UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06444

Legg Mason Partners Investment Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor,

New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report April 30, 2023

CLEARBRIDGE

APPRECIATION FUND

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

What’s inside
Letter from the president	II
Performance review	III
Fund at a glance	1
Fund expenses	2
Schedule of investments	4
Statement of assets and liabilities	9
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	13
Notes to financial statements	19

Fund objective

The Fund seeks to provide long-term appreciation of shareholders’ capital.

Letter from the president

Dear Shareholder,

We are pleased to provide the semi-annual report of ClearBridge Appreciation Fund for the six-month reporting period ended April 30, 2023. Please read on for Fund performance information during the Fund’s reporting period.

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,

Jane Trust, CFA

President and Chief Executive Officer

May 31, 2023

   II  ClearBridge Appreciation Fund

Performance review

For the six months ended April 30, 2023, Class A shares of ClearBridge Appreciation Fund, excluding sales charges, returned 7.92%. The Fund’s unmanaged benchmark, the S&P 500 Indexⁱ, returned 8.63% for the same period. The Lipper Large-Cap Core Funds Category Averageⁱⁱ returned 8.32% over the same time frame.

Performance Snapshot as of April 30, 2023 (unaudited)
(excluding sales charges)	6 months
ClearBridge Appreciation Fund:
Class A		7.92%
Class C		7.54%
Class FI		7.88%
Class R		7.74%
Class I		8.09%
Class IS		8.14%
S&P 500 Index		8.63%
Lipper Large-Cap Core Funds Category Average		8.32%

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.

All share class returns assume the reinvestment of all distributions, including returns of capital, if any, 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, 2023, the gross total annual fund operating expense ratios for Class A, Class C, Class FI, Class R, Class I and Class IS shares were 0.93%, 1.66%, 0.96%, 1.26%, 0.64% and 0.56%, 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.

ClearBridge Appreciation Fund    III 

Performance review (cont’d)

As always, thank you for your confidence in our stewardship of your assets.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

May 31, 2023

RISKS: Stock prices are subject to market and price fluctuations. The Fund may invest in small- and mid-cap companies that may involve a higher degree of risk and volatility than investments in large-cap companies. International investments are subject to special risks including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging 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. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

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.

ⁱ  The S&P 500 Index is an unmanaged index of the stocks of 500 leading companies, and is generally representative of the performance of larger companies in the U.S.

ⁱⁱ  Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the six-month period ended April 30, 2023, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 676 funds in the Fund’s Lipper category, and excluding sales charges, if any.

   IV  ClearBridge Appreciation Fund

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the composition of the Fund’s investments as of April 30, 2023 and October 31, 2022. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    1 

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 November 1, 2022 and held for the six months ended April 30, 2023.

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		7.92	%	$	1,000.00	$	1,079.20		0.94	%	$	4.85	Class A		5.00	%	$	1,000.00	$	1,020.13		0.94	%	$	4.71
Class C		7.54			1,000.00		1,075.40		1.67			8.59	Class C		5.00			1,000.00		1,016.51		1.67			8.35
Class FI		7.88			1,000.00		1,078.80		1.02			5.26	Class FI		5.00			1,000.00		1,019.74		1.02			5.11
Class R		7.74			1,000.00		1,077.40		1.28			6.59	Class R		5.00			1,000.00		1,018.45		1.28			6.41
Class I		8.09			1,000.00		1,080.90		0.65			3.35	Class I		5.00			1,000.00		1,021.57		0.65			3.26
Class IS		8.14			1,000.00		1,081.40		0.57			2.94	Class IS		5.00			1,000.00		1,021.97		0.57			2.86

   2  ClearBridge Appreciation Fund 2023 Semi-Annual Report

¹  For the six months ended April 30, 2023.

²  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.

³  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 (181), then divided by 365.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    3 

Schedule of investments (unaudited)

April 30, 2023

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security	Shares		Value
Common Stocks — 98.4%
Communication Services — 8.4%
Diversified Telecommunication Services — 0.7%
Verizon Communications Inc.		1,236,971	$	48,031,584
Entertainment — 1.4%
Activision Blizzard Inc.		396,278		30,794,763
Netflix Inc.		66,691		22,003,362	*
Walt Disney Co.		445,812		45,695,730	*
Total Entertainment				98,493,855
Interactive Media & Services — 4.0%
Alphabet Inc., Class A Shares		1,080,265		115,955,645	*
Alphabet Inc., Class C Shares		979,892		106,043,912	*
Meta Platforms Inc., Class A Shares		235,821		56,672,503	*
Total Interactive Media & Services				278,672,060
Media — 1.1%
Comcast Corp., Class A Shares		1,919,651		79,415,962
Wireless Telecommunication Services — 1.2%
T-Mobile US Inc.		582,646		83,842,759	*
Total Communication Services				588,456,220
Consumer Discretionary — 6.2%
Automobiles — 0.5%
Tesla Inc.		211,166		34,696,685	*
Broadline Retail — 2.0%
Amazon.com Inc.		1,329,376		140,182,699	*
Specialty Retail — 3.7%
Home Depot Inc.		349,680		105,092,827
TJX Cos. Inc.		1,937,103		152,682,459
Total Specialty Retail				257,775,286
Total Consumer Discretionary				432,654,670
Consumer Staples — 7.2%
Beverages — 2.5%
Coca-Cola Co.		1,221,483		78,358,134
PepsiCo Inc.		502,632		95,947,423
Total Beverages				174,305,557
Consumer Staples Distribution & Retail — 2.1%
Walmart Inc.		988,287		149,201,688
Food Products — 1.1%
Mondelez International Inc., Class A Shares		985,251		75,588,457
Household Products — 1.5%
Procter & Gamble Co.		657,287		102,786,541
Total Consumer Staples				501,882,243

See Notes to Financial Statements.

   4  ClearBridge Appreciation Fund 2023 Semi-Annual Report

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security	Shares		Value
Energy — 6.3%
Oil, Gas & Consumable Fuels — 6.3%
Chevron Corp.		867,463	$	146,236,912
EQT Corp.		992,289		34,571,349
Exxon Mobil Corp.		1,068,484		126,444,397
Kinder Morgan Inc.		1,991,404		34,152,579
Pioneer Natural Resources Co.		441,468		96,041,363
Total Energy				437,446,600
Financials — 15.7%
Banks — 3.9%
Bank of America Corp.		2,197,340		64,338,115
JPMorgan Chase & Co.		1,296,860		179,277,927
US Bancorp		808,190		27,704,753
Total Banks				271,320,795
Capital Markets — 1.5%
CME Group Inc.		322,939		59,992,378
Intercontinental Exchange Inc.		414,955		45,201,048
Total Capital Markets				105,193,426
Financial Services — 6.7%
Berkshire Hathaway Inc., Class A Shares		503		252,948,630	*
PayPal Holdings Inc.		264,116		20,072,816	*
Visa Inc., Class A Shares		854,284		198,817,515
Total Financial Services				471,838,961
Insurance — 3.6%
Hartford Financial Services Group Inc.		563,460		40,000,026
Progressive Corp.		607,698		82,890,007
Travelers Cos. Inc.		697,523		126,349,316
Total Insurance				249,239,349
Total Financials				1,097,592,531
Health Care — 14.6%
Biotechnology — 0.4%
AbbVie Inc.		168,644		25,485,481
Health Care Equipment & Supplies — 2.2%
Becton Dickinson & Co.		325,634		86,068,323
Stryker Corp.		234,293		70,205,898
Total Health Care Equipment & Supplies				156,274,221
Health Care Providers & Services — 2.8%
UnitedHealth Group Inc.		401,496		197,572,167
Life Sciences Tools & Services — 2.0%
Thermo Fisher Scientific Inc.		255,026		141,513,927

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    5 

Schedule of investments (unaudited) (cont’d)

April 30, 2023

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security	Shares		Value
Pharmaceuticals — 7.2%
Bayer AG, ADR		1,123,825	$	18,363,301
Eli Lilly & Co.		232,414		92,003,406
Johnson & Johnson		933,313		152,783,338
Merck & Co. Inc.		1,520,457		175,567,170
Pfizer Inc.		1,591,870		61,907,824
Total Pharmaceuticals				500,625,039
Total Health Care				1,021,470,835
Industrials — 11.5%
Aerospace & Defense — 2.4%
Northrop Grumman Corp.		38,316		17,674,021
Raytheon Technologies Corp.		1,489,526		148,803,648
Total Aerospace & Defense				166,477,669
Air Freight & Logistics — 1.4%
United Parcel Service Inc., Class B Shares		564,216		101,451,679
Commercial Services & Supplies — 1.6%
Waste Management Inc.		684,589		113,676,004
Electrical Equipment — 1.1%
Eaton Corp. PLC		405,643		67,791,058
Emerson Electric Co.		140,804		11,723,341
Total Electrical Equipment				79,514,399
Ground Transportation — 1.1%
Canadian Pacific Kansas City Ltd.		638,963		50,375,843
Union Pacific Corp.		119,450		23,376,365
Total Ground Transportation				73,752,208
Industrial Conglomerates — 2.2%
Honeywell International Inc.		757,036		151,286,074
Professional Services — 1.7%
Automatic Data Processing Inc.		524,899		115,477,780
Total Industrials				801,635,813
Information Technology — 20.0%
Communications Equipment — 0.5%
Arista Networks Inc.		240,084		38,451,854	*
Electronic Equipment, Instruments & Components — 0.4%
Teledyne Technologies Inc.		71,891		29,791,630	*
Semiconductors & Semiconductor Equipment — 2.1%
ASML Holding NV, Registered Shares		111,664		71,114,335
NVIDIA Corp.		265,722		73,735,198
Total Semiconductors & Semiconductor Equipment				144,849,533
Software — 10.5%
Adobe Inc.		228,171		86,148,243	*

See Notes to Financial Statements.

   6  ClearBridge Appreciation Fund 2023 Semi-Annual Report

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security	Shares		Value
Software — continued
Microsoft Corp.		1,813,093	$	557,090,955
Oracle Corp.		856,880		81,163,674
Palo Alto Networks Inc.		44,499		8,119,287	*
Total Software				732,522,159
Technology Hardware, Storage & Peripherals — 6.5%
Apple Inc.		2,667,228		452,575,247
Total Information Technology				1,398,190,423
Materials — 6.5%
Chemicals — 4.3%
Air Products & Chemicals Inc.		342,392		100,786,509
Ecolab Inc.		289,643		48,613,681
PPG Industries Inc.		714,048		100,152,373
Sherwin-Williams Co.		213,332		50,674,883
Total Chemicals				300,227,446
Construction Materials — 0.8%
Vulcan Materials Co.		318,985		55,860,653
Containers & Packaging — 0.6%
Ball Corp.		776,044		41,270,020
Metals & Mining — 0.8%
ArcelorMittal SA, Registered Shares		1,967,350		56,010,455
Total Materials				453,368,574
Real Estate — 1.2%
Specialized REITs — 1.2%
American Tower Corp.		416,286		85,084,695
Utilities — 0.8%
Electric Utilities — 0.4%
NextEra Energy Inc.		346,715		26,568,770
Multi-Utilities — 0.4%
Sempra Energy		189,657		29,489,767
Total Utilities				56,058,537
Total Investments before Short-Term Investments (Cost — $2,359,459,841)				6,873,841,141

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    7 

Schedule of investments (unaudited) (cont’d)

April 30, 2023

ClearBridge Appreciation Fund

(Percentages shown based on Fund net assets)

Security	Rate		Shares		Value
Short-Term Investments — 1.7%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		4.433%		81,395,537	$	81,395,537	(a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		4.717%		34,883,801		34,883,801	(a)(b)
Total Short-Term Investments (Cost — $116,279,338)						116,279,338
Total Investments — 100.1% (Cost — $2,475,739,179)						6,990,120,479
Liabilities in Excess of Other Assets — (0.1)%						(3,790,561	)
Total Net Assets — 100.0%					$	6,986,329,918

* Non-income producing security.

^(a)  Rate shown is one-day yield as of the end of the reporting period.

^(b) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At April 30, 2023, the total market value of investments in Affiliated Companies was $34,883,801 and the cost was $34,883,801 (Note 8).

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

See Notes to Financial Statements.

   8  ClearBridge Appreciation Fund 2023 Semi-Annual Report

Statement of assets and liabilities (unaudited)

April 30, 2023

Assets:
Investments in unaffiliated securities, at value (Cost — $2,440,855,378)	$	6,955,236,678
Investments in affiliated securities, at value (Cost — $34,883,801)		34,883,801
Receivable for securities sold		6,600,075
Dividends receivable from unaffiliated investments		4,433,555
Receivable for Fund shares sold		2,478,132
Dividends receivable from affiliated investments		101,412
Prepaid expenses		47,171
Total Assets		7,003,780,824
Liabilities:
Payable for securities purchased		7,815,778
Payable for Fund shares repurchased		3,461,975
Investment management fee payable		3,109,509
Transfer agent fees payable		1,669,480
Service and/or distribution fees payable		1,212,975
Trustees’ fees payable		42,715
Accrued expenses		138,474
Total Liabilities		17,450,906
Total Net Assets	$	6,986,329,918
Net Assets:
Par value (Note 7)	$	2,433
Paid-in capital in excess of par value		2,352,813,567
Total distributable earnings (loss)		4,633,513,918
Total Net Assets	$	6,986,329,918

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    9 

Statement of assets and liabilities (unaudited) (cont’d)

April 30, 2023

Net Assets:
Class A	$5,695,083,544
Class C	$60,108,295
Class FI	$1,901,640
Class R	$20,448,428
Class I	$702,263,807
Class IS	$506,524,204
Shares Outstanding:
Class A	198,011,223
Class C	2,189,549
Class FI	65,438
Class R	711,151
Class I	24,615,066
Class IS	17,681,948
Net Asset Value:
Class A (and redemption price)	$28.76
Class C*	$27.45
Class FI (and redemption price)	$29.06
Class R (and redemption price)	$28.75
Class I (and redemption price)	$28.53
Class IS (and redemption price)	$28.65
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$30.43

* 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.

   10  ClearBridge Appreciation Fund 2023 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended April 30, 2023

Investment Income:
Dividends from unaffiliated investments	$	61,609,424
Dividends from affiliated investments		696,484
Less: Foreign taxes withheld		(68,661)
Total Investment Income		62,237,247
Expenses:
Investment management fee (Note 2)		18,428,741
Service and/or distribution fees (Notes 2 and 5)		7,176,060
Transfer agent fees (Note 5)		3,581,053
Trustees’ fees		253,650
Registration fees		91,465
Fund accounting fees		66,932
Legal fees		56,359
Shareholder reports		32,332
Commitment fees (Note 9)		29,687
Audit and tax fees		26,258
Insurance		21,179
Custody fees		17,851
Miscellaneous expenses		14,036
Total Expenses		29,795,603
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(14,301)
Net Expenses		29,781,302
Net Investment Income		32,455,945
Realized and Unrealized Gain on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Gain From:
Investment transactions in unaffiliated securities		103,039,524
Foreign currency transactions		1,490
Net Realized Gain		103,041,014
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments		385,752,572
Net Gain on Investments and Foreign Currency Transactions		488,793,586
Increase in Net Assets From Operations	$	521,249,531

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    11 

Statements of changes in net assets

For the Six Months Ended April 30, 2023 (unaudited) and the Year Ended October 31, 2022	2023		2022
Operations:
Net investment income	$	32,455,945	$	54,822,138
Net realized gain		103,041,014		522,494,055
Change in net unrealized appreciation (depreciation)		385,752,572		(1,440,668,699)
Increase (Decrease) in Net Assets From Operations		521,249,531		(863,352,506)
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(551,581,570)		(504,006,468)
Decrease in Net Assets From Distributions to Shareholders		(551,581,570)		(504,006,468)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares		292,875,725		716,254,800
Reinvestment of distributions		530,567,198		483,050,600
Cost of shares repurchased		(509,645,152)		(1,131,591,442)
Increase in Net Assets From Fund Share Transactions		313,797,771		67,713,958
Increase (Decrease) in Net Assets		283,465,732		(1,299,645,016)
Net Assets:
Beginning of period		6,702,864,186		8,002,509,202
End of period	$	6,986,329,918	$	6,702,864,186

See Notes to Financial Statements.

   12  ClearBridge Appreciation Fund 2023 Semi-Annual Report

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class A Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.93			$34.83			$26.39			$26.58			$24.56			$24.05
Income (loss) from operations:
Net investment income		0.13			0.22			0.15			0.23			0.27			0.25
Net realized and unrealized gain (loss)		2.08			(3.93)			9.48			1.44			3.20			1.70
Total income (loss) from operations		2.21			(3.71)			9.63			1.67			3.47			1.95
Less distributions from:
Net investment income		(0.23)			(0.17)			(0.22)			(0.29)			(0.24)			(0.24)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.38)			(2.19)			(1.19)			(1.86)			(1.45)			(1.44)
Net asset value, end of period		$28.76			$28.93			$34.83			$26.39			$26.58			$24.56
Total return3		7.92	%		(11.25)	%		37.51	%		6.56	%		15.03	%		8.45	%
Net assets, end of period (millions)		$5,695			$5,422			$6,370			$4,726			$4,678			$4,063
Ratios to average net assets:
Gross expenses		0.94	%4		0.93	%		0.93	%		0.95	%		0.95	%		0.97	%
Net expenses5,6		0.94	4		0.93			0.93			0.95			0.95			0.97
Net investment income		0.92	4		0.72			0.49			0.91			1.11			1.02
Portfolio turnover rate		5	%		9	%		6	%7		12	%		10	%7		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2024 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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    13 

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class C Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$27.60			$33.39			$25.33			$25.47			$23.58			$23.13
Income (loss) from operations:
Net investment income (loss)		0.02			(0.00)	3		(0.07)			0.06			0.12			0.08
Net realized and unrealized gain (loss)		1.98			(3.77)			9.12			1.37			3.05			1.63
Total income (loss) from operations		2.00			(3.77)			9.05			1.43			3.17			1.71
Less distributions from:
Net investment income		—			—			(0.02)			—			(0.07)			(0.06)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.15)			(2.02)			(0.99)			(1.57)			(1.28)			(1.26)
Net asset value, end of period		$27.45			$27.60			$33.39			$25.33			$25.47			$23.58
Total return4		7.54	%		(11.93)	%		36.55	%		5.81	%		14.25	%		7.69	%
Net assets, end of period (000s)		$60,108			$66,803			$105,810			$111,438			$144,970			$376,113
Ratios to average net assets:
Gross expenses		1.67	%5		1.66	%		1.65	%		1.65	%		1.65	%		1.65	%
Net expenses6,7		1.67	5		1.66			1.65			1.65			1.65			1.65
Net investment income (loss)		0.20	5		(0.01)			(0.22)			0.23			0.51			0.33
Portfolio turnover rate		5	%		9	%		6	%8		12	%		10	%8		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Amount represents less than $0.005 or greater than $(0.005) per share.

⁴  Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁵  Annualized.

⁶  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2024 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.

⁷  Reflects fee waivers and/or expense reimbursements.

⁸  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

   14  ClearBridge Appreciation Fund 2023 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class FI Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$29.21			$35.10			$26.55			$26.73			$24.68			$24.16
Income (loss) from operations:
Net investment income		0.12			0.21			0.14			0.21			0.27			0.24
Net realized and unrealized gain (loss)		2.10			(3.97)			9.56			1.45			3.21			1.71
Total income (loss) from operations		2.22			(3.76)			9.70			1.66			3.48			1.95
Less distributions from:
Net investment income		(0.22)			(0.11)			(0.18)			(0.27)			(0.22)			(0.23)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.37)			(2.13)			(1.15)			(1.84)			(1.43)			(1.43)
Net asset value, end of period		$29.06			$29.21			$35.10			$26.55			$26.73			$24.68
Total return3		7.88	%		(11.29)	%		37.47	%		6.46	%		14.97	%		8.40	%
Net assets, end of period (000s)		$1,902			$1,713			$2,115			$2,679			$3,426			$4,590
Ratios to average net assets:
Gross expenses		1.02	%4		0.96	%		0.99	%		1.03	%		1.01	%		1.00	%
Net expenses5		1.02	4,6		0.96	6		0.99	6		1.03	6		1.01			1.00
Net investment income		0.83	4		0.69			0.46			0.84			1.08			0.99
Portfolio turnover rate		5	%		9	%		6	%7		12	%		10	%7		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2024 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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    15 

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class R Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.87			$34.72			$26.31			$26.48			$24.46			$23.91
Income (loss) from operations:
Net investment income		0.08			0.12			0.05			0.15			0.20			0.17
Net realized and unrealized gain (loss)		2.08			(3.93)			9.46			1.44			3.18			1.70
Total income (loss) from operations		2.16			(3.81)			9.51			1.59			3.38			1.87
Less distributions from:
Net investment income		(0.13)			(0.02)			(0.13)			(0.19)			(0.15)			(0.12)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.28)			(2.04)			(1.10)			(1.76)			(1.36)			(1.32)
Net asset value, end of period		$28.75			$28.87			$34.72			$26.31			$26.48			$24.46
Total return3		7.74	%		(11.56)	%		37.04	%		6.22	%		14.67	%		8.10	%
Net assets, end of period (000s)		$20,448			$22,005			$28,503			$29,950			$36,193			$43,043
Ratios to average net assets:
Gross expenses		1.28	%4		1.26	%		1.27	%		1.27	%		1.28	%		1.28	%
Net expenses5		1.28	4,6		1.26	6		1.27	6		1.27	6		1.28			1.28
Net investment income		0.59	4		0.38			0.16			0.61			0.81			0.71
Portfolio turnover rate		5	%		9	%		6	%7		12	%		10	%7		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2024 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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

   16  ClearBridge Appreciation Fund 2023 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class I Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.76			$34.64			$26.25			$26.45			$24.45			$23.95
Income (loss) from operations:
Net investment income		0.17			0.31			0.24			0.30			0.34			0.32
Net realized and unrealized gain (loss)		2.07			(3.92)			9.42			1.44			3.19			1.68
Total income (loss) from operations		2.24			(3.61)			9.66			1.74			3.53			2.00
Less distributions from:
Net investment income		(0.32)			(0.25)			(0.30)			(0.37)			(0.32)			(0.30)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.47)			(2.27)			(1.27)			(1.94)			(1.53)			(1.50)
Net asset value, end of period		$28.53			$28.76			$34.64			$26.25			$26.45			$24.45
Total return3		8.09	%		(11.01)	%		37.89	%		6.87	%		15.40	%		8.74	%
Net assets, end of period (millions)		$702			$706			$879			$818			$818			$749
Ratios to average net assets:
Gross expenses		0.65	%4		0.64	%		0.65	%		0.66	%		0.66	%		0.67	%
Net expenses5		0.65	4,6		0.64	6		0.65	6		0.66	6		0.66			0.67
Net investment income		1.22	4		1.01			0.78			1.20			1.41			1.32
Portfolio turnover rate		5	%		9	%		6	%7		12	%		10	%7		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2024 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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    17 

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class IS Shares1	20232			2022			2021			2020			2019			2018
Net asset value, beginning of period		$28.88			$34.78			$26.35			$26.54			$24.54			$24.03
Income (loss) from operations:
Net investment income		0.18			0.32			0.27			0.33			0.37			0.34
Net realized and unrealized gain (loss)		2.08			(3.92)			9.45			1.44			3.18			1.69
Total income (loss) from operations		2.26			(3.60)			9.72			1.77			3.55			2.03
Less distributions from:
Net investment income		(0.34)			(0.28)			(0.32)			(0.39)			(0.34)			(0.32)
Net realized gains		(2.15)			(2.02)			(0.97)			(1.57)			(1.21)			(1.20)
Total distributions		(2.49)			(2.30)			(1.29)			(1.96)			(1.55)			(1.52)
Net asset value, end of period		$28.65			$28.88			$34.78			$26.35			$26.54			$24.54
Total return3		8.14	%		(10.95)	%		38.01	%		6.98	%		15.49	%		8.83	%
Net assets, end of period (millions)		$507			$484			$618			$730			$806			$815
Ratios to average net assets:
Gross expenses		0.57	%4		0.56	%		0.56	%		0.57	%		0.57	%		0.58	%
Net expenses5		0.57	4,6		0.56	6		0.56	6		0.57	6		0.57			0.58
Net investment income		1.29	4		1.05			0.87			1.29			1.50			1.41
Portfolio turnover rate		5	%		9	%		6	%7		12	%		10	%7		8	%

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

²  For the six months ended April 30, 2023 (unaudited).

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.70%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2024 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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

   18  ClearBridge Appreciation Fund 2023 Semi-Annual Report

Notes to financial statements (unaudited)

1. Organization and significant accounting policies

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

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

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

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

ClearBridge Appreciation Fund 2023 Semi-Annual Report    19 

Notes to financial statements (unaudited) (cont’d)

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

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

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

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

   20  ClearBridge Appreciation Fund 2023 Semi-Annual Report

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

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

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

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

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

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

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,873,841,141		—		—	$	6,873,841,141
Short-Term Investments†		116,279,338		—		—		116,279,338
Total Investments	$	6,990,120,479		—		—	$	6,990,120,479

† See Schedule of Investments for additional detailed categorizations.

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

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

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

ClearBridge Appreciation Fund 2023 Semi-Annual Report    21 

Notes to financial statements (unaudited) (cont’d)

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

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

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

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

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

   22  ClearBridge Appreciation Fund 2023 Semi-Annual Report

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

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

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of October 31, 2022, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

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

2. Investment management agreement and other transactions with affiliates

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”).

ClearBridge Appreciation Fund 2023 Semi-Annual Report    23 

Notes to financial statements (unaudited) (cont’d)

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

Average Daily Net Assets	Annual Rate
First $250 million		0.750	%
Next $250 million		0.700
Next $500 million		0.650
Next $1 billion		0.600
Next $1 billion		0.550
Over $3 billion		0.500

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 commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.15%, 1.90%, 1.05%, 1.40%, 0.80% and 0.70%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2024 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the six months ended April 30, 2023, fees waived and/or expenses reimbursed amounted to $14,301, all of which was an affiliated money market fund waiver.

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 Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying

   24  ClearBridge Appreciation Fund 2023 Semi-Annual Report

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

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

For the six months ended April 30, 2023, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A		Class C
Sales charges	$	528,066		—
CDSCs		2,672	$	280

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

3. Investments

During the six months ended April 30, 2023, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$	321,111,668
Sales		369,708,044

At April 30, 2023, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Securities	$	2,475,739,179	$	4,530,039,359	$	(15,658,059)	$	4,514,381,300

4. Derivative instruments and hedging activities

During the six months ended April 30, 2023, the Fund did not invest in derivative instruments.

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

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and

ClearBridge Appreciation Fund 2023 Semi-Annual Report    25 

Notes to financial statements (unaudited) (cont’d)

0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended April 30, 2023, class specific expenses were as follows:

	Service and/or Distribution Fees		Transfer Agent Fees
Class A	$	6,806,166	$	3,252,653
Class C		313,918		32,392
Class FI		2,172		1,761
Class R		53,804		22,508
Class I		—		269,428
Class IS		—		2,311
Total	$	7,176,060	$	3,581,053

For the six months ended April 30, 2023, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$	11,612
Class C		136
Class FI		4
Class R		46
Class I		1,476
Class IS		1,027
Total	$	14,301

6. Distributions to shareholders by class

	Six Months Ended April 30, 2023		Year Ended October 31, 2022
Net Investment Income:
Class A	$	42,089,947	$	30,562,151
Class C		—		—
Class FI		12,836		6,270
Class R		95,586		12,975
Class I		7,692,254		6,413,299
Class IS		5,590,140		5,005,293
Total	$	55,480,763	$	41,999,988

   26  ClearBridge Appreciation Fund 2023 Semi-Annual Report

	Six Months Ended April 30, 2023		Year Ended October 31, 2022
Net Realized Gains:
Class A	$	401,493,292	$	367,764,064
Class C		5,086,302		6,190,330
Class FI		126,458		115,827
Class R		1,616,495		1,622,952
Class I		52,319,002		50,777,391
Class IS		35,459,258		35,535,916
Total	$	496,100,807	$	462,006,480

7. Shares of beneficial interest

At April 30, 2023, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended April 30, 2023				Year Ended October 31, 2022
	Shares		Amount		Shares		Amount
Class A
Shares sold		6,465,702	$	180,193,400		12,875,655	$	396,517,803
Shares issued on reinvestment		15,669,046		436,069,550		12,213,255		389,358,570
Shares repurchased		(11,537,678)		(322,222,196)		(20,536,131)		(629,880,139)
Net increase		10,597,070	$	294,040,754		4,552,779	$	155,996,234
Class C
Shares sold		131,444	$	3,501,112		209,581	$	6,277,404
Shares issued on reinvestment		186,636		4,970,131		195,616		5,987,816
Shares repurchased		(549,346)		(14,652,441)		(1,153,450)		(34,320,098)
Net decrease		(231,266)	$	(6,181,198)		(748,253)	$	(22,054,878)
Class FI
Shares sold		6,322	$	177,920		10,972	$	339,147
Shares issued on reinvestment		4,952		139,294		3,793		122,097
Shares repurchased		(4,481)		(124,429)		(16,386)		(506,175)
Net increase (decrease)		6,793	$	192,785		(1,621)	$	(44,931)
Class R
Shares sold		52,025	$	1,440,807		100,274	$	3,049,039
Shares issued on reinvestment		60,862		1,695,608		50,847		1,622,532
Shares repurchased		(163,861)		(4,591,404)		(209,859)		(6,615,525)
Net decrease		(50,974)	$	(1,454,989)		(58,738)	$	(1,943,954)

ClearBridge Appreciation Fund 2023 Semi-Annual Report    27 

Notes to financial statements (unaudited) (cont’d)

	Six Months Ended April 30, 2023				Year Ended October 31, 2022
	Shares		Amount		Shares		Amount
Class I
Shares sold		2,145,444	$	59,279,018		3,380,982	$	104,441,409
Shares issued on reinvestment		1,808,543		49,861,524		1,528,446		48,314,168
Shares repurchased		(3,889,031)		(107,466,731)		(5,724,242)		(173,675,760)
Net increase (decrease)		64,956	$	1,673,811		(814,814)	$	(20,920,183)
Class IS
Shares sold		1,736,078	$	48,283,468		7,099,956	$	205,629,998
Shares issued on reinvestment		1,366,730		37,831,091		1,186,804		37,645,417
Shares repurchased		(2,193,803)		(60,587,951)		(9,281,683)		(286,593,745)
Net increase (decrease)		909,005	$	25,526,608		(994,923)	$	(43,318,330)

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended April 30, 2023. The following transactions were effected in such company for the six months ended April 30, 2023.

	Affiliate Value at October 31, 2022		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	58,105,317	$	110,957,672		110,957,672	$	134,179,188		134,179,188

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at April 30, 2023
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	696,484		—	$	34,883,801

9. Redemption facility

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

   28  ClearBridge Appreciation Fund 2023 Semi-Annual Report

unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on February 2, 2024.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended April 30, 2023.

10. Recent accounting pronouncement

In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management has reviewed the requirements and believes that the adoption of the ASU will not have a material impact on the financial statements.

ClearBridge Appreciation Fund 2023 Semi-Annual Report    29 

ClearBridge

Appreciation Fund

Trustees

Paul R. Ades

Andrew L. Breech

Althea L. Duersten

Chair

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

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

Franklin Templeton Investor

Services, LLC

3344 Quality Drive

Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

ClearBridge Appreciation Fund

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

ClearBridge Appreciation Fund

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

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

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

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

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

www.franklintempleton.com

© 2023 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

Legg Mason Funds Privacy and Security Notice

Your Privacy Is Our Priority

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

Information We Collect

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

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

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

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

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

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

Disclosure Policy

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

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside

NOT PART OF THE SEMI-ANNUAL  REPORT

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

companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

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

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

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

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

Franklin Advisers, Inc.

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

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Franklin Templeton Portfolio Advisors, Inc.

Legg Mason Funds serviced by Franklin Templeton Investor Services, LLC

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

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

NOT PART OF THE SEMI-ANNUAL  REPORT

www.franklintempleton.com

© 2023 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

FD0404 06/23 SR23-4656

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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 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 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) Not applicable.

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:	June 21, 2023

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

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	June 21, 2023
By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	June 21, 2023