ThZeal - The Zeal


BrandywineGLOBAL - High Yield Fund
Class A [BGHAX]
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about BrandywineGLOBAL - High Yield Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


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.

KEY FUND STATISTICS (as of June 30, 2024)


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.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - High Yield Fund
Class C [BGHCX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


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.

KEY FUND STATISTICS (as of June 30, 2024)


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.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - High Yield Fund
Class I [BGHIX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


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.

KEY FUND STATISTICS (as of June 30, 2024)


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.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - High Yield Fund
Class IS [BGHSX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


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.

KEY FUND STATISTICS (as of June 30, 2024)


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.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

Schedule of Investments (unaudited)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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)

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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)

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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)

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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)

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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)

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

BrandywineGLOBAL — High Yield Fund

(Percentages shown based on Fund net assets)

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — High Yield Fund

††	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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

June 30, 2024

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited) (cont’d)

June 30, 2024

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).

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2024

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Statements of Changes in Net Assets

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

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Financial Highlights

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.

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

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.

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

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.

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

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.

See Notes to Financial Statements.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

BrandywineGLOBAL — High Yield Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund, which had no operations prior to July 30, 2021 other than its organization, acquired the assets and liabilities of Diamond Hill High Yield Fund (the “Predecessor Fund”), a series of the Diamond Hill Funds (the “Predecessor Fund’s Trust”), on July 30, 2021. As a result of the reorganization (the “Reorganization”), the Predecessor Fund is the accounting survivor and the Fund is the legal entity successor. No costs associated with the Reorganization were incurred by the Fund or Predecessor Fund. Additionally, the Reorganization was a tax-free event. Performance shown for the Fund’s Class A, Class I and Class IS shares for the periods prior to July 30, 2021, is the performance of the Predecessor Fund’s Investor shares, Class I shares and Class Y shares, respectively. Shareholders of Investor shares, Class I shares and Class Y shares of the Predecessor Fund received an equivalent number of Class A, Class I and Class IS shares of the Fund, respectively, which had net asset values per share equivalent to the shares of the Predecessor Fund. As the accounting survivor, past performance and operating history of the Predecessor Fund are included in these financial statements.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities, including exchange-traded funds (“ETFs”), for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

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.

(b) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

(c) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(d) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(e) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

risks. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

(f) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(g) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(h) Distributions to shareholders. Distributions from net investment income of the Fund are declared each business day to shareholders of record and are paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(i) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

(j) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(k) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(l) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.50% of the Fund’s average daily net assets.

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, 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, Class C, Class I and Class IS shares did not exceed 0.96%, 1.71%, 0.67% and 0.55%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

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 (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended June 30, 2024, fees waived and/or expenses reimbursed amounted to $67,300, all of which was an affiliated money market fund waiver.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at June 30, 2024, the Fund had no remaining fee waivers and/or expense reimbursements subject to recapture by FTFA.

For the six months ended June 30, 2024, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

	Class A	Class C	Class I	Class IS
FTFA recaptured	$2,996	$259	$35,160	$19,254

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended June 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $16,470 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended June 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$14,670	—
CDSCs	96	$306

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$1,389,566,268
Sales	792,925,752

At June 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$2,277,201,669	$41,320,922	$(23,326,335)	$17,994,587

4. Derivative instruments and hedging activities

During the six months ended June 30, 2024, the Fund did not invest in derivative instruments.

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A and Class C shares calculated at the annual rate of 0.25% and 1.00% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

For the six months ended June 30, 2024, class specific expenses were as follows:

	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

For the six months ended June 30, 2024, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$4,353
Class C	377
Class I	50,512
Class IS	12,058
Total	$67,300

6. Distributions to shareholders by class

	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

7. Shares of beneficial interest

At June 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

Transactions in shares of each class were as follows:

	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

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2024. The following transactions were effected in such company for the six months ended June 30, 2024.

	Affiliate Value at December 31, 2023	Purchased		Sold
	Affiliate Value at December 31, 2023	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

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

(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

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 31, 2025.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended June 30, 2024.

10. Deferred capital losses

As of December 31, 2023, the Fund had deferred capital losses of $81,937,160, which have no expiration date, that will be available to offset future taxable capital gains.

BrandywineGLOBAL — High Yield Fund 2024 Semi-Annual Report

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Partners Investment Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to BrandywineGLOBAL – High Yield Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Brandywine Global Investment Management, LLC (the “Sub-Adviser”) provides day-to-day management of the Fund’s portfolio. The management agreement and sub-advisory agreement are collectively referred to as the “Agreements.”

Background

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Adviser, and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Adviser, as well as the management, advisory and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2024 meeting and throughout the year was both written and oral.

The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Sub-Adviser pursuant to the Sub-Advisory Agreement.

Board approval of management agreement and sub-advisory agreement

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements. The Independent Trustees also reviewed the proposed continuation of the Management Agreement and the Sub-Advisory Agreement in private sessions with their independent legal counsel at which no representatives of the Manager and Sub-Adviser were present. The Independent Trustees considered the Management Agreement and the Sub-Advisory Agreement separately in the course of their

BrandywineGLOBAL — High Yield Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

review. In doing so, they noted the respective roles of the Manager and the Sub-Adviser in providing services to the Fund.

In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreement. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and the Sub-Advisory Agreement.

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.

Nature, extent and quality of the services under the management agreement and sub-advisory agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Adviser under the Management Agreement and the Sub-Advisory Agreement, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Sub-Adviser took into account the Board’s knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Adviser, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Adviser, and of the undertakings required of the Manager and Sub-Adviser in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and the Sub-Adviser’s risk management processes.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s and the Sub-Adviser’s senior personnel and the team of investment professionals primarily

BrandywineGLOBAL — High Yield Fund

responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager’s affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Manager and the Sub-Adviser. The Board recognized the importance of having a fund manager with significant resources.

The Board considered the division of responsibilities between the Manager and the Sub-Adviser and the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Adviser regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management’s periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.

The Board received and considered performance information for the Fund as well as for a group of funds (the “Performance Universe”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper (“Lipper”). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund’s performance against its benchmark and against the Fund’s peers. The Board also considered the Fund’s performance in light of overall financial market conditions.

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as high yield funds by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1-, 3- and 5-year periods ended December 31, 2023 and the period since the Fund’s inception (December 4, 2014) through December 31, 2023 was above the median performance of the funds in the Performance Universe for each period and ranked in the first quintile of the funds in the Performance Universe for each period.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and the Sub-Advisory Agreement were sufficient for renewal.

Management fees and expense ratios

The Board reviewed and considered the contractual management fee payable by the Fund to the Manager (the “Contractual Management Fee”) and the actual management fees paid

BrandywineGLOBAL — High Yield Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

by the Fund to the Manager after giving effect to breakpoints and waivers, if any (the “Actual Management Fee”), in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-Adviser, respectively. The Board also considered that fee waiver and/or expense reimbursement arrangements are currently in place for the Fund. The Board also noted that the compensation paid to the Sub-Adviser is the responsibility and expense of the Manager, not the Fund.

The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund’s total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Adviser to other U.S. clients investing primarily in an asset class similar to that of the Fund, including institutional separate and commingled accounts.

The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts, and the differences in the degree of entrepreneurial and other risks borne by the Manager in managing the Fund and in managing other types of accounts.

The Board considered the overall management fee, the fees of the Sub-Adviser and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of funds consisting of 17 high yield funds (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of high yield funds (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was approximately equivalent to the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was approximately equivalent to the median of management fees paid by the funds in the Expense Group and approximately equivalent to the median of management fees paid by the funds in the

BrandywineGLOBAL — High Yield Fund

Expense Universe. This information also showed that the Fund’s actual total expense ratio was below the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe. The Board also considered that the current limitation on the Fund’s expenses is expected to continue until and expire on December 31, 2025.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreement.

Manager profitability

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Funds complex as a whole. The Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow.

The Board determined that the management fee structure for the Fund was reasonable.

Other benefits to the manager and the sub-adviser

The Board considered other benefits received by the Manager, the Sub-Adviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Adviser to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Adviser and their affiliates received were reasonable.

BrandywineGLOBAL — High Yield Fund

BrandywineGLOBAL —

High Yield Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Brandywine Global Investment Management, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

BrandywineGLOBAL — High Yield Fund

The Fund is a separate investment series of Legg Mason Partners Investment Trust, a Maryland statutory trust.

BrandywineGLOBAL — High Yield Fund
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of BrandywineGLOBAL — High Yield Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

•

Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

•

Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

•

Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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.

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.

Legg Mason Partners Investment Trust

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 20, 2024

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


	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

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