Schedule of Investments (unaudited)
January 31, 2026
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 ClearBridge Tactical Dividend Income Fund

(Percentages shown based on Fund net assets) 
Security
 
 
 
Shares
Value
Common Stocks — 80.4%
Communication Services — 5.4%
Interactive Media & Services — 4.2%
Alphabet Inc., Class A Shares
27,514
 $9,299,732
 
Meta Platforms Inc., Class A Shares
8,272
5,926,888
 
Total Interactive Media & Services
15,226,620
Wireless Telecommunication Services — 1.2%
T-Mobile US Inc.
21,717
4,282,810
 
 
Total Communication Services
19,509,430
Consumer Discretionary — 0.8%
Household Durables — 0.8%
Lennar Corp., Class A Shares
25,400
2,777,490
 
 
Consumer Staples — 6.1%
Beverages — 1.0%
Coca-Cola Co.
48,797
3,650,504
 
Consumer Staples Distribution & Retail — 1.5%
Walmart Inc.
44,361
5,285,170
 
Food Products — 1.4%
McCormick & Co. Inc., Non Voting Shares
81,439
5,035,373
 
Household Products — 2.2%
Colgate-Palmolive Co.
40,145
3,624,692
 
Procter & Gamble Co.
27,812
4,221,027
 
Total Household Products
7,845,719
 
Total Consumer Staples
21,816,766
Energy — 11.6%
Oil, Gas & Consumable Fuels — 11.6%
Cheniere Energy Inc.
9,776
2,067,819
 
Enbridge Inc.
94,812
4,630,618
 
Kinder Morgan Inc.
269,302
8,211,018
 
ONEOK Inc.
74,599
5,907,495
 
Sunococorp LLC
32,166
1,724,741
 *
Targa Resources Corp.
10,000
2,009,800
 
TC Energy Corp.
71,600
4,200,772
 
Williams Cos. Inc.
189,481
12,744,492
 
 
Total Energy
41,496,755
Financials — 11.6%
Banks — 5.2%
Bank of America Corp.
106,700
5,676,440
 
Citigroup Inc.
52,861
6,116,546
 
JPMorgan Chase & Co.
23,125
7,073,706
 
Total Banks
18,866,692
Capital Markets — 6.1%
Ares Management Corp., Class A Shares
42,684
6,388,514
 
Blackstone Inc.
25,492
3,630,571
 
Blue Owl Capital Inc.
243,629
3,323,099
 
Charles Schwab Corp.
28,165
2,926,907
 
Goldman Sachs Group Inc.
2,885
2,698,658
 
See Notes to Schedule of Investments.
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ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 ClearBridge Tactical Dividend Income Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Capital Markets — continued
Intercontinental Exchange Inc.
16,210
 $2,816,974
 
Total Capital Markets
21,784,723
Insurance — 0.3%
MetLife Inc.
15,000
1,183,200
 
 
Total Financials
41,834,615
Health Care — 8.7%
Biotechnology — 2.2%
AbbVie Inc.
26,916
6,002,537
 
Amgen Inc.
6,130
2,095,724
 
Total Biotechnology
8,098,261
Health Care Providers & Services — 1.7%
McKesson Corp.
7,179
5,967,257
 
Pharmaceuticals — 4.8%
Eli Lilly & Co.
2,332
2,418,634
 
Johnson & Johnson
16,262
3,695,540
 
Merck & Co. Inc.
44,220
4,876,139
 
Roche Holding AG, ADR
109,528
6,215,714
 
Total Pharmaceuticals
17,206,027
 
Total Health Care
31,271,545
Industrials — 9.3%
Aerospace & Defense — 5.1%
L3Harris Technologies Inc.
22,100
7,576,985
 
Lockheed Martin Corp.
6,292
3,990,512
 
Northrop Grumman Corp.
9,827
6,802,839
 
Total Aerospace & Defense
18,370,336
Electrical Equipment — 3.1%
Eaton Corp. PLC
12,614
4,432,812
 
Emerson Electric Co.
46,731
6,867,588
 
Total Electrical Equipment
11,300,400
Ground Transportation — 1.1%
Union Pacific Corp.
16,562
3,893,726
 
 
Total Industrials
33,564,462
Information Technology — 13.3%
Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A Shares
24,960
3,596,237
 
Semiconductors & Semiconductor Equipment — 6.7%
ASML Holding NV, Registered Shares
3,288
4,678,824
 
Broadcom Inc.
19,923
6,600,490
 
Marvell Technology Inc.
87,849
6,933,043
 
QUALCOMM Inc.
39,353
5,965,521
 
Total Semiconductors & Semiconductor Equipment
24,177,878
Software — 3.1%
Microsoft Corp.
13,544
5,827,848
 
Oracle Corp.
31,953
5,258,825
 
Total Software
11,086,673
See Notes to Schedule of Investments.
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ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report
 ClearBridge Tactical Dividend Income Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Technology Hardware, Storage & Peripherals — 2.5%
Apple Inc.
34,480
 $8,946,870
 
 
Total Information Technology
47,807,658
Materials — 1.4%
Metals & Mining — 1.4%
Freeport-McMoRan Inc.
84,848
5,110,395
 
 
Real Estate — 6.0%
Industrial REITs — 1.7%
Prologis Inc.
47,086
6,147,548
 
Residential REITs — 1.1%
Equity LifeStyle Properties Inc.
61,090
3,859,055
 
Specialized REITs — 3.2%
American Tower Corp.
8,710
1,561,529
 
Digital Realty Trust Inc.
22,379
3,713,795
 
Equinix Inc.
4,335
3,558,732
 
VICI Properties Inc.
95,400
2,678,832
 
Total Specialized REITs
11,512,888
 
Total Real Estate
21,519,491
Utilities — 6.2%
Electric Utilities — 5.0%
NextEra Energy Inc.
114,229
10,040,729
 
PPL Corp.
215,961
7,828,586
 
Total Electric Utilities
17,869,315
Gas Utilities — 1.2%
Atmos Energy Corp.
26,432
4,396,699
 
 
Total Utilities
22,266,014
Total Common Stocks (Cost — $202,408,255)
288,974,621
 
 
 
 
Shares/Units
 
Master Limited Partnerships — 10.4%
Diversified Energy Infrastructure — 6.2%
Energy Transfer LP
431,920
7,968,924
 
Enterprise Products Partners LP
227,970
7,566,324
 
Plains GP Holdings LP, Class A Shares
317,049
6,493,164
 
Total Diversified Energy Infrastructure
22,028,412
Gathering/Processing — 0.5%
 
Western Midstream Partners LP
45,000
1,865,700
 
Oil/Refined Products — 2.0%
CrossAmerica Partners LP
102,990
2,322,425
 
MPLX LP
88,680
4,957,212
 
Total Oil/Refined Products
7,279,637
Petrochemicals — 1.7%
Westlake Chemical Partners LP
284,742
6,110,563
 
 
Total Master Limited Partnerships (Cost — $11,239,484)
37,284,312
See Notes to Schedule of Investments.
3
ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 ClearBridge Tactical Dividend Income Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
 
Shares
Value
Convertible Preferred Stocks — 7.4%
Financials — 2.7%
Capital Markets — 1.2%
KKR & Co. Inc.
6.250%
88,037
 $4,308,531
 
Financial Services — 1.5%
Apollo Global Management Inc.
6.750%
79,846
5,538,917
 
 
Total Financials
9,847,448
Industrials — 3.3%
Aerospace & Defense — 2.1%
Boeing Co.
6.000%
98,840
7,385,325
 
Trading Companies & Distributors — 1.2%
QXO Inc., Non Voting Shares
5.500%
69,557
4,406,436
 
 
Total Industrials
11,791,761
Information Technology — 1.4%
Technology Hardware, Storage & Peripherals — 1.4%
Hewlett Packard Enterprise Co.
7.625%
81,500
4,936,455
 
 
Total Convertible Preferred Stocks (Cost — $22,015,185)
26,575,664
 
 
 
 
 
 
Investments in Underlying Funds — 1.5%
Ares Capital Corp. (Cost — $5,128,331)
278,760
5,544,536
 (a)
Total Investments before Short-Term Investments (Cost — $240,791,255)
358,379,133
 
 
Rate
 
 
 
Short-Term Investments — 0.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
3.496%
521,823
521,823
 (b)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares
3.587%
521,823
521,823
 (b)(c)
 
Total Short-Term Investments (Cost — $1,043,646)
1,043,646
Total Investments — 100.0% (Cost — $241,834,901)
359,422,779
Other Assets in Excess of Liabilities — 0.0%††
62,096
Total Net Assets — 100.0%
$359,484,875
 
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is a business development company.
(b)
Rate shown is one-day yield as of the end of the reporting period.
(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 January 31, 2026, the total market value of
investments in Affiliated Companies was $521,823 and the cost was $521,823 (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.
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ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
ClearBridge Tactical Dividend Income Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(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”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
5
ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets 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
 $288,974,621
—
—
 $288,974,621
Master Limited Partnerships
37,284,312
—
—
37,284,312
Convertible Preferred Stocks
26,575,664
—
—
26,575,664
Investments in Underlying Funds
5,544,536
—
—
5,544,536
Total Long-Term Investments
358,379,133
—
—
358,379,133
Short-Term Investments†
1,043,646
—
—
1,043,646
Total Investments
$359,422,779
—
—
$359,422,779
 
†
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 January 31, 2026. The following transactions were effected in such company for the period ended January 31, 2026.
 
 
Affiliate
Value at

October 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
 $8,039,854
 $11,511,179
11,511,179
 $19,029,210
19,029,210

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
January 31,
2026
Western Asset Premier
Institutional U.S. Treasury
Reserves, Premium Shares
—
 $22,888
—
 $521,823
6
ClearBridge Tactical Dividend Income Fund 2026 Quarterly Report