NPORT-EX 2 LMF8100LM033125.htm EDGAR HTML
Schedule of Investments (unaudited)
March 31, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Corporate Bonds & Notes — 80.3%
Communication Services — 6.8%
Diversified Telecommunication Services — 1.0%
Altice France SA, Senior Secured Notes
8.125%
2/1/27
 $6,250,000
 
 $5,593,650
 (a)
Cogent Communications Group Inc./Cogent Communications
Finance Inc., Senior Notes
7.000%
6/15/27
245,000
 
246,879
 (a)
Cogent Communications Group LLC, Senior Notes
7.000%
6/15/27
100,000
 
100,835
 (a)
Cogent Communications Group LLC, Senior Secured Notes
3.500%
5/1/26
17,487,000
 
17,065,261
 (a)
Total Diversified Telecommunication Services
23,006,625
Entertainment — 1.1%
Live Nation Entertainment Inc., Senior Secured Notes
6.500%
5/15/27
13,252,000
 
13,395,315
 (a)
Live Nation Entertainment Inc., Senior Secured Notes
3.750%
1/15/28
10,493,000
 
10,010,493
 (a)
ROBLOX Corp., Senior Notes
3.875%
5/1/30
3,486,000
 
3,173,893
 (a)
Total Entertainment
26,579,701
Interactive Media & Services — 2.0%
ANGI Group LLC, Senior Notes
3.875%
8/15/28
26,836,000
 
24,381,751
 (a)
GrubHub Holdings Inc., Senior Notes
5.500%
7/1/27
14,044,000
 
12,919,614
 (a)
Snap Inc., Senior Notes
6.875%
3/1/33
1,750,000
 
1,751,451
 (a)
ZipRecruiter Inc., Senior Notes
5.000%
1/15/30
10,245,000
 
9,020,351
 (a)
Total Interactive Media & Services
48,073,167
Media — 2.7%
Cable One Inc., Senior Notes
4.000%
11/15/30
29,882,000
 
23,737,729
 (a)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
5.750%
4/1/48
20,803,000
 
17,954,764
 
LCPR Senior Secured Financing DAC, Senior Secured Notes
6.750%
10/15/27
17,994,000
 
15,066,621
 (a)
Liberty Interactive LLC, Senior Notes
8.500%
7/15/29
11,338,000
 
4,577,705
 
Liberty Interactive LLC, Senior Notes
8.250%
2/1/30
2,916,000
 
1,150,220
 
Total Media
62,487,039
 
Total Communication Services
160,146,532
Consumer Discretionary — 14.2%
Automobile Components — 0.7%
Aptiv Swiss Holdings Ltd., Senior Notes
4.150%
5/1/52
1,550,000
 
1,098,739
 
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
15,754,000
 
14,988,426
 (a)
Total Automobile Components
16,087,165
Automobiles — 0.8%
Ford Motor Credit Co. LLC, Senior Notes
5.125%
6/16/25
2,163,000
 
2,161,641
 
Nissan Motor Co. Ltd., Senior Notes
3.522%
9/17/25
5,841,000
 
5,780,144
 (a)
Winnebago Industries Inc., Senior Secured Notes
6.250%
7/15/28
11,008,000
 
10,896,063
 (a)
Total Automobiles
18,837,848
Broadline Retail — 0.7%
MercadoLibre Inc., Senior Notes
2.375%
1/14/26
100,000
 
97,645
 
MercadoLibre Inc., Senior Notes
3.125%
1/14/31
5,000,000
 
4,433,943
 
QVC Inc., Senior Secured Notes
5.450%
8/15/34
23,871,000
 
11,891,990
 
Total Broadline Retail
16,423,578
Diversified Consumer Services — 2.2%
Adtalem Global Education Inc., Senior Secured Notes
5.500%
3/1/28
13,722,000
 
13,530,759
 (a)
Graham Holdings Co., Senior Notes
5.750%
6/1/26
22,038,000
 
22,057,592
 (a)
See Notes to Schedule of Investments.
1
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Diversified Consumer Services — continued
Matthews International Corp., Secured Notes
8.625%
10/1/27
 $16,593,000
 
 $17,247,743
 (a)
Total Diversified Consumer Services
52,836,094
Hotels, Restaurants & Leisure — 7.1%
Affinity Interactive, Senior Secured Notes
6.875%
12/15/27
31,102,000
 
23,724,791
 (a)
Allwyn Entertainment Financing UK PLC, Senior Secured Notes
7.875%
4/30/29
17,331,000
 
17,911,771
 (a)
Carnival Corp., Senior Notes
7.625%
3/1/26
11,850,000
 
11,860,879
 (a)
CCM Merger Inc., Senior Notes
6.375%
5/1/26
3,990,000
 
3,998,766
 (a)
International Game Technology PLC, Senior Secured Notes
6.250%
1/15/27
11,281,000
 
11,363,002
 (a)
Lindblad Expeditions Holdings Inc., Senior Secured Notes
9.000%
5/15/28
8,960,000
 
9,158,939
 (a)
Lindblad Expeditions LLC, Senior Secured Notes
6.750%
2/15/27
25,924,000
 
25,862,311
 (a)
NCL Corp. Ltd., Senior Notes
5.875%
3/15/26
1,030,000
 
1,028,485
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
12,160,000
 
12,799,045
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
8/31/26
2,325,000
 
2,326,569
 (a)
Station Casinos LLC, Senior Notes
6.625%
3/15/32
500,000
 
496,348
 (a)
Viking Cruises Ltd., Senior Notes
6.250%
5/15/25
27,807,000
 
27,833,305
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
7,679,000
 
7,709,770
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
8,578,000
 
9,169,933
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
200,000
 
195,227
 (a)
Total Hotels, Restaurants & Leisure
165,439,141
Household Durables — 0.8%
Century Communities Inc., Senior Notes
6.750%
6/1/27
4,649,000
 
4,660,145
 
Century Communities Inc., Senior Notes
3.875%
8/15/29
712,000
 
642,366
 (a)
Dream Finders Homes Inc., Senior Notes
8.250%
8/15/28
13,865,000
 
14,341,665
 (a)
Total Household Durables
19,644,176
Specialty Retail — 1.3%
Arko Corp., Senior Notes
5.125%
11/15/29
21,175,000
 
17,193,761
 (a)
eG Global Finance PLC, Senior Secured Notes
12.000%
11/30/28
11,341,000
 
12,569,321
 (a)
Total Specialty Retail
29,763,082
Textiles, Apparel & Luxury Goods — 0.6%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
18,275,000
 
14,829,963
 (a)
 
Total Consumer Discretionary
333,861,047
Consumer Staples — 1.3%
Beverages — 1.1%
Phinia Inc., Senior Notes
6.625%
10/15/32
11,731,000
 
11,522,148
 (a)
Phinia Inc., Senior Secured Notes
6.750%
4/15/29
14,184,000
 
14,379,938
 (a)
Total Beverages
25,902,086
Tobacco — 0.2%
Turning Point Brands Inc., Senior Secured Notes
7.625%
3/15/32
3,482,000
 
3,635,776
 (a)
 
Total Consumer Staples
29,537,862
Energy — 9.3%
Energy Equipment & Services — 0.6%
Transocean Titan Financing Ltd., Senior Secured Notes
8.375%
2/1/28
13,224,000
 
13,518,564
 (a)
Oil, Gas & Consumable Fuels — 8.7%
Baytex Energy Corp., Senior Notes
8.500%
4/30/30
12,566,000
 
12,774,886
 (a)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
2,000,000
 
1,991,335
 (a)
Coronado Finance Pty Ltd., Senior Secured Notes
9.250%
10/1/29
8,605,000
 
7,978,208
 (a)
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
Energean Israel Finance Ltd., Senior Secured Notes
5.375%
3/30/28
 $10,685,000
 
 $10,217,510
 (b)
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes
7.750%
2/1/28
6,023,000
 
6,087,191
 
Howard Midstream Energy Partners LLC, Senior Notes
8.875%
7/15/28
2,000,000
 
2,087,066
 (a)
Leviathan Bond Ltd., Senior Secured Notes
6.500%
6/30/27
10,988,000
 
10,859,660
 (b)
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes
9.875%
3/15/30
13,000,000
 
12,305,946
 (a)
Petroleos Mexicanos, Senior Notes
6.750%
9/21/47
10,367,000
 
7,099,014
 
Raizen Fuels Finance SA, Senior Notes
5.700%
1/17/35
9,700,000
 
9,223,730
 (a)
Rockies Express Pipeline LLC, Senior Notes
3.600%
5/15/25
10,228,000
 
10,198,841
 (a)
Rockies Express Pipeline LLC, Senior Notes
4.950%
7/15/29
1,314,000
 
1,259,211
 (a)
Rockies Express Pipeline LLC, Senior Notes
4.800%
5/15/30
7,030,000
 
6,608,282
 (a)
Saturn Oil & Gas Inc., Senior Secured Notes
9.625%
6/15/29
28,724,000
 
27,805,710
 (a)
SM Energy Co., Senior Notes
6.750%
9/15/26
5,500,000
 
5,502,462
 
SM Energy Co., Senior Notes
6.625%
1/15/27
9,000,000
 
8,983,963
 
SM Energy Co., Senior Notes
6.500%
7/15/28
16,085,000
 
15,987,147
 
Strathcona Resources Ltd., Senior Notes
6.875%
8/1/26
8,421,000
 
8,409,484
 (a)
Teine Energy Ltd., Senior Notes
6.875%
4/15/29
21,803,000
 
21,414,771
 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
3.875%
8/15/29
2,235,000
 
2,070,593
 (a)
Viper Energy Inc., Senior Notes
5.375%
11/1/27
3,959,000
 
3,925,228
 (a)
Wildfire Intermediate Holdings LLC, Senior Notes
7.500%
10/15/29
12,000,000
 
11,696,069
 (a)
Total Oil, Gas & Consumable Fuels
204,486,307
 
Total Energy
218,004,871
Financials — 26.4%
Banks — 4.9%
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
18,954,000
 
18,563,159
 (c)(d)
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
10,000,000
 
9,801,488
 (c)(d)
Popular Inc., Senior Notes
7.250%
3/13/28
10,421,000
 
10,813,059
 
Societe Generale SA, Senior Notes
3.625%
3/1/41
4,925,000
 
3,450,770
 (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
2,455,000
 
1,759,728
 (a)(d)
Societe Generale SA, Subordinated Notes
7.367%
1/10/53
17,023,000
 
17,488,377
 (a)
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
9,529,000
 
9,275,373
 (d)
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
32,934,000
 
32,298,384
 (c)(d)
Western Alliance Bancorp, Subordinated Notes (3.000% to 6/15/26
then 3 mo. Term SOFR + 2.250%)
3.000%
6/15/31
13,187,000
 
12,362,813
 (d)
Total Banks
115,813,151
Capital Markets — 2.7%
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
639,000
 
627,226
 (c)(d)
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
250,000
 
239,591
 (c)(d)
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
7,000,000
 
7,065,436
 (a)(c)(d)
See Notes to Schedule of Investments.
3
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Capital Markets — continued
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
 $1,650,000
 
 $1,464,373
 (c)(d)
CI Financial Corp., Senior Notes
7.500%
5/30/29
10,100,000
 
10,594,693
 (a)
CI Financial Corp., Senior Notes
3.200%
12/17/30
14,389,000
 
12,574,904
 
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
2,250,000
 
2,196,659
 (c)(d)
Jefferies Finance LLC/JFIN Co-Issuer Corp., Senior Secured Notes
6.625%
10/15/31
18,375,000
 
18,198,047
 (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
2,000,000
 
1,939,784
 (a)(c)(d)
XP Inc., Senior Notes
6.750%
7/2/29
8,900,000
 
8,949,796
 (a)
Total Capital Markets
63,850,509
Consumer Finance — 7.2%
Credit Acceptance Corp., Senior Notes
9.250%
12/15/28
15,849,000
 
16,798,339
 (a)
Credit Acceptance Corp., Senior Notes
6.625%
3/15/30
500,000
 
493,500
 (a)
Encore Capital Group Inc., Senior Secured Notes
9.250%
4/1/29
9,503,000
 
9,964,580
 (a)
Encore Capital Group Inc., Senior Secured Notes
8.500%
5/15/30
15,670,000
 
16,173,185
 (a)
Enova International Inc., Senior Notes
11.250%
12/15/28
19,655,000
 
21,190,488
 (a)
FirstCash Inc., Senior Notes
4.625%
9/1/28
12,025,000
 
11,492,641
 (a)
FirstCash Inc., Senior Notes
5.625%
1/1/30
19,536,000
 
18,958,131
 (a)
goeasy Ltd., Senior Notes
9.250%
12/1/28
12,382,000
 
13,012,955
 (a)
PRA Group Inc., Senior Notes
8.375%
2/1/28
3,925,000
 
4,013,764
 (a)
PRA Group Inc., Senior Notes
5.000%
10/1/29
12,989,000
 
11,975,929
 (a)
PROG Holdings Inc., Senior Notes
6.000%
11/15/29
40,574,000
 
37,497,553
 (a)
Synchrony Bank, Senior Notes
5.400%
8/22/25
1,542,000
 
1,544,193
 
World Acceptance Corp., Senior Notes
7.000%
11/1/26
5,119,000
 
5,081,131
 (a)
Total Consumer Finance
168,196,389
Financial Services — 7.3%
Burford Capital Finance LLC, Senior Notes
6.125%
8/12/25
7,000,000
 
7,026,950
 
Burford Capital Global Finance LLC, Senior Notes
6.250%
4/15/28
4,020,000
 
3,998,126
 (a)
Burford Capital Global Finance LLC, Senior Notes
6.875%
4/15/30
29,788,000
 
29,446,656
 (a)
Citadel Finance LLC, Senior Notes
5.900%
2/10/30
11,800,000
 
11,757,632
 (a)
Enact Holdings Inc., Senior Notes
6.250%
5/28/29
6,289,000
 
6,456,076
 
Freedom Mortgage Corp., Senior Notes
7.625%
5/1/26
18,095,000
 
18,063,039
 (a)
Freedom Mortgage Corp., Senior Notes
6.625%
1/15/27
11,625,000
 
11,576,647
 (a)
Freedom Mortgage Corp., Senior Notes
12.000%
10/1/28
1,500,000
 
1,612,397
 (a)
Freedom Mortgage Holdings LLC, Senior Notes
9.250%
2/1/29
600,000
 
609,810
 (a)
Jefferson Capital Holdings LLC, Senior Notes
9.500%
2/15/29
21,745,000
 
23,162,122
 (a)
NMI Holdings Inc., Senior Notes
6.000%
8/15/29
4,669,000
 
4,732,943
 
PennyMac Financial Services Inc., Senior Notes
5.375%
10/15/25
500,000
 
499,273
 (a)
Provident Funding Associates LP/PFG Finance Corp., Senior Notes
9.750%
9/15/29
11,950,000
 
12,241,616
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.750%
6/15/27
8,120,000
 
7,991,096
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.500%
4/15/29
31,856,000
 
30,739,877
 (a)
Total Financial Services
169,914,260
Insurance — 4.3%
AmWINS Group Inc., Senior Secured Notes
6.375%
2/15/29
1,185,000
 
1,194,772
 (a)
Ardonagh Finco Ltd., Senior Secured Notes
7.750%
2/15/31
8,800,000
 
8,971,336
 (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
 
Insurance — continued
First American Financial Corp., Senior Notes
5.450%
9/30/34
 $1,000,000
 
 $979,272
 
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Notes
8.125%
2/15/32
11,125,000
 
11,253,026
 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Secured Notes
7.250%
2/15/31
32,676,000
 
33,013,582
 (a)
Panther Escrow Issuer LLC, Senior Secured Notes
7.125%
6/1/31
22,315,000
 
22,751,955
 (a)
Ryan Specialty LLC, Senior Secured Notes
4.375%
2/1/30
16,844,000
 
16,047,533
 (a)
Ryan Specialty LLC, Senior Secured Notes
5.875%
8/1/32
7,469,000
 
7,383,504
 (a)
Total Insurance
101,594,980
 
Total Financials
619,369,289
Health Care — 4.0%
Biotechnology — 1.1%
Fortrea Holdings Inc., Senior Secured Notes
7.500%
7/1/30
27,355,000
 
24,908,694
 (a)
Health Care Equipment & Supplies — 0.3%
Embecta Corp., Senior Secured Notes
6.750%
2/15/30
7,013,000
 
6,713,248
 (a)
Health Care Providers & Services — 1.8%
HealthEquity Inc., Senior Notes
4.500%
10/1/29
1,500,000
 
1,407,959
 (a)
Molina Healthcare Inc., Senior Notes
4.375%
6/15/28
4,800,000
 
4,575,478
 (a)
Molina Healthcare Inc., Senior Notes
6.250%
1/15/33
3,490,000
 
3,439,530
 (a)
Option Care Health Inc., Senior Notes
4.375%
10/31/29
1,593,000
 
1,487,819
 (a)
Owens & Minor Inc., Senior Notes
4.500%
3/31/29
9,540,000
 
8,004,550
 (a)
Owens & Minor Inc., Senior Notes
6.625%
4/1/30
900,000
 
788,378
 (a)
Star Parent Inc., Senior Secured Notes
9.000%
10/1/30
22,225,000
 
21,933,970
 (a)
Total Health Care Providers & Services
41,637,684
Life Sciences Tools & Services — 0.0%††
Charles River Laboratories International Inc., Senior Notes
4.000%
3/15/31
700,000
 
627,033
 (a)
Pharmaceuticals — 0.8%
Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured
Notes
4.125%
4/30/28
2,786,000
 
2,605,702
 (a)
Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured
Notes
6.750%
5/15/34
12,650,000
 
12,427,680
 (a)
Utah Acquisition Sub Inc., Senior Notes
5.250%
6/15/46
500,000
 
400,312
 
Viatris Inc., Senior Notes
3.850%
6/22/40
2,000,000
 
1,454,920
 
Viatris Inc., Senior Notes
4.000%
6/22/50
4,500,000
 
2,953,371
 
Total Pharmaceuticals
19,841,985
 
Total Health Care
93,728,644
Industrials — 6.2%
Building Products — 0.8%
AmeriTex HoldCo Intermediate LLC, Senior Secured Notes
10.250%
10/15/28
15,104,000
 
15,520,991
 (a)
EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes
6.625%
12/15/30
2,400,000
 
2,404,064
 (a)
Total Building Products
17,925,055
Construction & Engineering — 0.7%
Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured
Notes
7.500%
2/1/32
17,395,000
 
16,582,772
 (a)
Electrical Equipment — 1.0%
Regal Rexnord Corp., Senior Notes
6.050%
2/15/26
8,244,000
 
8,307,923
 
See Notes to Schedule of Investments.
5
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Electrical Equipment — continued
WESCO Distribution Inc., Senior Notes
7.250%
6/15/28
 $14,734,000
 
 $14,953,080
 (a)
Total Electrical Equipment
23,261,003
Ground Transportation — 0.7%
Uber Technologies Inc., Senior Notes
7.500%
9/15/27
8,125,000
 
8,229,870
 (a)
Uber Technologies Inc., Senior Notes
6.250%
1/15/28
7,523,000
 
7,581,175
 (a)
Total Ground Transportation
15,811,045
Passenger Airlines — 2.0%
Air Canada Pass-Through Trust
3.300%
1/15/30
4,739,122
 
4,448,441
 (a)
Allegiant Travel Co., Senior Secured Notes
7.250%
8/15/27
19,445,000
 
18,864,238
 (a)
British Airways Pass-Through Trust
3.300%
12/15/32
4,349,869
 
4,060,786
 (a)
Delta Air Lines Inc., Senior Secured Notes
7.000%
5/1/25
7,436,000
 
7,446,224
 (a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
4.500%
10/20/25
274,875
 
273,947
 (a)
JetBlue Airways Pass-Through Trust
4.000%
11/15/32
8,736,475
 
8,205,643
 
United Airlines Inc., Senior Secured Notes
4.375%
4/15/26
5,000,000
 
4,924,344
 (a)
Total Passenger Airlines
48,223,623
Professional Services — 0.8%
Concentrix Corp., Senior Notes
6.850%
8/2/33
13,137,000
 
13,583,846
 
TriNet Group Inc., Senior Notes
3.500%
3/1/29
5,050,000
 
4,583,591
 (a)
Total Professional Services
18,167,437
Trading Companies & Distributors — 0.2%
Fortress Transportation and Infrastructure Investors LLC, Senior Notes
7.000%
6/15/32
5,292,000
 
5,370,509
 (a)
 
Total Industrials
145,341,444
Information Technology — 4.5%
Communications Equipment — 1.3%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
22,459,000
 
20,504,593
 (a)
Nokia oyj, Senior Notes
6.625%
5/15/39
8,888,000
 
9,140,481
 
Total Communications Equipment
29,645,074
IT Services — 1.0%
Sabre GLBL Inc., Senior Secured Notes
10.750%
11/15/29
21,670,000
 
21,908,951
 (a)
Twilio Inc., Senior Notes
3.875%
3/15/31
1,500,000
 
1,352,913
 
Total IT Services
23,261,864
Semiconductors & Semiconductor Equipment — 0.5%
Qorvo Inc., Senior Notes
3.375%
4/1/31
13,090,000
 
11,489,347
 (a)
Software — 1.7%
Central Parent Inc./CDK Global Inc., Senior Secured Notes
7.250%
6/15/29
25,088,000
 
21,737,740
 (a)
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., Senior
Secured Notes
8.000%
6/15/29
3,560,000
 
3,128,088
 (a)
Elastic NV, Senior Notes
4.125%
7/15/29
2,050,000
 
1,913,587
 (a)
Fair Isaac Corp., Senior Notes
4.000%
6/15/28
5,065,000
 
4,820,445
 (a)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Senior Notes
3.875%
2/1/29
9,670,000
 
8,880,210
 (a)
Total Software
40,480,070
 
Total Information Technology
104,876,355
Materials — 4.9%
Chemicals — 2.3%
Ashland Inc., Senior Notes
6.875%
5/15/43
8,530,000
 
8,860,972
 
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
16,875,000
 
17,307,169
 (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
 
Chemicals — continued
FMC Corp., Senior Notes
6.375%
5/18/53
 $2,000,000
 
 $1,931,839
 
Mativ Holdings Inc., Senior Notes
8.000%
10/1/29
29,852,000
 
25,766,169
 (a)
Total Chemicals
53,866,149
Metals & Mining — 2.4%
Cleveland-Cliffs Inc., Senior Notes
4.625%
3/1/29
4,431,000
 
4,122,142
 (a)
Cleveland-Cliffs Inc., Senior Notes
7.500%
9/15/31
8,260,000
 
8,072,049
 (a)
Cleveland-Cliffs Inc., Senior Notes
7.000%
3/15/32
500,000
 
480,409
 (a)
Cleveland-Cliffs Inc., Senior Notes
7.375%
5/1/33
1,600,000
 
1,536,944
 (a)
Mineral Resources Ltd., Senior Notes
8.125%
5/1/27
30,956,000
 
30,694,864
 (a)
Mineral Resources Ltd., Senior Notes
8.000%
11/1/27
5,904,000
 
5,839,442
 (a)
Vale Overseas Ltd., Senior Notes
6.400%
6/28/54
5,775,000
 
5,704,887
 
Total Metals & Mining
56,450,737
Paper & Forest Products — 0.2%
Magnera Corp., Senior Notes
4.750%
11/15/29
4,485,000
 
3,981,788
 (a)
 
Total Materials
114,298,674
Real Estate — 1.5%
Health Care REITs — 0.1%
National Health Investors Inc., Senior Notes
3.000%
2/1/31
2,156,000
 
1,868,763
 
Hotel & Resort REITs — 0.2%
XHR LP, Senior Secured Notes
4.875%
6/1/29
5,658,000
 
5,304,626
 (a)
Real Estate Management & Development — 1.2%
Forestar Group Inc., Senior Notes
5.000%
3/1/28
18,817,000
 
18,426,803
 (a)
Forestar Group Inc., Senior Notes
6.500%
3/15/33
9,700,000
 
9,505,585
 (a)
Total Real Estate Management & Development
27,932,388
 
Total Real Estate
35,105,777
Utilities — 1.2%
Electric Utilities — 0.5%
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes
7.875%
9/15/30
6,250,000
 
5,481,181
 (a)
Southern California Edison Co., First Mortgage Bonds
4.125%
3/1/48
6,250,000
 
4,710,020
 
Southern California Edison Co., First Mortgage Bonds
4.875%
3/1/49
2,700,000
 
2,258,329
 
Total Electric Utilities
12,449,530
Water Utilities — 0.7%
Aris Water Holdings LLC, Senior Notes
7.625%
4/1/26
16,536,000
 
16,536,000
 (a)
 
Total Utilities
28,985,530
Total Corporate Bonds & Notes (Cost — $1,901,701,009)
1,883,256,025
Senior Loans — 6.7%
Communication Services — 1.5%
Diversified Telecommunication Services — 0.6%
Numericable U.S. LLC, USD Term Loan B14 (3 mo. Term SOFR +
5.500%)
9.802%
8/15/28
15,591,712
 
14,015,000
 (d)(e)(f)
Interactive Media & Services — 0.9%
TripAdvisor Inc., Initial Term Loan B (3 mo. Term SOFR + 2.750%)
7.049%
7/8/31
21,423,671
 
21,141,093
 (d)(e)(f)
 
Total Communication Services
35,156,093
See Notes to Schedule of Investments.
7
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — Corporate Credit Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Consumer Discretionary — 0.5%
Hotels, Restaurants & Leisure — 0.5%
J&J Ventures Gaming LLC, 2025 Term Loan (1 mo. Term SOFR +
3.500%)
7.825%
4/26/30
 $7,940,000
 
 $7,840,750
 (d)(e)(f)
Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR +
2.000%)
6.325%
3/14/31
2,475,000
 
2,464,951
 (d)(e)(f)
 
Total Consumer Discretionary
10,305,701
Financials — 2.8%
Financial Services — 0.2%
FNZ Group Entities Ltd., Initial USD Term Loan (3 mo. Term SOFR +
5.000%)
9.291%
11/5/31
6,500,000
 
6,012,500
 (d)(e)(f)
Insurance — 2.6%
AmWINS Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.250%)
6.575%
1/30/32
10,473,750
 
10,402,581
 (d)(e)(f)
Ardonagh Group Finco Pty Ltd., Syndicated USD Term Loan Facility B
7.049-8.039%
2/17/31
23,250,000
 
22,988,438
 (d)(e)(f)(g)
Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term SOFR +
3.000%)
7.325%
6/13/31
14,143,125
 
14,038,324
 (d)(e)(f)
HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR
+ 2.500%)
6.787%
6/20/30
6,932,781
 
6,911,636
 (d)(e)(f)
Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR +
2.750%)
7.049%
5/6/31
5,975,806
 
5,945,927
 (d)(e)(f)
Total Insurance
60,286,906
 
Total Financials
66,299,406
Industrials — 0.1%
Passenger Airlines — 0.1%
WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.250%)
7.549%
2/14/31
2,777,224
 
2,680,715
 (d)(e)(f)
 
Information Technology — 1.2%
Communications Equipment — 0.1%
Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term
SOFR + 4.500%)
8.825%
9/27/29
2,992,443
 
2,645,036
 (d)(e)(f)
IT Services — 0.5%
Amentum Holdings LLC, Initial Term Loan (1 mo. Term SOFR +
2.250%)
6.575%
9/29/31
10,473,750
 
10,149,745
 (d)(e)(f)
Semiconductors & Semiconductor Equipment — 0.5%
Long Ridge Energy LLC, Term Loan B
—
2/10/32
12,750,000
 
12,303,750
 (g)(h)
Software — 0.1%
Central Parent LLC, 2024 Refinance Term Loan (3 mo. Term SOFR +
3.250%)
7.549%
7/6/29
1,997,494
 
1,720,341
 (d)(e)(f)(g)
 
Total Information Technology
26,818,872
Materials — 0.1%
Construction Materials — 0.1%
Knife River Corp., Initial Term Loan B (3 mo. Term SOFR + 2.000%)
6.286%
2/28/32
3,000,000
 
2,996,250
 (d)(e)(f)
 
Real Estate — 0.1%
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, Second Incremental Term Loan B (1 mo. Term
SOFR + 2.000%)
6.325%
5/18/30
2,920,574
 
2,921,187
 (d)(e)(f)
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
 
Utilities — 0.4%
Electric Utilities — 0.4%
NRG Energy Inc., Term Loan (3 mo. Term SOFR + 1.750%)
6.044%
4/16/31
 $9,900,000
 
 $9,893,813
 (d)(e)(f)
 
Total Senior Loans (Cost — $156,722,202)
157,072,037
Convertible Bonds & Notes — 0.5%
Communication Services — 0.3%
Interactive Media & Services — 0.0%††
Snap Inc., Senior Notes
0.500%
5/1/30
2,000,000
 
1,659,000
 (a)
Media — 0.3%
Cable One Inc., Senior Notes
1.125%
3/15/28
8,250,000
 
6,569,231
 
 
Total Communication Services
8,228,231
Consumer Discretionary — 0.1%
Automobiles — 0.1%
Winnebago Industries Inc., Senior Notes
3.250%
1/15/30
1,500,000
 
1,319,250
 
 
Information Technology — 0.1%
IT Services — 0.1%
Block Inc., Senior Notes
0.250%
11/1/27
2,000,000
 
1,767,500
 
 
Total Convertible Bonds & Notes (Cost — $11,305,495)
11,314,981
Asset-Backed Securities — 0.3%
ALESCO Preferred Funding Ltd., 6A PPNE
—
3/23/35
336,608
 
142,088
 *(a)(h)(i)(j)
ALESCO Preferred Funding Ltd., PNN
—
3/23/35
621,631
 
275,283
 *(a)(h)(i)(j)
Cogent LLC, 2024-1A A2
7.924%
5/25/54
5,800,000
 
6,057,333
 (a)(j)
Fort Sheridan CDO Ltd., 2005-1A, PPN2
—
11/5/41
611,948
 
312,929
 *(a)(h)(i)(j)
Taberna Preferred Funding Ltd., 2005-1A, PPN2
—
7/5/35
1,175,564
 
519,937
 *(a)(h)(i)(j)
 
Total Asset-Backed Securities (Cost — $8,368,118)
7,307,570
Sovereign Bonds — 0.1%
Israel — 0.1%
Israel Government International Bond, Senior Notes (Cost —
$2,974,891)
5.375%
2/19/30
3,000,000
 
3,024,087
 
 
 
 
 
Shares
 
Common Stocks — 0.1%
Utilities — 0.1%
Electric Utilities — 0.1%
New Fortress Energy Inc. (Cost — $0)
253,640
1,898,193
 *(h)(i)(j)
Total Investments before Short-Term Investments (Cost — $2,081,071,715)
2,063,872,893
 
 
Rate
 
 
 
Short-Term Investments — 11.5%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium
Shares (Cost — $268,815,792)  
4.202%
268,815,792
 
268,815,792
 (k)(l)
Total Investments — 99.5% (Cost — $2,349,887,507)
2,332,688,685
Other Assets in Excess of Liabilities — 0.5%
12,409,305
Total Net Assets — 100.0%
$2,345,097,990
 
See Notes to Schedule of Investments.
9
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 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)
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)
Security has no maturity date. The date shown represents the next call date.
(d)
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.
(e)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(f)
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.
(g)
All or a portion of this loan has not settled as of March 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
(h)
Security is valued using significant unobservable inputs (Note 1).
(i)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(j)
Restricted security (Note 3).
(k)
Rate shown is one-day yield as of the end of the reporting period.
(l)
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 March 31, 2025, the total market value of
investments in Affiliated Companies was $268,815,792 and the cost was $268,815,792 (Note 2).
 
Abbreviation(s) used in this schedule:
CDO
—
Collateralized Debt Obligation
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. Equity securities 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 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
—
 $1,883,256,025
—
 $1,883,256,025
Senior Loans:
Information Technology
—
14,515,122
 $12,303,750
26,818,872
Other Senior Loans
—
130,253,165
—
130,253,165
Convertible Bonds & Notes
—
11,314,981
—
11,314,981
Asset-Backed Securities
—
6,057,333
1,250,237
7,307,570
Sovereign Bonds
—
3,024,087
—
3,024,087
Common Stocks
—
—
1,898,193
1,898,193
Total Long-Term Investments
—
2,048,420,713
15,452,180
2,063,872,893
Short-Term Investments†
 $268,815,792
—
—
268,815,792
Total Investments
$268,815,792
$2,048,420,713
$15,452,180
$2,332,688,685
 
†
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 March 31, 2025. The following transactions were effected in such company for the period ended March 31, 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
 $275,592,639
275,592,639
 $225,480,339
225,480,339

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
March 31,
2025
Western Asset Premier
Institutional U.S. Treasury
Reserves, Premium Shares
—
 $2,700,162
—
 $268,815,792
12
BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report
3. Restricted securities
The following Fund investments are restricted as to resale.
 
Security
Face
Amounts/
Shares
Acquisition
Date
Cost
Value
at 3/31/2025
Value Per
Unit/Share
Percent of
Net Assets
ALESCO Preferred
Funding Ltd., 6A PPNE
$336,608
3/05, 1/06
 $336,608
 $142,088
(a)(b)
 $0.42
0.01
 %
ALESCO Preferred
Funding Ltd., PNN
$621,631
12/04, 7/05, 1/06
621,631
275,283
(a)(b)
0.44
0.01
Cogent LLC, 2024-1A A2
$5,800,000
4/24
5,799,828
6,057,333
(a)
1.04
0.26
Fort Sheridan CDO Ltd.,
2005-1A, PPN2
$611,948
3/05, 5/06, 12/09
534,130
312,929
(a)(b)
0.51
0.01
New Fortress
Energy Inc., Common
Shares
253,640
12/24
0
(c)
1,898,193
(b)
7.48
0.08
Taberna Preferred
Funding Ltd., 2005-1A,
PPN2
$1,175,564
3/05, 5/06, 12/09
1,075,921
519,937
(a)(b)
0.44
0.02
 
$8,368,118
$9,205,763
0.39
%
 
(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.
(c)
Amount represents less than $1.
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BrandywineGLOBAL — Corporate Credit Fund 2025 Quarterly Report