Legg Mason Partners Equity Trust
06/24/2026 | Press release | Distributed by Public on 06/24/2026 10:22
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
One Madison Avenue, 17th Floor, New York, NY 10010
(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, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS. |
| (a) | The Report to Shareholders is filed herewith |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class 1 [LMPMX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class 1
|
$47
|
0.92%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7911-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class A [SASMX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class A
|
$62
|
1.21%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7981-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class C [SCSMX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class C
|
$102
|
2.00%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7855-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class FI [LMPSX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class FI
|
$63
|
1.24%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7909-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class R [LMPOX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class R
|
$76
|
1.49%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7908-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class I [SBPYX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class I
|
$48
|
0.93%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7868-STSR-0626 |
|
ClearBridge Small Cap Growth Fund
|
|
|
Class IS [LMOIX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about ClearBridge Small Cap Growth Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class IS
|
$40
|
0.79%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$2,001,233,782
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
91
|
|
Portfolio Turnover Rate
|
12%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| ClearBridge Small Cap Growth Fund | PAGE 1 | 7978-STSR-0626 |
| (b) | Not applicable |
| 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. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
ClearBridge
Small Cap Growth Fund
Small Cap Growth Fund
Financial Statements and Other Important Information
Semi-Annual | April 30, 2026
If you need assistance accessing this content, please reach out to your sales representative or send an email to [email protected].
Table of Contents
|
Schedule of Investments
|
1
|
|
Statement of Assets and Liabilities
|
7
|
|
Statement of Operations
|
9
|
|
Statements of Changes in Net Assets
|
10
|
|
Financial Highlights
|
11
|
|
Notes to Financial Statements
|
18
|
|
Changes in and Disagreements with Accountants
|
32
|
|
Results of Meeting(s) of Shareholders
|
32
|
|
Remuneration Paid to Directors, Officers and Others
|
32
|
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments(unaudited) April 30, 2026
ClearBridge Small Cap Growth Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks - 97.5%
|
|||||
|
Consumer Discretionary - 6.2%
|
|||||
|
Automobile Components - 0.3%
|
|||||
|
Fox Factory Holding Corp.
|
323,569
|
$5,743,350
*
|
|||
|
Broadline Retail - 1.3%
|
|||||
|
Global-e Online Ltd.
|
854,136
|
26,794,246
*
|
|||
|
Diversified Consumer Services - 0.8%
|
|||||
|
Universal Technical Institute Inc.
|
401,665
|
15,074,487
*
|
|||
|
Hotels, Restaurants & Leisure - 2.8%
|
|||||
|
Dutch Bros Inc., Class A Shares
|
573,340
|
32,972,783
*
|
|||
|
Wingstop Inc.
|
145,294
|
23,836,934
|
|||
|
Total Hotels, Restaurants & Leisure
|
56,809,717
|
||||
|
Specialty Retail - 1.0%
|
|||||
|
Boot Barn Holdings Inc.
|
113,324
|
19,429,400
*
|
|||
|
|
|||||
|
Total Consumer Discretionary
|
123,851,200
|
||||
|
Consumer Staples - 6.2%
|
|||||
|
Consumer Staples Distribution & Retail - 5.7%
|
|||||
|
BJ's Wholesale Club Holdings Inc.
|
312,461
|
29,336,963
*
|
|||
|
Casey's General Stores Inc.
|
55,282
|
45,450,096
|
|||
|
Grocery Outlet Holding Corp.
|
830,014
|
6,565,411
*
|
|||
|
Performance Food Group Co.
|
365,923
|
33,137,987
*
|
|||
|
Total Consumer Staples Distribution & Retail
|
114,490,457
|
||||
|
Personal Care Products - 0.5%
|
|||||
|
e.l.f. Beauty Inc.
|
159,086
|
10,176,732
*
|
|||
|
|
|||||
|
Total Consumer Staples
|
124,667,189
|
||||
|
Energy - 4.9%
|
|||||
|
Energy Equipment & Services - 3.4%
|
|||||
|
Archrock Inc.
|
392,738
|
15,218,598
|
|||
|
Cactus Inc., Class A Shares
|
605,520
|
33,739,574
|
|||
|
Solaris Energy Infrastructure Inc.
|
256,100
|
18,910,424
|
|||
|
Total Energy Equipment & Services
|
67,868,596
|
||||
|
Oil, Gas & Consumable Fuels - 1.5%
|
|||||
|
Matador Resources Co.
|
484,520
|
30,737,949
|
|||
|
|
|||||
|
Total Energy
|
98,606,545
|
||||
|
Financials - 8.2%
|
|||||
|
Banks - 2.5%
|
|||||
|
Pathward Financial Inc.
|
137,826
|
11,968,810
|
|||
|
UMB Financial Corp.
|
110,881
|
13,989,856
|
|||
|
Wintrust Financial Corp.
|
163,217
|
24,575,583
|
|||
|
Total Banks
|
50,534,249
|
||||
See Notes to Financial Statements.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
1
Schedule of Investments(unaudited) (cont'd) April 30, 2026
ClearBridge Small Cap Growth Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Capital Markets - 3.4%
|
|||||
|
Hamilton Lane Inc., Class A Shares
|
295,007
|
$27,137,694
|
|||
|
PJT Partners Inc., Class A Shares
|
264,294
|
40,368,266
|
|||
|
Total Capital Markets
|
67,505,960
|
||||
|
Financial Services - 1.9%
|
|||||
|
NMI Holdings Inc.
|
471,240
|
18,241,700
*
|
|||
|
Shift4 Payments Inc., Class A Shares
|
437,780
|
19,384,899
*
|
|||
|
Total Financial Services
|
37,626,599
|
||||
|
Insurance - 0.4%
|
|||||
|
Trupanion Inc.
|
301,796
|
7,240,086
*
|
|||
|
|
|||||
|
Total Financials
|
162,906,894
|
||||
|
Health Care - 18.6%
|
|||||
|
Biotechnology - 10.6%
|
|||||
|
Bridgebio Pharma Inc.
|
359,557
|
25,568,098
*
|
|||
|
Caris Life Sciences Inc.
|
660,546
|
12,550,374
*
|
|||
|
CG oncology Inc.
|
245,229
|
16,366,583
*
|
|||
|
Dyne Therapeutics Inc.
|
276,016
|
4,844,081
*
|
|||
|
Geron Corp.
|
6,316,110
|
9,726,809
*
|
|||
|
Insmed Inc.
|
147,163
|
20,062,732
*
|
|||
|
Madrigal Pharmaceuticals Inc.
|
25,554
|
13,221,384
*
|
|||
|
Mirum Pharmaceuticals Inc.
|
306,715
|
29,846,437
*
|
|||
|
Protagonist Therapeutics Inc.
|
193,516
|
19,152,279
*
|
|||
|
Rhythm Pharmaceuticals Inc.
|
226,393
|
18,419,334
*
|
|||
|
Scholar Rock Holding Corp.
|
160,900
|
7,499,549
*
|
|||
|
TG Therapeutics Inc.
|
857,247
|
28,957,804
*
|
|||
|
Vaxcyte Inc.
|
84,600
|
4,842,504
*
|
|||
|
Total Biotechnology
|
211,057,968
|
||||
|
Health Care Equipment & Supplies - 1.0%
|
|||||
|
Glaukos Corp.
|
70,400
|
10,114,368
*
|
|||
|
Insulet Corp.
|
57,840
|
9,956,578
*
|
|||
|
Total Health Care Equipment & Supplies
|
20,070,946
|
||||
|
Health Care Providers & Services - 4.3%
|
|||||
|
Ensign Group Inc.
|
57,700
|
10,772,013
|
|||
|
HealthEquity Inc.
|
360,320
|
29,557,050
*
|
|||
|
RadNet Inc.
|
453,995
|
25,673,417
*
|
|||
|
Surgery Partners Inc.
|
1,404,408
|
19,703,844
*
|
|||
|
Total Health Care Providers & Services
|
85,706,324
|
||||
|
Life Sciences Tools & Services - 1.5%
|
|||||
|
Charles River Laboratories International Inc.
|
59,400
|
9,918,018
*
|
|||
|
Medpace Holdings Inc.
|
49,947
|
20,910,811
*
|
|||
|
Total Life Sciences Tools & Services
|
30,828,829
|
||||
See Notes to Financial Statements.
2
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
ClearBridge Small Cap Growth Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Pharmaceuticals - 1.2%
|
|||||
|
Axsome Therapeutics Inc.
|
23,400
|
$4,861,350
*
|
|||
|
Tarsus Pharmaceuticals Inc.
|
309,489
|
19,686,595
*
|
|||
|
Total Pharmaceuticals
|
24,547,945
|
||||
|
|
|||||
|
Total Health Care
|
372,212,012
|
||||
|
Industrials - 28.6%
|
|||||
|
Aerospace & Defense - 7.0%
|
|||||
|
Beta Technologies Inc., Class A Shares
|
218,488
|
3,480,514
*
|
|||
|
BWX Technologies Inc.
|
211,884
|
45,849,579
|
|||
|
FTAI Aviation Ltd.
|
74,357
|
18,564,712
|
|||
|
Karman Holdings Inc.
|
164,688
|
11,195,490
*
|
|||
|
Kratos Defense & Security Solutions Inc.
|
340,361
|
21,459,761
*
|
|||
|
Moog Inc., Class A Shares
|
95,836
|
28,876,345
|
|||
|
York Space Systems Inc.
|
311,759
|
10,337,929
*
|
|||
|
Total Aerospace & Defense
|
139,764,330
|
||||
|
Air Freight & Logistics - 1.8%
|
|||||
|
GXO Logistics Inc.
|
629,783
|
35,979,503
*
|
|||
|
Building Products - 3.1%
|
|||||
|
Modine Manufacturing Co.
|
123,388
|
31,418,287
*
|
|||
|
Simpson Manufacturing Co. Inc.
|
63,266
|
12,066,724
|
|||
|
Trex Co. Inc.
|
472,402
|
18,518,158
*
|
|||
|
Total Building Products
|
62,003,169
|
||||
|
Construction & Engineering - 2.8%
|
|||||
|
Construction Partners Inc., Class A Shares
|
348,311
|
43,072,138
*
|
|||
|
Legence Corp., Class A Shares
|
64,700
|
5,626,312
*
|
|||
|
Limbach Holdings Inc.
|
80,523
|
8,033,780
*
|
|||
|
Total Construction & Engineering
|
56,732,230
|
||||
|
Electrical Equipment - 5.5%
|
|||||
|
Bloom Energy Corp., Class A Shares
|
387,008
|
109,662,587
*(a)
|
|||
|
Ground Transportation - 2.6%
|
|||||
|
XPO Inc.
|
234,043
|
51,519,885
*
|
|||
|
Machinery - 3.2%
|
|||||
|
RBC Bearings Inc.
|
105,998
|
63,502,342
*
|
|||
|
Trading Companies & Distributors - 2.6%
|
|||||
|
McGrath RentCorp.
|
232,333
|
25,684,413
|
|||
|
Xometry Inc., Class A Shares
|
522,216
|
26,774,014
*
|
|||
|
Total Trading Companies & Distributors
|
52,458,427
|
||||
|
|
|||||
|
Total Industrials
|
571,622,473
|
||||
|
Information Technology - 21.0%
|
|||||
|
Electronic Equipment, Instruments & Components - 4.5%
|
|||||
|
Fabrinet
|
88,680
|
60,610,120
*
|
|||
See Notes to Financial Statements.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
3
Schedule of Investments(unaudited) (cont'd) April 30, 2026
ClearBridge Small Cap Growth Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Electronic Equipment, Instruments & Components - continued
|
|||||
|
OSI Systems Inc.
|
106,500
|
$30,556,980
*
|
|||
|
Total Electronic Equipment, Instruments & Components
|
91,167,100
|
||||
|
IT Services - 1.1%
|
|||||
|
Wix.com Ltd.
|
286,093
|
21,368,286
*
|
|||
|
Semiconductors & Semiconductor Equipment - 9.7%
|
|||||
|
Allegro MicroSystems Inc.
|
1,033,878
|
50,143,083
*
|
|||
|
Credo Technology Group Holding Ltd.
|
219,400
|
38,177,794
*
|
|||
|
Lattice Semiconductor Corp.
|
644,589
|
78,820,343
*(a)
|
|||
|
Rambus Inc.
|
169,900
|
19,557,189
*
|
|||
|
Rigetti Computing Inc.
|
457,672
|
7,986,376
*
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
194,684,785
|
||||
|
Software - 5.0%
|
|||||
|
Brain Corp.
|
598,883
|
1,717,580
*(b)(c)(d)
|
|||
|
Cellebrite DI Ltd.
|
480,231
|
6,243,003
*
|
|||
|
Intapp Inc.
|
448,858
|
10,076,862
*
|
|||
|
Klaviyo Inc., Class A Shares
|
948,228
|
19,049,901
*
|
|||
|
nCino Inc.
|
807,027
|
14,106,832
*
|
|||
|
Sprout Social Inc., Class A Shares
|
607,033
|
3,642,198
*
|
|||
|
Varonis Systems Inc.
|
942,831
|
24,796,455
*
|
|||
|
Zeta Global Holdings Corp., Class A Shares
|
1,066,911
|
19,652,501
*
|
|||
|
Total Software
|
99,285,332
|
||||
|
Technology Hardware, Storage & Peripherals - 0.7%
|
|||||
|
IonQ Inc.
|
314,858
|
14,206,393
*
|
|||
|
|
|||||
|
Total Information Technology
|
420,711,896
|
||||
|
Materials - 3.8%
|
|||||
|
Chemicals - 3.8%
|
|||||
|
Balchem Corp.
|
170,392
|
27,538,755
|
|||
|
Element Solutions Inc.
|
1,151,329
|
49,035,102
|
|||
|
|
|||||
|
Total Materials
|
76,573,857
|
||||
|
Total Common Stocks (Cost - $1,128,961,432)
|
1,951,152,066
|
||||
|
Investments in Underlying Funds - 1.8%
|
|||||
|
SPDR Series Trust - State Street SPDR
S&P Biotech ETF (Cost - $24,956,443)
|
277,215
|
36,406,646
|
|||
|
|
|
Rate
|
|
|
|
|
Preferred Stocks - 0.3%
|
|||||
|
Information Technology - 0.3%
|
|||||
|
Software - 0.3%
|
|||||
|
Brain Corp. (Cost - $10,146,825)
|
-
|
1,923,387
|
5,516,222
*(b)(c)(d)
|
||
See Notes to Financial Statements.
4
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
ClearBridge Small Cap Growth Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
|
Purchased Options - 0.0%††
|
|||||
|
Exchange-Traded Purchased Options - 0.0%††
|
|||||
|
Bloom Energy Corp., Class A Shares, Put @
$200.000
|
5/15/26
|
298
|
$8,444,128
|
$61,090
|
|
|
Lattice Semiconductor Corp., Put @
$105.000
|
5/15/26
|
606
|
7,410,168
|
210,282
|
|
|
Lattice Semiconductor Corp., Put @
$110.000
|
5/15/26
|
244
|
2,983,632
|
114,192
|
|
|
|
|||||
|
Total Purchased Options (Cost - $740,194)
|
385,564
|
||||
|
Total Investments before Short-Term Investments (Cost - $1,164,804,894)
|
1,993,460,498
|
||||
|
|
|
Rate
|
|
Shares
|
|
|
Short-Term Investments - 0.6%
|
|||||
|
JPMorgan 100% U.S. Treasury Securities
Money Market Fund, Institutional Class
|
3.497%
|
6,290,276
|
6,290,276
(e)
|
||
|
Western Asset Premier Institutional U.S.
Treasury Reserves, Premium Shares
|
3.565%
|
6,290,276
|
6,290,276
(e)(f)
|
||
|
|
|||||
|
Total Short-Term Investments (Cost - $12,580,552)
|
12,580,552
|
||||
|
Total Investments - 100.2% (Cost - $1,177,385,446)
|
2,006,041,050
|
||||
|
Liabilities in Excess of Other Assets - (0.2)%
|
(4,807,268
)
|
||||
|
Total Net Assets - 100.0%
|
$2,001,233,782
|
||||
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is pledged as collateral for written options.
|
|
(b)
|
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
|
|
(c)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(d)
|
Restricted security (Note 9).
|
|
(e)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(f)
|
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, 2026, the total market value of investments in Affiliated
Companies was $6,290,276 and the cost was $6,290,276 (Note 8).
|
|
Abbreviation(s) used in this schedule:
|
||
|
ETF
|
-
|
Exchange-Traded Fund
|
|
SPDR
|
-
|
Standard & Poor's Depositary Receipts
|
See Notes to Financial Statements.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
5
Schedule of Investments(unaudited) (cont'd) April 30, 2026
ClearBridge Small Cap Growth Fund
At April 30, 2026, the Fund had the following open written options contracts:
|
Exchange-Traded Written Options
|
||||||
|
Security
|
|
Expiration
Date
|
Strike
Price
|
Contracts
|
Notional
Amount
|
Value
|
|
Bloom Energy Corp., Class A Shares, Call
|
6/18/26
|
$290.000
|
210
|
$5,950,560
|
$(776,370
)
|
|
|
FTAI Aviation Ltd., Call
|
6/18/26
|
280.000
|
113
|
2,821,271
|
(129,950
)
|
|
|
Lattice Semiconductor Corp., Call
|
6/18/26
|
135.000
|
202
|
2,470,056
|
(166,650
)
|
|
|
Lattice Semiconductor Corp., Call
|
6/18/26
|
140.000
|
202
|
2,470,056
|
(131,300
)
|
|
|
Lattice Semiconductor Corp., Call
|
6/18/26
|
145.000
|
202
|
2,470,056
|
(109,080
)
|
|
|
Lattice Semiconductor Corp., Call
|
6/18/26
|
150.000
|
190
|
2,323,320
|
(83,600
)
|
|
|
Total Exchange-Traded Written Options (Premiums received - $924,967)
|
$(1,396,950
)
|
|||||
See Notes to Financial Statements.
6
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
Statement of Assets and Liabilities(unaudited) April 30, 2026
|
Assets:
|
|
|
Investments in unaffiliated securities, at value (Cost - $1,171,095,170)
|
$1,999,750,774
|
|
Investments in affiliated securities, at value (Cost - $6,290,276)
|
6,290,276
|
|
Cash
|
23
|
|
Receivable for Fund shares sold
|
948,569
|
|
Receivable for premiums on written options
|
149,351
|
|
Dividends receivable from affiliated investments
|
16,865
|
|
Dividends receivable from unaffiliated investments
|
16,516
|
|
Prepaid expenses
|
69,188
|
|
Total Assets
|
2,007,241,562
|
|
Liabilities:
|
|
|
Payable for Fund shares repurchased
|
2,272,659
|
|
Written options, at value (premiums received - $924,967)
|
1,396,950
|
|
Investment management fee payable
|
1,190,586
|
|
Transfer agent fees payable
|
754,012
|
|
Service and/or distribution fees payable
|
139,018
|
|
Trustees' fees payable
|
5,792
|
|
Accrued expenses
|
248,763
|
|
Total Liabilities
|
6,007,780
|
|
Total Net Assets
|
$2,001,233,782
|
|
Net Assets:
|
|
|
Par value (Note 7)
|
$520
|
|
Paid-in capital in excess of par value
|
873,163,301
|
|
Total distributable earnings (loss)
|
1,128,069,961
|
|
Total Net Assets
|
$2,001,233,782
|
See Notes to Financial Statements.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
7
Statement of Assets and Liabilities(unaudited) (cont'd) April 30, 2026
|
Net Assets:
|
|
|
Class 1
|
$3,162,317
|
|
Class A
|
$573,085,983
|
|
Class C
|
$1,040,511
|
|
Class FI
|
$2,491,872
|
|
Class R
|
$61,487,980
|
|
Class I
|
$488,157,610
|
|
Class IS
|
$871,807,509
|
|
Shares Outstanding:
|
|
|
Class 1
|
84,905
|
|
Class A
|
16,602,300
|
|
Class C
|
53,067
|
|
Class FI
|
71,578
|
|
Class R
|
1,934,246
|
|
Class I
|
12,173,597
|
|
Class IS
|
21,060,974
|
|
Net Asset Value:
|
|
|
Class 1 (and redemption price)
|
$37.25
|
|
Class A (and redemption price)
|
$34.52
|
|
Class C*
|
$19.61
|
|
Class FI (and redemption price)
|
$34.81
|
|
Class R (and redemption price)
|
$31.79
|
|
Class I (and redemption price)
|
$40.10
|
|
Class IS (and redemption price)
|
$41.39
|
|
Maximum Public Offering Price Per Share:
|
|
|
Class A (based on maximum initial sales charge of 5.50%)
|
$36.53
|
|
*
|
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.
8
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
Statement of Operations (unaudited) For the Six Months Ended April 30, 2026
|
Investment Income:
|
|
|
Dividends from unaffiliated investments
|
$2,914,820
|
|
Dividends from affiliated investments
|
161,026
|
|
Total Investment Income
|
3,075,846
|
|
Expenses:
|
|
|
Investment management fee (Note 2)
|
7,579,267
|
|
Transfer agent fees (Notes 2 and 5)
|
894,588
|
|
Service and/or distribution fees (Notes 2 and 5)
|
856,265
|
|
Shareholder reports
|
90,229
|
|
Registration fees
|
68,729
|
|
Legal fees
|
62,687
|
|
Trustees' fees
|
51,478
|
|
Fund accounting fees
|
48,823
|
|
Audit and tax fees
|
22,439
|
|
Custody fees
|
10,390
|
|
Commitment fees (Note 10)
|
9,799
|
|
Insurance
|
3,732
|
|
Miscellaneous expenses
|
12,657
|
|
Total Expenses
|
9,711,083
|
|
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
|
(5,023
)
|
|
Net Expenses
|
9,706,060
|
|
Net Investment Loss
|
(6,630,214
)
|
|
Realized and Unrealized Gain (Loss) on Investments and Written Options (Notes 1, 3, 4 and 11):
|
|
|
Net Realized Gain From Unaffiliated Investment Transactions
|
325,685,710
|
|
Change in Net Unrealized Appreciation (Depreciation) From:
|
|
|
Investments in unaffiliated securities
|
(196,317,611
)
|
|
Written options
|
(471,983
)
|
|
Change in Net Unrealized Appreciation (Depreciation)
|
(196,789,594
)
|
|
Net Gain on Investments and Written Options
|
128,896,116
|
|
Increase in Net Assets From Operations
|
$122,265,902
|
See Notes to Financial Statements.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
9
Statements of Changes in Net Assets
|
For the Six Months Ended April 30, 2026 (unaudited)
and the Year Ended October 31, 2025
|
2026
|
2025
|
|
Operations:
|
||
|
Net investment loss
|
$(6,630,214
)
|
$(16,570,687
)
|
|
Net realized gain
|
325,685,710
|
541,946,489
|
|
Change in net unrealized appreciation (depreciation)
|
(196,789,594
)
|
(123,406,087
)
|
|
Increase in Net Assets From Operations
|
122,265,902
|
401,969,715
|
|
Distributions to Shareholders From (Notes 1 and 6):
|
||
|
Total distributable earnings
|
(327,349,798
)
|
(216,348,338
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
(327,349,798
)
|
(216,348,338
)
|
|
Fund Share Transactions (Note 7):
|
||
|
Net proceeds from sale of shares
|
316,684,884
|
402,552,156
|
|
Reinvestment of distributions
|
279,365,933
|
187,599,286
|
|
Cost of shares repurchased
|
(449,204,959
)
|
(1,650,472,000
)
|
|
Shares redeemed in-kind (Note 11)
|
(212,996,129
)
|
(83,589,452
)
|
|
Decrease in Net Assets From Fund Share Transactions
|
(66,150,271
)
|
(1,143,910,010
)
|
|
Decrease in Net Assets
|
(271,234,167
)
|
(958,288,633
)
|
|
Net Assets:
|
||
|
Beginning of period
|
2,272,467,949
|
3,230,756,582
|
|
End of period
|
$2,001,233,782
|
$2,272,467,949
|
See Notes to Financial Statements.
10
ClearBridge Small Cap Growth Fund 2026 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 1 Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$41.31
|
$38.04
|
$30.79
|
$35.33
|
$56.17
|
$42.48
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.11
)
|
(0.24
)
|
(0.23
)
|
(0.20
)
|
(0.23
)
|
(0.30
)
|
|
Net realized and unrealized gain (loss)
|
2.39
|
6.42
|
7.63
|
(4.34
)
|
(15.16
)
|
17.24
|
|
Total income (loss) from operations
|
2.28
|
6.18
|
7.40
|
(4.54)
|
(15.39)
|
16.94
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$37.25
|
$41.31
|
$38.04
|
$30.79
|
$35.33
|
$56.17
|
|
Total return3
|
6.55
%
|
16.74
%
|
24.07
%
|
(12.85
)%
|
(29.76
)%
|
41.62
%
|
|
Net assets, end of period (000s)
|
$3,162
|
$3,129
|
$2,943
|
$2,873
|
$3,487
|
$5,366
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
0.92
%4
|
0.92
%
|
0.92
%
|
0.92
%
|
0.89
%
|
0.89
%
|
|
Net expenses5,6
|
0.92
4
|
0.92
|
0.92
|
0.92
|
0.89
|
0.89
|
|
Net investment loss
|
(0.62
)4
|
(0.64
)
|
(0.63
)
|
(0.56
)
|
(0.58
)
|
(0.58
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 1 shares did not exceed the ratio of total annual fund operating expenses of Class A shares.
This expense limitation arrangement cannot be terminated prior to December 31, 2027 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 Small Cap Growth Fund 2026 Semi-Annual Report
11
Financial Highlights (cont'd)
|
For a share of each class of beneficial interest outstanding throughout each year ended October 31,
unless otherwise noted:
|
||||||
|
Class A Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$38.79
|
$35.98
|
$29.21
|
$33.61
|
$53.85
|
$40.95
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.15
)
|
(0.32
)
|
(0.31
)
|
(0.28
)
|
(0.33
)
|
(0.42
)
|
|
Net realized and unrealized gain (loss)
|
2.22
|
6.04
|
7.23
|
(4.12
)
|
(14.46
)
|
16.57
|
|
Total income (loss) from operations
|
2.07
|
5.72
|
6.92
|
(4.40)
|
(14.79)
|
16.15
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$34.52
|
$38.79
|
$35.98
|
$29.21
|
$33.61
|
$53.85
|
|
Total return3
|
6.41
%
|
16.39
%
|
23.73
%
|
(13.09
)%
|
(29.95
)%
|
41.23
%
|
|
Net assets, end of period (millions)
|
$573
|
$602
|
$849
|
$762
|
$887
|
$1,332
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.21
%4
|
1.19
%
|
1.19
%
|
1.18
%
|
1.18
%
|
1.16
%
|
|
Net expenses5,6
|
1.21
4
|
1.19
|
1.19
|
1.18
|
1.18
|
1.16
|
|
Net investment loss
|
(0.91
)4
|
(0.91
)
|
(0.90
)
|
(0.83
)
|
(0.87
)
|
(0.85
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 1.28%. This expense limitation arrangement cannot be terminated
prior to December 31, 2027 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.
12
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
|
For a share of each class of beneficial interest outstanding throughout each year ended October 31,
unless otherwise noted:
|
||||||
|
Class C Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$24.86
|
$24.18
|
$19.83
|
$22.98
|
$38.93
|
$30.60
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.16
)
|
(0.39
)
|
(0.40
)
|
(0.36
)
|
(0.45
)
|
(0.58
)
|
|
Net realized and unrealized gain (loss)
|
1.25
|
3.98
|
4.90
|
(2.79
)
|
(10.05
)
|
12.16
|
|
Total income (loss) from operations
|
1.09
|
3.59
|
4.50
|
(3.15)
|
(10.50)
|
11.58
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$19.61
|
$24.86
|
$24.18
|
$19.83
|
$22.98
|
$38.93
|
|
Total return3
|
5.98
%
|
15.50
%
|
22.75
%
|
(13.71
)%
|
(30.48
)%
|
40.15
%
|
|
Net assets, end of period (000s)
|
$1,041
|
$1,075
|
$1,117
|
$1,423
|
$2,365
|
$5,976
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
2.01
%4
|
1.99
%
|
1.98
%
|
1.93
%
|
1.99
%
|
1.91
%
|
|
Net expenses5,6
|
2.00
4
|
1.99
|
1.98
|
1.93
|
1.99
|
1.91
|
|
Net investment loss
|
(1.70
)4
|
(1.71
)
|
(1.69
)
|
(1.57
)
|
(1.68
)
|
(1.60
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (unaudited).
|
|
3
|
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.
|
|
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 C shares did not exceed 2.09%. This expense limitation arrangement cannot be terminated
prior to December 31, 2027 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 Small Cap Growth Fund 2026 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 FI Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$39.08
|
$36.24
|
$29.42
|
$33.87
|
$54.23
|
$41.24
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.16
)
|
(0.34
)
|
(0.32
)
|
(0.30
)
|
(0.34
)
|
(0.43
)
|
|
Net realized and unrealized gain (loss)
|
2.23
|
6.09
|
7.29
|
(4.15
)
|
(14.57
)
|
16.67
|
|
Total income (loss) from operations
|
2.07
|
5.75
|
6.97
|
(4.45)
|
(14.91)
|
16.24
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$34.81
|
$39.08
|
$36.24
|
$29.42
|
$33.87
|
$54.23
|
|
Total return3
|
6.36
%
|
16.36
%
|
23.73
%
|
(13.14
)%
|
(29.97
)%
|
41.14
%
|
|
Net assets, end of period (000s)
|
$2,492
|
$2,507
|
$2,426
|
$2,142
|
$4,533
|
$7,946
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.24
%4
|
1.23
%
|
1.20
%
|
1.24
%
|
1.20
%
|
1.21
%
|
|
Net expenses5,6
|
1.24
4
|
1.23
|
1.20
|
1.24
|
1.20
|
1.21
|
|
Net investment loss
|
(0.94
)4
|
(0.94
)
|
(0.92
)
|
(0.89
)
|
(0.89
)
|
(0.86
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 1.35%. This expense limitation arrangement cannot be terminated
prior to December 31, 2027 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.
14
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
|
For a share of each class of beneficial interest outstanding throughout each year ended October 31,
unless otherwise noted:
|
||||||
|
Class R Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$36.27
|
$33.90
|
$27.61
|
$31.86
|
$51.50
|
$39.40
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.18
)
|
(0.40
)
|
(0.39
)
|
(0.36
)
|
(0.41
)
|
(0.56
)
|
|
Net realized and unrealized gain (loss)
|
2.04
|
5.68
|
6.83
|
(3.89
)
|
(13.78
)
|
15.91
|
|
Total income (loss) from
operations
|
1.86
|
5.28
|
6.44
|
(4.25)
|
(14.19)
|
15.35
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$31.79
|
$36.27
|
$33.90
|
$27.61
|
$31.86
|
$51.50
|
|
Total return3
|
6.26
%
|
16.08
%
|
23.37
%
|
(13.34
)%
|
(30.18
)%
|
40.79
%
|
|
Net assets, end of period (000s)
|
$61,488
|
$63,640
|
$67,595
|
$69,013
|
$74,632
|
$99,190
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.49
%4
|
1.47
%
|
1.48
%
|
1.48
%
|
1.48
%
|
1.48
%
|
|
Net expenses5,6
|
1.49
4
|
1.47
|
1.48
|
1.48
|
1.48
|
1.48
|
|
Net investment loss
|
(1.19
)4
|
(1.19
)
|
(1.19
)
|
(1.13
)
|
(1.17
)
|
(1.17
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 1.60%. This expense limitation arrangement cannot be terminated
prior to December 31, 2027 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 Small Cap Growth Fund 2026 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 I Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$43.99
|
$40.33
|
$32.64
|
$37.44
|
$59.18
|
$44.62
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.12
)
|
(0.24
)
|
(0.24
)
|
(0.21
)
|
(0.25
)
|
(0.33
)
|
|
Net realized and unrealized gain (loss)
|
2.57
|
6.81
|
8.08
|
(4.59
)
|
(16.04
)
|
18.14
|
|
Total income (loss) from operations
|
2.45
|
6.57
|
7.84
|
(4.80)
|
(16.29)
|
17.81
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$40.10
|
$43.99
|
$40.33
|
$32.64
|
$37.44
|
$59.18
|
|
Total return3
|
6.53
%
|
16.75
%
|
24.06
%
|
(12.82
)%
|
(29.77
)%
|
41.57
%
|
|
Net assets, end of period (millions)
|
$488
|
$546
|
$773
|
$951
|
$1,032
|
$1,700
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
0.93
%4
|
0.90
%
|
0.91
%
|
0.91
%
|
0.90
%
|
0.91
%
|
|
Net expenses5,6
|
0.93
4
|
0.90
|
0.91
|
0.91
|
0.90
|
0.91
|
|
Net investment loss
|
(0.62
)4
|
(0.61
)
|
(0.62
)
|
(0.56
)
|
(0.59
)
|
(0.60
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 1.00%. This expense limitation arrangement cannot be terminated prior
to December 31, 2027 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 Small Cap Growth Fund 2026 Semi-Annual Report
|
For a share of each class of beneficial interest outstanding throughout each year ended October 31,
unless otherwise noted:
|
||||||
|
Class IS Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$45.17
|
$41.30
|
$33.37
|
$38.24
|
$60.25
|
$45.31
|
|
Income (loss) from operations:
|
||||||
|
Net investment loss
|
(0.10
)
|
(0.20
)
|
(0.20
)
|
(0.16
)
|
(0.20
)
|
(0.26
)
|
|
Net realized and unrealized gain (loss)
|
2.66
|
6.98
|
8.28
|
(4.71
)
|
(16.36
)
|
18.45
|
|
Total income (loss) from operations
|
2.56
|
6.78
|
8.08
|
(4.87)
|
(16.56)
|
18.19
|
|
Less distributions from:
|
||||||
|
Net realized gains
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Total distributions
|
(6.34
)
|
(2.91
)
|
(0.15
)
|
-
|
(5.45
)
|
(3.25
)
|
|
Net asset value, end of period
|
$41.39
|
$45.17
|
$41.30
|
$33.37
|
$38.24
|
$60.25
|
|
Total return3
|
6.61
%
|
16.88
%
|
24.25
%
|
(12.73
)%
|
(29.68
)%
|
41.79
%
|
|
Net assets, end of period (millions)
|
$872
|
$1,054
|
$1,535
|
$1,732
|
$2,196
|
$3,479
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
0.79
%4
|
0.78
%
|
0.78
%
|
0.78
%
|
0.78
%
|
0.77
%
|
|
Net expenses5,6
|
0.79
4
|
0.78
|
0.78
|
0.78
|
0.78
|
0.77
|
|
Net investment loss
|
(0.48
)4
|
(0.49
)
|
(0.49
)
|
(0.42
)
|
(0.47
)
|
(0.47
)
|
|
Portfolio turnover rate7
|
12
%
|
20
%
|
22
%
|
13
%
|
9
%
|
19
%
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended April 30, 2026 (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 0.90%. 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, 2027 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 Small Cap Growth Fund 2026 Semi-Annual Report
17
Notes to Financial Statements(unaudited)
1. Organization and significant accounting policies
ClearBridge Small Cap Growth Fund (the "Fund") is a separate diversified investment series of Legg Mason Partners Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
For the period October 1, 2013 to December 10, 2025, the Fund was open for purchases and incoming exchanges only by existing Fund shareholders and certain categories of investors, with certain exceptions.
Effective December 11, 2025, the Fund reopened to purchases and incoming exchanges from new investors.
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, including exchange-traded funds, 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
18
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").
Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily 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. 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. 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.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, 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 quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
19
Notes to Financial Statements(unaudited) (cont'd)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 - unadjusted quoted prices in active markets for identical investments
•
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
||||
|
Common Stocks:
|
||||
|
Information Technology
|
$418,994,316
|
-
|
$1,717,580
|
$420,711,896
|
|
Other Common Stocks
|
1,530,440,170
|
-
|
-
|
1,530,440,170
|
|
Investments in Underlying
Funds
|
36,406,646
|
-
|
-
|
36,406,646
|
|
Preferred Stocks
|
-
|
-
|
5,516,222
|
5,516,222
|
|
Purchased Options
|
385,564
|
-
|
-
|
385,564
|
|
Total Long-Term Investments
|
1,986,226,696
|
-
|
7,233,802
|
1,993,460,498
|
|
Short-Term Investments†
|
12,580,552
|
-
|
-
|
12,580,552
|
|
Total Investments
|
$1,998,807,248
|
-
|
$7,233,802
|
$2,006,041,050
|
|
LIABILITIES
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
||||
|
Written Options:
|
||||
|
Exchange-Traded Written
Options
|
$1,230,300
|
$166,650
|
-
|
$1,396,950
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
(b) Purchased options. The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund purchases an option, an amount equal to the
20
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.
(c) Written options. The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.
The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(d) 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.
(e) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
21
Notes to Financial Statements(unaudited) (cont'd)
The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.
22
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
As of April 30, 2026, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.
(f) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(g) 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.
(h) 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.
(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, as amended (the "Code"), 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, 2025, 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 the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.
In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
23
Notes to Financial Statements(unaudited) (cont'd)
(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
Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and ClearBridge Investments, LLC ("ClearBridge") is the Fund's subadviser. Western Asset Management Company, LLC ("Western Asset") manages the portion of the Fund's cash and short-term instruments allocated to it. FTFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets.
FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the Fund's cash and short-term instruments allocated to Western Asset. For its services, FTFA pays ClearBridge a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. For Western Asset's services to the Fund, FTFA pays Western Asset monthly 0.02% of the portion of the Fund's average daily net assets that are allocated to Western Asset by FTFA.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.28%, 2.09%, 1.35%, 1.60%, 1.00% and 0.90%, 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 and the ratio of total annual fund operating expenses for Class 1 shares did not exceed the ratio of total annual fund operating expenses for Class A shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's 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, 2026, fees waived and/or expenses reimbursed amounted to $5,023, all of which was an affiliated money market fund waiver.
During the six months ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $5,023, all of which was an affiliated money market fund waiver.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any
24
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-basedfees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended April 30, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $19,233 was earned by Investor Services.
There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.
For the six months ended April 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
|
|
Class A
|
|
Sales charges
|
$9,884
|
|
CDSCs
|
8,096
|
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, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:
|
Purchases
|
$245,399,671
|
|
Sales
|
454,319,321
*
|
|
*
|
Excludes value of securities delivered as a result of redemptions in-kind totaling $196,874,859 (Note 11).
|
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
25
Notes to Financial Statements(unaudited) (cont'd)
At April 30, 2026, 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/Premiums
Paid (Received)
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
(Depreciation)
|
|
Securities
|
$1,182,889,231
|
$932,877,880
|
$(109,726,061)
|
$823,151,819
|
|
Written options
|
(924,967)
|
37,829
|
(509,812)
|
(471,983)
|
4. Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at April 30, 2026.
|
ASSET DERIVATIVES1
|
|
|
|
Equity
Risk
|
|
Purchased options2
|
$385,564
|
|
LIABILITY DERIVATIVES1
|
|
|
|
Equity
Risk
|
|
Written options
|
$1,396,950
|
|
1
|
Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for
liability derivatives is payables/net unrealized depreciation.
|
|
2
|
Market value of purchased options is reported in Investments in unaffiliated securities at value in the Statement
of Assets and Liabilities.
|
The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended April 30, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.
|
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
|
|
|
|
Equity
Risk
|
|
Purchased options1
|
$(63,926
)
|
|
1
|
Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment
transactions in unaffiliated securities in the Statement of Operations.
|
26
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
|
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
|
|
|
|
Equity
Risk
|
|
Purchased options1
|
$(354,630
)
|
|
Written options
|
(471,983
)
|
|
Total
|
$(826,613
)
|
|
1
|
The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net
Unrealized Appreciation (Depreciation) From Investments in unaffiliated securities in the Statement of
Operations.
|
During the six months ended April 30, 2026, the volume of derivative activity for the Fund was as follows:
|
|
Average Market
Value*
|
|
Purchased options
|
$55,421
|
|
Written options
|
199,564
|
|
*
|
Based on the average of the market values at each month-end during the period.
|
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 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, 2026, class specific expenses were as follows:
|
|
Service and/or
Distribution Fees
|
Transfer Agent
Fees
|
|
Class 1
|
-
|
$2,019
|
|
Class A
|
$697,837
|
473,890
|
|
Class C
|
4,948
|
1,065
|
|
Class FI
|
3,025
|
2,417
|
|
Class R
|
150,455
|
61,053
|
|
Class I
|
-
|
348,558
|
|
Class IS
|
-
|
5,586
|
|
Total
|
$856,265
|
$894,588
|
For the six months ended April 30, 2026, waivers and/or expense reimbursements by class were as follows:
|
|
Waivers/Expense
Reimbursements
|
|
Class 1
|
$8
|
|
Class A
|
1,390
|
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
27
Notes to Financial Statements(unaudited) (cont'd)
|
|
Waivers/Expense
Reimbursements
|
|
Class C
|
$2
|
|
Class FI
|
6
|
|
Class R
|
150
|
|
Class I
|
1,220
|
|
Class IS
|
2,247
|
|
Total
|
$5,023
|
6. Distributions to shareholders by class
|
|
Six Months Ended
April 30, 2026
|
Year Ended
October 31, 2025
|
|
Net Realized Gains:
|
||
|
Class 1
|
$478,861
|
$216,228
|
|
Class A
|
96,624,365
|
66,871,770
|
|
Class C
|
269,648
|
131,971
|
|
Class FI
|
406,434
|
190,358
|
|
Class R
|
10,991,612
|
5,477,011
|
|
Class I
|
75,707,561
|
44,901,075
|
|
Class IS
|
142,871,317
|
98,559,925
|
|
Total
|
$327,349,798
|
$216,348,338
|
7. Shares of beneficial interest
At April 30, 2026, 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, 2026
|
Year Ended
October 31, 2025
|
||
|
|
Shares
|
Amount
|
Shares
|
Amount
|
|
Class 1
|
||||
|
Shares sold
|
-
|
-
|
-
|
-
|
|
Shares issued on reinvestment
|
13,713
|
$478,861
|
5,576
|
$216,228
|
|
Shares repurchased
|
(4,557
)
|
(164,590
)
|
(7,201
)
|
(277,870
)
|
|
Net increase (decrease)
|
9,156
|
$314,271
|
(1,625
)
|
$(61,642
)
|
|
Class A
|
||||
|
Shares sold
|
755,731
|
$25,232,867
|
1,761,429
|
$62,525,937
|
|
Shares issued on reinvestment
|
2,813,265
|
91,149,784
|
1,727,297
|
63,080,874
|
|
Shares repurchased
|
(2,487,319
)
|
(82,991,852
)
|
(11,551,646
)
|
(411,442,755
)
|
|
Net increase (decrease)
|
1,081,677
|
$33,390,799
|
(8,062,920
)
|
$(285,835,944
)
|
28
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
|
|
Six Months Ended
April 30, 2026
|
Year Ended
October 31, 2025
|
||
|
|
Shares
|
Amount
|
Shares
|
Amount
|
|
Class C
|
||||
|
Shares sold
|
4,557
|
$86,948
|
8,354
|
$197,241
|
|
Shares issued on reinvestment
|
14,538
|
268,377
|
5,587
|
131,624
|
|
Shares repurchased
|
(9,257
)
|
(177,969
)
|
(16,913
)
|
(383,970
)
|
|
Net increase (decrease)
|
9,838
|
$177,356
|
(2,972
)
|
$(55,105
)
|
|
Class FI
|
||||
|
Shares sold
|
3,232
|
$109,388
|
6,461
|
$228,416
|
|
Shares issued on reinvestment
|
12,437
|
406,434
|
5,174
|
190,358
|
|
Shares repurchased
|
(8,251
)
|
(272,028
)
|
(14,415
)
|
(517,600
)
|
|
Net increase (decrease)
|
7,418
|
$243,794
|
(2,780
)
|
$(98,826
)
|
|
Class R
|
||||
|
Shares sold
|
101,412
|
$3,129,507
|
275,584
|
$9,181,798
|
|
Shares issued on reinvestment
|
367,918
|
10,989,714
|
159,819
|
5,470,605
|
|
Shares repurchased
|
(289,555
)
|
(8,892,436
)
|
(674,719
)
|
(22,653,191
)
|
|
Net increase (decrease)
|
179,775
|
$5,226,785
|
(239,316
)
|
$(8,000,788
)
|
|
Class I
|
||||
|
Shares sold
|
5,560,826
|
$224,396,655
|
4,111,744
|
$171,889,543
|
|
Shares issued on reinvestment
|
1,709,434
|
64,274,719
|
883,897
|
36,496,128
|
|
Shares repurchased
|
(3,339,742
)
|
(128,582,283
)
|
(9,812,212
)
|
(404,149,581
)
|
|
Shares redeemed in-kind
|
(4,177,426
)
|
(171,436,566
)
|
(1,932,257
)
|
(83,589,452
)
|
|
Net decrease
|
(246,908
)
|
$(11,347,475
)
|
(6,748,828
)
|
$(279,353,362
)
|
|
Class IS
|
||||
|
Shares sold
|
1,606,391
|
$63,729,519
|
3,845,201
|
$158,529,221
|
|
Shares issued on reinvestment
|
2,882,136
|
111,798,044
|
1,936,106
|
82,013,469
|
|
Shares repurchased
|
(5,721,767
)
|
(228,123,801
)
|
(19,626,619
)
|
(811,047,033
)
|
|
Shares redeemed in-kind
|
(1,030,743
)
|
(41,559,563
)
|
-
|
-
|
|
Net decrease
|
(2,263,983
)
|
$(94,155,801
)
|
(13,845,312
)
|
$(570,504,343
)
|
8. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
29
Notes to Financial Statements(unaudited) (cont'd)
all or some portion of the six months ended April 30, 2026. The following transactions were effected in such company for the six months ended April 30, 2026.
|
|
Affiliate
Value at
October 31,
2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
$3,291,707
|
$179,410,828
|
179,410,828
|
$176,412,259
|
176,412,259
|
|
(cont'd)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
April 30,
2026
|
|
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
-
|
$161,026
|
-
|
$6,290,276
|
9. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.
|
Security
|
Number of
Shares
|
Acquisition
Date
|
Cost
|
Fair Value
at 4/30/2026
|
Value Per
Share
|
Percent of
Net Assets
|
|
Brain Corp., Common
Shares
|
598,883
|
3/21
|
$2,617,119
|
$1,717,580
|
$2.87
|
0.09
%
|
|
Brain Corp., Preferred
Shares
|
1,923,387
|
4/20, 11/20
|
10,146,825
|
5,516,222
|
2.87
|
0.27
|
|
Total
|
$12,763,944
|
$7,233,802
|
0.36
%
|
10. 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 $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.
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
30
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
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, 2026.
11. Redemptions in-kind
The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the six months ended April 30, 2026, and for the year ended October 31, 2025, the Fund had redemptions in-kind with total proceeds in the amounts of $212,996,129 and $83,589,452, respectively. The net realized gains on these redemptions in-kind amounted to $137,147,398 and $61,531,525, respectively, which were not realized for tax purposes.
12. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.
ClearBridge Small Cap Growth Fund 2026 Semi-Annual Report
31
|
Changes in and Disagreements with Accountants
|
For the period covered by this report
|
|
Not applicable.
|
|
|
Results of Meeting(s) of Shareholders
|
For the period covered by this report
|
|
Not applicable.
|
|
|
Remuneration Paid to Directors, Officers and Others
|
For the period covered by this report
|
|
Refer to the financial statements included herein.
|
|
32
ClearBridge Small Cap Growth Fund
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ClearBridge
Small Cap Growth Fund
Trustees
Andrew L. Breech
Stephen R. Gross
Susan M. Heilbron
Arnold L. Lehman
Robin J. W. Masters
G. Peter O'Brien
Chair
Chair
Thomas F. Schlafly
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
ClearBridge Investments, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Baltimore, MD
ClearBridge Small Cap Growth Fund
The Fund is a separate investment series of Legg Mason Partners Investment Trust, a Maryland statutory trust.
ClearBridge Small Cap Growth Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010
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 Small Cap Growth Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
90149-SFSOI 6/26
© 2026 Franklin Templeton. All rights reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
Exhibit 99.CERT
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 24, 2026 |
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 24, 2026 |
| By: | /s/ Christopher Berarducci | |
| Christopher Berarducci | ||
| Principal Financial Officer | ||
| Date: | June 24, 2026 |
Legg Mason Partners Equity Trust published this content on June 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 24, 2026 at 16:22 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]