Fixed Income

LFLAX BrandywineGLOBAL - Flexible Bond Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

A nimble, actively managed global fixed income strategy that seeks income and capital appreciation by investing across the fixed income spectrum.

The fund's managers apply a “3D” investment strategy, which consists of:

Dual Approach: Pairs top-down macroeconomic perspective with deep fundamental analysis
Dynamic Rotation: Adapts sector, duration and quality exposures to align with current market environment
Downside Management: Utilizes duration management, quality rotation and portfolio hedges looking to reduce downside risk.

The investment team seeks to achieve the fund's investment objective through sector rotation, security selection, duration management and quality rotation.

Benchmark: Bloomberg U.S. Aggregate Index
Dividend Frequency, if any: Quarterly
Fund Inception Date: 06/01/2016
Distribution Rate at NAV³As of 12/09/2025 (Updated Daily): 7.74%
30-Day SEC Yield—With Waiver^4,5,6As of 11/30/2025 (Updated Monthly): 6.71%
30-Day SEC Yield—Without Waiver^4,6As of 11/30/2025 (Updated Monthly): 6.71%
Effective DurationAs of 11/30/2025 (Updated Monthly): 5.40 Years

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁷: 0.96%
Net Expense Ratio^7,8: 0.96%
Maximum Initial Charge: 3.75%
CDSC⁹: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: LFLAX
Fund Number: 7207
CUSIP Code: 52471E456

Average Annual Total Returns As of 11/30/2025

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

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

2.57%1 Year
5.23%3 Years
1.09%5 Years
—10 Years
4.02%Since Inception
05/31/2016

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

Top Sectors

View portfolio section for additional info

As of 11/30/2025 - Market Value % of Total (Updated Monthly)

Top Sectors
Corporate Bond45.56%
Government Sovereign19.66%
Mortgage Backed Securities14.08%
Asset-Backed Securities6.80%
Government Owned - No Guarantee5.38%

Additional Fund Info

Share Class Inception Date: 05/31/2016
Investment Style: Multi-Sector
Lipper Classification: Multi-Sector Income Funds
Morningstar Category¹⁰: Multisector 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, equity and alternative solutions.

Commentary Highlights

September 30, 2025

Markets: The global fixed income market continued its ascent over the quarter. Developed market yields were mixed, with rates falling in the U.S. while generally rising elsewhere. The 10-year U.S. Treasury yield ended the quarter eight basis points (bps) lower at 4.16%. Credit markets delivered solid returns in the third quarter, as markets leaned into declining rate expectations, solid fundamentals, and a continued investor search for yield. US investment grade and high yield credit spreads, as well as U.S. mortgage-backed security spreads, all narrowed and posted positive total returns. Emerging markets continued to benefit from favorable relative growth dynamics. Net flows into emerging markets continued, and emerging market sovereigns and corporate issuers posted meaningful gains.
Contributors: U.S. high-yield and investment-grade credit. .
Detractors: Foreign currency positions.
Outlook: Corporate credit fundamentals remain broadly solid, in our view.

For complete information, please see the full commentary:

Managed Fund Since 2017

Managed Fund Since 2013

Managed Fund Since 2016

Managed Fund Since 2020

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

Performance

Calendar Year Returns

As of 11/30/2025

Month End

Quarter End

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

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

Bloomberg U.S. Aggregate Index (%)

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

See the risks and other important information.

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

3 Years: 3 Years: 2 out of 5 stars
334 Funds in category

5 Years: 5 Years: 2 out of 5 stars
302 Funds in category

10 Years: —

Rating Category: Multisector 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 11/30/2025

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 of10/31/2025 (Updated Monthly)

Total Net Assets: $469.48 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 191
Benchmark: 13,913

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Maturity

Fund: 11.42 Years
Benchmark: 8.24 Years

Weighted Average Coupon

Fund: 6.91%
Benchmark: 3.63%

Effective Duration

Fund: 4.84 Years
Benchmark: —

Weighted Average Life

Fund: 8.87 Years
Benchmark: 8.20 Years

Sector Allocation

As of 11/30/2025 - Market Value % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Corporate Bond	45.56%
Government Sovereign	19.66%
Mortgage Backed Securities	14.08%
Asset-Backed Securities	6.80%
Government Owned - No Guarantee	5.38%
Collateralized Loan Obligation	2.19%
Bank Loan	1.25%
Government Regional Agencies	0.17%
Bond Futures	0.12%
Credit Default Swap	0.01%
Currency Derivatives	-0.22%
Cash & Cash Equivalents	5.00%

Holdings
As of 10/31/2025 (Updated Monthly)

BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2033

MEXICAN BONOS 8.0000% Mat 07/31/2053

WA Premier Institutional U.S. Treasury Reserves

UNITED KINGDOM GILT 4.3750% Mat 07/31/2054

BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2027

MEXICAN BONOS 7.5000% Mat 05/26/2033

EGYPT 0% 06/01/26

RETAINED VANTAGE DATA CENTERS 5.0000% Mat 09/15/2048

Freddie FRN 05/25/42 9.4327%

AIRCASTLE LTD 5.2500% Mat 09/15/2174

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

Distributions & Tax

Federal ID Number 811379610

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
Mar 27	0.144065	—	—	—	—	—	—	—	—
Jun 27	0.17004	—	—	—	—	—	—	—	—
Sep 27	0.15567	—	—	—	—	—	—	—	—
Dec 19	0.336728	—	—	—	—	—	—	—	—
	0.806503	—	—	—	—	—	—	—	—

Mar 27

Jun 27

Sep 27

Dec 19

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): 78.21%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

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

Pricing

Pricing History

As of 12/09/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/09/2025

Share Prices

As of 12/09/2025

NAV ¹(Net Asset Value): $9.52
NAV Change ¹: $-0.01
NAV Change (%) ¹: -0.10%
POP ¹¹(Public Offering Price): $9.89

52-Week Range

Highest NAV: $9.69
Lowest NAV: $9.05

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - BrandywineGLOBAL - Flexible Bond Fund	Download Document
Checkbox	Product Commentary - BrandywineGLOBAL - Flexible Bond Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - BrandywineGLOBAL Flexible Bond Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - BrandywineGLOBAL Flexible Bond Fund	Download Document
Checkbox	Semi-Annual Report - BrandywineGLOBAL - Flexible Bond Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL Flexible Bond Fund	Download Document
Checkbox	Prospectus - BrandywineGLOBAL Global Flexible Bond Fund	Download Document
Checkbox	Summary Prospectus - BrandywineGLOBAL Global Flexible Income Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Global Asset Management Trust Book 34Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - BrandywineGLOBAL - Flexible bond FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - BrandywineGLOBAL - Flexible bond 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Equity securities are subject to price fluctuation and possible loss of principal. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Active and frequent trading may increase a shareholder’s tax liability and transaction costs. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

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

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

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

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

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

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

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

The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

Prior to July 7, 2020, this Fund was known as the BrandywineGLOBAL – Global Flexible Income Fund. At that time, the investment objective and strategy also changed.

This fund is the successor to an institutional account (the “Predecessor”). The performance shown prior to 06/01/16 is that of the Predecessor. Immediately prior to the fund commencing operations, the Predecessor transferred its assets to the fund in exchange for the fund’s Class IS shares. The investment policies, objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. In addition, the Predecessor’s portfolio managers are the current portfolio managers of the fund. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions under the 1940 Act to which the Predecessor was not subject. As a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), the fund is subject to certain restrictions under the Code to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act, its investment performance could have been adversely affected. Similarly, had the Predecessor been subject to provisions of the Code applicable to regulated investment companies, its investment performance may have been adversely affected. Predecessor performance is shown net of an annual management fee of 0.80% and other expenses of 0.10% which reflects the expenses of the Predecessor. The Predecessor did not have distribution policies. The Predecessor was an unregistered private fund, did not qualify as a regulated investment company for federal income tax purposes and did not pay dividends or distributions.

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

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
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.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
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.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
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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