Alternatives

LMANX BrandywineGLOBAL - Alternative Credit Fund

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Fund liquidated

This fund was liquidated on July 2, 2025. If you have any questions, please contact your financial professional.

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Overview

Fund Facts

Fund description

An actively managed, long/short global credit strategy that seeks positive returns that are independent of market cycles through income and capital appreciation. Combines a top-down, value-oriented, and macro-driven investment approach with fundamental issuer research to rotate across credit quality, sector allocations, and securities. The fund may invest across the entire fixed income spectrum targeting differentiated sources of performance and low correlation with traditional asset classes through the use of cash bonds and derivative instruments.

Benchmark
FTSE 3-Month U.S. Treasury Bill Index
Dividend Frequency, if any
N/A
Distribution Rate at NAV 1 (Updated Daily)
—
30-Day SEC Yield—With Waiver 2,3,4As of 05/31/2025 (Updated Monthly)
7.13%
30-Day SEC Yield—Without Waiver 2,4As of 05/31/2025 (Updated Monthly)
4.13%
Fund Inception Date
N/A

Sales Charges, Expenses & Fees

As of N/A
Gross Expense Ratio5
N/A
Net Expense Ratio5,6
N/A
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
N/A

Identifiers

Fund Number
N/A
Ticker
N/A
CUSIP Code
N/A

Additional Fund Info

Share Class Inception Date
N/A
Investment Style
N/A
Morningstar Category
Nontraditional Bond
Lipper Classification
N/A

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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, equity and alternative solutions.

Brandywine Global logo
Portfolio Manager Profile
Years of Experience
Manager Location

Latest Brandywine Global Insights

October 17, 2025

US consumer credit cracks? Auto loan woes signal a bifurcated economy

October 7, 2025

Third quarter outlook: Downside risks to growth

September 1, 2025

Powerful tailwinds keep Europe growth momentum on course

July 9, 2025

Midyear outlook: Global growth converges

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Ratings 7

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 2 out of 5 stars  
As of 05/31/2025
3 Years
3 Years: 2 out of 5 stars  
254 Funds in category
5 Years
5 Years: 3 out of 5 stars  
232 Funds in category
10 Years
10 Years: 2 out of 5 stars  
165 Funds in category
Rating Category
Nontraditional 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 05/31/2025
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.

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Distributions & Tax

Distribution Frequency
QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distribution amounts may be estimates

06/27/2025
03/28/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

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Documents

Regulatory Documents
 Name Download Add to Cart
Annual Report - BrandywineGLOBAL Alternative Credit Fund - Class IDownload Document
Annual Financial Statements and Other Information - BrandywineGLOBAL Alternative Credit FundDownload Document
Semi-Annual Report - BrandywineGLOBAL - Alternative Credit Fund Class IDownload Document
Semiannual Financial Statements and Other Information - BrandywineGLOBAL - Alternative Credit FundDownload Document
Prospectus - BrandywineGLOBAL Alternative Credit FundDownload Document
Summary Prospectus - BrandywineGLOBAL Alternative Credit FundDownload Document
Statement of Additional Information - Legg Mason Partners Income Trust Book 25Mailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - BrandywineGLOBAL - Alternative Credit FundMailed hardcopies unavailable.Download Document

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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. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. 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 investment style may become out of favor, which may have a negative impact on performance. These and other risks are discussed in the fund’s prospectus.

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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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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. 

FTSE 3-Month U.S. Treasury Bill Index tracks the performance of three-month U.S. Treasury bills.
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

  1. Distribution Rate is the total of the trailing twelve-month distribution amounts paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.

  2. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  3. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  4. 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.

  5. 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.

  6. Net Expense Ratio represents the expense ratio applicable to investors. 

  7. 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.