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

  
    NPORT-P
    false
    
      
      
        
          0000880366
          XXXXXXXX
        
      
      
      
      
        S000016669
        C000046597
        C000127016
        C000046595
        C000076733
        C000063680
        C000063682
        C000046599
      
      
    
  
  
    
      Legg Mason Partners Equity Trust
      811-06444
      0000880366
      5493006N9MF7V29DK342
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      ClearBridge Large Cap Value Fund
      S000016669
      5493008X4JXB7WRB6E40
      2021-10-31
      2021-07-30
      N
    
    
      2555753990.32
      1770338.54
      2553983651.78
      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
      145020.31000000
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        PPG INDUSTRIES INC
        549300BKPEP01R3V6C59
        
        693506107
        
          
          
        
        216430.00000000
        NS
        USD
        35390633.60000000
        1.385703216045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MERCK & CO. INC.
        4YV9Y5M8S0BRK1RP0397
        
        58933Y105
        
          
          
        
        279496.00000000
        NS
        USD
        21484857.52000000
        0.841229250039
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANCORP
        N1GZ7BBF3NP8GI976H15
        
        902973304
        
          
          
        
        516175.00000000
        NS
        USD
        28668359.50000000
        1.122495810809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Products and Chemicals Inc
        7QEON6Y1RL5XR3R1W237
        
        009158106
        
          
          
        
        191608.00000000
        NS
        USD
        55763676.24000000
        2.183399889859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
          
        
        371410.00000000
        NS
        USD
        32364667.40000000
        1.267222966656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marsh & McLennan Cos Inc
        549300XMP3KDCKJXIU47
        
        571748102
        
          
          
        
        234742.00000000
        NS
        USD
        34558717.24000000
        1.353129931584
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        
        620076307
        
          
          
        
        248385.00000000
        NS
        USD
        55618369.20000000
        2.177710462681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        685923.00000000
        NS
        USD
        104109392.94000000
        4.076353146091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        16123.00000000
        NS
        USD
        43443907.19000000
        1.701025265362
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        92138.00000000
        NS
        USD
        26251037.58000000
        1.027846735107
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMGEN INC
        62QBXGPJ34PQ72Z12S66
        
        031162100
        
          
          
        
        123740.00000000
        NS
        USD
        29888159.60000000
        1.170256496323
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertiv Holdings Co
        549300KTTIRAOGXCRV69
        
        92537N108
        
          
          
        
        2069126.00000000
        NS
        USD
        58018293.04000000
        2.271678324940
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        280278.00000000
        NS
        USD
        48263871.60000000
        1.889748650754
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        86120.00000000
        NS
        USD
        31287396.00000000
        1.225042923755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DISH Network Corp
        529900U350CWHH15G169
        
        25470M109
        
          
          
        
        1700647.00000000
        NS
        USD
        71240102.83000000
        2.789371920229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        
        036752103
        
          
          
        
        113232.00000000
        NS
        USD
        43482220.32000000
        1.702525397517
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charter Communications Inc
        0J0XRGZE3PBRFEZ7MV65
        
        16119P108
        
          
          
        
        71971.00000000
        NS
        USD
        53550022.55000000
        2.096725345625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME DEPOT INC
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        135303.00000000
        NS
        USD
        44405091.57000000
        1.738659976897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        
        713448108
        
          
          
        
        156210.00000000
        NS
        USD
        24517159.50000000
        0.959957573844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan 100% US Treasury Securities Money Market Fund
        549300BS6M6EE7LNA816
        
        4812A2835
        
          
          
        
        31890279.43000000
        NS
        USD
        31890279.43000000
        1.248648534135
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORP
        N/A
        
        166764100
        
          
          
        
        398926.00000000
        NS
        USD
        40614656.06000000
        1.590247299809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        
        000000000
        
          
          
          
        
        146930.00000000
        NS
        USD
        30324882.70000000
        1.187356178997
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        118210.00000000
        NS
        USD
        42912594.20000000
        1.680221961095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Products Partners L
        K4CDIF4M54DJZ6TB4Q48
        
        293792107
        
          
          
        
        1392260.00000000
        NS
        USD
        31423308.20000000
        1.230364500497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        
        03027X100
        
          
          
        
        186981.00000000
        NS
        USD
        52878226.80000000
        2.070421506541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        73530.00000000
        NS
        USD
        10725085.80000000
        0.419935569772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
          
        
        2713108.00000000
        NS
        USD
        104074822.88000000
        4.074999572039
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        
        872590104
        
          
          
        
        278795.00000000
        NS
        USD
        40152055.90000000
        1.572134413312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        
        000000000
        
          
          
          
        
        628572.00000000
        NS
        USD
        92695512.84000000
        3.629448167195
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corp
        I07WOS4YJ0N7YRFE7309
        
        75513E101
        
          
          
        
        926357.00000000
        NS
        USD
        80546741.15000000
        3.153768861984
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        
        452308109
        
          
          
        
        189100.00000000
        NS
        USD
        42863297.00000000
        1.678291752968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        
        68902V107
        
          
          
        
        352658.00000000
        NS
        USD
        31580523.90000000
        1.236520205522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        
        244199105
        
          
          
        
        235780.00000000
        NS
        USD
        85255690.20000000
        3.338145494415
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Premier Institutional US Treasury Reserves
        549300FS1J68EF5THY28
        
        52470G478
        
          
          
        
        7972569.79000000
        NS
        USD
        7972569.79000000
        0.312162130890
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF NEW YORK MELLON CORP
        WFLLPEPC7FZXENRZV188
        
        064058100
        
          
          
        
        644715.00000000
        NS
        USD
        33093220.95000000
        1.295749130067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC
        ISRPG12PN4EIEOEMW547
        
        438516106
        
          
          
        
        237910.00000000
        NS
        USD
        55620978.90000000
        2.177812644228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        
        084670702
        
          
          
        
        141260.00000000
        NS
        USD
        39311245.40000000
        1.539212883081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM Inc
        H1J8DDZKZP6H7RWC0H53
        
        747525103
        
          
          
        
        272650.00000000
        NS
        USD
        40842970.00000000
        1.599186822184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Edison International
        549300I7ROF15MAEVP56
        
        281020107
        
          
          
        
        661437.00000000
        NS
        USD
        36048316.50000000
        1.411454473284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        1332720.00000000
        NS
        USD
        78403917.60000000
        3.069867637772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRAVELERS COS INC/THE
        549300Y650407RU8B149
        
        89417E109
        
          
          
        
        205387.00000000
        NS
        USD
        30586232.04000000
        1.197589186551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lam Research Corp
        549300I4GMO6D34U1T02
        
        512807108
        
          
          
        
        84263.00000000
        NS
        USD
        53710078.83000000
        2.102992272192
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED PARCEL SERVICE-CL B
        D01LMJZU09ULLNCY6Z23
        
        911312106
        
          
          
        
        268005.00000000
        NS
        USD
        51285436.80000000
        2.008056581108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        
        09857L108
        
          
          
        
        26112.00000000
        NS
        USD
        56878725.12000000
        2.227059091797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN EXPRESS CO
        R4PP93JZOLY261QX3811
        
        025816109
        
          
          
        
        565117.00000000
        NS
        USD
        96369402.01000000
        3.773297528464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        
        91324P102
        
          
          
        
        141990.00000000
        NS
        USD
        58531117.80000000
        2.291757731464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital One Financial Corp
        ZUE8T73ROZOF6FLBAR73
        
        14040H105
        
          
          
        
        293650.00000000
        NS
        USD
        47483205.00000000
        1.859182025965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Progressive Corp/The
        529900TACNVLY9DCR586
        
        743315103
        
          
          
        
        320238.00000000
        NS
        USD
        30473848.08000000
        1.193188846716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        
        872540109
        
          
          
        
        519966.00000000
        NS
        USD
        35778860.46000000
        1.400904051796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charles Schwab Corp/The
        549300VSGCJ7E698NM85
        
        808513105
        
          
          
        
        728710.00000000
        NS
        USD
        49515844.50000000
        1.938769046759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        
        20825C104
        
          
          
        
        1009940.00000000
        NS
        USD
        56617236.40000000
        2.216820626887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc/Delaware
        549300LKFJ962MZ46593
        
        17275R102
        
          
          
        
        827620.00000000
        NS
        USD
        45825319.40000000
        1.794268313662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMPRA ENERGY
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        663439.00000000
        NS
        USD
        86678305.35000000
        3.393847305545
        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 LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

 

Schedule of investments (unaudited)		July 31, 2021

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 101.9%
COMMUNICATION SERVICES - 11.6%
Interactive Media & Services - 1.8%
Alphabet Inc., Class A Shares			16,123			$	43,443,907	*
Media - 8.2%
Charter Communications Inc., Class A Shares			71,971				53,550,022	*
Comcast Corp., Class A Shares			1,332,720				78,403,918
DISH Network Corp., Class A Shares			1,700,647				71,240,103	*
Total Media							203,194,043
Wireless Telecommunication Services - 1.6%
T-Mobile US Inc.			278,795				40,152,056	*
TOTAL COMMUNICATION SERVICES							286,790,006
CONSUMER DISCRETIONARY - 5.6%
Hotels, Restaurants & Leisure - 2.3%
Booking Holdings Inc.			26,112				56,878,725	*
Specialty Retail - 3.3%
Home Depot Inc.			135,303				44,405,092
TJX Cos. Inc.			519,966				35,778,860
Total Specialty Retail							80,183,952
TOTAL CONSUMER DISCRETIONARY							137,062,677
CONSUMER STAPLES - 1.0%
Beverages - 1.0%
PepsiCo Inc.			156,210				24,517,159
ENERGY - 5.2%
Oil, Gas & Consumable Fuels - 5.2%
Chevron Corp.			398,926				40,614,656
ConocoPhillips			1,009,940				56,617,237
Enterprise Products Partners LP			1,392,260				31,423,308
TOTAL ENERGY							128,655,201
FINANCIALS - 24.3%
Banks - 9.6%
Bank of America Corp.			2,713,108				104,074,823
JPMorgan Chase & Co.			685,923				104,109,393
US Bancorp			516,175				28,668,359
Total Banks							236,852,575
Capital Markets - 3.4%
Bank of New York Mellon Corp.			644,715				33,093,221
Charles Schwab Corp.			728,710				49,515,845
Total Capital Markets							82,609,066

 

See Notes to Schedule of Investments.

 

		ClearBridge Large Cap Value Fund 2021 Quarterly Report		1

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CLEARBRIDGE LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

 

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

 

SECURITY		SHARES				VALUE
Consumer Finance - 5.8%
American Express Co.			565,117			$	96,369,402
Capital One Financial Corp.			293,650				47,483,205
Total Consumer Finance							143,852,607
Diversified Financial Services - 1.6%
Berkshire Hathaway Inc., Class B Shares			141,260				39,311,245	*
Insurance - 3.9%
Marsh & McLennan Cos. Inc.			234,742				34,558,717
Progressive Corp.			320,238				30,473,848
Travelers Cos. Inc.			205,387				30,586,232
Total Insurance							95,618,797
TOTAL FINANCIALS							598,244,290
HEALTH CARE - 8.2%
Biotechnology - 1.2%
Amgen Inc.			123,740				29,888,160
Health Care Providers & Services - 4.2%
Anthem Inc.			113,232				43,482,220
UnitedHealth Group Inc.			141,990				58,531,118
Total Health Care Providers & Services							102,013,338
Pharmaceuticals - 2.8%
Johnson & Johnson			280,278				48,263,872
Merck & Co. Inc.			279,496				21,484,857
Total Pharmaceuticals							69,748,729
TOTAL HEALTH CARE							201,650,227
INDUSTRIALS - 18.2%
Aerospace & Defense - 5.0%
Northrop Grumman Corp.			118,210				42,912,594
Raytheon Technologies Corp.			926,357				80,546,741
Total Aerospace & Defense							123,459,335
Air Freight & Logistics - 2.1%
United Parcel Service Inc., Class B Shares			268,005				51,285,437
Electrical Equipment - 2.3%
Vertiv Holdings Co.			2,069,126				58,018,293
Industrial Conglomerates - 2.3%
Honeywell International Inc.			237,910				55,620,979

 

See Notes to Schedule of Investments.

 

2		ClearBridge Large Cap Value Fund 2021 Quarterly Report

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CLEARBRIDGE LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

 

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

 

SECURITY		SHARES				VALUE
Machinery - 6.5%
Deere & Co.			235,780			$	85,255,690
Illinois Tool Works Inc.			189,100				42,863,297
Otis Worldwide Corp.			352,658				31,580,524
Total Machinery							159,699,511
TOTAL INDUSTRIALS							448,083,555
INFORMATION TECHNOLOGY - 15.7%
Communications Equipment - 4.1%
Cisco Systems Inc.			827,620				45,825,320
Motorola Solutions Inc.			248,385				55,618,369
Total Communications Equipment							101,443,689
Electronic Equipment, Instruments & Components - 3.7%
TE Connectivity Ltd.			628,572				92,695,513
Semiconductors & Semiconductor Equipment - 5.1%
Lam Research Corp.			84,263				53,710,079
NXP Semiconductors NV			146,930				30,324,882
QUALCOMM Inc.			272,650				40,842,970
Total Semiconductors & Semiconductor Equipment							124,877,931
Software - 2.4%
Microsoft Corp.			92,138				26,251,038
Oracle Corp.			371,410				32,364,667
Total Software							58,615,705
Technology Hardware, Storage & Peripherals - 0.4%
Apple Inc.			73,530				10,725,086
TOTAL INFORMATION TECHNOLOGY							388,357,924
MATERIALS - 5.0%
Chemicals - 3.7%
Air Products & Chemicals Inc.			191,608				55,763,676
PPG Industries Inc.			216,430				35,390,634
Total Chemicals							91,154,310
Construction Materials - 1.3%
Martin Marietta Materials Inc.			86,120				31,287,396
TOTAL MATERIALS							122,441,706
REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
American Tower Corp.			186,981				52,878,227
UTILITIES - 5.0%
Electric Utilities - 1.5%
Edison International			661,437				36,048,317

 

See Notes to Schedule of Investments.

 

		ClearBridge Large Cap Value Fund 2021 Quarterly Report		3

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CLEARBRIDGE LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

 

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

 

SECURITY						SHARES				VALUE
Multi-Utilities - 3.5%
Sempra Energy							663,439			$	86,678,305
TOTAL UTILITIES											122,726,622
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,482,542,331)											2,511,407,594
		RATE
SHORT-TERM INVESTMENTS - 1.6%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class			0.006	%			32,006,296				32,006,296
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares			0.010	%			8,001,574				8,001,574	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $40,007,870)											40,007,870
TOTAL INVESTMENTS - 103.5% (Cost - $1,522,550,201)											2,551,415,464
Liabilities in Excess of Other Assets - (3.5)%											(85,345,574	)
TOTAL NET ASSETS - 100.0%										$	2,466,069,890

 

*	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 $8,001,574 and the cost was $8,001,574 (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.

 

4		ClearBridge Large Cap Value Fund 2021 Quarterly Report

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Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge Large Cap Value 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

 

				5

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

 

Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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)

 

6

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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†		$	2,511,407,594				—				—			$	2,511,407,594
Short-Term Investments†			40,007,870				—				—				40,007,870
Total Investments		$	2,551,415,464				—				—			$	2,551,415,464

 

†	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,				Purchased								Sold								Realized Gain (Loss)				Interest Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at July 31, 2021
		2020				Cost				Shares				Cost				Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		$	3,486,542			$	134,262,710				134,262,710			$	129,747,678				129,747,678				—			$	587				—			$	8,001,574

 

 

				7

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