NPORT-EX 2 LMF8200LM033125.htm EDGAR HTML
Schedule of Investments (unaudited)
March 31, 2025
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Corporate Bonds & Notes — 87.3%
Communication Services — 8.1%
Diversified Telecommunication Services — 1.2%
Altice France SA, Senior Secured Notes
8.125%
2/1/27
 $14,415,000
 
 $12,901,193
 (a)
Cogent Communications Group Inc./Cogent Communications
Finance Inc., Senior Notes
7.000%
6/15/27
21,938,000
 
22,106,243
 (a)
Cogent Communications Group LLC, Senior Notes
7.000%
6/15/27
5,630,000
 
5,677,027
 (a)
Total Diversified Telecommunication Services
40,684,463
Entertainment — 1.6%
Live Nation Entertainment Inc., Senior Notes
5.625%
3/15/26
6,921,000
 
6,910,470
 (a)
Live Nation Entertainment Inc., Senior Secured Notes
6.500%
5/15/27
29,911,000
 
30,234,476
 (a)
Live Nation Entertainment Inc., Senior Secured Notes
3.750%
1/15/28
5,000,000
 
4,770,081
 (a)
ROBLOX Corp., Senior Notes
3.875%
5/1/30
15,402,000
 
14,023,033
 (a)
Total Entertainment
55,938,060
Interactive Media & Services — 3.0%
ANGI Group LLC, Senior Notes
3.875%
8/15/28
47,959,000
 
43,572,977
 (a)
GrubHub Holdings Inc., Senior Notes
5.500%
7/1/27
29,565,000
 
27,197,976
 (a)
ZipRecruiter Inc., Senior Notes
5.000%
1/15/30
35,286,000
 
31,068,042
 (a)
Total Interactive Media & Services
101,838,995
Media — 2.3%
Cable One Inc., Senior Notes
4.000%
11/15/30
22,076,000
 
17,536,781
 (a)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
5.750%
4/1/48
27,146,000
 
23,429,315
 
LCPR Senior Secured Financing DAC, Senior Secured Notes
6.750%
10/15/27
15,431,000
 
12,920,586
 (a)
LCPR Senior Secured Financing DAC, Senior Secured Notes
5.125%
7/15/29
24,502,000
 
17,997,615
 (a)
Liberty Interactive LLC, Senior Notes
8.500%
7/15/29
12,681,000
 
5,119,940
 
Liberty Interactive LLC, Senior Notes
8.250%
2/1/30
7,180,000
 
2,832,160
 
Total Media
79,836,397
 
Total Communication Services
278,297,915
Consumer Discretionary — 15.8%
Automobile Components — 1.0%
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
35,764,000
 
34,026,030
 (a)
Automobiles — 0.2%
Winnebago Industries Inc., Senior Secured Notes
6.250%
7/15/28
8,236,000
 
8,152,251
 (a)
Broadline Retail — 1.0%
MercadoLibre Inc., Senior Notes
3.125%
1/14/31
15,066,000
 
13,360,356
 
QVC Inc., Senior Secured Notes
5.450%
8/15/34
40,914,000
 
20,382,425
 
Total Broadline Retail
33,742,781
Diversified Consumer Services — 1.1%
Adtalem Global Education Inc., Senior Secured Notes
5.500%
3/1/28
17,675,000
 
17,428,667
 (a)
Graham Holdings Co., Senior Notes
5.750%
6/1/26
20,753,000
 
20,771,449
 (a)
Total Diversified Consumer Services
38,200,116
Hotels, Restaurants & Leisure — 7.9%
Affinity Interactive, Senior Secured Notes
6.875%
12/15/27
47,270,000
 
36,057,838
 (a)
Allwyn Entertainment Financing UK PLC, Senior Secured Notes
7.875%
4/30/29
40,891,000
 
42,261,278
 (a)
Carnival Corp., Senior Notes
7.625%
3/1/26
10,898,000
 
10,908,005
 (a)
CCM Merger Inc., Senior Notes
6.375%
5/1/26
16,320,000
 
16,355,855
 (a)
See Notes to Schedule of Investments.
1
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Hotels, Restaurants & Leisure — continued
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.,
Senior Notes
6.750%
1/15/30
 $2,220,000
 
 $1,921,715
 (a)
International Game Technology PLC, Senior Secured Notes
6.250%
1/15/27
5,814,000
 
5,856,262
 (a)
Las Vegas Sands Corp., Senior Notes
2.900%
6/25/25
5,180,000
 
5,152,912
 
Lindblad Expeditions Holdings Inc., Senior Secured Notes
9.000%
5/15/28
26,782,000
 
27,376,641
 (a)
Lindblad Expeditions LLC, Senior Secured Notes
6.750%
2/15/27
27,527,000
 
27,461,497
 (a)
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Senior Secured Notes
4.875%
5/1/29
12,412,000
 
11,658,405
 (a)
NCL Corp. Ltd., Senior Notes
5.875%
3/15/26
8,086,000
 
8,074,104
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
10,430,000
 
10,978,128
 (a)
Viking Cruises Ltd., Senior Notes
6.250%
5/15/25
25,392,000
 
25,416,021
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
13,350,000
 
13,403,493
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
11,352,000
 
12,135,356
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
14,408,000
 
14,064,167
 (a)
Total Hotels, Restaurants & Leisure
269,081,677
Household Durables — 1.6%
Adams Homes Inc., Senior Notes
9.250%
10/15/28
26,271,000
 
26,626,841
 (a)
Century Communities Inc., Senior Notes
6.750%
6/1/27
3,816,000
 
3,825,148
 
Dream Finders Homes Inc., Senior Notes
8.250%
8/15/28
22,555,000
 
23,330,418
 (a)
Total Household Durables
53,782,407
Specialty Retail — 2.2%
Arko Corp., Senior Notes
5.125%
11/15/29
39,237,000
 
31,859,816
 (a)
eG Global Finance PLC, Senior Secured Notes
12.000%
11/30/28
27,250,000
 
30,201,393
 (a)
Gap Inc., Senior Notes
3.875%
10/1/31
16,717,000
 
14,440,202
 (a)
Total Specialty Retail
76,501,411
Textiles, Apparel & Luxury Goods — 0.8%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
32,638,000
 
26,485,381
 (a)
 
Total Consumer Discretionary
539,972,054
Consumer Staples — 1.0%
Beverages — 0.3%
Phinia Inc., Senior Notes
6.625%
10/15/32
10,405,000
 
10,219,756
 (a)
Consumer Staples Distribution & Retail — 0.3%
Walgreens Boots Alliance Inc., Senior Notes
4.650%
6/1/46
10,705,000
 
9,368,990
 
Tobacco — 0.4%
Turning Point Brands Inc., Senior Secured Notes
7.625%
3/15/32
13,951,000
 
14,567,118
 (a)
 
Total Consumer Staples
34,155,864
Energy — 12.0%
Energy Equipment & Services — 0.2%
Transocean Titan Financing Ltd., Senior Secured Notes
8.375%
2/1/28
5,709,952
 
5,837,142
 (a)
Oil, Gas & Consumable Fuels — 11.8%
Baytex Energy Corp., Senior Notes
8.500%
4/30/30
23,553,000
 
23,944,523
 (a)
California Resources Corp., Senior Notes
7.125%
2/1/26
3,192,000
 
3,191,816
 (a)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
4,300,000
 
4,281,371
 (a)
Civitas Resources Inc., Senior Notes
8.375%
7/1/28
1,950,000
 
2,014,812
 (a)
Coronado Finance Pty Ltd., Senior Secured Notes
9.250%
10/1/29
32,790,000
 
30,401,563
 (a)
Coterra Energy Operating Co., Senior Notes
4.375%
3/15/29
2,603,000
 
2,448,131
 
See Notes to Schedule of Investments.
2
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Oil, Gas & Consumable Fuels — continued
Ecopetrol SA, Senior Notes
4.625%
11/2/31
 $2,600,000
 
 $2,168,442
 
Ecopetrol SA, Senior Notes
7.750%
2/1/32
4,824,000
 
4,738,612
 
Ecopetrol SA, Senior Notes
5.875%
5/28/45
7,215,000
 
5,073,029
 
Energean Israel Finance Ltd., Senior Secured Notes
5.375%
3/30/28
17,445,000
 
16,681,746
 (b)
Energean Israel Finance Ltd., Senior Secured Notes
5.875%
3/30/31
1,600,000
 
1,472,652
 (b)
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes
8.000%
1/15/27
2,527,000
 
2,579,352
 
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes
7.750%
2/1/28
14,500,000
 
14,654,535
 
Greenfire Resources Ltd., Senior Secured Notes
12.000%
10/1/28
28,000
 
29,661
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
8.875%
7/15/28
7,668,000
 
8,001,812
 (a)
Kraken Oil & Gas Partners LLC, Senior Notes
7.625%
8/15/29
400,000
 
390,934
 (a)
Leviathan Bond Ltd., Senior Secured Notes
6.500%
6/30/27
9,230,000
 
9,122,194
 (b)
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.,
Senior Notes
6.875%
12/1/32
1,478,000
 
1,476,309
 (a)
NFE Financing LLC, Senior Secured Notes
12.000%
11/15/29
2,000,203
 
1,687,506
 (a)
Parsley Energy LLC/Parsley Finance Corp., Senior Notes
4.125%
2/15/28
3,482,000
 
3,418,362
 (a)
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes
9.875%
3/15/30
20,200,000
 
19,121,546
 (a)
Permian Resources Operating LLC, Senior Notes
5.375%
1/15/26
8,973,000
 
8,949,355
 (a)
Petroleos Mexicanos, Senior Notes
6.750%
9/21/47
24,803,000
 
16,984,359
 
Raizen Fuels Finance SA, Senior Notes
6.700%
2/25/37
11,020,000
 
11,038,458
 (a)
Rockies Express Pipeline LLC, Senior Notes
3.600%
5/15/25
301,000
 
300,142
 (a)
Rockies Express Pipeline LLC, Senior Notes
4.950%
7/15/29
6,794,000
 
6,510,715
 (a)
Rockies Express Pipeline LLC, Senior Notes
4.800%
5/15/30
16,929,000
 
15,913,456
 (a)
Saturn Oil & Gas Inc., Senior Secured Notes
9.625%
6/15/29
56,174,000
 
54,378,148
 (a)
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Senior
Notes
7.875%
11/1/28
6,129,000
 
6,312,582
 (a)
SM Energy Co., Senior Notes
6.750%
9/15/26
6,126,000
 
6,128,743
 
SM Energy Co., Senior Notes
6.625%
1/15/27
11,778,000
 
11,757,013
 
SM Energy Co., Senior Notes
6.500%
7/15/28
15,777,000
 
15,681,021
 
Strathcona Resources Ltd., Senior Notes
6.875%
8/1/26
19,553,000
 
19,526,261
 (a)
Talos Production Inc., Secured Notes
9.375%
2/1/31
2,785,000
 
2,836,302
 (a)
Teine Energy Ltd., Senior Notes
6.875%
4/15/29
20,375,000
 
20,012,199
 (a)
TGNR Intermediate Holdings LLC, Senior Notes
5.500%
10/15/29
13,361,000
 
12,559,757
 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
3.875%
8/15/29
8,968,000
 
8,308,313
 (a)
Wildfire Intermediate Holdings LLC, Senior Notes
7.500%
10/15/29
30,770,000
 
29,990,670
 (a)
Total Oil, Gas & Consumable Fuels
404,086,402
 
Total Energy
409,923,544
Financials — 25.6%
Banks — 4.0%
Bank OZK, Subordinated Notes (2.750% to 10/1/26 then 3 mo. Term
SOFR + 2.090%)
2.750%
10/1/31
4,450,000
 
3,973,005
 (c)
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
35,669,000
 
34,933,487
 (c)(d)
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
 
915,480
 (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
6,340,000
 
6,214,143
 (c)(d)
See Notes to Schedule of Investments.
3
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Banks — continued
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
 $7,718,000
 
 $7,361,577
 (c)(d)
Popular Inc., Senior Notes
7.250%
3/13/28
5,213,000
 
5,409,124
 
Societe Generale SA, Senior Notes
3.625%
3/1/41
9,075,000
 
6,358,526
 (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
7,025,000
 
5,035,475
 (a)(c)
Societe Generale SA, Subordinated Notes
7.367%
1/10/53
25,590,000
 
26,289,583
 (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
12,458,000
 
12,126,414
 (c)
Wells Fargo & Co., Junior Subordinated Notes
5.875%
6/15/25
7,296,000
 
7,300,089
 (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
21,550,000
 
20,203,126
 (c)
Total Banks
136,120,029
Capital Markets — 2.6%
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
10,000,000
 
10,093,480
 (a)(c)(d)
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
34,003,000
 
30,177,625
 (c)(d)
CI Financial Corp., Senior Notes
7.500%
5/30/29
20,620,000
 
21,629,957
 (a)
Jefferies Finance LLC/JFIN Co-Issuer Corp., Senior Secured Notes
6.625%
10/15/31
23,548,000
 
23,321,230
 (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
3,201,000
 
3,104,624
 (a)(c)(d)
Total Capital Markets
88,326,916
Consumer Finance — 8.3%
Credit Acceptance Corp., Senior Notes
9.250%
12/15/28
24,460,000
 
25,925,129
 (a)
Credit Acceptance Corp., Senior Notes
6.625%
3/15/30
5,450,000
 
5,379,150
 (a)
Encore Capital Group Inc., Senior Secured Notes
9.250%
4/1/29
23,363,000
 
24,497,788
 (a)
Encore Capital Group Inc., Senior Secured Notes
8.500%
5/15/30
21,700,000
 
22,396,816
 (a)
Enova International Inc., Senior Notes
11.250%
12/15/28
30,296,000
 
32,662,784
 (a)
Enova International Inc., Senior Notes
9.125%
8/1/29
8,501,000
 
8,767,846
 (a)
FirstCash Inc., Senior Notes
5.625%
1/1/30
28,415,000
 
27,574,493
 (a)
goeasy Ltd., Senior Notes
9.250%
12/1/28
21,940,000
 
23,058,006
 (a)
goeasy Ltd., Senior Notes
7.625%
7/1/29
1,505,000
 
1,507,154
 (a)
PRA Group Inc., Senior Notes
8.375%
2/1/28
10,012,000
 
10,238,421
 (a)
PRA Group Inc., Senior Notes
5.000%
10/1/29
27,425,000
 
25,286,001
 (a)
PROG Holdings Inc., Senior Notes
6.000%
11/15/29
64,424,000
 
59,539,173
 (a)
World Acceptance Corp., Senior Notes
7.000%
11/1/26
15,627,000
 
15,511,395
 (a)
Total Consumer Finance
282,344,156
Financial Services — 6.2%
Burford Capital Finance LLC, Senior Notes
6.125%
8/12/25
3,640,000
 
3,654,014
 
Burford Capital Global Finance LLC, Senior Notes
6.250%
4/15/28
5,540,000
 
5,509,856
 (a)
Burford Capital Global Finance LLC, Senior Notes
6.875%
4/15/30
24,552,000
 
24,270,656
 (a)
Burford Capital Global Finance LLC, Senior Notes
9.250%
7/1/31
500,000
 
527,414
 (a)
Citadel Finance LLC, Senior Notes
5.900%
2/10/30
4,500,000
 
4,483,843
 (a)
Freedom Mortgage Corp., Senior Notes
7.625%
5/1/26
17,462,000
 
17,431,157
 (a)
Freedom Mortgage Corp., Senior Notes
6.625%
1/15/27
24,628,000
 
24,525,562
 (a)
Freedom Mortgage Corp., Senior Notes
12.000%
10/1/28
13,050,000
 
14,027,850
 (a)
See Notes to Schedule of Investments.
4
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Financial Services — continued
Freedom Mortgage Holdings LLC, Senior Notes
9.250%
2/1/29
 $1,800,000
 
 $1,829,428
 (a)
Jefferson Capital Holdings LLC, Senior Notes
9.500%
2/15/29
36,787,000
 
39,184,409
 (a)
Provident Funding Associates LP/PFG Finance Corp., Senior Notes
9.750%
9/15/29
24,155,000
 
24,744,454
 (a)
Rocket Mortgage LLC, Senior Notes
5.250%
1/15/28
2,801,000
 
2,698,119
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.750%
6/15/27
3,664,000
 
3,605,834
 (a)
United Wholesale Mortgage LLC, Senior Notes
5.500%
4/15/29
48,230,000
 
46,540,190
 (a)
Total Financial Services
213,032,786
Insurance — 4.1%
Ardonagh Finco Ltd., Senior Secured Notes
7.750%
2/15/31
200,000
 
203,894
 (a)
Ardonagh Group Finance Ltd., Senior Notes
8.875%
2/15/32
9,300,000
 
9,477,988
 (a)
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group
Holdings Finance, Senior Secured Notes
7.125%
5/15/31
4,026,000
 
4,083,052
 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Notes
8.125%
2/15/32
38,222,000
 
38,661,859
 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US
Refinance LLC, Senior Secured Notes
7.250%
2/15/31
14,224,000
 
14,370,951
 (a)
Panther Escrow Issuer LLC, Senior Secured Notes
7.125%
6/1/31
31,053,000
 
31,661,056
 (a)
Ryan Specialty LLC, Senior Secured Notes
5.875%
8/1/32
41,179,000
 
40,707,632
 (a)
Total Insurance
139,166,432
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Rithm Capital Corp., Senior Notes
6.250%
10/15/25
755,000
 
754,507
 (a)
Rithm Capital Corp., Senior Notes
8.000%
4/1/29
14,001,000
 
13,935,009
 (a)
Total Mortgage Real Estate Investment Trusts (REITs)
14,689,516
 
Total Financials
873,679,835
Health Care — 4.4%
Biotechnology — 1.3%
Fortrea Holdings Inc., Senior Secured Notes
7.500%
7/1/30
48,182,000
 
43,873,175
 (a)
Health Care Equipment & Supplies — 0.6%
Embecta Corp., Senior Secured Notes
6.750%
2/15/30
20,425,000
 
19,551,988
 (a)
Insulet Corp., Senior Notes
6.500%
4/1/33
1,895,000
 
1,927,507
 (a)
Total Health Care Equipment & Supplies
21,479,495
Health Care Providers & Services — 1.9%
Molina Healthcare Inc., Senior Notes
6.250%
1/15/33
10,750,000
 
10,594,540
 (a)
Owens & Minor Inc., Senior Notes
6.625%
4/1/30
27,462,000
 
24,056,040
 (a)
Star Parent Inc., Senior Secured Notes
9.000%
10/1/30
29,364,000
 
28,979,487
 (a)
Total Health Care Providers & Services
63,630,067
Pharmaceuticals — 0.6%
Mylan Inc., Senior Notes
5.200%
4/15/48
5,390,000
 
4,203,720
 
Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured
Notes
6.750%
5/15/34
16,150,000
 
15,866,168
 (a)
Viatris Inc., Senior Notes
3.850%
6/22/40
2,000,000
 
1,454,920
 
Total Pharmaceuticals
21,524,808
 
Total Health Care
150,507,545
Industrials — 5.7%
Building Products — 1.1%
AmeriTex HoldCo Intermediate LLC, Senior Secured Notes
10.250%
10/15/28
30,631,000
 
31,476,661
 (a)
See Notes to Schedule of Investments.
5
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Building Products — continued
EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes
6.625%
12/15/30
 $5,260,000
 
 $5,268,906
 (a)
Total Building Products
36,745,567
Construction & Engineering — 0.9%
Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured Notes
7.500%
2/1/32
32,933,000
 
31,395,253
 (a)
Electrical Equipment — 0.2%
WESCO Distribution Inc., Senior Notes
7.250%
6/15/28
7,724,000
 
7,838,848
 (a)
Ground Transportation — 0.5%
Uber Technologies Inc., Senior Notes
7.500%
9/15/27
11,407,000
 
11,554,230
 (a)
Uber Technologies Inc., Senior Notes
6.250%
1/15/28
5,264,000
 
5,304,707
 (a)
Total Ground Transportation
16,858,937
Machinery — 0.4%
Manitowoc Co. Inc., Secured Notes
9.250%
10/1/31
11,828,000
 
12,173,259
 (a)
Passenger Airlines — 1.6%
Allegiant Travel Co., Senior Secured Notes
7.250%
8/15/27
42,662,000
 
41,387,818
 (a)
United Airlines Inc., Senior Secured Notes
4.375%
4/15/26
12,447,000
 
12,258,661
 (a)
Total Passenger Airlines
53,646,479
Professional Services — 0.5%
Concentrix Corp., Senior Notes
6.850%
8/2/33
18,315,000
 
18,937,973
 
Trading Companies & Distributors — 0.5%
Boise Cascade Co., Senior Notes
4.875%
7/1/30
12,153,000
 
11,505,159
 (a)
Fortress Transportation and Infrastructure Investors LLC, Senior Notes
7.875%
12/1/30
4,386,000
 
4,593,155
 (a)
Total Trading Companies & Distributors
16,098,314
 
Total Industrials
193,694,630
Information Technology — 4.9%
Communications Equipment — 1.7%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
49,674,000
 
45,351,314
 (a)
Nokia oyj, Senior Notes
6.625%
5/15/39
11,849,000
 
12,185,594
 
Total Communications Equipment
57,536,908
IT Services — 1.5%
Amentum Holdings Inc., Senior Notes
7.250%
8/1/32
1,206,000
 
1,187,624
 (a)
Sabre GLBL Inc., Senior Secured Notes
8.625%
6/1/27
3,907,000
 
3,869,290
 (a)
Sabre GLBL Inc., Senior Secured Notes
10.750%
11/15/29
44,227,000
 
44,714,683
 (a)
Twilio Inc., Senior Notes
3.875%
3/15/31
2,833,000
 
2,555,201
 
Total IT Services
52,326,798
Semiconductors & Semiconductor Equipment — 0.3%
Qorvo Inc., Senior Notes
3.375%
4/1/31
10,420,000
 
9,145,836
 (a)
Software — 1.4%
Central Parent Inc./CDK Global Inc., Senior Secured Notes
7.250%
6/15/29
35,562,000
 
30,813,039
 (a)
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., Senior
Secured Notes
8.000%
6/15/29
14,005,000
 
12,305,862
 (a)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Senior Notes
3.875%
2/1/29
6,395,000
 
5,872,693
 (a)
Total Software
48,991,594
 
Total Information Technology
168,001,136
Materials — 6.8%
Chemicals — 3.1%
Braskem Netherlands Finance BV, Senior Notes
4.500%
1/31/30
3,160,000
 
2,712,194
 (a)
See Notes to Schedule of Investments.
6
BrandywineGLOBAL — High Yield Fund 2025 Quarterly 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
 $1,000,000
 
 $858,289
 (b)
Braskem Netherlands Finance BV, Senior Notes
8.500%
1/12/31
7,000,000
 
7,047,523
 (a)
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
35,978,000
 
36,899,397
 (a)
FMC Corp., Senior Notes
4.500%
10/1/49
3,025,000
 
2,280,178
 
Mativ Holdings Inc., Senior Notes
8.000%
10/1/29
62,545,000
 
53,984,491
 (a)
Total Chemicals
103,782,072
Metals & Mining — 2.9%
Algoma Steel Inc., Secured Notes
9.125%
4/15/29
2,185,000
 
2,035,065
 (a)
Cleveland-Cliffs Inc., Senior Notes
7.500%
9/15/31
30,417,000
 
29,724,879
 (a)
Corp. Nacional del Cobre de Chile, Senior Notes
3.700%
1/30/50
500,000
 
342,759
 (a)
FMG Resources August 2006 Pty Ltd., Senior Notes
5.875%
4/15/30
5,536,000
 
5,471,700
 (a)
FMG Resources August 2006 Pty Ltd., Senior Notes
4.375%
4/1/31
1,750,000
 
1,582,162
 (a)
Mineral Resources Ltd., Senior Notes
8.125%
5/1/27
40,114,000
 
39,775,610
 (a)
Mineral Resources Ltd., Senior Notes
8.000%
11/1/27
21,254,000
 
21,021,596
 (a)
Total Metals & Mining
99,953,771
Paper & Forest Products — 0.8%
Magnera Corp., Senior Notes
4.750%
11/15/29
30,378,000
 
26,969,622
 (a)
 
Total Materials
230,705,465
Real Estate — 1.4%
Hotel & Resort REITs — 0.3%
XHR LP, Senior Secured Notes
4.875%
6/1/29
12,250,000
 
11,484,918
 (a)
Real Estate Management & Development — 1.1%
Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero
CIB/4323, Senior Secured Notes (11.000% Cash and 2.000% PIK)
11.000%
9/12/30
6,565,000
 
6,778,363
 (a)(e)
Forestar Group Inc., Senior Notes
5.000%
3/1/28
9,895,000
 
9,689,813
 (a)
Forestar Group Inc., Senior Notes
6.500%
3/15/33
19,337,000
 
18,949,433
 (a)
Total Real Estate Management & Development
35,417,609
 
Total Real Estate
46,902,527
Utilities — 1.6%
Electric Utilities — 0.3%
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes
7.875%
9/15/30
6,800,000
 
5,963,525
 (a)
Southern California Edison Co., First Mortgage Bonds
4.000%
4/1/47
2,000,000
 
1,495,233
 
Southern California Edison Co., First Mortgage Bonds
4.125%
3/1/48
480,000
 
361,730
 
Southern California Edison Co., First Mortgage Bonds
4.875%
3/1/49
4,000,000
 
3,345,673
 
Total Electric Utilities
11,166,161
Independent Power and Renewable Electricity Producers — 0.8%
Long Ridge Energy LLC, Senior Secured Notes
8.750%
2/15/32
18,194,000
 
17,597,024
 (a)
XPLR Infrastructure Operating Partners LP, Senior Notes
8.375%
1/15/31
9,250,000
 
9,104,227
 (a)
Total Independent Power and Renewable Electricity Producers
26,701,251
Water Utilities — 0.5%
Aris Water Holdings LLC, Senior Notes
7.625%
4/1/26
17,454,000
 
17,454,000
 (a)
 
Total Utilities
55,321,412
Total Corporate Bonds & Notes (Cost — $3,007,996,650)
2,981,161,927
See Notes to Schedule of Investments.
7
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Senior Loans — 3.1%
Communication Services — 0.7%
Diversified Telecommunication Services — 0.5%
Numericable U.S. LLC, USD Term Loan B14 (3 mo. Term SOFR +
5.500%)
9.802%
8/15/28
 $19,317,090
 
 $17,363,650
 (c)(f)(g)
Interactive Media & Services — 0.2%
TripAdvisor Inc., Initial Term Loan B (3 mo. Term SOFR + 2.750%)
7.049%
7/8/31
7,979,950
 
7,874,694
 (c)(f)(g)
 
Total Communication Services
25,238,344
Consumer Discretionary — 0.3%
Hotels, Restaurants & Leisure — 0.3%
J&J Ventures Gaming LLC, 2025 Term Loan (1 mo. Term SOFR +
3.500%)
7.825%
4/26/30
11,910,000
 
11,761,125
 (c)(f)(g)
 
Energy — 0.2%
Oil, Gas & Consumable Fuels — 0.2%
M6 ETX Holdings II Midco LLC, Initial Term Loan
—
3/25/32
5,000,000
 
4,995,325
 (h)
 
Financials — 0.8%
Financial Services — 0.3%
FNZ Group Entities Ltd., Initial USD Term Loan (3 mo. Term SOFR +
5.000%)
9.291%
11/5/31
12,500,000
 
11,562,500
 (c)(f)(g)
Insurance — 0.5%
Ardonagh Group Finco Pty Ltd., Syndicated USD Term Loan Facility B
7.049-8.039%
2/17/31
10,750,000
 
10,629,063
 (c)(f)(g)(h)
Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR +
2.750%)
7.049%
5/6/31
4,596,774
 
4,573,790
 (c)(f)(g)
Total Insurance
15,202,853
 
Total Financials
26,765,353
Health Care — 0.3%
Health Care Providers & Services — 0.3%
Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%)
8.299%
9/27/30
11,670,040
 
11,174,063
 (c)(f)(g)
 
Industrials — 0.1%
Passenger Airlines — 0.1%
WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.250%)
7.549%
2/14/31
4,257,000
 
4,109,069
 (c)(f)(g)
 
Information Technology — 0.7%
Communications Equipment — 0.3%
Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR
+ 4.500%)
8.825%
9/27/29
9,968,514
 
8,811,219
 (c)(f)(g)
IT Services — 0.4%
Amentum Holdings LLC, Initial Term Loan (1 mo. Term SOFR + 2.250%)
6.575%
9/29/31
13,466,250
 
13,049,672
 (c)(f)(g)
Software — 0.0%††
Central Parent LLC, 2024 Refinance Term Loan (3 mo. Term SOFR +
3.250%)
7.549%
7/6/29
1,997,494
 
1,720,341
 (c)(f)(g)(h)
 
Total Information Technology
23,581,232
Total Senior Loans (Cost — $106,706,678)
107,624,511
Convertible Bonds & Notes — 2.0%
Communication Services — 1.4%
Interactive Media & Services — 0.3%
Snap Inc., Senior Notes
0.500%
5/1/30
13,375,000
 
11,094,563
 (a)
See Notes to Schedule of Investments.
8
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
 BrandywineGLOBAL — High Yield Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Media — 1.1%
Cable One Inc., Senior Notes
1.125%
3/15/28
 $46,355,000
 
 $36,911,117
 
 
Total Communication Services
48,005,680
Consumer Discretionary — 0.4%
Automobiles — 0.2%
Winnebago Industries Inc., Senior Notes
3.250%
1/15/30
7,650,000
 
6,728,175
 
Hotels, Restaurants & Leisure — 0.2%
Airbnb Inc., Senior Notes
0.000%
3/15/26
6,500,000
 
6,220,500
 
 
Total Consumer Discretionary
12,948,675
Financials — 0.2%
Consumer Finance — 0.2%
Encore Capital Group Inc., Senior Notes
4.000%
3/15/29
5,825,000
 
5,300,750
 
 
Real Estate — 0.0%††
Retail REITs — 0.0%††
Federal Realty OP LP, Senior Notes
3.250%
1/15/29
1,000,000
 
998,500
 (a)
 
Total Convertible Bonds & Notes (Cost — $67,617,509)
67,253,605
 
 
 
 
Shares
 
Common Stocks — 0.1%
Utilities — 0.1%
Electric Utilities — 0.1%
New Fortress Energy Inc. (Cost — $0)
368,223
2,755,711
 *(i)(j)(k)
Total Investments before Short-Term Investments (Cost — $3,182,320,837)
3,158,795,754
 
 
Rate
 
 
 
Short-Term Investments — 5.8%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium
Shares (Cost — $197,807,067)  
4.202%
197,807,067
 
197,807,067
 (l)(m)
Total Investments — 98.3% (Cost — $3,380,127,904)
3,356,602,821
Other Assets in Excess of Liabilities — 1.7%
56,937,855
Total Net Assets — 100.0%
$3,413,540,676
 
See Notes to Schedule of Investments.
9
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 BrandywineGLOBAL — High Yield 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)
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)
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.
(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 March 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
(i)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(j)
Security is valued using significant unobservable inputs (Note 1).
(k)
Restricted security (Note 3).
(l)
Rate shown is one-day yield as of the end of the reporting period.
(m)
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 $197,807,067 and the cost was $197,807,067 (Note 2).
 
Abbreviation(s) used in this schedule:
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 — High Yield Fund 2025 Quarterly Report
Notes to Schedule of Investments (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 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 — High Yield 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
—
 $2,981,161,927
—
 $2,981,161,927
Senior Loans
—
107,624,511
—
107,624,511
Convertible Bonds & Notes
—
67,253,605
—
67,253,605
Common Stocks
—
—
 $2,755,711
2,755,711
Total Long-Term Investments
—
3,156,040,043
2,755,711
3,158,795,754
Short-Term Investments†
 $197,807,067
—
—
197,807,067
Total Investments
$197,807,067
$3,156,040,043
$2,755,711
$3,356,602,821
 
†
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
 $176,021,209
 $374,159,669
374,159,669
 $352,373,811
352,373,811

 
(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
—
 $2,519,007
—
 $197,807,067
12
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report
3. Restricted securities
The following Fund investment is restricted as to resale and, in the absence of a readily ascertainable market value, is fair valued in accordance with procedures approved by the Board. 
 
Security
Number of
Shares
Acquisition
Date
Cost
Fair Value
at 3/31/2025
Value Per
Share
Percent of
Net Assets
New Fortress
Energy Inc., Common
Shares
368,223
12/24
 $0
(a)
 $2,755,711
 $7.48
0.08
 %
 
(a)
Amount represents less than $1.
13
BrandywineGLOBAL — High Yield Fund 2025 Quarterly Report