U.S. Fixed Income All Data as of 12/31/2019

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Data as of 12/31/2019.  Returns shown in $USD terms.   Supplemental Information.  Additional information, including investment process descriptions, GIPS® performance disclosures, portfolio characteristics and management teams, are available by clicking on the name of the composite.   GIPS® performance disclosures are accessible by clicking on the name of the portfolio. Brandywine Global Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®). Brandywine Global Investment Management, LLC, offers an array of equity, fixed income, and balanced portfolios that invest in U.S., international, and global markets. Returns for individual client accounts may differ from returns shown. There may be additional risks associated with international investments. International securities and ADRs may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and/or legal factors. International investing may not be suitable for everyone. Small and micro capitalization companies may present such risks as lack of product diversification, potentially insufficient capital resources and greater exposure to business and economic cycles. Investments in small and medium-capitalization companies may involve a higher degree of risk and volatility than investments in larger, more established companies. Fixed income securities are subject to credit risk and interest rate risk. Indices, presented as gross returns unless otherwise stated, are unmanaged and not available for direct investment. The securities reflected in any benchmark index applicable to any of Brandywine Global's socially responsible investment strategies have not been selected based upon social screening criterion, such as Brandywine Global's, which may restrict investments based upon one or more of the following factors: tobacco production or marketing; human rights standards; fair employment practices; biogenetic research; environmental responsibility; and/or others based upon client-specific guidelines. Preliminary data, if noted, reflects unreconciled returns for the time periods listed above. Gross performance returns include transaction costs, but do not reflect the deduction of Brandywine Global's management fee. The deduction of fees will lower actual returns. Both gross and net returns over one year are annualized and assume the reinvestment of all dividends, interest, and capital gains. In calculating net returns, Brandywine Global deducts one-quarter of our highest annual management fee from each quarter's gross return, and then links those fee-adjusted results to calculate the net annual returns. Please refer to our GIPS® presentations, which include performance footnotes, fee schedules, index descriptions, and disclosures. This information should not be considered a solicitation or an offer to provide any Brandywine Global service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. The information provided should not be considered investment advice, nor is intended as a guarantee or recommendation. Past performance is no guarantee of future results.  Both gross and net returns over one year are annualized and assume the reinvestment of all dividends, interest, and capital gains. In calculating net returns, Brandywine Global deducts one-quarter of our highest annual management fee as described in Part 2A of the Firm's Form ADV from each quarter's gross return, and then links those fee-adjusted results to calculate the net annual returns.  Please refer to our GIPS® presentations, which include performance footnotes, fee schedules, index descriptions, and disclosures. 

Past performance is no guarantee of future results.

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