock fell sharply due to continued execution challenges, headwinds from China, inventory clearance and share loss within the U.S. The Fund exited the position amid low visibility to profit recovery and executive leadership turnover.
↓	Adobe, a design and marketing software company within the information technology sector, as the software industry had been hurt by a weak economic backdrop, especially among smaller customers, as well as reduced contract renewals. The company struggled due to disappointing results over the period.
↓	Thermo Fisher Scientific, a provider of tools and instruments for medical, scientific and industrial applications within the health care sector, as its revenue growth rates had been negatively affected by weaker biotech spending, R&D rationalization efforts among larger pharmaceutical companies and a weak spending environment in China.

ClearBridge Large Cap Growth Fund  PAGE 1  7156-ATSR-0125

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT – Class O 12/19/2014 — 11/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024

	1 Year	5 Year	Since Inception (12/19/2014)
Class O	35.84	15.92	14.81
Russell 3000 Index	34.49	15.23	12.92
Russell 1000 Growth Index	38.04	19.46	16.69

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.  

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

KEY FUND STATISTICS (as of November 30, 2024)

Total Net Assets	$12,394,038,094
Total Number of Portfolio Holdings*	43
Total Management Fee Paid	$69,823,024
Portfolio Turnover Rate	16%

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

ClearBridge Large Cap Growth Fund  PAGE 2  7156-ATSR-0125

WHAT DID THE FUND INVEST IN?  (as of November 30, 2024)

Portfolio Composition^* (% of Total Investments)

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

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

HOUSEHOLDING

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

ClearBridge Large Cap Growth Fund  PAGE 3  7156-ATSR-0125

10000109991159214439159701886224724305192213529073394911000010226110791354614293165061964724823221432493433534100001066911120145461579719117260753408226705336934650937.012.511.611.510.89.52.51.81.60.50.7

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending November 30, 2023 and November 30, 2024 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $68,121 in November 30, 2023 and $73,429 in November 30, 2024.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in November 30, 2023 and $0 in November 30, 2024.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $20,000 in November 30, 2023 and $20,000 in November 30, 2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to service affiliates during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) for the Item 4 for the Legg Mason Partners Investment Trust., were $0 in November 30, 2023 and $0 in November 30, 2024.

All Other Fees. There were no other non-audit services rendered by the Auditor to Franklin Templeton Fund Adviser, LLC (“FTFA”), and any entity controlling, controlled by or under common control with FTFA that provided ongoing services to Legg Mason Partners Investment Trust requiring pre-approval by the Audit Committee in the Reporting Period.

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

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by FTFA or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s

independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

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

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

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

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to Legg Mason Partners Investment Trust, FTFA and any entity controlling, controlled by, or under common control with FTFA that provides ongoing services to Legg Mason Partners Investment Trust during the reporting period were $799,106 in November 30, 2023 and $811,835 in November 30, 2024.

(h) Yes. Legg Mason Partners Investment Trust’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Accountant’s independence. All services provided by the Auditor to the Legg Mason Partners Investment Trust or to Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien*

Thomas F. Schlafly

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

b) Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

(b) Not applicable.

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

 

ClearBridge
Large Cap Growth Fund

Financial Statements and Other Important Information

Annual  | November 30, 2024

 

 

 

Table of Contents

 

Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	25
Important Tax Information	26
Changes in and Disagreements with Accountants	27
Results of Meeting(s) of Shareholders	27
Remuneration Paid to Directors, Officers and Others	27

franklintempleton.com

Financial Statements and Other Important Information — Annual

Schedule of InvestmentsNovember 30, 2024

 ClearBridge Large Cap Growth Fund

(Percentages shown based on Fund net assets)  

Security		Shares	Value
Common Stocks — 99.2%
Communication Services — 11.6%
Entertainment — 4.0%
Netflix Inc.		566,600	$502,466,546   *
Interactive Media & Services — 7.6%
Alphabet Inc., Class A Shares		1,199,600	202,672,420
Meta Platforms Inc., Class A Shares		1,278,898	734,496,699
Total Interactive Media & Services			937,169,119
Total Communication Services			1,439,635,665
Consumer Discretionary — 11.5%
Automobiles — 1.8%
Tesla Inc.		628,000	216,760,480   *
Broadline Retail — 8.4%
Amazon.com Inc.		4,990,980	1,037,574,832   *
Hotels, Restaurants & Leisure — 1.3%
Airbnb Inc., Class A Shares		675,700	91,969,527   *
Starbucks Corp.		723,600	74,140,056
Total Hotels, Restaurants & Leisure			166,109,583
Total Consumer Discretionary			1,420,444,895
Consumer Staples — 2.5%
Beverages — 1.3%
Monster Beverage Corp.		2,918,038	160,871,435   *
Consumer Staples Distribution & Retail — 1.2%
Target Corp.		1,133,400	149,960,154
Total Consumer Staples			310,831,589
Financials — 10.8%
Capital Markets — 2.5%
Intercontinental Exchange Inc.		538,100	86,612,576
S&P Global Inc.		422,537	220,779,808
Total Capital Markets			307,392,384
Financial Services — 6.8%
PayPal Holdings Inc.		2,466,788	214,043,194   *
Visa Inc., Class A Shares		2,009,024	633,003,282
Total Financial Services			847,046,476
Insurance — 1.5%
Marsh & McLennan Cos. Inc.		781,600	182,292,568
Total Financials			1,336,731,428
Health Care — 12.5%
Health Care Equipment & Supplies — 5.1%
Alcon AG		1,478,663	131,379,207

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

1

Schedule of Investments (cont’d)November 30, 2024

 ClearBridge Large Cap Growth Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value
Health Care Equipment & Supplies — continued
Intuitive Surgical Inc.		494,203	$267,858,026   *
Stryker Corp.		577,500	226,466,625
Total Health Care Equipment & Supplies			625,703,858
Health Care Providers & Services — 2.9%
UnitedHealth Group Inc.		582,769	355,605,644
Life Sciences Tools & Services — 1.7%
ICON PLC		114,759	24,128,080   *
Thermo Fisher Scientific Inc.		363,033	192,273,168
Total Life Sciences Tools & Services			216,401,248
Pharmaceuticals — 2.8%
Eli Lilly & Co.		220,900	175,692,815
Zoetis Inc.		991,166	173,701,841
Total Pharmaceuticals			349,394,656
Total Health Care			1,547,105,406
Industrials — 9.4%
Aerospace & Defense — 1.5%
RTX Corp.		1,556,445	189,621,694
Electrical Equipment — 2.2%
Eaton Corp. PLC		734,109	275,599,201
Ground Transportation — 3.5%
Uber Technologies Inc.		3,341,251	240,436,422   *
Union Pacific Corp.		784,900	192,033,634
Total Ground Transportation			432,470,056
Trading Companies & Distributors — 2.2%
W.W. Grainger Inc.		225,581	271,901,803
Total Industrials			1,169,592,754
Information Technology — 37.0%
IT Services — 1.5%
Accenture PLC, Class A Shares		503,700	182,525,769
Semiconductors & Semiconductor Equipment — 13.4%
ASML Holding NV, Registered Shares		271,997	186,755,860
NVIDIA Corp.		9,007,060	1,245,226,045
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,209,200	223,290,872
Total Semiconductors & Semiconductor Equipment			1,655,272,777
Software — 17.0%
Adobe Inc.		384,376	198,311,110   *
Intuit Inc.		346,800	222,551,964
Microsoft Corp.		2,092,962	886,285,688
Palo Alto Networks Inc.		791,734	307,050,280   *
Salesforce Inc.		957,591	315,995,454

See Notes to Financial Statements.

2

ClearBridge Large Cap Growth Fund 2024 Annual Report

 ClearBridge Large Cap Growth Fund

(Percentages shown based on Fund net assets)

Security			Shares	Value
Software — continued
Workday Inc., Class A Shares			724,180	$181,037,758   *
Total Software				2,111,232,254
Technology Hardware, Storage & Peripherals — 5.1%
Apple Inc.			2,653,777	629,820,896
Total Information Technology				4,578,851,696
Materials — 1.8%
Chemicals — 1.8%
Sherwin-Williams Co.			570,500	226,716,700
Real Estate — 1.6%
Specialized REITs — 1.6%
Equinix Inc.			205,658	201,849,214
Utilities — 0.5%
Electric Utilities — 0.5%
NextEra Energy Inc.			803,200	63,187,744
Total Investments before Short-Term Investments (Cost — $4,882,140,091)				12,294,947,091
	Rate
Short-Term Investments — 0.7%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class	4.473%		44,229,856	44,229,856   (a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	4.586%		44,229,856	44,229,856   (a)(b)
Total Short-Term Investments (Cost — $88,459,712)				88,459,712
Total Investments — 99.9% (Cost — $4,970,599,803)				12,383,406,803
Other Assets in Excess of Liabilities — 0.1%				10,631,291
Total Net Assets — 100.0%				$12,394,038,094

 

*	Non-income producing security.
(a)	Rate shown is one-day yield as of the end of the reporting period.
(b)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At November 30, 2024, the total market value of investments in Affiliated Companies was $44,229,856 and the cost was $44,229,856 (Note 8).

 

Abbreviation(s) used in this schedule:
ADR	—	American Depositary Receipts

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

3

Statement of Assets and LiabilitiesNovember 30, 2024

 

Assets:
Investments in unaffiliated securities, at value (Cost — $4,926,369,947)	$12,339,176,947
Investments in affiliated securities, at value (Cost — $44,229,856)	44,229,856
Receivable for securities sold	16,625,262
Dividends receivable from unaffiliated investments	9,223,897
Receivable for Fund shares sold	3,470,349
Dividends receivable from affiliated investments	224,385
Prepaid expenses	108,793
Total Assets	12,413,059,489
Liabilities:
Payable for Fund shares repurchased	9,406,018
Investment management fee payable	6,206,491
Transfer agent fees payable	1,682,369
Service and/or distribution fees payable	1,028,894
Trustees’ fees payable	155,933
Accrued expenses	541,690
Total Liabilities	19,021,395
Total Net Assets	$12,394,038,094
Net Assets:
Par value (Note 7)	$1,675
Paid-in capital in excess of par value	4,205,808,743
Total distributable earnings (loss)	8,188,227,676
Total Net Assets	$12,394,038,094

See Notes to Financial Statements.

4

ClearBridge Large Cap Growth Fund 2024 Annual Report

Net Assets:
Class A	$3,935,807,052
Class C	$211,458,352
Class R	$147,216,535
Class I	$4,397,735,186
Class IS	$2,887,675,002
Class O	$814,145,967
Shares Outstanding:
Class A	58,827,185
Class C	4,901,436
Class R	2,408,379
Class I	55,139,256
Class IS	36,003,973
Class O	10,171,558
Net Asset Value:
Class A (and redemption price)	$66.90
Class C*	$43.14
Class R (and redemption price)	$61.13
Class I (and redemption price)	$79.76
Class IS (and redemption price)	$80.20
Class O (and redemption price)	$80.04
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$70.79

 

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

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

5

Statement of OperationsFor the Year Ended November 30, 2024

 

Investment Income:
Dividends from unaffiliated investments	$74,273,133
Dividends from affiliated investments	3,662,233
Less: Foreign taxes withheld	(576,142 )
Total Investment Income	77,359,224
Expenses:
Investment management fee (Note 2)	69,888,107
Service and/or distribution fees (Notes 2 and 5)	11,566,143
Transfer agent fees (Notes 2 and 5)	8,699,885
Trustees’ fees	569,225
Shareholder reports	287,758
Registration fees	214,281
Fund accounting fees	182,334
Legal fees	153,745
Commitment fees (Note 9)	99,376
Insurance	71,045
Custody fees	57,802
Audit and tax fees	41,918
Interest expense	4,098
Miscellaneous expenses	48,747
Total Expenses	91,884,464
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(65,083 )
Net Expenses	91,819,381
Net Investment Loss	(14,460,157 )
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	907,469,157
Foreign currency transactions	(660 )
Net Realized Gain	907,468,497
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	2,481,931,010
Foreign currencies	1,534
Change in Net Unrealized Appreciation (Depreciation)	2,481,932,544
Net Gain on Investments and Foreign Currency Transactions	3,389,401,041
Increase in Net Assets From Operations	$3,374,940,884

See Notes to Financial Statements.

6

ClearBridge Large Cap Growth Fund 2024 Annual Report

Statements of Changes in Net Assets

 

For the Years Ended November 30,	2024	2023
Operations:
Net investment loss	$(14,460,157 )	$(8,634,348 )
Net realized gain	907,468,497	1,017,752,901
Change in net unrealized appreciation (depreciation)	2,481,932,544	1,507,961,031
Increase in Net Assets From Operations	3,374,940,884	2,517,079,584
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(867,277,180 )	(869,188,008 )
Decrease in Net Assets From Distributions to Shareholders	(867,277,180 )	(869,188,008 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	1,801,791,482	1,458,801,622
Reinvestment of distributions	741,255,799	728,990,312
Cost of shares repurchased	(2,552,587,519 )	(3,846,194,122 )
Decrease in Net Assets From Fund Share Transactions	(9,540,238 )	(1,658,402,188 )
Increase (Decrease) in Net Assets	2,498,123,466	(10,510,612 )
Net Assets:
Beginning of year	9,895,914,628	9,906,425,240
End of year	$12,394,038,094	$9,895,914,628

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

7

Financial Highlights

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class A Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$54.50	$46.25	$72.11	$62.25	$50.13
Income (loss) from operations:
Net investment loss	(0.19 )	(0.14 )	(0.18 )	(0.24 )	(0.09 )
Net realized and unrealized gain (loss)	17.84	13.24	(17.58 )	13.81	14.71
Total income (loss) from operations	17.65	13.10	(17.76)	13.57	14.62
Less distributions from:
Net investment income	—	—	—	—	(0.07 )
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.50 )
Net asset value, end of year	$66.90	$54.50	$46.25	$72.11	$62.25
Total return2	35.39 %	30.88 %	(27.74 )%	23.05 %	30.62 %
Net assets, end of year (millions)	$3,936	$2,927	$2,385	$3,456	$2,968
Ratios to average net assets:
Gross expenses	1.01 %	1.05 %	1.03 %	0.99 %	1.00 %
Net expenses3,4	1.01	1.05	1.03	0.99	1.00
Net investment loss	(0.32 )	(0.30 )	(0.36 )	(0.37 )	(0.17 )
Portfolio turnover rate	16 %	12 %	23 %	16 %5	23 %5

 

1	Per share amounts have been calculated using the average shares method.
2	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.10%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
4	Reflects fee waivers and/or expense reimbursements.
5	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

8

ClearBridge Large Cap Growth Fund 2024 Annual Report

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class C Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$37.18	$33.22	$54.39	$48.18	$39.54
Income (loss) from operations:
Net investment loss	(0.39 )	(0.33 )	(0.40 )	(0.54 )	(0.35 )
Net realized and unrealized gain (loss)	11.60	9.14	(12.67 )	10.46	11.42
Total income (loss) from operations	11.21	8.81	(13.07)	9.92	11.07
Less distributions from:
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Net asset value, end of year	$43.14	$37.18	$33.22	$54.39	$48.18
Total return2	34.42 %	29.97 %	(28.22 )%	22.15 %	29.73 %
Net assets, end of year (millions)	$211	$223	$253	$548	$534
Ratios to average net assets:
Gross expenses	1.72 %	1.74 %	1.73 %	1.71 %	1.71 %
Net expenses3,4	1.72	1.74	1.73	1.71	1.71
Net investment loss	(1.04 )	(1.00 )	(1.07 )	(1.09 )	(0.88 )
Portfolio turnover rate	16 %	12 %	23 %	16 %5	23 %5

 

1	Per share amounts have been calculated using the average shares method.
2	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
4	Reflects fee waivers and/or expense reimbursements.
5	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

9

Financial Highlights (cont’d)

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class R Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$50.38	$43.22	$68.09	$59.17	$47.84
Income (loss) from operations:
Net investment loss	(0.35 )	(0.27 )	(0.32 )	(0.43 )	(0.24 )
Net realized and unrealized gain (loss)	16.35	12.28	(16.45 )	13.06	14.00
Total income (loss) from operations	16.00	12.01	(16.77)	12.63	13.76
Less distributions from:
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Net asset value, end of year	$61.13	$50.38	$43.22	$68.09	$59.17
Total return2	34.96 %	30.48 %	(27.95 )%	22.64 %	30.22 %
Net assets, end of year (millions)	$147	$126	$103	$159	$149
Ratios to average net assets:
Gross expenses	1.33 %	1.35 %	1.34 %	1.31 %	1.31 %
Net expenses3,4	1.33	1.35	1.34	1.31	1.31
Net investment loss	(0.65 )	(0.60 )	(0.67 )	(0.70 )	(0.48 )
Portfolio turnover rate	16 %	12 %	23 %	16 %5	23 %5

 

1	Per share amounts have been calculated using the average shares method.
2	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.
3	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
4	Reflects fee waivers and/or expense reimbursements.
5	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

10

ClearBridge Large Cap Growth Fund 2024 Annual Report

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class I Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$63.83	$53.22	$81.53	$69.78	$55.85
Income (loss) from operations:
Net investment income (loss)	(0.03 )	(0.00 )2	(0.05 )	(0.07 )	0.06
Net realized and unrealized gain (loss)	21.21	15.46	(20.16 )	15.58	16.49
Total income (loss) from operations	21.18	15.46	(20.21)	15.51	16.55
Less distributions from:
Net investment income	—	—	—	(0.05 )	(0.19 )
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.76 )	(2.62 )
Net asset value, end of year	$79.76	$63.83	$53.22	$81.53	$69.78
Total return3	35.78 %	31.27 %	(27.51 )%	23.38 %	31.01 %
Net assets, end of year (millions)	$4,398	$3,677	$4,438	$9,878	$10,140
Ratios to average net assets:
Gross expenses	0.73 %	0.75 %	0.73 %	0.71 %	0.72 %
Net expenses4,5	0.73	0.75	0.73	0.71	0.72
Net investment income (loss)	(0.04 )	(0.01 )	(0.08 )	(0.09 )	0.11
Portfolio turnover rate	16 %	12 %	23 %	16 %6	23 %6

 

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.
6	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

11

Financial Highlights (cont’d)

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class IS Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$64.10	$53.38	$81.69	$69.91	$55.94
Income (loss) from operations:
Net investment income	0.04	0.05	0.02	0.00 2	0.12
Net realized and unrealized gain (loss)	21.31	15.52	(20.23 )	15.61	16.51
Total income (loss) from operations	21.35	15.57	(20.21)	15.61	16.63
Less distributions from:
Net investment income	—	—	—	(0.12 )	(0.23 )
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.83 )	(2.66 )
Net asset value, end of year	$80.20	$64.10	$53.38	$81.69	$69.91
Total return3	35.90 %	31.39 %	(27.45 )%	23.50 %	31.14 %
Net assets, end of year (millions)	$2,888	$2,289	$2,181	$3,784	$3,751
Ratios to average net assets:
Gross expenses	0.64 %	0.66 %	0.63 %	0.61 %	0.62 %
Net expenses4,5	0.64	0.66	0.63	0.61	0.62
Net investment income	0.05	0.09	0.04	0.01	0.21
Portfolio turnover rate	16 %	12 %	23 %	16 %6	23 %6

 

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.70%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.
6	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

12

ClearBridge Large Cap Growth Fund 2024 Annual Report

 

For a share of each class of beneficial interest outstanding throughout each year ended November 30:
Class O Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$64.01	$53.33	$81.65	$69.88	$55.92
Income (loss) from operations:
Net investment income (loss)	0.01	0.03	(0.00 )2	(0.03 )	0.09
Net realized and unrealized gain (loss)	21.27	15.50	(20.22 )	15.60	16.51
Total income (loss) from operations	21.28	15.53	(20.22)	15.57	16.60
Less distributions from:
Net investment income	—	—	—	(0.09 )	(0.21 )
Net realized gains	(5.25 )	(4.85 )	(8.10 )	(3.71 )	(2.43 )
Total distributions	(5.25 )	(4.85 )	(8.10 )	(3.80 )	(2.64 )
Net asset value, end of year	$80.04	$64.01	$53.33	$81.65	$69.88
Total return3	35.84 %	31.35 %	(27.47 )%	23.43 %	31.07 %
Net assets, end of year (millions)	$814	$654	$547	$837	$724
Ratios to average net assets:
Gross expenses	0.68 %	0.70 %	0.68 %	0.66 %	0.67 %
Net expenses4,5	0.68	0.70	0.68	0.66	0.67
Net investment income (loss)	0.01	0.05	(0.00 )6	(0.04 )	0.16
Portfolio turnover rate	16 %	12 %	23 %	16 %7	23 %7

 

1	Per share amounts have been calculated using the average shares method.
2	Amount represents less than $0.005 or greater than $(0.005) per share.
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class O shares did not exceed 0.74%. This expense limitation arrangement cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.
6	Amount represents less than 0.005% or greater than (0.005)%.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Large Cap Growth Fund 2024 Annual Report

13

Notes to Financial Statements

1. Organization and significant accounting policies

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

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

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

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

14

ClearBridge Large Cap Growth Fund 2024 Annual Report

valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

ClearBridge Large Cap Growth Fund 2024 Annual Report

15

Notes to Financial Statements (cont’d)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Common Stocks†	$12,294,947,091	—	—	$12,294,947,091
Short-Term Investments†	88,459,712	—	—	88,459,712
Total Investments	$12,383,406,803	—	—	$12,383,406,803

 

† See Schedule of Investments for additional detailed categorizations.

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

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

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

16

ClearBridge Large Cap Growth Fund 2024 Annual Report

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

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

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

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

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

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

ClearBridge Large Cap Growth Fund 2024 Annual Report

17

Notes to Financial Statements (cont’d)

shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of November 30, 2024, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

(j) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:
 

	Total Distributable Earnings (Loss)	Paid-in Capital
(a)	$(63,397,227)	$63,397,227

(a)

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

2. Investment management agreement and other transactions with affiliates

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

18

ClearBridge Large Cap Growth Fund 2024 Annual Report

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

Average Daily Net Assets	Annual Rate
First $1 billion	0.700 %
Next $1 billion	0.680
Next $3 billion	0.650
Next $5 billion	0.600
Over $10 billion	0.550

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

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R, Class I, Class IS and Class O shares did not exceed 1.10%, 1.90%, 1.40%, 0.80%, 0.70% and 0.74%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2026 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below. 
During the year ended November 30, 2024, fees waived and/or expenses reimbursed amounted to $65,083, all of which was an affiliated money market fund waiver.

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

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and

ClearBridge Large Cap Growth Fund 2024 Annual Report

19

Notes to Financial Statements (cont’d)

dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the year ended November 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $139,643 was earned by Investor Services.

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

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

	Class A	Class C
Sales charges	$887,071	—
CDSCs	6,465	$1,401

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

3. Investments

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

Purchases	$1,815,430,739
Sales	2,686,179,841

At November 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
 

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$4,992,387,707	$7,499,978,443	$(108,959,347)	$7,391,019,096

4. Derivative instruments and hedging activities

During the year ended November 30, 2024, the Fund did not invest in derivative instruments.

20

ClearBridge Large Cap Growth Fund 2024 Annual Report

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

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

For the year ended November 30, 2024, class specific expenses were as follows:
 

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$8,660,916	$4,342,808
Class C	2,210,518	187,578
Class R	694,709	271,234
Class I	—	3,566,279
Class IS	—	18,749
Class O	—	313,237
Total	$11,566,143	$8,699,885

For the year ended November 30, 2024, waivers and/or expense reimbursements by class were as follows:
 

	Waivers/Expense Reimbursements
Class A	$20,179
Class C	1,267
Class R	802
Class I	23,491
Class IS	15,084
Class O	4,260
Total	$65,083

6. Distributions to shareholders by class
 

	Year Ended November 30, 2024	Year Ended November 30, 2023
Net Realized Gains:
Class A	$281,749,155	$251,620,312
Class C	31,086,443	34,924,824
Class R	13,106,333	11,760,662
Class I	301,142,854	329,824,377
Class IS	186,713,689	191,365,611
Class O	53,478,706	49,692,222
Total	$867,277,180	$869,188,008

ClearBridge Large Cap Growth Fund 2024 Annual Report

21

Notes to Financial Statements (cont’d)

7. Shares of beneficial interest

At November 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:
 

	Year Ended November 30, 2024		Year Ended November 30, 2023
	Shares	Amount	Shares	Amount
Class A
Shares sold	10,257,866	$597,398,871	8,795,163	$420,476,635
Shares issued on reinvestment	5,101,071	260,103,582	5,147,281	228,010,680
Shares repurchased	(10,238,103 )	(599,367,741 )	(11,807,715 )	(557,768,223 )
Net increase	5,120,834	$258,134,712	2,134,729	$90,719,092
Class C
Shares sold	784,304	$29,043,533	705,951	$23,010,463
Shares issued on reinvestment	822,262	27,225,092	982,033	29,945,580
Shares repurchased	(2,698,517 )	(102,337,054 )	(3,311,973 )	(106,380,773 )
Net decrease	(1,091,951 )	$(46,068,429 )	(1,623,989 )	$(53,424,730 )
Class R
Shares sold	304,595	$16,154,853	426,421	$18,902,987
Shares issued on reinvestment	278,516	13,015,035	283,886	11,675,667
Shares repurchased	(679,083 )	(36,304,787 )	(591,475 )	(26,465,849 )
Net increase (decrease)	(95,972 )	$(7,134,899 )	118,832	$4,112,805
Class I
Shares sold	9,242,897	$632,900,406	11,683,988	$631,897,504
Shares issued on reinvestment	4,161,321	252,259,303	5,220,921	267,929,483
Shares repurchased	(15,870,180 )	(1,090,085,549 )	(42,695,389 )	(2,298,329,812 )
Net decrease	(2,465,962 )	$(204,925,840 )	(25,790,480 )	$(1,398,502,825 )
Class IS
Shares sold	7,476,196	$524,423,722	6,610,297	$362,760,351
Shares issued on reinvestment	2,372,893	144,532,940	2,923,076	150,640,779
Shares repurchased	(9,547,926 )	(669,796,926 )	(14,679,617 )	(810,926,045 )
Net increase (decrease)	301,163	$(840,264 )	(5,146,244 )	$(297,524,915 )
Class O
Shares sold	28,438	$1,870,097	33,182	$1,753,682
Shares issued on reinvestment	725,536	44,119,847	789,137	40,788,123
Shares repurchased	(804,478 )	(54,695,462 )	(851,723 )	(46,323,420 )
Net decrease	(50,504 )	$(8,705,518 )	(29,404 )	$(3,781,615 )

22

ClearBridge Large Cap Growth Fund 2024 Annual Report

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the year ended November 30, 2024. The following transactions were effected in such company for the year ended November 30, 2024.
 

	Affiliate Value at November 30, 2023	Purchased		Sold
		Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$63,143,775	$725,946,214	725,946,214	$744,860,133	744,860,133

 

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at November 30, 2024
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$3,662,233	—	$44,229,856

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 31, 2025.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended November 30, 2024.

ClearBridge Large Cap Growth Fund 2024 Annual Report

23

Notes to Financial Statements (cont’d)

10. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended November 30, was as follows:
 

	2024	2023
Distributions paid from:
Net long-term capital gains	$867,277,180	$869,188,008

As of November 30, 2024, the components of distributable earnings (loss) on a tax basis were as follows:
 

Undistributed ordinary income — net	$36,599,326
Undistributed long-term capital gains — net	760,590,886
Total undistributed earnings	$797,190,212
Unrealized appreciation (depreciation)(a)	7,391,037,464
Total distributable earnings (loss) — net	$8,188,227,676

 

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

24

ClearBridge Large Cap Growth Fund 2024 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Legg Mason Partners Investment Trust and Shareholders of ClearBridge Large Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ClearBridge Large Cap Growth Fund (one of the funds constituting Legg Mason Partners Investment Trust, referred to hereafter as the “Fund”) as of November 30, 2024, the related statement of operations for the year ended November 30, 2024, the statement of changes in net assets for each of the two years in the period ended November 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2024 and the financial highlights for each of the five years in the period ended November 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland
January 21, 2025

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

ClearBridge Large Cap Growth Fund 2024 Annual Report

25

Important Tax Information (unaudited)

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

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

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended November 30, 2024:

 

	Pursuant to:	Amount Reported
Long-Term Capital Gain Dividends Distributed	§852(b)(3)(C)	$927,786,433
Income Eligible for Dividends Received Deduction (DRD)	§854(b)(1)(A)	$58,850,387
Qualified Dividend Income Earned (QDI)	§854(b)(1)(B)	$66,741,596
Qualified Net Interest Income (QII)	§871(k)(1)(C)	$2,184,220
Short-Term Capital Gain Dividends Distributed	§871(k)(2)(C)	$2,887,974
Qualified Business Income Dividends Earned	§199A	$3,915,502
Section 163(j) Interest Earned	§163(j)	$7,297,889
Interest Earned from Federal Obligations	Note (1)	$7,297,889

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

26

ClearBridge Large Cap Growth Fund

Changes in and Disagreements with AccountantsFor the period covered by this report

Not applicable.

Results of Meeting(s) of ShareholdersFor the period covered by this report

Not applicable.

Remuneration Paid to Directors, Officers and OthersFor the period covered by this report

Refer to the financial statements included herein.

ClearBridge Large Cap Growth Fund

27

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ClearBridge

Large Cap Growth Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien*
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

ClearBridge Investments, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

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

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

*

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

ClearBridge Large Cap Growth Fund

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

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

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

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

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

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

www.franklintempleton.com

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

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

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

Information We Collect

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

•

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

•

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

•

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

•

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

•

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

Disclosure Policy

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

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

NOT PART OF THE ANNUAL REPORT

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

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

Confidentiality and Security

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

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

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

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

Franklin Advisers, Inc.

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

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

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

NOT PART OF THE ANNUAL REPORT

 

90132-AFSOI 1/25

© 2025 Franklin Templeton. All rights reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

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

Legg Mason Partners Investment Trust
By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	January 22, 2025

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

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	January 22, 2025

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	January 22, 2025