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IMPORTANT PERFORMANCE INFORMATION: Performance shown represents past performance and is no guarantee of future results. 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 maximum front-end sales charge of 5.75% for equity funds, 4.25% for most fixed-income funds, 3.5% for BrandywineGLOBAL–Corporate Credit Fund and BrandywineGLOBAL–High Yield Fund and 2.5% for the following funds: Western Asset Intermediate Maturity California Municipals Fund, Western Asset Intermediate Maturity New York Municipals Fund, Western Asset Intermediate-Term Municipals Fund, Western Asset Short Duration High Income Fund, and Western Asset Short-Term Bond Fund. One-year returns for Class C shares reflect a CDSC of 1.0%, except for ClearBridge Value Trust which reflects a CDSC of 0.95%. Due to market volatility, current performance may be higher or lower than performance shown. Class FI, I and IS shares are sold at net asset value with no initial or contingent deferred sales charge, but higher initial minimum investment requirements apply. Royce Funds are sold at net asset value with no initial or contingent deferred sales charge.

Performance for other share classes will vary due to differences in sales charge structure and class expenses. All classes of shares are not available through all distribution channels. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance shown excluding sales charges would have been lower, if the applicable sales charge been reflected. Had fees not been waived in various periods performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

A Fund's 30-day SEC Yield is based on yield to maturity of a Fund's investments over a 30-day period and not on the dividends paid by the Fund, which may differ; and is subject to change.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

For further information on Fund expenses, see the individual Fund page or the Fund's prospectus. Please go to the end of this page for additional performance related information regarding BrandywineGLOBAL - Alternative Credit Fund Class IS, BrandywineGLOBAL–Corporate Credit Fund, BrandywineGLOBAL - Dynamic US Large Cap Value Fund Class IS, BrandywineGLOBAL–High Yield Fund and certain Royce funds.  

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

Daily Change($) indicates change in the net asset value from the previous business day.

Effective August 2, 2021, except as noted below, Class C [including Class C, Class C-1 & Class C-2] shares will automatically convert to Class A shares after the shares have been held for 8 years from their original purchase date. The initial conversion took place on August 16, 2021. It is the responsibility of your Service Agent to ensure that you are credited with the proper holding period. If your Service Agent does not have records verifying that your shares have been held for at least 8 years, your Service Agent may not convert your Class C shares to Class A shares. Customers of certain Service Agents may be subject to different terms or conditions, as set by their Service Agent. Refer to the fund’s prospectus or contact your Service Agent for more information.

No sales load, fee or other charge will apply to Class C share conversions. The conversion from Class C shares to Class A shares is not considered a taxable event for Federal income tax purposes. Class A share annual expenses are generally lower than Class C share annual expenses. Class C returns shown have not been adjusted to reflect a conversion to Class A shares.

IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product's web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

Carefully consider a fund's investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Sales Desk 1-800-822-5544 or your sales contact for more information.

IMPORTANT PREDECESSOR PERFORMANCE INFORMATION: Each share class is invested in the same portfolio of securities, therefore annual total returns for newer share classes would differ from those returns for older share classes only to the extent of fees and charges associated with that share class. For an indication of a Fund's fees and charges, see the Fund's expense ratio and maximum sales charge disclosures or the fee table provided in a Fund's prospectus. 

BrandywineGLOBAL–Alternative Credit Fund Class IS: This fund is the successor to an institutional account (the "Predecessor"). The performance in the accompanying chart and table is that of the Predecessor. On December 2, 2013, the Predecessor transferred its assets to the fund in exchange for the fund's Class IS shares. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act, its investment performance may have been adversely affected. The performance information reflects the gross expenses of the Predecessor adjusted to reflect the higher fees and expenses of Class IS of the fund. The performance is shown net of annual management fees and other expenses which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

BrandywineGLOBAL–Corporate Credit Fund: The performance in the accompanying table is that of the Predecessor. The fund acquired the assets and liabilities of Diamond Hill Corporate Credit Fund, a series of the Diamond Hill Funds (the “Predecessor Fund”) on July 30, 2021. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. The performance information reflects the expenses of the Predecessor adjusted to reflect the fees and expenses of the new fund. The performance is shown net of annual management fees and other expenses. Historical performance for Class C and IS shares prior to their inception is based on the performance of Class A shares (which is, in turn, based on the performance of Investor shares of the Predecessor Fund), adjusted to reflect differences in sales charges. 

BrandywineGLOBAL–Dynamic US Large Cap Value Fund Class IS: This fund is the successor to a private fund (the "Predecessor"). The performance in the accompanying bar chart and table is that of the Predecessor. On October 31, 2014, the Predecessor transferred its assets to the fund in exchange for the fund's Class IS shares. The investment policies, objectives, guidelines 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 mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions under the 1940 Act and the Internal Revenue Code to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, its investment performance could have been adversely affected, but these restrictions are not expected to have a material effect on the fund's investment program. The performance information reflects the gross expenses of the Predecessor adjusted to reflect the higher fees and expenses of Class IS of the fund. The performance is shown net of an annual management fee of 0.55% and other expenses of 0.10% which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

BrandywineGLOBAL–High Yield Fund: The quoted performance for the Fund reflects the past performance of Diamond Hill High Yield Fund L.P. (the “High Yield Partnership”), a private fund managed with full investment authority by the fund’s Adviser. The Fund is managed in all material respects in a manner equivalent to the management of the predecessor unregistered fund. The performance of the High Yield Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The High Yield Partnership was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the High Yield Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance is measured from December 4, 2014, the inception of the High Yield Partnership and is not the performance of the fund. The assets of the High Yield Partnership were converted, based on their value on December 31, 2015, into assets of the fund prior to commencement of operations of the fund. The High Yield Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes. The performance in the accompanying chart and table is that of the Predecessor. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions to which the Predecessor was not subject. The performance information reflects the expenses of the Predecessor adjusted to reflect the fees and expenses of the fund. The performance is shown net of annual management fees and other expenses which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

Royce Funds: Performance prior to the commencement date of certain Funds' Investment Class shares (Royce Dividend Value Fund - 9/14/07, Royce International Premier Fund – 1/22/14, Royce Low-Priced Stock Fund - 3/15/07, Royce Small-Cap Leaders Fund - 3/15/07, Royce Small-Cap Value Fund - 3/15/07, Royce Small/Mid-Cap Premier Fund - 3/15/07, and Royce Smaller-Companies Growth Fund - 3/15/07) reflects Service Class results; certain Funds' Service Class shares (Royce Opportunity Fund - 5/22/00, Royce Total Return Fund - 1/3/02, Royce Micro-Cap Fund - 8/30/02, Royce Premier Fund - 9/3/02, Royce Special Equity Fund – 10/2/03, Royce Pennsylvania Mutual Fund - 11/08/05, and Royce Micro-Cap Opportunity Fund - 3/20/14) reflect Investment Class results; Consultant Class shares (Royce Pennsylvania Mutual Fund - 6/17/97, Royce Micro-Cap Fund - 5/1/98, Royce Total Return Fund - 10/16/01, Royce Heritage Fund - 12/7/01, Royce Premier Fund - 6/2/03, Royce Special Equity Fund - 6/2/03, Royce Small-Cap Value - 3/30/06, Royce Opportunity Fund - 3/30/06, Royce Smaller-Companies Growth Fund - 3/30/06, Royce Special Equity Multi-Cap Fund - 1/24/14, Royce Dividend Value Fund - 3/20/14, and Royce International Premier Fund – 2/29/16) reflects Investment/Service Class results; Institutional Class shares (Royce Opportunity Fund - 12/12/01, Royce Premier Fund - 9/17/02, Royce Total Return Fund - 3/4/03, Royce Special Equity Fund - 7/25/03, Royce Low-Priced Stock Fund - 1/3/06, Royce Smaller-Companies Growth Fund - 5/10/06, Royce Small-Cap Value Fund - 6/1/06, Royce Pennsylvania Mutual Fund - 6/3/11, Royce Dividend Value Fund - 8/31/12, Royce Special Equity Multi-Cap Fund - 4/17/12, Royce International Small-Cap Fund - 1/27/14, and Royce Global Financial Services Fund - 1/4/16) reflects Investment/Service Class results; K Class shares (Royce Opportunity Fund - 5/15/08, Royce Pennsylvania Mutual Fund - 5/15/08, Royce Small-Cap Value Fund - 5/15/08, and Royce Total Return Fund - 5/1/08) reflects Investment/Service Class results; (Royce International Premier Fund – 2/29/16, Royce Low-Priced Stock Fund - 5/21/07, Royce Opportunity Fund - 5/21/07, Royce Pennsylvania Mutual Fund - 5/21/07, Royce Premier Fund - 5/21/07, Royce Small-Cap Leaders Fund -5/15/08, Royce Small-Cap Value Fund - 9/14/07, Royce Small/Mid-Cap Premier Fund - 5/15/08, Royce Smaller-Companies Growth Fund - 9/14/07, and Royce Total Return Fund - 5/21/07) W Class shares (Royce Premier Fund - 5/19/05 and Royce Total Return Fund - 5/19/05) reflects Investment Class results.  Service Class and K Class shares bear an annual distribution expense that is not borne by Investment Class shares. If the annual distribution expense of Service Class or K Class had been reflected, total returns prior to that Class's inception would have been lower. Consultant Class and R Class shares have higher expenses than Investment/Service Class shares.  If the higher expenses of Consultant Class or R Class shares had been reflected, total returns prior to that Class's inception would have been lower.

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