Equity

LCSTX ClearBridge Sustainability Leaders Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Invests in the equity securities of companies that meet the managers' financial and sustainability/environmental, social and governance (ESG) criteria, or that the managers believe are making substantial progress toward becoming a leader in sustainability and ESG policies, with the goal of achieving long-term capital growth. The managers take a broad view of sustainability, including companies that practice environmental stewardship, treat their employees fairly, manage its supply chain responsibly and employ corporate governance practices that are transparent and shareholder-friendly. ClearBridge may also invest in companies that offer product and services that have a positive impact on society, and looks for companies that go beyond doing relatively less harm but also offer solutions to address the negative impact of less responsible companies. ClearBridge brings over 30 years of ESG investing experience to the Fund, resulting in ESG analysis that is fully integrated into the overall security selection research. In addition, shareholder engagement is an integral part of the leadership review; the managers intend to directly engage with management to seek to improve in certain areas as identified by them.

Benchmark: Russell 3000 Index
Fund Inception Date: 03/31/2015
Dividend Frequency, if any: Annually
Portfolio Turnover: 47%

Sales Charges, Expenses & Fees

As of 03/01/2025

Gross Expense Ratio³: 1.25%
Net Expense Ratio^3,4: 1.20%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: LCSTX
Fund Number: 7165
CUSIP Code: 52469C603

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Class FI

With Sales Charge (POP)

Without Sales Charge (NAV)

7.70%1 Year
11.48%3 Years
8.74%5 Years
12.69%10 Years
11.81%Since Inception
03/31/2015

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 11/30/2025 Equity as a % of Total (Updated Monthly)

Top Sectors
Information Technology31.60%
Financials12.73%
Industrials12.57%
Health Care9.99%
Consumer Discretionary9.84%

Additional Fund Info

Share Class Inception Date: 03/31/2015
Investment Style: Multi Cap
Lipper Classification: Multi-Cap Core Funds
Morningstar Category⁵: Large Blend

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.

Commentary Highlights

September 30, 2025

Markets: The third quarter continued the sharp post-Liberation Day rebound for U.S. equity markets, with animal spirits driving the benchmark Russell 3000 Index to record highs. Investor optimism was fueled by better-than-feared tariff outcomes, the passing of the One Big Beautiful Bill Act in July, the Federal Reserve delivering a 25 basis point cut in September and signaling further easing and continued appetite for AI-driven investment.
Contributors: The Fund’s financials holdings were strong relative contributors, in particular financial services companies like Morgan Stanley and BlackRock.
Detractors: Stock selection in the IT (in particular software), consumer discretionary and industrials sectors detracted.
Outlook: With broad expectations for a continued soft landing for the U.S. economy, we continue to construct our portfolio on a bottom-up basis, focusing on long-term compounders with leading sustainability characteristics that we can buy at attractive valuations

For complete information, please see the full commentary:

Managed Fund Since 2024

Managed Fund Since 2015

Latest ClearBridge Insights

December 9, 2025

Infrastructure outlook: AI, decarbonization and policy tailwinds in 2026

December 8, 2025

Under the Radar: Why now is the time for emerging markets

December 5, 2025

AOR Update: Is AI a clear and present danger?

December 2, 2025

Emerging markets equity outlook: Tides are turning

Performance

Risk Measures

As of 11/30/2025

Class FI - Without Sales Charge (NAV)

Measured against: Russell 3000 Index

Statistics

Alpha (%)

Beta

R-Squared

Historical Tracking Error

Information Ratio

Upside Capture Ratio

Downside Capture Ratio

Standard Deviation (%)

Class FI

Sharpe Ratio (%)

Class FI

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 11/30/2025

3 Years: 3 Years: 1 out of 5 stars
1211 Funds in category

5 Years: 5 Years: 1 out of 5 stars
1121 Funds in category

10 Years: 10 Years: 3 out of 5 stars
875 Funds in category

Rating Category: Large Blend

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 11/30/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $99.13 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 59
Benchmark: 2,961

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 26.52x
Benchmark: 24.14x

Median Market Cap (USD)
The weighted median is calculated by first ranking all of the companies in the specified universe in ascending order based on the specified formula. All of the weights for the companies are summed. Then, the function steps through the sorted list while keeping a running total of the weights. The value returned by the function as the weighted median value is that belonging to the company straddling the 50% barrier.

Fund: $346.21 Billion
Benchmark: $269.44 Billion

Weighted Average Market Capitalization (USD)

Fund: $1,181.42 Billion
Benchmark: $1,203.57 Billion

Price to Earnings (12-Month Trailing)

Fund: 31.19x
Benchmark: 26.81x

Price to Book

Fund: 10.63x
Benchmark: 5.74x

Market Capitalization Allocation

As of 11/30/2025 % of Equity (Updated Monthly)

Market Capitalization Allocation
Market Capitalization	Fund
<10 Billion	6.40%
10-50 Billion	9.42%
50-250 Billion	31.52%
250-500 Billion	14.11%
>500 Billion	38.55%

Holdings
As of 11/30/2025 (Updated Monthly)

Microsoft Corp

Apple Inc.

NVIDIA Corp.

Broadcom Inc.

Amazon.Com, Inc.

Alphabet Inc. Class A

JPMorgan Chase & Co.

Johnson & Johnson

Netflix Inc

Bank Of America Corp

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 472804903

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 11	0.000903	0.000903	1.43965	—	—	—	—	—	—
	0.000903	0.000903	1.43965	—	—	—	—	—	—

Dec 11

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 100.00%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 12/10/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/10/2025

Share Prices

As of 12/10/2025

NAV ¹(Net Asset Value): $28.85
NAV Change ¹: $0.19
NAV Change (%) ¹: 0.66%
POP ⁶(Public Offering Price): $28.85

52-Week Range

Highest NAV: $28.98
Lowest NAV: $21.74

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - ClearBridge Sustainability Leaders Fund	Download Document
Checkbox	Product Commentary - ClearBridge Sustainability Leaders Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge Sustainability Leaders Fund - Class FI	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge Sustainability Leaders Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge Sustainability Leaders Fund Class FI	Download Document
Checkbox	Semiannual Financial Statements and Other Information - ClearBridge Sustainability Leaders Fund	Download Document
Checkbox	Prospectus - ClearBridge Sustainability Leaders Fund	Download Document
Checkbox	Summary Prospectus - ClearBridge Sustainability Leaders Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Investment Trust Book 24Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge Sustainability Leaders FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge Sustainability Leaders FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. These and other risks are discussed in the fund’s prospectus. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
Source: FTSE.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

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LCSTX ClearBridge Sustainability Leaders Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class FI

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest ClearBridge Insights

Performance

Risk Measures

Ratings 5

Portfolio

Market Capitalization Allocation

Distributions & Tax

Federal ID Number 472804903

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ⁵