Fixed Income

BGHAX BrandywineGLOBAL - High Yield Fund

Strong historical risk-adjusted outcomes. The fund has a proven track record and continually strives to generate strong returns relative to the investment risk taken.
Full cycle and active approach to management. The team invests with an emphasis on long-term investment outcomes and downside management and focuses on alpha, rather than beta.
Execution edge. Portfolio managers trade primarily in the secondary market and build a portfolio designed to provide maximum flexibility, especially amid times of distress in the corporate bond market.

Overview

See the risks and other important information.

Fund Facts

Fund description

A nimble, actively managed fixed income strategy that seeks high current income and capital appreciation by investing primarily in high yield corporate bonds.

Benchmark: ICE BofA US High Yield Index
Dividend Frequency, if any: Monthly
Distribution Rate at NAV⁴As of 03/13/2026 (Updated Daily): 6.04%
30-Day SEC Yield—With Waiver^5,6,7As of 02/28/2026 (Updated Monthly): 6.25%
30-Day SEC Yield—Without Waiver^6,7As of 02/28/2026 (Updated Monthly): 6.25%
Fund Inception Date: 12/04/2014

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁸: 0.90%
Net Expense Ratio^8,9: 0.89%
Maximum Initial Charge: 3.75%
CDSC¹⁰: N/A
12b-1 Fee: 0.25%

Identifiers

Fund Number: 7991
Ticker: BGHAX
CUSIP Code: 52472T734

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

-0.95%1 Year
7.14%3 Years
3.56%5 Years
7.41%10 Years
6.36%Since Inception
12/04/2014

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 02/28/2026 - Market Value % of Total (Updated Monthly)

Top Sectors
Financial Services18.49%
Leisure11.50%
Energy10.03%
Basic Industry9.36%
Insurance5.49%

Additional Fund Info

Share Class Inception Date: 12/31/2015
Investment Style: High Yield
Lipper Classification: High Yield Funds
Morningstar Category¹¹: High Yield Bond

Manager and Commentary

About the Team

BrandywineGLOBAL

Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income solutions.

Commentary Highlights

December 31, 2025

Markets: The U.S. fixed income market edged higher during the fourth quarter. The market was supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset tariff policy. uncertainty, concerns about higher unemployment, and a 43-day government shutdown in the US. As expected, the Federal Reserve (Fed) lowered its benchmark interest rate 0.25% (25 basis points) at its meetings in October and December. The 10-year U.S. Treasury yield rose three basis points (bps), ending the quarter at 4.18%. Falling US yields on the front end and continued strong demand were supportive of the credit market and kept spreads in a narrow range despite credit making headlines after Tricolor and First Brands quickly filed for bankruptcy. U.S. investment-grade and high-yield spreads marginally widened over the quarter. Primary market activity in the fourth quarter finished strong, capping the strongest year of issuance for both investment-grade and high-yield markets since the low rate environment of 2020-2021.
Contributors : Issue selection in the basic industry sector.
Detractors : Issue selection overall.
Outlook : Positive economic growth, business-friendly tax policy, and an accommodative Federal Reserve should benefit the corporate world.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2023

Managed Fund Since 2015

Performance

Average Annual Total Returns

As of 02/28/2026

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 02/28/2026

Class A - Without Sales Charge (NAV) (%)

Month End

As of 02/28/2026

ICE BofA US High Yield Index (%)

Month End

As of 02/28/2026

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.

The quoted performance for the Fund reflects the past performance of Diamond Hill High Yield Fund L.P. (the “High Yield Partnership”), a private fund managed with full investment authority by the fund’s Adviser. The Fund is managed in all material respects in a manner equivalent to the management of the predecessor unregistered fund. The performance of the High Yield Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The High Yield Partnership was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the High Yield Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance is measured from December 4, 2014, the inception of the High Yield Partnership and is not the performance of the fund. The assets of the High Yield Partnership were converted, based on their value on December 31, 2015, into assets of the fund prior to commencement of operations of the fund. The High Yield Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes. The performance in the accompanying chart and table is that of the Predecessor. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions to which the Predecessor was not subject. The performance information reflects the expenses of the Predecessor adjusted to reflect the fees and expenses of the fund. The performance is shown net of annual management fees and other expenses which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 3 out of 5 stars
583 Funds in category

5 Years: 5 Years: 3 out of 5 stars
541 Funds in category

10 Years: 10 Years: 5 out of 5 stars
440 Funds in category

Rating Category: High Yield Bond

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 02/28/2026

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

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 of02/28/2026 (Updated Monthly)

Total Net Assets: $3.44 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 201
Benchmark: 1,889

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Weighted Average Coupon ¹²

Fund: 6.66%
Benchmark: 6.66%

Weighted Average Maturity

Fund: 4.95 Years
Benchmark: —

Effective Duration

Fund: 2.54 Years
Benchmark: 2.89 Years

Sector Allocation

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Financial Services	18.49%
Leisure	11.50%
Energy	10.03%
Basic Industry	9.36%
Insurance	5.49%
Retail	4.94%
Health Care	4.86%
Technology & Electronics	4.02%
Services	4.01%
Telecommunications	3.71%
Capital Goods	3.44%
Media	2.98%
Banking	2.76%
Real Estate	2.53%
Consumer Goods	1.31%
Automotive	1.15%
Transportation	0.93%
Utility	0.92%
Asset Backed	0.18%
Cash & Other	7.37%

Holdings
As of 12/31/2025 (Updated Quarterly)

WA Premier Institutional U.S. Treasury Reserves

PROG HOLDINGS INC 6.0000% Mat 11/15/2029

FIRSTCASH INC 5.6250% Mat 01/01/2030

RYAN SPECIALTY 5.8750% Mat 08/01/2032

UNITED WHOLESALE MORTGAGE LLC 5.5000% Mat 04/15/2029

SATURN OIL & GAS INC 9.6250% Mat 06/15/2029

JEFFERSON CAPITAL HOLDINGS LLC 9.5000% Mat 02/15/2029

Credit Ac 9.25% 12/15/28

ENOVA INTERNATIONAL INC 11.2500% Mat 12/15/2028

Travel + 6.625% 07/31/26

Distributions & Tax

Federal ID Number 475451062

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
Jan 31	0.062940091	—	—	—	—	—	—	—	—
Feb 28	0.053265109	—	—	—	—	—	—	—	—
Mar 31	0.056218081	—	—	—	—	—	—	—	—
Apr 30	0.058945371	—	—	—	—	—	—	—	—
May 30	0.061377897	—	—	—	—	—	—	—	—
Jun 30	0.054809584	—	—	—	—	—	—	—	—
Jul 31	0.057239183	—	—	—	—	—	—	—	—
Aug 29	0.057999353	—	—	—	—	—	—	—	—
Sep 30	0.049991058	—	—	—	—	—	—	—	—
Oct 31	0.058910919	—	—	—	—	—	—	—	—
Nov 24	0.007013504	—	—	—	—	—	—	—	—
Nov 28	0.048987681	—	—	—	—	—	—	—	—
Dec 31	0.05514608	—	—	—	—	—	—	—	—
	0.682843911	—	—	—	—	—	—	—	—

Jan 31

Feb 28

Mar 31

Apr 30

May 30

Jun 30

Jul 31

Aug 29

Sep 30

Oct 31

Nov 24

Nov 28

Dec 31

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: —
Section 163(j): 99.01%
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 03/13/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/13/2026

Share Prices

As of 03/13/2026

NAV ¹(Net Asset Value): $9.89
NAV Change ¹: $-0.02
NAV Change (%) ¹: -0.20%
POP ¹³(Public Offering Price): $10.28

52-Week Range

Highest NAV: $10.29
Lowest NAV: $9.83

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - BrandywineGLOBAL - High Yield Fund	Download Document
Checkbox	Product Commentary - BrandywineGLOBAL - High Yield Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - BrandywineGLOBAL - High Yield Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - BrandywineGLOBAL High Yield Fund	Download Document
Checkbox	Semi-Annual Report - BrandywineGLOBAL - High Yield Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL High Yield Fund	Download Document
Checkbox	Prospectus - BrandywineGLOBAL High Yield Fund	Download Document
Checkbox	Summary Prospectus - BrandywineGLOBAL High Yield Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Investment Trust Book 44Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - BrandywineGLOBAL – High Yield FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - BrandywineGLOBAL ? High Yield FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as "junk") corporate debt publicly issued in the U.S. domestic market.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

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.
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. ©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.
Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
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.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
©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.
Average Coupon is calculated without the deduction of fees and expenses.
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.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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BGHAX BrandywineGLOBAL - High Yield Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Sector Allocation Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 475451062

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³

Sector Allocation