Brandywine Global Investment Management, LLC (“Brandywine Global”), a specialist investment manager and subsidiary of Franklin Templeton, announced today that the BrandywineGLOBAL - High Yield Fund (BGHSX) has received a 2023 U.S. Refinitiv Lipper Fund Award based on risk-adjusted returns over a five-year period in the high yield bond category.

Managed by John McClain, CFA, and William Zox, CFA, the BrandywineGLOBAL - High Yield Fund was selected from a pool of 106 funds with 409 share classes for the five-year period ended November 30, 2022.

“Even with the challenging market environment, our active investment process has continued to deliver strong results for our investors. We credit our success to a combination of bottom-up fundamental research informed by global macro insights along with understanding the high yield space inside and out,” said McClain.

“Once again, volatility continued to provide opportunity. Our process is focused on looking past any market noise to find those opportunities through all types of conditions,” said Zox. “We are proud of this award, which marks the fourth consecutive year this strategy has won a Refinitiv Lipper Award for high yield.”

About Brandywine Global

Brandywine Global Investment Management, LLC ("Brandywine Global") believes in the power of value investing. Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value. Since 1986, the Firm has provided a range of differentiated fixed income, equity, and alternative solutions to clients worldwide. Brandywine Global, a specialist investment manager of Franklin Resources, Inc., has $53 billion in assets under management (AUM) as of December 31, 2022, with headquarters in Philadelphia and offices in Singapore and London. Visit http://www.brandywineglobal.com/ and the firm’s industry-leading Around the Curve blog.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of February 28, 2023. For more information, please visit franklinresources.com and follow us on LinkedIn, Twitter and Facebook.

About Refinitiv Lipper Fund Awards

For more than 30 years and in over 17 countries worldwide, the highly-respected Refinitiv Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focus the investment world on top-funds. The merit of the winners is based on entirely objective, quantitative criteria. This coupled with the unmatched depth of fund data, results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management. Find out more at www.lipperfundawards.com.

About Refinitiv Lipper

With a track record of over 50 years of independent content, Refinitiv Lipper was the first to develop fund classifications that place funds in their respective peer group. Refinitiv Lipper data covers more than 360,000+ share classes in over 80 countries. The Lipper Leader ratings are available for mutual funds registered for sale in 47 markets. Refinitiv Lipper provides independent insight on global collective investments, including mutual funds, retirement funds, hedge funds and fund fees and expenses. Refinitiv Lipper offers premium-quality data, fund ratings, analytical tools and global commentary through specialized product offerings. Trusted by investment professionals for 50 years, Refinitiv Lipper provides unparalleled expertise and insight to the funds industry.

About Refinitiv

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed.

The Lipper Fund Awards Methodology:

The merit of the winners is based on objective, quantitative criteria. The influential and prestigious Refinitiv Lipper Fund Awards are based on our Lipper Leaders Rating for Consistent Return. Individual classifications of three, five, and 10-year periods, as well as fund families with high average scores for the three-year period, are also recognized. The awards are based on Refinitiv Lipper’s proven proprietary methodology, which can be viewed here.

Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

Past Performance Is Not a Guarantee of Future Results

Investment Risks

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. 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. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. As a non-diversified Fund, it 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. 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, 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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©2023 Franklin Distributors, LLC, member FINRA, SIPC. Franklin Distributors, LLC, and Brandywine Global Investment Management, LLC are all subsidiaries of Franklin Resources, Inc.

TN23-21

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