BRANDYWINEGLOBAL GLOBAL HIGH YIELD FUND CLASS R (LBHRX) Exchange: NMFQS

Under normal market conditions, the fund will invest at least 80% of its total assets in high yield securities. High yield securities are those rated below investment grade (that is, securities rated below Baa/BBB assigned by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”)) or unrated securities determined by the subadviser to be of comparable credit quality; they are commonly known as “junk bonds.” The fund’s high yield securities may include distressed and defaulted securities. As a global fund, the fund can seek investment opportunities anywhere in the world, and under normal market conditions, the fund will be invested in at least three countries, which may include the United States. The fund can invest without limit in securities of issuers in the United States or in any other country, including countries with developing or emerging markets. The fund’s investments may be denominated in foreign currency or U.S. dollar-denominated. Under normal market conditions, the investment universe primarily consists of high yield debt of corporate or sovereign issuers. The portfolio managers may also consider investment in other instruments including: bank loans, defaulted bonds, defaulted bank loans, debtor-in-possession loans (“DIP loans”), investment grade corporate bonds, U.S. Treasuries and agencies, mortgage-backed securities, asset-backed securities, zero coupon bonds, securities representing securitized assets, currencies, preferred stock, convertible bonds, and other fixed income securities. The fund may enter into various derivatives transactions including, but not limited to, forwards, futures, options, swaps and credit default swaps (index and single name). Derivatives may be used by the fund as a hedging technique in an attempt to manage risk; as a substitute for buying or selling securities; to provide additional exposure to investment types or market factors; to change the characteristics of the fund’s portfolio; in an attempt to enhance returns; and to manage cash. The instruments are taken into account when determining compliance with the fund’s 80% policy. The fund may invest in currency forwards in order to hedge its currency exposure in bond positions or to gain currency exposure. These investments may be significant at times. Although the portfolio managers have the flexibility to make use of currency forwards, they may choose not to for a variety of reasons, even under very volatile market conditions. The fund may invest in securities of any maturity. The weighted average effective duration of the fund’s portfolio, including derivatives, is expected to range from 0 to 7 years. The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.