FRANKLIN MULTI-ASSET GROWTH FUND

Schedules of investments (unaudited) October 31, 2022

(Percentages shown based on Fund net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.1%
DOMESTIC EQUITY - 61.2%
Franklin Custodian Funds - Franklin Growth Fund, Class R6 Shares					421,025	$	47,929,488
Franklin Templeton ETF Trust - BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares					2,407,820		30,586,050	(b)
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					2,342,066		46,349,482
ClearBridge Small Cap Fund, Class IS Shares					148,341		9,041,388
Franklin U.S. Small Cap Equity Fund, Class IS Shares					1,691,946		19,677,328
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares					3,646,073		105,298,600
ClearBridge Large Cap Growth Fund, Class IS Shares					1,049,772		53,548,868
ClearBridge Small Cap Growth Fund, Class IS Shares					240,247		9,187,055
Franklin U.S. Large Cap Equity Fund, Class IS Shares					5,996,003		102,171,899
TOTAL DOMESTIC EQUITY							423,790,158
FOREIGN EQUITY - 24.8%
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares					513,290		25,926,285
Franklin Global Market Neutral Fund, Class IS Shares					521,914		5,553,168	*
Franklin International Equity Fund, Class IS Shares					3,103,818		43,236,179
Martin Currie Emerging Markets Fund, Class IS Shares					3,175,312		33,182,006
Legg Mason Partners Investment Trust - Franklin Global Dividend Fund, Class IS Shares					4,935,726		64,213,796
TOTAL FOREIGN EQUITY							172,111,434
DOMESTIC FIXED INCOME - 6.7%
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					2,979,551		30,510,606
Western Asset Core Plus Bond Fund, Class IS Shares					1,247,636		11,253,681
Western Asset High Yield Fund, Class IS Shares					677,009		4,515,653
TOTAL DOMESTIC FIXED INCOME							46,279,940
HYBRID - 5.7%
Legg Mason Global Asset Management Trust - Franklin Strategic Real Return Fund, Class IS Shares					3,964,507		39,446,850
FOREIGN FIXED INCOME - 0.7%
Legg Mason Global Asset Management Trust - BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					464,054		5,183,478
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $621,310,155)							686,811,860
	RATE
SHORT-TERM INVESTMENTS - 1.0%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $6,672,238)		3.074	%		6,672,238		6,672,238	(c)
TOTAL INVESTMENTS - 100.1% (Cost - $627,982,393)							693,484,098
Liabilities in Excess of Other Assets - (0.1)%							(749,642	)
TOTAL NET ASSETS - 100.0%						$	692,734,456

See Notes to Schedules of Investments.

Franklin Multi-Asset Allocation Funds 2022 Quarterly Report         1

FRANKLIN MULTI-ASSET GROWTH FUND

Schedules of investments (unaudited) (cont’d) October 31, 2022

* Non-income producing security.

(a) Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Funds is available at www.franklintempleton.com (Note 2).

(b) Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

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

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 Schedules of Investments.

    2     Franklin Multi-Asset Allocation Funds 2022 Quarterly Report

FRANKLIN MULTI-ASSET MODERATE GROWTH FUND

Schedules of investments (unaudited) October 31, 2022

(Percentages shown based on Fund net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 98.9%
DOMESTIC EQUITY - 54.2%
Franklin Custodian Funds - Franklin Growth Fund, Class R6 Shares					229,459	$	26,121,636
Franklin Templeton ETF Trust - BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares					1,340,384		17,026,633	(b)
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					1,280,712		25,345,284
ClearBridge Small Cap Fund, Class IS Shares					84,272		5,136,352
Franklin U.S. Small Cap Equity Fund, Class IS Shares					928,441		10,797,771
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares					1,959,179		56,581,093
ClearBridge Large Cap Growth Fund, Class IS Shares					573,218		29,239,854
ClearBridge Small Cap Growth Fund, Class IS Shares					136,451		5,217,890
Franklin U.S. Large Cap Equity Fund, Class IS Shares					3,263,921		55,617,214
TOTAL DOMESTIC EQUITY							231,083,727
FOREIGN EQUITY - 22.6%
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares					272,959		13,787,158
Franklin Global Market Neutral Fund, Class IS Shares					641,804		6,828,798	*
Franklin International Equity Fund, Class IS Shares					1,607,304		22,389,745
Martin Currie Emerging Markets Fund, Class IS Shares					1,738,429		18,166,582
Legg Mason Partners Investment Trust - Franklin Global Dividend Fund, Class IS Shares					2,702,106		35,154,400
TOTAL FOREIGN EQUITY							96,326,683
DOMESTIC FIXED INCOME - 12.7%
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					3,231,059		33,086,043
Western Asset Core Plus Bond Fund, Class IS Shares					1,910,694		17,234,456
Western Asset High Yield Fund, Class IS Shares					562,030		3,748,739
TOTAL DOMESTIC FIXED INCOME							54,069,238
HYBRID - 5.7%
Legg Mason Global Asset Management Trust - Franklin Strategic Real Return Fund, Class IS Shares					2,440,175		24,279,736
FOREIGN FIXED INCOME - 3.7%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares					1,058,569		9,135,452
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					571,912		6,388,253
TOTAL FOREIGN FIXED INCOME							15,523,705
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $393,164,469)							421,283,089
	RATE
SHORT-TERM INVESTMENTS - 1.2%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $5,169,446)		3.074	%		5,169,446		5,169,446	(c)
TOTAL INVESTMENTS - 100.1% (Cost - $398,333,915)							426,452,535
Liabilities in Excess of Other Assets - (0.1)%							(284,472	)
TOTAL NET ASSETS - 100.0%						$	426,168,063

See Notes to Schedules of Investments.

Franklin Multi-Asset Allocation Funds 2022 Quarterly Report         3

FRANKLIN MULTI-ASSET MODERATE GROWTH FUND

Schedules of investments (unaudited) (cont’d) October 31, 2022

* Non-income producing security.

(a) Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Funds is available at www.franklintempleton.com (Note 2).

(b) Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

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

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 Schedules of Investments.

    4     Franklin Multi-Asset Allocation Funds 2022 Quarterly Report

FRANKLIN MULTI-ASSET CONSERVATIVE GROWTH FUND

Schedules of investments (unaudited) October 31, 2022

(Percentages shown based on Fund net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.6%
DOMESTIC EQUITY - 40.6%
Franklin Custodian Funds - Franklin Growth Fund, Class R6 Shares					110,726	$	12,605,092
Franklin Templeton ETF Trust - BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares					617,329		7,841,810	(b)
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					605,046		11,973,860
ClearBridge Small Cap Fund, Class IS Shares					38,706		2,359,110
Franklin U.S. Small Cap Equity Fund, Class IS Shares					440,578		5,123,922
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares					913,779		26,389,924
ClearBridge Large Cap Growth Fund, Class IS Shares					272,366		13,893,369
ClearBridge Small Cap Growth Fund, Class IS Shares					62,714		2,398,179
Franklin U.S. Large Cap Equity Fund, Class IS Shares					1,525,488		25,994,318
TOTAL DOMESTIC EQUITY							108,579,584
DOMESTIC FIXED INCOME - 24.5%
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					3,950,040		40,448,409
Western Asset Core Plus Bond Fund, Class IS Shares					2,296,423		20,713,736
Western Asset High Yield Fund, Class IS Shares					636,947		4,248,439
TOTAL DOMESTIC FIXED INCOME							65,410,584
FOREIGN EQUITY - 18.4%
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares					118,431		5,981,955
Franklin Global Market Neutral Fund, Class IS Shares					818,376		8,707,517	*
Franklin International Equity Fund, Class IS Shares					642,006		8,943,140
Martin Currie Emerging Markets Fund, Class IS Shares					832,861		8,703,394
Legg Mason Partners Investment Trust - Franklin Global Dividend Fund, Class IS Shares					1,294,332		16,839,257
TOTAL FOREIGN EQUITY							49,175,263
FOREIGN FIXED INCOME - 10.3%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares					2,239,780		19,329,304
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					730,100		8,155,221
TOTAL FOREIGN FIXED INCOME							27,484,525
HYBRID - 5.8%
Legg Mason Global Asset Management Trust - Franklin Strategic Real Return Fund, Class IS Shares					1,564,692		15,568,688
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $256,898,622)							266,218,644
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $1,301,648)		3.074	%		1,301,648		1,301,648	(c)
TOTAL INVESTMENTS - 100.1% (Cost - $258,200,270)							267,520,292
Liabilities in Excess of Other Assets - (0.1)%							(235,884	)
TOTAL NET ASSETS - 100.0%						$	267,284,408

See Notes to Schedules of Investments.

Franklin Multi-Asset Allocation Funds 2022 Quarterly Report         5

FRANKLIN MULTI-ASSET CONSERVATIVE GROWTH FUND

Schedules of investments (unaudited) (cont’d) October 31, 2022

* Non-income producing security.

(a) Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Funds is available at www.franklintempleton.com (Note 2).

(b) Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

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

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 Schedules of Investments.

    6     Franklin Multi-Asset Allocation Funds 2022 Quarterly Report

FRANKLIN MULTI-ASSET DEFENSIVE GROWTH FUND

Schedules of investments (unaudited) October 31, 2022

(Percentages shown based on Fund net assets)

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.8%
DOMESTIC FIXED INCOME - 36.5%
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					2,365,977	$	24,227,604
Western Asset Core Plus Bond Fund, Class IS Shares					1,368,349		12,342,504
Western Asset High Yield Fund, Class IS Shares					371,856		2,480,281
TOTAL DOMESTIC FIXED INCOME							39,050,389
DOMESTIC EQUITY - 26.4%
Franklin Custodian Funds - Franklin Growth Fund, Class R6 Shares					28,980		3,299,024
Franklin Templeton ETF Trust - BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares					163,638		2,078,662	(b)
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					158,960		3,145,826
ClearBridge Small Cap Fund, Class IS Shares					10,436		636,055
Franklin U.S. Small Cap Equity Fund, Class IS Shares					117,874		1,370,877
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares					230,621		6,660,331
ClearBridge Large Cap Growth Fund, Class IS Shares					74,602		3,805,443
ClearBridge Small Cap Growth Fund, Class IS Shares					14,612		558,766
Franklin U.S. Large Cap Equity Fund, Class IS Shares					389,600		6,638,787
TOTAL DOMESTIC EQUITY							28,193,771
FOREIGN FIXED INCOME - 17.0%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares					1,530,348		13,206,908
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					444,433		4,964,311
TOTAL FOREIGN FIXED INCOME							18,171,219
FOREIGN EQUITY - 14.0%
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares					24,241		1,224,401
Franklin Global Market Neutral Fund, Class IS Shares					496,539		5,283,171	*
Franklin International Equity Fund, Class IS Shares					109,141		1,520,333
Martin Currie Emerging Markets Fund, Class IS Shares					225,187		2,353,211
Legg Mason Partners Investment Trust - Franklin Global Dividend Fund, Class IS Shares					350,017		4,553,723
TOTAL FOREIGN EQUITY							14,934,839
HYBRID - 5.9%
Legg Mason Global Asset Management Trust - Franklin Strategic Real Return Fund, Class IS Shares					635,249		6,320,731
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $107,377,205)							106,670,949
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $504,689)		3.074	%		504,689		504,689	(c)
TOTAL INVESTMENTS - 100.3% (Cost - $107,881,894)							107,175,638
Liabilities in Excess of Other Assets - (0.3)%							(334,125	)
TOTAL NET ASSETS - 100.0%						$	106,841,513

See Notes to Schedules of Investments.

Franklin Multi-Asset Allocation Funds 2022 Quarterly Report         7

FRANKLIN MULTI-ASSET DEFENSIVE GROWTH FUND

Schedules of investments (unaudited) (cont’d) October 31, 2022

* Non-income producing security.

(a) Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Funds is available at www.franklintempleton.com (Note 2).

(b) Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

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

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 Schedules of Investments.

    8     Franklin Multi-Asset Allocation Funds 2022 Quarterly Report

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

Franklin Multi-Asset Growth Fund (“Growth Fund”), Franklin Multi-Asset Moderate Growth Fund (“Moderate Growth Fund”), Franklin Multi-Asset Conservative Growth Fund (“Conservative Growth Fund”) and Franklin Multi-Asset Defensive Growth Fund (“Defensive Growth Fund”) (the “Funds”) are 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 Funds invest in Legg Mason and Franklin Templeton affiliated mutual funds and exchange-traded funds (“ETFs”) and ETFs managed by unaffiliated investment advisers (“Underlying Funds”).

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946, Financial Services — Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation. Equity securities, including ETFs, 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 Funds hold securities or other assets that are denominated in a foreign currency, the Funds 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 each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds’ Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Funds’ manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds’ 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 Funds’ pricing policies, and reporting to the Funds’ manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Funds, 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. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund’s last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund’s last net asset value per share calculation but prior to the day of valuation.

9

Notes to Schedules of Investments (unaudited) (continued)

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 Funds use 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 – 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 Funds’ 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 Funds’ assets carried at fair value:

Growth Fund

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	638,882,372	$	47,929,488		—	$	686,811,860
Short-Term Investments†		6,672,238		—		—		6,672,238
Total Investments	$	645,554,610	$	47,929,488		—	$	693,484,098

† See Schedule of Investments for additional detailed categorizations.

Moderate Growth Fund
ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	395,161,453	$	26,121,636		—	$	421,283,089
Short-Term Investments†		5,169,446		—		—		5,169,446
Total Investments	$	400,330,899	$	26,121,636		—	$	426,452,535
†   See Schedule of Investments for additional detailed categorizations.
Conservative Growth Fund
ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	253,613,552	$	12,605,092		—	$	266,218,644
Short-Term Investments†		1,301,648		—		—		1,301,648
Total Investments	$	254,915,200	$	12,605,092		—	$	267,520,292
†   See Schedule of Investments for additional detailed categorizations.

10

Notes to Schedules of Investments (unaudited) (continued)

Defensive Growth Fund

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	103,371,925	$	3,299,024		—	$	106,670,949
Short-Term Investments†		504,689		—		—		504,689
Total Investments	$	103,876,614	$	3,299,024		—	$	107,175,638

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following Underlying Funds were considered affiliated companies for all or some portion of the period ended October 31, 2022. The following transactions were effected in such Underlying Funds for the period ended October 31, 2022.

Growth Fund	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Growth Fund, Class R6 Shares
		—	$	50,620,000		451,471	$	3,412,095		30,446	$	327,905			—		—	$	721,583		$	47,929,488
BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares(a)
	$	33,461,089		2,046,423		170,994		3,067,413		230,806		(7,413	)		—	$	291,423		(1,854,049	)		30,586,050
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares
		102,574,326		489,999		25,271		43,483,335		2,718,764		7,786,665			—		—		(13,231,508	)		46,349,482
ClearBridge Small Cap Fund, Class IS Shares
		43,128,724		1,045,000		17,032		29,755,475		495,653		(465,475	)		—		—		(5,376,861	)		9,041,388
Franklin U.S. Small Cap Equity Fund, Class IS Shares
		22,867,614		1,374,403		125,266		3,184,129		235,338		(494,129	)	$	93,796		315,606		(1,380,560	)		19,677,328
ClearBridge Aggressive Growth Fund, Class IS Shares
		19,670,754		1,540,000		10,983		11,124,525		127,289		6,366,156			—		—		(10,086,229	)		—
ClearBridge Appreciation Fund, Class IS Shares
		44,869,884		69,320,000		2,470,322		6,798,065		231,711		106,935			—		—		(2,093,219	)		105,298,600
ClearBridge Large Cap Growth Fund, Class IS Shares
		45,344,823		24,210,000		461,799		5,778,221		80,534		(1,223,221	)		—		—		(10,227,734	)		53,548,868
ClearBridge Mid Cap Fund, Class IS Shares
		32,166,971		2,412,793		60,009		16,910,879		781,565		12,100,040			—		12,794		(17,668,885	)		—
ClearBridge Small Cap Growth Fund, Class IS Shares
		4,579,560		5,600,000		156,238		780,274		17,691		(95,274	)		—		—		(212,231	)		9,187,055
Franklin U.S. Large Cap Equity Fund, Class IS Shares
		28,727,155		81,590,001		4,932,916		7,495,033		389,246		(610,033	)		—		—		(650,224	)		102,171,899
ClearBridge Global Infrastructure Income Fund, Class IS Shares
		8,543,273		49,131		3,275		7,232,658		613,073		1,456,914			49,130		—		(1,359,746	)		—
ClearBridge International Growth Fund, Class IS Shares
		—		29,735,000		581,102		3,469,944		67,812		215,057			—		—		(338,771	)		25,926,285
Franklin Global Market Neutral Fund, Class IS Shares
		30,816,311		194,999		19,193		24,553,402		2,497,894		1,296,598			—		—		(904,740	)		5,553,168
Franklin International Equity Fund, Class IS Shares
		88,312,494		1,425,000		81,243		36,096,093		2,052,856		(5,901,093	)		—		—		(10,405,222	)		43,236,179
Martin Currie Emerging Markets Fund, Class IS Shares
		64,853,695		9,420,000		752,778		23,199,919		1,635,895		(3,239,918	)		—		—		(17,891,770	)		33,182,006
ClearBridge International Value Fund, Class IS Shares
		41,228,165		—		—		34,979,704		3,671,252		(1,804,069	)		—		—		(6,248,461	)		—

11

Notes to Schedules of Investments (unaudited) (continued)

Growth Fund (continued)	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Global Dividend Fund, Class IS Shares
	$	77,770,051	$	3,591,847		270,313	$	9,352,744		746,560	$	1,017,256		$	1,466,846		—	$	(7,795,358	)	$	64,213,796
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares
		20,677,554		244,709		25,021		21,189,939		2,050,247		(1,015,631	)		244,709		—		267,676			—
Western Asset Core Bond Fund, Class IS Shares
		—		33,462,131		2,979,551		—		—		—			237,131		—		(2,951,525	)		30,510,606
Western Asset Core Plus Bond Fund, Class IS Shares
		8,670,854		17,030,502		1,591,917		12,975,775		1,093,059		(2,065,774	)		270,502		—		(1,471,900	)		11,253,681
Western Asset High Yield Fund, Class IS Shares
		22,631,379		8,680,290		1,209,252		26,874,406		3,347,091		(3,967,106	)		727,915		—		78,390			4,515,653
Western Asset Macro Opportunities Fund, Class IS Shares
		12,126,434		1,400,000		155,358		13,186,415		1,249,802		(1,987,671	)		—		—		(340,019	)		—
Franklin Strategic Real Return Fund, Class IS Shares
		51,525,399		—		—		7,452,874		567,190		(1,117,875	)		—		—		(4,625,675	)		39,446,850
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares
		7,520,589		—		—		7,986,663		771,342		(1,016,560	)		—		—		466,074			—
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares
		12,339,484		69,999		6,087		6,912,844		546,877		(792,844	)		—		—		(313,161	)		5,183,478
	$	824,406,582	$	345,552,227			$	367,252,824			$	4,869,440		$	3,090,029	$	619,823	$	(115,894,125	)	$	686,811,860

^(a)  Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

Moderate Growth Fund	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Growth Fund, Class R6 Shares
		—	$	27,675,000		246,811	$	1,944,636		17,352	$	170,364			—		—	$	391,272		$	26,121,636
BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares(a)
	$	15,403,628		3,999,303		333,056		1,709,536		128,633		(19,537	)		—	$	134,303		(666,762	)		17,026,633
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares
		58,229,043		585,000		30,170		25,376,749		1,608,026		4,963,251			—		—		(8,092,010	)		25,345,284
ClearBridge Small Cap Fund, Class IS Shares
		17,365,253		540,000		8,804		10,615,126		176,971		(140,126	)		—		—		(2,153,775	)		5,136,352
Franklin U.S. Small Cap Equity Fund, Class IS Shares
		12,069,290		1,057,558		96,764		1,615,615		119,410		(235,615	)	$	49,844		167,714		(713,462	)		10,797,771
ClearBridge Aggressive Growth Fund, Class IS Shares
		10,630,355		890,000		6,347		5,759,371		69,200		3,749,446			—		—		(5,760,984	)		—
ClearBridge Appreciation Fund, Class IS Shares
		23,644,256		38,030,000		1,355,177		4,043,139		137,662		101,862			—		—		(1,050,024	)		56,581,093
ClearBridge Large Cap Growth Fund, Class IS Shares
		26,533,029		11,905,000		228,093		3,326,821		46,045		(721,821	)		—		—		(5,871,354	)		29,239,854
ClearBridge Mid Cap Fund, Class IS Shares
		9,334,005		578,703		15,200		4,791,482		224,577		3,535,696			—		3,703		(5,121,226	)		—
ClearBridge Small Cap Growth Fund, Class IS Shares
		6,258,640		1,465,000		36,726		1,759,346		39,263		(314,346	)		—		—		(746,404	)		5,217,890
Franklin U.S. Large Cap Equity Fund, Class IS Shares
		15,809,004		44,740,000		2,704,218		4,574,652		239,539		(299,652	)		—		—		(357,138	)		55,617,214
ClearBridge Global Infrastructure Income Fund, Class IS Shares
		5,271,856		30,615		2,041		4,462,888		378,334		913,443			30,615		—		(839,583	)		—
ClearBridge International Growth Fund, Class IS Shares
		—		16,625,000		322,190		2,540,317		49,231		134,683			—		—		(297,525	)		13,787,158

12

Notes to Schedules of Investments (unaudited) (continued)

Moderate Growth Fund (continued)	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Global Market Neutral Fund, Class IS Shares
	$	19,397,252	$	240,000		23,622	$	12,650,937		1,270,547	$	509,063			—		—	$	(157,517	)	$	6,828,798
Franklin International Equity Fund, Class IS Shares
		32,922,435		6,730,000		448,503		13,638,792		733,293		(2,688,792	)		—		—		(3,623,898	)		22,389,745
Martin Currie Emerging Markets Fund, Class IS Shares
		31,169,710		4,705,000		373,868		8,525,728		585,984		(1,370,729	)		—		—		(9,182,400	)		18,166,582
ClearBridge International Value Fund, Class IS Shares
		15,871,213		—		—		13,437,653		1,413,287		152,245			—		—		(2,433,560	)		—
Franklin Global Dividend Fund, Class IS Shares
		48,335,376		1,768,846		133,064		9,519,546		794,589		1,425,454		$	833,846		—		(5,430,276	)		35,154,400
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares
		12,934,119		151,057		15,446		13,247,899		1,282,255		(625,648	)		151,057		—		162,723			—
Western Asset Core Bond Fund, Class IS Shares
		14,789,523		24,344,753		2,150,992		1,072,531		81,718		(132,531	)		459,753		—		(4,975,702	)		33,086,043
Western Asset Core Plus Bond Fund, Class IS Shares
		42,530,570		11,563,165		1,094,694		31,825,724		2,856,761		(3,680,724	)		693,165		—		(5,033,555	)		17,234,456
Western Asset High Yield Fund, Class IS Shares
		22,140,995		5,167,883		717,083		22,819,337		2,908,908		(2,854,167	)		652,551		—		(740,802	)		3,748,739
Western Asset Macro Opportunities Fund, Class IS Shares
		7,558,622		805,000		89,230		8,091,137		771,416		(1,033,162	)		—		—		(272,485	)		—
Franklin Strategic Real Return Fund, Class IS Shares
		31,713,616		—		—		4,530,822		349,061		(620,823	)		—		—		(2,903,058	)		24,279,736
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares
		21,495,866		1,285,000		141,306		13,363,642		1,287,441		(1,698,642	)		—		—		(281,772	)		9,135,452
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares
		7,746,386		210,000		18,261		977,648		77,162		(87,647	)		—		—		(590,485	)		6,388,253
	$	509,154,042	$	205,091,883			$	226,221,074			$	(868,455	)	$	2,870,831	$	305,720	$	(66,741,762	)	$	421,283,089

^(a)  Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

Conservative Growth Fund	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Growth Fund, Class R6 Shares
		—	$	13,640,000		121,591	$	1,217,653		10,865	$	117,348			—		—	$	182,745		$	12,605,092
BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares(a)
	$	6,519,196		2,666,433		221,481		1,113,392		84,919		(8,392	)		—	$	56,434		(230,427	)		7,841,810
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares
		18,816,799		480,000		24,755		5,807,153		343,460		782,847			—		—		(1,515,786	)		11,973,860
ClearBridge Small Cap Fund, Class IS Shares
		6,375,846		260,000		4,240		3,506,010		58,220		(31,010	)		—		—		(770,726	)		2,359,110
Franklin U.S. Small Cap Equity Fund, Class IS Shares
		7,069,496		515,914		46,856		2,197,620		163,370		(367,620	)	$	28,848		97,066		(263,868	)		5,123,922
ClearBridge Aggressive Growth Fund, Class IS Shares
		4,807,429		385,000		2,746		3,936,357		31,170		351,377			—		—		(1,256,072	)		—
ClearBridge Appreciation Fund, Class IS Shares
		17,262,257		13,695,000		487,328		3,272,877		115,025		192,122			—		—		(1,294,456	)		26,389,924
ClearBridge Large Cap Growth Fund, Class IS Shares
		14,422,820		4,540,000		87,611		1,887,599		27,877		(307,599	)		—		—		(3,181,852	)		13,893,369
ClearBridge Mid Cap Fund, Class IS Shares
		4,707,755		301,854		7,928		2,005,244		113,530		2,212,375			—		1,854		(3,004,365	)		—

13

Notes to Schedules of Investments (unaudited) (continued)

Conservative Growth Fund (continued)	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
ClearBridge Small Cap Growth Fund, Class IS Shares
	$	3,982,023	$	905,000		22,990	$	1,551,899		48,706	$	223,100			—		—	$	(936,945	)	$	2,398,179
Franklin U.S. Large Cap Equity Fund, Class IS Shares
		10,665,715		18,810,000		1,136,351		2,895,150		150,080		(170,150	)		—		—		(586,247	)		25,994,318
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares
		8,290,381		96,243		9,841		8,497,390		821,827		(405,142	)	$	96,243		—		110,766			—
Western Asset Core Bond Fund, Class IS Shares
		34,775,531		14,789,000		1,299,170		1,066,447		80,908		(151,447	)		744,000		—		(8,049,675	)		40,448,409
Western Asset Core Plus Bond Fund, Class IS Shares
		50,696,904		6,371,258		607,823		29,185,906		2,689,371		(2,750,906	)		816,258		—		(7,168,520	)		20,713,736
Western Asset High Yield Fund, Class IS Shares
		18,135,664		3,306,488		459,835		16,457,008		2,078,567		(2,221,134	)		550,542		—		(736,705	)		4,248,439
Western Asset Macro Opportunities Fund, Class IS Shares
		4,853,492		455,000		50,538		5,090,140		488,579		(619,743	)		—		—		(218,352	)		—
ClearBridge Global Infrastructure Income Fund, Class IS Shares
		3,351,758		19,090		1,273		2,831,286		240,513		592,467			19,090		—		(539,562	)		—
ClearBridge International Growth Fund, Class IS Shares
		—		7,835,000		151,841		1,723,955		33,410		86,045			—		—		(129,090	)		5,981,955
Franklin Global Market Neutral Fund, Class IS Shares
		12,302,337		250,000		24,606		4,231,150		404,121		(26,150	)		—		—		386,330			8,707,517
Franklin International Equity Fund, Class IS Shares
		2,463,433		12,230,000		830,438		5,472,816		330,009		(587,816	)		—		—		(277,477	)		8,943,140
Martin Currie Emerging Markets Fund, Class IS Shares
		11,661,143		1,735,000		144,889		720,684		41,762		(210,684	)		—		—		(3,972,065	)		8,703,394
ClearBridge International Value Fund, Class IS Shares
		2,492,123		600,000		52,910		3,068,275		274,826		(415,331	)		—		—		(23,848	)		—
Franklin Global Dividend Fund, Class IS Shares
		30,658,638		756,114		56,697		10,423,860		895,882		1,796,140			441,113		—		(4,151,635	)		16,839,257
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares
		24,503,318		990,000		109,010		3,984,490		382,391		(479,490	)		—		—		(2,179,524	)		19,329,304
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares
		4,965,551		4,290,000		384,439		743,887		58,700		(63,887	)		—		—		(356,443	)		8,155,221
Franklin Strategic Real Return Fund, Class IS Shares
		20,190,095		170,000		15,947		2,946,318		226,989		(391,318	)		—		—		(1,845,089	)		15,568,688
	$	323,969,704	$	110,092,394			$	125,834,566			$	(2,853,998	)	$	2,696,094	$	155,354	$	(42,008,888	)	$	266,218,644

^(a)  Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

Defensive Growth Fund	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares
	$	3,384,818	$	39,658		4,055	$	3,468,906		335,575	$	(165,946	)	$	39,658		—	$	44,430			—
Western Asset Core Bond Fund, Class IS Shares
		27,996,215		3,469,650		303,395		1,850,935		136,649		(315,935	)		514,650		—		(5,387,326	)	$	24,227,604
Western Asset Core Plus Bond Fund, Class IS Shares
		30,610,558		2,109,213		205,105		15,170,372		1,480,155		(615,372	)		484,213		—		(5,206,895	)		12,342,504
Western Asset High Yield Fund, Class IS Shares
		9,062,114		1,255,101		174,037		6,944,139		929,310		(563,651	)		279,613		—		(892,795	)		2,480,281
Western Asset Macro Opportunities Fund, Class IS Shares
		1,975,720		180,000		20,000		2,077,579		198,314		(262,659	)		—		—		(78,141	)		—

14

Notes to Schedules of Investments (unaudited) (continued)

Defensive Growth Fund (continued)	Affiliate Value at January 31, 2022		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Capital Gain Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at October 31, 2022
			Cost		Shares		Proceeds		Shares
Franklin Growth Fund, Class R6 Shares
		—	$	3,720,000		33,146	$	469,180		4,166	$	35,820			—		—	$	48,204		$	3,299,024
BrandywineGLOBAL - Dynamic US Large Cap Value ETF Shares(a)
	$	1,332,193		1,141,452		94,982		373,460		29,588		(3,460	)		—	$	11,452		(21,523	)		2,078,662
Brandywine GLOBAL - Diversified US Large Cap Value Fund, Class IS Shares
		1,362,804		2,125,000		114,460		423,223		22,403		6,778			—		—		81,245			3,145,826
ClearBridge Small Cap Fund, Class IS Shares
		—		665,000		10,436		—		—		—			—		—		(28,945	)		636,055
Franklin U.S. Small Cap Equity Fund, Class IS Shares
		1,512,543		151,620		14,072		208,224		15,390		(28,224	) $		6,099		20,521		(85,062	)		1,370,877
ClearBridge Appreciation Fund, Class IS Shares
		6,462,366		1,805,000		64,129		1,062,160		36,217		7,840			—		—		(544,875	)		6,660,331
ClearBridge Large Cap Growth Fund, Class IS Shares
		3,605,474		1,610,000		31,088		606,551		9,641		(61,551	)		—		—		(803,480	)		3,805,443
ClearBridge Small Cap Growth Fund, Class IS Shares
		1,126,116		205,000		5,784		585,428		16,180		(428	)		—		—		(186,922	)		558,766
Franklin U.S. Large Cap Equity Fund, Class IS Shares
		4,422,045		3,535,000		213,384		943,742		47,345		(93,743	)		—		—		(374,516	)		6,638,787
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares
		10,632,076		4,680,000		518,034		824,358		78,155		(99,359	)		—		—		(1,280,810	)		13,206,908
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares
		2,026,695		3,445,000		308,846		373,176		29,453		(33,176	)		—		—		(134,208	)		4,964,311
ClearBridge Global Infrastructure Income Fund, Class IS Shares
		1,354,995		7,929		529		1,146,056		97,245		240,082			7,929		—		(216,868	)		—
ClearBridge International Growth Fund, Class IS Shares
		—		2,020,000		39,147		769,176		14,906		35,824			—		—		(26,423	)		1,224,401
Franklin Global Market Neutral Fund, Class IS Shares
		4,975,709		1,120,000		108,833		1,013,328		96,784		(3,327	)		—		—		200,790			5,283,171
Franklin International Equity Fund, Class IS Shares
		188,259		2,465,000		168,836		1,055,757		70,515		(15,757	)		—		—		(77,169	)		1,520,333
Martin Currie Emerging Markets Fund, Class IS Shares
		1,538,252		1,620,000		133,054		70,535		4,128		(20,535	)		—		—		(734,506	)		2,353,211
ClearBridge International Value Fund, Class IS Shares
		194,147		—		—		183,398		17,288		(17,219	)		—		—		(10,749	)		—
Franklin Global Dividend Fund, Class IS Shares
		9,915,328		219,746		16,437		4,118,755		356,422		726,245			129,746		—		(1,462,596	)		4,553,723
Franklin Strategic Real Return Fund, Class IS Shares
		8,416,149		—		—		1,362,239		104,957		(187,240	)		—		—		(733,179	)		6,320,731
	$	132,094,576	$	37,589,369			$	45,100,677			$	(1,434,993	)	$	1,461,908	$	31,973	$	(17,912,319	)	$	106,670,949

^(a)  Prior to October 31, 2022, known as BrandywineGLOBAL — Dynamic US Large Cap Value Fund.

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