LEGG MASON INCOME OPTIMISER FUND
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1 LEGG MASON INCOME OPTIMISER FUND Gary Herbert & Regina Borromeo Portfolio Managers JUNE 2014 This document is for Asset Managers, Fund Distributors and Authorised Intermediaries. Not for use by Private Individuals.
2 BRANDYWINE GLOBAL INVESTMENT MANAGEMENT AN INTRODUCTION Brandywine Global is a mid-sized boutique investment firm - U$52 billion under management in equity and fixed income strategies employees worldwide, headquartered in Philadelphia, with offices in San Francisco, Montreal, Toronto, Singapore and London - Wholly owned subsidiary of Legg Mason, Inc. since All strategies are focused on capturing value anomalies. Firm investment philosophy - Culture of partnership and teamwork - Small teams of experienced, performance-driven investors - Investment philosophies are tailored to the nature of the asset class. $1.1 Assets Under Management $5.3 $5.6 (by strategy $0.3 type; USD billions) $40.0 Fixed Income Diversified Equity Large Cap Equity Absolute Value Balanced Assets Under Management $2.9 $1.7 $0.7 (by client type; USD billions) Subadvisory $3.1 $20.4 Employee Benefit $5.1 Government Public Retirement Source: Brandywine as of 31 March $8.1 $10.3 Endowment/ Foundation 2
3 THE INCOME OPTIMISER TEAM Regina Borromeo Portfolio Manager Regina joined Brandywine in December 2010, bringing with her over 12 years of investing experience. Previously, she was a Vice President - Portfolio Manager and Senior Credit Analyst, Global Fixed Income with Morgan Stanley Investment Management PLC in London ( ) and held various Fixed Income Analyst positions with Morgan Stanley Investment Management in Philadelphia ( ). Gerhardt (Gary) P Herbert, CFA Portfolio Manager Gary joined Brandywine in March 2010, bringing with him over 20 years of High Yield experience. Previously, Gary was Managing Director, Portfolio Manager with Guggenheim Partners, LLC ( ); Managing Director, Portfolio Manager with Dreman Value Management, LLC ( ); Executive Director, Portfolio Manager ( ) and Associate ( ) with Morgan Stanley Investment Management; Analyst with Aronson + Fogler Investments (1994), and Senior Analyst with SEI Investments ( ). Brian L Kloss Portfolio Manager Brian joined Brandywine in December 2009, bringing with him over 10 years of High Yield and distressed debt experience. Previously, Brian was co-portfolio manager at Dreman Value Management, LLC ( ); High Yield analyst/trader at Gartmore Global Investments ( ); High Yield and equity portfolio manager and general analyst at Penn Capital Management, Ltd. ( ); an analyst with The Concord Advisory Group, Ltd. ( ); and an international tax consultant with Deloitte & Touche LLP ( ). 3
4 According to Darwin s Origin of Species, it is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able to adapt and adjust to the changing environment in which it finds itself. Leon C. Megginson 4
5 ADAPTING TO EXTRAORDINARY MONETARY POLICY HAS BEEN PROFITABLE Source: MorganStanley Research, Leveraged Finance Insights, as at 7 April
6 AS FUNDAMENTALS HAVE ALSO IMPROVED % 25 Estimated Forward Default Rate Realised Annual Default Rate 6 HY DEFAULT RATE C&I LENDING STANDARDS, % TIGHTENING (9-Month fwd) 5 BAML U.S. High Yield OAS Source: Thomson Datastream, as at 31 March *Normalised scale 6
7 SO, EVEN THIS GUY WAS ABLE TO CAPTURE VALUE Source: Cartoon.com 7
8 ADAPTING IS: FINDING VALUE ACROSS GLOBAL CREDIT, EMERGING AND DEVELOPED SOVEREIGN BOND MARKETS Annualised Return vs Standard Deviation from 1992 to March 2014 Source: Brandywine/eVestment, as at 31 March
9 BUT THIS IS NOT ADAPTING RETURN OF 2006 AND 2007 BEHAVIOUR IN CREDIT MARKETS Source: IIF Capital Markets Monitor, as at 7 April
10 SO, ONCE AGAIN, THE TRADITIONAL US CREDIT MARKETS LOOK STRETCHED Trends across various metrics in the high yield and leveraged loan new issue market Average Cov-Lite Percentage 7.4% 25.0% 55.5% 16.1% 5.75 Average leverage of outstanding loans Cov-Lite Absolute ($Bn) Cov-Lite Sr Debt/EBITDA 4.08x 4.99x 5.01x n/a Cov-Lite Loans Rated Single B 24.5% 32.7% 45.7% n/a Large LBO Loan Leverage 5.43x 6.23x 5.46x 4.93x MM LBO Loan Leverage 4.72x x 4.36x PIK-Toggle Volume ($Bn) Equity Contributions for LBOs 33.3% 32.9% 31.8% 37.4% Dividend/Buyback Loan Volume ($Bn) L Loan Volume ($Bn) CCC Bond Issuance 13.5% 23.6% 13.3% 10.6% HY Bond Refinancing Volumes 38.7% 38.1% 55.2% 55.8% LBO Volumes ($Bn) Source, S&P Capital IQ LCD, as at 31 December
11 GLOBAL ENVIRONMENT WILL SOON SHIFT FROM LIQUIDITY DRIVEN TO GROWTH DRIVEN But liquidity won t be removed too fast March 19, 2014 FOMC meeting FOMC text Fed funds will remain near zero for a considerable time after asset purchase program ends. In attempting to clarify considerable time during the press conference Janet Yellen said it was hard to define but probably means something on the order of around six months. March 31, 2014 Chicago: Federal Reserve Chair Janet Yellen delivers the keynote speech at the National Interagency Community Reinvestment Conference saying, US economy needs extraordinary support for some time. 11 Source: Thomson Datastream, as at 31 March 2014
12 INSTEAD, CONSIDER THE OPPORTUNITY IN DEVELOPED INTERNATIONAL CREDIT MARKETS Especially UK and Continental Europe 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% International high yield approximately 45% of the BAML Global High Yield Index Americas Ex-U.S. Asia Pacific 0% Source: Bank of America Merrill Lynch, as at 31 March % International high yield issuers generally have higher credit ratings BB B CCC 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
13 ECB MUST STAY SUPPORTIVE TO AVOID DEFLATION SUPPORTIVE OF CREDIT CPI Inflation % Germany Italy Spain Ireland Portugal 12 Ann. % Chg 8 Unemployment Rate U.S. (Left) Euroland (Right) % % Industrial Production % U.S. (Left) Euroland (Right) Source: Thomson Datastream, as at 28 February
14 OPPORTUNITIES GROWING AS WELL IN EMERGING MARKETS Source: IIF Capital Markets Monitor, as at 7 April
15 EM BENEFITS IF RECOUPLING TAKES HOLD Industrial Production Manufacturing PMI Index Emerging markets Advanced Economies Emerging markets* Advanced Economies** Ann. % Chg Source: Netherlands Bureau for Economic Policy Analysis, as at 31 Jan 2014 Source: Thomson Datastream, as at 31 March *Equally weighted average of China, India, Brazil and Russia **Equally weighted average of US, UK Eurozone and Japan
16 VALUATIONS SUPPORT AN ALLOCATION TO EMERGING MARKETS Spread US High Yield BB, YTW JPM EMBI Global, YTM Source: Thomson Datastream, as at 31 March
17 DISPERSION OF COUNTRY, CREDIT AND CURRENCY RETURNS CREATES ENORMOUS OPPORTUNITIES 200% 150% 100% 50% 0% -50% -100% -150% -200% EUR HY < CCC US HY < CCC CAD HY < CCC EUR HY < CCC GBP HY < CCC EUR HY < CCC CAD HY BB CAD HY < CCC CAD HY < CCC GBP HY < CCC CAD HY B US HY < CCC CAD HY B Best Range of Returns within BAML GHY Index by Currency & Credit Rating Worst CAD HY B US HY BB CAD HY < CCC CAD HY BB CAD HY B CAD HY BB EUR HY < CCC GBP HY < CCC CAD HY < CCC GBP HY < CCC EUR HY BB BAML US High Yield BAML EUR High Yield US HY BB CAD HY < CCC GBP HY CCC CAD HY BB GBP HY CCC CAD HY B US HY B EUR HY < CCC 17 Source; Brandywine, as at 31 March 2014.
18 LEGG MASON INCOME OPTIMISER FUND Strategy Strategic bond fund with an income objective Strong emphasis on capital preservation Top down macro & valuation driven Derivatives used to enhance income & protect capital Fund Details Launched: 19 December 2011 AMC (Class X Inc): 0.65% per annum Distribution yield : 6.2%* IMA Sector: Strategic Bond Fund Parameters High Yield Investment Grade SWAPs Futures EMD Currency Cash Preferred Stock *Following on from a full review of the yield on the on the Legg Mason Income Optimiser fund we are now including income that relates to futures held by the fund. The income related to these futures can have a negative as well as positive effect on income. Currently the fund holds a short position on futures and as a result this has had a negative impact on the yield of the fund. The yield has dropped from 6.90% as at the end of June to 6.40% as at the end of July. The drop in yield is not solely caused by the inclusion of this income but also by positive performance during the month of July 18 * Source: Legg Mason, as at 30 April 2014, Share Class X Inc. (Q) GBP. The Distribution Yield reflects the amounts that may be expected to be distributed over the next 12 months as a percentage of the Net Asset Value of the class as at the reported date. It is based on a snapshot of the portfolio on that day. It does not include any subscription charges and investors may be subject to tax on distributions.
19 FUND PERFORMANCE RETURNS AS AT 30 APRIL % Cumulative Performance in GBP Distribution Yield* Legg Mason Income Optimiser Fund Class X Inc (Q) IMA Strategic Bond GBP % Annualised Performance in GBP Legg Mason Income Optimiser Fund Class X Inc Distribution Yield: 6.2%* Dec 11 Apr 12 Aug 12 Dec 12 Apr 13 Aug 13 Dec 13 Apr Month YTD 6 Months 1 Year 2 Years Since Inception* Source: Legg Mason, from 19 December to 30 April NAV to NAV with net income reinvested without initial charges reflecting annual management fees. The Fund distributes the yield on a coupon basis. Past performance is no guide to future returns and may not be repeated. The Distribution Yield reflects the amounts that may be expected to be distributed over the next 12 months as a percentage of the Net Asset Value of the class as at the reported date. It is based on a snapshot of the portfolio on that day. It does not include any subscription charges and investors may be subject to tax on distributions. 19
20 LEGG MASON INCOME OPTIMISER FUND HISTORICAL REGIONAL ALLOCATION 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 North America Asia Europe Lat Am Africa Other Source: Brandywine Global, as at 30 April
21 LEGG MASON INCOME OPTIMISER FUND Major Country Allocation Portfolio Credit Quality* Average Credit Quality: BB Source: Brandywine Global, as at 30 April * Blended weighted average rating this is determined in line with methodology used by Barclays Capital Global Indices the middle rating from the three ratings agencies (S&P, Moody s and Fitch) will be assigned to each security. 21 US 28.7% UK 19.1% Luxembourg 7.1% Mexico 5.9% Ireland 5.4% Portugal 3.2% Netherlands 3.1% France 3.0% Indonesia 2.5% Jamaica 2.4% Italy 2.3% Poland 2.0% Jersey 1.6% Argentina 1.6% South Africa 1.4% Australia 1.4% Malaysia 1.3% Others 8.5% AAA AA A BBB BB B CCC
22 ACTIVE MANAGEMENT OF DURATION Historic Modified Duration 5.0 Model Portfolio Representative Fund of the Strategy 4.5 Years Jul 11 Nov 11 Mar 12 Jul 12 Nov 12 Mar 13 Jul 13 Nov 13 Mar 14 Source: Brandywine Global, as at 30 April The model portfolio is based on simulated data which is not a reliable guide to future results. 22
23 MACRO OVERLAY DRIVES THE BETA Net CDS exposure 10% CDS Attribution (rhs) Model Portfolio Legg Mason Income Optimiser Fund 1.5% 0% 1.0% -10% 0.5% % -20% 0.0% -30% -0.5% -40% Jul 11 Nov 11 Mar 12 Jul 12 Nov 12 Mar 13 Jul 13 Nov 13 Mar % Source: Brandywine Global, as at 30 April The model portfolio is based on simulated data which is not a reliable guide to future results. 23
24 ASSET ALLOCATION KEY TO DRIVING BETA Historical Asset Allocation 120% Enhanced beta 70% 20% - 30% - 80% Reduced beta Source: Brandywine Global, as at 30 April Governments 19.2% Municipals 0.8% Corporates 68.0% Mortgages 8.4% Cash 4.2% CDS (Long risk) 0% CDS (Short risk) -18.0% Bond Futures (Long) 0% Bond Futures (Short) -8.9% FX (Short) -4.5% FX (Long) -8.1% Stock Index Futures (Long) 0.0% Stock Index Futures (Short) 0.0%
25 LEGG MASON INCOME OPTIMISER FUND % Notional % Duration contribution Corporate Bond High Yield Government Sovereign Corporate Bond I.G CMBS MBS Non-Agency MBS Alt-A Municipal Bonds Supranational Cash Credit Default Swap Bond Futures Stock Index Futures Currency Forwards Total: Duration Contribution Breakdown (30 Apr 2014) Source: Brandywine Global, as at 30 April 2014
26 APPENDIX 26
27 GLOBAL HIGH YIELD COMPOSITE PROTECTING AGAINST DOWNSIDE RETURNS Global High Yield Composite Upside/Downside Capture Since January 2010/Based on Monthly Returns Upside Capture Upside Capture 27 Downside Capture Based on Global High Yield and Global-Multi Sector composite returns. The composites includes all fully discretionary, fee- paying actively managed accounts with a minimum market value of $3 million in their strategy. Returns are presented gross of fees and assume reinvestment of dividends, interest, capital gains and other earnings. There are differences between the composite returns and the Legg Mason Brandywine Global High Yield Fund and Global Income Optimiser Fund including differences in the amount of assets under management, cash flows, fees and expenses, and applicable regulatory requirements, including investment and borrowing restrictions. The past performance of the composites is, therefore, not indicative of the future performance of the Legg Mason Brandywine Global High Yield Fund and Global Income Optimiser Fund. Source: Brandywine, as at 31 March 2014
28 LEGG MASON BRANDYWINE GLOBAL HIGH YIELD FUND RETURNS AS AT 30 APRIL 2014 Annualised Performance in USD 12 Legg Mason Brandywine Global High Yield Fund Class P Acc USD Barclays Global High Yield USD 10 8 Current Yield: 6.7% % Month 3 Months YTD 6 Months 1 Year Since Inception* Source: Legg Mason as at 30 April NAV to NAV with gross income reinvested without initial charges but reflecting annual management fees, based in USD for class A shares. *Fund launched on 30/11/2012. Past performance is not an indicator of future results and may not be repeated The current yield is the sum of the cuopons of all the underlying securities divided by the sum of the current prices 28
29 LEGG MASON BRANDYWINE GLOBAL HIGH YIELD FUND Major Country Allocation Portfolio Credit Quality* BBB and above 23.2 BB 51.8 Average Credit Quality: B+ Currency breakdown B CCC NR US 49% UK 10% Luxembourg 8% Ireland 4% Jamaica 3% France 3% Austria 2% Sweden 2% Canada 2% Jersey 2% Netherlans 2% Argentina 2% Panama 2% Germany 1% South Africa 1% Others 6% US Dollar 87% Euro 12% British Pound 1% Brazilian Real 0.2% Source: Brandywine Global, as at 30 April * Blended weighted average rating this is determined in line with methodology used by Barclays Capital Global Indices the middle rating from the three ratings agencies (S&P, Moody s and Fitch) will be assigned to each security. 29
30 COMPOSITE DISCLOSURE Brandywine Global High Yield Composite as at 31 December 2013 (USD) Composite Returns (%) St. Dev. (% 3-Year Rolling) Period Gross of Fees Net of Fees Index 1 (%) Index 2 (%) # of Accts Market Value (MM) Firm Assets (MM) Composite Dispersion (%) Composite Index 1 Index , , , , Period Composite Returns (%) Gross of Fees Net of Fees Index 1 (%) Index 2 (%) QTD YTD Year Year Year Year Year Since Inception Composite Return Gross of Fees (%) Composite Return Net of Fees (%) Index 1 Return (%) Index 2 Return (%) Period Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
31 COMPOSITE DISCLOSURE Inception Date: 1/1/2010 Index 1: Barclays U.S. Corporate High Yield Index 2: BofA Merrill Lynch U.S. High Yield II Organization: Brandywine Global Investment Management, LLC (the "Firm") is a wholly owned, independently operated, subsidiary of Legg Mason, Inc. The Firm has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). For the periods July 1, 2000 through June 30, 2012, the Firm has been verified by Kreischer Miller. A verification includes assessing whether the Firm (1) complied with the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) designed its processes and procedures to calculate and present performance results in compliance with the GIPS standards. A copy of the verification report is available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. Composite Description: The High Yield Composite (the "Composite") Inception date: January 1, Creation date: January 1, The Composite includes all fully discretionary, fee-paying, actively managed High Yield Non-Constrained accounts with no composite minimums. The holdings consist of high yielding instruments primarily issued in the United States that Brandywine believes are going to produce a high level of current income and capital appreciation. The portfolios are typically invested in securities. Effective 11/30/12, the secondary benchmark was changed to the BofA Merrill Lynch US High Yield, which is more reflective of the strategy. Benchmark: The Barclays Capital U.S. Corporate Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emg countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. The BofA Merrill Lynch U.S. High Yield Index tracks the performance of USD denominated below investment grade corporate debt publicly issued in the major domestic markets. Performance Calculation: Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars ("USD"). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net of fee returns reflect the deduction of trading expenses and the highest investment management fees charged within the composite membership as stated in the fee schedule below. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past performance is no guarantee of future results. A complete list describing the Firm's composites as well as any additional information regarding the Firm's policies for calculating and reporting performance results is available upon request. Fee Schedule: Institutional Client Separate Account Management Fee Schedule (minimum initial investment: $5 million): 0.650% on the first $25 million; 0.600% on the next $75 million, and 0.550% on any portion of assets in excess of $100 million. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request. 31
32 GLOBAL MULTI SECTOR INCOME (GBP HEDGED) COMPOSITE RETURN Composite Returns (%) St. Dev. (% 3-Year Rolling) Composite Returns (%) Period Gross of Fees Net of Fees Index 1 (%) Index 2 (%) # of Accts Market Value (MM) Firm Assets (MM) Composite Dispersion (%) Composite Index 1 Index 2 Period Gross of Fees Net of Fees Index 1 (%) Index 2 (%) , QTD , YTD Year Year Year Year Year Since 2005 Inception Composite Return Gross of Fees (%) Composite Return Net of Fees (%) Index 1 Return (%) Index 2 Return (%) Period Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
33 COMPOSITE DISCLOSURE Inception Date: 1/1/2012 Index 1: GBP 3 Month LIBOR Index 2: 60% Barclays GHY / 40% Barclays GCredit (GBP Hedged) Organization: Brandywine Global Investment Management, LLC (the Firm) is a wholly owned, independently operated, subsidiary of Legg Mason, Inc. The Firm has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). For the periods July 1, 2000 through June 30, 2012, the Firm has been verified by Kreischer Miller. A verification includes assessing whether the Firm (1) complied with the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) designed its processes and procedures to calculate and present performance results in compliance with the GIPS standards. A copy of the verification report is available upon request. Disclosed total firm assets represent the total market value of all discretionary and nondiscretionary, fee-paying and non-fee-paying assets under the Firm's management. Composite Description: The Global Income Total Return (Strategic Income) GBP Hedged Composite (the Composite) Inception date: January 1, Creation date: January 1, The Composite includes all fully discretionary, fee-paying, actively managed Global Income Total Return accounts with no composite minimums, hedged to the British Pound. The investable universe is generally comprised of a broad mix of global securities including but not limited to: sovereign debt, emerging market debt, global high yield credit, global investment grade, bank loans, structured credit, convertible securities, preferred stock, common stock and currencies. The strategy may hold synthetic short and/or long positions on individual securities, indices, currencies and/or interest rates through forwards, swaps, and/or futures. The portfolios are typically invested in securities. The primary objective is to maximize income through the business cycle (3-5 year period) with a secondary object of capital appreciation. Effective 3/31/13, the composite was changed from "Income Total Return GBP Hedged" to more accurately reflect the strategy s exposures. Benchmark London-Interbank Offered Rate (LIBOR) - British Bankers Association Fixing for British Pound Sterling. The rate is an average derived from the quotations provided by the banks determined by the British Bankers' Association. The top and bottom quartile is eliminated and an average of the remaining quotations calculated to arrive at fixing. BBA GBP LIBOR is calculated on an ACT/360 basis and for value for two business days after the fixing. The Barclays Capital Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High- Yield, and Pan-European Emerging Markets High-Yield Indices. The Barclays Capital Global Credit Index contains investment grade and high yield credit securities from the Multiverse Index. (The Multiverse Index is the merger of two index groups: the Global Aggregate Index and the Global High Yield Index.)Performance Calculation Preliminary data, if so noted, reflects unreconciled data for the most recent reporting period. Portfolios are valued daily on a trade date basis and include dividends and interest as well as all realized and unrealized capital gains and losses. Return calculations at the portfolio level are time-weighted to account for periodic contributions and withdrawals. Performance results are calculated on a before tax, total return basis. The Composite returns consist of size-weighted portfolio returns using beginning of period values to weight the portfolio returns. Monthly linking of interim performance results is used to calculate quarterly and annual returns. Composite's valuations and returns are computed in U.S. Dollars (USD). The results are presented in USD or in other currencies (to accommodate overseas investors), the latter by converting monthly USD returns into other currency returns using the appropriate currency exchange rate returns. Gross returns reflect the deduction of trading expenses. Net of fee returns reflect the deduction of trading expenses and the highest investment management fees charged within the composite membership as stated in the fee schedule below. Composite dispersion is calculated using the asset-weighted standard deviation method for all portfolios that were in the Composite for the entire year. Composite dispersion is not presented for periods with five or fewer portfolios. The number of accounts and market values are as of the end of the period. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past performance is no guarantee of future results. A complete list describing the Firm's composites as well as any additional information regarding the Firm's policies for calculating and reporting performance results is available upon request. Fee Schedule Fees: Institutional Client Separate Account Management Fee Schedule (minimum initial investment: $5 million): 0.90% fee on all assets of up to $25m, 0.85% up to $75m and 0.80% for $100m or greater. Institutional Client Commingled Account Management Global Investment Trust Fee Schedule (minimum initial investment: $1 million): 0.90% fee on all assets of up to $25m, 0.85% up to $75m and 0.80% for $100m or greater. Additional information on the Firm's fee schedule can be found in Form ADV Part 2A which is available upon request. 33
34 IMPORTANT INFORMATION These are sub-funds ("fund") of Legg Mason Global Funds plc ( LMGF plc ), an umbrella fund with segregated liability between sub-funds, established as an open-ended investment company with variable capital, organised as an undertaking for collective investment in transferable securities ( UCITS ) under the laws of Ireland as a public limited company pursuant to the Irish Companies Acts and UCITS regulations. LMGF plc is authorised in Ireland by the Central Bank of Ireland (the Central Bank ). Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the bond or pay the interest due on it, leading to losses for the fund. Liquidity: In certain circumstances it may be difficult to sell the fund s investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments. Low rated bonds: The fund may invest in lower rated or unrated bonds of similar quality, which carry a higher degree of risk than higher rated bonds. Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries. Assetbacked securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the fund. These types of investments may also be difficult for the fund to sell quickly. Fund currency: Changes in exchange rates between the currencies of investments held by the fund and the fund's base currency may negatively affect the value of an investment and any income received from it. Interest rates: Changes in interest rates may negatively affect the value of the fund. Derivatives: Investment in derivatives may cause the fund to lose as much as or more than the amount invested. Derivatives: The Fund makes significant use of derivatives. Investment in derivatives may cause the fund to lose as much as or more than the amount invested. Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations. Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries. It should be noted that the value of investments and the income from them may go down as well as up. Investing in a sub-fund involves investment risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results. An investment in a sub-fund should not constitute a substantial proportion of an investor s investment portfolio and may not be appropriate for all investors. Investors attention is drawn to the specific risk factors set out in a fund s share class key investor information document ( KIID ) and LMGF plc s prospectus (the Prospectus ). This material is not necessarily a complete summary and is not intended, for example, as a complete analysis. The information and data in this material (that may include without limitation research, forecasts, figures, opinions, statements, trends, investment techniques and strategies) has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Europe) Limited nor any Legg Mason, Inc. company or affiliate (together Legg Mason ). No representation is made that the information or data is correct as of any time subsequent to its date. Further there is no guarantee or assurance that funds will achieve their investment objectives. Before investing investors should read in their entirety LMGF plc s application form and a fund s share class KIID and the Prospectus (which describe the investment objective and risk factors in full). These and other relevant documents may be obtained free of charge in English, French, German, Greek, Italian, Norwegian and Spanish from LMGF plc s registered office at Riverside Two, Sir John Rogerson s Quay, Grand Canal Dock, Dublin 2, Ireland, from LMGF plc s administrator, BNY Mellon Investment Servicing (International) Limited, at the same address or from Issued and approved by Legg Mason Investments (Europe) Limited, registered office 201 Bishopsgate, London, EC2M 3AB. Registered in England and Wales, Company No Authorised and regulated by the UK Financial Conduct Authority. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients. June 2014 P
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