BrandywineGLOBAL - Global Opportunities Bond Fund Class R LBORX

As a part of Franklin Templeton’s voluntary retirement offer extended in February 2026, Jack Mclntyre, the longest-tenured manager on BrandywineGLOBAL Global Opportunistic Bond and Brandywine Global Fixed Income, will be retiring this year. While Mclntyre’s departure is a loss, the remaining comanagers of the management team are experienced and well-tenured. Anujeet Sareen, who joined the firm in 2016, will continue to serve as lead manager with help from portfolio implementation manager Richard Lawrence, Head of Macro Research Paul Mielczarski, and comanagers Tracy Chen and Brian Kloss. The team will also add Michael Arno as a comanager. Arno joined the firm in 2006 with a background in global credit and emerging-market debt research. He rose to portfolio manager in 2020, and the team had recognized him as a part of their succession planning. Given the thoughtful transition plan and the experience of managers on board, the fund retains its Above Average People rating and its overall Morningstar Medalist Ratings. However, the broader organizational changes warrant close monitoring for further personnel changes.