as of 30 june 2018 - legg mason · legg mason global funds plc ... total return through capital...

Legg Mason Global Funds Plc

As of 30 June 2018

FUNDFACTS

JUN 2018Brandywine Global • Clarion Partners • ClearBridge Investments • EnTrustPermal • Martin Currie

QS Investors • RARE Infrastructure • Royce & Associates • Western Asset Management

Asia Asset Management Best of the Best Awards 2016 (House Award: Global Bonds - 3 Years and 10 Years)1



Sub-Investment Manager

Brandywine Global Investment Management

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through capital appreciation and incomeby investing at least two-thirds of its Net Asset Valuein investment grade debt securities denominated inthe currencies of, or issuers located primarily in,developed countries around the world. The Sub-Investment Manager will concentrate investmentsin undervalued markets that provide the bestopportunity for declining interest rates and a returnto lower real rates over time.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 146.82Class A Distr. (S) (USD) USD 122.29Fees:Management Fee: Up to 1.10% p.aInception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (S) (USD) 1 October 2003ISIN Code: IE00B19Z4J92 / IE0033637442BloombergTicker: LEGOUAA ID / LEGGLOB IDFund Size: USD 1214 millionCurrentYield4: 4.00%Number Of Holdings: 37Weighted Average Life: 6.43 yearsEffective Duration5: 3.04 yearsCredit Quality5,6: AA-

Country Of Issue (%)

United States 42.28Mexico 13.88Poland 6.07Australia 5.80United Kingdom 5.77South Africa 5.05Others 19.99Cash & Cash Equivalents 1.16

1 Source: Asia Asset Management. Awarded company:Brandywine Global Investment Management. Based onperformance up to 30 September 2016.



4 Current Yield (gross of expenses), is not representative foran individual share class as the yield does not deduct theTotal Expense Ratio or any applicable taxes and other locallyapplied costs that an investor may be subject to.

5 Weighted Average.6 Credit Quality: Nationally Recognised Statistical Rating

Organisation’s (NRSRO’s) assess the likelihood of bond issuersdefaulting on a bond’s coupon and principal payments.Thecredit quality by Brandywine Global Investment Managementassigns each security the middle rating from three NRSRO’s(Standard & Poor’s, Moody’s Investor Services and FitchRatings, Ltd.). In the event that only two NRSRO’s provideratings, the lowest of the two ratings will be assigned. Ifonly one NRSRO assigns a rating, that rating will be used.All securities have ratings from at least one NRSRO. Thelower the overall credit rating, the riskier the portfolio. Thecredit rating is expressed as a regular letter rating (from highto low quality): AAA, AA, A, BBB, BB, D.

• INVESTMENT INVOLVES RISKS.The value of the Fund can be volatile and investors may not get back the amount

originally invested. Past performance is not indicative of future results.

• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity, concentration, and currency risks.

• The Fund may invest in inflation protected securities, whose value generally fluctuates in response to changes to interestrates.

• The Fund may use certain types of financial derivative instruments (“FDIs”) extensively for investment and other non-hedgingpurposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks.TheFund 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 Legg Mason Global Funds Plc may at their discretion pay dividends out of capital of a Distributing Plus ShareClass. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capitalinvestment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediatedecrease in the Net AssetValue per share of these Share Classes.

• Investors should not invest based on this marketing material alone. Offering documents should be read for further details,including the risk factors.

Cumulative Performance (%) (Since Inception)

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20406080

100

10/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17

Class A Distr. (S) (USD)

73.10

YTD 3-Month 1-Year 3-Year 5-Year

Class A Acc. (USD) -2.89 -6.67 -1.52 3.94 2.60

Class A Distr. (S) (USD) -2.89 -6.66 -1.52 3.94 2.59

Benchmark (USD) -0.94 -3.35 1.90 8.68 5.65

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 10.24 2.55 -9.12 2.93 -4.03

Class A Distr. (S) (USD) 10.23 2.56 -9.12 2.92 -4.04

Benchmark (USD) 7.49 1.60 -3.57 -0.48 -4.00

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (S) = Distributing share class.The share class aims to declare and pay dividend on a semi-annual basis. Dividend amount ordividend rate is not guaranteed.Benchmark: FTSEWorld Government Bond Index.

Currency Exposure (%)

Mexican Peso 13.88Swedish Krona 12.09British Pound 10.34Australian Dollar 8.45JapaneseYen 7.46Malaysian Ringgit 6.69

Polish Zloty 6.07US Dollar 6.00Norwegian Krone 5.93Canadian Dollar 5.49Others 17.60

Top Five Holdings (%)

Holding Coupon Maturity %

UNITED ST 1.97 31.07.19 18.50USTSY FRN 1.98 30.04.19 10.24UKTSY 1.25 22.07.18 5.71


UNITED ST 2.05 31.01.19 5.25MEXICO ST 7.75 13.11.42 4.61Total 44.31

A temporary negative position may be due to unsettled trade activity and/or the use of particular investment policies as allowed bythe prospectus.This document is for information only and nothing contained herein constitutes investment advice. All charts, data, opinions, estimatesand other information are provided as of the date of this document and may be subject to change without notice. Investment returnsare denominated in the Fund’s base currency. Exchange rate changes may cause the value of overseas investments to rise or fall.Where the Fund’s base currency is not US/HK Dollars, US/HK Dollar-based investors are exposed to exchange rate fluctuations.Thisdocument does not constitute an offer or solicitation to buy or sell any units or shares in any fund and the distribution of this documentin jurisdictions other than Hong Kong or Macau may be restricted. Any person coming into possession of this document shouldseek advice for details of, and observe, such restrictions (if any).This document has not been reviewed by the Securities and FuturesCommission in Hong Kong or Monetary Authority of Macao in Macau.Issuer of this document: Legg Mason Asset Management Hong Kong Limited.

0618 As at 30 June 2018


Legg Mason Brandywine Global Fixed Income Fund

www.leggmason.com.hk

BENCHMARK Fund of the Year Awards 2016: Asian Bond – Local Currency – Retail & Professional Class (Best-in-Class)1

BENCHMARK Fund of the Year Awards 2015: Asia Bond – Local Currency – Retail Class (Outstanding Achiever) & Professional Class (Best-in-Class)2

BENCHMARK Fund of the Year Awards 2015 - House Award: US Fixed Income (Outstanding Achiever)3


Western Asset Management

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through income and capital appreciationby investing at least 70% of its Net Asset Value indebt securities issued by Asian issuers and inderivatives on Asian interest rates and currencies.

Fund Details

Reference Currency: USD / AUDMonth-end NAV:Class A Acc. (USD) USD 142.06Class A Distr. (M) (USD) USD 96.77Class A Distr. (M) Plus (USD) USD 77.96Class A Distr. (M) Plus (AUD) (H) AUD 89.62Fees:Management Fee: Up to 1.10% p.a.Inception Date:Class A Acc. (USD) 2 July 2008Class A Distr. (M) (USD) 7 January 2010Class A Distr. (M) Plus (USD) 21 November 2012Class A Distr. (M) Plus (AUD) (H)28 September 2011ISIN Code: IE00B2Q1FD82 / IE00B2Q1FG14

IE00B4XJJ152 / IE00B52FBY81BloombergTicker: LMWOAAU ID / LMWADUS ID

LMAOMPU ID/ LMWAIHA IDFund Size: USD 513 millionCurrentYield4: 6.83%Number Of Holdings: 103Weighted Average Life: 9.55 yearsEffective Duration5: 6.99 yearsCredit Quality5,6: BBB+

Asset Allocation (%)

Sovereign 59.30Corporate 27.75Agency 9.43Cash & Foreign Exchange 3.53

1 Source: BENCHMARK. Retail Class: Based on performanceof LM Class Acc. (USD) up to 30 September 2016. ProfessionalClass: Based on performance of Class F Distr. (D) (USD) andClass F Acc. (USD) up to 30 September 2016. Distr. (D) =Distributing share class. The share class aims to declaredividend daily and pay out on a monthly basis. Dividend amountor dividend rate is not guaranteed.The above share classesare for reference only and not available to investors in HongKong and Macau.

2 Source: BENCHMARK. Retail Class: Based on performanceof LM Class Acc. (USD) up to 30 September 2015.The shareclass is for reference only and not available to investors inHong Kong and Macau. Professional Class: Based onperformance of Premier Class Acc. (USD) up to 30 September2015.

3 Source: BENCHMARK.Awarded company: Legg Mason GlobalAsset Management. Based on performance up to 30September 2015.



Organisation’s (NRSRO’s) assess the likelihood of bond issuersdefaulting on a bond’s coupon and principal payments.Thecredit quality allocation byWesternAsset Management assignseach security the higher rating from three NRSRO’s (Standard& Poor’s, Moody’s Investor Services and Fitch 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 reflectedas such. The lower the overall credit rating, the riskier theportfolio. The credit rating is expressed as a regular letterrating (from high to low quality): AAA, AA, A, BBB, BB, ...D.



• Investors will be exposed to debt securities (including risks of Government securities), interest rate, 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 andliquidity 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.






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40

60

7/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18

Class A Acc. (USD)

42.06


Class A Acc. (USD) -5.57 -5.64 -1.67 3.17 3.97

Class A Distr. (M) (USD) -5.57 -5.64 -1.67 3.16 3.97

Class A Distr. (M) Plus (USD) -5.57 -5.64 -1.67 3.17 3.96

Class A Distr. (M) Plus (AUD) (H) -5.66 -5.72 -1.67 5.25 11.02

Benchmark (USD) -3.34 -4.31 0.89 6.22 8.60

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 11.59 1.88 -4.90 3.40 -7.01

Class A Distr. (M) (USD) 11.59 1.88 -4.90 3.40 -7.00

Class A Distr. (M) Plus (USD) 11.60 1.88 -4.91 3.39 -7.00

Class A Distr. (M) Plus (AUD) (H) 12.07 2.78 -3.07 5.86 -4.67

Benchmark (USD) 11.05 1.74 -3.17 4.36 -5.72

Performance is net of fees and is calculated on a NAV to NAV basis (USD/AUD). Performance for periods greater than one year iscumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in theFund. 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. Dividendsof 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:Markit iBoxx Asian Local Bond Index since 1 May 2016. On or before 29 April 2016, the benchmark was HSBC Asian Local BondOverall Index.

Top Five Currency Exposure (%)

ChineseYuan Renminbi 24.77Indonesian Rupiah 16.04South Korean Won 15.61Indian Rupee 15.43Singapore Dollar 7.89Total 79.74

Top Five Country Allocation (%)

China 32.99Indonesia 19.41India 15.43Singapore 6.64Malaysia 5.86Total 80.33

A temporary negative position may be due to unsettled trade activity and/or the use of particular investment policies as allowed bythe prospectus. Any share class with “(H)” in its name will attempt to hedge the currency risk between the base currency of theFund 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.This document is for information only and nothing contained herein constitutes investment advice. All charts, data, opinions, estimatesand other information are provided as of the date of this document and may be subject to change without notice. Investment returnsare denominated in the Fund’s base currency. Exchange rate changes may cause the value of overseas investments to rise or fall.Where the Fund’s base currency is not US/HK Dollars, US/HK Dollar-based investors are exposed to exchange rate fluctuations.Thisdocument does not constitute an offer or solicitation to buy or sell any units or shares in any fund and the distribution of this documentin jurisdictions other than Hong Kong or Macau may be restricted. Any person coming into possession of this document shouldseek advice for details of, and observe, such restrictions (if any).This document has not been reviewed by the Securities and FuturesCommission in Hong Kong or Monetary Authority of Macao in Macau.Issuer of this document: Legg Mason Asset Management Hong Kong Limited.

0618 As at 30 June 2018


Legg MasonWestern Asset Asian Opportunities Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through income and capital appreciationby investing at least 70% of its Net Asset Value inemerging market corporate bonds.The Fund investsin emerging market corporate debt securities, ratedat the time of purchase at least B-, or its equivalent,across the major fixed-income sectors where theSub-Investment Manager believes that the yield andpotential for capital appreciation are sufficientlyattractive in light of the risks of ownership of theobligation.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 100.74Class A Distr. (M) (USD) USD 92.73Fees:Management Fee: Up to 1.50% p.a.Inception Date:Class A Acc. (USD) 4 March 2013Class A Distr. (M) (USD) 21 October 2011ISIN Code: IE00B3Q8Z253 / IE00B45DY544BloombergTicker: LMEMCAA ID /

LMEADMU IDFund Size: USD 39.44 millionCurrentYield2: 5.41%Number Of Holdings: 138Weighted Average Life: 7.59 yearsEffective Duration3: 4.74 yearsCredit Quality3,4: BBB


EMD - Corporate (External) 73.64EMD - Quasi-Sovereign (External) 7.56EMD - Sovereign (Local) 5.57EMD - Sovereign (External) 5.31Corporate - HighYield 2.49Corporate - Investment Grade 0.50EMD - Corporate (Local) 0.20Cash & Cash Equivalents 4.72







• Investors will be exposed to debt securities, interest rate, convertible securities, credit, custody and settlement, liquidity andcurrency 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.






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30

10/11 9/12 9/13 9/14 9/15 9/16 9/17

Class A Distr. (M) (USD)

17.71


Class A Acc. (USD) -5.24 -3.49 -2.30 4.72 6.63


Benchmark (USD) -2.82 -1.79 0.10 13.05 25.61

CalendarYear 2017 2016 2015 2014 2013*

Class A Acc. (USD) 8.17 8.60 -4.07 -2.97 -2.77

Class A Distr. (M) (USD) 8.50 8.92 -3.66 -2.69 -2.76

Benchmark (USD) 8.01 10.76 1.17 3.58 -1.25

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.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 ordividend rate is not guaranteed.Benchmark: JPMorgan Corporate Emerging Markets Bond Index - Broad (USD). Benchmark performance is calculated from performanceinception of Class A Distr. (M) (USD) share.* Performance of Class A Acc. (USD) for calendar year 2013 is calculated from its share class inception date to 31 December 2013.


Brazil 15.86China 8.74Argentina 6.36

Russia 6.07Mexico 5.48Total 42.51



PETROBRAS 6.25 17.03.24 2.45LUKOIL 6.66 07.06.22 2.14Hutchison Whampoa 3.63 31.10.24 1.92


Oversea-Chinese 4.25 19.06.24 1.88ITAU UNIB 6.13 31.12.99 1.68Total 10.07


0618 As at 30 June 2018


Legg MasonWestern Asset Emerging Markets CorporateBond Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstitued in Ireland. The Fund seeks to maximisetotal return consisting of income and capitalappreciation by investing at least 80% of its Net AssetValue in debt securities of issuers located in emergingmarket countries.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 159.96Class A Distr. (M) Plus (USD) USD 77.77Fees:Management Fee: Up to 1.50% p.a.Performance Inception Date:Class A Acc. (USD) 4 May 2007Class A Distr. (M) Plus (USD) 21 November 2012ISIN Code: IE00B19Z5636 /

IE00B78RNS08BloombergTicker: LEMBUAA ID /

LMEMAMP IDFund Size: USD 26.40 millionNumber Of Holdings: 107CurrentYield2: 5.50%Weighted Average Life: 5.99 yearsEffective Duration3: 3.31 yearsCredit Quality3,4: BB

Country Allocation (%)

Indonesia 10.33Argentina 7.90Russia 6.32China 6.08Brazil 5.98Mexico 5.61Egypt 3.57United Arab Emirates 3.49Others 46.31Cash & Cash Equivalents 4.41







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, concentration,custody and settlement, and currency risks.





• Investing in sovereign bonds may expose the Fund to the risk that sovereign issuers’ ability to repay principal and/or interestwhen due may be adversely impacted by political, economic or other factors, and there may be limited legal recourse againstthe sovereign issuer in case of default.The Fund may invest in securities issued or guaranteed by countries with a credit ratingbelow investment grade, which may involve higher risks of default and interest rate, credit and liquidity risks.The Fund mayinvest more than 10% of its net assets (but no more than 35%) in the securities of a single sovereign rated below investmentgrade, such asVenezuela. In adverse situations, the Fund may incur substantial loss.




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50

100

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Class A Acc. (USD)

59.96


Class A Acc. (USD) -6.24 -4.94 -2.56 7.35 10.75

Class A Distr. (M) Plus (USD) -6.24 -4.94 -2.56 7.15 10.50

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 9.02 9.96 -3.07 1.41 -8.55

Class A Distr. (M) Plus (USD) 9.02 9.80 -3.13 1.38 -8.67

Performance is net of fees and is calculated on a NAV to NAV basis (USD). 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. Acc. =Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributing share class.The share classaims 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 theFund was on 24 February 2004.There is no fund benchmark.On 13 May 2015 and 24 August 2016, the investment objective, policy and/or restrictions were changed.


EMD - Corporate (External) 40.81EMD - Sovereign (External) 22.37EMD - Quasi-Sovereign (External) 17.12EMD - Sovereign (Local) 13.38

EMD - Corporate (Local) 0.79Others 1.12Cash & Cash Equivalents 4.41



LMWA EMG Corp Bd Fd — — 9.88OJSC RUSS AGRIC 8.50 16.10.23 2.89INDONESIA GOV 8.38 15.03.34 2.70


ARAB REPUBLIC OFEGYPT

6.13 31.01.22 2.50

LUKOIL INTL 6.66 07.06.22 2.16Total 20.13


0618 As at 30 June 2018


Legg MasonWestern Asset Emerging MarketsTotal ReturnBond Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through income and capital appreciationby investing at all times at least 70% of its Net AssetValue in euro denominated debt securities, rated atthe time of purchase at least B-, or its equivalent,across the major fixed-income sectors that are listedor traded in developed and emerging market countries.

Fund Details

Reference Currency: EuroMonth-end NAV:Class A Distr. (D) (EUR) EUR 104.77Fees:Management Fee: Up to 1.00% p.a.Inception Date:Class A Distr. (D) (EUR) 30 September 2003ISIN Code: IE0031616257BloombergTicker: LEGEUCB IDFund Size: EUR 114 millionCurrentYield2: 1.68%Number Of Holdings: 99Weighted Average Life: 8.14 yearsEffective Duration3: 6.78 yearsCredit Quality3,4: A


Governments 59.72Corporate - Investment Grade 35.24Emerging Market 2.82Corporate - HighYield 0.88Asset-Backed Securities 0.85Cash & Cash Equivalents 0.49







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, custodyand settlement, European region, and currency risks.

• The Fund may be invested in unsecured debt instruments issued by EU domiciled financial institutions and may suffer a substantialloss under certain circumstances.








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60

9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17

Class A Distr. (D) (EUR)

39.13


Class A Distr. (D) (EUR) -0.70 -1.08 0.17 4.03 14.78

Benchmark (EUR) 0.30 -0.46 1.49 6.48 19.26

CalendarYear 2017 2016 2015 2014 2013

Class A Distr. (D) (EUR) 0.03 2.92 0.01 10.72 0.03

Benchmark (EUR) 0.53 3.26 1.06 11.16 2.12

Performance is net of fees and is calculated on a NAV to NAV basis (EUR).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Distr. (D) = Distributing share class.The share class aims to declare dividend daily and pay out on a monthly basis. Dividend amountor dividend rate is not guaranteed.On 27 August 2010, the predecessor Legg Mason Euro Core Plus Bond Fund (which has a substantially similar investment objectiveand policy and managed by same portfolio management but was not authorized in Hong Kong) was merged into the Legg MasonWestern Asset Euro Core Plus Bond Fund.On 30 November 2017, the investment objective, policy and/or restrictions were changed.Benchmark: FTSE Euro BIG Index.

TopTen Country Allocation (%)

Germany 24.63Italy 20.90Spain 8.90United States 8.13Belgium 7.44

France 6.69United Kingdom 6.57Sweden 3.86Netherlands 2.45Poland 2.10Total 91.67



BUNDESREPUB. 0.50 15.02.26 14.84ITALY 2.05 01.08.27 8.17BUONI POLIENNALI 4.50 01.03.24 7.33


SPAIN8 1.40 30.04.28 6.14BUNDESREPUB. 3.25 04.07.42 5.25Total 41.73


0618 As at 30 June 2018


Legg MasonWestern Asset Euro Core Plus Bond Fund


BENCHMARK Fund of the Year Awards 2016: Euro High Yield Bond – Retail Class (Outstanding Achiever)1




AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to provide ahigh level of current income by investing at leasttwo-thirds of its Net Asset Value in high-yielding debtsecurities (higher yields are generally available fromsecurities rated below investment grade) that aredenominated in Euro.The Sub-Investment Managersmay invest all, or substantially all, of the Fund’s NetAssetValue in debt securities rated below InvestmentGrade.

Fund Details

Reference Currency: EuroMonth-end NAV:Class A Distr. (D) (EUR) EUR 101.20Fees:Management Fee: Up to 1.15% p.a.Inception Date:Class A Distr. (D) (EUR) 3 December 2010ISIN Code: IE00B52PL269BloombergTicker: LEHADDE IDFund Size: EUR 77.07 millionCurrentYield3: 4.70%Number Of Holdings: 94Weighted Average Life: 5.14 yearsEffective Duration4: 4.23 yearsCredit Quality4,5: BB


HighYield - Consumer Cyclical 27.27HighYield - Communications 16.55HighYield - Consumer Non Cyclical 10.70HighYield - Basic Industry 6.52HighYield - Industrial Other 5.83Corporate - Investment Grade 4.51HighYield - Capital Goods 3.98HighYield -Transportation 3.66Others 17.93Cash & Cash Equivalents 3.05

1 Source: BENCHMARK. Based on performance of Class ADistr. (D) (EUR) up to 30 September 2016.







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, 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 acrossmultiple 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. Theperformance of the Fund could deteriorate significantly should there be any adverse credit events (e.g. downgrade of thesovereign credit rating of a European country), or when any country abandons the Euro and/ or withdraws from the EuropeanUnion.






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12/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17

Class A Distr. (D) (EUR)

50.73


Class A Distr. (D) (EUR) -2.54 -1.50 -1.26 10.29 26.35

Benchmark (EUR) -1.29 -0.74 0.88 13.72 31.60

CalendarYear 2017 2016 2015 2014 2013

Class A Distr. (D) (EUR) 5.32 8.20 1.79 4.52 7.93

Benchmark (EUR) 6.10 9.96 1.26 5.04 9.05

Performance is net of fees and is calculated on a NAV to NAV basis (EUR).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Distr. (D) = Distributing share class.The share class aims to declare dividend daily and pay out on a monthly basis. Dividend amountor dividend rate is not guaranteed.Benchmark: ICE BofAML European Currency HighYield (ex. Financials), 2% Constrained Index (Hedged) (EUR).


United States 16.26United Kingdom 15.61France 13.32Germany 10.33Italy 9.13Luxembourg 8.71Spain 7.52Netherlands 3.94Others 12.13Cash & Cash Equivalents 3.05

Credit Quality Allocation5 (%)

BBB 4.51BB 49.68B 36.84CCC 1.93Not Rated 3.98Cash & Cash Equivalents 3.05



ARD FINAN 6.63 15.09.23 2.61ZIGGO 4.25 15.01.27 2.39NUMERICAB 5.63 15.05.24 2.36


EIRCOM FI 4.50 31.05.22 2.01Nidda Healthcare 5.00 30.09.25 1.98Total 11.35


0618 As at 30 June 2018


Legg MasonWestern Asset Euro HighYield Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return, through income and capital appreciation,by investing at least two-thirds of its Net Asset Valuein corporate debt securities and debts securities issuedby supranational organisations that are denominatedin a variety of currencies. In addition, the Fund mayinvest in securities issued or guaranteed by nationalgovernments, their agencies, instrumentalities andpolitical sub-divisions.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 124.45Fees:Management Fee: Up to 1.05% p.a.Inception Date:Class A Acc. (USD) 15 November 2011ISIN Code: IE00B50KJJ61BloombergTicker: LMGCAAU IDFund Size: USD 67.12 millionCurrentYield2: 3.95%Number Of Holdings: 214Weighted Average Life: 8.92 yearsEffective Duration3: 6.36 yearsCredit Quality3,4: BBB


AAA 1.34AA 5.17A 34.07BBB 50.15BB 4.69Others 1.99Cash & Cash Equivalents 2.59







• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity , custody and settlement, and currency risks.







-100

10203040

11/11 10/12 10/13 10/14 10/15 10/16 10/17

Class A Acc. (USD)

24.45


Class A Acc. (USD) -2.67 -1.05 0.01 8.68 15.20

Benchmark (USD) -1.55 -0.31 0.78 10.06 19.84

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 6.30 5.93 -1.76 5.10 -1.09

Benchmark (USD) 5.36 5.69 -0.13 7.48 -0.43

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.On 30 November 2017, the investment objective, policy and/or restrictions were changed.Benchmark: Bloomberg Barclays Global Aggregate Credit Index (Hedged) USD.

TopTen Asset Allocation (%)

Corporate IG - Banking 27.03Emerging Market 11.20Corporate IG - Consumer Non Cyclical 8.94Corporate IG - Energy 7.24Corporate IG - Communications 6.06

Corporate IG - Insurance 5.35Corporate IG - REITs 5.31Corporate - HighYield 4.41Corporate IG - Consumer Cyclical 4.27Corporate IG - Basic Industry 4.19Total 84.00


United States 32.16United Kingdom 13.04France 6.39Spain 5.70Netherlands 5.51

Germany 4.83Switzerland 3.96Mexico 2.05Others 23.77Cash & Cash Equivalents 2.59



CHINA OVE 4.25 26.04.23 1.06ANGLO AMERICAN 4.75 10.04.27 1.05CREDIT SUISSE 3.63 09.09.24 1.05


CVS HEALT 4.30 25.03.28 1.02ANHEUSER- 4.60 15.04.48 1.02Total 5.20


0618 As at 30 June 2018


Legg MasonWestern Asset Global Credit Fund



BENCHMARK Fund of the Year Awards 2014: Global High Yield Bond (Outstanding Achiever)2



AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund’s primary aim is togenerate total return by investing at least 70% ofits Net Asset Value in high-yielding debt securities(higher yields are generally available from securitiesrated below investment grade).The Fund is a globalfund and is not confined to investing in any specificcountry or region, although it is expected that it willinvest in at least 10 different countries and will notbe investing more than 45% in high-yielding emergingmarket countries.

Fund Details

Reference Currency: USD / AUDMonth-end NAV:Class A Acc. (USD) USD 158.01Class A Distr. (M) (USD) USD 83.01Class A Distr. (M) Plus (USD) USD 81.11Class A Distr. (M) Plus (AUD) (H) AUD 98.24Fees:Management Fee: Up to 1.25% p.a.Performance Inception Date:Class A Acc. (USD) 22 January 2002Class A Distr. (M) (USD) 30 January 2008Class A Distr. (M) Plus (USD) 21 November 2012Class A Distr. (M) Plus (AUD) (H) 28 June 2010ISIN Code: IE00B1BXHP82 / IE00B2417S93 /

IE00B7SBJ061 / IE00B3ML7W26BloombergTicker: LGHYBAA ID / LGHYADM ID /

LMGHYAP ID / LGHYAHI IDFund Size: USD 183 millionCurrentYield3: 5.93%Number Of Holdings: 207Weighted Average Life: 5.73 yearsEffective Duration4: 4.37 yearsCredit Quality4,5: BB


EMD - Corporate (External) 15.80EMD - Sovereign (External) 14.14HighYield - Communications 13.23HighYield - Consumer Cyclical 8.04Bank Loans 5.73Others 40.11Cash & Cash Equivalents 2.95


2 Source: BENCHMARK, based on performance of Class A(G) Acc. USD up to 30 September 2014.






• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, custodyand settlement, and currency risks.








-500

50100150200

1/02 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17

Class A Acc. (USD)

160.87


Class A Acc. (USD) -2.46 -1.16 0.48 9.06 12.93

Class A Distr. (M) (USD) -2.46 -1.17 0.47 9.03 12.89

Class A Distr. (M) Plus (USD) -2.47 -1.17 0.47 9.03 12.88

Class A Distr. (M) Plus (AUD) (H) -2.53 -1.21 0.58 11.77 21.14

Benchmark (USD) -1.80 -1.10 1.14 18.25 32.95

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 7.85 14.53 -8.21 -2.60 4.88

Class A Distr. (M) (USD) 7.84 14.51 -8.21 -2.61 4.87

Class A Distr. (M) Plus (USD) 7.84 14.52 -8.21 -2.62 4.88

Class A Distr. (M) Plus (AUD) (H) 8.38 15.77 -6.39 -0.28 7.65

Benchmark (USD) 8.42 15.60 -0.69 2.58 6.47

Performance is net of fees and is calculated on a NAV to NAV basis (USD/AUD). Performance for periods greater than one year iscumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in theFund. 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. Dividendsof Distr. (M) Plus share class may be paid out of the Fund’s capital. Please read the second-last point in the box above. Performanceincludes periods prior to the Fund’s launch date (20April 2007), reflecting performance of the predecessor fund (which has a substantiallysimilar investment objective and policy and managed by the same portfolio management team), whose assets were transferredinto this Fund on 20 April 2007. Benchmark: Bloomberg Barclays Global HighYield Index (Hedged) USD.


United States 42.90Brazil 7.54Argentina 5.76

Israel 3.34Others 37.51Cash & Cash Equivalents 2.95



LMWA Euro HY Fd — — 5.56TEVA PHARMA 2.20 21.07.21 3.26LMWA EMG Corp Bd Fd — — 2.61


Numericable-SFR SA 7.38 01.05.26 2.49DAE FUNDING 5.00 01.08.24 2.05Total 15.97


0618 As at 30 June 2018


Legg MasonWestern Asset Global HighYield Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund’s primary aim is togenerate total return by investing at least 80% ofits Net Asset Value in inflation-protected securitiesor other securities that the Sub-Investment Managerbelieves will provide protection against inflation.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 138.10Fees:Management Fee: Up to 0.90% p.a.Performance Inception Date:Class A Acc. (USD) 23 August 2004ISIN Code: IE00B19Z7G76BloombergTicker: LEGIMBA IDFund Size: USD 41.71 millionCurrentYield2: 1.33%Number Of Holdings: 21Weighted Average Life: 3.72 yearsEffective Duration3: 2.53 yearsCredit Quality3,4: AA


AAA 70.09AA 3.50A 2.47BBB 10.22Not Rated -0.02Cash & Cash Equivalents 13.73







• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity, concentration, and currency risks.


• As the Fund’s investments are concentrated in one single country (i.e. the United States), the Fund carries more risk thanother funds that diversify across multiple countries.





-20

0

20

40

60

8/04 7/05 7/06 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16 7/17

Class A Acc. (USD)

49.49


Class A Acc. (USD) -0.50 -0.82 1.28 10.25 9.94

Benchmark (USD) 0.72 0.71 4.95 8.71 10.40

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 1.47 9.17 -0.43 1.85 -8.83

Benchmark (USD) 7.61 4.02 -4.27 3.64 -8.64

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team), whose assetswere transferred into this Fund on 20 April 2007.Benchmark : Bloomberg Barclays Global Inflation-Linked 1-10 Year Index (CH) (USD). Prior to 30 November 2017, the benchmarkwas Bloomberg BarclaysWorld Government Inflation Linked All Maturities Index. Prior to 13 May 2015, the benchmark was BarclaysGlobal Inflation-Linked: U.S.TIPS Index.


United States 62.70Italy 8.79Others 14.78Cash & Cash Equivalents 13.73


Inflation Protected Securities 82.75Emerging Market 3.57Governments -0.05Cash & Cash Equivalents 13.73



US I/LTSY NOTE 0.13 15.04.19 17.96USTSY 0.38 15.07.25 13.80U.S.Tsy Notes 0.13 15.04.21 10.95


USTSY 0.38 15.01.27 9.19TSY INFL IX 0.13 15.04.20 6.72Total 58.62


0618 As at 30 June 2018


Legg MasonWestern Asset Global Inflation ManagementFund


BENCHMARK Fund of the Year Awards 2016: Global Flexible Bond – Retail Class (Best-in-Class)1




AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through income and capital appreciationby investing primarily in debt securities across themajor fixed-income sectors and that are listed or tradedin developed and emerging market countries andthe face value of which is in U.S. dollars, Japaneseyen, pound sterling, euro and a variety of othercurrencies.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 149.29Class A Distr. (M) (USD) USD 95.37Fees:Management Fee: Up to 1.10% p.a.Inception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (M) (USD) 19 February 2008ISIN Code: IE00B19Z3V48 / IE00B23Z7H10BloombergTicker: LEGMUAA ID / LEMSADM IDFund Size: USD 838 millionCurrentYield3: 6.19%Number Of Holdings: 338Weighted Average Life: 8.40 yearsEffective Duration4: 5.29 yearsCredit Quality4,5: BB


United States 42.68Brazil 7.61Mexico 6.81Russia 3.73United Kingdom 2.89Indonesia 2.85Colombia 2.62Argentina 2.60Others 24.49Cash & Cash Equivalents 3.72

1 Source: BENCHMARK. Based on performance of Class ADistr. (D) (USD) up to 30 September 2016. Distr. (D) =Distributing share class. The share class aims to declaredividend daily and pay out on a monthly basis. Dividend amountor dividend rate is not guaranteed. The share class is forreference only and not available to investors in Hong Kongand Macau.







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, custodyand settlement, and currency risks.








-200

20406080

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Class A Acc. (USD)

49.29


Class A Acc. (USD) -3.88 -3.60 -2.56 7.27 13.00


CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 6.67 11.62 -5.28 2.11 -3.15


Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.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 ordividend rate is not guaranteed.There is no fund benchmark.On 24 August 2016, the investment objective, policy and/or restrictions were changed.


Corporate - HighYield 25.50EMD - Sovereign (Local) 17.95EMD - Corporate (External) 12.66Corporate - Investment Grade 10.70Bank Loans 9.72

Mortgage-Backed Securities 7.57Governments 5.37EMD - Sovereign (External) 4.44Others 2.37Cash & Cash Equivalents 3.72

Currency Exposure (%)

US Dollar 88.76Mexican Peso 5.35Russian Ruble 4.08Brazilian Real 2.79

Indian Rupee 2.47Indonesian Rupiah 2.23Turkish Lira 1.77Others -7.45



LM WA US HghYld Fnd — — 3.57MEXICO ST 7.75 13.11.42 2.90LM WA Euro HghYld Fnd — — 2.89


RUSSIA GOVT 7.05 19.01.28 2.37NOTA DOTESOURONACIONAL

10.00 01.01.21 2.27

Total 14.00


0618 As at 30 June 2018


Legg MasonWestern Asset Global Multi Strategy Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland.The Fund seeks to achieve totalreturn through income and capital appreciation byinvesting in debt securities that are rated A- or higherby S&P or other agencies, or equivalent quality,including corporations and supernational organisationswhose long-term debt is rated A- or higher by S&Por other agencies, or equivalent quality. The Fundmay invest in securities issued or guaranteed bynational governments, their agencies, instrumentalitiesand political sub-divisions but the Fund will only investin corporate debt securities that are senior securities,meaning they have priority over other securities ina claim against or the bankruptcy of the issuer.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 118.60Fees:Management Fee: Up to 0.85% p.a.Inception Date:Class A Acc. (USD) 25 June 2009ISIN Code: IE00B4Y6F282BloombergTicker: LMWPAAU IDFund Size: USD 71.59 millionCurrentYield2: 2.14%Number Of Holdings: 149Weighted Average Life: 2.96 yearsEffective Duration3: 2.69 yearsCredit Quality3,4: AA


AAA 14.95AA 24.55A 54.18BBB 0.45Cash & Cash Equivalents 5.86





† Formerly known as Legg Mason Western Asset Global BlueChip Bond Fund, the effective date of the name change was30 November 2017.



• Investors will be exposed to debt securities, interest rate, 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.TheFund may suffer a total or significant loss arising from the extensive use of FDIs.




05

10152025

6/09 5/10 5/11 5/12 5/13 5/14 5/15 5/16 5/17 5/18

Class A Acc. (USD)

18.60


Class A Acc. (USD) -1.50 -0.31 -1.18 1.72 4.03

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 1.59 1.64 0.41 1.07 -1.34

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.There is no fund benchmark.


United States 41.51United Kingdom 12.17France 8.56Germany 4.54Netherlands 4.28Switzerland 4.08Sweden 3.87Belgium 2.71Others 12.42Cash & Cash Equivalents 5.86


Corporate IG - Banking 28.07Corporate IG - Consumer Non Cyclical 14.66Governments 10.66Corporate IG - Energy 6.59Corporate IG - Capital Goods 5.82Corporate IG - Consumer Cyclical 4.10Corporate IG -Technology 3.98Corporate IG - Brokerage 2.54Others 17.72Cash & Cash Equivalents 5.86



U.S.Tsy Notes 1.75 31.03.22 7.69USTSY 2.50 31.03.23 2.08NORDEA 0.88 26.06.23 1.55


SANOFI 3.63 19.06.28 1.45WellcomeTr 1.13 21.01.27 1.35Total 14.12


0618 As at 30 June 2018


Legg MasonWestern Asset Short Duration Blue Chip BondFund†





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland.The Fund seeks to provide ahigh level of income by investing at least 80% ofits Net Asset Value in high-yielding debt securitiesand similar instruments the face value of which isin U.S. dollars and currencies of a variety of otherdeveloped countries. The Fund is a global fund andis not confined to investing in any specific countryor region, although it will not be investing more than30% in emerging market countries.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 142.08Class A Distr. (M) (USD) USD 93.32Fees:Management Fee: Up to 1.10% p.a.Performance Inception Date:Class A Acc. (USD) 31 May 2007Class A Distr. (M) (USD) 8 January 2008ISIN Code: IE00B19Z5K72 / IE00B23Z9V93BloombergTicker: LEDSUAA ID / LMWDADM IDFund Size: USD 28.19 millionCurrentYield2: 5.99%Number Of Holdings: 237Weighted Average Life: 3.40 yearsEffective Duration3: 2.39 yearsCredit Quality3,4: BB

TopTen Country Allocation (%)

United States 76.03United Kingdom 5.56Canada 3.88Luxembourg 2.43Ireland 2.40France 1.45Germany 1.11Mexico 0.79Russia 0.78Argentina 0.64Total 95.07







• Investors will be exposed to debt securities, interest rate, 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.TheFund may suffer a total or significant loss arising from the extensive use of FDIs.




-20

0

20

40

60

5/07 5/08 5/09 5/10 5/11 5/12 5/13 5/14 5/15 5/16 5/17 5/18

Class A Acc. (USD)

42.42


Class A Acc. (USD) 0.13 0.67 2.10 9.47 17.51

Class A Distr. (M) (USD) 0.13 0.68 2.11 9.48 17.52

Benchmark (USD) (USD) 1.93 1.53 4.00 16.81 16.27

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 5.25 12.48 -5.99 3.69 -1.30


Benchmark (USD) (USD) 6.38 16.19 -7.75 0.02 0.03

Performance is net of fees and is calculated on a NAV to NAV basis (USD). 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. Acc. =Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributing share class.The share classaims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is not guaranteed. Benchmark: BloombergBarclays US High Yield 1-5 Year Cash Pay 2% Constrained Index. Prior to 13 May 2015, the benchmark was FTSE 1 Month U.S.Treasury Bill Index.The launch date of the Fund was on 24 February 2004.On 13 May 2015 and 24 August 2016, the investment objective, policy and/or restrictions were changed.


Corporate - HighYield 68.68Bank Loans 9.23Corporate - Investment Grade 8.80Mortgage-Backed Securities 6.16EMD - Corporate (External) 2.47EMD - Sovereign (External) 0.64Cash & Cash Equivalents 4.02


AAA 0.49BBB 9.91BB 41.99B 35.98CCC 5.01CC 0.65C 0.82Not Rated 1.13Cash & Cash Equivalents 4.02



NUMERICABLE-SFR SAS 6.00 15.05.22 1.44REYNOLDS 5.85 15.07.21 1.27SCIENTIFIC GAMES 10.00 01.12.22 1.27


Sprint Comm 11.50 15.11.21 1.23VALEANT 7.50 15.07.21 1.13Total 6.34


0618 As at 30 June 2018


Legg MasonWestern Asset Short Duration High IncomeBond Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland.The Fund seeks to provide highcurrent income and to limit the degree of fluctuationof its Net Asset Value resulting from movements ininterest rates. The Fund seeks to achieve this byinvesting at least 80% of its Net AssetValue in varioustypes of adjustable rate debt securities issued byU.S. issuers, including variable rate securities, floatingrate securities and adjustable rate mortgage-backedand asset-backed securities that are structured asdebt securities.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 98.61Fees:Management Fee: Up to 1.10% p.a.Performance Inception Date:Class A Acc. (USD) 1 April 2003ISIN Code: IE00B19Z8T70BloombergTicker: LUSARAA IDFund Size: USD 6.67 millionCurrentYield2: 1.97%Number Of Holdings: 20Weighted Average Life: 197 daysEffective Duration3: 22 daysCredit Quality3,4: AAA







• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity, currency, concentration and US markets risks.






-30-20-10

01020

4/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18

Class A Acc. (USD)

7.38


Class A Acc. (USD) 0.16 0.11 0.12 -0.77 -1.47

Benchmark (USD) 0.79 0.44 1.35 2.15 2.30

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) -0.17 -0.03 -1.15 -0.51 0.24

Benchmark (USD) 0.88 0.40 0.10 0.06 0.10

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team), whose assetswere transferred into this Fund on 20 April 2007.Benchmark: FTSE 6-Month U.S.Treasury Bill Index.


AAA 81.26AA 4.96A 3.76Cash & Cash Equivalents 10.02


Governments 69.69Corporate - Investment Grade 12.47Asset-Backed Securities 7.76Mortgage-Backed Securities 0.06Cash & Cash Equivalents 10.02



UNITED ST FRN 2.05 31.01.19 18.06U.S.Tsy Notes 2.08 31.10.18 17.30USTSY FLOATIN 1.94 30.04.20 11.95


FEDERAL 2.15 22.10.18 7.52U.S.Tsy Notes 2.08 31.07.18 6.77Total 61.60


0618 As at 30 June 2018


Legg MasonWestern Asset US Adjustable Rate Fund


THOMSON REUTERS LIPPER Fund Awards 2016 (Best Fund over 3 years – Bond US Dollar)1




AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximisetotal return through income and capital appreciationby investing at least 75% of its Net Asset Value indebt securities across the major fixed-income sectorsthat are listed or traded in developed and emergingmarket countries, denominated in U.S dollars andrated at least BBB by S&P, or equivalent quality. Atleast two-thirds of the Fund’s Net Asset Value willbe invested in securities of issuers registered in theU.S. or that conduct a significant portion of theirbusiness activities in the U.S.

Fund Details

Reference Currency US DollarMonth-end NAV:Class A Acc. (USD) USD 129.80Fees:Management Fee: Up to 0.95% p.a.Inception Date:Class A Acc. (USD) 9 May 2007ISIN Code: IE00B19Z3K33BloombergTicker: LEUCUAA IDFund Size: USD 176 millionCurrentYield3: 3.99%Number Of Holdings: 669Weighted Average Life: 10.25 yearsEffective Duration4: 6.48 yearsCredit Quality4,5: AA


Mortgage-Backed Securities 47.77Corporate - Investment Grade 25.18Governments 13.78Emerging Market 6.51Asset-Backed Securities 2.26Inflation Protected Securities 0.42Corporate - HighYield 0.01Cash & Cash Equivalents 4.06

1 Source: Lipper, based on performance of Class A Distr. (D)(USD) up to 31 December 2015. Distr. (D) = Distributing shareclass.The share class aims to declare dividend daily and paydividend on a monthly basis. Dividend amount or dividendrate is not guaranteed.The share class is for reference onlyand not available to investors in Hong Kong and Macau.







• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity, currency, concentration, custody and settlement, and US markets risks.








-40

-20

0

20

40

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Date

of M

erge

r -27

Aug

ust 2

010

Class A Acc. (USD)

29.80


Class A Acc. (USD) -2.64 -0.68 -1.09 4.70 12.74

Benchmark (USD) -1.62 -0.16 -0.40 5.25 11.89

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 4.21 2.48 0.13 7.45 -2.37

Benchmark (USD) 3.54 2.65 0.55 5.97 -2.02

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.On 27 August 2010 the Legg Mason US$ Core Bond Fund was merged into the Legg Mason Western Asset US Core Bond Fund.Benchmark: Bloomberg Barclays U.S. Aggregate Index.


AAA 57.76AA 6.47A 16.29BBB 14.12

BB 0.16CCC 0.15Not Rated 1.00Cash & Cash Equivalents 4.06



GNMA II 4.50 01.07.39 8.03GNMA 4.00 01.07.39 3.99USTSY N/B 2.00 30.06.24 2.94


FNMA 4.00 01.07.39 2.51FNMA 4.50 01.07.35 2.03Total 19.50


0618 As at 30 June 2018


Legg MasonWestern Asset US Core Bond Fund


BENCHMARK Fund of the Year Awards 2016: USD Diversified Bond – Retail Class (Best-in-Class)1

BENCHMARK Fund of the Year Awards 2015: US Fixed Income – Professional Class (Outstanding Achiever)2




AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to providemaximum total return, consisting of capital appreciationand income, by investing at least 70% of its Net AssetValue in investment grade debt securities that arelisted or traded on regulated markets in the U.S.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 145.77Fees:Management Fee: Up to 1.15% p.a.Performance Inception Date:Class A Acc. (USD) 25 January 2001ISIN Code: IE00B19Z7Y58BloombergTicker: LIGTRAA IDFund Size: USD 976 millionCurrentYield4: 4.90%Number Of Holdings: 1100Weighted Average Life: 10.67 yearsEffective Duration5: 6.86 yearsCredit Quality5,6: A


Mortgage-Backed Securities 39.05Corporate - Investment Grade 22.83Governments 19.34Emerging Market 6.37Bank Loans 4.72Asset-Backed Securities 3.49Corporate - HighYield 1.85Inflation Protected Securities 0.42Cash & Cash Equivalents 1.93

1 Source: BENCHMARK. Based on performance of Class A(G)Distr. (D) (USD) up to 30 September 2016. Distr. (D) =Distributing share class. The share class aims to declaredividend daily and pay out on a monthly basis. Dividend amountor dividend rate is not guaranteed. The share class is forreference only and not available to investors in Hong Kongand Macau.

2 Source: BENCHMARK. Based on performance of PremierClass Acc. (USD) up to 30 September 2015.







• Investors will be exposed to debt securities (including risks of Government securities, rated and unrated securities), interestrate, credit, liquidity, currency, concentration, custody and settlement, and US markets risks.







0

50

100

150

1/01 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17

Class A Acc. (USD)

115.03


Class A Acc. (USD) -3.14 -1.63 -1.74 5.04 12.04

Benchmark (USD) -1.62 -0.16 -0.40 5.25 11.89

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 5.48 2.80 -0.64 6.45 -1.85

Benchmark (USD) 3.54 2.65 0.55 5.97 -2.02

Performance is net of fees and is calculated on a NAV to NAV basis (USD).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.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team), whose assetswere transferred into this Fund on 20 April 2007.On 30 November 2017, the investment objective, policy and/or restrictions were changed.Benchmark : Bloomberg Barclays U.S. Aggregate Index.


AAA 53.51AA 2.98A 14.64BBB 12.97BB 7.05B 2.21

CCC 1.23CC 0.65C 0.33Others 2.50Cash & Cash Equivalents 1.93


United States 83.96United Kingdom 2.55Mexico 1.78

Brazil 1.45Russia 0.90Total 90.64



USTSY BOND 3.75 15.11.43 4.40GNMA 4.00 01.07.39 3.81USTSY N/B 3.00 15.05.47 3.20


GNMA II 4.50 01.07.39 2.48FNMA 4.00 01.07.39 2.09Total 15.98


0618 As at 30 June 2018


Legg MasonWestern Asset US Core Plus Bond Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to provide ahigh level of income by investing at least 70% ofits Net Asset Value in high-yielding debt securitiesof U.S. Issuers the face value of which are in U.S.dollars. At least 95% of the Fund’s Net Asset Valuewill be in U.S. dollar assets.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 162.60Class A Distr. (M) Plus (USD) USD 84.55Fees:Management Fee: Up to 1.15% p.a.Inception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (M) Plus (USD) 21 November 2012ISIN Code: IE00B19Z4V13 / IE00B7T2MC11BloombergTicker: LUSHUAA ID / LMUAMPU IDFund Size: USD 195 millionCurrentYield2: 6.34%Number Of Holdings: 373Weighted Average Life: 6.01 yearsEffective Duration3: 4.31 yearsCredit Quality3,4: BB







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, currency,concentration and US markets risks.







-40-20

020406080

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Class A Acc. (USD)

62.60


Class A Acc. (USD) -0.28 1.03 1.64 9.69 17.55

Class A Distr. (M) Plus (USD) -0.29 1.02 1.63 9.66 17.55

Benchmark (USD) 0.16 1.03 2.62 17.56 30.82

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 6.44 15.03 -8.27 -0.45 6.91

Class A Distr. (M) Plus (USD) 6.44 15.04 -8.26 -0.43 6.89

Benchmark (USD) 7.50 17.13 -4.43 2.46 7.44

Performance is net of fees and is calculated on a NAV to NAV basis (USD). 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. Acc. =Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributing share class.The share classaims 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: BloombergBarclays U.S. Corporate HighYield - 2%Issuer Capped Index.


HighYield - Energy 14.45HighYield - Consumer Cyclical 13.08HighYield - Communications 12.31Corporate - Investment Grade 9.46HighYield - Consumer Non Cyclical 9.22

HighYield - Basic Industry 6.29HighYield - Capital Goods 6.03Emerging Market 4.47Others 23.18Cash & Cash Equivalents 1.51



LMWA Global HY Fd — — 2.07LMWA EMG Corp Bd Fd — — 1.33PACTIV CORP 8.38 15.04.27 1.21


Numericable-SFR SA 7.38 01.05.26 1.21FREEPORT-MCMORAN 5.45 15.03.43 0.92Total 6.74


0618 As at 30 June 2018


Legg MasonWestern Asset US HighYield Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland.The Fund aims to maintain theprincipal of the Fund and provide a return in line withmoney market rates by investing at least two-thirdsof its Net Asset Value in Money Market Instrumentsdenominated in US Dollars and issued by US Issuers.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 106.85Fees:Management Fee: Up to 0.80% p.a.Performance Inception Date:Class A Acc. (USD) 31 May 2007ISIN Code: IE00B19Z6R17BloombergTicker: LUMMUAA IDFund Size: USD 993 millionCurrentYield2: 1.12%Number Of Holdings: 165Weighted Average Life: 33 daysEffective Duration3: 27 daysCredit Quality3,4: AAA







• The purchase of shares in the Fund is not the same as placing funds on deposit with a bank or deposit-taking company.Thevalue of an investment in the Fund, in contrast to a deposit, may fluctuate.

• The Fund may be invested in unsecured debt instruments issued by EU domiciled financial institutions and may suffer a substantialloss under certain circumstances.

• Investors will be exposed to money market credit, interest rate, liquidity, currency, concentration, US markets risks and risksof Government securities.



0

2

4

6

8

5/07 5/08 5/09 5/10 5/11 5/12 5/13 5/14 5/15 5/16 5/17 5/18

Class A Acc. (USD)

6.54


Class A Acc. (USD) 0.58 0.34 0.91 1.11 1.14

Benchmark (USD) 0.77 0.42 1.27 1.81 1.85

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 0.50 0.02 0.01 0.01 0.01

Benchmark (USD) 0.80 0.21 0.02 0.02 0.03

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.The launch date of the Fund was on 27 February 2004.On 30 November 2017, the investment objective, policy and/or restrictions were changed.Benchmark: FTSE 1 Month U.S.Treasury Bill Index.


Commercial Papers 51.91Certificate of Deposit 31.06Time Deposits 13.43

Discount Notes 3.00Bank Obligations 0.51Corporate - Investment Grade 0.10



BANK NEDERLANDSE — 06.07.18 3.53SOCIETE GENERALE — 02.07.18 2.52FMCDN 0.00 02.07.18 2.50


BANK OF NEWYORK — 18.09.18 2.16DNB NOR BANK 1.88 02.07.18 2.02Total 12.73


0618 As at 30 June 2018


Legg MasonWestern Asset US Money Market Fund





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to generatecurrent income, while preserving the value of itsshareholders’ investment, by investing at least 70%of its Net Asset Value in debt securities issued orguaranteed by the U.S. government, its agencies,instrumentalities or political sub-divisions.The Fundis designed with a view to providing a higher levelof current income than is generally available frommoney market funds.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 111.51Fees:Management Fee: Up to 1.05% p.a.Performance Inception Date:Class A Acc. (USD) 31 October 2001ISIN Code: IE00B19Z8D11BloombergTicker: LUSTGAA IDFund Size: USD 13.06 millionCurrentYield2: 1.44%Number Of Holdings: 44Weighted Average Life: 1.15 yearsEffective Duration3: 1.01 yearsCredit Quality3,4: AAA







• Investors will be exposed to debt securities (including risks of Government securities), interest rate, credit, liquidity, currency,concentration and US markets risks.







-10

0

10

20

30

10/01 10/02 10/03 10/04 10/05 10/06 10/07 10/08 10/09 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/17

Class A Acc. (USD)

22.62


Class A Acc. (USD) -0.23 -0.01 -0.77 -1.60 -1.60

Benchmark (USD) 0.06 0.21 0.03 1.27 2.98

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) -0.77 -0.04 -0.66 -0.04 -0.82

Benchmark (USD) 0.45 0.87 0.57 0.64 0.37

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team), whose assetswere transferred into this Fund on 20 April 2007.Benchmark : Bloomberg Barclays 1-3Year U.S. Government Bond Index.


Governments 76.29USTreasury Bill 10.85Mortgage-Backed Securities 8.28

Asset-Backed Securities 4.28Time Deposits 0.02Cash & Cash Equivalents 0.27


AAA 99.71Not Rated 0.02

Cash & Cash Equivalents 0.27



USTSY N/B 1.00 31.08.19 16.82U.S.Tsy Notes 1.50 31.10.19 7.58USTSY N/B 0.88 15.06.19 7.57


USTSY N/B 0.88 15.09.19 7.53U.S.Tsy Notes 1.50 31.05.20 7.52Total 47.02


0618 As at 30 June 2018


Legg MasonWestern Asset US Short-Term GovernmentFund


Asian Private Banker Asset Management Awards For Excellence 2017 (Best Fund Provider - US Equity)1

BENCHMARK Fund of the Year Awards 2015 - House Award: US Small/Mid-Cap Equity (Outstanding Achiever)2

BENCHMARK Fund of the Year Awards 2014 - House Award: US Equity (Outstanding Achiever)3


ClearBridge Investments

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund’s primary aim is toprovide a high level of income with a secondary aimof generating long-term capital appreciation.The Fundseeks to achieve its objective by investing in adiversified portfolio of equity and equity-relatedsecurities including energy-oriented income producingcompanies and real estate investment trusts. TheFund may invest in issuers of any market capitalisation.

Fund Details

Reference Currency: USD / AUDMonth-end NAV:Class A Acc. (USD) USD 108.24Class A Distr. (M) Plus (USD) USD 77.87Class A Distr. (M) Plus (AUD) (H) AUD 76.81Fees:Management Fee: Up to 1.25% p.a.Inception Date:Class A Acc. (USD) 13 August 2013Class A Distr. (M) Plus (USD) 19 June 2014Class A Distr. (M) Plus (AUD) (H) 25 June 2014ISIN Code: IE00BBT3K403 / IE00BLSP4239 /

IE00BLSP4346BloombergTicker: CBTDAAU ID / CBTADUP ID /

CBTAMAP IDFund Size: USD 47.82 millionNumber Of Holdings: 73

3-Year Risk Statistics4 (Annualised)

Sharpe Ratio 0.08Standard Deviation 9.82%

Sector Allocation (%)

InformationTechnology 19.07Energy - Infrastructure 17.64Financials 14.17Real Estate 12.99Health Care 7.27Consumer Staples 5.80Utilities 4.86Telecommunication Services 4.86Materials 4.16Consumer Discretionary 2.98Industrials 2.46Cash & Cash Equivalents 3.74

1 Source: Asian Private Banker. Awarded company: Legg MasonGlobal Asset Management. Based on performance up to31 December 2016.



4 Based on Class A Acc. (USD) share.* Performance of Class A Acc. (USD) for calendar year 2013

and Class A Distr. (M) Plus (USD) and Class A Distr. (M)Plus (AUD) (H) for calendar year 2014 is calculated from itsshare class inception date to 31 December 2013 and 31December 2014 respectively.



• Investors will be exposed to equity market, debt securities, credit, custody and settlement, liquidity and currency risks.• The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic,

legal and regulatory risks.• Securities of smaller companies generally are less liquid and more volatile than those of larger companies; and smaller companies

generally are more likely to be adversely affected by poor economic or market conditions.• Investments in Master Limited Partnerships and/ or Business Development Companies may be relatively illiquid, and may be

more adversely affected by changes in economic or other conditions which could cause a substantial loss to the investmentsheld by, hence the value of, the Fund.


• The Fund may use certain types of financial derivative instruments for hedging purposes, which may involve a higher degreeof risk including but not limited to counterparty, volatility, liquidity, leverage and valuation risks, and the Fund may suffer a substantialloss.

• The Fund may invest in Real Estate InvestmentTrusts which involves additional risks.• The directors of Legg Mason Global Funds Plc may at their discretion pay dividends out of capital of a Distributing Plus Share

Class. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capitalinvestment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediatedecrease in the Net AssetValue per share of these Share Classes.



-20

-10

0

10

20

8/13 7/14 7/15 7/16 7/17

Date

of M

erge

r -27

Mar

ch 2

015

Class A Acc. (USD)

8.24


Class A Acc. (USD) -2.25 3.05 0.27 2.84 N/A

Class A Distr. (M) Plus (USD) -2.25 3.05 0.28 2.85 N/A

Class A Distr. (M) Plus (AUD) (H) -2.46 2.96 0.19 4.12 N/A

CalendarYear 2017 2016 2015 2014* 2013*

Class A Acc. (USD) 7.28 10.23 -15.17 1.74 8.50

Class A Distr. (M) Plus (USD) 7.29 10.23 -15.17 -5.10 N/A

Class A Distr. (M) Plus (AUD) (H) 7.70 10.87 -14.01 -4.02 N/A

Performance is net of fees and is calculated on a NAV to NAV basis (USD/AUD). Performance for periods greater than one year iscumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securities held in theFund. 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. Dividendsof Distr. (M) Plus share class may be paid out of the Fund’s capital. Please read the second-last point in the box above. On 27 March2015 the Legg Mason ClearBridge US FundamentalValue Fund merged into the Legg Mason ClearbridgeTactical Dividend IncomeFund.There is no Fund benchmark.


United States 85.42United Kingdom 4.82Marshall Islands 2.79

Canada 1.70Bermuda 1.52Cash & Cash Equivalents 3.74

TopTen Holdings (%)

Microsoft Corp 6.05ONEOK Inc 2.92DowDuPont Inc 2.54Apple Inc 2.41Merck & Co Inc 2.36

Starwood PropertyTrust Inc 2.16KNOT Offshore Partners LP 2.16Verizon Communications Inc 2.16Simon Property Group Inc 1.99AT&T Inc 1.81Total 26.56


0618 As at 30 June 2018


Legg Mason ClearBridgeTactical Dividend Income Fund






ClearBridge, LLC

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to maximiselong-term capital appreciation with a minimum longterm risk to principal by investing at least two-thirdsof its Net Asset Value in equity securities of U.S.issuers that, in the Sub-Investment Manager’s opinion,are undervalued at the time of purchase and thatappear to have strong potential for growth.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 129.25Fees:Management Fee: Up to 1.20% p.a.Inception Date:Class A Acc. (USD) 9 May 2007ISIN Code: IE00B19Z5Q35BloombergTicker: LEGGUAA IDFund Size: USD 5.10 millionNumber Of Holdings: 48


Sharpe Ratio 0.70Risk Adjusted Alpha -5.79%Beta 1.00Standard Deviation 11.50%


InformationTechnology 28.52Health Care 15.51Consumer Discretionary 12.90Industrials 11.97Financials 11.49Consumer Staples 9.27Materials 6.18Telecommunication Services 2.21Energy 0.84Cash & Cash Equivalents 1.10




4 Based on Class A Acc. (USD) share.



• Investors will be exposed to equity market, US markets, concentration, custody and settlement, currency and debt securitiesrisks.

• In light of the investment style of the Fund, the Fund may face the risk of mis-estimation by the Sub-Investment Manager inits fundamental analysis regarding the companies in which the Fund invests. The performance of the Fund may not closelycorrelate to specific market indices over time and may include extended periods of underperformance as compared to thebroader market.



-80-60-40-20

02040

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Class A Acc. (USD)

29.25


Class A Acc. (USD) 3.28 4.55 13.14 27.38 74.90

Benchmark (USD) 7.25 5.76 22.51 51.99 113.28

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 25.12 -0.33 0.45 11.35 31.02

Benchmark (USD) 30.21 7.08 5.67 13.05 33.48

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Benchmark: Russell 1000 Growth Index.

TopTen Holdings (%)

Alphabet Inc 6.34Microsoft Corp 6.28Apple Inc 6.06Amazon.com Inc 5.63Coca-Cola Co/The 3.54

CSX Corp 3.11Walt Disney Co/The 3.03ASML Holding NV 2.97S&P Global Inc 2.72Caterpillar Inc 2.69Total 42.37


0618 As at 30 June 2018


Legg Mason ClearBridge Growth Fund




LIPPER Fund Awards 2015 (Best Fund over 5 Years - Equity US)3




AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to generatelong-term capital appreciation by investing in thesecurities of U.S. companies of any marketcapitalisation that the Sub-Investment Managerbelieves are experiencing, or have potential toexperience, above-average growth of earnings and/orcash flow.

Fund Details

Reference Currency: USD / AUDMonth-end NAV:Class A Acc. (USD) USD 204.58Class A Distr. (A) (USD) USD 204.63Class A Acc. (AUD) (H) AUD 165.32Fees:Management Fee: Up to 1.30% p.a.Performance Inception Date:Class A Acc. (USD) 25 May 2000Class A Distr. (A) (USD) 25 May 2000Class A Acc. (AUD) (H) 3 June 2013ISIN Code: IE00B19Z9Z06 / IE00B19Z9P08 /

IE00BB0QYX57BloombergTicker: LCUAGAA ID / LCUAGAI ID /

LMUGAAA IDFund Size: USD 1775 millionNumber Of Holdings: 76




Health Care 31.85InformationTechnology 25.78Consumer Discretionary 22.06Energy 13.15Industrials 4.47Materials 1.82Financials 0.30Telecommunication Services 0.25Cash & Cash Equivalents 0.30



3 Source: Lipper, based on performance of Class A Distr. (A)(USD) up to 31 December 2014.


5 Based on Class A Distr. (A) (USD) share.




• The Fund may use certain types of financial derivative instruments, which may involve a higher degree of risk including butnot limited to counterparty, volatility, liquidity, leverage and valuation risks, and the Fund may suffer a substantial loss.

• Securities of smaller companies generally are less liquid and more volatile than those of larger companies; and smaller companiesgenerally are more likely to be adversely affected by poor economic or market conditions.



-500

50100150200250

5/00 4/01 4/02 4/03 4/04 4/05 4/06 4/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Date

of M

erge

r -27

Aug

ust 2

010

Class A Distr. (A) (USD)

189.17


Class A Acc. (USD) 6.98 6.72 12.77 16.76 58.63

Class A Distr. (A) (USD) 6.97 6.72 12.76 16.76 58.63

Class A Acc. (AUD) (H) 6.58 6.65 12.30 17.07 66.08

Benchmark (USD) 7.44 5.87 22.47 50.63 111.33

CalendarYear 2017 2016 2015 2014 2013*

Class A Acc. (USD) 13.25 3.79 -5.22 13.62 37.52

Class A Distr. (A) (USD) 13.26 3.79 -5.22 13.62 37.53

Class A Acc. (AUD) (H) 13.43 4.13 -4.17 16.44 17.69

Benchmark (USD) 29.59 7.39 5.09 12.44 34.23

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 gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (A) = Distributing share class.The share class aims to declare and pay dividend on an annual basis. Dividend amount or dividendrate is not guaranteed.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team but was notauthorised in Hong Kong), whose assets were transferred into this Fund on 20 April 2007.On 27 August 2010 the Legg Mason US Aggressive Growth Fund merged into the Legg Mason ClearBridge US Aggressive GrowthFund.Benchmark: Russell 3000 Growth Index. Benchmark performance is calculated from performance inception of Class A Acc. (USD)and Class A Distr. (A) (USD) shares.* Performance of Class A Acc. (AUD) (H) for calendar year 2013 is calculated from its share class inception date to 31 December2013.

TopTen Holdings (%)

Biogen Inc 6.89UnitedHealth Group Inc 6.83Comcast Corp 5.08Allergan PLC 4.53SeagateTechnology PLC 4.42

Amgen Inc 4.20Anadarko Petroleum Corp 4.16Core Laboratories NV 3.80Twitter Inc 3.69Discovery Inc 3.53Total 47.13


0618 As at 30 June 2018


Legg Mason ClearBridge US Aggressive Growth Fund







AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to generatelong-term capital appreciation by investing at least70% of its Net Asset Value in equity securities ofmedium and large, but may also invest in small,capitalisation U.S. companies. The Sub-InvestmentManager will look for growth and value stocks, mainlyof blue-chip companies dominant in their industries.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 196.74Fees:Management Fee: Up to 1.25% p.a.Performance Inception Date:Class A Acc. (USD) 14 May 2004ISIN Code: IE00B1BXHZ80BloombergTicker: LCUSAAA IDFund Size: USD 217 millionNumber Of Holdings: 77




InformationTechnology 26.29Health Care 15.32Financials 14.79Consumer Discretionary 10.49Industrials 8.99Energy 7.38Consumer Staples 6.07Materials 5.18Telecommunication Services 2.42Real Estate 1.40Utilities 0.93Cash & Cash Equivalents 0.75











-500

50100150200

5/04 4/05 4/06 4/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Date

of M

erge

r -10

Jun

e 20

11

Class A Acc. (USD)

157.32


Class A Acc. (USD) 0.09 2.54 9.78 27.27 59.03

Benchmark (USD) 2.65 3.43 14.37 40.23 87.70

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 18.02 7.88 0.02 9.51 27.32

Benchmark (USD) 21.83 11.96 1.38 13.69 32.39

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team but was notauthorised in Hong Kong), whose assets were transferred into this Fund on 20 April 2007.On 10 June 2011, the Legg Mason US Growth and Value Fund (which has a substantially similar investment objective and policy)was merged into the Legg Mason ClearBridge US Appreciation Fund.Benchmark: S&P 500 Index.

TopTen Holdings (%)

Microsoft Corp 5.57Apple Inc 3.72Home Depot Inc/The 3.63Alphabet Inc 3.39JPMorgan Chase & Co 3.39

UnitedHealth Group Inc 3.38Berkshire Hathaway Inc 2.73Comcast Corp 2.66Visa Inc 2.36Johnson & Johnson 2.35Total 33.18


0618 As at 30 June 2018


Legg Mason ClearBridge US Appreciation Fund



THOMSON REUTERS LIPPER Fund Awards 2016 (Best Fund over 5 Years - Equity US)2





AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to generatelong-term capital appreciation by investing at least70% of its Net Asset Value in equity securities of aconcentrated group of U.S. companies with largemarket capitalisations.The core holdings of the Fundwill be companies that are dominant in their respectiveindustries, global in scope and that have a long-termhistory of performance.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 263.60Class A Distr. (A) (USD) USD 263.68Fees:Management Fee: Up to 1.25% p.a.Performance Inception Date:Class A Acc. (USD) 18 February 1999Class A Distr. (A) (USD) 18 February 1999ISIN Code: IE00B19Z9505 / IE00B19Z8W00BloombergTicker: LCULCAA ID / LCULCAI IDFund Size: USD 1282 millionNumber Of Holdings: 49




InformationTechnology 37.01Health Care 16.39Consumer Discretionary 14.84Industrials 6.60Consumer Staples 6.23Financials 5.36Energy 3.18Others 4.83Cash & Cash Equivalents 5.56


2 Source: Lipper, based on performance of Class A Distr. (A)(USD) up to 31 December 2015.










-500

50100150200250

2/99 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07 1/08 1/09 1/10 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18

Date

of M

erge

r -27

Aug

ust 2

010


198.60


Class A Acc. (USD) 6.38 5.02 19.09 44.87 101.59


Benchmark (USD) 7.25 5.76 22.51 51.99 113.28

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 23.74 6.34 8.53 12.58 34.36


Benchmark (USD) 30.21 7.08 5.67 13.05 33.48

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (A) = Distributing share class.The share class aims to declare and pay dividend on an annual basis. Dividend amount or dividendrate is not guaranteed.Performance includes periods prior to the Fund’s launch date (20 April 2007), reflecting performance of the predecessor fund (whichhas a substantially similar investment objective and policy and managed by the same portfolio management team), whose assetswere transferred into this Fund on 20 April 2007.On 27 August 2010, the predecessor Legg Mason US Large Cap Growth Fund (which has a substantially similar investment objectiveand policy and managed by the same portfolio management team but was not authorized in Hong Kong) was merged into the LeggMason ClearBridge US Large Cap Growth Fund.Benchmark: Russell 1000 Growth Index.

TopTen Holdings (%)

Amazon.com Inc 6.27Alphabet Inc 5.40Microsoft Corp 3.97Visa Inc 3.50Facebook Inc 3.10

Adobe Systems Inc 2.97UnitedHealth Group Inc 2.87Home Depot Inc/The 2.39AkamaiTechnologies Inc 2.27Red Hat Inc 2.20Total 34.94


0618 As at 30 June 2018


Legg Mason ClearBridge US Large Cap Growth Fund





Investment Manager

ClearBridge, LLC

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to achievelong-term capital appreciation principally throughinvesting in securities of U.S. issuers that theInvestment Manager believes to be undervalued inrelation to their intrinsic value.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 109.87Class A Distr. (A) (USD) USD 208.75Fees:Management Fee: Up to 1.35% p.a.Inception Date:Class A Acc. (USD) 24 April 2007Class A Distr. (A) (USD) 23 March 1998ISIN Code: IE00B19Z3581 / IE0002270589BloombergTicker: LEVAUAA ID / VALUFND IDFund Size: USD 363 millionNumber Of Holdings: 49




InformationTechnology 18.98Financials 18.37Health Care 16.62Industrials 11.46Energy 11.18Consumer Discretionary 7.86Utilities 4.73Real Estate 3.62Consumer Staples 2.74Materials 2.06Cash & Cash Equivalents 2.39








• In light of the investment style of the Fund, the Fund may face the risk of mis-estimation by the Investment Manager in itsfundamental analysis regarding the companies in which the Fund invests.The performance of the Fund may not closely correlateto specific market indices over time and may include extended periods of underperformance as compared to the broadermarket.



-50

0

50

100

150

3/98 2/99 2/00 2/01 2/02 2/03 2/04 2/05 2/06 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 2/18


108.75


Class A Acc. (USD) -1.88 1.31 4.64 17.29 55.45

Class A Distr. (A) (USD) -1.89 1.31 4.64 17.29 55.44

Benchmark (USD) 2.65 3.43 14.37 40.23 87.70

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 12.92 11.07 -4.63 11.85 35.61

Class A Distr. (A) (USD) 12.92 11.06 -4.63 11.86 35.62

Benchmark (USD) 21.83 11.96 1.38 13.69 32.39

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (A) = Distributing share class.The share class aims to declare and pay dividend on an annual basis. Dividend amount or dividendrate is not guaranteed.Benchmark: S&P 500 Index.

TopTen Holdings (%)

Alphabet Inc 5.68Allergan PLC 4.09Microsoft Corp 3.96Oracle Corp 3.75Wells Fargo & Co 3.49

Kinder Morgan Inc/DE 3.44Alexion Pharmaceuticals Inc 3.25American International Group Inc 2.88Synchrony Financial 2.79Mylan NV 2.62Total 35.95


0618 As at 30 June 2018


Legg Mason ClearBridgeValue Fund



QS Investors

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to providelong-term capital appreciation by investing at least70% of its Net Asset Value in equity securities ofcompanies whose seat, registered office or principalactivities are in emerging market countries.The Fundmay invest in one or a few countries, either broadlyor in particular geographic regions, and generally willbe broadly diversified among industries.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 72.76Fees:Management Fee: Up to 1.00% p.a.Inception Date:Class A Acc. (USD) 28 April 2008ISIN Code: IE00B19ZCC84BloombergTicker: LEGEMAU IDFund Size: USD 13.56 millionNumber Of Holdings: 462




Financials 14.98Consumer Staples 11.67Materials 11.61Telecommunication Services 10.90Consumer Discretionary 10.55Energy 9.40Industrials 9.15Health Care 7.10Utilities 6.09Real Estate 4.60InformationTechnology 3.68Cash & Cash Equivalents 0.25




• Investors will be exposed to equity market, concentration, custody and settlement, currency and debt securities risks.• The Fund may use certain types of financial derivative instruments, which may involve a higher degree of risk including but

not limited to counterparty, volatility, liquidity, leverage and valuation risks, and the Fund may suffer a substantial loss.• The Fund may invest in emerging markets which involve special risks, including liquidity, volatility, currency, political, economic,

legal and regulatory risks.• Securities of smaller companies generally are less liquid and more volatile than those of larger companies; and smaller companies

generally are more likely to be adversely affected by poor economic or market conditions.• Investors should not invest based on this marketing material alone. Offering documents should be read for further details,

including the risk factors.


-80-60-40-20

020

4/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18

Class A Acc. (USD)

-27.24


Class A Acc. (USD) -10.66 -9.78 0.78 2.18 3.40

Benchmark (USD) -6.66 -7.96 8.20 17.75 27.71

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 30.10 5.89 -16.00 -4.70 -8.89

Benchmark (USD) 37.28 11.19 -14.92 -2.19 -2.60

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Benchmark: MSCI Emerging Markets Index (Net Dividends).

TopTen Country Of Issue (%)

China 22.60Indonesia 9.32India 8.51Thailand 6.75South Africa 5.98

Brazil 5.49Malaysia 5.42Chile 5.32South Korea 4.86Taiwan 4.42Total 78.67

TopTen Holdings (%)

Telekomunikasi Indonesia 1.73China Mobile Ltd. 1.71Astra International 1.32S.A.C.I. Falabella 0.91Turkcell Iletisim Hizmetleri AS 0.86

CNOOC Ltd. 0.84Advanced Info Service-For RG 0.82Tencent Holdings Ltd. 0.82Bidvest Group 0.82Indah Kiat Pulp & PaperTbk 0.80Total 10.63


0618 As at 30 June 2018


Legg Mason QS Emerging Markets Equity Fund



QS Investors

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to providelong-term capital appreciation by investing at leasttwo-thirds of its Net Asset Value in shares ofcompanies domiciled in or conducting a predominantportion of their economic activities in one or moreAsian countries which are listed in the prospectusas well as Australia and New Zealand. In addition,the Fund may, from time to time, invest in sharesof companies domiciled in Pakistan and Sri Lanka.

Fund Details

Reference Currency: USD / HKD / AUDMonth-end NAV:Class A Acc. (USD) USD 142.88Class A Distr. (M) Plus (USD) USD 104.20Class A Distr. (M) Plus (HKD) HKD 105.11Class A Distr. (M) Plus (AUD) (H) AUD 108.99Fees:Management Fee: Up to 1.35% p.a.Performance Inception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (M) Plus (USD) 30 September 2014Class A Distr. (M) Plus (HKD) 30 September 2014Class A Distr. (M) Plus (AUD) (H) 21 July 2016ISIN Code: IE00B19Z5X02 / IE00BQJZWZ67 /

IE00BQJZX192 / IE00BQJZX085BloombergTicker: LEPEUAA ID / LMPEMPU ID /

LMPEMPH ID / LMPEMPA IDFund Size: USD 88.46 millionNumber Of Holdings: 125




InformationTechnology 17.63Financials 16.64Industrials 12.25Real Estate 9.20Consumer Discretionary 8.72Utilities 7.69Consumer Staples 7.33Materials 6.66Telecommunication Services 6.53Energy 6.29Cash & Cash Equivalents 1.07

1 Based on Class A Acc. (USD) share.* Performance of Class A Distr. (M) Plus (USD) and Class A

Distr. (M) Plus (HKD) for calendar year 2014 and Class ADistr. (M) Plus (AUD) (H) for calendar year 2016 is calculatedfrom its performance inception date to 31 December 2014and 31 December 2016 respectively.



• Investors will be exposed to equity market, Asia markets, concentration, currency, custody and settlement and debt securitiesrisks.

• Investors will be exposed to China-specific risks, including the risk of significant change in Chinese political, social or economicpolicy, which may adversely affect the capital growth and performance of such investments.There are also special risks associatedwith the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect.







-50

0

50

100

5/07 4/08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18

Date

of M

erge

r -27

Aug

ust 2

010

Class A Acc. (USD)

42.88


Class A Acc. (USD) -1.99 -4.91 5.67 18.19 38.21

Class A Distr. (M) Plus (USD) -1.98 -4.90 5.68 18.00 N/A

Class A Distr. (M) Plus (HKD) -1.62 -4.94 6.11 19.29 N/A

Class A Distr. (M) Plus (AUD) (H) -2.25 -5.03 5.39 N/A N/A

Benchmark (USD) -4.16 -3.60 9.57 22.87 47.68

CalendarYear 2017 2016* 2015 2014* 2013

Class A Acc. (USD) 24.95 8.45 -8.52 5.01 2.37

Class A Distr. (M) Plus (USD) 24.95 8.31 -8.58 0.48 N/A

Class A Distr. (M) Plus (HKD) 25.77 8.39 -8.63 0.30 N/A

Class A Distr. (M) Plus (AUD) (H) 25.20 -2.65 N/A N/A N/A

Benchmark (USD) 36.99 6.75 -8.04 4.80 3.07

Performance is net of fees and is calculated on a NAV to NAV basis (USD/HKD/AUD). Performance for periods greater thanone year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securitiesheld in the Fund. Acc. = Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributingshare class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is notguaranteed. Dividends of Distr. (M) Plus share class may be paid out of the Fund's capital. Please read the second-last pointin the box above. On 27 August 2010 the Legg Mason Asia Pacific (ex Japan) Fund merged into the Legg Mason QS MVAsia Pacific ex Japan Equity Growth and Income Fund. Benchmark: MSCI AC Asia Pacific ex Japan Index (Net Dividends).Prior to 13 May 2015, the benchmark was MSCI AC Asia ex Japan Index (Net Dividends). Benchmark performance is calculatedfrom the performance inception of Class A Acc. (USD) share. On 13 May 2015, 24 August 2016 and 30 November 2017, theinvestment objective, policy and/or restrictions were changed.

Country of Issue (%)

China 19.74Taiwan 14.39Hong Kong 13.76South Korea 10.16Thailand 9.11

Australia 8.35Singapore 5.42New Zealand 5.06Others 12.94Cash & Cash Equivalents 1.07

TopTen Holdings (%)

Samsung Electronics Co Ltd 4.24Taiwan Semiconductor Manufac 2.38China Construction Bank H 1.55Infosys Ltd. 1.50Ind & Comm Bk Of China 1.36

Hong Leong Bank 1.31Sun Art Retail Group Ltd. 1.29Aristocrat Leisure Limited 1.28China Petroleum & Chemical Corp 1.27CTBC Financial Holding Co. Ltd. 1.23Total 17.41


0618 As at 30 June 2018


Legg Mason QS MV Asia Pacific ex Japan Equity Growthand Income Fund



QS Investors

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to providelong-term capital appreciation by investing at leasttwo-thirds of its Net Asset Value in equity securitiesof companies that are domiciled in or are conductinga predominant portion of their economic activitiesin Europe, including up to 20% in European emergingmarkets.

Fund Details

Reference Currency: EuroMonth-end NAV:Class A Acc. (EUR) EUR 175.86Class A Distr. (M) Plus (EUR) EUR 101.58Fees:Management Fee: Up to 1.35% p.a.Inception Date:Class A Acc. (EUR) 31 August 2010Class A Distr. (M) Plus (EUR) 30 September 2014ISIN Code: IE00B19Z4555 / IE00BQJZX200BloombergTicker: LEEEAEA ID / LMEEAME IDFund Size: EUR 64.52 millionNumber Of Holdings: 83




Financials 22.96Consumer Staples 13.62Industrials 12.27Energy 10.25Health Care 9.97Consumer Discretionary 9.47Utilities 7.82Telecommunication Services 6.25Materials 3.09Real Estate 2.70InformationTechnology 0.71Cash & Cash Equivalents 0.88

1 Based on Class A Acc. (EUR) share.



• Investors will be exposed to equity market, concentration, custody and settlement, currency and debt securities risks.• The Fund invests in companies concentrated within the European region 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 investments in Europeancountries.The performance of the Fund could deteriorate significantly should there be any adverse credit events (e.g. downgradeof the sovereign credit rating of a European country).






-200

20406080

100

8/10 8/11 8/12 8/13 8/14 8/15 8/16 8/17

Class A Acc. (EUR)

75.86


Class A Acc. (EUR) -0.26 3.48 -0.57 3.18 42.28

Class A Distr. (M) Plus (EUR) -0.22 3.50 -0.48 3.33 N/A

Benchmark (EUR) -0.48 4.00 2.85 8.03 50.45

CalendarYear 2017 2016 2015 2014* 2013

Class A Acc. (EUR) 5.57 -1.80 11.96 11.95 15.73

Class A Distr. (M) Plus (EUR) 5.68 -1.79 11.95 2.17 N/A

Benchmark (EUR) 10.24 2.58 8.22 6.84 19.82

Performance is net of fees and is calculated on a NAV to NAV basis (EUR).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.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 ordividend 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.On 27 August 2010 the Legg Mason Pan-Europe Equity Fund merged into the Legg Mason QS MV European Equity Growth andIncome Fund. On 30 June 2014, the investment objective, policy and/or restrictions were changed.Benchmark: MSCI Europe Index (Net Dividends). Benchmark performance is calculated from the performance inception of Class AAcc. (EUR) share.* Performance of Class A Distr. (M) Plus (EUR) for calendar year 2014 is calculated from its share class inception date to 31 December2014.


United Kingdom 28.17Germany 15.12Switzerland 10.59France 9.54Sweden 7.11

Finland 6.25Denmark 6.14Spain 5.52Others 10.68Cash & Cash Equivalents 0.88

TopTen Holdings (%)

Safran SA 1.70Koninklijke Ahold N.V. 1.68RioTinto PLC 1.65Royal Dutch Shell PLC A Shs 1.65Diageo PLC 1.64

Enagas SA 1.60Swedish Match AB 1.60H Lundbeck AS 1.51BP PLC 1.50Neste Oyj 1.49Total 16.02


0618 As at 30 June 2018


Legg Mason QS MV European Equity Growth and IncomeFund



QS Investors

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to generatelong-term capital appreciation, by investing at least70% of its Net Asset Value in equity securities ofcompanies domiciled in any country of the world.The Sub-Investment Manager will seek to invest incompanies domiciled in Developed and EmergingMarket Countries, although it will primarily focus oncompanies from Developed Countries.The Fund willinvest across a diversified range of industries. Whilethere are no capitalisation restrictions, the Fund willseek to invest primarily in large capitalisationcompanies.

Fund Details

Reference Currency: USD / HKD / AUDMonth-end NAV:Class A Acc. (USD) USD 166.49Class A Distr. (M) Plus (USD) USD 104.02Class A Distr. (M) Plus (HKD) HKD 105.13Class A Distr. (M) Plus (AUD) (H) AUD 103.03Fees:Management Fee: Up to 1.35% p.a.Inception Date:Class A Acc. (USD) 6 September 2012Class A Distr. (M) Plus (USD) 26 October 2015Class A Distr. (M) Plus (HKD) 26 October 2015Class A Distr. (M) Plus (AUD) (H) 26 October 2015ISIN Code: IE00B50TT482 / IE00BYML7R43 /

IE00BYML7S59 / IE00BYML7Q36BloombergTicker: BMGEAAU ID / LMGEADS ID /

LMGEADH ID / LMGAMDA IDFund Size: USD 16.08 millionNumber Of Holdings: 115




Financials 18.30Consumer Discretionary 12.43Industrials 11.12Utilities 10.07Health Care 8.73Energy 7.91InformationTechnology 7.48Telecommunication Services 7.41Consumer Staples 7.39Real Estate 4.05Materials 3.32Cash & Cash Equivalents 1.79




• Investors will be exposed to equity market, custody and settlement, currency and debt securities risks.• Investors will be exposed to China-specific risks, including the risk of significant change in Chinese political, social or economic

policy, which may adversely affect the capital growth and performance of such investments.There are also special risks associatedwith the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect.






020406080

100

9/12 8/13 8/14 8/15 8/16 8/17

Class A Acc. (USD)

66.49


Class A Acc. (USD) -1.00 -0.92 5.27 15.15 50.17

Class A Distr. (M) Plus (USD) -1.00 -0.92 5.26 N/A N/A

Class A Distr. (M) Plus (HKD) -0.65 -0.94 5.77 N/A N/A

Class A Distr. (M) Plus (AUD) (H) -1.19 -1.02 5.23 N/A N/A

Benchmark (USD) -0.43 0.53 10.73 26.62 56.79

CalendarYear 2017 2016 2015* 2014 2013

Class A Acc. (USD) 15.72 6.23 -1.19 8.23 20.72

Class A Distr. (M) Plus (USD) 15.74 6.39 -3.99 N/A N/A

Class A Distr. (M) Plus (HKD) 16.63 6.37 -4.03 N/A N/A

Class A Distr. (M) Plus (AUD) (H) 16.32 6.85 -3.70 N/A N/A

Benchmark (USD) 23.97 7.86 -2.36 4.16 22.80

Performance is net of fees and is calculated on a NAV to NAV basis (USD/HKD/AUD). Performance for periods greater thanone year is cumulative. Performance is based on reinvestment of any income and capital gains distribution derived from securitiesheld in the Fund. Acc. = Accumulating share class. Net investment income accumulated daily into NAV. Distr. (M) = Distributingshare class. The share class aims to declare and pay dividend on a monthly basis. Dividend amount or dividend rate is notguaranteed. Dividends of Distr. (M) Plus share class may be paid out of the Fund's capital. Please read the second-last pointin the box above. On 13 May 2015, the investment objective, policy and/or restrictions were changed. Benchmark: MSCI ACWorld Net Dividends Index. Benchmark performance is calculated from performance inception of Class A Acc. (USD) share.* Performance of Class A Distr. (M) Plus (USD), Class A Distr. (M) Plus (HKD) and Class A Distr. (M) Plus (AUD) (H) for calendaryear 2015 is calculated from its share class inception date to 31 December 2015.


United States 26.03United Kingdom 10.46New Zealand 8.14Taiwan 6.60Canada 5.64

Singapore 4.16Japan 3.76Hong Kong 3.70Others 29.72Cash & Cash Equivalents 1.79

TopTen Holdings (%)

Valero Energy Corp 2.06Kohl’s Corporation 1.76Marubeni Corporation 1.48Royal Mail PLC 1.46National Bank of Canada NpV 1.40

Wal Mart Stores Inc 1.38Target Corp 1.34Bank Hapoalim 1.31AbbVie, Inc. 1.31China Petroleum & Chemical Corp 1.30Total 14.80


0618 As at 30 June 2018


Legg Mason QS MV Global Equity Growth and Income Fund



BENCHMARK Fund of the Year Awards 2016: US Small-Cap Equity - Retail Class (Best-in-Class)2




Royce & Associates

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to achievelong-term capital appreciation by investing at least70% of its Net Asset Value in a diversified portfolioof equity securities issued by small- and micro-capU.S. companies (market capitalisations of less thanUS$3 billion).The Sub-Investment Manager attemptsto take advantage of what it believes are opportunisticsituations for undervalued securities.

Fund Details

Reference Currency: USD / AUDMonth-end NAV:Class A Acc. (USD) USD 197.86Class A Distr. (A) (USD) USD 600.91Class A Acc. (AUD) (H) AUD 168.03Fees:Management Fee: Up to 1.50% p.a.Inception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (A) (USD) 8 November 2002Class A Acc. (AUD) (H) 3 June 2013ISIN Code: IE00B19Z4B17 / IE0031619046 /

IE00BB0QYY64BloombergTicker: LERSUAA ID / LEGMUSA ID /

LMRSCAA IDFund Size: USD 1298 millionNumber Of Holdings: 261




Industrials 23.68InformationTechnology 21.47Consumer Discretionary 12.12Financials 8.23Energy 7.83Materials 7.76Health Care 6.81Consumer Staples 1.23Telecommunication Services 1.03Real Estate 0.85Utilities 0.05Cash & Cash Equivalents 8.94


2 Source: BENCHMARK. Based on performance of Class ADistr. (A) (USD) up to 30 September 2016.






• Investors will be exposed to equity market, concentration, custody and settlement, US markets and currency risks.• Securities of smaller companies generally are less liquid and more volatile than those of larger companies; and smaller companies

generally are more likely to be adversely affected by poor economic or market conditions.• In light of the investment style of the Fund, the Fund may face the risk of mis-estimation by the Sub-Investment Manager in

its fundamental analysis regarding the companies in which the Fund invests. The performance of the Fund may not closelycorrelate to specific market indices over time and may include extended periods of underperformance as compared to thebroader market.



0100200300400500600

11/02 10/03 10/04 10/05 10/06 10/07 10/08 10/09 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/17


500.91


Class A Acc. (USD) 2.77 5.85 16.64 36.30 61.60


Class A Acc. (AUD) (H) 2.39 5.69 16.28 37.12 69.71

Benchmark (USD) 7.66 7.75 17.57 36.63 79.89

CalendarYear 2017 2016 2015 2014 2013*

Class A Acc. (USD) 20.82 28.83 -13.78 -2.18 40.50

Class A Distr. (A) (USD) 20.82 28.83 -13.78 -2.18 40.48

Class A Acc. (AUD) (H) 21.03 29.23 -12.46 0.17 19.67

Benchmark (USD) 14.65 21.31 -4.41 4.89 38.82

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 gainsdistribution derived from securities held in the FundAcc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (A) = Distributing share class.The share class aims to declare and pay dividend on an annual basis. Dividend amount or dividendrate is not guaranteed.The Fund invests in companies with small market capitalisations.The risks associated with investments in small companies includeless experienced management, limited product lines and financial resources, shorter operating histories, less publicly available information,reduced liquidity and increased share price volatility.Benchmark: Russell 2000 Index. Benchmark performance is calculated from performance inception of Class A Distr. (A) (USD) share.* Performance of Class A Acc. (AUD) (H) for calendar year 2013 is calculated from its share class inception date to 31 December2013.

ValueThemes (%)

Undervalued Growth 33.18Turnarounds 29.63

Interrupted Earnings 20.20Unrecognized Asset Values 16.99

TopTen Holdings (%)

KEMET Electronics Corp. 1.12ComtechTelecommunications 1.02Ciena Corp. 0.91CarpenterTechnology 0.90Granite Construction Incorporated 0.85

Invacare Corp 0.84Kulicke & Soffa Industries, Inc. 0.84AlleghenyTechnologies Inc. 0.83Fabrinet 0.80Vishay Intertechno Usd0.1 0.80Total 8.91


0618 As at 30 June 2018


Legg Mason Royce US Small Cap Opportunity Fund






Royce & Associates

AboutThe Fund

The Fund is a sub-fund of Legg Mason Global Fundsplc, an open-ended umbrella investment companyconstituted in Ireland. The Fund seeks to achievelong-term capital appreciation by investing at leasttwo-thirds of its Net Asset Value in equity securitiesissued by mid- and small-cap U.S. companies withstock market capitalisations of less than US$5 billion.

Fund Details

Reference Currency: US DollarMonth-end NAV:Class A Acc. (USD) USD 174.83Class A Distr. (A) (USD) USD 296.28Fees:Management Fee: Up to 1.50% p.a.Inception Date:Class A Acc. (USD) 9 May 2007Class A Distr. (A) (USD) 1 March 2004ISIN Code: IE00B19Z6F94 / IE0034390439BloombergTicker: LEREUAA ID / LEGREQA IDFund Size: USD 161 millionNumber Of Holdings: 79




Industrials 28.85InformationTechnology 21.61Financials 13.30Consumer Discretionary 8.54Consumer Staples 6.18Energy 4.82Health Care 4.40Materials 4.35Real Estate 2.18Cash & Cash Equivalents 5.76









• In light of the investment style of the Fund, the Fund may face the risk of mis-estimation by the Sub-Investment Manager inits fundamental analysis regarding the companies in which the Fund invests. The performance of the Fund may not closelycorrelate to specific market indices over time and may include extended periods of underperformance as compared to thebroader market.



-500

50100150200250

3/04 2/05 2/06 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 2/18


196.28


Class A Acc. (USD) 3.57 4.31 13.03 23.66 45.33


Benchmark (USD) 7.66 7.75 17.57 36.63 79.89

CalendarYear 2017 2016 2015 2014 2013

Class A Acc. (USD) 10.27 24.19 -12.62 -0.69 26.53

Class A Distr. (A) (USD) 10.26 24.19 -12.63 -0.70 26.52

Benchmark (USD) 14.65 21.31 -4.41 4.89 38.82

Performance is net of fees and is calculated on a NAV to NAV basis (USD).Performance for periods greater than one year is cumulative. Performance is based on reinvestment of any income and capital gainsdistribution derived from securities held in the Fund.Acc. = Accumulating share class. Net investment income accumulated daily into NAV.Distr. (A) = Distributing share class.The share class aims to declare and pay dividend on an annual basis. Dividend amount or dividendrate is not guaranteed.The Fund invests in companies with small capitalisations. The risks associated with investments in small companies include lessexperienced management, limited product lines and financial resources, shorter operating histories, less publicly available information,reduced liquidity and increased share price volatility.On 30 November 2017, the investment objective, policy and/or restrictions were changed.Benchmark : Russell 2000 Index.

TopTen Holdings (%)

Greenbrier Companies Inc. 3.19MineralsTechnologies Inc. 3.07Genworth MI Canada 2.96Artisan Partners 2.78j2 Global Communications Inc. 2.72

Pason Systems Inc Npv 2.62RLI Corporation 2.60Fabrinet 2.58CIRCOR International, Inc 2.34Cohu Inc. 2.30Total 27.16


0618 As at 30 June 2018


Legg Mason Royce US Smaller Companies Fund


as of 30 june 2018 - legg mason · legg mason global funds plc ... total return through capital...

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