CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 11.0%
Diversified Telecommunication Services - 0.9%
Verizon Communications Inc.		1,237,607	$	65,877,821
Entertainment - 1.7%
Activision Blizzard Inc.		617,779		48,810,719
Walt Disney Co.		557,346		79,683,758	*
Total Entertainment				128,494,477
Interactive Media & Services - 6.0%
Alphabet Inc., Class A Shares		58,483		158,259,092	*
Alphabet Inc., Class C Shares		60,449		164,056,772	*
Meta Platforms Inc., Class A Shares		443,327		138,876,616	*
Total Interactive Media & Services				461,192,480
Media - 1.8%
Comcast Corp., Class A Shares		2,830,761		141,509,742
Wireless Telecommunication Services - 0.6%
T-Mobile US Inc.		453,849		49,092,846	*
TOTAL COMMUNICATION SERVICES				846,167,366
CONSUMER DISCRETIONARY - 8.9%
Automobiles - 0.6%
General Motors Co.		952,859		50,244,255	*
Household Durables - 0.8%
Toll Brothers Inc.		987,936		58,258,586
Internet & Direct Marketing Retail - 3.0%
Amazon.com Inc.		78,402		234,537,231	*
Specialty Retail - 4.5%
Home Depot Inc.		604,464		221,826,199
TJX Cos. Inc.		1,716,025		123,502,319
Total Specialty Retail				345,328,518
TOTAL CONSUMER DISCRETIONARY				688,368,590
CONSUMER STAPLES - 6.1%
Beverages - 2.1%
Coca-Cola Co.		1,222,111		74,560,992
PepsiCo Inc.		502,880		87,259,738
Total Beverages				161,820,730
Food & Staples Retailing - 1.8%
Walmart Inc.		988,791		138,242,870
Food Products - 0.8%
Mondelez International Inc., Class A Shares		985,753		66,075,023

See Notes to Schedule of Investments.

ClearBridge Appreciation Fund 2022 Quarterly Report         1

CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Household Products - 1.4%
Procter & Gamble Co.		657,617	$	105,514,648
TOTAL CONSUMER STAPLES				471,653,271
ENERGY - 4.3%
Oil, Gas & Consumable Fuels - 4.3%
Chevron Corp.		867,904		113,981,832
Exxon Mobil Corp.		1,069,031		81,203,595
Kinder Morgan Inc.		1,992,438		34,588,724
Pioneer Natural Resources Co.		477,622		104,546,679
TOTAL ENERGY				334,320,830
FINANCIALS - 13.4%
Banks - 6.2%
Bank of America Corp.		3,151,652		145,417,223
JPMorgan Chase & Co.		1,647,145		244,765,747
SVB Financial Group		39,903		23,299,362	*
Truist Financial Corp.		309,900		19,467,918
US Bancorp		808,599		47,052,376
Total Banks				480,002,626
Capital Markets - 1.2%
CME Group Inc.		240,305		55,149,997
Intercontinental Exchange Inc.		322,839		40,890,788
Total Capital Markets				96,040,785
Diversified Financial Services - 3.1%
Berkshire Hathaway Inc., Class A Shares		504		236,781,720	*
Insurance - 2.9%
Hartford Financial Services Group Inc.		388,695		27,935,510
Progressive Corp.		328,630		35,708,936
Travelers Cos. Inc.		964,406		160,264,989
Total Insurance				223,909,435
TOTAL FINANCIALS				1,036,734,566
HEALTH CARE - 11.6%
Health Care Equipment & Supplies - 1.0%
Becton Dickinson and Co.		152,300		38,705,522
Medtronic PLC		373,227		38,625,262
Total Health Care Equipment & Supplies				77,330,784
Health Care Providers & Services - 2.5%
UnitedHealth Group Inc.		414,463		195,862,780
Life Sciences Tools & Services - 2.3%
Thermo Fisher Scientific Inc.		305,342		177,495,305

See Notes to Schedule of Investments.

    2     ClearBridge Appreciation Fund 2022 Quarterly Report

CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Pharmaceuticals - 5.8%
Eli Lilly & Co.		232,520	$	57,058,083
Johnson & Johnson		933,788		160,882,335
Merck & Co. Inc.		1,521,242		123,950,798
Pfizer Inc.		1,948,863		102,685,591
Total Pharmaceuticals				444,576,807
TOTAL HEALTH CARE				895,265,676
INDUSTRIALS - 8.3%
Aerospace & Defense - 1.9%
Northrop Grumman Corp.		38,320		14,174,568
Raytheon Technologies Corp.		1,490,294		134,409,616
Total Aerospace & Defense				148,584,184
Air Freight & Logistics - 1.5%
United Parcel Service Inc., Class B Shares		564,497		114,146,938
Commercial Services & Supplies - 1.4%
Waste Management Inc.		684,934		103,041,471
Electrical Equipment - 0.4%
Eaton Corp. PLC		189,371		30,002,048
Industrial Conglomerates - 2.0%
Honeywell International Inc.		757,417		154,876,628
Machinery - 0.3%
Otis Worldwide Corp.		279,078		23,841,634
Road & Rail - 0.8%
Canadian Pacific Railway Ltd.		541,252		38,645,393
Union Pacific Corp.		101,881		24,914,998
Total Road & Rail				63,560,391
TOTAL INDUSTRIALS				638,053,294
INFORMATION TECHNOLOGY - 26.0%
Communications Equipment - 1.4%
Arista Networks Inc.		405,162		50,365,688	*
Cisco Systems Inc.		1,084,365		60,366,600
Total Communications Equipment				110,732,288
Electronic Equipment, Instruments & Components - 0.3%
Teledyne Technologies Inc.		60,533		25,510,422	*
IT Services - 4.8%
Automatic Data Processing Inc.		555,572		114,542,279
Fidelity National Information Services Inc.		531,766		63,769,379
Visa Inc., Class A Shares		854,717		193,311,344
Total IT Services				371,623,002

See Notes to Schedule of Investments.

ClearBridge Appreciation Fund 2022 Quarterly Report         3

CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 1.9%
ASML Holding NV, Registered Shares		112,199	$	75,981,163
Enphase Energy Inc.		209,741		29,462,318	*
Texas Instruments Inc.		236,360		42,424,257
Total Semiconductors & Semiconductor Equipment				147,867,738
Software - 11.3%
Adobe Inc.		207,699		110,973,576	*
Microsoft Corp.		2,080,691		647,053,287
Oracle Corp.		773,698		62,793,329
salesforce.com Inc.		214,249		49,840,745	*
Total Software				870,660,937
Technology Hardware, Storage & Peripherals - 6.3%
Apple Inc.		2,757,930		482,031,005
TOTAL INFORMATION TECHNOLOGY				2,008,425,392
MATERIALS - 7.0%
Chemicals - 4.6%
Air Products & Chemicals Inc.		387,874		109,427,013
Ecolab Inc.		289,779		54,898,631
PPG Industries Inc.		807,971		126,205,070
Sherwin-Williams Co.		213,427		61,148,970
Total Chemicals				351,679,684
Construction Materials - 0.6%
Vulcan Materials Co.		240,964		45,857,859
Containers & Packaging - 0.9%
Ball Corp.		716,342		69,556,808
Metals & Mining - 0.9%
ArcelorMittal SA, Registered Shares		2,339,822		69,399,121
TOTAL MATERIALS				536,493,472
REAL ESTATE - 1.3%
Equity Real Estate Investment Trusts (REITs) - 1.3%
American Tower Corp.		382,767		96,265,900
UTILITIES - 0.6%
Electric Utilities - 0.3%
NextEra Energy Inc.		263,788		20,607,118
Multi-Utilities - 0.3%
Sempra Energy		189,740		26,214,479
TOTAL UTILITIES				46,821,597
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,386,569,269)				7,598,569,954

See Notes to Schedule of Investments.

    4     ClearBridge Appreciation Fund 2022 Quarterly Report

CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		17,706,102	$	17,706,102
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		4,426,526		4,426,526	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $22,132,628)							22,132,628
TOTAL INVESTMENTS - 98.8% (Cost - $2,408,701,897)							7,620,702,582
Other Assets in Excess of Liabilities - 1.2%							91,389,467
TOTAL NET ASSETS - 100.0%						$	7,712,092,049

* Non-income producing security.

(a) 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 January 31, 2022, the total market value of investments in Affiliated Companies was $4,426,526 and the cost was $4,426,526 (Note 2).

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

ClearBridge Appreciation Fund 2022 Quarterly Report         5

Notes to Schedule of Investments (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 following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 (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 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.

6

Notes to Schedule of Investments (unaudited) (continued)

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.

7

Notes to Schedule of Investments (unaudited) (continued)

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†	$	7,598,569,954		—		—	$	7,598,569,954
Short-Term Investments†		22,132,628		—		—		22,132,628
Total Investments	$	7,620,702,582		—		—	$	7,620,702,582

† See Schedule of Investments for additional detailed categorizations.

2. 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 period ended January 31, 2022. The following transactions were effected in such company for the period ended January 31, 2022.

	Affiliate Value at October 31, 2021		Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2022
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	22,369,074	$	31,507,959		31,507,959	$	49,450,507		49,450,507		—	$	256		—	$	4,426,526

8