08/27/2024 | Press release | Distributed by Public on 08/27/2024 04:07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-06444
Legg Mason Partners Investment Trust
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 47th Floor, New York, NY 10018
(Address of principal executive offices) (Zip code)
Marc A. De Oliveira
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code:
877-6LM-FUND/656-3863
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
ITEM 1. | REPORT TO STOCKHOLDERS. |
The Semi-Annual Report to Stockholders is filed herewith.
BrandywineGLOBAL - High Yield Fund
|
|
Class A[BGHAX]
|
|
Semi-Annual Shareholder Report | June 30, 2024
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class A
|
$44
|
0.86%
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$2,274,869,379
|
Total Number of Portfolio Holdings*
|
184
|
Portfolio Turnover Rate
|
44%
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
BrandywineGLOBAL - High Yield Fund | PAGE 1 | 7991-STSR-0824 |
BrandywineGLOBAL - High Yield Fund
|
|
Class C[BGHCX]
|
|
Semi-Annual Shareholder Report | June 30, 2024
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class C
|
$80
|
1.59%
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$2,274,869,379
|
Total Number of Portfolio Holdings*
|
184
|
Portfolio Turnover Rate
|
44%
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
BrandywineGLOBAL - High Yield Fund | PAGE 1 | 7992-STSR-0824 |
BrandywineGLOBAL - High Yield Fund
|
|
Class I[BGHIX]
|
|
Semi-Annual Shareholder Report | June 30, 2024
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class I
|
$32
|
0.63%
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$2,274,869,379
|
Total Number of Portfolio Holdings*
|
184
|
Portfolio Turnover Rate
|
44%
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
BrandywineGLOBAL - High Yield Fund | PAGE 1 | 7994-STSR-0824 |
BrandywineGLOBAL - High Yield Fund
|
|
Class IS[BGHSX]
|
|
Semi-Annual Shareholder Report | June 30, 2024
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Class IS
|
$27
|
0.54%
|
* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
† | Annualized. |
Total Net Assets
|
$2,274,869,379
|
Total Number of Portfolio Holdings*
|
184
|
Portfolio Turnover Rate
|
44%
|
* | Does not include derivatives, except purchased options, if any. |
* | Does not include derivatives, except purchased options, if any. |
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
BrandywineGLOBAL - High Yield Fund | PAGE 1 | 7995-STSR-0824 |
ITEM 2. | CODE OF ETHICS. |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
(a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
(b) | Not applicable. |
ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Schedule of Investments
|
1
|
Statement of Assets and Liabilities
|
13
|
Statement of Operations
|
15
|
Statements of Changes in Net Assets
|
16
|
Financial Highlights
|
17
|
Notes to Financial Statements
|
21
|
Changes in and Disagreements with Accountants
|
32
|
Results of Meeting(s) of Shareholders
|
32
|
Remuneration Paid to Directors, Officers and Others
|
32
|
Board Approval of Management and Subadvisory Agreements
|
33
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Corporate Bonds & Notes - 83.7%
|
|||||
Communication Services - 8.3%
|
|||||
Diversified Telecommunication Services - 1.6%
|
|||||
Altice France SA, Senior Secured Notes
|
8.125%
|
2/1/27
|
$15,046,000
|
$11,296,630
(a)
|
|
Cogent Communications Group Inc., Senior
Notes
|
7.000%
|
6/15/27
|
12,494,000
|
12,389,064
(a)
|
|
Cogent Communications Group Inc./Cogent
Communications Finance Inc., Senior
Notes
|
7.000%
|
6/15/27
|
13,750,000
|
13,620,116
(a)
|
|
Total Diversified Telecommunication Services
|
37,305,810
|
||||
Entertainment - 1.6%
|
|||||
Live Nation Entertainment Inc., Senior
Notes
|
4.875%
|
11/1/24
|
8,011,000
|
7,992,580
(a)
|
|
Live Nation Entertainment Inc., Senior
Notes
|
5.625%
|
3/15/26
|
5,680,000
|
5,606,167
(a)
|
|
Live Nation Entertainment Inc., Senior
Secured Notes
|
6.500%
|
5/15/27
|
8,914,000
|
8,972,975
(a)
|
|
ROBLOX Corp., Senior Notes
|
3.875%
|
5/1/30
|
16,125,000
|
14,339,561
(a)
|
|
Total Entertainment
|
36,911,283
|
||||
Interactive Media & Services - 2.9%
|
|||||
ANGI Group LLC, Senior Notes
|
3.875%
|
8/15/28
|
35,835,000
|
30,829,273
(a)
|
|
GrubHub Holdings Inc., Senior Notes
|
5.500%
|
7/1/27
|
21,245,000
|
19,272,827
(a)
|
|
TripAdvisor Inc., Senior Notes
|
7.000%
|
7/15/25
|
15,768,000
|
15,825,112
(a)
|
|
Total Interactive Media & Services
|
65,927,212
|
||||
Media - 1.6%
|
|||||
Cable One Inc., Senior Notes
|
4.000%
|
11/15/30
|
2,000,000
|
1,494,359
(a)
|
|
Charter Communications Operating LLC/
Charter Communications Operating Capital
Corp., Senior Secured Notes
|
6.484%
|
10/23/45
|
1,250,000
|
1,142,856
|
|
Charter Communications Operating LLC/
Charter Communications Operating Capital
Corp., Senior Secured Notes
|
5.375%
|
5/1/47
|
2,480,000
|
1,983,166
|
|
Charter Communications Operating LLC/
Charter Communications Operating Capital
Corp., Senior Secured Notes
|
5.750%
|
4/1/48
|
11,473,000
|
9,601,042
|
|
LCPR Senior Secured Financing DAC,
Senior Secured Notes
|
5.125%
|
7/15/29
|
14,746,000
|
12,260,871
(a)
|
|
Liberty Interactive LLC, Senior Notes
|
8.500%
|
7/15/29
|
12,256,000
|
5,832,276
|
|
Liberty Interactive LLC, Senior Notes
|
8.250%
|
2/1/30
|
6,865,000
|
3,224,921
|
|
Total Media
|
35,539,491
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
Wireless Telecommunication Services - 0.6%
|
|||||
CSC Holdings LLC, Senior Notes
|
5.500%
|
4/15/27
|
$12,999,000
|
$10,556,552
(a)
|
|
Iliad Holding SASU, Senior Secured Notes
|
8.500%
|
4/15/31
|
2,750,000
|
2,787,286
(a)
|
|
Total Wireless Telecommunication Services
|
13,343,838
|
||||
|
|||||
Total Communication Services
|
189,027,634
|
||||
Consumer Discretionary - 17.6%
|
|||||
Automobiles - 0.4%
|
|||||
Ford Motor Credit Co. LLC, Senior Notes
|
3.664%
|
9/8/24
|
8,560,000
|
8,519,899
|
|
Broadline Retail - 1.3%
|
|||||
MercadoLibre Inc., Senior Notes
|
3.125%
|
1/14/31
|
16,343,000
|
13,861,891
|
|
QVC Inc., Senior Secured Notes
|
4.375%
|
9/1/28
|
15,398,000
|
11,276,907
|
|
QVC Inc., Senior Secured Notes
|
5.450%
|
8/15/34
|
7,355,000
|
4,460,397
|
|
Total Broadline Retail
|
29,599,195
|
||||
Diversified Consumer Services - 0.9%
|
|||||
Adtalem Global Education Inc., Senior
Secured Notes
|
5.500%
|
3/1/28
|
16,675,000
|
16,059,276
(a)
|
|
Graham Holdings Co., Senior Notes
|
5.750%
|
6/1/26
|
5,694,000
|
5,655,147
(a)
|
|
Total Diversified Consumer Services
|
21,714,423
|
||||
Hotels, Restaurants & Leisure - 8.9%
|
|||||
Affinity Interactive, Senior Secured Notes
|
6.875%
|
12/15/27
|
35,195,000
|
31,092,329
(a)
|
|
Allwyn Entertainment Financing UK PLC,
Senior Secured Notes
|
7.875%
|
4/30/29
|
28,539,000
|
29,505,473
(a)
|
|
Carnival Holdings Bermuda Ltd., Senior
Notes
|
10.375%
|
5/1/28
|
11,896,000
|
12,886,626
(a)
|
|
CCM Merger Inc., Senior Notes
|
6.375%
|
5/1/26
|
6,625,000
|
6,579,876
(a)
|
|
IRB Holding Corp., Senior Secured Notes
|
7.000%
|
6/15/25
|
31,932,000
|
31,966,423
(a)
|
|
Las Vegas Sands Corp., Senior Notes
|
2.900%
|
6/25/25
|
4,405,000
|
4,277,802
|
|
Lindblad Expeditions Holdings Inc., Senior
Secured Notes
|
9.000%
|
5/15/28
|
11,835,000
|
12,176,818
(a)
|
|
Lindblad Expeditions LLC, Senior Secured
Notes
|
6.750%
|
2/15/27
|
24,598,000
|
24,308,939
(a)
|
|
Midwest Gaming Borrower LLC/Midwest
Gaming Finance Corp., Senior Secured
Notes
|
4.875%
|
5/1/29
|
10,326,000
|
9,626,900
(a)
|
|
Viking Cruises Ltd., Senior Notes
|
6.250%
|
5/15/25
|
21,112,000
|
21,109,874
(a)
|
|
Viking Cruises Ltd., Senior Notes
|
7.000%
|
2/15/29
|
13,050,000
|
13,129,380
(a)
|
|
Viking Cruises Ltd., Senior Notes
|
9.125%
|
7/15/31
|
1,965,000
|
2,129,814
(a)
|
|
VOC Escrow Ltd., Senior Secured Notes
|
5.000%
|
2/15/28
|
3,991,000
|
3,871,314
(a)
|
|
Total Hotels, Restaurants & Leisure
|
202,661,568
|
||||
Household Durables - 1.7%
|
|||||
Adams Homes Inc., Senior Notes
|
9.250%
|
10/15/28
|
11,048,000
|
11,343,921
(a)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Household Durables - continued
|
|||||
Century Communities Inc., Senior Notes
|
6.750%
|
6/1/27
|
$2,500,000
|
$2,515,920
|
|
Century Communities Inc., Senior Notes
|
3.875%
|
8/15/29
|
2,150,000
|
1,919,512
(a)
|
|
Dream Finders Homes Inc., Senior Notes
|
8.250%
|
8/15/28
|
23,095,000
|
23,672,629
(a)
|
|
Total Household Durables
|
39,451,982
|
||||
Specialty Retail - 4.4%
|
|||||
Abercrombie & Fitch Management Co.,
Senior Secured Notes
|
8.750%
|
7/15/25
|
3,775,000
|
3,780,036
(a)
|
|
Arko Corp., Senior Notes
|
5.125%
|
11/15/29
|
30,367,000
|
26,460,377
(a)
|
|
eG Global Finance PLC, Senior Secured
Notes
|
12.000%
|
11/30/28
|
29,131,000
|
31,044,266
(a)
|
|
FirstCash Inc., Senior Notes
|
5.625%
|
1/1/30
|
27,090,000
|
25,683,560
(a)
|
|
Gap Inc., Senior Notes
|
3.875%
|
10/1/31
|
14,525,000
|
12,140,445
(a)
|
|
Total Specialty Retail
|
99,108,684
|
||||
|
|||||
Total Consumer Discretionary
|
401,055,751
|
||||
Consumer Staples - 3.0%
|
|||||
Consumer Staples Distribution & Retail - 0.2%
|
|||||
Walgreens Boots Alliance Inc., Senior
Notes
|
3.800%
|
11/18/24
|
3,819,000
|
3,777,084
|
|
Food Products - 0.1%
|
|||||
JBS USA Holding Lux Sarl/JBS USA Food
Co./JBS Lux Co. Sarl, Senior Notes
|
6.750%
|
3/15/34
|
2,786,000
|
2,955,202
(a)
|
|
Tobacco - 2.7%
|
|||||
Turning Point Brands Inc., Senior Secured
Notes
|
5.625%
|
2/15/26
|
20,021,000
|
19,913,137
(a)
|
|
Vector Group Ltd., Senior Notes
|
10.500%
|
11/1/26
|
3,250,000
|
3,286,611
(a)
|
|
Vector Group Ltd., Senior Secured Notes
|
5.750%
|
2/1/29
|
40,398,000
|
37,894,350
(a)
|
|
Total Tobacco
|
61,094,098
|
||||
|
|||||
Total Consumer Staples
|
67,826,384
|
||||
Energy - 13.2%
|
|||||
Energy Equipment & Services - 0.7%
|
|||||
Transocean Aquila Ltd., Senior Secured
Notes
|
8.000%
|
9/30/28
|
12,457,000
|
12,666,140
(a)
|
|
Transocean Titan Financing Ltd., Senior
Secured Notes
|
8.375%
|
2/1/28
|
2,561,000
|
2,645,736
(a)
|
|
Total Energy Equipment & Services
|
15,311,876
|
||||
Oil, Gas & Consumable Fuels - 12.5%
|
|||||
Aethon United BR LP/Aethon United
Finance Corp., Senior Notes
|
8.250%
|
2/15/26
|
3,034,000
|
3,069,610
(a)
|
|
Athabasca Oil Corp., Secured Notes
|
9.750%
|
11/1/26
|
484,000
|
509,399
(a)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Oil, Gas & Consumable Fuels - continued
|
|||||
Baytex Energy Corp., Senior Notes
|
8.500%
|
4/30/30
|
$9,739,000
|
$10,193,276
(a)
|
|
California Resources Corp., Senior Notes
|
8.250%
|
6/15/29
|
7,375,000
|
7,533,349
(a)
|
|
Cimarex Energy Co., Senior Notes
|
4.375%
|
3/15/29
|
1,697,000
|
1,537,290
|
|
CITGO Petroleum Corp., Senior Secured
Notes
|
7.000%
|
6/15/25
|
8,385,000
|
8,390,561
(a)
|
|
Energean Israel Finance Ltd., Senior
Secured Notes
|
4.875%
|
3/30/26
|
18,683,000
|
17,653,567
(b)
|
|
Energean Israel Finance Ltd., Senior
Secured Notes
|
5.375%
|
3/30/28
|
2,675,000
|
2,378,075
(b)
|
|
Energean Israel Finance Ltd., Senior
Secured Notes
|
5.875%
|
3/30/31
|
2,750,000
|
2,335,028
(b)
|
|
Genesis Energy LP/Genesis Energy Finance
Corp., Senior Notes
|
8.000%
|
1/15/27
|
10,590,000
|
10,837,107
|
|
Greenfire Resources Ltd., Senior Secured
Notes
|
12.000%
|
10/1/28
|
12,776,000
|
13,654,950
(a)
|
|
Howard Midstream Energy Partners LLC,
Senior Notes
|
8.875%
|
7/15/28
|
9,695,000
|
10,267,567
(a)
|
|
Leviathan Bond Ltd., Senior Secured Notes
|
6.500%
|
6/30/27
|
7,305,000
|
6,858,223
(b)
|
|
Leviathan Bond Ltd., Senior Secured Notes
|
6.750%
|
6/30/30
|
12,812,000
|
11,466,340
(b)
|
|
Magnolia Oil & Gas Operating LLC/
Magnolia Oil & Gas Finance Corp., Senior
Notes
|
6.000%
|
8/1/26
|
28,335,000
|
28,082,694
(a)
|
|
New Fortress Energy Inc., Senior Secured
Notes
|
6.500%
|
9/30/26
|
17,646,000
|
16,248,393
(a)
|
|
New Fortress Energy Inc., Senior Secured
Notes
|
8.750%
|
3/15/29
|
21,655,000
|
19,786,234
(a)
|
|
Parsley Energy LLC/Parsley Finance Corp.,
Senior Notes
|
4.125%
|
2/15/28
|
698,000
|
670,365
(a)
|
|
Petroleos Mexicanos, Senior Notes
|
6.750%
|
9/21/47
|
18,355,000
|
12,085,275
|
|
Rockcliff Energy II LLC, Senior Notes
|
5.500%
|
10/15/29
|
9,521,000
|
8,918,485
(a)
|
|
Rockies Express Pipeline LLC, Senior Notes
|
4.950%
|
7/15/29
|
4,294,000
|
4,045,773
(a)
|
|
Rockies Express Pipeline LLC, Senior Notes
|
4.800%
|
5/15/30
|
8,736,000
|
8,073,039
(a)
|
|
Saturn Oil & Gas Inc., Senior Secured
Notes
|
9.625%
|
6/15/29
|
22,300,000
|
22,525,971
(a)
|
|
Sitio Royalties Operating Partnership LP/
Sitio Finance Corp., Senior Notes
|
7.875%
|
11/1/28
|
17,994,000
|
18,619,309
(a)
|
|
SM Energy Co., Senior Notes
|
5.625%
|
6/1/25
|
3,000,000
|
2,989,156
|
|
SM Energy Co., Senior Notes
|
6.625%
|
1/15/27
|
3,500,000
|
3,488,701
|
|
Teine Energy Ltd., Senior Notes
|
6.875%
|
4/15/29
|
18,825,000
|
18,500,310
(a)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Oil, Gas & Consumable Fuels - continued
|
|||||
Venture Global LNG Inc., Senior Secured
Notes
|
8.125%
|
6/1/28
|
$11,615,000
|
$11,975,146
(a)
|
|
Viper Energy Inc., Senior Notes
|
5.375%
|
11/1/27
|
2,584,000
|
2,539,706
(a)
|
|
Total Oil, Gas & Consumable Fuels
|
285,232,899
|
||||
|
|||||
Total Energy
|
300,544,775
|
||||
Financials - 23.2%
|
|||||
Banks - 2.6%
|
|||||
Bank OZK, Subordinated Notes (2.750% to
10/1/26 then 3 mo. Term SOFR + 2.090%)
|
2.750%
|
10/1/31
|
3,775,000
|
2,993,950
(c)
|
|
Comerica Inc., Senior Notes (5.982% to
1/30/29 then SOFR + 2.155%)
|
5.982%
|
1/30/30
|
3,720,000
|
3,666,263
(c)
|
|
Home BancShares Inc., Subordinated
Notes (3.125% to 1/30/27 then 3 mo. Term
SOFR + 1.820%)
|
3.125%
|
1/30/32
|
1,000,000
|
819,797
(c)
|
|
Huntington National Bank, Senior Notes
(5.699% to 11/18/24 then SOFR + 1.215%)
|
5.699%
|
11/18/25
|
1,000,000
|
998,590
(c)
|
|
JPMorgan Chase & Co., Junior
Subordinated Notes (3.650% to 6/1/26
then 5 year Treasury Constant Maturity
Rate + 2.850%)
|
3.650%
|
6/1/26
|
1,750,000
|
1,659,629
(c)(d)
|
|
Popular Inc., Senior Notes
|
7.250%
|
3/13/28
|
5,819,000
|
5,980,855
|
|
Societe Generale SA, Subordinated Notes
|
7.367%
|
1/10/53
|
8,338,000
|
8,219,409
(a)
|
|
Societe Generale SA, Subordinated Notes
(7.132% to 1/19/54 then 1 year Treasury
Constant Maturity Rate + 2.950%)
|
7.132%
|
1/19/55
|
11,075,000
|
10,608,903
(a)(c)
|
|
Texas Capital Bancshares Inc.,
Subordinated Notes (4.000% to 5/6/26
then 5 year Treasury Constant Maturity
Rate + 3.150%)
|
4.000%
|
5/6/31
|
13,000,000
|
11,786,731
(c)
|
|
Western Alliance Bancorp, Subordinated
Notes (3.000% to 6/15/26 then 3 mo. Term
SOFR + 2.250%)
|
3.000%
|
6/15/31
|
14,096,000
|
12,352,889
(c)
|
|
Total Banks
|
59,087,016
|
||||
Capital Markets - 0.8%
|
|||||
Charles Schwab Corp., Junior
Subordinated Notes (4.000% to 12/1/30
then 10 year Treasury Constant Maturity
Rate + 3.079%)
|
4.000%
|
12/1/30
|
7,500,000
|
6,414,480
(c)(d)
|
|
CI Financial Corp., Senior Notes
|
7.500%
|
5/30/29
|
10,500,000
|
10,405,915
(a)
|
|
StoneX Group Inc., Senior Secured Notes
|
7.875%
|
3/1/31
|
1,847,000
|
1,906,459
(a)
|
|
Total Capital Markets
|
18,726,854
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Consumer Finance - 9.5%
|
|||||
Credit Acceptance Corp., Senior Notes
|
6.625%
|
3/15/26
|
$9,855,000
|
$9,850,057
|
|
Credit Acceptance Corp., Senior Notes
|
9.250%
|
12/15/28
|
16,960,000
|
17,946,394
(a)
|
|
Discover Financial Services, Senior Notes
(7.964% to 11/2/33 then SOFR + 3.370%)
|
7.964%
|
11/2/34
|
21,000,000
|
23,632,683
(c)
|
|
Encore Capital Group Inc., Senior Secured
Notes
|
9.250%
|
4/1/29
|
20,950,000
|
21,857,575
(a)
|
|
Encore Capital Group Inc., Senior Secured
Notes
|
8.500%
|
5/15/30
|
17,000,000
|
17,327,165
(a)
|
|
Enova International Inc., Senior Notes
|
8.500%
|
9/15/25
|
4,384,000
|
4,391,413
(a)
|
|
Enova International Inc., Senior Notes
|
11.250%
|
12/15/28
|
10,367,000
|
11,082,479
(a)
|
|
goeasy Ltd., Senior Notes
|
9.250%
|
12/1/28
|
19,170,000
|
20,365,786
(a)
|
|
PRA Group Inc., Senior Notes
|
8.375%
|
2/1/28
|
14,987,000
|
14,947,259
(a)
|
|
PRA Group Inc., Senior Notes
|
5.000%
|
10/1/29
|
16,873,000
|
14,466,114
(a)
|
|
PROG Holdings Inc., Senior Notes
|
6.000%
|
11/15/29
|
24,128,000
|
22,940,195
(a)
|
|
Synchrony Financial, Subordinated Notes
|
7.250%
|
2/2/33
|
22,444,000
|
22,330,839
|
|
World Acceptance Corp., Senior Notes
|
7.000%
|
11/1/26
|
14,482,000
|
13,818,219
(a)
|
|
Total Consumer Finance
|
214,956,178
|
||||
Financial Services - 7.4%
|
|||||
Burford Capital Global Finance LLC, Senior
Notes
|
6.250%
|
4/15/28
|
4,600,000
|
4,451,551
(a)
|
|
Burford Capital Global Finance LLC, Senior
Notes
|
6.875%
|
4/15/30
|
24,552,000
|
24,132,315
(a)
|
|
Burford Capital Global Finance LLC, Senior
Notes
|
9.250%
|
7/1/31
|
2,350,000
|
2,476,291
(a)
|
|
Enact Holdings Inc., Senior Notes
|
6.250%
|
5/28/29
|
3,500,000
|
3,502,458
|
|
Freedom Mortgage Corp., Senior Notes
|
7.625%
|
5/1/26
|
17,305,000
|
17,198,059
(a)
|
|
Freedom Mortgage Corp., Senior Notes
|
6.625%
|
1/15/27
|
25,378,000
|
24,533,999
(a)
|
|
Freedom Mortgage Holdings LLC, Senior
Notes
|
9.250%
|
2/1/29
|
10,150,000
|
10,152,226
(a)
|
|
Jane Street Group/JSG Finance Inc.,
Senior Secured Notes
|
7.125%
|
4/30/31
|
4,571,000
|
4,691,122
(a)
|
|
Jefferson Capital Holdings LLC, Senior
Notes
|
9.500%
|
2/15/29
|
30,669,000
|
31,644,581
(a)
|
|
PennyMac Financial Services Inc., Senior
Notes
|
4.250%
|
2/15/29
|
10,647,000
|
9,692,065
(a)
|
|
Rocket Mortgage LLC, Senior Notes
|
5.250%
|
1/15/28
|
2,801,000
|
2,707,391
(a)
|
|
United Wholesale Mortgage LLC, Senior
Notes
|
5.500%
|
4/15/29
|
35,330,000
|
33,594,958
(a)
|
|
Total Financial Services
|
168,777,016
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Insurance - 2.3%
|
|||||
Ardonagh Group Finance Ltd., Senior
Notes
|
8.875%
|
2/15/32
|
$31,900,000
|
$31,185,628
(a)
|
|
GTCR AP Finance Inc., Senior Notes
|
8.000%
|
5/15/27
|
9,205,000
|
9,232,910
(a)
|
|
Howden UK Refinance PLC/Howden UK
Refinance 2 PLC/Howden US
Refinance LLC, Senior Notes
|
8.125%
|
2/15/32
|
11,934,000
|
11,866,214
(a)
|
|
Total Insurance
|
52,284,752
|
||||
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
|
|||||
Rithm Capital Corp., Senior Notes
|
8.000%
|
4/1/29
|
13,913,000
|
13,517,986
(a)
|
|
|
|||||
Total Financials
|
527,349,802
|
||||
Health Care - 1.1%
|
|||||
Health Care Equipment & Supplies - 0.9%
|
|||||
Embecta Corp., Senior Secured Notes
|
5.000%
|
2/15/30
|
10,631,000
|
8,765,260
(a)
|
|
Embecta Corp., Senior Secured Notes
|
6.750%
|
2/15/30
|
12,025,000
|
10,511,711
(a)
|
|
Total Health Care Equipment & Supplies
|
19,276,971
|
||||
Health Care Providers & Services - 0.0%††
|
|||||
Owens & Minor Inc., Senior Notes
|
6.625%
|
4/1/30
|
1,000,000
|
910,133
(a)
|
|
Pharmaceuticals - 0.2%
|
|||||
Organon & Co./Organon Foreign Debt
Co-Issuer BV, Senior Notes
|
5.125%
|
4/30/31
|
6,232,000
|
5,603,454
(a)
|
|
|
|||||
Total Health Care
|
25,790,558
|
||||
Industrials - 8.7%
|
|||||
Aerospace & Defense - 0.3%
|
|||||
Boeing Co., Senior Notes
|
5.805%
|
5/1/50
|
6,500,000
|
5,862,095
|
|
TransDigm Inc., Senior Secured Notes
|
6.375%
|
3/1/29
|
1,750,000
|
1,761,013
(a)
|
|
Total Aerospace & Defense
|
7,623,108
|
||||
Building Products - 0.9%
|
|||||
AmeriTex HoldCo Intermediate LLC, Senior
Secured Notes
|
10.250%
|
10/15/28
|
18,207,000
|
19,196,241
(a)
|
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
1,250,000
|
1,264,970
(a)
|
|
Total Building Products
|
20,461,211
|
||||
Construction & Engineering - 1.2%
|
|||||
Brundage-Bone Concrete Pumping
Holdings Inc., Secured Notes
|
6.000%
|
2/1/26
|
17,821,000
|
17,640,867
(a)
|
|
Pike Corp., Senior Notes
|
5.500%
|
9/1/28
|
11,039,000
|
10,607,308
(a)
|
|
Total Construction & Engineering
|
28,248,175
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Electrical Equipment - 0.4%
|
|||||
Regal Rexnord Corp., Senior Notes
|
6.050%
|
2/15/26
|
$5,000,000
|
$5,014,803
|
|
Regal Rexnord Corp., Senior Notes
|
6.400%
|
4/15/33
|
4,074,000
|
4,170,909
|
|
Total Electrical Equipment
|
9,185,712
|
||||
Ground Transportation - 2.1%
|
|||||
Uber Technologies Inc., Senior Notes
|
8.000%
|
11/1/26
|
34,752,000
|
35,091,805
(a)
|
|
Uber Technologies Inc., Senior Notes
|
7.500%
|
9/15/27
|
11,600,000
|
11,837,324
(a)
|
|
Total Ground Transportation
|
46,929,129
|
||||
Machinery - 0.2%
|
|||||
Manitowoc Co. Inc., Secured Notes
|
9.000%
|
4/1/26
|
3,767,000
|
3,770,920
(a)
|
|
Passenger Airlines - 2.4%
|
|||||
Allegiant Travel Co., Senior Secured Notes
|
7.250%
|
8/15/27
|
48,498,000
|
46,207,032
(a)
|
|
Delta Air Lines Inc., Senior Notes
|
2.900%
|
10/28/24
|
7,480,000
|
7,406,927
|
|
Total Passenger Airlines
|
53,613,959
|
||||
Professional Services - 1.0%
|
|||||
Concentrix Corp., Senior Notes
|
6.850%
|
8/2/33
|
22,050,000
|
21,830,615
|
|
Transportation Infrastructure - 0.2%
|
|||||
Aeropuertos Dominicanos Siglo XXI SA,
Senior Secured Notes
|
7.000%
|
6/30/34
|
5,750,000
|
5,828,781
(a)(e)
|
|
|
|||||
Total Industrials
|
197,491,610
|
||||
Information Technology - 3.9%
|
|||||
Communications Equipment - 2.0%
|
|||||
Nokia oyj, Senior Notes
|
6.625%
|
5/15/39
|
13,461,000
|
13,439,440
|
|
Viasat Inc., Senior Secured Notes
|
5.625%
|
4/15/27
|
36,533,000
|
32,728,910
(a)
|
|
Total Communications Equipment
|
46,168,350
|
||||
IT Services - 1.6%
|
|||||
Sabre GLBL Inc., Senior Secured Notes
|
9.250%
|
4/15/25
|
9,562,000
|
9,410,318
(a)
|
|
Sabre GLBL Inc., Senior Secured Notes
|
7.375%
|
9/1/25
|
3,164,000
|
3,045,238
(a)
|
|
Sabre GLBL Inc., Senior Secured Notes
|
8.625%
|
6/1/27
|
17,820,000
|
16,433,882
(a)
|
|
Sabre GLBL Inc., Senior Secured Notes
|
11.250%
|
12/15/27
|
7,074,000
|
6,880,917
(a)
|
|
Total IT Services
|
35,770,355
|
||||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||||
Qorvo Inc., Senior Notes
|
3.375%
|
4/1/31
|
6,550,000
|
5,620,993
(a)
|
|
Software - 0.1%
|
|||||
Fair Isaac Corp., Senior Notes
|
4.000%
|
6/15/28
|
1,300,000
|
1,217,139
(a)
|
|
|
|||||
Total Information Technology
|
88,776,837
|
||||
Materials - 3.2%
|
|||||
Chemicals - 1.6%
|
|||||
Braskem Netherlands Finance BV, Senior
Notes
|
4.500%
|
1/10/28
|
200,000
|
182,245
(a)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Chemicals - continued
|
|||||
Braskem Netherlands Finance BV, Senior
Notes
|
4.500%
|
1/31/30
|
$2,800,000
|
$2,369,552
(a)
|
|
Braskem Netherlands Finance BV, Senior
Notes
|
4.500%
|
1/31/30
|
1,000,000
|
846,269
(b)
|
|
Braskem Netherlands Finance BV, Senior
Notes
|
8.500%
|
1/12/31
|
6,900,000
|
7,053,145
(a)
|
|
Mativ Holdings Inc., Senior Notes
|
6.875%
|
10/1/26
|
26,978,000
|
26,834,682
(a)
|
|
Total Chemicals
|
37,285,893
|
||||
Metals & Mining - 1.6%
|
|||||
FMG Resources August 2006 Pty Ltd.,
Senior Notes
|
5.875%
|
4/15/30
|
4,856,000
|
4,749,068
(a)
|
|
Mineral Resources Ltd., Senior Notes
|
8.125%
|
5/1/27
|
19,333,000
|
19,501,623
(a)
|
|
Mineral Resources Ltd., Senior Notes
|
8.000%
|
11/1/27
|
7,629,000
|
7,813,408
(a)
|
|
Mineral Resources Ltd., Senior Notes
|
9.250%
|
10/1/28
|
4,050,000
|
4,255,667
(a)
|
|
Total Metals & Mining
|
36,319,766
|
||||
|
|||||
Total Materials
|
73,605,659
|
||||
Real Estate - 0.8%
|
|||||
Hotel & Resort REITs - 0.5%
|
|||||
XHR LP, Senior Secured Notes
|
6.375%
|
8/15/25
|
2,000,000
|
1,999,434
(a)
|
|
XHR LP, Senior Secured Notes
|
4.875%
|
6/1/29
|
10,250,000
|
9,615,151
(a)
|
|
Total Hotel & Resort REITs
|
11,614,585
|
||||
Real Estate Management & Development - 0.3%
|
|||||
Forestar Group Inc., Senior Notes
|
3.850%
|
5/15/26
|
5,425,000
|
5,203,158
(a)
|
|
|
|||||
Total Real Estate
|
16,817,743
|
||||
Utilities - 0.7%
|
|||||
Water Utilities - 0.7%
|
|||||
Solaris Midstream Holdings LLC, Senior
Notes
|
7.625%
|
4/1/26
|
15,875,000
|
15,943,405
(a)
|
|
|
|||||
Total Corporate Bonds & Notes (Cost - $1,885,856,870)
|
1,904,230,158
|
||||
Senior Loans - 5.5%
|
|||||
Communication Services - 0.5%
|
|||||
Diversified Telecommunication Services - 0.5%
|
|||||
Numericable U.S. LLC, Term Loan B14 (3
mo. Term SOFR + 5.500%)
|
10.829%
|
8/15/28
|
16,474,811
|
12,150,173
(c)(f)(g)(h)
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Consumer Discretionary - 0.8%
|
|||||
Hotels, Restaurants & Leisure - 0.8%
|
|||||
J&J Ventures Gaming LLC, 2023 Delayed
Draw Term Loan (1 mo. Term SOFR +
4.364%)
|
9.708%
|
4/26/28
|
$11,970,000
|
$11,962,519
(c)(f)(g)
|
|
Travel + Leisure Co., 2023 Incremental
Term Loan (1 mo. Term SOFR + 3.350%)
|
8.692%
|
12/14/29
|
4,987,500
|
5,008,697
(c)(f)(g)
|
|
|
|||||
Total Consumer Discretionary
|
16,971,216
|
||||
Energy - 2.0%
|
|||||
Oil, Gas & Consumable Fuels - 2.0%
|
|||||
Goodnight Water Solutions Holdings LLC,
Initial Term Loan (3 mo. Term SOFR +
5.250%)
|
10.593%
|
6/4/29
|
11,000,000
|
10,972,500
(c)(f)(g)(i)
|
|
WaterBridge Midstream Operating LLC,
Term Loan B
|
-
|
6/21/29
|
19,750,000
|
19,651,250
(h)
|
|
Waterbridge NDB Operating LLC, Initial
Term Loan (3 mo. Term SOFR + 4.500%)
|
9.826%
|
5/10/29
|
13,500,000
|
13,590,045
(c)(f)(g)
|
|
|
|||||
Total Energy
|
44,213,795
|
||||
Financials - 0.7%
|
|||||
Insurance - 0.7%
|
|||||
Ardonagh Group Finco Pty Ltd., First Lien
Dollar Term Loan
|
-
|
2/27/31
|
5,000,000
|
4,996,875
(h)
|
|
Truist Insurance Holdings LLC, Initial Term
Loan (3 mo. Term SOFR + 3.250%)
|
8.585%
|
5/6/31
|
10,000,000
|
10,033,900
(c)(f)(g)
|
|
|
|||||
Total Financials
|
15,030,775
|
||||
Health Care - 1.2%
|
|||||
Health Care Providers & Services - 1.2%
|
|||||
Phoenix Guarantor Inc., Term Loan B4 (1
mo. Term SOFR + 3.250%)
|
8.594%
|
2/21/31
|
9,975,000
|
9,961,334
(c)(f)(g)
|
|
Star Parent Inc., Term Loan B (3 mo. Term
SOFR + 3.750%)
|
9.085%
|
9/27/30
|
17,955,000
|
17,962,092
(c)(f)(g)
|
|
|
|||||
Total Health Care
|
27,923,426
|
||||
Industrials - 0.2%
|
|||||
Passenger Airlines - 0.2%
|
|||||
WestJet Loyalty LP, Initial Term Loan (3
mo. Term SOFR + 3.750%)
|
9.048%
|
2/14/31
|
4,300,000
|
4,324,725
(c)(f)(g)(h)
|
|
|
|||||
Information Technology - 0.1%
|
|||||
Communications Equipment - 0.1%
|
|||||
Connect US Finco LLC, Amendment No. 4
Term Loan
|
-
|
9/27/29
|
2,992,500
|
2,827,913
(h)
|
|
|
|||||
Total Senior Loans (Cost - $122,393,533)
|
123,442,023
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount
|
Value
|
|
|||||
Convertible Bonds & Notes - 2.8%
|
|||||
Communication Services - 1.1%
|
|||||
Media - 1.1%
|
|||||
Cable One Inc., Senior Notes
|
1.125%
|
3/15/28
|
$34,234,000
|
$25,582,352
|
|
|
|||||
Consumer Discretionary - 0.2%
|
|||||
Hotels, Restaurants & Leisure - 0.2%
|
|||||
Airbnb Inc., Senior Notes
|
0.000%
|
3/15/26
|
4,000,000
|
3,659,682
|
|
|
|||||
Industrials - 1.1%
|
|||||
Air Freight & Logistics - 1.1%
|
|||||
Air Transport Services Group Inc., Senior
Notes
|
3.875%
|
8/15/29
|
29,970,000
|
25,503,414
(a)
|
|
|
|||||
Information Technology - 0.1%
|
|||||
Communications Equipment - 0.1%
|
|||||
Lumentum Holdings Inc., Senior Notes
|
0.500%
|
6/15/28
|
3,000,000
|
2,375,444
|
|
|
|||||
Real Estate - 0.3%
|
|||||
Retail REITs - 0.3%
|
|||||
Federal Realty OP LP, Senior Notes
|
3.250%
|
1/15/29
|
7,100,000
|
6,865,700
(a)
|
|
|
|||||
Total Convertible Bonds & Notes (Cost - $65,109,062)
|
63,986,592
|
||||
|
|
|
|
Shares
|
|
Convertible Preferred Stocks - 0.2%
|
|||||
Health Care - 0.2%
|
|||||
Health Care Providers & Services - 0.2%
|
|||||
BrightSpring Health Services Inc. (Cost -
$5,200,001)
|
6.750%
|
104,000
|
4,895,280
|
||
Total Investments before Short-Term Investments (Cost - $2,078,559,466)
|
2,096,554,053
|
||||
|
|||||
Short-Term Investments - 8.7%
|
|||||
Western Asset Premier Institutional U.S.
Treasury Reserves, Premium Shares
(Cost - $198,642,203)
|
5.235%
|
198,642,203
|
198,642,203
(j)(k)
|
||
Total Investments - 100.9% (Cost - $2,277,201,669)
|
2,295,196,256
|
||||
Liabilities in Excess of Other Assets - (0.9)%
|
(20,326,877
)
|
||||
Total Net Assets - 100.0%
|
$2,274,869,379
|
††
|
Represents less than 0.1%.
|
(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)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to
securities offerings that are made outside of the United States and do not involve direct selling efforts in the
United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
|
(c)
|
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate
securities are not based on a published reference rate and spread but are determined by the issuer or agent and
are based on current market conditions. These securities do not indicate a reference rate and spread in their
description above.
|
(d)
|
Security has no maturity date. The date shown represents the next call date.
|
(e)
|
Securities traded on a when-issued or delayed delivery basis.
|
(f)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to
multiple contracts under the same loan.
|
(g)
|
Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval
from the agent bank and/or borrower prior to the disposition of a senior loan.
|
(h)
|
All or a portion of this loan has not settled as of June 30, 2024. Interest rates are not effective until settlement
date. Interest rates shown, if any, are for the settled portion of the loan.
|
(i)
|
Security is valued using significant unobservable inputs (Note 1).
|
(j)
|
Rate shown is one-day yield as of the end of the reporting period.
|
(k)
|
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 June 30, 2024, the total market value of investments in Affiliated
Companies was $198,642,203 and the cost was $198,642,203 (Note 8).
|
Abbreviation(s) used in this schedule:
|
||
SOFR
|
-
|
Secured Overnight Financing Rate
|
Assets:
|
|
Investments in unaffiliated securities, at value (Cost - $2,078,559,466)
|
$2,096,554,053
|
Investments in affiliated securities, at value (Cost - $198,642,203)
|
198,642,203
|
Foreign currency, at value (Cost - $8)
|
8
|
Cash
|
2,857,582
|
Interest receivable
|
37,094,052
|
Receivable for securities sold
|
7,697,184
|
Receivable for Fund shares sold
|
3,623,607
|
Dividends receivable from affiliated investments
|
817,942
|
Prepaid expenses
|
26,384
|
Total Assets
|
2,347,313,015
|
Liabilities:
|
|
Payable for securities purchased
|
65,747,604
|
Payable for Fund shares repurchased
|
4,417,578
|
Distributions payable
|
1,038,604
|
Investment management fee payable
|
953,127
|
Service and/or distribution fees payable
|
41,378
|
Trustees' fees payable
|
17,600
|
Accrued expenses
|
227,745
|
Total Liabilities
|
72,443,636
|
Total Net Assets
|
$2,274,869,379
|
Net Assets:
|
|
Par value (Note 7)
|
$2,246
|
Paid-in capital in excess of par value
|
2,343,043,574
|
Total distributable earnings (loss)
|
(68,176,441
)
|
Total Net Assets
|
$2,274,869,379
|
Net Assets:
|
|
Class A
|
$148,706,455
|
Class C
|
$13,922,720
|
Class I
|
$1,681,171,716
|
Class IS
|
$431,068,488
|
Shares Outstanding:
|
|
Class A
|
14,695,995
|
Class C
|
1,375,861
|
Class I
|
165,994,457
|
Class IS
|
42,506,686
|
Net Asset Value:
|
|
Class A (and redemption price)
|
$10.12
|
Class C*
|
$10.12
|
Class I (and redemption price)
|
$10.13
|
Class IS (and redemption price)
|
$10.14
|
Maximum Public Offering Price Per Share:
|
|
Class A (based on maximum initial sales charge of 3.75%)
|
$10.51
|
*
|
Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within
one year from purchase payment (Note 2).
|
Investment Income:
|
|
Interest
|
$73,383,289
|
Dividends from affiliated investments
|
4,048,798
|
Less: Foreign taxes withheld
|
(52,424
)
|
Total Investment Income
|
77,379,663
|
Expenses:
|
|
Investment management fee (Note 2)
|
4,876,101
|
Transfer agent fees (Notes 2 and 5)
|
790,434
|
Service and/or distribution fees (Notes 2 and 5)
|
211,058
|
Registration fees
|
72,641
|
Fees recaptured by investment manager (Note 2)
|
57,669
|
Trustees' fees
|
48,711
|
Shareholder reports
|
44,887
|
Fund accounting fees
|
41,121
|
Legal fees
|
30,152
|
Custody fees
|
30,051
|
Audit and tax fees
|
24,367
|
Commitment fees (Note 9)
|
7,418
|
Insurance
|
4,423
|
Miscellaneous expenses
|
9,431
|
Total Expenses
|
6,248,464
|
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
|
(67,300
)
|
Net Expenses
|
6,181,164
|
Net Investment Income
|
71,198,499
|
Realized and Unrealized Gain (Loss) on Investments
(Notes 1 and 3):
|
|
Net Realized Gain From Unaffiliated Investment Transactions
|
13,364,242
|
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated
Investments
|
(10,877,174
)
|
Net Gain on Investments
|
2,487,068
|
Increase in Net Assets From Operations
|
$73,685,567
|
For the Six Months Ended June 30, 2024 (unaudited)
and the Year Ended December 31, 2023
|
2024
|
2023
|
Operations:
|
||
Net investment income
|
$71,198,499
|
$83,743,479
|
Net realized gain (loss)
|
13,364,242
|
(25,068,644
)
|
Change in net unrealized appreciation (depreciation)
|
(10,877,174
)
|
113,226,495
|
Increase in Net Assets From Operations
|
73,685,567
|
171,901,330
|
Distributions to Shareholders From (Notes 1 and 6):
|
||
Total distributable earnings
|
(70,881,859
)
|
(84,452,431
)
|
Decrease in Net Assets From Distributions to Shareholders
|
(70,881,859
)
|
(84,452,431
)
|
Fund Share Transactions (Note 7):
|
||
Net proceeds from sale of shares
|
923,128,831
|
1,116,420,010
|
Reinvestment of distributions
|
65,520,744
|
82,650,721
|
Cost of shares repurchased
|
(298,991,731
)
|
(620,803,457
)
|
Increase in Net Assets From Fund Share Transactions
|
689,657,844
|
578,267,274
|
Increase in Net Assets
|
692,461,552
|
665,716,173
|
Net Assets:
|
||
Beginning of period
|
1,582,407,827
|
916,691,654
|
End of period
|
$2,274,869,379
|
$1,582,407,827
|
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
|
||||||
Class A Shares1,2
|
20243
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net asset value, beginning of period
|
$10.10
|
$9.42
|
$11.05
|
$11.40
|
$11.02
|
$10.22
|
Income (loss) from operations:
|
||||||
Net investment income
|
0.35
|
0.67
|
0.53
|
0.54
|
0.60
|
0.60
|
Net realized and unrealized gain
(loss)
|
0.02
|
0.68
|
(1.60
)
|
0.02
4
|
0.81
|
0.91
|
Total income (loss) from
operations
|
0.37
|
1.35
|
(1.07)
|
0.56
|
1.41
|
1.51
|
Less distributions from:
|
||||||
Net investment income
|
(0.35
)
|
(0.67
)
|
(0.56
)
|
(0.55
)
|
(0.58
)
|
(0.60
)
|
Net realized gains
|
-
|
-
|
-
|
(0.36
)
|
(0.45
)
|
(0.11
)
|
Total distributions
|
(0.35
)
|
(0.67
)
|
(0.56
)
|
(0.91
)
|
(1.03
)
|
(0.71
)
|
Net asset value, end of period
|
$10.12
|
$10.10
|
$9.42
|
$11.05
|
$11.40
|
$11.02
|
Total return5
|
3.76
%
|
14.74
%
|
(9.75
)%
|
5.13
%
|
13.40
%
|
15.04
%
|
Net assets, end of period (000s)
|
$148,706
|
$92,534
|
$60,621
|
$79,249
|
$39,496
|
$18,004
|
Ratios to average net assets:
|
||||||
Gross expenses
|
0.87
%6,7
|
0.92
%6
|
0.96
%
|
0.95
%
|
-
|
-
|
Net expenses8
|
0.86
6,7,9
|
0.91
6,9
|
0.95
9
|
0.94
9
|
0.96
%
|
0.97
%
|
Net investment income
|
7.07
7
|
6.90
|
5.35
|
4.70
|
5.46
|
5.49
|
Portfolio turnover rate
|
44
%
|
122
%
|
141
%
|
151
%
|
186
%
|
164
%
|
1
|
The performance information and financial information presented incorporates the operations of the Investor
shares of the Diamond Hill High Yield Fund (the "Predecessor Fund"), which, as a result of the reorganization, are
the Fund's operations.
|
2
|
Per share amounts have been calculated using the average shares method.
|
3
|
For the six months ended June 30, 2024 (unaudited).
|
4
|
Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and
unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund
shares in relation to fluctuating market values of the investments of the Fund.
|
5
|
Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers
and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or
expense reimbursements, the total return would have been lower. Past performance is no guarantee of future
results. Total returns for periods of less than one year are not annualized.
|
6
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
7
|
Annualized.
|
8
|
As a result of an expense limitation arrangement, effective August 2, 2021, the ratio of total annual fund operating
expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 0.96%.
This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of
Trustees' consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient
to offset the net management fee payable in connection with any investment in an affiliated money market fund.
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
|
||||
Class C Shares1
|
20242
|
2023
|
2022
|
20213
|
Net asset value, beginning of period
|
$10.10
|
$9.43
|
$11.05
|
$11.48
|
Income (loss) from operations:
|
||||
Net investment income
|
0.32
|
0.61
|
0.51
|
0.18
|
Net realized and unrealized gain (loss)
|
0.02
|
0.67
|
(1.64
)
|
(0.14
)
|
Total income (loss) from operations
|
0.34
|
1.28
|
(1.13)
|
0.04
|
Less distributions from:
|
||||
Net investment income
|
(0.32
)
|
(0.61
)
|
(0.49
)
|
(0.18
)
|
Net realized gains
|
-
|
-
|
-
|
(0.29
)
|
Total distributions
|
(0.32
)
|
(0.61
)
|
(0.49
)
|
(0.47
)
|
Net asset value, end of period
|
$10.12
|
$10.10
|
$9.43
|
$11.05
|
Total return4
|
3.40
%
|
14.00
%
|
(10.31
)%
|
0.35
%
|
Net assets, end of period (000s)
|
$13,923
|
$7,688
|
$1,217
|
$5
|
Ratios to average net assets:
|
||||
Gross expenses
|
1.60
%5,6
|
1.60
%
|
1.66
%5
|
3.06
%6
|
Net expenses7,8
|
1.59
5,6
|
1.59
|
1.65
5
|
1.71
6
|
Net investment income
|
6.34
6
|
6.30
|
5.34
|
3.75
6
|
Portfolio turnover rate
|
44
%
|
122
%
|
141
%
|
151
%9
|
1
|
Per share amounts have been calculated using the average shares method.
|
2
|
For the six months ended June 30, 2024 (unaudited).
|
3
|
For the period August 2, 2021 (inception date) to December 31, 2021.
|
4
|
Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or
expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense
reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total
returns for periods of less than one year are not annualized.
|
5
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
6
|
Annualized.
|
7
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class C shares did not exceed 1.71%. This expense limitation
arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
8
|
Reflects fee waivers and/or expense reimbursements.
|
9
|
For the year ended December 31, 2021.
|
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
|
||||||
Class I Shares1,2
|
20243
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net asset value, beginning
of period
|
$10.11
|
$9.43
|
$11.06
|
$11.40
|
$11.03
|
$10.22
|
Income (loss) from operations:
|
||||||
Net investment income
|
0.37
|
0.69
|
0.56
|
0.57
|
0.64
|
0.63
|
Net realized and unrealized
gain (loss)
|
0.02
|
0.69
|
(1.60
)
|
0.03
4
|
0.80
|
0.91
|
Total income (loss)
from operations
|
0.39
|
1.38
|
(1.04)
|
0.60
|
1.44
|
1.54
|
Less distributions from:
|
||||||
Net investment income
|
(0.37
)
|
(0.70
)
|
(0.59
)
|
(0.58
)
|
(0.62
)
|
(0.62
)
|
Net realized gains
|
-
|
-
|
-
|
(0.36
)
|
(0.45
)
|
(0.11
)
|
Total distributions
|
(0.37
)
|
(0.70
)
|
(0.59
)
|
(0.94
)
|
(1.07
)
|
(0.73
)
|
Net asset value, end of
period
|
$10.13
|
$10.11
|
$9.43
|
$11.06
|
$11.40
|
$11.03
|
Total return5
|
3.88
%
|
15.17
%
|
(9.49
)%
|
5.38
%
|
13.62
%
|
15.44
%
|
Net assets, end of period
(000s)
|
$1,681,172
|
$1,269,470
|
$760,341
|
$921,247
|
$651,836
|
$96,563
|
Ratios to average net assets:
|
||||||
Gross expenses
|
0.64
%6,7
|
0.66
%6
|
0.67
%
|
0.66
%
|
-
|
-
|
Net expenses8
|
0.63
6,7,9
|
0.65
6,9
|
0.66
9
|
0.66
9
|
0.67
%
|
0.68
%
|
Net investment income
|
7.30
7
|
7.18
|
5.64
|
4.99
|
5.81
|
5.79
|
Portfolio turnover rate
|
44
%
|
122
%
|
141
%
|
151
%
|
186
%
|
164
%
|
1
|
The performance information and financial information presented incorporates the operations of the Class I shares
of the Diamond Hill High Yield Fund (the "Predecessor Fund"), which, as a result of the reorganization, are the
Fund's operations.
|
2
|
Per share amounts have been calculated using the average shares method.
|
3
|
For the six months ended June 30, 2024 (unaudited).
|
4
|
Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and
unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund
shares in relation to fluctuating market values of the investments of the Fund.
|
5
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
|
6
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
7
|
Annualized.
|
8
|
As a result of an expense limitation arrangement, effective August 2, 2021 the ratio of total annual fund operating
expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.67%. This
expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees'
consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset
the net management fee payable in connection with any investment in an affiliated money market fund.
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
|
||||||
Class IS Shares1,2
|
20243
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net asset value, beginning of
period
|
$10.13
|
$9.44
|
$11.08
|
$11.42
|
$11.03
|
$10.22
|
Income (loss) from operations:
|
||||||
Net investment income
|
0.37
|
0.71
|
0.58
|
0.59
|
0.64
|
0.65
|
Net realized and unrealized gain
(loss)
|
0.01
|
0.69
|
(1.62
)
|
0.02
4
|
0.83
|
0.91
|
Total income (loss) from
operations
|
0.38
|
1.40
|
(1.04)
|
0.61
|
1.47
|
1.56
|
Less distributions from:
|
||||||
Net investment income
|
(0.37
)
|
(0.71
)
|
(0.60
)
|
(0.59
)
|
(0.63
)
|
(0.64
)
|
Net realized gains
|
-
|
-
|
-
|
(0.36
)
|
(0.45
)
|
(0.11
)
|
Total distributions
|
(0.37
)
|
(0.71
)
|
(0.60
)
|
(0.95
)
|
(1.08
)
|
(0.75
)
|
Net asset value, end of period
|
$10.14
|
$10.13
|
$9.44
|
$11.08
|
$11.42
|
$11.03
|
Total return5
|
3.83
%
|
15.27
%
|
(9.36
)%
|
5.48
%
|
13.92
%
|
15.56
%
|
Net assets, end of period (000s)
|
$431,068
|
$212,715
|
$94,514
|
$86,773
|
$32,171
|
$20,190
|
Ratios to average net assets:
|
||||||
Gross expenses
|
0.55
%6,7
|
0.55
%6
|
0.57
%
|
0.55
%
|
-
|
-
|
Net expenses8
|
0.54
6,7,9
|
0.54
6,9
|
0.54
9
|
0.55
9
|
0.55
%
|
0.56
%
|
Net investment income
|
7.43
7
|
7.29
|
5.83
|
5.17
|
5.74
|
5.99
|
Portfolio turnover rate
|
44
%
|
122
%
|
141
%
|
151
%
|
186
%
|
164
%
|
1
|
The performance information and financial information presented incorporates the operations of the Class Y shares
of the Diamond Hill High Yield Fund (the "Predecessor Fund"), which, as a result of the reorganization, are the
Fund's operations.
|
2
|
Per share amounts have been calculated using the average shares method.
|
3
|
For the six months ended June 30, 2024 (unaudited).
|
4
|
Calculation of the net gain per share (both realized and unrealized) does not correlate to the aggregate realized and
unrealized losses presented in the Statement of Operations due to the timing of the sales and repurchases of Fund
shares in relation to fluctuating market values of the investments of the Fund.
|
5
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
|
6
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
7
|
Annualized.
|
8
|
As a result of an expense limitation arrangement, effective August 2, 2021, the ratio of total annual fund operating
expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.55%. In
addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total
annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated
prior to December 31, 2025 without the Board of Trustees' consent. In addition, the manager has agreed to waive
the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with
any investment in an affiliated money market fund.
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
ASSETS
|
||||
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
Long-Term Investments†:
|
||||
Corporate Bonds & Notes
|
-
|
$1,904,230,158
|
-
|
$1,904,230,158
|
Senior Loans:
|
||||
Energy
|
-
|
33,241,295
|
$10,972,500
|
44,213,795
|
Other Senior Loans
|
-
|
79,228,228
|
-
|
79,228,228
|
Convertible Bonds & Notes
|
-
|
63,986,592
|
-
|
63,986,592
|
Convertible Preferred Stocks
|
$4,895,280
|
-
|
-
|
4,895,280
|
Total Long-Term Investments
|
4,895,280
|
2,080,686,273
|
10,972,500
|
2,096,554,053
|
Short-Term Investments†
|
198,642,203
|
-
|
-
|
198,642,203
|
Total Investments
|
$203,537,483
|
$2,080,686,273
|
$10,972,500
|
$2,295,196,256
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
Class A
|
Class C
|
Class I
|
Class IS
|
FTFA recaptured
|
$2,996
|
$259
|
$35,160
|
$19,254
|
|
Class A
|
Class C
|
Sales charges
|
$14,670
|
-
|
CDSCs
|
96
|
$306
|
Purchases
|
$1,389,566,268
|
Sales
|
792,925,752
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
Securities
|
$2,277,201,669
|
$41,320,922
|
$(23,326,335)
|
$17,994,587
|
|
Service and/or
Distribution Fees
|
Transfer Agent
Fees
|
Class A
|
$156,799
|
$51,690
|
Class C
|
54,259
|
3,354
|
Class I
|
-
|
732,273
|
Class IS
|
-
|
3,117
|
Total
|
$211,058
|
$790,434
|
|
Waivers/Expense
Reimbursements
|
Class A
|
$4,353
|
Class C
|
377
|
Class I
|
50,512
|
Class IS
|
12,058
|
Total
|
$67,300
|
|
Six Months Ended
June 30, 2024
|
Year Ended
December 31, 2023
|
Net Investment Income:
|
||
Class A
|
$4,416,109
|
$4,583,643
|
Class C
|
343,017
|
247,082
|
Class I
|
53,458,921
|
68,402,099
|
Class IS
|
12,663,812
|
11,219,607
|
Total
|
$70,881,859
|
$84,452,431
|
|
Six Months Ended
June 30, 2024
|
Year Ended
December 31, 2023
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Class A
|
||||
Shares sold
|
7,021,760
|
$70,962,782
|
6,903,560
|
$66,967,619
|
Shares issued on reinvestment
|
426,304
|
4,309,416
|
462,925
|
4,491,750
|
Shares repurchased
|
(1,912,441
)
|
(19,354,800
)
|
(4,639,624
)
|
(44,667,914
)
|
Net increase
|
5,535,623
|
$55,917,398
|
2,726,861
|
$26,791,455
|
Class C
|
||||
Shares sold
|
647,505
|
$6,544,367
|
770,895
|
$7,474,280
|
Shares issued on reinvestment
|
33,624
|
339,890
|
25,111
|
244,163
|
Shares repurchased
|
(66,222
)
|
(668,850
)
|
(164,115
)
|
(1,566,832
)
|
Net increase
|
614,907
|
$6,215,407
|
631,891
|
$6,151,611
|
Class I
|
||||
Shares sold
|
57,618,603
|
$583,130,115
|
85,432,216
|
$828,401,179
|
Shares issued on reinvestment
|
5,210,681
|
52,727,222
|
6,911,330
|
67,121,186
|
Shares repurchased
|
(22,389,059
)
|
(226,409,752
)
|
(47,401,402
)
|
(457,710,456
)
|
Net increase
|
40,440,225
|
$409,447,585
|
44,942,144
|
$437,811,909
|
Class IS
|
||||
Shares sold
|
25,903,831
|
$262,491,567
|
21,962,743
|
$213,576,932
|
Shares issued on reinvestment
|
803,798
|
8,144,216
|
1,109,503
|
10,793,622
|
Shares repurchased
|
(5,209,351
)
|
(52,558,329
)
|
(12,070,871
)
|
(116,858,255
)
|
Net increase
|
21,498,278
|
$218,077,454
|
11,001,375
|
$107,512,299
|
|
Affiliate
Value at
December 31,
2023
|
Purchased
|
Sold
|
||
Cost
|
Shares
|
Proceeds
|
Shares
|
||
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
$122,154,119
|
$568,744,008
|
568,744,008
|
$492,255,924
|
492,255,924
|
(cont'd)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
June 30,
2024
|
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
-
|
$4,048,798
|
-
|
$198,642,203
|
ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 14. | PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
ITEM 16. | CONTROLS AND PROCEDURES. |
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant's internal control over financial reporting. |
ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) | Not applicable. |
(b) | Not applicable. |
ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
Legg Mason Partners Investment Trust | ||
By: | /s/ Jane Trust | |
Jane Trust | ||
Chief Executive Officer | ||
Date: | August 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jane Trust | |
Jane Trust | ||
Chief Executive Officer | ||
Date: | August 20, 2024 |
By: | /s/ Christopher Berarducci | |
Christopher Berarducci | ||
Principal Financial Officer | ||
Date: | August 20, 2024 |