NPORT-EX 2 LMF8100LM093025.htm EDGAR HTML
Schedule of Investments (unaudited)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Corporate Bonds & Notes — 81.5%
Communication Services — 7.0%
Diversified Telecommunication Services — 1.3%
Altice France SA, Senior Secured Notes
8.125%
2/1/27
 $3,550,000
 
 $3,396,339
 (a)(b)
Cogent Communications Group LLC/Cogent Finance Inc., Senior
Secured Notes
6.500%
7/1/32
28,625,000
 
27,844,554
 (a)
Total Diversified Telecommunication Services
31,240,893
Entertainment — 1.9%
Flutter Treasury DAC, Senior Secured Notes
5.875%
6/4/31
17,906,000
 
18,186,856
 (a)
Live Nation Entertainment Inc., Senior Secured Notes
6.500%
5/15/27
17,327,000
 
17,501,932
 (a)
Live Nation Entertainment Inc., Senior Secured Notes
3.750%
1/15/28
10,493,000
 
10,263,799
 (a)
Total Entertainment
45,952,587
Interactive Media & Services — 2.5%
ANGI Group LLC, Senior Notes
3.875%
8/15/28
21,423,000
 
20,153,687
 (a)
GrubHub Holdings Inc., Senior Secured Notes (6.000% Cash and
7.00% PIK)
13.000%
7/31/30
24,754,660
 
24,829,908
 (a)(c)
Snap Inc., Senior Notes
6.875%
3/15/34
5,500,000
 
5,580,473
 (a)
ZipRecruiter Inc., Senior Notes
5.000%
1/15/30
14,689,000
 
11,838,733
 (a)
Total Interactive Media & Services
62,402,801
Media — 1.3%
Cable One Inc., Senior Notes
4.000%
11/15/30
8,958,000
 
7,598,448
 (a)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
5.750%
4/1/48
12,803,000
 
11,612,567
 
LCPR Senior Secured Financing DAC, Senior Secured Notes
6.750%
10/15/27
18,329,000
 
10,990,246
 (a)
Liberty Interactive LLC, Senior Notes
8.500%
7/15/29
11,338,000
 
1,856,597
 
Liberty Interactive LLC, Senior Notes
8.250%
2/1/30
2,916,000
 
408,240
 
Total Media
32,466,098
 
Total Communication Services
172,062,379
Consumer Discretionary — 13.6%
Automobile Components — 1.4%
Aptiv Swiss Holdings Ltd., Senior Notes
4.150%
5/1/52
1,550,000
 
1,173,170
 
Phinia Inc., Senior Notes
6.625%
10/15/32
7,540,000
 
7,777,646
 (a)
Phinia Inc., Senior Secured Notes
6.750%
4/15/29
3,236,000
 
3,337,741
 (a)
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
22,604,000
 
22,075,616
 (a)
Total Automobile Components
34,364,173
Automobiles — 0.6%
Ford Motor Credit Co. LLC, Senior Notes
3.375%
11/13/25
2,558,000
 
2,553,395
 
Winnebago Industries Inc., Senior Secured Notes
6.250%
7/15/28
12,848,000
 
12,840,897
 (a)
Total Automobiles
15,394,292
Broadline Retail — 0.6%
MercadoLibre Inc., Senior Notes
2.375%
1/14/26
2,725,000
 
2,704,520
 
QVC Inc., Senior Secured Notes
5.450%
8/15/34
23,871,000
 
12,744,464
 
Total Broadline Retail
15,448,984
Diversified Consumer Services — 1.6%
Adtalem Global Education Inc., Senior Secured Notes
5.500%
3/1/28
16,167,000
 
16,127,140
 (a)
Graham Holdings Co., Senior Notes
5.750%
6/1/26
22,903,000
 
22,919,777
 (a)
Total Diversified Consumer Services
39,046,917
See Notes to Schedule of Investments.
1
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Hotels, Restaurants & Leisure — 5.9%
Affinity Interactive, Senior Secured Notes
6.875%
12/15/27
 $31,352,000
 
 $17,992,129
 (a)
Allwyn Entertainment Financing UK PLC, Senior Secured Notes
7.875%
4/30/29
15,542,000
 
16,137,993
 (a)
Brightstar Lottery PLC, Senior Secured Notes
6.250%
1/15/27
12,281,000
 
12,404,596
 (a)
Lindblad Expeditions LLC, Senior Secured Notes
7.000%
9/15/30
6,500,000
 
6,629,447
 (a)
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Senior Secured Notes
4.875%
5/1/29
5,000,000
 
4,863,852
 (a)
NCL Corp. Ltd., Senior Notes
5.875%
1/15/31
5,500,000
 
5,503,754
 (a)
Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior
Secured Notes
6.250%
10/15/30
2,582,000
 
2,606,636
 (a)(d)
Royal Caribbean Cruises Ltd., Senior Notes
4.250%
7/1/26
1,500,000
 
1,499,185
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
8/31/26
2,510,000
 
2,520,802
 (a)
Station Casinos LLC, Senior Notes
6.625%
3/15/32
500,000
 
513,980
 (a)
Travel + Leisure Co., Senior Secured Notes
6.625%
7/31/26
20,172,000
 
20,334,687
 (a)
Viking Cruises Ltd., Senior Notes
5.875%
9/15/27
19,455,000
 
19,475,311
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
10,643,000
 
10,703,803
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
15,303,000
 
16,436,264
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
7,190,000
 
7,175,724
 (a)
Total Hotels, Restaurants & Leisure
144,798,163
Household Durables — 1.6%
Century Communities Inc., Senior Notes
6.750%
6/1/27
5,604,000
 
5,606,009
 
Century Communities Inc., Senior Notes
3.875%
8/15/29
267,000
 
251,421
 (a)
Dream Finders Homes Inc., Senior Notes
8.250%
8/15/28
15,865,000
 
16,473,582
 (a)
Dream Finders Homes Inc., Senior Notes
6.875%
9/15/30
7,605,000
 
7,657,399
 (a)
TopBuild Corp., Senior Notes
5.625%
1/31/34
7,600,000
 
7,577,731
 (a)
Whirlpool Corp., Senior Notes
6.125%
6/15/30
2,750,000
 
2,773,986
 
Total Household Durables
40,340,128
Specialty Retail — 1.6%
Arko Corp., Senior Notes
5.125%
11/15/29
18,968,000
 
16,104,289
 (a)
EG Global Finance PLC, Senior Secured Notes
12.000%
11/30/28
14,227,000
 
15,646,798
 (a)
Gap Inc., Senior Notes
3.875%
10/1/31
7,283,000
 
6,653,834
 (a)
Total Specialty Retail
38,404,921
Textiles, Apparel & Luxury Goods — 0.3%
Saks Global Enterprises LLC, Second Out Senior Secured Notes
11.000%
12/15/29
14,180,000
 
7,373,600
 (a)
Saks Global Enterprises LLC, Third Out Senior Secured Notes
11.000%
12/15/29
494,250
 
180,401
 (a)
Total Textiles, Apparel & Luxury Goods
7,554,001
 
Total Consumer Discretionary
335,351,579
Energy — 7.4%
Energy Equipment & Services — 0.3%
WBI Operating LLC, Senior Notes
6.250%
10/15/30
7,200,000
 
7,200,000
 (a)(d)
Oil, Gas & Consumable Fuels — 7.1%
Baytex Energy Corp., Senior Notes
7.375%
3/15/32
7,700,000
 
7,544,667
 (a)
BKV Upstream Midstream LLC, Senior Notes
7.500%
10/15/30
4,595,000
 
4,595,188
 (a)
Chord Energy Corp., Senior Notes
6.000%
10/1/30
5,000,000
 
4,968,311
 (a)
Coronado Finance Pty Ltd., Senior Secured Notes
9.250%
10/1/29
9,455,000
 
8,332,227
 (a)
Ecopetrol SA, Senior Notes
5.875%
5/28/45
14,115,000
 
10,805,922
 
Energean Israel Finance Ltd., Senior Secured Notes
5.375%
3/30/28
8,585,000
 
8,446,191
 (e)
See Notes to Schedule of Investments.
2
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Oil, Gas & Consumable Fuels — continued
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes
7.750%
2/1/28
 $4,353,000
 
 $4,386,993
 
Kraken Oil & Gas Partners LLC, Senior Notes
7.625%
8/15/29
6,950,000
 
6,894,374
 (a)
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance
Corp., Senior Notes
6.875%
12/1/32
1,725,000
 
1,771,523
 (a)
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
6,100,000
 
6,204,194
 
Occidental Petroleum Corp., Senior Notes
4.400%
8/15/49
1,270,000
 
945,675
 
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes
9.875%
3/15/30
2,000,000
 
2,097,764
 (a)
Raizen Fuels Finance SA, Senior Notes
6.250%
7/8/32
750,000
 
732,938
 (a)
Raizen Fuels Finance SA, Senior Notes
5.700%
1/17/35
9,400,000
 
8,665,390
 (a)
Rockies Express Pipeline LLC, Senior Notes
4.800%
5/15/30
6,142,000
 
6,001,426
 (a)
Saturn Oil & Gas Inc., Senior Secured Notes
9.625%
6/15/29
28,104,000
 
29,137,872
 (a)
SM Energy Co., Senior Notes
6.750%
9/15/26
5,850,000
 
5,852,302
 
SM Energy Co., Senior Notes
6.625%
1/15/27
10,242,000
 
10,246,311
 
SM Energy Co., Senior Notes
6.500%
7/15/28
6,160,000
 
6,204,617
 
Strathcona Resources Ltd., Senior Notes
6.875%
8/1/26
8,318,000
 
8,329,404
 (a)
Teine Energy Ltd., Senior Notes
6.875%
4/15/29
19,458,000
 
19,215,726
 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
3.875%
8/15/29
9,000,000
 
8,632,625
 (a)
Wildfire Intermediate Holdings LLC, Senior Notes
7.500%
10/15/29
5,500,000
 
5,570,813
 (a)
Total Oil, Gas & Consumable Fuels
175,582,453
 
Total Energy
182,782,453
Financials — 28.3%
Banks — 5.2%
Bank of America Corp., Junior Subordinated Notes (4.375% to
1/27/27 then 5 year Treasury Constant Maturity Rate + 2.760%)
4.375%
1/27/27
4,500,000
 
4,431,236
 (f)(g)
Citigroup Inc., Junior Subordinated Notes (3.875% to 2/18/26 then 5
year Treasury Constant Maturity Rate + 3.417%)
3.875%
2/18/26
23,454,000
 
23,263,246
 (f)(g)
Citigroup Inc., Junior Subordinated Notes (4.000% to 12/10/25 then
5 year Treasury Constant Maturity Rate + 3.597%)
4.000%
12/10/25
11,024,000
 
10,994,535
 (f)(g)
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
13,728,000
 
13,594,218
 (f)(g)
PNC Financial Services Group Inc., Junior Subordinated Notes
(3.400% to 9/15/26 then 5 year Treasury Constant Maturity Rate +
2.595%)
3.400%
9/15/26
3,335,000
 
3,241,880
 (f)(g)
Popular Inc., Senior Notes
7.250%
3/13/28
10,421,000
 
10,895,166
 
Societe Generale SA, Senior Notes
3.625%
3/1/41
4,925,000
 
3,690,996
 (a)
Societe Generale SA, Senior Notes (4.027% to 1/21/42 then 1 year
Treasury Constant Maturity Rate + 1.900%)
4.027%
1/21/43
3,555,000
 
2,767,794
 (a)(g)
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
8,250,000
 
8,132,467
 (g)
Wells Fargo & Co., Junior Subordinated Notes (3.900% to 3/15/26
then 5 year Treasury Constant Maturity Rate + 3.453%)
3.900%
3/15/26
32,462,000
 
32,185,213
 (f)(g)
Western Alliance Bancorp, Subordinated Notes (3.000% to 6/15/26
then 3 mo. Term SOFR + 2.250%)
3.000%
6/15/31
14,718,000
 
14,311,783
 (g)
Total Banks
127,508,534
Capital Markets — 3.5%
Bank of New York Mellon Corp., Junior Subordinated Notes (3.700%
to 3/20/26 then 5 year Treasury Constant Maturity Rate + 3.352%)
3.700%
3/20/26
1,863,000
 
1,846,603
 (f)(g)
See Notes to Schedule of Investments.
3
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Capital Markets — continued
Bank of New York Mellon Corp., Junior Subordinated Notes (3.750%
to 12/20/26 then 5 year Treasury Constant Maturity Rate + 2.630%)
3.750%
12/20/26
 $10,303,000
 
 $10,109,596
 (f)(g)
BW Real Estate Inc., Senior Notes (9.500% to 3/30/30 then 5 year
Treasury Constant Maturity Rate + 5.402%)
9.500%
3/30/30
5,265,000
 
5,455,009
 (a)(f)(g)
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26
then 5 year Treasury Constant Maturity Rate + 3.168%)
4.000%
6/1/26
12,050,000
 
11,927,765
 (f)(g)
CI Financial Corp., Senior Notes
7.500%
5/30/29
10,100,000
 
10,768,235
 (a)
CI Financial Corp., Senior Notes
3.200%
12/17/30
10,328,000
 
9,272,324
 
Goldman Sachs Group Inc., Junior Subordinated Notes (3.800% to
5/10/26 then 5 year Treasury Constant Maturity Rate + 2.969%)
3.800%
5/10/26
3,825,000
 
3,784,202
 (f)(g)
Jefferies Finance LLC/JFIN Co-Issuer Corp., Senior Secured Notes
6.625%
10/15/31
16,375,000
 
16,496,973
 (a)
UBS Group AG, Junior Subordinated Notes (3.875% to 6/2/26 then 5
year Treasury Constant Maturity Rate + 3.098%)
3.875%
6/2/26
5,000,000
 
4,938,268
 (a)(f)(g)
UBS Group AG, Junior Subordinated Notes (4.875% to 2/12/27 then
5 year Treasury Constant Maturity Rate + 3.404%)
4.875%
2/12/27
4,535,000
 
4,481,014
 (a)(f)(g)
XP Inc., Senior Notes
6.750%
7/2/29
6,700,000
 
6,889,871
 (a)
Total Capital Markets
85,969,860
Consumer Finance — 7.3%
American Express Co., Junior Subordinated Notes (3.550% to
9/15/26 then 5 year Treasury Constant Maturity Rate + 2.854%)
3.550%
9/15/26
2,457,000
 
2,412,755
 (f)(g)
Atlanticus Holdings Corp., Senior Notes
9.750%
9/1/30
11,225,000
 
11,163,275
 (a)
Credit Acceptance Corp., Senior Notes
9.250%
12/15/28
15,849,000
 
16,671,262
 (a)
Credit Acceptance Corp., Senior Notes
6.625%
3/15/30
700,000
 
702,474
 (a)
Encore Capital Group Inc., Senior Secured Notes
9.250%
4/1/29
21,953,000
 
23,191,368
 (a)
Encore Capital Group Inc., Senior Secured Notes
8.500%
5/15/30
8,804,000
 
9,356,856
 (a)
Enova International Inc., Senior Notes
11.250%
12/15/28
24,905,000
 
26,506,292
 (a)
FirstCash Inc., Senior Notes
4.625%
9/1/28
9,775,000
 
9,592,150
 (a)
FirstCash Inc., Senior Notes
5.625%
1/1/30
21,526,000
 
21,512,652
 (a)
goeasy Ltd., Senior Notes
9.250%
12/1/28
8,457,000
 
8,832,364
 (a)
PRA Group Inc., Senior Notes
5.000%
10/1/29
14,262,000
 
13,256,338
 (a)
PROG Holdings Inc., Senior Notes
6.000%
11/15/29
36,754,000
 
36,126,058
 (a)
Total Consumer Finance
179,323,844
Financial Services — 8.0%
Block Inc., Senior Notes
5.625%
8/15/30
7,250,000
 
7,350,833
 (a)
Burford Capital Global Finance LLC, Senior Notes
6.250%
4/15/28
3,770,000
 
3,779,779
 (a)
Burford Capital Global Finance LLC, Senior Notes
6.875%
4/15/30
28,688,000
 
28,862,092
 (a)
Burford Capital Global Finance LLC, Senior Notes
7.500%
7/15/33
3,800,000
 
3,871,630
 (a)
Citadel Finance LLC, Senior Notes
5.900%
2/10/30
10,641,000
 
10,799,911
 (a)
Freedom Mortgage Corp., Senior Notes
6.625%
1/15/27
9,625,000
 
9,611,756
 (a)
Freedom Mortgage Corp., Senior Notes
12.000%
10/1/28
4,955,000
 
5,252,300
 (a)
Jefferson Capital Holdings LLC, Senior Notes
9.500%
2/15/29
24,952,000
 
26,369,997
 (a)
Jefferson Capital Holdings LLC, Senior Notes
8.250%
5/15/30
6,550,000
 
6,855,852
 (a)
Nationstar Mortgage Holdings Inc., Senior Notes
5.000%
2/1/26
9,752,000
 
9,752,000
 (a)
Nationstar Mortgage Holdings Inc., Senior Notes
5.500%
8/15/28
7,030,000
 
7,030,000
 (a)
NMI Holdings Inc., Senior Notes
6.000%
8/15/29
753,000
 
779,197
 
Provident Funding Associates LP/PFG Finance Corp., Senior Notes
9.750%
9/15/29
17,725,000
 
18,743,904
 (a)
SGUS LLC, Senior Secured Notes
11.000%
12/15/29
7,183,250
 
6,843,310
 (a)
See Notes to Schedule of Investments.
4
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Financial Services — continued
United Wholesale Mortgage LLC, Senior Notes
5.500%
11/15/25
 $8,287,000
 
 $8,289,417
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.750%
6/15/27
8,120,000
 
8,121,839
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.500%
4/15/29
31,981,000
 
31,567,291
 (a)
UWM Holdings LLC, Senior Notes
6.250%
3/15/31
4,400,000
 
4,381,794
 (a)
Total Financial Services
198,262,902
Insurance — 4.3%
AmWINS Group Inc., Senior Secured Notes
6.375%
2/15/29
2,185,000
 
2,230,791
 (a)
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group
Holdings Finance, Senior Secured Notes
7.125%
5/15/31
11,542,000
 
11,990,695
 (a)
First American Financial Corp., Senior Notes
5.450%
9/30/34
1,000,000
 
1,003,559
 
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Notes
8.125%
2/15/32
6,939,000
 
7,205,444
 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Secured Notes
7.250%
2/15/31
32,876,000
 
33,873,819
 (a)
Panther Escrow Issuer LLC, Senior Secured Notes
7.125%
6/1/31
20,240,000
 
21,066,156
 (a)
Ryan Specialty LLC, Senior Secured Notes
4.375%
2/1/30
7,275,000
 
7,057,733
 (a)
Ryan Specialty LLC, Senior Secured Notes
5.875%
8/1/32
22,426,000
 
22,693,789
 (a)
Total Insurance
107,121,986
 
Total Financials
698,187,126
Health Care — 5.9%
Biotechnology — 0.6%
Fortrea Holdings Inc., Senior Secured Notes
7.500%
7/1/30
15,405,000
 
14,606,872
 (a)
Health Care Equipment & Supplies — 0.2%
Embecta Corp., Senior Secured Notes
6.750%
2/15/30
5,563,000
 
5,428,876
 (a)
Health Care Providers & Services — 2.0%
Centene Corp., Senior Notes
2.450%
7/15/28
6,000,000
 
5,580,198
 
Centene Corp., Senior Notes
4.625%
12/15/29
3,631,000
 
3,522,909
 
HealthEquity Inc., Senior Notes
4.500%
10/1/29
1,642,000
 
1,594,177
 (a)
Molina Healthcare Inc., Senior Notes
4.375%
6/15/28
12,548,000
 
12,248,838
 (a)
Molina Healthcare Inc., Senior Notes
6.250%
1/15/33
3,850,000
 
3,896,273
 (a)
Owens & Minor Inc., Senior Notes
6.625%
4/1/30
8,955,000
 
7,396,293
 (a)
Star Parent Inc., Senior Secured Notes
9.000%
10/1/30
13,814,000
 
14,621,332
 (a)
Total Health Care Providers & Services
48,860,020
Life Sciences Tools & Services — 2.1%
Charles River Laboratories International Inc., Senior Notes
4.250%
5/1/28
21,275,000
 
20,826,780
 (a)
Charles River Laboratories International Inc., Senior Notes
4.000%
3/15/31
5,340,000
 
4,977,154
 (a)
IQVIA Inc., Senior Notes
5.000%
10/15/26
20,635,000
 
20,628,292
 (a)
IQVIA Inc., Senior Notes
6.250%
6/1/32
4,000,000
 
4,117,564
 (a)
Total Life Sciences Tools & Services
50,549,790
Pharmaceuticals — 1.0%
Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured
Notes
6.750%
5/15/34
14,488,000
 
13,910,459
 (a)
Utah Acquisition Sub Inc., Senior Notes
5.250%
6/15/46
5,712,000
 
4,749,300
 
Viatris Inc., Senior Notes
3.850%
6/22/40
5,225,000
 
3,986,586
 
See Notes to Schedule of Investments.
5
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Pharmaceuticals — continued
Viatris Inc., Senior Notes
4.000%
6/22/50
 $4,500,000
 
 $3,072,175
 
Total Pharmaceuticals
25,718,520
 
Total Health Care
145,164,078
Industrials — 7.0%
Aerospace & Defense — 0.8%
TransDigm Inc., Senior Secured Notes
6.750%
8/15/28
14,557,000
 
14,852,638
 (a)
TransDigm Inc., Senior Secured Notes
6.375%
3/1/29
6,153,000
 
6,298,525
 (a)
Total Aerospace & Defense
21,151,163
Building Products — 0.5%
AmeriTex HoldCo Intermediate LLC, Senior Secured Notes
7.625%
8/15/33
4,975,000
 
5,182,624
 (a)
EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes
6.625%
12/15/30
6,300,000
 
6,483,954
 (a)
Total Building Products
11,666,578
Commercial Services & Supplies — 0.7%
Matthews International Corp., Secured Notes
8.625%
10/1/27
16,568,000
 
17,134,559
 (a)
Construction & Engineering — 0.9%
Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured
Notes
7.500%
2/1/32
21,038,000
 
21,273,752
 (a)
Electrical Equipment — 1.1%
Regal Rexnord Corp., Senior Notes
6.050%
2/15/26
11,198,000
 
11,253,712
 
Regal Rexnord Corp., Senior Notes
6.400%
4/15/33
651,000
 
699,189
 
WESCO Distribution Inc., Senior Notes
7.250%
6/15/28
16,034,000
 
16,255,991
 (a)
Total Electrical Equipment
28,208,892
Ground Transportation — 0.0%††
XPO Inc., Senior Secured Notes
6.250%
6/1/28
654,000
 
667,641
 (a)
Machinery — 0.3%
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
6,727,000
 
6,740,703
 
Passenger Airlines — 2.0%
Air Canada Pass-Through Trust
3.300%
1/15/30
4,557,285
 
4,323,381
 (a)
Allegiant Travel Co., Senior Secured Notes
7.250%
8/15/27
10,279,000
 
10,415,584
 (a)
British Airways Pass-Through Trust
3.300%
12/15/32
4,175,254
 
3,956,044
 (a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
4.500%
10/20/25
91,625
 
91,515
 (a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
4.750%
10/20/28
16,254,000
 
16,352,162
 (a)
JetBlue Airways Pass-Through Trust
4.000%
11/15/32
8,349,284
 
7,870,349
 
United Airlines Inc., Senior Secured Notes
4.375%
4/15/26
5,678,000
 
5,674,162
 (a)
Total Passenger Airlines
48,683,197
Professional Services — 0.6%
Concentrix Corp., Senior Notes
6.850%
8/2/33
8,837,000
 
9,177,018
 
TriNet Group Inc., Senior Notes
3.500%
3/1/29
5,630,000
 
5,271,079
 (a)
Total Professional Services
14,448,097
Trading Companies & Distributors — 0.1%
FTAI Aviation Investors LLC, Senior Notes
7.000%
6/15/32
2,326,000
 
2,436,245
 (a)
 
Total Industrials
172,410,827
Information Technology — 5.2%
Communications Equipment — 0.7%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
5,659,000
 
5,956,973
 (a)
See Notes to Schedule of Investments.
6
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Communications Equipment — continued
Nokia oyj, Senior Notes
6.625%
5/15/39
 $11,223,000
 
 $11,816,158
 
Total Communications Equipment
17,773,131
IT Services — 1.1%
Sabre GLBL Inc., Senior Secured Notes
10.750%
11/15/29
15,518,000
 
15,054,770
 (a)
Sabre GLBL Inc., Senior Secured Notes
11.125%
7/15/30
11,995,000
 
11,631,551
 (a)
Total IT Services
26,686,321
Semiconductors & Semiconductor Equipment — 0.8%
Kioxia Holdings Corp., Senior Notes
6.250%
7/24/30
8,500,000
 
8,679,639
 (a)
Qorvo Inc., Senior Notes
3.375%
4/1/31
12,564,000
 
11,554,763
 (a)
Total Semiconductors & Semiconductor Equipment
20,234,402
Software — 2.6%
Central Parent Inc./CDK Global Inc., Senior Secured Notes
7.250%
6/15/29
26,563,000
 
22,971,815
 (a)
Elastic NV, Senior Notes
4.125%
7/15/29
2,050,000
 
1,970,231
 (a)
Fair Isaac Corp., Senior Notes
5.250%
5/15/26
5,977,000
 
5,983,045
 (a)
Fair Isaac Corp., Senior Notes
4.000%
6/15/28
4,415,000
 
4,298,990
 (a)
Fair Isaac Corp., Senior Notes
6.000%
5/15/33
18,450,000
 
18,725,702
 (a)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Senior Notes
3.875%
2/1/29
9,095,000
 
8,631,499
 (a)
Total Software
62,581,282
 
Total Information Technology
127,275,136
Materials — 4.4%
Chemicals — 2.4%
Ashland Inc., Senior Notes
6.875%
5/15/43
8,530,000
 
8,952,124
 
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
17,260,000
 
18,317,175
 (a)
FMC Corp., Senior Notes
6.375%
5/18/53
2,000,000
 
1,976,725
 
Mativ Holdings Inc., Senior Notes
8.000%
10/1/29
29,002,000
 
28,749,950
 (a)
Total Chemicals
57,995,974
Metals & Mining — 1.6%
Cleveland-Cliffs Inc., Senior Notes
7.500%
9/15/31
8,255,000
 
8,514,422
 (a)
Cleveland-Cliffs Inc., Senior Notes
7.625%
1/15/34
3,250,000
 
3,350,945
 (a)
Mineral Resources Ltd., Senior Notes
8.125%
5/1/27
23,956,000
 
23,970,158
 (a)
Mineral Resources Ltd., Senior Notes
8.000%
11/1/27
2,554,000
 
2,605,435
 (a)
Vale Overseas Ltd., Senior Notes
6.400%
6/28/54
1,336,000
 
1,374,640
 
Total Metals & Mining
39,815,600
Paper & Forest Products — 0.4%
Magnera Corp., Senior Secured Notes
7.250%
11/15/31
10,278,000
 
9,679,204
 (a)
 
Total Materials
107,490,778
Real Estate — 2.1%
Health Care REITs — 0.0%††
National Health Investors Inc., Senior Notes
3.000%
2/1/31
889,000
 
804,889
 
Hotel & Resort REITs — 0.3%
RHP Hotel Properties LP/RHP Finance Corp., Senior Notes
4.750%
10/15/27
3,256,000
 
3,243,968
 
XHR LP, Senior Secured Notes
4.875%
6/1/29
4,107,000
 
4,025,735
 (a)
Total Hotel & Resort REITs
7,269,703
Real Estate Management & Development — 1.2%
Forestar Group Inc., Senior Notes
5.000%
3/1/28
19,154,000
 
18,989,586
 (a)
See Notes to Schedule of Investments.
7
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Real Estate Management & Development — continued
Forestar Group Inc., Senior Notes
6.500%
3/15/33
 $9,700,000
 
 $9,931,229
 (a)
Total Real Estate Management & Development
28,920,815
Specialized REITs — 0.6%
Millrose Properties Inc., Senior Notes
6.375%
8/1/30
11,000,000
 
11,195,360
 (a)
Millrose Properties Inc., Senior Notes
6.250%
9/15/32
2,800,000
 
2,809,068
 (a)
Total Specialized REITs
14,004,428
 
Total Real Estate
50,999,835
Utilities — 0.6%
Electric Utilities — 0.6%
Southern California Edison Co., First Mortgage Bonds
4.000%
4/1/47
6,250,000
 
4,735,492
 
Southern California Edison Co., First Mortgage Bonds
4.875%
3/1/49
3,600,000
 
3,048,322
 
XPLR Infrastructure Operating Partners LP, Senior Notes
8.375%
1/15/31
7,460,000
 
7,823,899
 (a)
 
Total Utilities
15,607,713
Total Corporate Bonds & Notes (Cost — $2,011,486,383)
2,007,331,904
Senior Loans — 4.8%
Communication Services — 0.8%
Interactive Media & Services — 0.8%
TripAdvisor Inc., Initial Term Loan B (1 mo. Term SOFR + 2.750%)
6.913%
7/8/31
20,312,293
 
19,956,828
 (g)(h)(i)
 
Consumer Discretionary — 0.6%
Hotels, Restaurants & Leisure — 0.6%
J&J Ventures Gaming LLC, 2025 Term Loan (1 mo. Term SOFR +
3.500%)
7.663%
4/26/30
7,900,300
 
7,829,948
 (g)(h)(i)
Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR +
2.000%)
6.163%
3/14/31
7,949,953
 
7,958,618
 (g)(h)(i)
 
Total Consumer Discretionary
15,788,566
Financials — 1.9%
Financial Services — 0.2%
FNZ Group Entities Ltd., Initial USD Term Loan (3 mo. Term SOFR +
5.000%)
9.321%
11/5/31
6,467,500
 
5,235,991
 (g)(h)(i)
Insurance — 1.7%
AmWINS Group Inc., Initial Term Loan (3 mo. Term SOFR + 2.250%)
6.252%
1/30/32
10,421,250
 
10,427,972
 (g)(h)(i)
Ardonagh Group Finco Pty Ltd., 2025 Term Loan Facility B (3 mo. Term
SOFR + 2.750%)
6.752-6.950%
2/15/31
18,158,864
 
18,105,931
 (g)(h)(i)
HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term
SOFR + 2.250%)
6.575%
6/20/30
5,900,226
 
5,915,507
 (g)(h)(i)
Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR +
2.750%)
6.752%
5/6/31
6,975,806
 
6,986,724
 (g)(h)(i)
Total Insurance
41,436,134
 
Total Financials
46,672,125
Information Technology — 0.5%
Communications Equipment — 0.4%
Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term
SOFR + 4.500%)
8.663%
9/27/29
8,528,354
 
8,437,144
 (g)(h)(i)(j)
IT Services — 0.1%
Amentum Holdings LLC, Initial Term Loan (1 mo. Term SOFR +
2.250%)
6.413%
9/29/31
3,402,748
 
3,406,474
 (g)(h)(i)
 
Total Information Technology
11,843,618
See Notes to Schedule of Investments.
8
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Materials — 0.1%
Construction Materials — 0.1%
Knife River Corp., Initial Term Loan B (3 mo. Term SOFR + 2.000%)
6.123%
3/8/32
 $2,985,000
 
 $2,995,268
 (g)(h)(i)
 
Real Estate — 0.1%
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, Second Incremental Term Loan B (1 mo.
Term SOFR + 2.000%)
6.163%
5/18/30
2,905,898
 
2,915,589
 (g)(h)(i)
 
Utilities — 0.8%
Electric Utilities — 0.3%
NRG Energy Inc., Term Loan (3 mo. Term SOFR + 1.750%)
6.064%
4/16/31
6,865,152
 
6,873,527
 (g)(h)(i)
Independent Power and Renewable Electricity Producers — 0.5%
Long Ridge Energy LLC, Term Loan B (3 mo. Term SOFR + 4.500%)
8.502%
2/19/32
12,686,250
 
12,442,420
 (g)(h)(i)
 
Total Utilities
19,315,947
Total Senior Loans (Cost — $120,406,823)
119,487,941
Convertible Bonds & Notes — 0.7%
Communication Services — 0.6%
Interactive Media & Services — 0.2%
Snap Inc., Senior Notes
0.500%
5/1/30
4,000,000
 
3,440,000
 
Media — 0.4%
Cable One Inc., Senior Notes
1.125%
3/15/28
12,646,000
 
10,824,976
 
 
Total Communication Services
14,264,976
Consumer Discretionary — 0.0%††
Automobiles — 0.0%††
Winnebago Industries Inc., Senior Notes
3.250%
1/15/30
1,375,000
 
1,234,750
 
 
Information Technology — 0.1%
IT Services — 0.1%
Block Inc., Senior Notes
0.250%
11/1/27
2,000,000
 
1,826,500
 
 
Total Convertible Bonds & Notes (Cost — $16,904,737)
17,326,226
Asset-Backed Securities — 0.5%
ALESCO Preferred Funding Ltd., 6A PPNE
—
3/23/35
336,608
 
147,429
 *(a)(k)(l)(m)
ALESCO Preferred Funding Ltd., PNN
—
3/23/35
621,631
 
285,629
 *(a)(k)(l)(m)
Cogent LLC, 2024-1A A2
7.924%
5/25/54
5,800,000
 
6,039,259
 (a)(m)
Cogent LLC, 2025-1A A2
6.646%
4/25/55
3,750,000
 
3,850,203
 (a)
Fort Sheridan CDO Ltd., 2005-1A, PPN2
—
11/5/41
611,948
 
325,807
 *(a)(k)(l)(m)
Taberna Preferred Funding Ltd., 2005-1A, PPN2
—
7/5/35
1,175,564
 
539,478
 *(a)(k)(l)(m)
 
Total Asset-Backed Securities (Cost — $12,123,303)
11,187,805
Total Investments before Short-Term Investments (Cost — $2,160,921,246)
2,155,333,876
 
 
 
 
Shares
 
Short-Term Investments — 12.0%
Western Asset Premier Institutional U.S. Treasury Reserves,
Premium Shares (Cost — $293,903,809)  
4.013%
293,903,809
 
293,903,809
 (n)(o)
Total Investments — 99.5% (Cost — $2,454,825,055)
2,449,237,685
Other Assets in Excess of Liabilities — 0.5%
13,494,788
Total Net Assets — 100.0%
$2,462,732,473
 
See Notes to Schedule of Investments.
9
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
September 30, 2025
 BrandywineGLOBAL — Corporate Credit Fund
††
Represents less than 0.1%.
*
Non-income producing security.
(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)
The coupon payment on this security is currently in default as of September 30, 2025.
(c)
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.
(d)
Securities traded on a when-issued or delayed delivery basis.
(e)
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.
(f)
Security has no maturity date. The date shown represents the next call date.
(g)
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.
(h)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(i)
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.
(j)
All or a portion of this loan has not settled as of September 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are
for the settled portion of the loan.
(k)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(l)
Security is valued using significant unobservable inputs (Note 1).
(m)
Restricted security (Note 3).
(n)
Rate shown is one-day yield as of the end of the reporting period.
(o)
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 September 30, 2025, the total market value of
investments in Affiliated Companies was $293,903,809 and the cost was $293,903,809 (Note 2).
 
Abbreviation(s) used in this schedule:
CDO
—
Collateralized Debt Obligation
DAC
—
Designated Activity Company
PIK
—
Payment-In-Kind
SOFR
—
Secured Overnight Financing Rate
USD
—
United States Dollar
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
10
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL — Corporate Credit 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 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.
(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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the 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 (the “Board”).  
Pursuant to policies adopted by the Board, 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. 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, 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 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 generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
11
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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
—
 $2,007,331,904
—
 $2,007,331,904
Senior Loans
—
119,487,941
—
119,487,941
Convertible Bonds & Notes
—
17,326,226
—
17,326,226
Asset-Backed Securities
—
9,889,462
 $1,298,343
11,187,805
Total Long-Term Investments
—
2,154,035,533
1,298,343
2,155,333,876
Short-Term Investments†
 $293,903,809
—
—
293,903,809
Total Investments
$293,903,809
$2,154,035,533
$1,298,343
$2,449,237,685
 
†
See Schedule of Investments for additional detailed categorizations.
2. 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 period ended September 30, 2025. The following transactions were effected in such company for the period ended September 30, 2025.
 
 
Affiliate
Value at

December 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
 $218,703,492
 $744,738,188
744,738,188
 $669,537,871
669,537,871

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
September 30,
2025
Western Asset Premier
Institutional U.S. Treasury
Reserves, Premium Shares
—
 $8,778,771
—
 $293,903,809
3. Restricted securities
The following Fund investments are restricted as to resale.
 
Security
Face
Amounts/
Shares
Acquisition
Date
Cost
Value
at 9/30/2025
Value Per
Unit/Share
Percent of
Net Assets
ALESCO Preferred
Funding Ltd., 6A PPNE
$336,608
3/05, 1/06
 $336,608
 $147,429
(a)(b)
 $0.44
0.01
 %
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BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Security
Face
Amounts/
Shares
Acquisition
Date
Cost
Value
at 9/30/2025
Value Per
Unit/Share
Percent of
Net Assets
ALESCO Preferred
Funding Ltd., PNN
$621,631
12/04, 7/05, 1/06
 $621,630
 $285,629
(a)(b)
 $0.46
0.01
 %
Cogent LLC, 2024-1A A2
$5,800,000
4/24
5,799,829
6,039,259
(a)
1.04
0.25
Fort Sheridan CDO Ltd.,
2005-1A, PPN2
$611,948
3/05, 5/06, 12/09
536,169
325,807
(a)(b)
0.53
0.01
Taberna Preferred
Funding Ltd., 2005-1A,
PPN2
$1,175,564
3/05, 5/06, 12/09
1,079,150
539,478
(a)(b)
0.46
0.02
 
$8,373,386
$7,337,602
0.30%
 
(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 fair valued in good faith in accordance with procedures approved by the Board of Trustees.
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BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report