ClearBridge International Value Fund

N-CSR 1 d194881dncsr.htm CLEARBRIDGE INTERNATIONAL VALUE FUND ClearBridge International Value Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06444

Legg Mason Partners Investment Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor,

New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-721-1926

Date of fiscal year end: October 31

Date of reporting period: October 31, 2021

ITEM 1.

REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

LOGO


Annual Report		October 31, 2021

CLEARBRIDGE

INTERNATIONAL VALUE FUND

The Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your Service Agent or financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your Service Agent or, if you are a direct shareholder with the Fund, by calling 1-877-721-1926.

You may elect to receive all future reports in paper free of charge. If you invest through a Service Agent, you can contact your Service Agent to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that Service Agent. If you are a direct shareholder with the Fund, you can call the Fund at 1-877-721-1926, or write to the Fund by regular mail at Legg Mason Funds, P.O. Box 9699, Providence, RI 02940-9699 or by express, certified or registered mail to Legg Mason Funds, 4400 Computer Drive, Westborough, MA 01581 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

LOGO

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


What’s inside
Letter from the president			II
Fund overview			1
Fund at a glance			8
Fund expenses			9
Fund performance			11
Schedule of investments			13
Statement of assets and liabilities			18
Statement of operations			20
Statements of changes in net assets			21
Financial highlights			22
Notes to financial statements			27
Report of independent registered public accounting firm			37
Additional shareholder information			38
Statement regarding liquidity risk management program			39
Additional information			41
Important tax information			48

Fund objective

The Fund seeks total return on its assets from growth of capital and income.

Letter from the president

LOGO

Dear Shareholder,

We are pleased to provide the annual report of ClearBridge International Value Fund for the twelve-month reporting period ended October 31, 2021. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance.

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

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

November 30, 2021

ClearBridge International Value Fund

Fund overview

Q. What is the Fund’s investment strategy?

A. The Fund seeks total return on its assets from growth of capital and income. The Fund invests primarily in equity securities of foreign companies. Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of equity securities of foreign companies. The Fund may invest in equity securities of small, medium and large capitalization issuers. The Fund may invest in equity securities of foreign companies either directly or through depositary receipts representing an interest in those securities.

Under normal circumstances, the Fund may invest up to 20% of its net assets in debt securities of U.S. and foreign corporate and governmental issuers, including up to 10% of its net assets in debt securities rated below investment grade. The Fund may invest in all types of debt securities of any maturity or credit quality. We leverage an integrated global research approach that seeks stocks in companies that we believe offer the best potential for capital appreciation. While we select investments primarily for their capital appreciation potential, some investments have an income component as well.

Q. What were the overall market conditions during the Fund’s reporting period?

A. International equities delivered robust performance during the twelve-month reporting period ended October 31, 2021, as the approval and subsequent rollout of multiple COVID-19 vaccines combined with accommodative monetary policy and ambitious fiscal spending helped the MSCI All Country World Index Ex-U.S.ⁱ to a gain of 29.66%. The market was led by cyclical¹ stocks benefiting from the economic recovery, as reopened businesses, greater mobility and a healthy consumer encouraged spending and production, and high-growth technology stocks benefiting from strong secular trends as well as a lingering stay-at-home environment. More defensive, non-cyclical² sectors trailed.

The reporting period began with positive developments for COVID-19 vaccines, which led to a broadening of market leadership from the mega cap growth stocks that had soared during the height of pandemic lockdowns. Positive COVID-19 vaccine trial results from Pfizer/ BioNTech and Moderna increased optimism about an eventual return to normal economic activity, sparking a rally in cyclical areas of the market. In the fourth quarter of 2020, value stocks, led by energy and financials, outperformed growth stocks for the first time since 2018.

Aggressive global fiscal and monetary policies continued unabated in early 2021, helping support consumer demand that, combined with stop-and-start supply chain recovery as COVID-19 rippled through global regions, raised inflation concerns and led to soaring commodity prices. Despite waves of COVID-19 periodically offering a bid to tech stocks that would benefit from a stay-at-home environment, inflation worries led to a steepening yield curve, weighing on high-multiple growth stocks and supporting cyclicals.

COVID-19’s resurgence due to the Delta variant threw numerous countries across Europe and Asia into renewed lockdowns, putting a damper on the reopening trade. China dominated the headlines later in the reporting period with its increased regulatory scrutiny

¹	Cyclicals consists of the following industries: automotive, entertainment, gaming, home construction, lodging, retailers, restaurants, textiles, and other consumer services.

²	Non-cyclicals consists of the following industries: consumer products, food/beverage, health care, pharmaceuticals, supermarkets and tobacco.

ClearBridge International Value Fund 2021 Annual Report

Fund overview (cont’d)

over sectors such as education, technology, property, gaming, and potentially even the financials sector. Coupled with contagion fear over the Evergrande default and worsening power shortages across the country, China suddenly became the biggest risk to global growth.

Markets also wavered in the third quarter of 2021, as higher inflation coincided with signals from the European Central Bank and Bank of England that they would consider scaling back policy support. Equities delivered a flattish third quarter of 2021, as already-challenging labor and supply shortages and broad-based inflationary pressures intensified, weighing on industrials and materials companies. Energy felt crosswinds from a slowing Chinese economy even while global demand remained strong. Robust third quarter 2021 corporate earnings, however, suggesting companies have largely been able to absorb inflationary pressures, led to strong gains in October and brought the reporting period to a close on a high note.

Q. How did we respond to these changing market conditions?

A. While the combination of a pandemic and speculative asset price bubble creates a challenging investment environment, it can also act as a catalyst for change. Historically, the most difficult and uncertain times have often fueled important inventions, discoveries and human progress. Our focus since the start of 2020 has been to capture the important initial rotation into value stocks. Encouragingly, we fully participated in the strong relative performance of value stocks over the past twelve months ended October 31, 2021. We believe this is just the beginning of a secular shift in market leadership and remain positioned in companies that benefit from strong operating leverage to a period of healthy nominal gross domestic product growth. We continue to believe that the generational shift in the investment landscape from the March 2020 lows has yet to be fully reflected in relative valuations and performance. As a result, we have capitalized on the opportunity to add to high-conviction holdings and upgrade the valuation, quality and potential growth of the overall portfolio.

Despite near-term risks to margins and the pace of economic growth, our investment process and bottom-up research leads to a pro-cyclical bias with significant exposure to the energy, materials, industrials and consumer discretionary sectors. In addition to strong free cash flows and earnings growth, these companies are well-positioned to benefit from the transformational trends related to decarbonization, vehicle electrification, supply chain automation and industrial modernization.

During the reporting period, we transitioned from an underweight to an overweight allocation in the energy sector through our inclusion of new positions such as Inpex, a leading Japanese oil and gas producer. Inpex is a deeply undervalued beneficiary of rising oil prices and the energy transition, priced at 7x earnings, half of book value and paying a 4% dividend. The company is also exposed to the structurally strong demand for “green” bridge fuels such as liquefied natural gas, hydrogen, clean ammonia, carbon neutral natural gas and carbon capture technologies. The company’s free cash flow is powerful, and between now and 2025 is expected to equal the entire market value of the firm.

Additionally, we have increased our exposure to the financials sector, which adds to the resilience of the portfolio in a rising interest rate environment. Steepening yield curves, along with improving loan growth, strong capital, solid housing demand and recovering consumer spending, is creating a positive environment for the banking sector.

ClearBridge International Value Fund 2021 Annual Report

We continue to believe that technology stocks generally remain expensive with extremely high earnings expectations, but still continue to uncover compelling opportunities such as the Fund’s new position in German enterprise software maker SAP. After years of underperformance and stagnating earnings, new management has fully embraced transitioning to the cloud and targeted a tripling of related revenues by 2025. Shifting clients to cloud-based services will eventually increase both growth and profitability, and deliver strong free cash flows.

Geographically, our main exposure remains Europe and the U.K. which we believe offer the best combination of valuation, quality and growth, but Japanese and Asian shares are increasingly compelling laggards. China and emerging markets are showing improving relative earnings growth and stabilizing trends. Many of our new ideas are in these areas which are currently well below benchmark exposure in the portfolio.

The shifts driving the portfolio are broader and likely more durable than simple style-based metrics imply. We expect the growth and momentum characteristics of the portfolio to steadily improve as traditional value sectors benefit from the profound shift in policies and secular economic dynamics. This represents a return to normal for our investment process, which targets a combination of attractive factors within a value discipline.

Performance review

For the twelve months ended October 31, 2021, Class A shares of ClearBridge International Value Fund, excluding sales charges, returned 49.37%. The Fund’s unmanaged benchmark, the MSCI All Country World Index Ex-U.S., returned 29.66%, for the same period. The Lipper International Multi-Cap Value Funds Category Averageii returned 37.68% over the same time frame.


Performance Snapshot as of October 31, 2021 (unaudited)
(excluding sales charges)	6 months			12 months
ClearBridge International Value Fund:
Class A		2.77	%		49.37	%
Class C		2.41	%		48.40	%
Class R		2.69	%		49.04	%
Class I		2.90	%		49.82	%
Class IS		3.02	%		49.97	%
MSCI All Country World Index Ex-U.S.		1.77	%		29.66	%
Lipper International Multi-Cap Value Funds Category Average		1.99	%		37.68	%

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

ClearBridge International Value Fund 2021 Annual Report

Fund overview (cont’d)

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

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

Total Annual Operating Expenses (unaudited)

As of the Fund’s current prospectus dated March 1, 2021, the gross total annual fund operating expense ratios for Class A, Class C, Class R, Class I and Class IS shares were 1.47%, 2.13%, 1.54%, 1.00% and 0.88%, respectively.

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

As a result of expense limitation arrangements, the ratio of total annual fund expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets will not exceed 1.25% for Class A shares, 2.00% for Class C shares, 1.50% for Class R shares, 0.90% for Class I shares and 0.80% for Class IS shares. In addition, the ratio of total annual fund operating expenses for Class IS shares will 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, 2023 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. This management fee waiver is not subject to the recapture provision discussed below.

The manager is permitted to recapture amounts previously 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 the manager 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.

Q. What were the leading contributors to performance?

A. On an absolute basis, the leading contributors to performance came from the financials and industrials sectors. Relative to the benchmark index, overall stock selection and sector allocation positively impacted performance. Specifically, stock selection within the consumer discretionary, financials, industrials, materials, consumer staples, communication services, information technology (IT) and real estate sectors, underweight allocations to the communication services, consumer staples, health care and real estate sectors, overweight allocations to the industrials, materials, energy sectors and a lack of exposure to the utilities sector proved beneficial.

On a regional basis, relative performance was positively impacted by stock selection in Europe ex-U.K., the U.K., Japan and emerging markets. Additionally, overweight allocations to Europe ex-U.K. and the U.K. and underweight allocations to emerging markets, Japan and Asia ex-Japan were positive contributors.

ClearBridge International Value Fund 2021 Annual Report

Over the reporting period, individual stocks that made a significant contribution to performance included Glencore in the materials sector, BNP Paribas and Barclays in the financials sector, CNH Industrial and A.P. Moller – Maersk A/S in the industrials sector and Total Energies SE in the energy sector.

Q. What were the leading detractors from performance?

A. Relative to the benchmark index, stock selection in the health care sector as well as an overweight to the consumer discretionary sector and underweight to the IT sector were detrimental to performance.

On a regional basis, relative performance was most negatively impacted by stock selection in Asia ex-Japan and North America.

Individual holdings that detracted from performance during the period included KION Group in the industrials sector, Novagold Resources in the materials sector, Marston’s and Galaxy Entertainment Group in the consumer discretionary sector and Fresenius Medical Care in the health care sector.

Q. Were there any significant changes to the Fund during the reporting period?

A. The Fund established a number of new positions and closed a number of existing positions over the course of the period. The largest additions to the Fund’s portfolio were positions in Banco Bilbao Vizcaya Argentaria in the financials sector, Royal Dutch Shell and Inpex in the energy sector, Marston’s in the consumer discretionary sector and SAP in the IT sector. The largest eliminations from the Fund’s portfolio included Novagold Resources in the materials sector, Komatsu in the industrials sector, Baidu in the communication services sector, UniCredit S.p.A. in the financials sector and Atos in the IT sector.

Thank you for your investment in the ClearBridge International Value Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

LOGO

Sean M. Bogda, CFA

Portfolio Manager

ClearBridge Investments, LLC

ClearBridge International Value Fund 2021 Annual Report

Fund overview (cont’d)

LOGO

Paul D. Ehrlichman

Senior Portfolio Manager

ClearBridge Investments, LLC

LOGO

Safa R. Muhtaseb, CFA

Portfolio Manager

ClearBridge Investments, LLC

LOGO

Grace Su

Portfolio Manager

ClearBridge Investments, LLC

November 19, 2021

RISKS: Equity securities are subject to market and price fluctuations. Large-cap stocks may fall out of favor with investors based on market and economic conditions. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund is subject to certain risks of foreign investing not associated with domestic investing. These include currency fluctuations; political, social and economic uncertainties; differing securities regulations and periods of illiquidity, which could result in significant market fluctuations. These risks are magnified in emerging or developing markets. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. To the extent the Fund invests in fixed income securities, these securities are subject to various risks, including but not limited to interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund may use derivatives, such as forward foreign currency contracts, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

Portfolio holdings and breakdowns are as of October 31, 2021 and are subject to change and may not be representative of the portfolio managers’ current or future investments. The Fund’s top ten holdings (as a percentage of net assets) as of October 31, 2021 were: Glencore PLC (5.0%), TotalEnergies SE (3.3%), Barclays PLC (3.2%), BNP Paribas SA (3.1%), Banco Bilbao Vizcaya Argentaria SA (3.0%), A.P. Moller — Maersk A/S (3.0%), Royal Dutch Shell PLC (2.9%), Volkswagen AG (2.8%), KION Group AG (2.8%) and Julius Baer Group Ltd. (2.5%). Please refer to pages 13 through 17 for a list and percentage breakdown of the Fund’s holdings.

ClearBridge International Value Fund 2021 Annual Report

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. The Fund’s top five sector holdings (as a percentage of net assets) as of October 31, 2021 were: financials (20.3%), industrials (18.8%), consumer discretionary (16.8%), materials (15.0%), and energy (7.9%). The Fund’s portfolio composition is subject to change at any time.

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

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

ⁱ	The MSCI All-Country World Index Ex-U.S. (“MSCI ACWI Ex-U.S.”) is a market-capitalization-weighted index that is designed to measure performance of stocks throughout the world, with the exception of U.S.-based companies. The MSCI ACWI Ex-U.S. includes both developed and emerging markets.

ⁱⁱ

Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the period ended October 31, 2021, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 225 funds for the six-month period and among the 223 funds for the twelve-month period in the Fund’s Lipper category, and excluding sales charges, if any.

ClearBridge International Value Fund 2021 Annual Report

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†	The bar graph above represents the composition of the Fund’s investments as of October 31, 2021 and October 31, 2020. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

‡	Represents less than 0.1%.

ClearBridge International Value Fund 2021 Annual Report

Fund expenses (unaudited)

Example

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

This example is based on an investment of $1,000 invested on May 1, 2021 and held for the six months ended October 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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



Based on actual total return¹													Based on hypothetical total return¹
	Actual Total Return Without Sales Charge²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		2.77	%	$	1,000.00	$	1,027.70		1.25	%	$	6.39	Class A		5.00	%	$	1,000.00	$	1,018.90		1.25	%	$	6.36
Class C		2.41			1,000.00		1,024.10		2.00			10.20	Class C		5.00			1,000.00		1,015.12		2.00			10.16
Class R		2.69			1,000.00		1,026.90		1.50			7.66	Class R		5.00			1,000.00		1,017.64		1.50			7.63
Class I		2.90			1,000.00		1,029.00		0.90			4.60	Class I		5.00			1,000.00		1,020.67		0.90			4.58
Class IS		3.02			1,000.00		1,030.20		0.80			4.09	Class IS		5.00			1,000.00		1,021.17		0.80			4.08

ClearBridge International Value Fund 2021 Annual Report

Fund expenses (unaudited) (cont’d)

¹	For the six months ended October 31, 2021.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

ClearBridge International Value Fund 2021 Annual Report

Fund performance (unaudited)


Average annual total returns
Without sales charges¹	Class A			Class C			Class R			Class I			Class IS
Twelve Months Ended 10/31/21		49.37	%		48.40	%		49.04	%		49.82	%		49.97	%
Five Years Ended 10/31/21		5.14			4.38			4.89			5.48			5.61
Ten Years Ended 10/31/21		5.23			4.47			N/A			5.61			5.72
Inception* through 10/31/21		—			—			1.74			—			—

With sales charges²	Class A			Class C			Class R			Class I			Class IS
Twelve Months Ended 10/31/21		40.70	%		47.40	%		49.04	%		49.82	%		49.97	%
Five Years Ended 10/31/21		3.91			4.38			4.89			5.48			5.61
Ten Years Ended 10/31/21		4.61			4.47			N/A			5.61			5.72
Inception* through 10/31/21		—			—			1.74			—			—


Cumulative total returns
Without sales charges¹
Class A (10/31/11 through 10/31/21)	66.54	%
Class C (10/31/11 through 10/31/21)	54.92
Class R (Inception date of 1/31/14 through 10/31/21)	14.34
Class I (10/31/11 through 10/31/21)	72.67
Class IS (10/31/11 through 10/31/21)	74.47

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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.

¹	Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. In addition, Class A shares reflect the deduction of the maximum initial sales charge of 5.75%. Class C shares reflect the deduction of a 1.00% CDSC, which applies if shares are redeemed within one year from purchase payment.

*	Inception dates for Class A, C, R, I and IS shares are February 18, 1986 (including predecessor fund), January 4, 1993, January 31, 2014, December 29, 2006 and August 4, 2008, respectively.

ClearBridge International Value Fund 2021 Annual Report

Fund performance (unaudited) (cont’d)

Historical performance

Value of $10,000 invested in

Class A Shares of ClearBridge International Value Fund vs. MSCI All Country World Index Ex-U.S.† — October 2011 - October 2021

LOGO

†

Hypothetical illustration of $10,000 invested in Class A shares of ClearBridge International Value Fund on October 31, 2011, assuming the deduction of the maximum initial sales charge of 5.75% at the time of investment for Class A shares and the reinvestment of all distributions, including returns of capital, if any, at net asset value through October 31, 2021. The hypothetical illustration also assumes a $10,000 investment, as applicable, in the MSCI All Country World Index Ex-U.S. The MSCI All Country World Index Ex-U.S. (the “Index”) is a market capitalization-weighted index that is designed to measure performance of stocks throughout the world, with the exception of U.S.-based companies, it includes both developed and emerging markets. The Index is unmanaged and is not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index. The performance of the Fund’s other classes may be greater or less than the Class A shares’ performance indicated on this chart, depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.

ClearBridge International Value Fund 2021 Annual Report

Schedule of investments

October 31, 2021

ClearBridge International Value Fund

(Percentages shown based on Fund net assets)

Security

Value

Common Stocks — 90.6%

Communication Services — 0.7%

Wireless Telecommunication Services — 0.7%

Vodafone Group PLC

1,355,670

2,000,774

^(a)

Consumer Discretionary — 14.0%

Automobiles — 2.4%

Bayerische Motoren Werke AG

40,820

4,117,506

^(a)

Honda Motor Co. Ltd.

84,707

2,495,406

^(a)

Total Automobiles

6,612,912

Distributors — 0.5%

Jardine Cycle &Carriage Ltd.

80,900

1,351,782

^(a)

Hotels, Restaurants & Leisure — 4.5%

Compass Group PLC

179,734

3,817,656

*^(a)

Galaxy Entertainment Group Ltd.

429,386

2,320,090

*^(a)

Marston’s PLC

2,985,110

3,250,500

*^(a)

Melia Hotels International SA

379,690

2,798,415

*^(a)

Total Hotels, Restaurants & Leisure

12,186,661

Household Durables — 3.2%

Bellway PLC

81,066

3,679,147

^(a)

Vistry Group PLC

303,570

5,082,483

^(a)

Total Household Durables

8,761,630

Specialty Retail — 1.8%

Industria de Diseno Textil SA

137,520

4,972,300

^(a)

Textiles, Apparel & Luxury Goods — 1.6%

Cie Financiere Richemont SA, Registered Shares

34,070

4,224,378

^(a)

Total Consumer Discretionary

38,109,663

Consumer Staples — 3.3%

Beverages — 2.1%

Coca-Cola Femsa SAB de CV, ADR

50,130

2,694,487

Treasury Wine Estates Ltd.

331,250

2,876,649

^(a)

Total Beverages

5,571,136

Personal Products — 1.2%

Amorepacific Corp.

21,410

3,339,167

^(a)

Total Consumer Staples

8,910,303

Energy — 7.9%

Oil, Gas & Consumable Fuels — 7.9%

Inpex Corp.

562,555

4,636,486

^(a)

Royal Dutch Shell PLC, Class A Shares

338,117

7,760,282

^(a)

TotalEnergies SE

178,511

8,950,332

^(a)

Total Energy

21,347,100

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Schedule of investments (cont’d)

October 31, 2021

ClearBridge International Value Fund

(Percentages shown based on Fund net assets)

Security

Value

Financials — 20.3%

Banks — 15.2%

Banco Bilbao Vizcaya Argentaria SA

1,169,350

8,204,124

^(a)

Barclays PLC

3,175,874

8,762,427

^(a)

BAWAG Group AG

84,180

5,303,311

^(a)(b)

BNP Paribas SA

127,054

8,523,291

^(a)

KBC Group NV

48,120

4,491,017

^(a)

Shinhan Financial Group Co. Ltd.

63,913

2,084,242

^(a)

Standard Chartered PLC

577,983

3,917,815

^(a)

Total Banks

41,286,227

Capital Markets — 3.8%

Julius Baer Group Ltd.

92,210

6,679,492

^(a)

Korea Investment Holdings Co. Ltd.

48,658

3,640,653

^(a)

Total Capital Markets

10,320,145

Insurance — 1.3%

AXA SA

122,560

3,567,619

^(a)

Total Financials

55,173,991

Health Care — 5.1%

Health Care Providers &Services — 1.4%

Fresenius Medical Care AG &Co. KGaA

57,172

3,802,581

^(a)

Pharmaceuticals — 3.7%

Roche Holding AG

12,370

4,792,297

^(a)

Sanofi

51,115

5,116,628

^(a)

Total Pharmaceuticals

9,908,925

Total Health Care

13,711,506

Industrials —18.8%

Aerospace & Defense — 1.8%

Airbus SE

21,140

2,710,285

*^(a)

MTU Aero Engines AG

10,140

2,254,980

^(a)

Total Aerospace & Defense

4,965,265

Airlines — 1.2%

Japan Airlines Co. Ltd.

149,258

3,217,092

*^(a)

Electrical Equipment — 3.0%

Schneider Electric SE

22,100

3,822,689

^(a)

Sensata Technologies Holding PLC

76,510

4,215,701

Total Electrical Equipment

8,038,390

Industrial Conglomerates — 1.6%

Hitachi Ltd.

73,265

4,224,916

^(a)

Machinery — 5.9%

CNH Industrial NV

162,111

2,773,719

GEA Group AG

50,400

2,481,674

^(a)

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

ClearBridge International Value Fund

(Percentages shown based on Fund net assets)

Security

Value

Machinery — continued

KION Group AG

68,850

7,514,397

^(a)

Metso Outotec oyj

321,700

3,236,201

^(a)

Total Machinery

16,005,991

Marine — 3.0%

A.P. Moller – Maersk A/S, Class B Shares

2,804

8,128,389

^(a)

Trading Companies & Distributors — 2.3%

Brenntag SE

38,860

3,694,842

^(a)

Marubeni Corp.

316,720

2,680,723

^(a)

Total Trading Companies & Distributors

6,375,565

Total Industrials

50,955,608

Information Technology — 4.5%

IT Services — 0.6%

TravelSky Technology Ltd., Class H Shares

892,087

1,670,651

^(a)

Semiconductors & Semiconductor Equipment — 2.2%

Infineon Technologies AG

127,550

5,961,818

^(a)

Software — 1.0%

SAP SE

19,850

2,874,854

^(a)

Technology Hardware, Storage & Peripherals — 0.7%

Samsung Electronics Co. Ltd.

30,007

1,797,780

^(a)

Total Information Technology

12,305,103

Materials — 15.0%

Chemicals — 4.3%

BASF SE

70,680

5,089,443

^(a)

Nutrien Ltd.

93,320

6,522,447

Total Chemicals

11,611,890

Construction Materials — 2.7%

Holcim Ltd.

73,510

3,662,001

^(a)

Wienerberger AG

103,342

3,660,159

^(a)

Total Construction Materials

7,322,160

Containers & Packaging — 0.7%

Greatview Aseptic Packaging Co. Ltd.

4,862,505

1,998,734

^(a)

Metals & Mining — 7.3%

Glencore PLC

2,703,910

13,555,093

^(a)

Newcrest Mining Ltd.

173,650

3,239,254

^(a)

POSCO

12,479

3,154,726

^(a)

Total Metals & Mining

19,949,073

Total Materials

40,881,857

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Schedule of investments (cont’d)

October 31, 2021

ClearBridge International Value Fund

(Percentages shown based on Fund net assets)

Security

Value

Real Estate — 1.0%

Real Estate Management &Development — 1.0%

Daito Trust Construction Co. Ltd.

22,428

2,785,596

^(a)

Total Common Stocks (Cost — $184,820,120)

246,181,501

Rate

Preferred Stocks — 2.8%

Consumer Discretionary — 2.8%

Automobiles — 2.8%

Volkswagen AG (Cost — $5,122,042)

4.860

33,540

7,516,046

^(a)

Expiration
Date

Warrants

Warrants — 0.0%††

Cie Financiere Richemont SA (Cost — $0)

11/22/23

71,520

51,554

Total Investments before Short-Term Investments (Cost — $189,942,162)

253,749,101

Rate

Short-Term Investments —6.3%

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

0.006%

13,626,427

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

0.010%

3,406,607

^(c)

Total Short-Term Investments (Cost —$17,033,034)

17,033,034

Total Investments —99.7% (Cost —$206,975,196)

270,782,135

Other Assets in Excess of Liabilities —0.3%

933,561

Total Net Assets —100.0%

271,715,696

^††	Represents less than 0.1%.

*	Non-income producing security.

^(a)	Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

^(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

^(c)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company“ represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At October 31, 2021, the total market value of investments in Affiliated Companies was $3,406,607 and the cost was $3,406,607 (Note 8).


Abbreviation(s) used in this schedule:

ADR		— American Depositary Receipts

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

ClearBridge International Value Fund


Summary of Investments by Country** (unaudited)
Germany	16.7	%
United Kingdom	12.3
France	10.7
Japan	7.4
Australia	7.3
Switzerland	7.2
Spain	5.9
South Korea	5.2
Austria	3.3
Denmark	3.0
United States	3.0
Netherlands	2.9
Canada	2.4
Belgium	1.6
China	1.3
Finland	1.2
Mexico	1.0
Macau	0.8
Singapore	0.5
Short-Term Investments	6.3
	100.0	%

**	As a percentage of total investments. Please note that the Fund holdings are as of October 31, 2021 and are subject to change.

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Statement of assets and liabilities

October 31, 2021



Assets:
Investments in unaffiliated securities, at value (Cost — $203,568,589)	$	267,375,528
Investments in affiliated securities, at value (Cost — $3,406,607)		3,406,607
Foreign currency, at value (Cost — $91,592)		91,879
Dividends and interest receivable		1,114,557
Receivable for Fund shares sold		163,789
Prepaid expenses		21,876
*Total Assets*		*272,174,236*

Liabilities:
Investment management fee payable		152,763
Payable for Fund shares repurchased		113,867
Transfer agent fees payable		75,528
Audit and tax fees payable		37,373
Service and/or distribution fees payable		31,270
Fund accounting fees payable		25,771
Trustees’ fees payable		590
Accrued expenses		21,378
*Total Liabilities*		*458,540*
Total Net Assets	$	271,715,696

Net Assets:
Par value (Note 7) Paid-in capital in excess of par value	$	237 266,118,754
Total distributable earnings (loss)		5,596,705
Total Net Assets	$	271,715,696

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report



Net Assets:
Class A			$130,684,228
Class C			$3,556,168
Class R			$2,169,679
Class I			$47,998,618
Class IS			$87,307,003

Shares Outstanding:
Class A			11,343,378
Class C			380,950
Class R			189,137
Class I			4,223,082
Class IS			7,521,541

Net Asset Value:
Class A (and redemption price)			$11.52
Class C*			$9.33
Class R (and redemption price)			$11.47
Class I (and redemption price)			$11.37
Class IS (and redemption price)			$11.61

Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.75%)			$12.22

*	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 International Value Fund 2021 Annual Report

Statement of operations

For the Year Ended October 31, 2021



Investment Income:
Dividends	$	7,253,204
Interest from unaffiliated investments		305
Interest from affiliated investments		131
Less: Foreign taxes withheld		(799,615)
*Total Investment Income*		*6,454,025*

Expenses:
Investment management fee (Note 2)		1,826,568
Transfer agent fees (Note 5)		410,067
Service and/or distribution fees (Notes 2 and 5)		348,468
Registration fees		83,726
Fund accounting fees		78,357
Audit and tax fees		38,038
Legal fees		37,505
Custody fees		17,495
Shareholder reports		14,660
Trustees’ fees		12,054
Insurance		3,238
Interest expense		1,644
Miscellaneous expenses		12,067
*Total Expenses*		*2,883,887*
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(293,070)
*Net Expenses*		*2,590,817*
Net Investment Income		3,863,208

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		1,674,250
Foreign currency transactions		(26,258)
*Net Realized Gain*		*1,647,992*
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities		89,086,839
Foreign currencies		(13,955)
*Change in Net Unrealized Appreciation (Depreciation)*		*89,072,884*
Net Gain on Investments and Foreign Currency Transactions		90,720,876
Increase in Net Assets From Operations	$	94,584,084

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Statements of changes in net assets


For the Years Ended October 31,	2021		2020

Operations:
Net investment income	$	3,863,208	$	2,696,139
Net realized gain (loss)		1,647,992		(37,224,979)
Change in net unrealized appreciation (depreciation)		89,072,884		(12,833,546)
*Increase (Decrease) in Net Assets From Operations*		*94,584,084*		*(47,362,386)*

Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(2,500,009)		(10,500,021)
*Decrease in Net Assets From Distributions to Shareholders*		*(2,500,009)*		*(10,500,021)*

Fund Share Transactions (Note 7):
Net proceeds from sale of shares		74,131,515		73,572,179
Reinvestment of distributions		2,281,071		9,585,031
Cost of shares repurchased		(124,425,910)		(96,811,198)
*Decrease in Net Assets From Fund Share Transactions*		*(48,013,324)*		*(13,653,988)*
*Increase (Decrease) in Net Assets*		*44,070,751*		*(71,516,395)*

Net Assets:
Beginning of year		227,644,945		299,161,340
End of year	$	271,715,696	$	227,644,945

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Financial highlights


For a share of each class of beneficial interest outstanding throughout each year ended October 31:
Class A Shares¹	2021			2020			2019			2018			2017

Net asset value, beginning of year		$7.79			$9.57			$9.90			$11.79			$9.74

Income (loss) from operations:
Net investment income		0.15			0.07			0.28			0.19			0.14
Net realized and unrealized gain (loss)		3.68			(1.55)			(0.48)			(1.94)			2.06
*Total income (loss) from operations*		*3.83*			*(1.48)*			*(0.20)*			*(1.75)*			*2.20*

Less distributions from:
Net investment income		(0.10)			(0.30)			(0.13)			(0.14)			(0.15)
*Total distributions*		*(0.10)*			*(0.30)*			*(0.13)*			*(0.14)*			*(0.15)*

Net asset value, end of year		$11.52			$7.79			$9.57			$9.90			$11.79
*Total return²*		*49.37*	%		*(15.99)*	%		*(2.06)*	%		*(14.90)*	%		*22.85*	%

Net assets, end of year (000s)		$130,684			$91,832			$125,266			$125,652			$139,418

Ratios to average net assets:
Gross expenses		1.41	%		1.47	%		1.39	%		1.40	%		1.52	%
Net expenses^3,4		1.25			1.25			1.25			1.25			1.30
Net investment income		1.41			0.82			2.96			1.62			1.30

Portfolio turnover rate		25	%		26	%		40	%		24	%		23	%

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

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	Reflects fee waivers and/or expense reimbursements.

⁴

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended October 31:
Class C Shares¹	2021			2020			2019			2018			2017

Net asset value, beginning of year		$6.32			$7.81			$8.09			$9.63			$8.02

Income (loss) from operations:
Net investment income		0.06			(0.00)	²		0.17			0.08			0.04
Net realized and unrealized gain (loss)		2.98			(1.26)			(0.38)			(1.57)			1.69
*Total income (loss) from operations*		*3.04*			*(1.26)*			*(0.21)*			*(1.49)*			*1.73*

Less distributions from:
Net investment income		(0.03)			(0.23)			(0.07)			(0.05)			(0.12)
*Total distributions*		*(0.03)*			*(0.23)*			*(0.07)*			*(0.05)*			*(0.12)*

Net asset value, end of year		$9.33			$6.32			$7.81			$8.09			$9.63
*Total return³*		*48.40*	%		*(16.55)*	%		*(2.74)*	%		*(15.58)*	%		*21.84*	%

Net assets, end of year (000s)		$3,556			$2,643			$6,312			$12,945			$15,192

Ratios to average net assets:
Gross expenses		2.14	%		2.13	%		1.99	%		2.05	%		2.27	%
Net expenses^4,5		2.00			2.00			1.94			1.98			2.05
Net investment income (loss)		0.64			(0.01)			2.21			0.90			0.47

Portfolio turnover rate		25	%		26	%		40	%		24	%		23	%

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

²	Amount represents less than $0.005 per share.

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.

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended October 31:
Class R Shares¹	2021			2020			2019			2018			2017

Net asset value, beginning of year		$7.76			$9.54			$9.80			$11.68			$9.69

Income (loss) from operations:
Net investment income		0.15			0.05			0.25			0.17			0.11
Net realized and unrealized gain (loss)		3.64			(1.54)			(0.47)			(1.93)			2.04
*Total income (loss) from operations*		*3.79*			*(1.49)*			*(0.22)*			*(1.76)*			*2.15*

Less distributions from:
Net investment income		(0.08)			(0.29)			(0.04)			(0.12)			(0.16)
*Total distributions*		*(0.08)*			*(0.29)*			*(0.04)*			*(0.12)*			*(0.16)*

Net asset value, end of year		$11.47			$7.76			$9.54			$9.80			$11.68
*Total return²*		*49.04*	%		*(16.19)*	%		*(2.20)*	%		*(15.18)*	%		*22.54*	%

Net assets, end of year (000s)		$2,170			$488			$662			$1,089			$1,950

Ratios to average net assets:
Gross expenses		1.56	%		1.54	%		1.49	%		1.59	%		1.71	%
Net expenses^3,4		1.49			1.46			1.44			1.50			1.54
Net investment income		1.38			0.60			2.62			1.46			1.05

Portfolio turnover rate		25	%		26	%		40	%		24	%		23	%

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	Reflects fee waivers and/or expense reimbursements.

⁴

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended October 31:
Class I Shares¹	2021			2020			2019			2018			2017

Net asset value, beginning of year		$7.67			$9.42			$9.77			$11.64			$9.62

Income (loss) from operations:
Net investment income		0.18			0.09			0.31			0.23			0.18
Net realized and unrealized gain (loss)		3.63			(1.51)			(0.48)			(1.91)			2.02
*Total income (loss) from operations*		*3.81*			*(1.42)*			*(0.17)*			*(1.68)*			*2.20*

Less distributions from:
Net investment income		(0.11)			(0.33)			(0.18)			(0.19)			(0.18)
*Total distributions*		*(0.11)*			*(0.33)*			*(0.18)*			*(0.19)*			*(0.18)*

Net asset value, end of year		$11.37			$7.67			$9.42			$9.77			$11.64
*Total return²*		*49.82*	%		*(15.68)*	%		*(1.72)*	%		*(14.66)*	%		*23.26*	%

Net assets, end of year (000s)		$47,999			$69,660			$100,409			$139,402			$67,012

Ratios to average net assets:
Gross expenses		0.96	%		1.00	%		0.99	%		1.00	%		1.09	%
Net expenses^3,4		0.89			0.90			0.90			0.90			0.95
Net investment income		1.73			1.14			3.30			2.02			1.66

Portfolio turnover rate		25	%		26	%		40	%		24	%		23	%

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	Reflects fee waivers and/or expense reimbursements.

⁴

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended October 31:
Class IS Shares¹	2021			2020			2019			2018			2017

Net asset value, beginning of year		$7.85			$9.63			$9.98			$11.88			$9.81

Income (loss) from operations:
Net investment income		0.20			0.11			0.32			0.23			0.19
Net realized and unrealized gain (loss)		3.70			(1.55)			(0.49)			(1.93)			2.07
*Total income (loss) from operations*		*3.90*			*(1.44)*			*(0.17)*			*(1.70)*			*2.26*

Less distributions from:
Net investment income		(0.14)			(0.34)			(0.18)			(0.20)			(0.19)
*Total distributions*		*(0.14)*			*(0.34)*			*(0.18)*			*(0.20)*			*(0.19)*

Net asset value, end of year		$11.61			$7.85			$9.63			$9.98			$11.88
*Total return²*		*49.97*	%		*(15.57)*	%		*(1.62)*	%		*(14.54)*	%		*23.41*	%

Net assets, end of year (000s)		$87,307			$63,023			$66,511			$103,694			$99,674

Ratios to average net assets:
Gross expenses		0.87	%		0.88	%		0.85	%		0.88	%		0.97	%
Net expenses^3,4		0.80			0.80			0.80			0.80			0.85
Net investment income		1.85			1.33			3.33			2.04			1.80

Portfolio turnover rate		25	%		26	%		40	%		24	%		23	%

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	Reflects fee waivers and/or expense reimbursements.

⁴

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.80%. 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, 2023 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. Prior to December 1, 2017, the expense limitation was 0.85%. In addition, the ratio of total fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares.

See Notes to Financial Statements.

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements

1. Organization and significant accounting policies

ClearBridge International Value Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Investment Trust (prior to September 1, 2021, known as Legg Mason Partners Equity 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 following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

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

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned
by the

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements (cont’d)

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.

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— 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.

ClearBridge International Value Fund 2021 Annual Report

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
Long-Term Investments†:
Common Stocks:
Consumer Staples	$	2,694,487	$	6,215,816		—	$	8,910,303
Industrials		6,989,420		43,966,188		—		50,955,608
Materials		6,522,447		34,359,410		—		40,881,857
Other Common Stocks		—		145,433,733		—		145,433,733
Preferred Stocks		—		7,516,046		—		7,516,046
Warrants		51,554		—		—		51,554
Total Long-Term Investments		16,257,908		237,491,193		—		253,749,101
Short-Term Investments†		17,033,034		—		—		17,033,034
Total Investments	$	33,290,942	$	237,491,193		—	$	270,782,135

As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.

†	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 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,

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements (cont’d)

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), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. 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) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(f) 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.

(g) 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.

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of October 31, 2021, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal

ClearBridge International Value Fund 2021 Annual Report

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.

(i) 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 Fund had no reclassifications.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) 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. LMPFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

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


Average Daily Net Assets	Annual Rate
First $1 billion		0.750	%
Next $1 billion		0.700
Next $3 billion		0.650
Next $5 billion		0.600
Over $10 billion		0.550

LMPFA provides administrative and certain oversight services to the Fund. LMPFA 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, LMPFA 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, LMPFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by LMPFA.

As a result of expense limitation arrangements between the Fund and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R, Class I and Class IS shares did not exceed 1.25%, 2.00%, 1.50%, 0.90% and 0.80%, 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, 2023 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

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements (cont’d)

subject to the recapture provision discussed below.

During the year ended October 31, 2021, fees waived and/or expenses reimbursed amounted to $293,070, which included an affiliated money market fund waiver of $106.

LMPFA 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 LMPFA 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 (known as Legg Mason Investor Services, LLC prior to July 7, 2021) (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

There is a maximum initial sales charge of 5.75% 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 Legg Mason funds, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended October 31, 2021, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:


	Class A		Class C
Sales charges	$	66,119		—
CDSCs		731	$	16

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

3. Investments

During the year ended October 31, 2021, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:


Purchases	$	58,418,229
Sales		120,674,697

At October 31, 2021, 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

207,560,001

67,625,668

(4,403,534)

63,222,134

ClearBridge International Value Fund 2021 Annual Report

4. Derivative instruments and hedging activities

During the year ended October 31, 2021, the Fund did not invest in derivative instruments.

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

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

For the year ended October 31, 2021, class specific expenses were as follows:


	Service and/or Distribution Fees		Transfer Agent Fees
Class A	$	309,492	$	359,963
Class C		34,145		9,191
Class R		4,831		1,858
Class I		—		37,602
Class IS		—		1,453
Total	$	348,468	$	410,067

For the year ended October 31, 2021, waivers and/or expense reimbursements by class were as follows:


	Waivers/Expense Reimbursements
Class A	$	202,501
Class C		4,857
Class R		700
Class I		28,638
Class IS		56,374
Total	$	293,070

6. Distributions to shareholders by class


	Year Ended October 31, 2021		Year Ended October 31, 2020
Net Investment Income:
Class A	$	1,142,619	$	3,951,323
Class C		13,423		180,386
Class R		5,030		20,112
Class I		279,347		3,476,578
Class IS		1,059,590		2,871,622
Total	$	2,500,009	$	10,500,021

7. Shares of beneficial interest

At October 31, 2021, 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

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements (cont’d)

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 October 31, 2021				Year Ended October 31, 2020
	Shares		Amount		Shares		Amount
Class A
Shares sold		1,704,659	$	18,297,310		2,028,088	$	16,574,716
Shares issued on reinvestment		109,126		1,058,524		389,936		3,704,387
Shares repurchased		(2,256,783)		(23,799,771)		(3,722,800)		(31,192,710)
Net decrease		(442,998)	$	(4,443,937)		(1,304,776)	$	(10,913,607)

Class C
Shares sold		49,861	$	451,108		22,631	$	168,358
Shares issued on reinvestment		1,365		10,798		20,039		155,505
Shares repurchased		(88,179)		(763,958)		(433,421)		(2,657,662)
Net decrease		(36,953)	$	(302,052)		(390,751)	$	(2,333,799)

Class R
Shares sold		150,518	$	1,697,963		17,355	$	138,168
Shares issued on reinvestment		515		4,987		1,959		18,576
Shares repurchased		(24,738)		(272,976)		(25,868)		(219,126)
Net increase (decrease)		126,295	$	1,429,974		(6,554)	$	(62,382)

Class I
Shares sold		2,980,011	$	31,866,736		3,119,687	$	24,950,952
Shares issued on reinvestment		21,549		205,576		333,700		3,110,087
Shares repurchased		(7,858,980)		(72,709,271)		(5,030,483)		(40,479,537)
Net decrease		(4,857,420)	$	(40,636,959)		(1,577,096)	$	(12,418,498)

Class IS
Shares sold		1,915,809	$	21,818,398		3,402,328	$	31,739,985
Shares issued on reinvestment		102,897		1,001,186		272,739		2,596,476
Shares repurchased		(2,530,603)		(26,879,934)		(2,550,139)		(22,262,163)
Net increase (decrease)		(511,897)	$	(4,060,350)		1,124,928	$	12,074,298

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

ClearBridge International Value Fund 2021 Annual Report

all or some portion of the year ended October 31, 2021. The following transactions were effected in such company for the year ended October 31, 2021.


	Affiliate Value at October 31, 2020		Purchased				Sold
	Affiliate Value at October 31, 2020		Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	412,521	$	27,290,242		27,290,242	$	24,296,156		24,296,156


(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at October 31, 2021
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	131		—	$	3,406,607

9. Income tax information and distributions to shareholders

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


	2021		2020
Distributions paid from:
Ordinary income	$	2,500,009	$	10,500,021

As of October 31, 2021, the components of distributable earnings (loss) on a tax basis were as follows:


Undistributed ordinary income — net	$	6,420,743
Deferred capital losses*		(64,014,988)
Other book/tax temporary differences^(a)		(42,242)
Unrealized appreciation (depreciation)^(b)		63,233,192
Total distributable earnings (loss) — net	$	5,596,705

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.

^(a)	Other book/tax temporary differences are attributable to book/tax differences in the timing of the deductibility of various expenses.

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

10. Recent accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB

ClearBridge International Value Fund 2021 Annual Report

Notes to financial statements (cont’d)

issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

11. Other matter

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

ClearBridge International Value Fund 2021 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of Legg Mason Partners Investment Trust and Shareholders of ClearBridge International Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ClearBridge International Value Fund (one of the funds constituting Legg Mason Partners Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

December 17, 2021

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

ClearBridge International Value Fund 2021 Annual Report

Additional shareholder information (unaudited)

Results of special meeting of shareholders

A special meeting of shareholders was held on June 15, 2021 for shareholders of record as of March 1, 2021 (the “Record Date”) to elect the Board of Trustees of the Trust. Shareholders of the Fund and each other series of the Trust voted together as a single class to elect the Board.

Shareholders of the Trust voted as indicated below (vote totals are rounded to the nearest whole number). Effective July 1, 2021, the Board is composed of the following Trustees:


Trustee	For		Withheld
Paul R. Ades		34,818,031,380		864,701,681
Andrew L. Breech		34,891,912,353		790,820,707
Althea L. Duersten		34,730,529,034		952,204,027
Stephen R. Gross		34,874,507,049		808,226,012
Susan M. Heilbron		34,856,171,717		826,561,344
Howard J. Johnson		34,814,514,173		868,218,888
Arnold L. Lehman		34,848,857,750		833,875,311
Robin J.W. Masters		34,921,642,190		761,090,871
Jerome H. Miller		34,813,954,150		868,778,910
Ken Miller		34,616,366,023		1,066,367,039
G. Peter O’Brien		34,889,564,576		793,168,485
Thomas F. Schlafly		34,849,538,606		833,194,455
Jane Trust		34,981,181,494		701,551,567

The above Trustees have also been elected to serve as board members of other mutual funds within the Franklin Templeton fund complex.

ClearBridge International Value Fund

Statement regarding liquidity risk management program (unaudited)

Each Fund has adopted and implemented a written Liquidity Risk Management Program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The LRMP is designed to assess and manage each Fund’s liquidity risk, which is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. In accordance with the Liquidity Rule, the LRMP includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for Funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments that would result in the Fund holding more than 15% of its net assets in Illiquid assets. The LRMP also requires reporting to the Securities and Exchange Commission (“SEC”) (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a

non-public basis).

The Director of Liquidity Risk within the Investment Risk Management Group (the “IRMG”) is the appointed Administrator of the LRMP. The IRMG maintains the Investment Liquidity Committee (the “ILC”) to provide oversight and administration of policies and procedures governing liquidity risk management for Franklin Templeton and Legg Mason products and portfolios. The ILC includes representatives from Franklin Templeton’s Risk, Trading, Global Compliance, Legal, Investment Compliance, Investment Operations, Valuation Committee, Product Management and Global Product Strategy.

In assessing and managing each Fund’s liquidity risk, the ILC considers, as relevant, a variety of factors, including the Fund’s investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources including the Funds’ interfund lending facility and line of credit. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value.

Each Fund primarily holds liquid assets that are defined under the Liquidity Rule as “Highly Liquid Investments,” and therefore is not required to establish an HLIM. Highly Liquid

ClearBridge International Value Fund

Statement regarding liquidity risk management program (unaudited) (cont’d)

Investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

At meetings of the Funds’ Board of Trustees/Directors held in November 2021, the Program Administrator provided a written report to the Board addressing the adequacy and effectiveness of the program for the year ended December 31, 2020. The Program Administrator report concluded that (i.) the LRMP, as adopted and implemented, remains reasonably designed to assess and manage each Fund’s liquidity risk; (ii.) the LRMP, including the Highly Liquid Investment Minimum (“HLIM”) where applicable, was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk; and (iii.) each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund.

ClearBridge International Value Fund

Additional information (unaudited)

Information about Trustees and Officers

The business and affairs of ClearBridge International Value Fund (the “Fund”) are conducted by management under the supervision and subject to the direction of its Board of Trustees. The business address of each Trustee is c/o Jane Trust, Legg Mason, 100 International Drive, 11th Floor, Baltimore, Maryland 21202. Information pertaining to the Trustees and officers of the Fund is set forth below.

Previously, the mutual funds of Legg Mason Global Asset Management Trust were overseen by one group of Trustees, and the mutual funds of Legg Mason Partners Investment Trust and Legg Mason Partners Variable Equity Trust (collectively, the “Funds”) were overseen by a different group of Trustees. A joint proxy statement was mailed to solicit shareholder approval for the election of a single slate of Trustees. Shareholders approved the proposed Trustees during a joint special meeting of shareholders on June 15, 2021. Effective July 1, 2021, the Trustees listed below oversee all of the Funds.

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Fund at 1-877-721-1926.


Independent Trustees^†

Paul R. Ades

Year of birth		1940

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1983

Principal occupation(s) during the past five years		Paul R. Ades, PLLC (law firm) (since 2000)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		None

Andrew L. Breech

Year of birth		1952

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1991

Principal occupation(s) during the past five years		President, Dealer Operating Control Service, Inc. (automotive retail management) (since 1985)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		None

ClearBridge International Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Independent Trustees^†(cont’d)

Althea L. Duersten*

Year of birth		1951
Position(s) with Trust		Trustee and Chair of the Board
Term of office¹and length of time served²		Since 2014 (Chair of the Board since 2021)
Principal occupation(s) during the past five years		Retired (since 2011); formerly, Chief Investment Officer, North America, JPMorgan Chase (investment bank) and member of JPMorgan Executive Committee (2007 to 2011)
Number of funds in fund complex overseen by Trustee		61
Other board memberships held by Trustee during the past five years		Formerly, Non-Executive Director, Rokos Capital Management LLP (2019 to 2020)

Stephen R. Gross

Year of birth		1947

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1986

Principal occupation(s) during the past five years		Chairman Emeritus (since 2011) and formerly, Chairman, HLB Gross Collins, P.C. (accounting and consulting firm) (1979 to 2011); Executive Director of Business Builders Team, LLC (since 2005); Principal, Gross Consulting Group, LLC (since 2011); CEO, Gross Capital Partners, LLC (since 2014); CEO, Trusted CFO Solutions, LLC (since 2011)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		None

Susan M. Heilbron

Year of birth		1945

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1991

Principal occupation(s) during the past five years		Retired; formerly, President, Lacey & Heilbron (communications consulting) (1990 to 2002); General Counsel and Executive Vice President, The Trump Organization (1986 to 1990); Senior Vice President, New York State Urban Development Corporation (1984 to 1986); Associate, Cravath, Swaine & Moore LLP (1980 to 1984 and 1977 to 1979)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		Formerly, Director, Lincoln Savings Bank FSB (1991 to 1994); Director, Trump Shuttle, Inc. (air transportation) (1989 to 1990); Director, Alexander’s Inc. (department store) (1987 to 1990)

ClearBridge International Value Fund


Independent Trustees^†(cont’d)

Howard J. Johnson

Year of birth		1938

Position(s) with Trust		Trustee

Term of office¹and length of time served²		From 1981 to 1998 and since 2000

Principal occupation(s) during the past five years		Retired; formerly, Chief Executive Officer, Genesis Imaging LLC (technology company) (2003 to 2012)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		None

Arnold L. Lehman

Year of birth		1944

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1982

Principal occupation(s) during the past five years		Senior Advisor, Phillips (auction house) (since 2015); formerly, Fellow, Ford Foundation (2015 to 2016); Director of the Brooklyn Museum (1997 to 2015)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		Trustee of American Federation of Arts (since 2002)

Robin J. W. Masters

Year of birth		1955

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 2002

Principal occupation(s) during the past five years		Retired; formerly, Chief Investment Officer of ACE Limited (insurance) (1986 to 2000)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		Director of HSBC Managed Portfolios Limited and HSBC Specialist Funds Limited (since 2020); formerly, Director of Cheyne Capital International Limited (investment advisory firm) (2005 to 2020); Director/Trustee of Legg Mason Institutional Funds plc, Western Asset Fixed Income Funds plc and Western Asset Debt Securities Fund plc. (2007 to 2011)

Jerome H. Miller

Year of birth		1938

Position(s) with Trust		Trustee

Term of office¹and length of time served²		Since 1995

Principal occupation(s) during the past five years		Retired; formerly, President, Shearson Lehman Asset Management (1991 to 1993), Vice Chairman, Shearson Lehman Hutton Inc. (1989 to 1992) and Senior Executive Vice President, E.F. Hutton Group Inc. (1986 to 1989)

Number of funds in fund complex overseen by Trustee		61

Other board memberships held by Trustee during the past five years		None

ClearBridge International Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Independent Trustees^†(cont’d)

Ken Miller
Year of birth		1942
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 1983
Principal occupation(s) during the past five years		Retired; formerly, President, Young Stuff Apparel Group, Inc. (apparel manufacturer), division of Li & Fung (1963 to 2012)
Number of funds in fund complex overseen by Trustee		61
Other board memberships held by Trustee during the past five years		None

G. Peter O’Brien
Year of birth		1945
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 1999
Principal occupation(s) during the past five years		Retired, Trustee Emeritus of Colgate University (since 2005); Board Member, Hill House, Inc. (residential home care) (since 1999); formerly, Board Member, Bridges School (pre-school) (2006 to 2017); Managing Director, Equity Capital Markets Group of Merrill Lynch & Co. (1971 to 1999)
Number of funds in fund complex overseen by Trustee		Trustee of Legg Mason funds consisting of 61 portfolios; Director/Trustee of the Royce Family of Funds consisting of 16 portfolios
Other board memberships held by Trustee during the past five years		Formerly, Director of TICC Capital Corp. (2003 to 2017)

Thomas F. Schlafly
Year of birth		1948
Position(s) with Trust		Trustee
Term of office¹and length of time served²		Since 1983
Principal occupation(s) during the past five years		Chairman, The Saint Louis Brewery, LLC (brewery) (since 2012); formerly, President, The Saint Louis Brewery, Inc. (1989 to 2012); Senior Counsel (since 2017) and formerly, Partner (2009 to 2016), Thompson Coburn LLP (law firm)
Number of funds in fund complex overseen by Trustee		61
Other board memberships held by Trustee during the past five years		Director, CNB St. Louis Bank (since 2020); formerly, Director, Citizens National Bank of Greater St. Louis (2006 to 2020)

ClearBridge International Value Fund


Interested Trustee and Officer

Jane Trust, CFA³

Year of birth		1962

Position(s) with Trust		Trustee, President and Chief Executive Officer

Term of office¹and length of time served²		Since 2015

Principal occupation(s) during the past five years		Senior Vice President, Fund Board Management, Franklin Templeton (since 2020); Officer and/or Trustee/Director of 132 funds associated with LMPFA or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Managing Director (2018 to 2020) and Managing Director (2016 to 2018) of Legg Mason & Co., LLC (“Legg Mason & Co.”); Senior Vice President of LMPFA (2015)

Number of funds in fund complex overseen by Trustee		130

Other board memberships held by Trustee during the past five years		None
Additional Officers

Ted P. Becker Franklin Templeton 620 Eighth Avenue, 47th Floor, New York, NY 10018

Year of birth		1951

Position(s) with Trust		Chief Compliance Officer

Term of office¹and length of time served²		Since 2007

Principal occupation(s) during the past five years		Vice President, Global Compliance of Franklin Templeton (since 2020); Chief Compliance Officer of LMPFA (since 2006); Chief Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Director of Global Compliance at Legg Mason, Inc. (2006 to 2020); Managing Director of Compliance of Legg Mason & Co. (2005 to 2020)

Susan Kerr Franklin Templeton 620 Eighth Avenue, 47th Floor, New York, NY 10018

Year of birth		1949

Position(s) with Trust		Chief Anti-Money Laundering Compliance Officer

Term of office¹and length of time served²		Since 2013

Principal occupation(s) during the past five years		Senior Compliance Analyst, Franklin Templeton (since 2020); Chief Anti-Money Laundering Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer (since 2012), Senior Compliance Officer (since 2011) and Assistant Vice President (since 2010) of Franklin Distributors, LLC; formerly, Assistant Vice President of Legg Mason & Co. (2010 to 2020)

ClearBridge International Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Additional Officers (cont’d)

Jenna Bailey Franklin Templeton 100 First Stamford Place, 5th Floor, Stamford, CT 06902

Year of birth		1978

Position(s) with Trust		Identity Theft Prevention Officer

Term of office¹and length of time served²		Since 2015

Principal occupation(s) during the past five years		Senior Compliance Analyst of Franklin Templeton (since 2020); Identity Theft Prevention Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2015); formerly, Compliance Officer of Legg Mason & Co. (2013 to 2020); Assistant Vice President of Legg Mason & Co. (2011 to 2020)

Marc A. De Oliveira Franklin Templeton 100 First Stamford Place, 6th Floor, Stamford, CT 06902

Year of birth		1971

Position(s) with Trust		Secretary and Chief Legal Officer

Term of office¹and length of time served²		Since 2020

Principal occupation(s) during the past five years		Associate General Counsel of Franklin Templeton (since 2020); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Managing Director (2016 to 2020) and Associate General Counsel of Legg Mason & Co. (2005 to 2020)

Thomas C. Mandia Franklin Templeton 100 First Stamford Place, 6th Floor, Stamford, CT 06902

Year of birth		1962

Position(s) with Trust		Senior Vice President

Term of office¹and length of time served²		Since 2020

Principal occupation(s) during the past five years		Senior Associate General Counsel of Franklin Templeton (since 2020); Secretary of LMPFA (since 2006); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers); formerly, Managing Director and Deputy General Counsel of Legg Mason & Co. (2005 to 2020)

ClearBridge International Value Fund


Additional Officers (cont’d)

Christopher Berarducci Franklin Templeton 620 Eighth Avenue, 47th Floor, New York, NY 10018
Year of birth		1974
Position(s) with Trust		Treasurer and Principal Financial Officer

Term of office¹and length of time served²		Since 2014 and 2019

Principal occupation(s) during the past five years		Vice President, Fund Administration and Reporting, Franklin Templeton (since 2020); Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain funds associated with Legg Mason & Co. or its affiliates; formerly, Managing Director (2020), Director (2015 to 2020), and Vice President (2011 to 2015) of Legg Mason & Co.

Jeanne M. Kelly Franklin Templeton 620 Eighth Avenue, 47th Floor, New York, NY 10018

Year of birth		1951

Position(s) with Trust		Senior Vice President

Term of office¹and length of time served²		Since 2007

Principal occupation(s) during the past five years		U.S. Fund Board Team Manager, Franklin Templeton (since 2020); Senior Vice President of certain funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of LMPFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); formerly, Managing Director of Legg Mason & Co. (2005 to 2020); Senior Vice President of LMFAM (2013 to 2015)

^†	Trustees who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

*	Effective January 1, 2021, Ms. Duersten became Chair.

¹	Each Trustee and officer serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

²	Indicates the earliest year in which the Trustee became a board member for a fund in the Legg Mason fund complex or the officer took such office.

³	Ms. Trust is an “interested person” of the Fund, as defined in the 1940 Act, because of her position with LMPFA and/or certain of its affiliates.

ClearBridge International Value Fund

Important tax information (unaudited)

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

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

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended October 31, 2021:


	Pursuant to:		Amount Reported
Qualified Dividend Income Earned (QDI)		§854(b)(1)(B)		$6,541,582

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Fund during the fiscal year ended October 31, 2021:


Foreign Taxes Paid	$	459,774
Foreign Source Income Earned	$	7,254,493

ClearBridge International Value Fund

ClearBridge

International Value Fund

Trustees*

Paul R. Ades

Andrew L. Breech

Althea L. Duersten**

Chair

Stephen R. Gross

Susan M. Heilbron

Howard J. Johnson

Arnold L. Lehman

Robin J. W. Masters

Jerome H. Miller

Ken Miller

G. Peter O’Brien

Thomas F. Schlafly

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

ClearBridge Investments, LLC

Distributor

Franklin Distributors, LLC†

Custodian

The Bank of New York Mellon

Transfer agent

BNY Mellon Investment

Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

During a June 15, 2021 special meeting of shareholders, a new group of Trustees were elected to oversee the mutual funds of Legg Mason Global Asset Management Trust, Legg Mason Partners Investment Trust (prior to September 1, 2021, known as Legg Mason Partners Equity Trust) and Legg Mason Partners Variable Equity Trust, effective July 1, 2021.

**	Effective January 1, 2021, Ms. Duersten became Chair.

†	Effective July 7, 2021, Legg Mason Investor Services, LLC was renamed Franklin Distributors, LLC.

ClearBridge International Value Fund

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

ClearBridge International Value 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 1-877-721-1926.

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 1-877-721-1926, (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 International Value 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

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

•

Personal information included on applications or other forms;

•

Account balances, transactions, and mutual fund holdings and positions;

•

Bank account information, legal documents, and identity verification documentation;

•

Online account access user IDs, passwords, security challenge question responses; and

•

Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law.

The Funds may disclose information about you to:

•

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

•

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform. The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary, so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.franklintempleton.com, or contact the Fund at 1-877-721-1926.

Revised April 2018

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker,

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

•

In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

•

You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: DataProtectionOfficer@franklintempleton.com

Phone: 1-800-396-4748

Revised October 2020

NOT PART OF THE ANNUAL REPORT

www.franklintempleton.com

FD01936 12/21 SR21-4295

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 October 31, 2020 and October 31, 2021 (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 $325,110 in October 31, 2020 and $325,110 in October 31, 2021.

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 October 31, 2020 and $0 in October 31, 2021.

(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 $0 in October 31, 2020 and $100,500 in October 31, 2021. 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 October 31, 2020 and $0 in October 31, 2021.

All Other Fees. There were no other non-audit services rendered by the Auditor to Legg Mason Partners Fund Advisors, LLC (“LMPFA”), and any entity controlling, controlled by or under common control with LMPFA 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 LMPFA 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) For the Legg Mason Partners Investment Trust, the percentage of fees that were approved by the audit committee, with respect to: Audit-Related Fees were 100% and 100% for October 31, 2020 and October 31, 2021; Tax Fees were 100% and 100% for October 31, 2020 and October 31, 2021; and Other Fees were 100% and 100% for October 31, 2020 and October 31, 2021.

(f) N/A

(g) Non-audit fees billed by the Auditor for services rendered to Legg Mason Partners Investment Trust, LMPFA and any entity controlling, controlled by, or under common control with LMPFA that provides ongoing services to Legg Mason Partners Investment Trust during the reporting period were $857,833 in October 31, 2020 and $1,558,348 in October 31, 2021.

(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.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

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:

Paul R. Ades

Andrew L. Breech

Althea L. Duersten**

Stephen R. Gross

Susan M. Heilbron

Howard J. Johnson

Arnold L. Lehman

Robin J. W. Masters

Jerome H. Miller

Ken Miller

G. Peter O’Brien

Thomas F. Schlafly

During a June 15, 2021 special meeting of shareholders, a new group of Trustees were elected to oversee the mutual funds of Legg Mason Global Asset Management Trust, Legg Mason Partners Investment Trust (prior to September 1, 2021, known as Legg Mason Equity Trust) and Legg Mason Partners Variable Equity Trust, effective July 1, 2021.

Effective January 1, 2021, Ms. Duersten became Chair.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

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

Not applicable.

ITEM 13.

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: December 22, 2021

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



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

Date: December 22, 2021



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

Date: December 22, 2021