OCT Legg Mason Global Funds Plc FUNDFACTS. As of 31 October 2015

Transcription

1 FUNDFACTS As of 31 October 215 OCT 215 Brandywine Global ClearBridge Investments LMM Martin Currie Permal QS Investors RARE Infrastructure Royce & Associates Western Asset Management

2 CONTENTS Corporate Overview 2 Fund Performance Summary 4 Fixed Income Funds Legg Mason Brandywine Global Fixed Income Fund 5 Legg Mason Western Asset Asian Opportunities Fund 6 Legg Mason Western Asset Brazil Bond Fund 7 Legg Mason Western Asset Emerging Markets Corporate Bond Fund 8 Legg Mason Western Asset Emerging Markets Total Return Bond Fund 9 Legg Mason Western Asset Euro Core Plus Bond Fund 1 Legg Mason Western Asset Euro High Yield Fund 11 Legg Mason Western Asset Global Blue Chip Bond Fund 12 Legg Mason Western Asset Global Credit Fund 13 Legg Mason Western Asset Global High Yield Fund 14 Legg Mason Western Asset Global Inflation Management Fund 15 Legg Mason Western Asset Global Multi Strategy Fund 16 Legg Mason Western Asset Short Duration High Income Bond Fund 17 Legg Mason Western Asset US Adjustable Rate Fund 18 Legg Mason Western Asset US Core Bond Fund 19 Legg Mason Western Asset US Core Plus Bond Fund 2 Legg Mason Western Asset US High Yield Fund 21 Legg Mason Western Asset US Money Market Fund 22 Legg Mason Western Asset US Short-Term Government Fund 23 Equity Income Fund Legg Mason ClearBridge Tactical Dividend Income Fund 24 Equity Funds Legg Mason ClearBridge Growth Fund 25 Legg Mason ClearBridge US Aggressive Growth Fund 26 Legg Mason ClearBridge US Appreciation Fund 27 Legg Mason ClearBridge US Large Cap Growth Fund 28 Legg Mason ClearBridge Value Fund 29 Legg Mason Opportunity Fund 3 Legg Mason QS Emerging Markets Equity Fund 31 Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund 32 Legg Mason QS MV European Equity Growth and Income Fund 33 Legg Mason QS MV Global Equity Growth and Income Fund 34 Legg Mason Royce US Small Cap Opportunity Fund 35 Legg Mason Royce US Smaller Companies Fund 36

3 CORPORATE OVERVIEW Since its founding in 1899, Legg Mason has evolved into one of the largest asset management firms in the world, serving individual and institutional investors on six continents. Today s Legg Mason is a globally diversified family of independent investment managers who are each widely recognized for their specialized expertise, commitment to long term performance and outstanding client service. The distinctive Legg Mason multi-manager business model provides clients with a broad spectrum of investment solutions across asset classes, geographies and channels. Legg Mason s corporate services include global retail distribution, capital management, as well as fiduciary and governance oversight. The diversification and balance of Legg Mason have fueled the company s performance over its thirty year history as a public company. Quick Facts A diversified global asset management firm, founded in 1899 Chairman and Chief Executive Officer: Joseph A. Sullivan Common stock traded on the New York Stock Exchange (symbol: LM) US$672 billion of assets under management as of 3 September 215 Approximately 3, employees with over 3 offices around the world including New York, Miami, London, Tokyo, Singapore, Hong Kong, Dubai, Melbourne and São Paulo Investment affiliates spanning Fixed Income, Equity, Liquidity and Alternative asset classes Global retail distribution capabilities with leading partners, including banks, brokerage firms, insurance companies and independent advisors Key Highlights Legg Mason s assets under management as of 3 September 215 were US$672 billion. By asset class 26% Equity 19% By asset Liquidity class 55% 26% Fixed Equityincome 19% Liquidity 55% Fixed income By client domicile 64% U.S. 36% By client Non-U.S. domicile 64% U.S. 36% Non-U.S. Legg Mason s gross By revenues asset class for FY216 to date were US$1.4 47% billion. Equity 5 By 1% asset Alternative class 47% 3% Liquidity Equity 4% 1% Fixed Alternative income 3% Liquidity 4% Fixed income Legg Mason is the 21st largest asset manager ranked by worldwide assets. 1 Legg Mason is among the global leaders in Fixed Income (#9) 2 and Sovereign Wealth Fund assets (#4) 1 Permal is the 4th largest fund of hedge funds manager 3 Royce is the 6th largest Small Cap Fund Manager 4 1 Source: Pensions and Investments, as of 31 December Source: Institutional Investor US money managers ranking, 31 December Source: Pensions and Investments, as of 3 June As ranked by SI SimFund database via AUM, as of 31 December From 1 April 215 to 3 September 215. Q3 215 FOR PUBLIC IN HONG KONG AND DISTRIBUTORS IN MACAU USE ONLY. PLEASE REFER TO THE IMPORTANT INFORMATION ON THE FINAL PAGE.

4 MEET OUR INVESTMENT MANAGERS One of the world s largest global asset managers, Legg Mason combines expertise in a wide range of investment disciplines with a singular focus on delivering powerful financial solutions for both individuals and institutions. Global value investing Pursuing value since 1986 across equity and fixed income, globally and in the U.S. Historically institutionally focused, the firm has both a boutique s agility and a leader s stability and resources. Quality-focused equity Global investment manager with over 5 years of experience and long-tenured portfolio managers who seek to build income, high active share or low volatility portfolios. US equity The specialist firm adheres to a value-driven, research intensive investment process and focuses on assessing the intrinsic business value of companies, and strives to buy stocks at significant discounts to LMM s assessment of their worth. Active equity specialists An active equity specialist that builds global, stock-driven portfolios based on fundamental research, devoting all of its resources to delivering optimum investment outcomes and superior client relationships. Global alternative investments A global pioneer in multi-manager, multi-strategy alternative investing. The firm has made investments in new and established hedge fund managers across strategies, asset classes and regions since Systematic investment solutions Creates innovative solutions within a quantitative framework. The firm takes a consultative approach to global asset management, and applies complementary behavioral and fundamental market insights to manage portfolios with a repeatable, risk-aware process. Global listed infrastructure investing RARE is a dedicated infrastructure investment manager focused on global listed infrastructure investments. Established in 26, RARE has grown to become one of the largest listed infrastructure managers globally. Small-cap equity Known for its disciplined, valueoriented approach to managing small-caps. An asset class pioneer, the firm s founder is one of the longest-tenured active managers. Fixed income One of the world s leading global fixed income managers. Founded in 1971, the firm is known for team management, proprietary research and a long-term fundamental value approach. Source: Legg Mason. This document is for information only and does not constitute a financial promotion or other financial, professional or investment advice in any way. All data, opinions, estimates and other information are provided as of the date of this document and may be subject to change without notice. Where past performance is quoted, such figures are not indicative of future performance. This document does not constitute an offer or solicitation to buy or sell any units or shares in any fund. INVESTMENT INVOLVES RISKS. The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. Please refer to the most current offering documents for further details, If this document is distributed in Macau, this may not be used other than by the Distributors. Any views expressed are opinions of the respective investment affiliates as of the date of this document and are subject to change without notice based on market and other conditions and may differ from the views of other investment affiliates or of Legg Mason as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. The mention of any individual securities should neither constitute nor be construed as a recommendation to purchase or sell securities, and the information provided regarding such individual securities is not a sufficient basis upon which to make an investment decision. Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this document or its contents. The information in this document is confidential and proprietary and may not be used other than by the intended user. This document may not be reproduced, distributed or published without prior written permission from Legg Mason. This document has not been reviewed by the Securities Issuer: Legg Mason Asset Management Hong Kong Limited. HK FOR PUBLIC IN HONG KONG AND DISTRIBUTORS IN MACAU USE ONLY.

5 Fund Performance Summary (As at 31 October 215) Fund Name / Benchmark YTD 3 Months 1 Year 3 Years 5 Years Fund Size (in million) Inception Date Initial Management Charge 1 Fee (p.a.) 1 FIXED INCOME FUNDS Legg Mason Brandywine Global Fixed Income Fund -7.6% -2.29% -8.86% -6.46% 4.4% 1,199 1-Oct-3 5.% 1.1% Citigroup World Govt Bond Index -2.42% 1.19% -3.63% -7.77% -2.34% Legg Mason Western Asset Asian Opportunities Fund -3.97% -1.15% -5.8% -6.64% 4.25% Jul-8 5.% 1.1% HSBC Asian Local Bond Overall Index -2.12% -.5% -3.33% -2.6% 9.52% Legg Mason Western Asset Brazil Bond Fund % % % % N/A Mar-12 5.% 1.5% Brazil CDI Overnight Rate (USD) % -8.54% -28.1% % N/A Legg Mason Western Asset Emerging Markets Corporate Bond Fund -.77% -2.3% -8.2% -5.42% N/A Oct-11 5.% 1.5% JPMorgan Corporate Emerging Markets Bond Index - Broad (USD) 3.2% -.72% -.1% 6.93% N/A Legg Mason Western Asset Emerging Markets Total Return Bond Fund 5,12, % -1.69% -5.38% -5.86% 8.76% 73 4-May-7 5.% 1.5% Legg Mason Western Asset Euro Core Plus Bond Fund 2.75%.38% 2.67% 13.73% 21.2% EUR 89 3-Sep-3 5.% 1.% Citi Euro BIG Index 1.51%.89% 3.42% 17.54% 29.6% Legg Mason Western Asset Euro High Yield Fund % -.88% 3.56% 19.65% N/A EUR 92 3-Dec-1 5.% 1.15% BofA Merrill Lynch European Currency High Yield ex Financials 2% Constrained 2.58% -.82% 3.3% 21.73% N/A Index (Hedged) (EUR) Legg Mason Western Asset Global Blue Chip Bond Fund.77%.33%.53%.42% 6.58% Jun-9 5.%.85% BofA Merrill Lynch 1-1 Year U.S. Treasury TR Index 1.78%.49% 2.7% 3.14% 9.6% Legg Mason Western Asset Global Credit Fund -.78% -.54% -.84% 3.61% N/A Nov-11 5.% 1.5% Barclays Global Aggregate Credit Index (Hedged) USD.44%.17% 1.23% 8.18% N/A Legg Mason Western Asset Global High Yield Fund -2.77% -2.95% -7.1% 2.7% 17.51% Jan % 1.25% Barclays Global High Yield Index (Hedged) USD 2.73% -.48%.26% 15.55% 38.5% Legg Mason Western Asset Global Inflation Management Fund 6.87% -.53% -.55% -6.33% 6.95% Aug %.9% Barclays World Government Inflation Linked All Maturities Index 3-1.3% -1.33% -2.16% -6.71% 9.88% Legg Mason Western Asset Global Multi Strategy Fund % -2.56% -4.13% -1.72% 6.82% 1,255 9-May-7 5.% 1.1% Legg Mason Western Asset Short Duration High Income Bond Fund 7, % -2.45% -1.81% 2.23% 11.34% May-7 5.% 1.1% Barclays US High Yield 1-5 Year Cash Pay 2% Constrained Index % -2.8% -3.63% -3.57% -3.46% Legg Mason Western Asset US Adjustable Rate Fund -.98% -.3% -1.28% -.84% 3.9% Apr % 1.1% Citigroup 6 month U.S. Treasury Bill Index.7%.3%.8%.26%.52% Legg Mason Western Asset US Core Bond Fund.61%.26% 1.33% 5.39% 18.4% 42 9-May-7 5.%.95% Barclays U.S. Aggregate Index 1.14%.55% 1.96% 5.3% 16.8% Legg Mason Western Asset US Core Plus Bond Fund.23% -.1%.38% 4.85% 17.23% Jan % 1.15% Barclays U.S. Aggregate Index 1.14%.55% 1.96% 5.3% 16.8% Legg Mason Western Asset US High Yield Fund -2.5% -3.% -4.9% 6.69% 24.26% May-7 5.% 1.15% Barclays U.S. Corporate High Yield - 2% Issuer Capped Index.25% -1.65% -1.91% 12.99% 34.96% Legg Mason Western Asset US Money Market Fund.1%.%.1%.4%.6% 1,16 31-May-7 5.%.8% Citi 1 Month U.S. Treasury Bill Index.1%.%.1%.8%.19% Legg Mason Western Asset US Short-Term Government Fund -.26% -.1% -.42% -1.35%.14% Oct % 1.5% Barclays 1-3 Year U.S. Government Bond Index.91%.17%.82% 2.6% 3.67% EQUITY INCOME FUND Legg Mason ClearBridge Tactical Dividend Income Fund -1.73% -5.21% % N/A N/A Aug % Dow Jones U.S. Select Dividend Index -.4% 1.69% 2.3% N/A N/A EQUITY FUNDS Legg Mason ClearBridge Growth Fund 1.55% -2.13% 4.85% 52.76% 7.28% May-7 5.% 1.2% Russell 1 Growth Index 6.94% -.51% 9.18% 64.4% 13.77% Legg Mason ClearBridge US Aggressive Growth Fund -2.59% -3.93% -1.89% 55.66% 91.64% 4, May- 4 5.% 1.3% Russell 3 Growth Index 6.37% -1.15% 8.72% 63.43% 12.55% Legg Mason ClearBridge US Appreciation Fund 1.36% -1.7% 3.64% 41.81% 7.39% May % 1.25% S&P 5 Index 2.7% -.63% 5.2% 56.89% 95.37% Legg Mason ClearBridge US Large Cap Growth Fund 8.79%.58% 12.23% 7.16% 11.53% USD Feb % 1.25% Russell 1 Growth Index 6.94% -.51% 9.18% 64.4% 13.77% Legg Mason ClearBridge Value Fund -4.21% -5.33% -2.85% 5.3% 61.3% Mar-98 5.% 1.35% S&P 5 Index 2.7% -.63% 5.2% 56.89% 95.37% Legg Mason Opportunity Fund.7% -1.28% 1.62% 93.17% 74.44% Feb-1 5.% 1.35% S&P 5 Index 2.7% -.63% 5.2% 56.89% 95.37% Legg Mason QS Emerging Markets Equity Fund % -6.41% -15.3% % -28.7% Apr-8 5.% 1.45% MSCI Emerging Markets Index (Net Dividends) -9.45% -5.49% % -8.36% % Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund 9, % -4.3% -6.78% 1.24% -4.% Feb-4 5.% 1.5% MSCI AC Asia Pacific ex Japan Index (Net Dividends) % -5.6% -7.65% 7.66% 6.88% Legg Mason QS MV European Equity Growth and Income Fund 2, % -3.18% 16.75% 51.47% 62.14% EUR Aug-1 5.% 1.35% MSCI Europe Index (Net Dividends) 11.28% -5.1% 13.19% 47.69% 59.38% Legg Mason QS MV Global Equity Growth and Income Fund % -2.63% 3.91% 4.58% N/A Dec-1 5.% 1.4% MSCI AC World Net Dividends Index.26% -3.18% -.3% 32.82% N/A Legg Mason Royce US Small Cap Opportunity Fund -9.95% -5.4% -7.54% 32.44% 51.87% Nov-2 5.% 1.5% Russell 2 Index -2.53% -5.86%.34% 47.77% 76.73% Legg Mason Royce US Smaller Companies Fund -7.36% -4.46% -8.97% 21.29% 36.79% 23 1-Mar-4 5.% 1.5% Russell 2 Index -2.53% -5.86%.34% 47.77% 76.73% 1 Fees reflect the maximum fees to be charged. Fees of the predecessor fund may differ. Please see the offering document for further details of the Fund. 2 Performance of these funds is denominated in a foreign currency as shown in Fund Size. USD / HKD-based investors are therefore exposed to fluctuations in the USD / HKD / foreign currency exchange rate. 3 Please refer to relevant fact sheet for the benchmark history of these funds. 4 Inception date shown is the performance inception date of the predecessor fund. 5 Formerly known as Legg Mason Western Asset Emerging Markets Bond Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Western Asset Inflation Management Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Western Asset Diversified Strategic Income Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Batterymarch Emerging Markets Equity Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Batterymarch Asia ex Japan Equity Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Batterymarch Managed Volatility European Equity Fund, the effective date of the name change was 13 May Formerly known as Legg Mason Batterymarch Global Equity Fund, the effective date of the name change was 13 May On 13 May 215, the investment objective, policy and restrictions were changed. 13 There is no fund benchmark. Source: Legg Mason. Performance is based on Class A Acc. (with the exception of Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund, Legg Mason QS MV Global Equity Growth and Income Fund, Legg Mason ClearBridge US Aggressive Growth Fund, Legg Mason ClearBridge US Large Cap Growth Fund, Legg Mason ClearBridge Value Fund, Legg Mason Royce US Small Cap Opportunity Fund and Legg Mason Royce US Smaller Companies Fund using Class A Distr. (A). Legg Mason Western Asset Euro Core Plus Bond Fund and Legg Mason Western Asset Euro High Yield Fund using Class A Distr. (D), Legg Mason Western Asset Brazil Bond Fund, and Legg Mason Western Asset Emerging Markets Corporate Bond Fund using Class A Distr. (M) and Brandywine Global Fixed Income Fund using Class A Distr. (S) returns). Past Performance is not indicative of future results. Investment involves risk. Please refer to the offering document for further details, including risk factors. Performance is net of fees and is calculated on a NAV to NAV basis. Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital Distr. (A) = Distributing share class. The share class aims to declare and pay dividend on an annual basis;distr. (D) = Distributing share class. The share class aims to declare dividend daily and pay out on a monthly basis; Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis; Distr. (S) = Distributing share class. The share class aims to declare and pay dividend on a semi-annual basis. Dividend amount or dividend rate is not guaranteed.

6 As at 31 October 215 Legg Mason Brandywine Global Fixed Income Fund Asia Asset Management Best of the Best Awards 214 (House Award: Global Bonds - 3 Years and 1 Years) 1 Brandywine Global Investment Management constituted in Ireland. The Fund seeks to maximise total return through capital appreciation and income by investing at least two-thirds of its Net Asset Value in investment grade debt securities denominated in the currencies of, or issuers located primarily in, developed countries around the world. The Sub- Investment Manager will concentrate investments in undervalued markets that provide the best opportunity for declining interest rates and a return to lower real rates over time. USD Class A Distr. (S) (USD) USD 12.3 Up to 1.1% p.a 9 May 27 Class A Distr. (S) (USD) 1 October 23 ISIN Code: IEB19Z4J92 / IE Bloomberg Ticker: LEGOUAA ID / LEGGLOB ID USD 1199 million Current Yield 2 : 3.9% Number Of Holdings: years Effective Duration 3 : 7.18 years Credit Quality 3,4 : AA- Country Of Issue (%) United States Mexico 15.7 Norway 8.51 Australia 7.43 Luxembourg 6.2 Italy 4.9 Others Cash & Cash Equivalents Source: Asia Asset Management, as of 27 March 215. Awarded company: Brandywine Global Investment Management. Based on performance up to 3 September CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality by Brandywine Global Investment Management assigns each security the middle rating from three NRSRO s Ratings, Ltd.). In the event that only two NRSRO s provide ratings, the lowest of the two ratings will be assigned. If only one NRSRO assigns a rating, that rating will be used. All securities have ratings from at least one NRSRO. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB, D. Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), credit, liquidity, concentration, and currency risks. The Fund may invest in inflation protected securities, whose value generally fluctuates in response to changes to interest rates. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share Class A Distr. (S) (USD) /3 9/4 9/5 9/6 9/7 9/8 9/9 9/1 9/11 9/12 9/13 9/14 9/ Class A Distr. (S) (USD) Benchmark (USD) Calendar Year Class A Distr. (S) (USD) Benchmark (USD) Distr. (S) = Distributing share class.the share class aims to declare and pay dividend on a semi-annual basis. Dividend amount or dividend rate is not guaranteed. Benchmark: CitigroupWorld Government Bond Index. Currency Exposure (%) 22.9 Mexican Peso 15.7 Australian Dollar 7.43 Chilean Peso 7.1 Swedish Krona 5.5 Indian Rupee 5.8 Top Five Holdings (%) U.S. Tsy Bonds MEXICO ST KOMMUNLBNK Japanese Yen 5.6 Indonesian Rupiah 4.57 Polish Zloty 4.39 Hungarian Forint 4.39 Others 18.6 ITALY MEXICO ST Total 31.58

7 As at 31 October 215 Legg Mason Western Asset Asian Opportunities Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at least 7% of its Net Asset Value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies. The Fund seeks to achieve its investment objective by investing primarily in debt securities of issuers located in a number of different Asian countries. USD / AUD USD Class A Distr. (M) (USD) USD Class A Distr. (M) Plus (USD) USD Class A Distr. (M) Plus (AUD) (H) AUD Up to 1.1% p.a. 2 July 28 Class A Distr. (M) (USD) 7 January 21 Class A Distr. (M) Plus (USD) 21 November 212 Class A Distr. (M) Plus (AUD) (H)28 September 211 ISIN Code: IEB2Q1FD82 / IEB2Q1FG14 IEB4XJJ152 / IEB52FBY81 Bloomberg Ticker: LMWOAAU ID / LMWADUS ID LMAOMPU ID/ LMWAIHA ID USD 464 million Current Yield 2 : 5.52% Number Of Holdings: years Effective Duration 3 : 7.38 years Credit Quality 3,4 : BBB+ Asset Allocation (%) Sovereign Corporate Cash & Foreign Exchange Agency 4.91 Derivatives -6.6 Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, concentration, currency, Asian market, custody and settlement, and China market risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /8 6/9 6/1 6/11 6/12 6/13 6/14 6/ Class A Distr. (M) (USD) Class A Distr. (M) Plus (USD) N/A N/A Class A Distr. (M) Plus (AUD) (H) N/A Benchmark (USD) Calendar Year * 211* 21* Class A Distr. (M) (USD) Class A Distr. (M) Plus (USD) N/A N/A Class A Distr. (M) Plus (AUD) (H) N/A Benchmark (USD) Performance is net of fees and is calculated on a NAV to NAV basis (USD/AUD). Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the Fund. Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Dividends of Distr. (M) Plus share class may be paid out of the Fund s capital. Please read the second-last point in the box above. Benchmark: HSBC Asian Local Bond Overall Index. Benchmark performance is calculated from performance inception of share. * Performance of Class A Distr. (M) (USD) for calendar year 21, Class A Distr. (M) Plus (AUD) (H) for calendar year 211 and Class A Distr. (M) Plus (USD) for calendar year 212 is calculated from its share class inception date to 31 December 21, 31 December 211 and 31 December 212 respectively. Top Five Currency Exposure (%) Top Five Country Allocation (%) 1 Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D Chinese Yuan Renminbi Indian Rupee South Korean Won Indonesian Rupiah 13.6 Total Indonesia 2.28 China 2.2 India Philippines 8.34 Thailand 6.38 Total 7.85 Any share class with (H) in its name will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. In some cases, investors may be subject to additional risks.

8 As at 31 October 215 Legg Mason Western Asset Brazil Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland.The Fund seeks to achieve total return through income and capital appreciation, by investing at least 8% of its Net Asset Value in debt securities issued by the national government of Brazil, its agencies, instrumentalities or political sub-divisions. The Fund invests in debt securities across the full credit quality spectrum, including unrated debt securities. At least 5 per cent of the debt securities held by the Fund will be denominated in the Brazilian Real (BRL). The may take full advantage of the entire range of maturities and durations. However it expects the weighted average duration of the Fund s investments to range between and 5 years, depending on the Sub-Investment Managers forecast for interest rates and yields. Class A Distr. (M) (USD) USD up to 1.5% p.a. Class A Distr. (M) (USD) 16 March 212 ISIN Code: IEB3P3K711 Bloomberg Ticker: LMBZDAU ID USD 23 million Current Yield 2 : 3.14% Number Of Holdings: years Effective Duration 3 : 1.64 years Credit Quality 3,4 : BBB Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, concentration, custody and settlement, and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. As the Fund s investments are concentrated in one single country (i.e. Brazil), the Fund carries more risk than other funds that diversify across multiple countries. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. Class A Distr. (M) (USD) /12 6/12 1/12 2/13 6/13 1/13 2/14 6/14 1/14 2/15 6/15 1/15 Class A Distr. (M) (USD) N/A Benchmark (USD) N/A Calendar Year * Class A Distr. (M) (USD) N/A N/A Benchmark (USD) N/A N/A Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Benchmark: Brazil CDI Overnight Rate (USD). Benchmark performance is calculated from performance inception of Class A Distr. (M) (USD) share. * Performance of Class A Distr. (M) (USD) for calendar year 212 is calculated from its share class inception date to 31 December 212. Asset Allocation (%) Governments Inflation Protected Securities 2.88 Cash & Cash Equivalents.19 Country Allocation (%) Brazil Cash & Cash Equivalents.19 Credit Quality Allocation 4 (%) BBB Cash & Cash Equivalents.19 Top Five Holdings (%) LETRA TESOURO NAC BRAZIL NOTA DO TESOURO NAC BRAZIL BRAZIL Total Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D.

9 As at 31 October 215 Legg MasonWestern Asset Emerging Markets Corporate Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at least 7% of its Net Asset Value in emerging market corporate bonds. The Fund invests in emerging market corporate debt securities, rated at the time of purchase at least B-, or its equivalent, across the major fixed-income sectors where the believes that the yield and potential for capital appreciation are sufficiently attractive in light of the risks of ownership of the obligation. USD Class A Distr. (M) (USD) USD 92.9 Up to 1.5% p.a. 4 March 213 Class A Distr. (M) (USD) 21 October 211 ISIN Code: IEB3Q8Z253 / IEB45DY544 Bloomberg Ticker: LMEMCAA ID / LMEADMU ID USD 59 million Current Yield 2 : 5.64% Number Of Holdings: years Effective Duration 3 : 5.19 years Credit Quality 3,4 : BBB Asset Allocation (%) EMD - Corporate (External) EMD - Quasi-Sovereign (External) 3.84 Corporate - Investment Grade.79 Corporate - High Yield.37 EMD - Corporate (Local).19 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Investors will be exposed to debt securities, convertible securities, credit, custody and settlement, liquidity and currency risks. The Fund may invest in below investment grade/ unrated securities, which carry a higher degree of pricing volatility, market, counterparty default and liquidity risks. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share Class A Distr. (M) (USD) /11 9/12 9/13 9/14 9/ N/A N/A Class A Distr. (M) (USD) N/A Benchmark (USD) N/A Calendar Year * * N/A N/A N/A Class A Distr. (M) (USD) N/A Benchmark (USD) N/A Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Benchmark: JPMorgan Corporate Emerging Markets Bond Index - Broad (USD). Benchmark performance is calculated from performance inception of Class A Distr. (M) (USD) share. * Performance of and Class A Distr. (M) (USD) for calendar year 213 and 211 is calculated from its share class inception date to 31 December 213 and 31 December 211 respectively. Top Five Country Allocation (%) China 18.1 Brazil Russia 11.2 Top Five Holdings (%) BANK OF CHINA CNOOC PETROBRAS Mexico 8.88 Hong Kong 7.82 Total HUTCH WHAMPOA TNK-BP FIN Total 12.42

10 As at 31 October 215 Legg MasonWestern Asset Emerging MarketsTotal Return Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constitued in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at least 8% of its Net Asset Value in debt securities of issuers located in emerging market countries.the Fund invests in emerging market debt securities across the major fixed-income sectors where the believes that the yield and potential for capital appreciation are sufficiently attractive in light of the risks of ownership of the obligation. The Fund s investments may be denominated in currencies other than the base currency (US dollar). The expects to invest in debt securities located in various emerging market countries. USD Class A Distr. (M) Plus (USD) USD 81.5 Up to 1.5% p.a. Performance 4 May 27 Class A Distr. (M) Plus (USD) 21 November 212 ISIN Code: IEB19Z5636 / IEB78RNS8 Bloomberg Ticker: LEMBUAA ID / LMEMAMP ID USD 73 million Number Of Holdings: 125 Current Yield 2 : 5.73% 8.87 years Effective Duration 3 : 5.96 years Credit Quality 3,4 : BBB Country Allocation (%) Mexico Russia 1.67 Indonesia 1.11 Brazil 7.52 China 5. Turkey 4.51 Kazakhstan 3.97 Hungary 3.57 Others 37.8 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Formerly known as Legg Mason Western Asset Emerging Markets Bond Fund, the effective date of the name change was 13 May 215. Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, concentration, custody and settlement, and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. Investing in sovereign bonds may expose the Fund to the risk that sovereign issuers ability to repay principal and/or interest when due may be adversely impacted by political, economic or other factors, and there may be limited legal recourse against the sovereign issuer in case of default. The Fund may invest in securities issued or guaranteed by countries with a credit rating below investment grade, which may involve higher risks of default and interest rate, credit and liquidity risks.the Fund may invest more than 1% of its net assets (but no more than 35%) in the securities of a single sovereign rated below investment grade, such asvenezuela. In adverse situations, the Fund may incur substantial loss. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /7 4/8 4/9 4/1 4/11 4/12 4/13 4/14 4/ Class A Distr. (M) Plus (USD) N/A N/A Calendar Year * Class A Distr. (M) Plus (USD) N/A N/A Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital Acc. = Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Dividends of Distr. (M) Plus share class may be paid out of the Fund s capital. Please read the second-last point in the box above. The launch date of the Fund was on 24 February 24.There is no fund benchmark. * Performance of Class A Distr. (M) Plus (USD) for calendar year 212 is calculated from its share class inception date to 31 December 212. On 13 May 215, the investment objective, policy and restrictions were changed. Asset Allocation (%) EMD - Sovereign (External) EMD - Corporate (External) 3.64 EMD - Quasi-Sovereign (External) Top Five Holdings (%) LM WA EMG Corp Bnd Fnd 7.9 PELABUHAN HUNGARY EMD - Sovereign (Local) 1.28 EMD - Corporate (Local) 1.18 Cash & Cash Equivalents 5.34 Rep of Turkey RUSSIAN FED Total 17.49

11 As at 31 October 215 Legg Mason Western Asset Euro Core Plus Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at all times at least 7% of its Net Asset Value in euro denominated debt securities, rated at the time of purchase at least B-, or its equivalent, across the major fixed-income sectors that are listed or traded in developed and emerging market countries. Euro Class A Distr. (D) (EUR) EUR Up to 1.% p.a. Class A Distr. (D) (EUR) 3 September 23 ISIN Code: IE Bloomberg Ticker: LEGEUCB ID EUR 89 million Current Yield 2 : 2.21% Number Of Holdings: years Effective Duration 3 : 7.11 years Credit Quality 3,4 : A Asset Allocation (%) Governments Corporate - Investment Grade 28.9 Emerging Markets - Investment Grade 3.89 Inflation Protected Securities 2.6 Corporate - High Yield 1.3 Asset-Backed Securities.9 Cash & Cash Equivalents 1.7 Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, custody and settlement, European region, and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share Class A Distr. (D) (EUR) /3 9/4 9/5 9/6 9/7 9/8 9/9 9/1 9/11 9/12 9/13 9/14 9/15 Class A Distr. (D) (EUR) Benchmark (EUR) Calendar Year Class A Distr. (D) (EUR) Benchmark (EUR) Performance is net of fees and is calculated on a NAV to NAV basis (EUR). Distr. (D) = Distributing share class.the share class aims to declare dividend daily and pay out on a monthly basis. Dividend amount or dividend rate is not guaranteed. On 27August 21, the predecessor Legg Mason Euro Core Plus Bond Fund (which has a substantially similar investment objective and policy and managed by same portfolio management but was not authorized in Hong Kong) was merged into the Legg Mason Western Asset Euro Core Plus Bond Fund. Benchmark: Citi Euro BIG Index. 1 Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Top Ten Country Allocation (%) Belgium Italy Germany United Kingdom 9.53 United States 5.9 Top Five Holdings (%) BUONI POLIENNALI BELGIUM BUNDESOB Spain 5.3 Netherlands 5.29 France 3.98 Poland 2.98 Australia.91 Total 94.5 BELGIUM GERMANY Total 52.61

12 As at 31 October 215 Legg Mason Western Asset Euro HighYield Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to provide a high level of current income by investing at least two-thirds of its Net Asset Value in high-yielding debt securities (higher yields are generally available from securities rated below investment grade) that are denominated in Euro.The s may invest all, or substantially all, of the Fund s Net AssetValue in debt securities rated below Investment Grade. Euro Class A Distr. (D) (EUR) EUR 1.61 Up to 1.15% p.a. Class A Distr. (D) (EUR) 3 December 21 ISIN Code: IEB52PL269 Bloomberg Ticker: LEHADDE ID EUR 92 million Current Yield 2 : 5.87% Number Of Holdings: years Effective Duration 3 : 3.16 years Credit Quality 3,4 : BB Asset Allocation (%) High Yield - Consumer Cyclical High Yield - Consumer Non Cyclical 15.4 High Yield - Communications High Yield - Capital Goods Corporate - Investment Grade 6.34 High Yield - Industrial Other 4.96 High Yield - Basic Industry 4.54 High Yield - Transportation 4.17 Others 15.2 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Investors will be exposed to debt securities (including risks of Government securities), convertible securities, credit, liquidity and currency risks. The Fund has a significant exposure to Euro denominated securities and carries more risk than other funds that diversify across multiple regions. In light of the current fiscal conditions and concerns of the sovereign risk of certain European countries, there is an increased amount of volatility, liquidity, price and foreign exchange risk associated with relevant securities. The performance of the Fund could deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating of a European country), or when any country abandons the Euro and/ or withdraws from the European Union. The Fund may invest in below investment grade/ unrated securities, which carry a higher degree of pricing volatility, market, counterparty default and liquidity risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share Class A Distr. (D) (EUR) /1 11/11 11/12 11/13 11/14 Class A Distr. (D) (EUR) N/A Benchmark (EUR) N/A Calendar Year * Class A Distr. (D) (EUR) Benchmark (EUR) Performance is net of fees and is calculated on a NAV to NAV basis (EUR). Distr. (D) = Distributing share class.the share class aims to declare dividend daily and pay out on a monthly basis. Dividend amount or dividend rate is not guaranteed. Benchmark: BofA Merrill Lynch European Currency HighYield ex Financials 2% Constrained Index (Hedged) (EUR). * Performance of Class A Distr. (D) (EUR) for calendar year 21 is calculated from its share class inception date to 31 December 21. Country Allocation (%) United Kingdom France Germany 9.89 Italy 8.29 Luxembourg 7.2 United States 5.4 Netherlands 4.92 Switzerland 4.54 Others 1.17 Cash & Cash Equivalents 5.85 Top Five Holdings (%) UPC HOLDING BV NUMERICAB HEIDELBERGCEMENT Credit Quality Allocation 4 (%) BBB 9.2 BB B 45.7 CCC 5.49 Not Rated 2.74 Cash & Cash Equivalents 5.85 THOMAS COOK ZF NORTH Total 9.5

13 As at 31 October 215 Legg Mason Western Asset Global Blue Chip Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland.The Fund seeks to achieve total return through income and capital appreciation by investing in debt securities that are rated A- or higher by S&P or other agencies, or equivalent quality, including corporations and supernational organisations whose long-term debt is rated A- or higher by S&P or other agencies, or equivalent quality. The Fund may invest in securities issued or guaranteed by national governments, their agencies, instrumentalities and political sub-divisions but the Fund will only invest in corporate debt securities that are senior securities, meaning they have priority over other securities in a claim against or the bankruptcy of the issuer. USD Up to.85% p.a. 25 June 29 ISIN Code: IEB4Y6F282 Bloomberg Ticker: LMWPAAU ID USD 33 million Current Yield 2 : 2.65% Number Of Holdings: years Effective Duration 3 : 2.48 years Credit Quality 3,4 : A Credit Quality Allocation 4 (%) AAA 1.38 AA A BBB 3.6 Not Rated -.11 Cash & Cash Equivalents 6.44 Investors will be exposed to debt securities, credit, liquidity and currency risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /9 5/1 5/11 5/12 5/13 5/14 5/ Benchmark (USD) Calendar Year Benchmark (USD) Benchmark: BofA Merrill Lynch 1-1Year U.S.TreasuryTR Index. Country Allocation (%) United States United Kingdom 14.2 Australia 7.94 France 5.5 Germany 3.86 Switzerland 3.56 Netherlands 3.11 Japan 2.69 Others 6.78 Cash & Cash Equivalents 6.44 Asset Allocation (%) Corporate IG - Banking 3.39 Corporate IG - Consumer Non Cyclical Corporate IG - Energy 9.92 Corporate IG - Consumer Cyclical 5.66 Corporate IG - Capital Goods 5.13 Corporate IG - Electric 4.61 Corporate IG - Technology 4.39 Corporate IG - Finance Companies 3.79 Others 8.54 Cash & Cash Equivalents 6.44 Top Five Holdings (%) GE CAPITA SUMITOMO MITSUI COCA-COLA CO GOLDMAN SACHS WACHOVIA CORP Total Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D.

14 As at 31 October 215 Legg Mason Western Asset Global Credit Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return, through income and capital appreciation, by investing at least two-thirds of its Net Asset Value in corporate debt securities and debts securities issued by supranational organisations that are denominated in a variety of currencies. In addition, the Fund may invest in securities issued or guaranteed by national governments, their agencies, instrumentalities and political sub-divisions. At the time of purchase the will only acquire investments that are rated Investment Grade or, if unrated, deemed to be of comparable quality. USD Up to 1.5% p.a. 15 November 211 ISIN Code: IEB5KJJ61 Bloomberg Ticker: LMGCAAU ID USD 91 million Current Yield 2 : 3.32% Number Of Holdings: years Effective Duration 3 : 6.42 years Credit Quality 3,4 : A Credit Quality Allocation 4 (%) AAA 9.4 AA 8.1 A 41.9 BBB 35.3 BB 1.4 Not Rated.76 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), credit, liquidity, custody and settlement, and currency risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /11 1/12 1/13 1/14 1/ N/A Benchmark (USD) N/A Calendar Year * N/A Benchmark (USD) N/A Benchmark: Barclays GlobalAggregate Credit Index (Hedged) USD. Benchmark performance is calculated from performance inception of share. * Performance of for calendar year 211 is calculated from its share class inception date to 31 December 211. TopTen Asset Allocation (%) Corporate IG - Banking Corporate IG - Consumer Non Cyclical 1.61 Corporate IG - Insurance 7.85 Emerging Markets - Investment Grade 7.6 Corporate IG - Electric 5.76 Country Allocation (%) United States United Kingdom Netherlands 4.99 France 3.77 Mexico 3.55 Top Five Holdings (%) US TSY N/B BANK NEDE EUROPEAN INVESTM Governments 5.32 Corporate IG - Communications 5.27 Asset-Backed Securities 4.96 Corporate IG - Energy 4.51 Corporate IG - Transportation 4. Total Germany 2.44 Australia 2.1 Brazil 1.99 Others Cash & Cash Equivalents 4.4 U.S. Tsy Bonds GDF SUEZ Total 7.93

15 As at 31 October 215 Legg Mason Western Asset Global HighYield Fund BENCHMARK Fund of the Year Awards 214 (Outstanding Achiever for Global High Yield Bond) 1 BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 2 Western Asset Management constituted in Ireland. The Fund s primary aim is to generate total return by investing at least 7% of its Net Asset Value in high-yielding debt securities (higher yields are generally available from securities rated below investment grade). The Fund is a global fund and is not confined to investing in any specific country or region, although it is expected that it will invest in at least 1 different countries and will not be investing more than 45% in high-yielding emerging market countries. USD / AUD USD Class A Distr. (M) (USD) USD Class A Distr. (M) Plus (USD) USD Class A Distr. (M) Plus (AUD) (H) AUD 13.2 Up to 1.25% p.a. Performance 22 January 22 Class A Distr. (M) (USD) 3 January 28 Class A Distr. (M) Plus (USD) 21 November 212 Class A Distr. (M) Plus (AUD) (H) 28 June 21 ISIN Code: IEB1BXHP82 / IEB2417S93 / IEB7SBJ61 / IEB3ML7W26 Bloomberg Ticker: LGHYBAA ID / LGHYADM ID / LMGHYAP ID / LGHYAHI ID USD 279 million Current Yield 3 : 8.1% Number Of Holdings: years Effective Duration 4 : 4.35 years Credit Quality 4,5 : BB Asset Allocation (%) EMD - Corporate (External) High Yield - Consumer Cyclical High Yield - Consumer Non Cyclical 1.1 High Yield - Energy 9.5 High Yield - OEIC 8.94 High Yield - Communications 8.9 High Yield - Capital Goods 4.92 Corporate - Investment Grade 4.45 Others 25.4 Cash & Cash Equivalents Source: BENCHMARK, as of 28 January 215, based on performance of Class A (G) Acc. USD up to 3 September Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 4 Weighted Average. 5 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, custody and settlement, and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /2 12/2 12/3 12/4 12/5 12/6 12/7 12/8 12/9 12/1 12/11 12/12 12/13 12/ Class A Distr. (M) (USD) Class A Distr. (M) Plus (USD) N/A N/A Class A Distr. (M) Plus (AUD) (H) Benchmark (USD) Calendar Year * * Class A Distr. (M) (USD) Class A Distr. (M) Plus (USD) N/A N/A Class A Distr. (M) Plus (AUD) (H) Benchmark (USD) Performance is net of fees and is calculated on a NAV to NAV basis (USD/AUD). Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in the Fund. Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Dividends of Distr. (M) Plus share class may be paid out of the Fund s capital. Please read the second-last point in the box above. Performance includes periods prior to the Fund s launch date (2 April 27), reflecting performance of the predecessor fund (which has a substantially similar investment objective and policy and managed by the same portfolio management team), whose assets were transferred into this Fund on 2 April 27. Benchmark: Barclays Global HighYield Index (Hedged) USD. Benchmark performance is calculated from the performance inception of share. * Performance of Class A Distr. (M) Plus (AUD) (H) for calendar year 21 and Class A Distr. (M) Plus (USD) for calendar year 212 is calculated from its share class inception date to 31 December 21 and 31 December 212 respectively. Country Allocation (%) United States 55. United Kingdom 6.8 Brazil 4.82 Top Five Holdings (%) LM WA Euro HY Fnd 9.11 U.S. Tsy Notes SPRINT CAPITAL Russia 3.89 Others Cash & Cash Equivalents 3.5 PETROLEOS Citigroup Inc. 1.9 Total 18.4 Any share class with (H) in its name will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. In some cases, investors may be subject to additional risks.

16 As at 31 October 215 Legg MasonWestern Asset Global Inflation Management Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund s primary aim is to generate total return by investing at least 8% of its Net Asset Value in inflation-protected securities or other securities that the believes will provide protection against inflation. USD Up to.9% p.a. Performance 23 August 24 ISIN Code: IEB19Z7G76 Bloomberg Ticker: LEGIMBA ID USD 12 million Current Yield 2 :.4% Number Of Holdings: years Effective Duration 3 : years Credit Quality 3,4 : AA Credit Quality Allocation 4 (%) AAA 75.7 AA 5.5 BBB 1.7 Cash & Cash Equivalents 8.1 Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), credit, liquidity, concentration, and currency risks. The Fund may invest in inflation protected securities, whose value generally fluctuates in response to changes to interest rates. As the Fund s investments are concentrated in one single country (i.e. the United States), the Fund carries more risk than other funds that diversify across multiple countries. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /4 7/5 7/6 7/7 7/8 7/9 7/1 7/11 7/12 7/13 7/14 7/ Benchmark (USD) (USD) Calendar Year Benchmark (USD) (USD) Performance includes periods prior to the Fund s launch date (2 April 27), reflecting performance of the predecessor fund (which has a substantially similar investment objective and policy and managed by the same portfolio management team), whose assets were transferred into this Fund on 2 April 27. Benchmark : BarclaysWorld Government Inflation Linked All Maturities Index. Prior to 13 May 215, the benchmark was Barclays Global Inflation-Linked: U.S.TIPS Index. Country Allocation (%) United States 44.4 United Kingdom Others Cash & Cash Equivalents 8.1 Asset Allocation (%) Inflation Protected Securities Governments -.2 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Formerly known as Legg Mason Western Asset Inflation Management Fund, the effective date of the name change was 13 May 215. Top Five Holdings (%) U.S. Tsy Bonds UK TSY UK TSY US I/L TSY NOTE US TSY Total 36.4

17 As at 31 October 215 Legg Mason Western Asset Global Multi Strategy Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing primarily in debt securities across the major fixed-income sectors that are listed or traded in developed and emerging market countries and denominated in U.S. dollars, Japanese yen, pound sterling, euro and a variety of other currencies. The Fund will have a substantial portion invested in debt securities rated at least BBB by S&P, or equivalent quality, but may also invest in high yielding debt securities which are of a lesser quality. USD Class A Distr. (M) (USD) USD Up to 1.1% p.a. 9 May 27 Class A Distr. (M) (USD) 19 February 28 ISIN Code: IEB19Z3V48 / IEB23Z7H1 Bloomberg Ticker: LEGMUAA ID / LEMSADM ID USD 1255 million Current Yield 2 : 5.66% Number Of Holdings: years Effective Duration 3 : 6.77 years Credit Quality 3,4 : BBB Country Allocation (%) United States Brazil 8.9 United Kingdom 7.23 Mexico 5.44 Germany 4.93 Italy 4.19 Colombia 2.63 Turkey 2.5 Others 2.92 Cash & Cash Equivalents Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/Western Asset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Investors will be exposed to debt securities (including risks of Government securities), credit, liquidity, custody and settlement, and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /7 4/8 4/9 4/1 4/11 4/12 4/13 4/14 4/ Class A Distr. (M) (USD) Calendar Year Class A Distr. (M) (USD) Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. There is no fund benchmark. Asset Allocation (%) Corporate - High Yield Corporate - Investment Grade 13.2 EMD - Corporate (External) Governments EMD - Sovereign (Local) 6.42 Currency Exposure (%) Mexican Peso 3.28 Indian Rupee 2.83 Brazilian Real 2.46 Top Five Holdings (%) US TSY NOTE BUONI POLIENNALI LM WA US HY Fnd 3.86 EMD - Sovereign (External) 6.29 Inflation Protected Securities 4.33 Mortgage-Backed Securities 3.47 Others 6.26 Cash & Cash Equivalents 2.58 Singapore Dollar.12 Australian Dollar.11 Malaysian Ringgit.7 Others -6.3 U.S. Tsy Bond DEUTSCHLAND I/L Total 17.79

18 As at 31 October 215 Legg MasonWestern Asset Short Duration High Income Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland.The Fund seeks to provide a high level of current income by investing at least 8% of its Net Asset Value in high-yielding debt securities (higher yields are generally available from securities rated below investment grade) that are denominated in U.S. dollars, and currencies of a variety of other developed countries. The Fund is a global fund and is not confined to investing in any specific country or region, although it will not be investing more than 3% in emerging market countries. The average duration of the fund is not expected to exceed 3 years. USD Class A Distr. (M) (USD) USD 92.9 Up to 1.1% p.a. Performance 31 May 27 Class A Distr. (M) (USD) 8 January 28 ISIN Code: IEB19Z5K72 / IEB23Z9V93 Bloomberg Ticker: LEDSUAA ID / LMWDADM ID USD 28 million Current Yield 2 : 6.42% Number Of Holdings: years Effective Duration 3 : 2.31 years Credit Quality 3,4 : B TopTen Country Allocation (%) United States United Kingdom 2.9 Luxembourg 2.65 Germany 2.6 Netherlands 1.28 Russia 1.13 Brazil.86 Switzerland.74 Mexico.74 France.72 Total Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D. Formerly known as Legg Mason Western Asset Diversified Strategic Income Fund, the effective date of the name change was 13 May 215. Investors will be exposed to debt securities, credit, liquidity and currency risks. The Fund may be invested in non-investment grade debt securities, which carry a higher degree of counterparty default and liquidity risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /7 5/8 5/9 5/1 5/11 5/12 5/13 5/14 5/ Class A Distr. (M) (USD) Benchmark (USD) (USD) Calendar Year Class A Distr. (M) (USD) Benchmark (USD) (USD) Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital Acc. = Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributing share class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Benchmark: Barclays US HighYield 1-5Year Cash Pay 2% Constrained Index. Prior to 13 May 215, the benchmark was Citi 1 Month U.S.Treasury Bill Index.The launch date of the Fund was on 24 February 24. On 13 May 215, the investment objective, policy and restrictions were changed. Asset Allocation (%) Corporate - High Yield Mortgage-Backed Securities 8. Corporate - Investment Grade 4.22 EMD - Corporate (External) 3.36 Bank Loans.12 Cash & Cash Equivalents 4.78 Top Five Holdings (%) LM WA Sr Loans Fnd 7.89 INDYMAC INDX MTGE Res Asset Mortgage Credit Quality Allocation 4 (%) BBB 4.6 BB B CCC CC 1.39 Not Rated 2.3 Cash & Cash Equivalents 4.78 Schaeffler Hldg Activision Blizzard Total 13.42

19 As at 31 October 215 Legg Mason Western Asset US Adjustable Rate Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland.The Fund seeks to provide high current income and to limit the degree of fluctuation of its Net Asset Value resulting from movements in interest rates. The Fund seeks to achieve this by investing at least 8% of its Net AssetValue in various types of adjustable rate debt securities issued by U.S. issuers, including variable rate securities, floating rate securities and adjustable rate mortgage-backed and asset-backed securities that are structured as debt securities. USD Up to 1.1% p.a. Performance 1 April 23 ISIN Code: IEB19Z8T7 Bloomberg Ticker: LUSARAA ID USD 7.6 million Current Yield 2 :.74% Number Of Holdings: years Effective Duration 3 : 76 days Credit Quality 3,4 : AA Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), credit, liquidity, currency, concentration and US markets risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /3 3/4 3/5 3/6 3/7 3/8 3/9 3/1 3/11 3/12 3/13 3/14 3/ Benchmark (USD) Calendar Year Benchmark (USD) Performance includes periods prior to the Fund s launch date (2 April 27), reflecting performance of the predecessor fund (which has a substantially similar investment objective and policy and managed by the same portfolio management team), whose assets were transferred into this Fund on 2 April 27. Benchmark : Citigroup 6-Month U.S.Treasury Bill Index. Credit Quality Allocation 4 (%) AAA AA BB 2.88 Cash & Cash Equivalents.23 Top Five Holdings (%) FNMA FEDERAL F STR ASSET INVEST Asset Allocation (%) Corporate - Investment Grade Governments Asset-Backed Securities 2.22 Mortgage-Backed Securities Cash & Cash Equivalents.23 Chevron Corp FEDERAL FARM CREDIT BANK Total Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D.

20 As at 31 October 215 Legg Mason Western Asset US Core Bond Fund BENCHMARK Fund of the Year Awards 212 (House Award: Outstanding Achiever for Global Fixed Income & Best-in-Class for Asia Fixed Income) 1 Western Asset Management constituted in Ireland. The Fund seeks to maximise total return through income and capital appreciation by investing at least 75% of its Net Asset Value in debt securities across the major fixed-income sectors that are listed or traded in developed and emerging market countries, denominated in U.S dollars and rated at least BBB by S&P, or equivalent quality. At least two-thirds of the Fund s Net Asset Value will be invested in securities of issuers registered in the U.S. or that conduct a significant portion of their business activities in the U.S. Reference Currency USD Up to.95% p.a. 9 May 27 ISIN Code: IEB19Z3K33 Bloomberg Ticker: LEUCUAA ID USD 42 million Current Yield 2 : 3.61% Number Of Holdings: years Effective Duration 3 : 5.76 years Credit Quality 3,4 : AA Asset Allocation (%) Mortgage-Backed Securities Corporate - Investment Grade 25.2 Governments Emerging Markets - Investment Grade 4.19 Asset-Backed Securities 3.27 Inflation Protected Securities 2.75 Corporate - High Yield.24 Municipals.9 Cash & Cash Equivalents 13.5 Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), credit, liquidity, currency, concentration, custody and settlement, and US markets risks. The Fund may invest in mortgage-backed securities and asset-backed securities, which may give rise to higher liquidity, credit, counterparty and interest rate risks. The Fund may use certain types of financial derivative instruments ( FDIs ) extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.the Fund may suffer a total or significant loss arising from the extensive use of FDIs. The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic, legal and regulatory risks. The Fund may invest in inflation protected securities, whose value generally fluctuates in response to changes to interest rates. The directors of may at their discretion pay dividends out of capital of a Distributing Plus Share /7 4/8 4/9 4/1 4/11 4/12 4/13 4/14 4/15 Date of Merger - 27 August Benchmark (USD) Calendar Year Benchmark (USD) On 27 August 21 the Legg Mason US$ Core Bond Fund was merged into the Legg Mason Western Asset US Core Bond Fund. Benchmark: Barclays U.S. Aggregate Index. Credit Quality Allocation 4 (%) AAA 46.5 AA 7.5 A BBB BB.43 B.6 CCC.52 C.1 Not Rated.63 Cash & Cash Equivalents 13.5 Top Five Holdings (%) GNMA U.S.Tsy Notes U.S. Tsy Bond U.S. Tsy Bonds FNMA Total Source: BENCHMARK, as of 4 December 212. Awarded company: Legg Mason/WesternAsset. Based on performance up to 31 October CurrentYield (gross of expenses), is not representative for 3 Weighted Average. 4 Credit Quality: Nationally Recognised Statistical Rating credit quality allocation by Western Asset Management assigns each security the higher rating from three NRSRO s Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB,...D.