0000940400-26-014693.txt : 20260424 0000940400-26-014693.hdr.sgml : 20260424 20260424143751 ACCESSION NUMBER: 0000940400-26-014693 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260227 FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 PERIOD START: 20261130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS INVESTMENT TRUST CENTRAL INDEX KEY: 0000880366 ORGANIZATION NAME: EIN: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06444 FILM NUMBER: 26892831 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 620 EIGHTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 1-877-721-1926 MAIL ADDRESS: STREET 1: LEGG MASON & CO., LLC STREET 2: 620 EIGHTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: LEGG MASON PARTNERS EQUITY TRUST DATE OF NAME CHANGE: 20070412 FORMER COMPANY: FORMER CONFORMED NAME: LEGG MASON PARTNERS INVESTMENT TRUST DATE OF NAME CHANGE: 20060407 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY INVESTMENT TRUST DATE OF NAME CHANGE: 19950831 0000880366 S000022091 Franklin U.S. Large Cap Equity Fund C000063386 Class FI LMUSX C000063388 Class I LMTIX C000063389 Class IS LMISX NPORT-P 1 primary_doc.xml NPORT-P false 0000880366 XXXXXXXX S000022091 C000063386 C000063388 C000063389 Legg Mason Partners Investment Trust 811-06444 0000880366 5493006N9MF7V29DK342 One Madison Avenue 17th Floor New York 10010 1-877-721-1926 Franklin U.S. Large Cap Equity Fund S000022091 549300A1FH0C72JOX391 2026-11-30 2026-02-27 N 469498449.34 362959.69 469135489.65 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 45921.59000000 N VERSANT MEDIA GROUP INC 254900D2Q5F5F229PU30 Versant Media Group Inc. 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COM NEW 172967424 38794.00000000 NS USD 4274710.86000000 0.911188975105 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories COM 002824100 12367.00000000 NS USD 1438900.45000000 0.306713195173 Long EC CORP US N 1 N N N ALPHABET INC-CL C 5493006MHB84DD0ZWV18 ALPHABET INC 02079K107 38736.00000000 NS USD 12063552.48000000 2.571443164319 Long EC CORP US N 1 N N N Walmart Inc Y87794H0US1R65VBXU25 Walmart Inc COM 931142103 56284.00000000 NS USD 7201537.80000000 1.535065659895 Long EC CORP US N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. COM 060505104 81908.00000000 NS USD 4081475.64000000 0.869999334956 Long EC CORP US N 1 N N N Palantir Technologies Inc 549300UVN46B3BBDHO85 Palantir Technologies Inc CL A 69608A108 26058.00000000 NS USD 3574897.02000000 0.762018030796 Long EC CORP US N 1 N N N MGIC Investment Corp. 254900S8483WM4M98R28 MGIC Investment Corp. COM 552848103 82461.00000000 NS USD 2187690.33000000 0.466323776023 Long EC CORP US N 1 N N N Albertsons Companies Inc. 549300YKWOC0AOR16R51 Albertsons Companies Inc. COMMON STOCK 013091103 107934.00000000 NS USD 1932018.60000000 0.411825291972 Long EC CORP US N 1 N N N SEI Investments Co 5LJTIFADGZ6XH1RVOC11 SEI Investments Co COM 784117103 24737.00000000 NS USD 2011612.84000000 0.428791443917 Long EC CORP US N 1 N N N Allegion PLC 984500560CAC2E6FB757 Allegion PLC COM USD0.01 000000000 11868.00000000 NS USD 1912528.20000000 0.407670756571 Long EC CORP IE N 1 N N N The TJX Companies Inc. V167QI9I69W364E2DY52 The TJX Companies Inc. COM 872540109 22616.00000000 NS USD 3656102.56000000 0.779327644286 Long EC CORP US N 1 N N N Tapestry Inc 549300LJNVY5SW3VTN33 Tapestry Inc COM 876030107 22555.00000000 NS USD 3506625.85000000 0.747465482224 Long EC CORP US N 1 N N N Chevron Corp. N/A Chevron Corp. COM 166764100 27709.00000000 NS USD 5174932.84000000 1.103078525110 Long EC CORP US N 1 N N N Applovin Corp. 549300LLVXMUAOL3SQ07 Applovin Corp. COM CL A 03831W108 5790.00000000 NS USD 2517318.30000000 0.536586627005 Long EC CORP US N 1 N N N Skyworks Solutions, Inc. 549300WZ3ORQ2BVKBD96 Skyworks Solutions, Inc. COM 83088M102 28607.00000000 NS USD 1704405.06000000 0.363307636621 Long EC CORP US N 1 N N N Colgate-Palmolive Co. YMEGZFW4SBUSS5BQXF88 Colgate-Palmolive Co. COM 194162103 23780.00000000 NS USD 2357549.20000000 0.502530559297 Long EC CORP US N 1 N N N Medpace Holdings Inc. 549300H8TYEUVTW14A54 Medpace Holdings Inc. COM 58506Q109 3491.00000000 NS USD 1577094.16000000 0.336170295105 Long EC CORP US N 1 N N N Best Buy Co Inc. HL5XPTVRV0O8TUN5LL90 Best Buy Co Inc. COM 086516101 31536.00000000 NS USD 1954285.92000000 0.416571750190 Long EC CORP US N 1 N N N Docusign Inc 549300Q7PVDWRZ39JG09 Docusign Inc COM 256163106 27198.00000000 NS USD 1225813.86000000 0.261292075966 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co. 549300LO13MQ9HYSTR83 Archer-Daniels-Midland Co. COM 039483102 38497.00000000 NS USD 2657832.88000000 0.566538439030 Long EC CORP US N 1 N N N Salesforce Inc. RCGZFPDMRW58VJ54VR07 Salesforce Inc. COM 79466L302 10577.00000000 NS USD 2060293.83000000 0.439168188178 Long EC CORP US N 1 N N N Ringcentral Inc 549300C8EH0H1614VE84 Ringcentral Inc CL A 76680R206 81634.00000000 NS USD 2975559.30000000 0.634264378979 Long EC CORP US N 1 N N N BERKSHIRE HATHAWAY INC 5493000C01ZX7D35SD85 BERKSHIRE HATHAWAY INC 084670702 9879.00000000 NS USD 4988401.05000000 1.063317774939 Long EC CORP US N 1 N N N The Bank of New York Mellon Corp. WFLLPEPC7FZXENRZV188 The Bank of New York Mellon Corp. COM 064058100 30063.00000000 NS USD 3580503.30000000 0.763213054435 Long EC CORP US N 1 N N N Teradata Corp 549300JU9SOUHV4U4R71 Teradata Corp COM 88076W103 75420.00000000 NS USD 2374975.80000000 0.506245179142 Long EC CORP US N 1 N N N Micron Technology Inc. B3DXGBC8GAIYWI2Z0172 Micron Technology Inc. COM 595112103 16106.00000000 NS USD 6641631.22000000 1.415717072471 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley COM NEW 617446448 14667.00000000 NS USD 2442202.17000000 0.520575020197 Long EC CORP US N 1 N N N Tesla Inc 54930043XZGB27CTOV49 Tesla Inc COM 88160R101 15627.00000000 NS USD 6290023.77000000 1.340769118680 Long EC CORP US N 1 N N N CF Industries Holdings, Inc. 529900CG8YAQFZ2JMV97 CF Industries Holdings, Inc. COM 125269100 26474.00000000 NS USD 2635221.96000000 0.561718739711 Long EC CORP US N 1 N N N Ferguson Enterprises Inc 2138003JYQMRP3SLX189 Ferguson Enterprises Inc COMMON STOCK NEW 31488V107 10571.00000000 NS USD 2756493.96000000 0.587568841158 Long EC CORP US N 1 N N N American International Group Inc. ODVCVCQG2BP6VHV36M30 American International Group Inc. COM NEW 026874784 31128.00000000 NS USD 2505492.72000000 0.534065909588 Long EC CORP US N 1 N N N Paypal Holdings Inc. 5493005X2GO78EFZ3E94 Paypal Holdings Inc. COM 70450Y103 34137.00000000 NS USD 1577470.77000000 0.336250572553 Long EC CORP US N 1 N N N Cirrus Logic, Inc. 549300NKSJEM5ZZSSV18 Cirrus Logic, Inc. COM 172755100 4174.00000000 NS USD 589034.88000000 0.125557518668 Long EC CORP US N 1 N N N Boston Beer Co Inc 529900Q02MQ0DCQNRM58 Boston Beer Co Inc CL A 100557107 3638.00000000 NS USD 825025.64000000 0.175860845790 Long EC CORP US N 1 N N N MICROSOFT CORP INR2EJN1ERAN0W5ZP974 MICROSOFT CORP 594918104 55336.00000000 NS USD 21732660.64000000 4.632491277991 Long EC CORP US N 1 N N N HCA Healthcare Inc 529900PH4ZGUH2MNEU89 HCA Healthcare Inc COM 40412C101 6185.00000000 NS USD 3276194.50000000 0.698347188025 Long EC CORP US N 1 N N N General Dynamics Corporation 9C1X8XOOTYY2FNYTVH06 General Dynamics Corporation COM 369550108 8401.00000000 NS USD 2999577.05000000 0.639383955419 Long EC CORP US N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 Broadcom Inc COM 11135F101 28564.00000000 NS USD 9127626.20000000 1.945626882078 Long EC CORP US N 1 N N N Gilead Sciences Inc. 549300WTZWR07K8MNV44 Gilead Sciences Inc. COM 375558103 27797.00000000 NS USD 4140363.15000000 0.882551680984 Long EC CORP US N 1 N N N NRG Energy, Inc. 5E2UPK5SW04M13XY7I38 NRG Energy, Inc. COM NEW 629377508 14868.00000000 NS USD 2660777.28000000 0.567166061554 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. COM 75886F107 4447.00000000 NS USD 3476086.49000000 0.740955772199 Long EC CORP US N 1 N N N General Motors Company 54930070NSV60J38I987 General Motors Company COM 37045V100 46647.00000000 NS USD 3671585.37000000 0.782627929671 Long EC CORP US N 1 N N N Pegasystems Inc 549300FMCOKPL06FYN26 Pegasystems Inc COM 705573103 44388.00000000 NS USD 1941087.24000000 0.413758345472 Long EC CORP US N 1 N N N 2026-04-24 Legg Mason Partners Investment Trust Christopher Berarducci Christopher Berarducci Principal Financial Officer XXXX NPORT-EX 2 LMA5300LM022826.htm EDGAR HTML
Schedule of Investments (unaudited)
February 28, 2026
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 Franklin U.S. Large Cap Equity Fund

(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
Common Stocks — 95.0%
Communication Services — 11.0%
Diversified Telecommunication Services — 2.0%
AT&T Inc.
125,538
 $3,516,319
Comcast Corp., Class A Shares
108,233
3,350,894
Verizon Communications Inc.
57,960
2,906,115
Total Diversified Telecommunication Services
9,773,328
Entertainment — 0.5%
Electronic Arts Inc.
8,815
1,768,025
Netflix Inc.
5,260
506,222
*
Total Entertainment
2,274,247
Interactive Media & Services — 8.5%
Alphabet Inc., Class A Shares
47,202
14,715,696
Alphabet Inc., Class C Shares
38,736
12,063,552
Match Group Inc.
66,714
2,108,162
Meta Platforms Inc., Class A Shares
19,059
12,353,663
Total Interactive Media & Services
41,241,073
Media — 0.0%††
Versant Media Group Inc.
4,329
144,242
*
 
Total Communication Services
53,432,890
Consumer Discretionary — 10.4%
Automobiles — 2.6%
Ford Motor Co.
205,880
2,900,849
General Motors Co.
46,647
3,671,585
Tesla Inc.
15,627
6,290,024
*
Total Automobiles
12,862,458
Broadline Retail — 3.0%
Amazon.com Inc.
59,860
12,570,600
*
Macy’s Inc.
106,495
2,106,471
Total Broadline Retail
14,677,071
Hotels, Restaurants & Leisure — 1.1%
Booking Holdings Inc.
615
2,607,200
Boyd Gaming Corp.
5,399
449,359
Expedia Group Inc.
9,656
2,082,703
Total Hotels, Restaurants & Leisure
5,139,262
Specialty Retail — 2.4%
Best Buy Co. Inc.
31,536
1,954,286
Home Depot Inc.
1,294
492,652
Lowe’s Cos. Inc.
12,280
3,248,920
TJX Cos. Inc.
22,616
3,656,102
Ulta Beauty Inc.
3,335
2,283,775
*
Total Specialty Retail
11,635,735
Textiles, Apparel & Luxury Goods — 1.3%
Crocs Inc.
30,475
2,764,387
*
Tapestry Inc.
22,555
3,506,626
Total Textiles, Apparel & Luxury Goods
6,271,013
 
Total Consumer Discretionary
50,585,539
See Notes to Schedule of Investments.

1
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Franklin U.S. Large Cap Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Consumer Staples — 6.2%
Beverages — 0.2%
Boston Beer Co. Inc., Class A Shares
3,638
 $825,026
*
Consumer Staples Distribution & Retail — 3.5%
Albertsons Cos. Inc., Class A Shares
107,934
1,932,018
Costco Wholesale Corp.
735
742,931
Dollar General Corp.
6,716
1,049,308
Dollar Tree Inc.
25,519
3,227,643
*
Kroger Co.
41,154
2,808,349
Walmart Inc.
56,284
7,201,538
Total Consumer Staples Distribution & Retail
16,961,787
Food Products — 0.5%
Archer-Daniels-Midland Co.
38,497
2,657,833
Household Products — 1.3%
Colgate-Palmolive Co.
23,780
2,357,549
Procter & Gamble Co.
24,772
4,141,878
Total Household Products
6,499,427
Tobacco — 0.7%
Altria Group Inc.
51,093
3,527,461
 
Total Consumer Staples
30,471,534
Energy — 2.8%
Oil, Gas & Consumable Fuels — 2.8%
APA Corp.
104,547
3,175,092
Chevron Corp.
27,709
5,174,933
Devon Energy Corp.
70,144
3,053,368
Exxon Mobil Corp.
14,550
2,218,875
 
Total Energy
13,622,268
Financials — 11.3%
Banks — 2.8%
Bank of America Corp.
81,908
4,081,476
Citigroup Inc.
38,794
4,274,711
JPMorgan Chase & Co.
17,862
5,363,958
Total Banks
13,720,145
Capital Markets — 3.4%
Bank of New York Mellon Corp.
30,063
3,580,503
Goldman Sachs Group Inc.
5,472
4,703,567
Morgan Stanley
14,667
2,442,202
SEI Investments Co.
24,737
2,011,613
State Street Corp.
14,114
1,815,343
T. Rowe Price Group Inc.
22,842
2,161,539
Total Capital Markets
16,714,767
Financial Services — 4.6%
Berkshire Hathaway Inc., Class B Shares
9,879
4,988,401
*
Mastercard Inc., Class A Shares
9,599
4,964,699
MGIC Investment Corp.
82,461
2,187,690
PayPal Holdings Inc.
34,137
1,577,471
Visa Inc., Class A Shares
19,627
6,283,388
See Notes to Schedule of Investments.

2
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

 Franklin U.S. Large Cap Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Financial Services — continued
Western Union Co.
237,482
 $2,286,951
Total Financial Services
22,288,600
Insurance — 0.5%
American International Group Inc.
31,128
2,505,493
 
Total Financials
55,229,005
Health Care — 10.1%
Biotechnology — 5.1%
AbbVie Inc.
25,546
5,928,716
Amgen Inc.
10,436
4,050,838
Biogen Inc.
8,710
1,670,752
*
Exelixis Inc.
65,030
2,865,222
*
Gilead Sciences Inc.
27,797
4,140,363
Halozyme Therapeutics Inc.
38,577
2,682,259
*
Regeneron Pharmaceuticals Inc.
4,447
3,476,086
Total Biotechnology
24,814,236
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories
12,367
1,438,901
IDEXX Laboratories Inc.
4,117
2,703,757
*
Total Health Care Equipment & Supplies
4,142,658
Health Care Providers & Services — 2.1%
Cardinal Health Inc.
15,190
3,482,004
HCA Healthcare Inc.
6,185
3,276,195
McKesson Corp.
3,620
3,574,279
Total Health Care Providers & Services
10,332,478
Life Sciences Tools & Services — 0.3%
Medpace Holdings Inc.
3,491
1,577,094
*
Pharmaceuticals — 1.7%
Bristol-Myers Squibb Co.
57,355
3,577,231
Eli Lilly & Co.
2,848
2,996,068
Johnson & Johnson
6,673
1,657,773
Total Pharmaceuticals
8,231,072
 
Total Health Care
49,097,538
Industrials — 7.6%
Aerospace & Defense — 3.4%
General Dynamics Corp.
8,401
2,999,577
General Electric Co.
17,458
5,975,175
L3Harris Technologies Inc.
3,074
1,120,596
Lockheed Martin Corp.
5,174
3,404,906
RTX Corp.
16,247
3,291,967
Total Aerospace & Defense
16,792,221
Building Products — 0.4%
Allegion PLC
11,868
1,912,528
Ground Transportation — 1.4%
Lyft Inc., Class A Shares
120,528
1,668,108
*
Ryder System Inc.
10,724
2,376,009
Uber Technologies Inc.
38,778
2,924,637
*
Total Ground Transportation
6,968,754
See Notes to Schedule of Investments.

3
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Franklin U.S. Large Cap Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Machinery — 1.2%
Caterpillar Inc.
6,993
 $5,194,610
Mueller Industries Inc.
5,057
596,524
Total Machinery
5,791,134
Passenger Airlines — 0.2%
United Airlines Holdings Inc.
8,325
884,948
*
Trading Companies & Distributors — 1.0%
Fastenal Co.
45,129
2,077,739
Ferguson Enterprises Inc.
10,571
2,756,494
Total Trading Companies & Distributors
4,834,233
 
Total Industrials
37,183,818
Information Technology — 30.8%
Communications Equipment — 0.7%
Cisco Systems Inc.
45,952
3,651,346
Semiconductors & Semiconductor Equipment — 12.9%
Advanced Micro Devices Inc.
2,209
442,264
*
Broadcom Inc.
28,564
9,127,626
Cirrus Logic Inc.
4,174
589,035
*
KLA Corp.
1,764
2,689,306
Lam Research Corp.
22,487
5,259,485
Micron Technology Inc.
16,106
6,641,631
NVIDIA Corp.
187,758
33,268,840
QUALCOMM Inc.
22,884
3,257,766
Skyworks Solutions Inc.
28,607
1,704,405
Total Semiconductors & Semiconductor Equipment
62,980,358
Software — 9.9%
Adobe Inc.
11,256
2,953,687
*
AppLovin Corp., Class A Shares
5,790
2,517,318
*
DocuSign Inc.
27,198
1,225,814
*
Dropbox Inc., Class A Shares
86,446
2,160,285
*
Intuit Inc.
5,258
2,150,680
Microsoft Corp.
55,336
21,732,661
Oracle Corp.
3,317
482,292
Palantir Technologies Inc., Class A Shares
26,058
3,574,897
*
Pegasystems Inc.
44,388
1,941,087
RingCentral Inc., Class A Shares
81,634
2,975,559
*
Salesforce Inc.
10,577
2,060,294
Teradata Corp.
75,420
2,374,976
*
Zoom Communications Inc., Class A Shares
28,069
2,075,422
*
Total Software
48,224,972
Technology Hardware, Storage & Peripherals — 7.3%
Apple Inc.
117,786
31,116,705
Western Digital Corp.
15,740
4,402,478
Total Technology Hardware, Storage & Peripherals
35,519,183
 
Total Information Technology
150,375,859
Materials — 3.0%
Chemicals — 1.1%
CF Industries Holdings Inc.
26,474
2,635,222
See Notes to Schedule of Investments.

4
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

 Franklin U.S. Large Cap Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Chemicals — continued
Corteva Inc.
33,948
 $2,719,914
Total Chemicals
5,355,136
Containers & Packaging — 0.5%
Crown Holdings Inc.
21,341
2,445,678
Metals & Mining — 1.4%
Anglogold Ashanti PLC
17,796
2,273,795
Newmont Corp.
35,845
4,659,850
Total Metals & Mining
6,933,645
 
Total Materials
14,734,459
Real Estate — 1.0%
Residential REITs — 0.6%
Sun Communities Inc.
19,266
2,629,038
Specialized REITs — 0.4%
VICI Properties Inc.
70,123
2,118,416
 
Total Real Estate
4,747,454
Utilities — 0.8%
Electric Utilities — 0.8%
Duke Energy Corp.
4,280
560,038
NRG Energy Inc.
14,868
2,660,777
Southern Co.
5,410
526,826
 
Total Utilities
3,747,641
Total Investments before Short-Term Investments (Cost — $326,323,850)
463,228,005
 
 
Rate
 
 
 
Short-Term Investments — 1.2%
Invesco Treasury Portfolio, Institutional Class (Cost — $5,892,708)
3.562%
5,892,708
5,892,708
(a)
Total Investments — 96.2% (Cost — $332,216,558)
469,120,713
Other Assets in Excess of Liabilities — 3.8%
18,358,450
Total Net Assets — 100.0%
$487,479,163
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Rate shown is one-day yield as of the end of the reporting period.
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.

5
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin U.S. Large Cap Equity 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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.

6
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report

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
Common Stocks†
 $463,228,005
 $463,228,005
Short-Term Investments†
5,892,708
5,892,708
Total Investments
$469,120,713
$469,120,713
See Schedule of Investments for additional detailed categorizations.

7
Franklin U.S. Large Cap Equity Fund 2026 Quarterly Report