2Q 2021 Product Commentary BRANDYWINEGLOBAL - FLEXIBLE FUND

Jack P. McIntyre, CFA, Anujeet Sareen, CFA, Brian Kloss, JD, CPA, Tracy Chen, CFA, Michael Arno, CFA and Renato Latini, CFA Portfolio Managers

Average annual total returns and fund expenses (%) Revenue Code of 1986, as amended (the “Code”), the Fund is subject to certain restrictions under the Code to which the Predecessor was not subject. Had the as of June 30, 2021 Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act, its investment performance could have been adversely affected. Similarly, had Since Expenses the Predecessor been subject to provisions of the Code applicable to regulated investment companies, its investment performance may have been adversely affected. Predecessor performance is shown net of an annual management fee of 0.80% and other 3-mo 1-yr 5-yr 10-yr Incept.* Gross Net expenses of 0.10%, which reflects the expenses of the Predecessor. The Predecessor did not have distribution policies. The Predecessor was an unregistered private fund, did not Class A Excluding qualify as a regulated investment company for federal income tax purposes, and did not 1.97 10.23 6.83 N/A 7.13 1.98 1.11 pay or distributions. sales charges * The inception date for Class A is May 31, 2016. The inception date for Class IS is March Class A Including 31, 2013. Gross expenses are the Fund’s total annual operating expenses for the share class(es) effects of shown. -2.36 5.55 5.90 N/A 6.22 1.98 1.11 Net expenses for Class(es) A and IS reflect contractual fee waivers and/or maximum sales reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to Dec 31, 2022 without Board consent. The Gross and Net Expenses charges listed include 0.01 of Acquired Fund Fees and Expenses (“AFFE”) that are required to be shown in the Fund’s prospectus. AFFE reflects the Fund’s pro rata share of fees and Class IS 2.05 10.63 7.14 N/A N/A 1.67 0.66 expenses relating to its investments in acquired funds; however, AFFE are not incurred directly by the Fund. Therefore, AFFE are not reflected in the Fund’s audited financial Bloomberg statements or financial highlights. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that Barclays U.S. 1.83 -0.33 3.03 N/A N/A - - measures the performance of the investment-grade universe of bonds issued in the United States. The index includes institutionally traded U.S. Treasury, government sponsored, Aggregate Index mortgage and corporate securities. Investors cannot invest directly in an index, and Performance shown represents past performance and is no guarantee of future results. unmanaged index returns do not reflect any fees, expenses or sales charges. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A shares reflect the deduction of a maximum front-end sales charge of 4.25%. If Market Commentary sales charges were included, performance shown would be lower. Total returns assume The second quarter saw improved global growth, as the reinvestment of all distributions at and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder economies reopened, vaccination efforts progressed and subscriptions and redemptions, which may differ from the NAV per share disclosed in COVID-19 infection rates dropped in many countries. The Fund shareholder reports. Performance would have been lower if fees had not been waived and/or reimbursed in various periods. Returns for less than one year are June Federal Open Market Committee (FOMC) meeting cumulative. Performance for other share classes will vary. For the most recent month-end indicated a possible hawkish shift in tone at the Federal information, please visit www.leggmason.com. This fund is the successor to an institutional account (the “Predecessor”). The Reserve Board (Fed), which precipitated a brief, sharp selloff performance shown prior to 05/31/16 is that of the Predecessor. Immediately prior to of risk assets near the end of the quarter. However, these the Fund commencing operations, the Predecessor transferred its assets to the Fund in exchange for the Fund’s Class IS shares. The investment policies, objectives, guidelines markets largely recovered as of the quarter's end. and restrictions of the Fund are in all material respects equivalent to those of the Predecessor. In addition, the Predecessor’s portfolio managers are the current portfolio managers of the Fund. As a registered under the Investment Company Act of 1940, the Fund is subject to certain restrictions under the 1940 Act to which the Predecessor was not subject. As a regulated investment company under the Internal

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE Fund Performance should benefit from healthy household balance sheets and Residential mortgage-backed securities ("RMBS"), equities increasing used car prices. The manager is also constructive and commercial mortgage-backed securities (CMBS) were on certain cyclical sectors of short-duration high-yield and the largest contributors to performance during the second investment-grade corporate bonds. The manager is bullish quarter. Credit default swaps, collateralized loan obligations on oil due to structurally tighter supply and pickup in (CLOs), asset-backed securities (ABS), investment-grade and demand. The manager believes oil equities have been lagging high-yield corporate bonds, and Spanish RMBS were also oil prices in their performance. While a number of risks are additive for returns. On the downside, short bond futures visible on the horizon, the manager feels the Fund is well detracted from returns as rates mostly declined during the positioned to take advantage of the strength of further quarter. economic recovery.

Positioning Definitions: The Fund has invested in lagging sectors that the manager Coronavirus disease (COVID-19) is a new strain that was discovered in 2019 and has not been previously identified in humans. expects will catch up to their peers as the reopening trend Federal Open Market Committee (FOMC) is a committee within the Federal Reserve continues. These include A-rated and BBB-rated commercial System, is charged under United States law with overseeing the nation's open market mortgage-backed securities (CMBS), BB-rated CLOs, and operations. subprime auto and CRT (credit risk transfer) B1/B2 The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed tranches. The Fund added a 15% long risk position (sell to promote economic growth, full employment, stable prices and a sustainable pattern of protection) in CMBS index (CMBX) BBB-rated Series 10. This international trade and payments. series is trading at cheaper levels than other CMBX series Residential mortgage-backed securities (RMBS) are a debt-based (similar to a bond), backed by the interest paid on loans for residences. and cash bonds. In addition, Series 10 is backed by collateral Commercial mortgage-backed securities (CMBS) are investment products of 2016 vintage with better underwriting quality. In addition, that are backed by mortgages on commercial properties rather than residential real the “cure rate” for delinquent loans has been higher than estate. other vintages. Elsewhere, the Fund covered its short A collateralized loan obligation (CLO) is a single security backed by a pool of debt. positions in 10-year and ultralong 30-year U.S. Treasury Asset backed securities (ABS) are financial securities backed by income-generating assets futures, UK gilts and German bund futures. This was based such as credit card receivables, home equity loans, student loans and auto loans. on the manager’s growing concerns over whether growth Credit risk transfer (CRT) mortgage-backed securities are typically more liquid than securities in the broader credit MBS market. and inflation expectations have peaked. Finally, the Fund CMBS index (CMBX) are indices that track the prices of a basket of tranches in covered its short position in NASDAQ futures. commercial mortgage-backed securities. A bund is a debt security issued by Germany's federal government, and it is the German Outlook equivalent of a U.S. Treasury bond. That manager intends to stay the course of the reflation NASDAQ is a global electronic marketplace for buying and selling securities. Credit quality is a measure of a bond issuer’s ability to repay interest and principal in a trade, but it remains cautious. Improved confidence among timely manner. The credit ratings shown are based on each portfolio security’s rating as corporate chief executive officers and low Inventories should provided by Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings, Ltd. lead to increasing capital expenditure and inventory and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, Brandywine Global Investment Management assigns each buildouts. This, in turn, should be conducive to further security the middle rating from these three agencies. When only two agencies provide economic growth. However, the manager’s view has ratings, the lower of the two ratings will be assigned. When only one agency assigns a moderated in light of the crowded "reflation trade," a more rating, that rating will be used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Funds portfolio does not hawkish Fed and concerns that markets have not yet priced apply to the stability or safety of the Fund. These ratings are updated monthly and may in a potential peaking of growth and inflation expectations, change over time. Please note, the Fund itself has not been rated by an independent rating or a potential stagflation scenario. Unresolved issues around agency. supply chain bottlenecks, semiconductor shortages, the scarcity of skilled labor, COVID-19 variants and geopolitical risk make it difficult to forecast longer term trends of growth and inflation. With these factors in mind, the Fund continues to invest in shorter duration credit positions, with a focus on laggards that have the potential for further gains as reopening continues. The Fund maintains its exposure to the U.S. housing boom by investing in certain CRTs which benefit from the government sponsor enterprise’s high-quality underwriting programs. CMBS BBB-rated securities offer a spread over comparable high-yield corporates, and the manager expects this basis to tighten. Subprime auto ABS

2 Top 10 fixed income holdings (%)

WA Premier Institutional U.S. Treasury Reserves 9.4

MEX BONOS DESARR FIX RT 8.0000% 11/07/2047 4.7

FREMF 2018-K74 MORTGAGE TRUST 4.2269% 02/01/2051 1.9

ATRIUM XIV LLC 5.8336% 08/23/2030 1.7

DISH NETWORK CORP 3.3750% 08/15/2026 1.5

DT AUTO OWNER TRUST 2021-1 2.3800% 01/18/2028 1.4

EAGLE RE 2019-1 LTD 3.3915% 04/25/2029 1.3

FREDDIE MAC STRUCTURED AGENCY 4.0180% 1.3 11/25/2050

TRAINGLE RE 2021-1 LTD 3.0915% 08/25/2033 1.2

CONNECTICUT AVENUE SECURITIES 3.3416% 01/25/2040 1.2

Top 10 countries (%)

United States 64.4

Mexico 6.8

Israel 2.6

Egypt 2.6

MIXED 2.6

Canada 2.5

Brazil 1.8

China 1.5

Japan 1.4

Luxembourg 1.1

Currency allocation (%)

US Dollar 95.5

Egyptian Pound 2.6

Euro 0.9

Swiss Franc 0.8

Mexican Peso 0.1 Percentages are based on total portfolio as of quarter end and are subject to change at any time. For informational purposes only and not to be considered a recommendation to purchase or sell any security.

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What should I know before investing? Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. High-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Equity securities are subject to price fluctuation and possible loss of principal. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may use derivatives to a significant extent, which could result in substantial losses and greater volatility in the Fund’s net assets. Leverage may increase volatility and possibility of loss. Active and frequent trading may increase a shareholder’s tax liability and transaction costs, which could detract from Fund performance. As a non-diversified fund, the Fund is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. The manager’s investment style may become out of favor and/or the manager’s selection process may prove incorrect, which may have a negative impact on the Fund’s performance. Active management does not ensure gains or protect against market declines.

Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. References to specific securities are not intended and should not be relied upon as the basis for anyone to buy, sell or hold any security. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. Portfolio holdings and sector allocations may not be representative of the portfolio manager's current or future investment and are subject to change at any time. © 2021 Franklin Distributors, LLC. Member FINRA/SIPC. Brandywine Global Investment Management, LLC and Franklin Distributors, LLC, are Franklin Templeton affiliated companies. BWXX643808 07/21 BEFORE INVESTING, CAREFULLY CONSIDER A FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. YOU CAN FIND THIS AND OTHER INFORMATION IN EACH PROSPECTUS, AND SUMMARY PROSPECTUS, IF AVAILABLE, AT WWW.LEGGMASONFUNDS.COM. PLEASE READ THE PROSPECTUS CAREFULLY. 4