Form NPORT-P LEGG MASON PARTNERS INVE For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000880366
          XXXXXXXX
        
      
      
      
      
        S000016665
        C000088432
        C000063673
        C000046577
        C000063674
        C000046580
        C000046579
        C000097989
      
      
    
  
  
    
      Legg Mason Partners Investment Trust
      811-06444
      0000880366
      5493006N9MF7V29DK342
      620 Eighth Avenue
      47thFloor
      New York
      
      10018
      1-877-721-1926
      ClearBridge Dividend Strategy Fund
      S000016665
      549300ONQJP03D3TL356
      2022-12-31
      2022-03-31
      N
    
    
      7691242477.24
      33547037.07
      7657695440.17
      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
      3066730.96000000
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
          
        
        1366930.00000000
        NS
        USD
        113086118.90000000
        1.476764384057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        838810.00000000
        NS
        USD
        114346579.20000000
        1.493224431467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        906407.00000000
        NS
        USD
        160642512.61000000
        2.097791873091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Finance America NIM Trust
        N/A
        
        80382SCG1
        
          
        
        73416.86000000
        PA
        USD
        0.73000000
        0.000000009532
        Long
        ABS-MBS
        CORP
        KY
        
        N
        
        2
        
          2034-06-27
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MASTERCARD INC - A
        AR5L2ODV9HN37376R084
        
        57636Q104
        
          
          
        
        371460.00000000
        NS
        USD
        132752374.80000000
        1.733581282217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        METLIFE INC
        C4BXATY60WC6XEOZDX54
        
        59156R108
        
          
          
        
        1762915.00000000
        NS
        USD
        123897666.20000000
        1.617949775725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        
        000000000
        
          
          
          
        
        568820.00000000
        NS
        USD
        181698172.60000000
        2.372752664553
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        MONDELEZ INTERNATIONAL INC-A
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        2452410.00000000
        NS
        USD
        153962299.80000000
        2.010556583281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC
        2S72QS2UO2OESLG6Y829
        
        92343V104
        
          
          
        
        3126996.00000000
        NS
        USD
        159289176.24000000
        2.080118979457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Co
        FY8JBF7CCL2VE4F1B628
        
        723787107
        
          
          
        
        384920.00000000
        NS
        USD
        96241547.60000000
        1.256795185339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WILLIAMS COS INC
        D71FAKCBLFS2O0RBPG08
        
        969457100
        
          
          
        
        6548300.00000000
        NS
        USD
        218778703.00000000
        2.856978378277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        1071560.00000000
        NS
        USD
        180150667.20000000
        2.352544164331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American International Group I
        ODVCVCQG2BP6VHV36M30
        
        026874784
        
          
          
        
        1921400.00000000
        NS
        USD
        120606278.00000000
        1.574968330123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANCORP
        N1GZ7BBF3NP8GI976H15
        
        902973304
        
          
          
        
        1623900.00000000
        NS
        USD
        86310285.00000000
        1.127105219505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITED PARCEL SERVICE-CL B
        D01LMJZU09ULLNCY6Z23
        
        911312106
        
          
          
        
        805600.00000000
        NS
        USD
        172768976.00000000
        2.256148437213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vulcan Materials Co
        549300Q8LSNHAVWBNI21
        
        929160109
        
          
          
        
        740330.00000000
        NS
        USD
        135998621.00000000
        1.775973229316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WASTE MANAGEMENT INC
        549300YX8JIID70NFS41
        
        94106L109
        
          
          
        
        812540.00000000
        NS
        USD
        128787590.00000000
        1.681806112638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP
        5493006ORUSIL88JOE18
        
        03027X100
        
          
          
        
        486330.00000000
        NS
        USD
        122175822.60000000
        1.595464634948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        
        91324P102
        
          
          
        
        363830.00000000
        NS
        USD
        185542385.10000000
        2.422953309512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackstone Inc
        5299004LW4QWGZUB8Y96
        
        09260D107
        
          
          
        
        1011500.00000000
        NS
        USD
        128399810.00000000
        1.676742187035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEXAS INSTRUMENTS INC
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        442440.00000000
        NS
        USD
        81178891.20000000
        1.060095584033
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadcom Inc
        549300WV6GIDOZJTV909
        
        11135F101
        
          
          
        
        129470.00000000
        NS
        USD
        81524669.60000000
        1.064611020860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ECOLAB INC
        82DYEISM090VG8LTLS26
        
        278865100
        
          
          
        
        585390.00000000
        NS
        USD
        103356458.40000000
        1.349707091481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        
        060505104
        
          
          
        
        3907750.00000000
        NS
        USD
        161077455.00000000
        2.103471680984
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan 100% US Treasury Securities Money Market Fund
        549300BS6M6EE7LNA816
        
        4812A2835
        
          
          
        
        93280927.28000000
        NS
        USD
        93280927.28000000
        1.218133157799
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG INDUSTRIES INC
        549300BKPEP01R3V6C59
        
        693506107
        
          
          
        
        1193740.00000000
        NS
        USD
        156463501.80000000
        2.043219177655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ZOETIS INC
        549300HD9Q1LOC9KLJ48
        
        98978V103
        
          
          
        
        394050.00000000
        NS
        USD
        74313889.50000000
        0.970447180625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA-COLA CO
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        3072450.00000000
        NS
        USD
        190491900.00000000
        2.487587832244
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apollo Global Management Inc
        N/A
        
        03769M106
        
          
          
        
        3023324.00000000
        NS
        USD
        187415854.76000000
        2.447418498480
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Edison International
        549300I7ROF15MAEVP56
        
        281020107
        
          
          
        
        1491636.00000000
        NS
        USD
        104563683.60000000
        1.365471954545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRAVELERS COS INC/THE
        549300Y650407RU8B149
        
        89417E109
        
          
          
        
        849060.00000000
        NS
        USD
        155148733.80000000
        2.026049939073
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corp
        I07WOS4YJ0N7YRFE7309
        
        75513E101
        
          
          
        
        2755080.00000000
        NS
        USD
        272945775.60000000
        3.564333130411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROCTER & GAMBLE CO/THE
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        1165440.00000000
        NS
        USD
        178079232.00000000
        2.325493791067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        
        458140100
        
          
          
        
        1619190.00000000
        NS
        USD
        80247056.40000000
        1.047926977861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        1287350.00000000
        NS
        USD
        396902878.50000000
        5.183059075684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton Dickinson and Co
        ICE2EP6D98PQUILVRZ91
        
        075887109
        
          
          
        
        627450.00000000
        NS
        USD
        166901700.00000000
        2.179529093367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY INC
        N/A
        
        65339F101
        
          
          
        
        1033900.00000000
        NS
        USD
        87581669.00000000
        1.143707916882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        1995792.00000000
        NS
        USD
        348485241.12000000
        4.550784813038
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PFIZER INC
        765LHXWGK1KXCLTFYQ30
        
        717081103
        
          
          
        
        2580550.00000000
        NS
        USD
        133595073.50000000
        1.744585881532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        
        26884L109
        
          
          
        
        1356810.00000000
        NS
        USD
        46687832.10000000
        0.609685152207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME DEPOT INC
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        521370.00000000
        NS
        USD
        156061682.10000000
        2.037971910992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Premier Institutional US Treasury Reserves
        549300FS1J68EF5THY28
        
        52470G478
        
          
          
        
        23320231.47000000
        NS
        USD
        23320231.47000000
        0.304533284879
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        4326620.00000000
        NS
        USD
        202572348.40000000
        2.645343497697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNION PACIFIC CORP
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        643070.00000000
        NS
        USD
        175693154.70000000
        2.294334582417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc
        98TPTUM4IVMFCZBCUR27
        
        29250N105
        
          
          
        
        4627633.00000000
        NS
        USD
        213287604.97000000
        2.785271451919
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        549300LKFJ962MZ46593
        
        17275R102
        
          
          
        
        1918120.00000000
        NS
        USD
        106954371.20000000
        1.396691367992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PNC FINANCIAL SERVICES GROUP
        CFGNEKW0P8842LEUIA51
        
        693475105
        
          
          
        
        573690.00000000
        NS
        USD
        105817120.50000000
        1.381840285066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MERCK & CO. INC.
        4YV9Y5M8S0BRK1RP0397
        
        58933Y105
        
          
          
        
        1771190.00000000
        NS
        USD
        145326139.50000000
        1.897779046391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Service Enterprise Grou
        PUSS41EMO3E6XXNV3U28
        
        744573106
        
          
          
        
        753650.00000000
        NS
        USD
        52755500.00000000
        0.688921365601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NESTLE SA-SPONS ADR
        KY37LUS27QQX7BB93L28
        
        641069406
        
          
          
        
        1274440.00000000
        NS
        USD
        165804644.00000000
        2.165202903346
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC SHARES
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
          
        
        722530.00000000
        NS
        USD
        160235478.10000000
        2.092476507480
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Energy Corp
        X2MT1W32SPAZ9WSKLE78
        
        165167735
        
          
          
        
        557950.00000000
        NS
        USD
        48541650.00000000
        0.633893713575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        228800.00000000
        NS
        USD
        102323936.00000000
        1.336223630196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Properties Inc
        549300OF70FSEUQBT254
        
        101121101
        
          
          
        
        522420.00000000
        NS
        USD
        67287696.00000000
        0.878693812331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WALT DISNEY CO
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        755390.00000000
        NS
        USD
        103609292.40000000
        1.353008789778
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        
        68902V107
        
          
          
        
        440490.00000000
        NS
        USD
        33895705.50000000
        0.442635852585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Legg Mason Partners Investment Trust
      Christopher Berarducci
      Christopher Berarducci
      Principal Financial Officer
    
  
  XXXX

CLEARBRIDGE DIVIDEND STRATEGY FUND

 

Schedule of investments (unaudited)		March 31, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY		SHARES				VALUE
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 2.1%
Verizon Communications Inc.			3,126,996			$	159,289,176
Entertainment - 1.4%
Walt Disney Co.			755,390				103,609,292	*
Media - 2.6%
Comcast Corp., Class A Shares			4,326,620				202,572,349
TOTAL COMMUNICATION SERVICES							465,470,817
CONSUMER DISCRETIONARY - 2.0%
Specialty Retail - 2.0%
Home Depot Inc.			521,370				156,061,682
CONSUMER STAPLES - 9.0%
Beverages - 2.5%
Coca-Cola Co.			3,072,450				190,491,900
Food Products - 4.2%
Mondelez International Inc., Class A Shares			2,452,410				153,962,300
Nestle SA, ADR			1,274,440				165,804,644
Total Food Products							319,766,944
Household Products - 2.3%
Procter & Gamble Co.			1,165,440				178,079,232
TOTAL CONSUMER STAPLES							688,338,076
ENERGY - 8.1%
Oil, Gas & Consumable Fuels - 8.1%
Chesapeake Energy Corp.			557,950				48,541,650
Enbridge Inc.			4,627,633				213,287,605
EQT Corp.			1,356,810				46,687,832
Pioneer Natural Resources Co.			384,920				96,241,548
Williams Cos. Inc.			6,548,300				218,778,703
TOTAL ENERGY							623,537,338
FINANCIALS - 15.4%
Banks - 6.1%
Bank of America Corp.			3,907,750				161,077,455
JPMorgan Chase & Co.			838,810				114,346,579
PNC Financial Services Group Inc.			573,690				105,817,120
US Bancorp			1,623,900				86,310,285
Total Banks							467,551,439
Capital Markets - 1.7%
Blackstone Inc.			1,011,500				128,399,810

 

See Notes to Schedule of Investments.

 

		ClearBridge Dividend Strategy Fund 2022 Quarterly Report		1

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CLEARBRIDGE DIVIDEND STRATEGY FUND

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY		SHARES				VALUE
Diversified Financial Services - 2.4%
Apollo Global Management Inc.			3,023,324			$	187,415,855
Insurance - 5.2%
American International Group Inc.			1,921,400				120,606,278
MetLife Inc.			1,762,915				123,897,666
Travelers Cos. Inc.			849,060				155,148,734
Total Insurance							399,652,678
TOTAL FINANCIALS							1,183,019,782
HEALTH CARE - 11.3%
Health Care Equipment & Supplies - 2.2%
Becton Dickinson and Co.			627,450				166,901,700
Health Care Providers & Services - 2.4%
UnitedHealth Group Inc.			363,830				185,542,385
Pharmaceuticals - 6.7%
Johnson & Johnson			906,407				160,642,513
Merck & Co. Inc.			1,771,190				145,326,139
Pfizer Inc.			2,580,550				133,595,073
Zoetis Inc.			394,050				74,313,890
Total Pharmaceuticals							513,877,615
TOTAL HEALTH CARE							866,321,700
INDUSTRIALS - 11.5%
Aerospace & Defense - 4.9%
Northrop Grumman Corp.			228,800				102,323,936
Raytheon Technologies Corp.			2,755,080				272,945,776
Total Aerospace & Defense							375,269,712
Air Freight & Logistics - 2.2%
United Parcel Service Inc., Class B Shares			805,600				172,768,976
Commercial Services & Supplies - 1.7%
Waste Management Inc.			812,540				128,787,590
Machinery - 0.4%
Otis Worldwide Corp.			440,490				33,895,705
Road & Rail - 2.3%
Union Pacific Corp.			643,070				175,693,155
TOTAL INDUSTRIALS							886,415,138
INFORMATION TECHNOLOGY - 19.6%
Communications Equipment - 1.4%
Cisco Systems Inc.			1,918,120				106,954,371

 

See Notes to Schedule of Investments.

 

2		ClearBridge Dividend Strategy Fund 2022 Quarterly Report

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CLEARBRIDGE DIVIDEND STRATEGY FUND

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY		SHARES				VALUE
IT Services - 3.8%
Mastercard Inc., Class A Shares			371,460			$	132,752,375
Visa Inc., Class A Shares			722,530				160,235,478
Total IT Services							292,987,853
Semiconductors & Semiconductor Equipment - 3.2%
Broadcom Inc.			129,470				81,524,670
Intel Corp.			1,619,190				80,247,056
Texas Instruments Inc.			442,440				81,178,891
Total Semiconductors & Semiconductor Equipment							242,950,617
Software - 6.7%
Microsoft Corp.			1,287,350				396,902,879
Oracle Corp.			1,366,930				113,086,119
Total Software							509,988,998
Technology Hardware, Storage & Peripherals - 4.5%
Apple Inc.			1,995,792				348,485,241
TOTAL INFORMATION TECHNOLOGY							1,501,367,080
MATERIALS - 7.5%
Chemicals - 5.7%
Ecolab Inc.			585,390				103,356,458
Linde PLC			568,820				181,698,173
PPG Industries Inc.			1,193,740				156,463,502
Total Chemicals							441,518,133
Construction Materials - 1.8%
Vulcan Materials Co.			740,330				135,998,621
TOTAL MATERIALS							577,516,754
REAL ESTATE - 2.5%
Equity Real Estate Investment Trusts (REITs) - 2.5%
American Tower Corp.			486,330				122,175,822
Boston Properties Inc.			522,420				67,287,696
TOTAL REAL ESTATE							189,463,518
UTILITIES - 5.5%
Electric Utilities - 2.5%
Edison International			1,491,636				104,563,684
NextEra Energy Inc.			1,033,900				87,581,669
Total Electric Utilities							192,145,353

 

See Notes to Schedule of Investments.

 

		ClearBridge Dividend Strategy Fund 2022 Quarterly Report		3

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CLEARBRIDGE DIVIDEND STRATEGY FUND

 

Schedule of investments (unaudited) (cont’d)		March 31, 2022

 

(Percentages shown based on Fund net assets)

 

SECURITY										SHARES				VALUE
Multi-Utilities - 3.0%
Public Service Enterprise Group Inc.											753,650			$	52,755,500
Sempra Energy											1,071,560				180,150,667
Total Multi-Utilities															232,906,167
TOTAL UTILITIES															425,051,520
TOTAL COMMON STOCKS (Cost - $3,794,569,560)															7,562,563,405
		RATE				MATURITY DATE				FACE AMOUNT
ASSET-BACKED SECURITIES - 0.0%††
Finance America NIM Trust, 2004-1 A (Cost - $73,449)			5.250	%			6/27/34			$	73,417				1	*(a)(b)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $3,794,643,009)															7,562,563,406
										SHARES
SHORT-TERM INVESTMENTS - 1.6%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class			0.139	%							95,734,312				95,734,312
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares			0.212	%							23,933,578				23,933,578	(c)
TOTAL SHORT-TERM INVESTMENTS (Cost - $119,667,890)															119,667,890
TOTAL INVESTMENTS - 100.1% (Cost - $3,914,310,899)															7,682,231,296
Liabilities in Excess of Other Assets - (0.1)%															(3,887,668	)
TOTAL NET ASSETS - 100.0%														$	7,678,343,628

 

††	Represents less than 0.1%.

 

*	Non-income producing security.

 

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

 

(b)	The coupon payment on this security is currently in default as of March 31, 2022.

 

(c)

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 March 31, 2022, the total market value of investments in Affiliated Companies was $23,933,578 and the cost was $23,933,578 (Note 2).

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

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 Dividend Strategy Fund 2022 Quarterly Report

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Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge Dividend Strategy 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 (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.

 

				5

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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)

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

 

6

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

 

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
Long-Term Investments†:
Common Stocks		$	7,562,563,405				—				—			$	7,562,563,405
Asset-Backed Securities			—			$	1				—				1
Total Long-Term Investments			7,562,563,405				1				—				7,562,563,406
Short-Term Investments†			119,667,890				—				—				119,667,890
Total Investments		$	7,682,231,295			$	1				—			$	7,682,231,296

 

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

 

		Affiliate Value at Decemer 31, 2021				Purchased								Sold								Realized Gain (Loss)				Dividend Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2022
						Cost				Shares				Cost				Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		$	10,861,864			$	49,937,728				49,937,728			$	36,866,014				36,866,014				—			$	2,309				—			$	23,933,578

 

				7

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