2026-07-14LMF8100_BrandywineGLOBAL-CorporateCreditFund_ClassA



BrandywineGLOBAL - Corporate Credit Fund
Class A [BCAAX]	Semi-Annual Shareholder Report \| June 30, 2026

This semi-annual shareholder report contains important information about BrandywineGLOBAL - Corporate Credit Fund for the period January 1, 2026, to June 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$41	0.82%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,973,691,335
Total Number of Portfolio Holdings	191
Portfolio Turnover Rate	35%

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Portfolio Composition^* (% of Total Investments)



BrandywineGLOBAL - Corporate Credit Fund
Class C [BGGCX]	Semi-Annual Shareholder Report \| June 30, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$78	1.56%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,973,691,335
Total Number of Portfolio Holdings	191
Portfolio Turnover Rate	35%

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Portfolio Composition^* (% of Total Investments)



BrandywineGLOBAL - Corporate Credit Fund
Class I [BCGIX]	Semi-Annual Shareholder Report \| June 30, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class I	$29	0.59%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,973,691,335
Total Number of Portfolio Holdings	191
Portfolio Turnover Rate	35%

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Portfolio Composition^* (% of Total Investments)



BrandywineGLOBAL - Corporate Credit Fund
Class IS [BGISX]	Semi-Annual Shareholder Report \| June 30, 2026

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class IS	$23	0.47%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,973,691,335
Total Number of Portfolio Holdings	191
Portfolio Turnover Rate	35%

WHAT DID THE FUND INVEST IN? (as of June 30, 2026)

Portfolio Composition^* (% of Total Investments)

Schedule of Investments (unaudited)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Corporate Bonds & Notes — 86.6%
Communication Services — 7.7%
Diversified Telecommunication Services — 1.0%
Cogent Communications Group LLC/ Cogent Finance Inc., Senior Secured Notes	6.500%	7/1/32	$22,525,000	$20,294,991 (a)
Entertainment — 2.6%
Flutter Treasury DAC, Senior Secured Notes	5.875%	6/4/31	17,880,000	17,826,002 (a)
Go Daddy Operating Co. LLC/GD Finance Co. Inc., Senior Notes	5.250%	12/1/27	4,473,000	4,471,096 (a)
Live Nation Entertainment Inc., Senior Secured Notes	6.500%	5/15/27	15,327,000	15,333,773 (a)
ROBLOX Corp., Senior Notes	3.875%	5/1/30	13,805,000	13,055,236 (a)
Total Entertainment				50,686,107
Interactive Media & Services — 3.1%
Angi Group LLC, Senior Notes	3.875%	8/15/28	8,153,000	6,896,052 (a)
GrubHub Holdings Inc., Senior Secured Notes (7.000% Cash and 6.000% PIK)	13.000%	7/31/30	24,360,140	19,953,914 (a)(b)
Match Group Holdings II LLC, Senior Notes	5.000%	12/15/27	5,798,000	5,781,439 (a)
Match Group Holdings II LLC, Senior Notes	4.625%	6/1/28	850,000	838,921 (a)
Match Group Holdings II LLC, Senior Notes	4.125%	8/1/30	12,826,000	12,079,747 (a)
Snap Inc., Senior Notes	6.875%	3/15/34	15,492,000	15,010,089 (a)
Total Interactive Media & Services				60,560,162
Media — 1.0%
Cable One Inc., Senior Notes	4.000%	11/15/30	8,958,000	4,841,626 (a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes	5.750%	4/1/48	5,153,000	4,340,601
LCPR Senior Secured Financing DAC, Senior Secured Notes	6.750%	10/15/27	18,329,000	10,628,568 (a)
Liberty Interactive LLC, Senior Notes	8.500%	7/15/29	11,338,000	607,717
Liberty Interactive LLC, Senior Notes	8.250%	2/1/30	2,916,000	156,298
Total Media				20,574,810

Total Communication Services				152,116,070
Consumer Discretionary — 15.8%
Automobile Components — 1.2%
Aptiv Swiss Holdings Ltd., Senior Notes	4.150%	5/1/52	1,253,000	942,602
Phinia Inc., Senior Notes	6.625%	10/15/32	454,000	464,105 (a)
Phinia Inc., Senior Secured Notes	6.750%	4/15/29	10,199,000	10,457,646 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Automobile Components — continued
ZF North America Capital Inc., Senior Notes	6.750%	4/23/30	$12,094,000	$12,002,816 (a)
Total Automobile Components				23,867,169
Automobiles — 0.2%
Winnebago Industries Inc., Senior Secured Notes	6.250%	7/15/28	3,816,000	3,832,970 (a)
Broadline Retail — 0.8%
Macy’s Retail Holdings LLC, Senior Notes	6.125%	3/15/32	4,925,000	4,952,535 (a)
QVC Inc., Senior Secured Notes	5.450%	8/15/34	23,871,000	11,219,370 *(c)
Total Broadline Retail				16,171,905
Diversified Consumer Services — 1.0%
Graham Holdings Co., Senior Notes	5.625%	12/1/33	19,665,000	19,548,599 (a)
Hotels, Restaurants & Leisure — 7.2%
Affinity Interactive, Senior Secured Notes	6.875%	12/15/27	31,352,000	17,681,461 (a)
Allwyn Entertainment Financing UK PLC, Senior Secured Notes	7.875%	4/30/29	20,667,000	21,245,475 (a)
Lindblad Expeditions LLC, Senior Secured Notes	7.000%	9/15/30	2,875,000	2,974,308 (a)
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Senior Secured Notes	4.875%	5/1/29	16,886,000	16,447,491 (a)
NCL Corp. Ltd., Senior Notes	5.875%	1/15/31	12,358,000	12,002,984 (a)
Vail Resorts Inc., Senior Notes	5.625%	7/15/30	12,867,000	12,857,583 (a)
Viking Cruises Ltd., Senior Notes	7.000%	2/15/29	6,043,000	6,066,453 (a)
Viking Cruises Ltd., Senior Notes	9.125%	7/15/31	16,303,000	17,091,169 (a)
Viking Cruises Ltd., Senior Notes	5.875%	10/15/33	6,764,000	6,777,907 (a)
VOC Escrow Ltd., Senior Secured Notes	5.000%	2/15/28	28,652,000	28,632,583 (a)
Total Hotels, Restaurants & Leisure				141,777,414
Household Durables — 2.4%
Dream Finders Homes Inc., Senior Notes	8.250%	8/15/28	21,061,000	21,551,723 (a)
Dream Finders Homes Inc., Senior Notes	6.875%	9/15/30	5,625,000	5,588,872 (a)
Installed Building Products Inc., Senior Notes	5.625%	2/1/34	19,205,000	19,110,830 (a)
Whirlpool Corp., Senior Secured Notes	7.500%	7/1/31	1,000,000	1,014,448 (a)
Total Household Durables				47,265,873
Specialty Retail — 3.0%
Acushnet Co., Senior Notes	5.625%	12/1/33	8,516,000	8,492,212 (a)
Arko Corp., Senior Notes	5.125%	11/15/29	7,007,000	6,486,617 (a)
EG Global Finance PLC, Senior Secured Notes	12.000%	11/30/28	14,603,000	15,516,389 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Specialty Retail — continued
Gap Inc., Senior Notes	3.625%	10/1/29	$1,082,000	$1,020,230 (a)
Gap Inc., Senior Notes	3.875%	10/1/31	29,742,000	27,117,139 (a)
Total Specialty Retail				58,632,587
Textiles, Apparel & Luxury Goods — 0.0%††
Saks Global Enterprises LLC, Escrow	—	—	481,750	0 *(d)(e)(f)
Saks Global Enterprises LLC, Escrow	—	—	14,180,000	0 *(d)(e)(f)
Total Textiles, Apparel & Luxury Goods				0

Total Consumer Discretionary				311,096,517
Consumer Staples — 1.1%
Consumer Staples Distribution & Retail — 0.9%
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution Inc., Senior Secured Notes	9.000%	2/15/29	12,547,000	13,150,523 (a)
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution Inc., Senior Secured Notes	7.125%	4/30/33	2,450,000	2,497,143 (a)
US Foods Inc., Senior Notes	6.875%	9/15/28	1,861,000	1,903,924 (a)
Total Consumer Staples Distribution & Retail				17,551,590
Personal Care Products — 0.2%
BellRing Brands Inc., Senior Notes	7.000%	3/15/30	4,050,000	4,052,319 (a)

Total Consumer Staples				21,603,909
Energy — 10.1%
Energy Equipment & Services — 1.6%
Enerflex Inc., Senior Notes	6.875%	1/15/31	5,750,000	5,888,270 (a)
Kodiak Gas Services LLC, Senior Notes	5.875%	4/1/31	3,105,000	3,114,622 (a)
Noble Finance II LLC, Senior Notes	6.250%	6/15/34	5,000,000	4,903,507 (a)
Seadrill Finance Ltd., Senior Notes	6.750%	7/15/34	2,400,000	2,318,511 (a)
WBI Operating LLC, Senior Notes	6.250%	10/15/30	14,835,000	14,925,494 (a)
Total Energy Equipment & Services				31,150,404
Oil, Gas & Consumable Fuels — 8.5%
BKV Upstream Midstream LLC, Senior Notes	7.500%	10/15/30	13,730,000	13,790,920 (a)
Chord Energy Corp., Senior Notes	6.000%	10/1/30	2,229,000	2,239,597 (a)
Coronado Finance Pty Ltd., Senior Secured Notes	9.250%	10/1/29	13,055,000	11,909,215 (a)
DBR Land Holdings LLC, Senior Notes	6.250%	12/1/30	14,816,000	15,054,982 (a)
Ecopetrol SA, Senior Notes	5.875%	5/28/45	3,175,000	2,624,911
Infinity Natural Resources LLC, Senior Notes	7.625%	4/1/31	4,559,000	4,531,378 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Oil, Gas & Consumable Fuels — continued
Kraken Oil & Gas Partners LLC, Senior Notes	7.625%	8/15/29	$14,823,000	$14,979,101 (a)
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp., Senior Notes	6.875%	12/1/32	7,548,000	7,689,095 (a)
Murphy Oil Corp., Senior Notes	6.500%	2/15/34	1,525,000	1,511,634
Occidental Petroleum Corp., Senior Notes	6.200%	3/15/40	6,100,000	6,332,812
Occidental Petroleum Corp., Senior Notes	4.400%	8/15/49	1,270,000	1,013,504
PBF Holding Co. LLC/PBF Finance Corp., Senior Notes	7.250%	6/1/34	3,000,000	2,971,918 (a)
Saturn Oil & Gas Inc., Senior Secured Notes	9.625%	6/15/29	27,865,000	29,068,978 (a)
SM Energy Co., Senior Notes	6.625%	1/15/27	10,842,000	10,863,229
SM Energy Co., Senior Notes	6.500%	7/15/28	6,160,000	6,175,215
SM Energy Co., Senior Notes	6.625%	4/15/34	2,400,000	2,363,780 (a)
Sunoco LP, Senior Notes	5.375%	7/15/31	3,230,000	3,187,700 (a)
Teine Energy Ltd., Senior Notes	6.875%	4/15/29	18,914,000	18,948,613 (a)
TGNR Intermediate Holdings LLC, Senior Notes	5.500%	10/15/29	2,726,000	2,684,077 (a)
Venture Global Calcasieu Pass LLC, Senior Secured Notes	3.875%	8/15/29	11,625,000	11,094,750 (a)
Total Oil, Gas & Consumable Fuels				169,035,409

Total Energy				200,185,813
Financials — 25.1%
Banks — 1.1%
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	4,485,317 (g)(h)
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	10,144,000	10,142,156 (g)(h)
Western Alliance Bancorp, Subordinated Notes (3 mo. Term SOFR + 2.250%)	5.917%	6/15/31	7,643,000	7,438,168 (h)
Total Banks				22,065,641

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Capital Markets — 2.0%
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	$10,235,836 (g)(h)
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	5,371,658 (a)(g)(h)
CI Financial Corp., Senior Notes	7.500%	5/30/29	10,100,000	10,588,960 (a)
CI Financial Corp., Senior Notes	3.200%	12/17/30	10,328,000	9,334,391
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	4,540,197 (a)(g)(h)
Total Capital Markets				40,071,042
Consumer Finance — 9.0%
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	3,038,000	3,026,035 (g)(h)
Atlanticus Holdings Corp., Senior Notes	9.750%	9/1/30	8,550,000	8,659,607 (a)
Credit Acceptance Corp., Senior Notes	9.250%	12/15/28	34,548,000	36,020,712 (a)
Encore Capital Group Inc., Senior Secured Notes	6.625%	6/1/32	17,425,000	17,461,802 (a)
Enova International Inc., Senior Notes	11.250%	12/15/28	25,205,000	26,577,312 (a)
FirstCash Inc., Senior Notes	4.625%	9/1/28	10,475,000	10,303,719 (a)
FirstCash Inc., Senior Notes	5.625%	1/1/30	27,615,000	27,469,875 (a)
FirstCash Inc., Senior Notes	6.125%	5/1/34	8,500,000	8,465,352 (a)
PRA Group Inc., Senior Notes	5.000%	10/1/29	7,530,000	7,120,001 (a)
PROG Holdings Inc., Senior Notes	6.000%	11/15/29	33,053,000	32,237,583 (a)
Total Consumer Finance				177,341,998
Financial Services — 7.3%
Block Inc., Senior Notes	5.625%	8/15/30	8,545,000	8,570,729 (a)
Block Inc., Senior Notes	6.000%	8/15/33	6,534,000	6,582,842 (a)
Burford Capital Global Finance LLC, Senior Notes	6.875%	4/15/30	20,054,000	19,106,047 (a)
Citadel Finance LLC, Senior Notes	5.900%	2/10/30	10,641,000	10,734,242 (a)
Freedom Mortgage Corp., Senior Notes	6.625%	1/15/27	9,625,000	9,630,246 (a)
Jefferson Capital Holdings LLC, Senior Notes	9.500%	2/15/29	27,703,000	29,038,756 (a)
Jefferson Capital Holdings LLC, Senior Notes	8.250%	5/15/30	9,925,000	10,441,695 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Financial Services — continued
Provident Funding Associates LP/PFG Finance Corp., Senior Notes	9.750%	9/15/29	$19,675,000	$20,570,842 (a)
United Wholesale Mortgage LLC, Senior Notes	5.750%	6/15/27	5,155,000	5,108,510 (a)
United Wholesale Mortgage LLC, Senior Notes	5.500%	4/15/29	24,606,000	22,875,904 (a)
Velocity Commercial Capital LLC, Senior Notes	9.375%	2/15/31	1,550,000	1,607,818 (a)
Total Financial Services				144,267,631
Insurance — 5.7%
AmWINS Group Inc., Senior Secured Notes	6.375%	2/15/29	10,491,000	10,548,880 (a)
Baldwin Insurance Group Holdings LLC/ Baldwin Insurance Group Holdings Finance, Senior Secured Notes	7.125%	5/15/31	11,067,000	11,123,032 (a)
CRC Insurance Group LLC, Senior Secured Notes	7.125%	6/1/31	27,640,000	27,568,309 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Senior Notes	8.125%	2/15/32	5,439,000	4,879,862 (a)
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Senior Secured Notes	7.250%	2/15/31	27,876,000	27,023,795 (a)
Ryan Specialty LLC, Senior Secured Notes	5.875%	8/1/32	32,136,000	31,636,366 (a)
Total Insurance				112,780,244

Total Financials				496,526,556
Health Care — 5.7%
Health Care Equipment & Supplies — 1.0%
Insulet Corp., Senior Notes	6.500%	4/1/33	9,142,000	9,279,697 (a)
Medline Borrower LP, Senior Notes	5.250%	10/1/29	7,629,000	7,586,233 (a)
Teleflex Inc., Senior Notes	5.875%	1/15/32	3,170,000	3,197,919 (a)
Total Health Care Equipment & Supplies				20,063,849
Health Care Providers & Services — 1.7%
Centene Corp., Senior Notes	3.375%	2/15/30	500,000	466,272
HealthEquity Inc., Senior Notes	4.500%	10/1/29	15,802,000	15,372,211 (a)
Molina Healthcare Inc., Senior Notes	4.375%	6/15/28	7,048,000	6,929,380 (a)
Molina Healthcare Inc., Senior Notes	6.250%	1/15/33	10,165,000	10,188,959 (a)
Total Health Care Providers & Services				32,956,822
Life Sciences Tools & Services — 2.9%
Avantor Funding Inc., Senior Notes	3.875%	11/1/29	11,849,000	11,319,703 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Life Sciences Tools & Services — continued
Charles River Laboratories International Inc., Senior Notes	4.250%	5/1/28	$1,275,000	$1,251,783 (a)
Charles River Laboratories International Inc., Senior Notes	3.750%	3/15/29	2,500,000	2,401,617 (a)
IQVIA Inc., Senior Notes	5.000%	10/15/26	25,835,000	25,834,026 (a)
IQVIA Inc., Senior Notes	5.000%	5/15/27	12,325,000	12,324,670 (a)
IQVIA Inc., Senior Notes	6.250%	6/1/32	4,810,000	4,896,235 (a)
Total Life Sciences Tools & Services				58,028,034
Pharmaceuticals — 0.1%
Utah Acquisition Sub Inc., Senior Notes	5.250%	6/15/46	1,462,000	1,237,843

Total Health Care				112,286,548
Industrials — 12.8%
Aerospace & Defense — 3.0%
AAR Escrow Issuer LLC, Senior Notes	6.750%	3/15/29	5,139,000	5,254,463 (a)
Carpenter Technology Corp., Senior Notes	5.625%	3/1/34	14,827,000	14,834,310 (a)
TransDigm Inc., Senior Secured Notes	6.750%	8/15/28	22,582,000	22,835,121 (a)
TransDigm Inc., Senior Secured Notes	6.375%	3/1/29	16,542,000	16,815,456 (a)
Total Aerospace & Defense				59,739,350
Building Products — 1.2%
Advanced Drainage Systems Inc., Senior Notes	5.375%	3/1/34	14,100,000	13,811,401 (a)
Ameritex Holdco Intermediate LLC, Senior Secured Notes	7.625%	8/15/33	8,864,000	9,268,757 (a)
Total Building Products				23,080,158
Commercial Services & Supplies — 1.2%
APi Group DE Inc., Senior Notes	5.750%	6/1/34	7,365,000	7,299,739 (a)
Synergy Infrastructure Holdings LLC, Secured Notes	7.875%	12/1/30	13,787,000	14,443,685 (a)
Synergy Infrastructure Holdings LLC, Secured Notes	7.000%	7/15/34	2,500,000	2,537,286 (a)
Total Commercial Services & Supplies				24,280,710
Construction & Engineering — 1.3%
Brundage-Bone Concrete Pumping Holdings Inc., Senior Secured Notes	7.500%	2/1/32	20,423,000	21,202,280 (a)
Shea Homes LP/Shea Homes Funding Corp., Senior Notes	4.750%	4/1/29	4,500,000	4,401,499
Total Construction & Engineering				25,603,779
Electrical Equipment — 0.5%
WESCO Distribution Inc., Senior Notes	5.250%	4/15/31	9,648,000	9,573,114 (a)

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Machinery — 3.0%
Amsted Industries Inc., Senior Notes	4.625%	5/15/30	$3,419,000	$3,340,325 (a)
Amsted Industries Inc., Senior Notes	6.375%	3/15/33	9,099,000	9,206,741 (a)
Enpro Inc., Senior Notes	6.125%	6/1/33	10,289,000	10,449,498 (a)
Esab Corp., Senior Notes	5.625%	4/1/31	6,305,000	6,327,604 (a)
Roller Bearing Co. of America Inc., Senior Notes	4.375%	10/15/29	13,151,000	12,838,913 (a)
Titan International Inc., Senior Secured Notes	7.000%	4/30/28	15,999,000	16,026,232
Total Machinery				58,189,313
Passenger Airlines — 1.6%
Air Canada Pass-Through Trust	3.300%	1/15/30	4,375,448	4,163,365 (a)
Allegiant Travel Co., Senior Secured Notes	7.125%	7/1/31	13,255,000	13,433,468 (a)
British Airways Pass-Through Trust	3.300%	12/15/32	3,903,006	3,673,095 (a)
JetBlue Airways Pass-Through Trust	4.000%	11/15/32	7,574,903	7,194,814
United Airlines Holdings Inc., Senior Notes	5.375%	3/1/31	3,750,000	3,727,754
Total Passenger Airlines				32,192,496
Trading Companies & Distributors — 1.0%
Boise Cascade Co., Senior Notes	4.875%	7/1/30	10,477,000	10,331,827 (a)
Herc Holdings Inc., Senior Notes	5.750%	3/15/31	9,505,000	9,500,398 (a)
Total Trading Companies & Distributors				19,832,225

Total Industrials				252,491,145
Information Technology — 2.8%
Communications Equipment — 0.1%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes	9.000%	9/15/29	1,864,000	1,963,713 (a)
IT Services — 0.3%
Sabre GLBL Inc., Senior Secured Notes	10.750%	11/15/29	5,567,000	5,352,921 (a)
Semiconductors & Semiconductor Equipment — 0.6%
Amkor Technology Inc., Senior Notes	5.875%	10/1/33	11,715,000	11,770,324 (a)
Kioxia Holdings Corp., Senior Notes	6.250%	7/24/30	500,000	515,887 (a)
Total Semiconductors & Semiconductor Equipment				12,286,211
Software — 1.8%
Elastic NV, Senior Notes	4.125%	7/15/29	9,538,000	9,106,585 (a)
Fair Isaac Corp., Senior Notes	6.000%	5/15/33	1,000,000	985,193 (a)
Fair Isaac Corp., Senior Notes	6.250%	9/15/34	23,000,000	22,668,660 (a)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Senior Notes	3.875%	2/1/29	4,670,000	3,801,859 (a)
Total Software				36,562,297

Total Information Technology				56,165,142

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Materials — 1.9%
Chemicals — 1.2%
Ashland Inc., Senior Notes	6.875%	5/15/43	$8,530,000	$8,673,099
Cerdia Finanz GmbH, Senior Secured Notes	9.375%	10/3/31	3,384,000	3,039,949 (a)
Mativ Holdings Inc., Senior Notes	8.000%	10/1/29	10,833,000	10,767,502 (a)
Total Chemicals				22,480,550
Metals & Mining — 0.2%
First Quantum Minerals Ltd., Senior Notes	6.375%	2/15/36	2,750,000	2,700,897 (a)
Mineral Resources Ltd., Senior Notes	6.000%	5/1/32	1,500,000	1,484,831 (a)
Total Metals & Mining				4,185,728
Paper & Forest Products — 0.5%
Magnera Corp., Senior Secured Notes	7.250%	11/15/31	10,810,000	10,562,073 (a)

Total Materials				37,228,351
Real Estate — 3.0%
Hotel & Resort REITs — 0.2%
RHP Hotel Properties LP/RHP Finance Corp., Senior Notes	7.250%	7/15/28	586,000	599,094 (a)
RHP Hotel Properties LP/RHP Finance Corp., Senior Notes	4.500%	2/15/29	3,064,000	3,009,425 (a)
Total Hotel & Resort REITs				3,608,519
Real Estate Management & Development — 1.5%
Beacon Point DC LLC, Senior Secured Notes	6.129%	11/30/42	3,750,000	3,783,716 (a)
Forestar Group Inc., Senior Notes	5.000%	3/1/28	17,154,000	17,174,811 (a)
Forestar Group Inc., Senior Notes	6.500%	3/15/33	7,780,000	7,906,783 (a)
Total Real Estate Management & Development				28,865,310
Specialized REITs — 1.3%
Millrose Properties Inc., Senior Notes	6.375%	8/1/30	10,075,000	10,218,065 (a)
Millrose Properties Inc., Senior Notes	6.250%	9/15/32	9,759,000	9,852,755 (a)
QTS Fayetteville I DC1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC, Senior Secured Notes	5.700%	4/15/36	6,925,000	6,586,759 (a)
Total Specialized REITs				26,657,579

Total Real Estate				59,131,408
Utilities — 0.6%
Electric Utilities — 0.6%
Southern California Edison Co., First Mortgage Bonds	4.000%	4/1/47	8,750,000	6,528,463

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Electric Utilities — continued
Southern California Edison Co., First Mortgage Bonds	4.875%	3/1/49	$1,100,000	$921,368
XPLR Infrastructure Operating Partners LP, Senior Notes	8.375%	1/15/31	3,460,000	3,691,941 (a)

Total Utilities				11,141,772
Total Corporate Bonds & Notes (Cost — $1,763,399,235)				1,709,973,231
Senior Loans — 1.8%
Financials — 1.2%
Insurance — 1.2%
AmWINS Group Inc., 2026 Refinancing Term Loan (3 mo. Term SOFR + 2.000%)	5.732%	1/30/32	10,342,500	10,141,287 (h)(i)(j)
HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR + 2.250%)	5.922%	6/20/30	5,848,100	5,848,655 (h)(i)(j)
Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR + 2.750%)	6.482%	5/6/31	6,975,806	6,827,570 (h)(i)(j)

Total Financials				22,817,512
Information Technology — 0.3%
Communications Equipment — 0.3%
Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR + 4.500%)	8.144%	9/27/29	6,971,051	7,000,120 (h)(i)(j)

Real Estate — 0.1%
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, Second Incremental Term Loan B (1 mo. Term SOFR + 1.750%)	5.394%	5/18/30	2,883,883	2,888,685 (h)(i)(j)

Utilities — 0.2%
Electric Utilities — 0.1%
NRG Energy Inc., Term Loan (3 mo. Term SOFR + 1.750%)	5.419%	4/16/31	1,838,324	1,839,087 (h)(i)(j)
Independent Power and Renewable Electricity Producers — 0.1%
Long Ridge Energy LLC, Term Loan B (3 mo. Term SOFR + 4.500%)	8.232%	2/19/32	1,994,950	2,002,012 (h)(i)(j)

Total Utilities				3,841,099
Total Senior Loans (Cost — $36,673,873)				36,547,416
Convertible Bonds & Notes — 0.7%
Communication Services — 0.5%
Interactive Media & Services — 0.2%
Snap Inc., Senior Notes	0.500%	5/1/30	4,000,000	3,269,000

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

BrandywineGLOBAL — Corporate Credit Fund

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value

Media — 0.3%
Cable One Inc., Senior Notes	1.125%	3/15/28	$10,146,000	$6,620,265

Total Communication Services				9,889,265
Consumer Discretionary — 0.1%
Automobiles — 0.1%
Winnebago Industries Inc., Senior Notes	3.250%	1/15/30	1,375,000	1,282,188

Financials — 0.1%
Financial Services — 0.1%
Block Inc., Senior Notes	0.250%	11/1/27	2,000,000	1,898,500

Total Convertible Bonds & Notes (Cost — $15,448,941)				13,069,953
Asset-Backed Securities — 0.4%
ALESCO Preferred Funding Ltd., 6A PPNE	—	3/23/35	336,608	149,395 *(a)(d)(e)
ALESCO Preferred Funding Ltd., PNN	—	3/23/35	621,631	289,439 *(d)(e)
Cogent LLC, 2024-1A A2	7.924%	5/25/54	5,800,000	5,925,735 (a)
Fort Sheridan CDO Ltd., 2005-1A PPN2	—	11/5/41	611,948	331,684 *(a)(d)(e)
Taberna Preferred Funding Ltd., 2005-1A PPN2	—	7/5/35	1,175,564	546,675 *(a)(d)(e)

Total Asset-Backed Securities (Cost — $8,381,732)				7,242,928
			Shares
Common Stocks — 0.0%††
Consumer Staples — 0.0%††
Beverages — 0.0%††
Altice France Luxco (Cost — $0)			16,072	321,010 *
Total Investments before Short-Term Investments (Cost — $1,823,903,781)				1,767,154,538
	Rate
Short-Term Investments — 9.4%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost — $184,829,236)	3.592%		184,829,236	184,829,236 (k)(l)
Total Investments — 98.9% (Cost — $2,008,733,017)				1,951,983,774
Other Assets in Excess of Liabilities — 1.1%				21,707,561
Total Net Assets — 100.0%				$1,973,691,335

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2026

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)	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.
(c)	The coupon payment on this security is currently in default as of June 30, 2026.
(d)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(e)	Security is valued using significant unobservable inputs (Note 1).
(f)	Value is less than $1.
(g)	Security has no maturity date. The date shown represents the next call date.
(h)	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.
(i)	Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(j)	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.
(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, as amended (the “1940 Act”), an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At June 30, 2026, the total market value of investments in Affiliated Companies was $184,829,236 and the cost was $184,829,236 (Note 8).

Abbreviation(s) used in this schedule:
CDO	—	Collateralized Debt Obligation
CRC	—	Costa Rica
DAC	—	Designated Activity Company
PIK	—	Payment-In-Kind
SOFR	—	Secured Overnight Financing Rate

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

June 30, 2026

Assets:
Investments in unaffiliated securities, at value (Cost — $1,823,903,781)	$1,767,154,538
Investments in affiliated securities, at value (Cost — $184,829,236)	184,829,236
Foreign currency, at value (Cost — $170)	177
Cash	5,122,458
Interest receivable	29,188,299
Receivable for securities sold	10,994,563
Receivable for Fund shares sold	1,586,711
Dividends receivable from affiliated investments	601,745
Prepaid expenses	65,482
Total Assets	1,999,543,209
Liabilities:
Payable for securities purchased	16,029,917
Payable for Fund shares repurchased	7,387,378
Distributions payable	1,068,630
Investment management fee payable	713,284
Service and/or distribution fees payable	55,108
Trustees’ fees payable	725
Accrued expenses	596,832
Total Liabilities	25,851,874
Total Net Assets	$1,973,691,335
Net Assets:
Par value (Note 7)	$1,917
Paid-in capital in excess of par value	2,179,170,662
Total distributable earnings (loss)	(205,481,244 )
Total Net Assets	$1,973,691,335

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

June 30, 2026

Net Assets:
Class A	$219,820,944
Class C	$12,019,521
Class I	$1,308,838,172
Class IS	$433,012,698
Shares Outstanding:
Class A	21,273,849
Class C	1,163,186
Class I	127,150,756
Class IS	42,104,059
Net Asset Value:
Class A (and redemption price)	$10.33
Class C*	$10.33
Class I (and redemption price)	$10.29
Class IS (and redemption price)	$10.28
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)	$10.73

*	Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment Income:
Interest	$65,420,674
Dividends from affiliated investments	3,441,917
Total Investment Income	68,862,591
Expenses:
Investment management fee (Note 2)	4,687,984
Transfer agent fees (Notes 2 and 5)	893,718
Service and/or distribution fees (Notes 2 and 5)	339,183
Registration fees	65,080
Shareholder reports	60,471
Fund accounting fees	58,128
Legal fees	55,004
Trustees’ fees	53,190
Audit and tax fees	24,602
Commitment fees (Note 9)	9,422
Insurance	8,166
Custody fees	4,312
Miscellaneous expenses	16,093
Total Expenses	6,275,353
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(111,697 )
Net Expenses	6,163,656
Net Investment Income	62,698,935
Realized and Unrealized Loss on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Loss From Unaffiliated Investment Transactions	(17,101,524 )
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	(24,596,301 )
Foreign currencies	(5 )
Change in Net Unrealized Appreciation (Depreciation)	(24,596,306 )
Net Loss on Investments and Foreign Currency Transactions	(41,697,830 )
Increase in Net Assets From Operations	$21,001,105

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2026 (unaudited) and the Year Ended December 31, 2025	2026	2025
Operations:
Net investment income	$62,698,935	$151,978,448
Net realized gain (loss)	(17,101,524 )	20,278,713
Change in net unrealized appreciation (depreciation)	(24,596,306 )	(46,575,724 )
Increase in Net Assets From Operations	21,001,105	125,681,437
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(62,189,454 )	(153,251,129 )
Decrease in Net Assets From Distributions to Shareholders	(62,189,454 )	(153,251,129 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	220,014,853	887,818,629
Reinvestment of distributions	55,255,888	135,679,506
Cost of shares repurchased	(539,205,826 )	(957,526,143 )
Increase (Decrease) in Net Assets From Fund Share Transactions	(263,935,085 )	65,971,992
Increase (Decrease) in Net Assets	(305,123,434 )	38,402,300
Net Assets:
Beginning of period	2,278,814,769	2,240,412,469
End of period	$1,973,691,335	$2,278,814,769

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class A Shares1,2	20263	2025	2024	2023	2022	2021
Net asset value, beginning of period	$10.53	$10.65	$10.48	$9.87	$11.44	$11.81
Income (loss) from operations:
Net investment income	0.30	0.65	0.70	0.65	0.50	0.51
Net realized and unrealized gain (loss)	(0.20 )	(0.11 )	0.19	0.62	(1.49 )	(0.05 )
Total income (loss) from operations	0.10	0.54	0.89	1.27	(0.99)	0.46
Less distributions from:
Net investment income	(0.30 )	(0.66 )	(0.72 )	(0.66 )	(0.54 )	(0.50 )
Net realized gains	—	—	—	—	(0.04 )	(0.33 )
Total distributions	(0.30 )	(0.66 )	(0.72 )	(0.66 )	(0.58 )	(0.83 )
Net asset value, end of period	$10.33	$10.53	$10.65	$10.48	$9.87	$11.44
Total return4	0.96 %	5.24 %	8.73 %	13.30 %	(8.73 )%	3.98 %
Net assets, end of period (millions)	$220	$229	$201	$153	$128	$208
Ratios to average net assets:
Gross expenses	0.83 %5	0.83 %	0.82 %	0.86 %	0.87 %	0.86 %
Net expenses6,7	0.82 5	0.81	0.81	0.85	0.86	0.86
Net investment income	5.80 5	6.20	6.66	6.46	4.82	4.20
Portfolio turnover rate	35 %	99 %	105 %	129 %	106 %	145 %

1	The performance information and financial information presented incorporates the operations of the Investor shares of the Diamond Hill Corporate Credit Fund (the “Predecessor Fund”), which, as a result of the reorganization, are the Fund’s operations.
2	Per share amounts have been calculated using the average shares method.
3	For the six months ended June 30, 2026 (unaudited).
4	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	As a result of an expense limitation arrangement effective August 2, 2021, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 0.92%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to August 2, 2021, the Predecessor Fund’s adviser had contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on the Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been under gross expenses.
7	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class C Shares1	20262	2025	2024	2023	2022	20213
Net asset value, beginning of period	$10.53	$10.65	$10.48	$9.87	$11.44	$11.79
Income (loss) from operations:
Net investment income	0.26	0.58	0.63	0.59	0.44	0.16
Net realized and unrealized gain (loss)	(0.20 )	(0.12 )	0.18	0.60	(1.51 )	(0.10 )
Total income (loss) from operations	0.06	0.46	0.81	1.19	(1.07)	0.06
Less distributions from:
Net investment income	(0.26 )	(0.58 )	(0.64 )	(0.58 )	(0.46 )	(0.16 )
Net realized gains	—	—	—	—	(0.04 )	(0.25 )
Total distributions	(0.26 )	(0.58 )	(0.64 )	(0.58 )	(0.50 )	(0.41 )
Net asset value, end of period	$10.33	$10.53	$10.65	$10.48	$9.87	$11.44
Total return4	0.59 %	4.47 %	7.94 %	12.50 %	(9.40 )%	0.51 %
Net assets, end of period (000s)	$12,020	$12,917	$10,915	$3,520	$546	$373
Ratios to average net assets:
Gross expenses	1.57 %5	1.57 %	1.56 %	1.58 %	1.61 %	1.59 %5
Net expenses6,7	1.56 5	1.55	1.55	1.57	1.61	1.59 5
Net investment income	5.06 5	5.46	5.93	5.88	4.24	3.33 5
Portfolio turnover rate	35 %	99 %	105 %	129 %	106 %	145 %8

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2026 (unaudited).
3	For the period August 2, 2021 (inception date) to December 31, 2021.
4	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.67%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
7	Reflects fee waivers and/or expense reimbursements.
8	For the year ended December 31, 2021.

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1,2	20263	2025	2024	2023	2022	2021
Net asset value, beginning of period	$10.49	$10.60	$10.44	$9.83	$11.40	$11.77
Income (loss) from operations:
Net investment income	0.31	0.68	0.73	0.67	0.53	0.52
Net realized and unrealized gain (loss)	(0.20 )	(0.11 )	0.17	0.62	(1.50 )	(0.03 )
Total income (loss) from operations	0.11	0.57	0.90	1.29	(0.97)	0.49
Less distributions from:
Net investment income	(0.31 )	(0.68 )	(0.74 )	(0.68 )	(0.56 )	(0.53 )
Net realized gains	—	—	—	—	(0.04 )	(0.33 )
Total distributions	(0.31 )	(0.68 )	(0.74 )	(0.68 )	(0.60 )	(0.86 )
Net asset value, end of period	$10.29	$10.49	$10.60	$10.44	$9.83	$11.40
Total return4	1.06 %	5.48 %	8.99 %	13.62 %	(8.53 )%	4.26 %
Net assets, end of period (millions)	$1,309	$1,490	$1,572	$1,135	$904	$1,746
Ratios to average net assets:
Gross expenses	0.60 %5	0.60 %	0.59 %	0.60 %	0.60 %	0.60 %
Net expenses6,7	0.59 5	0.58	0.58	0.59	0.59	0.60
Net investment income	6.02 5	6.43	6.90	6.73	5.04	4.43
Portfolio turnover rate	35 %	99 %	105 %	129 %	106 %	145 %

1	The performance information and financial information presented incorporates the operations of the Class I shares of the Diamond Hill Corporate Credit Fund (the “Predecessor Fund”), which, as a result of the reorganization, are the Fund’s operations.
2	Per share amounts have been calculated using the average shares method.
3	For the six months ended June 30, 2026 (unaudited).
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	As a result of an expense limitation arrangement, effective August 2, 2021, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.63%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to August 2, 2021, the Predecessor Fund’s adviser had contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on the Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been under gross expenses.
7	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class IS Shares1,2	20263	2025	2024	2023	2022	2021
Net asset value, beginning of period	$10.48	$10.60	$10.43	$9.82	$11.39	$11.76
Income (loss) from operations:
Net investment income	0.31	0.69	0.74	0.69	0.54	0.52
Net realized and unrealized gain (loss)	(0.20 )	(0.12 )	0.18	0.61	(1.49 )	(0.02 )
Total income (loss) from operations	0.11	0.57	0.92	1.30	(0.95)	0.50
Less distributions from:
Net investment income	(0.31 )	(0.69 )	(0.75 )	(0.69 )	(0.58 )	(0.54 )
Net realized gains	—	—	—	—	(0.04 )	(0.33 )
Total distributions	(0.31 )	(0.69 )	(0.75 )	(0.69 )	(0.62 )	(0.87 )
Net asset value, end of period	$10.28	$10.48	$10.60	$10.43	$9.82	$11.39
Total return4	1.12 %	5.59 %	9.10 %	13.74 %	(8.44 )%	4.39 %
Net assets, end of period (millions)	$433	$547	$456	$364	$277	$243
Ratios to average net assets:
Gross expenses	0.48 %5	0.48 %	0.48 %	0.49 %	0.49 %	0.49 %
Net expenses6,7	0.47 5	0.47	0.47	0.48	0.49	0.49
Net investment income	6.13 5	6.54	7.00	6.84	5.24	4.49
Portfolio turnover rate	35 %	99 %	105 %	129 %	106 %	145 %

1	The performance information and financial information presented incorporates the operations of the Class Y shares of the Diamond Corporate Credit Fund (the “Predecessor Fund”), which, as a result of the reorganization, are the Fund’s operations.
2	Per share amounts have been calculated using the average shares method.
3	For the six months ended June 30, 2026 (unaudited).
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	As a result of an expense limitation arrangement, effective August 2, 2021, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.51%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to August 2, 2021, the Predecessor Fund’s adviser had contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on the Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been under gross expenses.
7	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

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

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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.

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:
Consumer Discretionary	—	$311,096,517	$0 *	$311,096,517
Other Corporate Bonds & Notes	—	1,398,876,714	—	1,398,876,714
Senior Loans	—	36,547,416	—	36,547,416
Convertible Bonds & Notes	—	13,069,953	—	13,069,953
Asset-Backed Securities	—	5,925,735	1,317,193	7,242,928
Common Stocks	—	321,010	—	321,010
Total Long-Term Investments	—	1,765,837,345	1,317,193	1,767,154,538
Short-Term Investments†	$184,829,236	—	—	184,829,236
Total Investments	$184,829,236	$1,765,837,345	$1,317,193	$1,951,983,774

†	See Schedule of Investments for additional detailed categorizations.
*	Amount represents less than $1.

(b) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

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

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

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

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

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

(d) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social,

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

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

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

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

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

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

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2025, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

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

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Templeton, Inc. (“Franklin Templeton”) (prior to August 17, 2026, known as Franklin Resources, Inc.).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.45% of the Fund’s average daily net assets.

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

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class I and Class IS shares did not exceed 0.92%, 1.67%, 0.63% and 0.51%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board’s consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended June 30, 2026, fees waived and/or expenses reimbursed amounted to $111,697, all of which was an affiliated money market fund waiver.

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

Pursuant to these arrangements, at June 30, 2026, the Fund had no remaining fee waivers and/or expense reimbursements subject to recapture by FTFA. For the six months ended June 30, 2026, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Templeton. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Templeton. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended June 30, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $11,726 was earned by Investor Services.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

For the six months ended June 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$4,707	—
CDSCs	8,261	$1,265

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

3. Investments

During the six months ended June 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$644,838,426
Sales	849,153,394

At June 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Securities	$2,033,296,121	$22,035,976	$(103,348,323)	$(81,312,347)

4. Derivative instruments and hedging activities

During the six months ended June 30, 2026, the Fund did not invest in derivative instruments.

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

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

For the six months ended June 30, 2026, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$277,694	$102,007
Class C	61,489	5,173
Class I	—	782,296
Class IS	—	4,242
Total	$339,183	$893,718

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

For the six months ended June 30, 2026, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$11,927
Class C	660
Class I	73,206
Class IS	25,904
Total	$111,697

6. Distributions to shareholders by class

	Six Months Ended June 30, 2026	Year Ended December 31, 2025
Net Investment Income:
Class A	$6,394,050	$13,673,995
Class C	308,440	685,446
Class I	40,782,276	103,674,703
Class IS	14,704,688	35,216,985
Total	$62,189,454	$153,251,129

7. Shares of beneficial interest

At June 30, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended June 30, 2026		Year Ended December 31, 2025
	Shares	Amount	Shares	Amount
Class A
Shares sold	2,560,114	$26,639,242	7,127,464	$75,293,714
Shares issued on reinvestment	587,281	6,091,987	1,226,292	12,951,493
Shares repurchased	(3,609,520 )	(37,504,635 )	(5,457,481 )	(57,681,531 )
Net increase (decrease)	(462,125 )	$(4,773,406 )	2,896,275	$30,563,676
Class C
Shares sold	52,718	$548,558	366,816	$3,884,184
Shares issued on reinvestment	23,489	243,668	52,504	554,446
Shares repurchased	(139,955 )	(1,456,766 )	(217,710 )	(2,301,970 )
Net increase (decrease)	(63,748 )	$(664,540 )	201,610	$2,136,660

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

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

	Six Months Ended June 30, 2026		Year Ended December 31, 2025
	Shares	Amount	Shares	Amount
Class I
Shares sold	14,604,765	$151,408,282	54,165,881	$570,278,057
Shares issued on reinvestment	3,422,134	35,366,101	8,634,938	90,865,810
Shares repurchased	(32,935,636 )	(341,268,533 )	(69,020,137 )	(723,770,637 )
Net decrease	(14,908,737 )	$(154,494,150 )	(6,219,318 )	$(62,626,770 )
Class IS
Shares sold	3,998,387	$41,418,771	22,733,424	$238,362,674
Shares issued on reinvestment	1,312,711	13,554,132	2,978,981	31,307,757
Shares repurchased	(15,440,189 )	(158,975,892 )	(16,560,007 )	(173,772,005 )
Net increase (decrease)	(10,129,091 )	$(104,002,989 )	9,152,398	$95,898,426

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2026. The following transactions were effected in such company for the six months ended June 30, 2026.

	Affiliate Value at December 31, 2025	Purchased		Sold
	Affiliate Value at December 31, 2025	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$222,017,736	$439,937,323	439,937,323	$477,125,823	477,125,823

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2026
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$3,441,917	—	$184,829,236

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Templeton or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended June 30, 2026.

10. Deferred capital losses

As of December 31, 2025, the Fund had deferred capital losses of $112,710,264, which have no expiration date, that will be available to offset future taxable capital gains.

11. Operating segments

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund’s investment manager serves as the Chief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

BrandywineGLOBAL — Corporate Credit Fund 2026 Semi-Annual Report

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Partners Investment Trust (the “Trust”) held on May 6-7, 2026, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (the “Manager”) with respect to BrandywineGLOBAL – Corporate Credit Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Brandywine Global Investment Management, LLC (the “Sub-Adviser”) provides day-to-day management of the Fund’s portfolio. The management agreement and sub-advisory agreement are collectively referred to as the “Agreements.”

Background

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Adviser and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Adviser, as well as the management and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2026 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

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

Board approval of management agreement and sub-advisory agreement

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

BrandywineGLOBAL — Corporate Credit Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Manager and Sub-Adviser were present. The Independent Trustees considered the Management Agreement and the Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Adviser in providing services to the Fund.

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

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

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

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

BrandywineGLOBAL — Corporate Credit Fund

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s and the Sub-Adviser’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager’s affiliates, the financial resources of Franklin Templeton, Inc. (prior to August 17, 2026, known as Franklin Resources, Inc.), the parent organization of the Manager and the Sub-Adviser. The Board recognized the importance of having a fund manager with significant resources.

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

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

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as high yield funds by Lipper, showed, among other data, that the performance of the Fund’s Class I shares was above the median performance of the funds in the Performance Universe for the 3-, 5- and 10-year periods ended December 31, 2025 and below the median performance of the funds in the Performance Universe for the 1-year period ended December 31, 2025. The Board noted the explanations from the Manager and the Sub-Adviser concerning the reasons for the Fund’s relative performance versus the peer group for the various periods.

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

BrandywineGLOBAL — Corporate Credit Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Management fees and expense ratios

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

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

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

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

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of funds consisting of 16 high yield funds (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of high yield funds (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee

BrandywineGLOBAL — Corporate Credit Fund

was below the median of management fees payable by the funds in the Expense Group and that the Fund’s Actual Management Fee was below the median of management fees paid by the funds in the Expense Group and below the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was below the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe. The Board also considered that the current limitation on the Fund’s expenses is expected to continue until and expire on December 31, 2027.

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

Manager profitability

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

Economies of scale

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

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

Other benefits to the manager and the sub-adviser

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

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

BrandywineGLOBAL — Corporate Credit Fund

BrandywineGLOBAL —

Corporate Credit Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Brandywine Global Investment Management, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

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

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

BrandywineGLOBAL — Corporate Credit Fund

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

BrandywineGLOBAL — Corporate Credit Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010

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

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

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

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

www.franklintempleton.com

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

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

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Refer to the financial statements included herein.

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

Date:	August 25, 2026

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

Date:	August 25, 2026

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	August 25, 2026


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Schedule of Investments	1
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	21
Changes in and Disagreements with Accountants	32
Results of Meeting(s) of Shareholders	32
Remuneration Paid to Directors, Officers and Others	32
Board Approval of Management and Subadvisory Agreements	33