Form NPORT-P LEGG MASON PARTNERS INVE For: Jul 30

  
    NPORT-P
    false
    
      
      
        
          0000880366
          XXXXXXXX
        
      
      
      
      
        S000016651
        C000046518
        C000063669
        C000046514
        C000046516
        C000046519
        C000046517
      
      
    
  
  
    
      Legg Mason Partners Equity Trust
      811-06444
      0000880366
      5493006N9MF7V29DK342
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      ClearBridge Appreciation Fund
      S000016651
      549300ZFR48NDB3HQ435
      2021-10-31
      2021-07-30
      N
    
    
      7801031417.50
      8553205.41
      7792478212.09
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        KINDER MORGAN INC/DE
        549300WR7IX8XE0TBO16
        
        49456B101
        
          
          
        
        2007494.00000000
        NS
        USD
        34890245.72000000
        0.447742614998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        
        879360105
        
          
          
        
        30143.00000000
        NS
        USD
        13647846.11000000
        0.175141280328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
          
        
        646409.00000000
        NS
        USD
        56328080.26000000
        0.722851944232
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Products and Chemicals Inc
        7QEON6Y1RL5XR3R1W237
        
        009158106
        
          
          
        
        396709.00000000
        NS
        USD
        115454220.27000000
        1.481611075804
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        
        45866F104
        
          
          
        
        330185.00000000
        NS
        USD
        39566068.55000000
        0.507746925600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        104138.00000000
        NS
        USD
        22781228.88000000
        0.292348958315
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        
        040413106
        
          
          
        
        141075.00000000
        NS
        USD
        53663519.25000000
        0.688657931269
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONDELEZ INTERNATIONAL INC-A
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        1008333.00000000
        NS
        USD
        63787145.58000000
        0.818573293936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMPRA ENERGY
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        194022.00000000
        NS
        USD
        25348974.30000000
        0.325300547657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        
        000000000
        
          
          
          
        
        964105.00000000
        NS
        USD
        126596627.55000000
        1.624600340281
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Canadian Pacific Railway Ltd
        N/A
        
        13645T100
        
          
          
        
        702516.00000000
        NS
        USD
        52210989.12000000
        0.670017774820
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        FACEBOOK INC-A
        BQ4BKCS1HXDV9HN80Z93
        
        30303M102
        
          
          
        
        548139.00000000
        NS
        USD
        195301925.70000000
        2.506287735228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        1684938.00000000
        NS
        USD
        255739889.64000000
        3.281881356347
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        2260745.00000000
        NS
        USD
        644108857.95000000
        8.265776822457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        
        031162100
        
          
          
        
        130359.00000000
        NS
        USD
        31486912.86000000
        0.404068025639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORP
        N/A
        
        166764100
        
          
          
        
        800049.00000000
        NS
        USD
        81452988.69000000
        1.045277079679
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        
        053015103
        
          
          
        
        568266.00000000
        NS
        USD
        119125601.58000000
        1.528725500896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        
        824348106
        
          
          
        
        242152.00000000
        NS
        USD
        70473496.56000000
        0.904378487073
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        
        91324P102
        
          
          
        
        423902.00000000
        NS
        USD
        174740882.44000000
        2.242430170274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORP
        J3WHBG0MTS7O8ZVMDC91
        
        30231G102
        
          
          
        
        1093531.00000000
        NS
        USD
        62954579.67000000
        0.807889068875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ECOLAB INC
        82DYEISM090VG8LTLS26
        
        278865100
        
          
          
        
        347847.00000000
        NS
        USD
        76815053.01000000
        0.985758970629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3M CO
        LUZQVYP4VS22CLWDAR65
        
        88579Y101
        
          
          
        
        193421.00000000
        NS
        USD
        38285752.74000000
        0.491316776229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        3016359.00000000
        NS
        USD
        439966123.74000000
        5.646035981947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL A
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        59747.00000000
        NS
        USD
        160990083.91000000
        2.065967713072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton Dickinson and Co
        ICE2EP6D98PQUILVRZ91
        
        075887109
        
          
          
        
        154527.00000000
        NS
        USD
        39520280.25000000
        0.507159329476
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        
        058498106
        
          
          
        
        497639.00000000
        NS
        USD
        40249042.32000000
        0.516511451486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        81739.00000000
        NS
        USD
        29672891.78000000
        0.380788896322
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC
        2S72QS2UO2OESLG6Y829
        
        92343V104
        
          
          
        
        1265983.00000000
        NS
        USD
        70616531.74000000
        0.906214041515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC
        ISRPG12PN4EIEOEMW547
        
        438516106
        
          
          
        
        774753.00000000
        NS
        USD
        181129503.87000000
        2.324414633447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly & Co
        FRDRIPF3EKNDJ2CQJL29
        
        532457108
        
          
          
        
        279794.00000000
        NS
        USD
        68129839.00000000
        0.874302592136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        
        084670108
        
          
          
        
        536.00000000
        NS
        USD
        224530400.00000000
        2.881373471813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toll Brothers Inc
        529900JB6IS9MSZGVR44
        
        889478103
        
          
          
        
        850198.00000000
        NS
        USD
        50391235.46000000
        0.646665079946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WASTE MANAGEMENT INC
        549300YX8JIID70NFS41
        
        94106L109
        
          
          
        
        700602.00000000
        NS
        USD
        103871252.52000000
        1.332968148166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corp
        I07WOS4YJ0N7YRFE7309
        
        75513E101
        
          
          
        
        1524471.00000000
        NS
        USD
        132552753.45000000
        1.701034636764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
          
        
        3025153.00000000
        NS
        USD
        116044869.08000000
        1.489190805820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED PARCEL SERVICE-CL B
        D01LMJZU09ULLNCY6Z23
        
        911312106
        
          
          
        
        653590.00000000
        NS
        USD
        125070982.40000000
        1.605021906971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        
        000000000
        
          
          
          
        
        153493.00000000
        NS
        USD
        117689222.82000000
        1.510292613169
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        ADOBE SYSTEMS INC
        FU4LY2G4933NH2E1CP29
        
        00724F101
        
          
          
        
        256688.00000000
        NS
        USD
        159564961.44000000
        2.047679276054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC SHARES
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
          
        
        903462.00000000
        NS
        USD
        222604002.18000000
        2.856652224380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        THERMO FISHER SCIENTIFIC INC
        HCHV7422L5HDJZCRFL38
        
        883556102
        
          
          
        
        307626.00000000
        NS
        USD
        166121116.26000000
        2.131813676453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hartford Financial Services Gr
        IU7C3FTM7Y3BQM112U94
        
        416515104
        
          
          
        
        278247.00000000
        NS
        USD
        17702074.14000000
        0.227168734492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PFIZER INC
        765LHXWGK1KXCLTFYQ30
        
        717081103
        
          
          
        
        1993585.00000000
        NS
        USD
        85345373.85000000
        1.095227622421
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IBM
        VGRQXHF3J8VDLUA7XE92
        
        459200101
        
          
          
        
        110959.00000000
        NS
        USD
        15640780.64000000
        0.200716385908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Co
        54930070NSV60J38I987
        
        37045V100
        
          
          
        
        716128.00000000
        NS
        USD
        40704715.52000000
        0.522359054618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        
        872590104
        
          
          
        
        614801.00000000
        NS
        USD
        88543640.02000000
        1.136270613918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcelorMittal SA
        2EULGUTUI56JI9SAL165
        
        03938L203
        
          
          
        
        2359049.00000000
        NS
        USD
        83132886.76000000
        1.066835023433
        Long
        EC
        CORP
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME DEPOT INC
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        639483.00000000
        NS
        USD
        209871925.77000000
        2.693262914028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        410207.00000000
        NS
        USD
        61141353.35000000
        0.784620138624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANCORP
        N1GZ7BBF3NP8GI976H15
        
        902973304
        
          
          
        
        827107.00000000
        NS
        USD
        45937522.78000000
        0.589511084018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALT DISNEY CO
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        697074.00000000
        NS
        USD
        122698965.48000000
        1.574582079544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
          
        
        183646.00000000
        NS
        USD
        38956825.98000000
        0.499928583945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRAVELERS COS INC/THE
        549300Y650407RU8B149
        
        89417E109
        
          
          
        
        986502.00000000
        NS
        USD
        146909877.84000000
        1.885278005809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        salesforce.com Inc
        RCGZFPDMRW58VJ54VR07
        
        79466L302
        
          
          
        
        188044.00000000
        NS
        USD
        45493484.92000000
        0.583812795901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALMART INC
        Y87794H0US1R65VBXU25
        
        931142103
        
          
          
        
        1011444.00000000
        NS
        USD
        144181342.20000000
        1.850263013585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MERCK & CO. INC.
        4YV9Y5M8S0BRK1RP0397
        
        58933Y105
        
          
          
        
        1670538.00000000
        NS
        USD
        128414256.06000000
        1.647925763344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        
        03027X100
        
          
          
        
        391483.00000000
        NS
        USD
        110711392.40000000
        1.420746897029
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX COS INC
        V167QI9I69W364E2DY52
        
        872540109
        
          
          
        
        1755398.00000000
        NS
        USD
        120788936.38000000
        1.550070890061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan 100% US Treasury Securities Money Market Fund
        549300BS6M6EE7LNA816
        
        4812A2835
        
          
          
        
        25118788.27000000
        NS
        USD
        25118788.27000000
        0.322346596119
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEXAS INSTRUMENTS INC
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        241710.00000000
        NS
        USD
        46074760.20000000
        0.591272236456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PEPSICO INC
        FJSUNZKFNQ5YPJ5OT455
        
        713448108
        
          
          
        
        514360.00000000
        NS
        USD
        80728802.00000000
        1.035983673008
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG INDUSTRIES INC
        549300BKPEP01R3V6C59
        
        693506107
        
          
          
        
        976965.00000000
        NS
        USD
        159753316.80000000
        2.050096419289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROCTER & GAMBLE CO/THE
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        672656.00000000
        NS
        USD
        95671862.88000000
        1.227746299393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        
        68902V107
        
          
          
        
        285417.00000000
        NS
        USD
        25559092.35000000
        0.327996969055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc/Delaware
        549300LKFJ962MZ46593
        
        17275R102
        
          
          
        
        359700.00000000
        NS
        USD
        19916589.00000000
        0.255587355625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY INC
        N/A
        
        65339F101
        
          
          
        
        265760.00000000
        NS
        USD
        20702704.00000000
        0.265675481362
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinterest Inc
        N/A
        
        72352L106
        
          
          
        
        720485.00000000
        NS
        USD
        42436566.50000000
        0.544583704246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        955179.00000000
        NS
        USD
        164481823.80000000
        2.110776819944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA-COLA CO
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        1250128.00000000
        NS
        USD
        71294799.84000000
        0.914918180064
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Premier Institutional US Treasury Reserves
        549300FS1J68EF5THY28
        
        52470G478
        
          
          
        
        6279696.85000000
        NS
        USD
        6279696.85000000
        0.080586646238
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        3083860.00000000
        NS
        USD
        181423483.80000000
        2.328187244957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCES CO
        FY8JBF7CCL2VE4F1B628
        
        723787107
        
          
          
        
        338743.00000000
        NS
        USD
        49243069.91000000
        0.631930800057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VULCAN MATERIALS CO
        549300Q8LSNHAVWBNI21
        
        929160109
        
          
          
        
        246420.00000000
        NS
        USD
        44353135.80000000
        0.569178823383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        
        023135106
        
          
          
        
        82007.00000000
        NS
        USD
        272885673.13000000
        3.501911275242
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        
        29355A107
        
          
          
        
        62744.00000000
        NS
        USD
        11896262.40000000
        0.152663402786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL C
        5493006MHB84DD0ZWV18
        
        02079K107
        
          
          
        
        61758.00000000
        NS
        USD
        167019570.36000000
        2.143343437276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-09-23
      Legg Mason Partners Equity Trust
      Christopher Berarducci
      Christopher Berarducci
      Principal Financial Officer
    
  
  XXXX

CLEARBRIDGE APPRECIATION FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited)		July 31, 2021

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 99.6%
COMMUNICATION SERVICES - 13.2%
Diversified Telecommunication Services - 0.9%
Verizon Communications Inc.			1,265,983			$	70,616,532
Entertainment - 1.6%
Walt Disney Co.			697,074				122,698,966	*
Interactive Media & Services - 7.3%
Alphabet Inc., Class A Shares			59,747				160,990,084	*
Alphabet Inc., Class C Shares			61,758				167,019,570	*
Facebook Inc., Class A Shares			548,139				195,301,926	*
Pinterest Inc., Class A Shares			720,485				42,436,566	*
Total Interactive Media & Services							565,748,146
Media - 2.3%
Comcast Corp., Class A Shares			3,083,860				181,423,484
Wireless Telecommunication Services - 1.1%
T-Mobile US Inc.			614,801				88,543,640	*
TOTAL COMMUNICATION SERVICES							1,029,030,768
CONSUMER DISCRETIONARY - 8.9%
Automobiles - 0.5%
General Motors Co.			716,128				40,704,716	*
Household Durables - 0.7%
Toll Brothers Inc.			850,198				50,391,235
Internet & Direct Marketing Retail - 3.5%
Amazon.com Inc.			82,007				272,885,673	*
Specialty Retail - 4.2%
Home Depot Inc.			639,483				209,871,926
TJX Cos. Inc.			1,755,398				120,788,936
Total Specialty Retail							330,660,862
TOTAL CONSUMER DISCRETIONARY							694,642,486
CONSUMER STAPLES - 5.9%
Beverages - 2.0%
Coca-Cola Co.			1,250,128				71,294,800
PepsiCo Inc.			514,360				80,728,802
Total Beverages							152,023,602
Food & Staples Retailing - 1.9%
Walmart Inc.			1,011,444				144,181,342
Food Products - 0.8%
Mondelez International Inc., Class A Shares			1,008,333				63,787,145
Household Products - 1.2%
Procter & Gamble Co.			672,656				95,671,863
TOTAL CONSUMER STAPLES							455,663,952

 

See Notes to Schedule of Investments.

 

		ClearBridge Appreciation Fund 2021 Quarterly Report		1

---

CLEARBRIDGE APPRECIATION FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited) (cont’d)		July 31, 2021

 

SECURITY		SHARES				VALUE
ENERGY - 2.9%
Oil, Gas & Consumable Fuels - 2.9%
Chevron Corp.			800,049			$	81,452,989
Exxon Mobil Corp.			1,093,531				62,954,579
Kinder Morgan Inc.			2,007,494				34,890,246
Pioneer Natural Resources Co.			338,743				49,243,070
TOTAL ENERGY							228,540,884
FINANCIALS - 11.4%
Banks - 5.4%
Bank of America Corp.			3,025,153				116,044,869
JPMorgan Chase & Co.			1,684,938				255,739,889
US Bancorp			827,107				45,937,523
Total Banks							417,722,281
Capital Markets - 1.0%
CME Group Inc.			183,646				38,956,826
Intercontinental Exchange Inc.			330,185				39,566,069
Total Capital Markets							78,522,895
Diversified Financial Services - 2.9%
Berkshire Hathaway Inc., Class A Shares			536				224,530,400	*
Insurance - 2.1%
Hartford Financial Services Group Inc.			278,247				17,702,074
Travelers Cos. Inc.			986,502				146,909,878
Total Insurance							164,611,952
TOTAL FINANCIALS							885,387,528
HEALTH CARE - 12.6%
Biotechnology - 0.4%
Amgen Inc.			130,359				31,486,913
Health Care Equipment & Supplies - 2.1%
Becton Dickinson and Co.			154,527				39,520,280
Medtronic PLC			964,105				126,596,628
Total Health Care Equipment & Supplies							166,116,908
Health Care Providers & Services - 2.3%
UnitedHealth Group Inc.			423,902				174,740,882
Life Sciences Tools & Services - 2.1%
Thermo Fisher Scientific Inc.			307,626				166,121,116

 

See Notes to Schedule of Investments.

 

2		ClearBridge Appreciation Fund 2021 Quarterly Report

---

CLEARBRIDGE APPRECIATION FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited) (cont’d)		July 31, 2021

 

SECURITY		SHARES				VALUE
Pharmaceuticals - 5.7%
Eli Lilly & Co.			279,794			$	68,129,839
Johnson & Johnson			955,179				164,481,824
Merck & Co. Inc.			1,670,538				128,414,256
Pfizer Inc.			1,993,585				85,345,374
Total Pharmaceuticals							446,371,293
TOTAL HEALTH CARE							984,837,112
INDUSTRIALS - 9.3%
Aerospace & Defense - 2.3%
Northrop Grumman Corp.			81,739				29,672,892
Raytheon Technologies Corp.			1,524,471				132,552,753
Teledyne Technologies Inc.			30,143				13,647,846	*
Total Aerospace & Defense							175,873,491
Air Freight & Logistics - 1.6%
United Parcel Service Inc., Class B Shares			653,590				125,070,982
Commercial Services & Supplies - 1.3%
Waste Management Inc.			700,602				103,871,253
Industrial Conglomerates - 2.8%
3M Co.			193,421				38,285,753
Honeywell International Inc.			774,753				181,129,504
Total Industrial Conglomerates							219,415,257
Machinery - 0.3%
Otis Worldwide Corp.			285,417				25,559,092
Road & Rail - 1.0%
Canadian Pacific Railway Ltd.			702,516				52,210,989
Union Pacific Corp.			104,138				22,781,229
Total Road & Rail							74,992,218
TOTAL INDUSTRIALS							724,782,293
INFORMATION TECHNOLOGY - 25.8%
Communications Equipment - 0.9%
Arista Networks Inc.			141,075				53,663,519	*
Cisco Systems Inc.			359,700				19,916,589
Total Communications Equipment							73,580,108
IT Services - 5.4%
Automatic Data Processing Inc.			568,266				119,125,602
Fidelity National Information Services Inc.			410,207				61,141,353
International Business Machines Corp.			110,959				15,640,781
Visa Inc., Class A Shares			903,462				222,604,002
Total IT Services							418,511,738

 

See Notes to Schedule of Investments.

 

		ClearBridge Appreciation Fund 2021 Quarterly Report		3

---

CLEARBRIDGE APPRECIATION FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited) (cont’d)		July 31, 2021

 

SECURITY		SHARES				VALUE
Semiconductors & Semiconductor Equipment - 2.3%
ASML Holding NV, Registered Shares			153,493			$	117,689,223
Enphase Energy Inc.			62,744				11,896,262	*
Texas Instruments Inc.			241,710				46,074,760
Total Semiconductors & Semiconductor Equipment							175,660,245
Software - 11.6%
Adobe Inc.			256,688				159,564,962	*
Microsoft Corp.			2,260,745				644,108,858
Oracle Corp.			646,409				56,328,080
salesforce.com Inc.			188,044				45,493,485	*
Total Software							905,495,385
Technology Hardware, Storage & Peripherals - 5.6%
Apple Inc.			3,016,359				439,966,124
TOTAL INFORMATION TECHNOLOGY							2,013,213,600
MATERIALS - 7.6%
Chemicals - 5.4%
Air Products & Chemicals Inc.			396,709				115,454,220
Ecolab Inc.			347,847				76,815,053
PPG Industries Inc.			976,965				159,753,317
Sherwin-Williams Co.			242,152				70,473,497
Total Chemicals							422,496,087
Construction Materials - 0.6%
Vulcan Materials Co.			246,420				44,353,136
Containers & Packaging - 0.5%
Ball Corp.			497,639				40,249,042
Metals & Mining - 1.1%
ArcelorMittal SA, Registered Shares			2,359,049				83,132,887
TOTAL MATERIALS							590,231,152
REAL ESTATE - 1.4%
Equity Real Estate Investment Trusts (REITs) - 1.4%
American Tower Corp.			391,483				110,711,392
UTILITIES - 0.6%
Electric Utilities - 0.3%
NextEra Energy Inc.			265,760				20,702,704
Multi-Utilities - 0.3%
Sempra Energy			194,022				25,348,974
TOTAL UTILITIES							46,051,678
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,293,543,816)							7,763,092,845

 

See Notes to Schedule of Investments.

 

4		ClearBridge Appreciation Fund 2021 Quarterly Report

---

CLEARBRIDGE APPRECIATION FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited) (cont’d)		July 31, 2021

 

SECURITY		RATE				SHARES				VALUE
SHORT-TERM INVESTMENTS - 0.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class			0.006	%			24,160,567			$	24,160,567
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares			0.010	%			6,040,142				6,040,142	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $30,200,709)											30,200,709
TOTAL INVESTMENTS - 100.0% (Cost - $2,323,744,525)											7,793,293,554
Liabilities in Excess of Other Assets - (0.0)%††											(2,904,288	)
TOTAL NET ASSETS - 100.0%										$	7,790,389,266

 

††	Represents less than 0.1%.

 

*	Non-income producing security.

 

(a)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At July 31, 2021, the total market value of investments in Affiliated Companies was $6,040,142 and the cost was $6,040,142 (Note 2).

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

 

See Notes to Schedule of Investments.

 

		ClearBridge Appreciation Fund 2021 Quarterly Report		5

---

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge Appreciation Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Investment Trust (prior to September 1, 2021, known as Legg Mason Partners Equity Trust) (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

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

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

6

---

Notes to Schedule of Investments (unaudited) (cont’d)

 

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

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

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

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

 

•

Level 1 – quoted prices in active markets for identical investments

 

•

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

 

•

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

 

				7

---

Notes to Schedule of Investments (unaudited) (cont’d)

 

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

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

 

ASSETS
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Common Stocks†		$	7,763,092,845				—				—			$	7,763,092,845
Short-Term Investments†			30,200,709				—				—				30,200,709
Total Investments		$	7,793,293,554				—				—			$	7,793,293,554

 

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2021. The following transactions were effected in such company for the period ended July 31, 2021.

 

		Affiliate Value at October 31, 2020				Purchased								Sold								Realized Gain (Loss)				Interest Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at July 31, 2021
						Cost				Shares				Cost				Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		$	4,976,903			$	82,563,548				82,563,548			$	81,500,309				81,500,309				—			$	481				—			$	6,040,142

 

8

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