PRODUCT KEY FACTS - Legg MasonThis statement is a part of the offering document. • You should not invest in this product based on this statement alone. QUICK FACTS Manager: Legg

PRODUCT KEY FACTS Legg Mason Global Funds Plc

Legg Mason Brandywine Global Fixed Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Brandywine Global Fixed Income Fund.

• This statement is a part of the offering document. • You should not invest in this product based on this statement alone.

QUICK FACTS

Manager: Legg Mason Investments (Ireland) Limited

Investment Manager (internal delegation):

Brandywine Global Investment Management, LLC (located in USA)

Depositary: The Bank of New York Mellon SA/NV, Dublin Branch

Ongoing Charges over a Year#: Class A US$ Accumulating: 1.34%1 Class A US$ Distributing (M): 1.34%1 Class A US$ Distributing (M) Plus 1.32%2 Class A US$ Distributing (S): 1.34%1 Class A EUR Accumulating (Hedged): 1.40%1 Class A EUR Distributing (M) (Hedged) Plus: 1.40% (estimated)3 Class A AUD Accumulating (Hedged): 1.38% (estimated)3 Class A AUD Distributing (M) (Hedged) Plus: 1.38%1 Class A HKD Accumulating 1.31% (estimated)3 Class A HKD Distributing (M) Plus: 1.31%2 Class A NZD Distributing (M) (Hedged) Plus: 1.40% (estimated)3 Class A GBP Distributing (M) (Hedged) Plus: 1.40% (estimated)3

Class A CAD Distributing (M) (Hedged) Plus: 1.40% (estimated)3 # The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 March 2019 to 29 February 2020 and the average net asset value of the share class for the corresponding period. 2 This figure is based on the annualised expenses for the period from the inception date to 29 February 2020 (less than one year) and the average net asset value of the share class for the corresponding period. 3 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure as this share class is newly established or is yet to be launched.

Dealing Frequency: Daily

Base Currency: USD

Dividend Policy: • For Class A Distributing (S) Share Classes – any dividends will be declared semi-annually and paid in March and September

• For Class A Distributing (M) Share Classes* – any dividends will be declared and paid monthly

*Distributing Plus Share Classes available within this Fund may, at the discretion of the Directors of Legg Mason Global Funds Plc, pay dividends out of capital. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Distributing Plus Share Classes.

• No distributions will be made for Class A Accumulating Share Classes

Financial Year End of this Fund: Last day of February

Legg Mason Brandywine Global Fixed Income Fund

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Minimum Investment: Class A US$ – US$ 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason Brandywine Global Fixed Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return consisting of income and capital appreciation. Strategy: The Fund will invest at all times at least two-thirds of its net asset value in debt securities that are (i) listed or traded on regulated markets primarily in the following countries; and (ii) denominated in currencies of, or issuers located in, primarily the following countries: The United States, Canada, Australia, Japan, Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Mexico, the Netherlands, Portugal, Spain, Denmark, Sweden, Switzerland, the United Kingdom, New Zealand, Norway, Hungary, Poland, and the Czech Republic. The Fund may also invest in debt securities that are listed or traded on regulated markets located in other developed countries. All debt securities purchased by the Fund will be rated investment grade at the time of purchase. If an investment so purchased is subsequently downgraded to below investment grade after the time of purchase, the Investment Manager may in its discretion continue to hold the debt security if it determines that doing so is the best interests of shareholders. The Fund may invest up to 20% of its net asset value in debt securities of issuers located in countries (whether or not listed in the first paragraph above) where both of the following criteria apply: (i) the country’s local currency denominated long-term debt is rated below A- by S&P or the equivalent by all nationally recognised statistical rating organisations rating the debt and (ii) the country is not represented in the FTSE World Government Bond Index. A portion of the Fund may also be invested in convertible debt securities, equity securities and/or warrants. The Fund invests principally in the following types of instruments listed or traded on regulated markets: debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation-protected securities), debt securities of supranational organisations, preferred shares and collective investment schemes. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Investment Manager follows a value approach to investing. The Investment Manager will concentrate investments in undervalued markets that provide the best opportunity for declining interest rates and a return to lower real rates over time. The Fund will normally hold a portfolio of debt securities of issuers located in a minimum of six countries. The average weighted duration of the Fund’s portfolio generally ranges from 1 to 10 years but for individual markets may be greater or lesser.

USE OF DERIVATIVES/ INVESTMENT IN DERIVATIVES: The Fund’s net derivative exposure1 may be up to 50% of the Fund’s net asset value.

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors.

1 Please refer to the offering document for details regarding the calculation methodology of net derivative exposure.


3

Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk of Rated and Unrated Securities: Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Inflation-Protected Securities Risk: The Fund may invest in inflation-protected securities, whose value generally fluctuates in response to changes to interest rates. If real interest rates rise (i.e. if interest rates rise for reasons other than inflation), the value of the inflation-protected securities in the Fund’s portfolio will decline. Moreover, because the principal amount of inflation-protected securities would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk with respect to its investments in these securities. The market for these securities may also be less developed or liquid, and more volatile, than certain other securities markets. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund.

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise


4

be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.

HOW HAS THE FUND PERFORMED?

• Past performance information is not indicative of future performance. Investors may not get back the full

amount invested. • The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend

reinvested. • These figures show by how much the Class A US$ Accumulating* increased or decreased in value during the

calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Fund launch date: 2003. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is FTSE World Government Bond Index (formerly known as Citigroup World

Government Bond Index). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.

IS THERE ANY GUARANTEE? The Fund does not have any guarantees. You may not get back the full amount of money you invest.

8.7% 7.9% 7.9%

-4.0%

2.9%

-9.1%

2.5%

10.2%

-5.0%

7.0%5.2% 6.4%

1.6%

-4.0%

-0.5%-3.6%

1.6%

7.5%

-0.8%

5.9%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A US$ Accumulating Benchmark


5

WHAT ARE THE FEES AND CHARGES? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Fund: Fees in respect of each Class A Share Class What you pay

Subscription Fee (Initial Sales Charge): Up to 5.00% of the amount you subscribed

Switching Fee: Not applicable

Redemption Fee: Not applicable Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments: Expenses in respect of each Class A Share Class* Annual rate (as a % of the Fund’s NAV)

Management Fee: Up to 1.10%

Combined Administration and Depositary Fee: Up to 0.15%

Performance Fee: Not applicable

Shareholder Servicing Fee: Up to 0.15%

*For Hedged Share Classes, (i) the Currency Administrator is entitled to receive fees for hedging administration services (currently charged at 0.04% per annum of the value of the hedging transactions), which shall be borne exclusively by the relevant Hedged Share Class; and (ii) the Collateral Manager is entitled to receive fees for its collateral management services in relation to currency hedging (such fees not exceeding GBP 340 per month for the Fund), which shall be charged only to the relevant Hedged Share Classes. Other fees You may have to pay other fees when dealing in the shares of the Fund.

ADDITIONAL INFORMATION • You generally buy and redeem shares at the Fund’s next-determined net asset value (NAV) after the authorised

dealer or sub-distributor receives your request in good order on or before 4:00 p.m. in New York (EST) on any relevant dealing day. Certain dealer or sub-distributors may impose a deadline for receipt of orders that is earlier than this.

• The NAV of this Fund is calculated on each dealing day and published no later than the second business day immediately succeeding each dealing day on www.leggmason.com.hk.

• In respect of Distributing Plus Share Classes, the composition of dividend payouts (i.e. the relative amounts

paid out of (i) net distributable income and (ii) capital) for the last 12 months will be available from the Hong Kong Representative on request and on our website, www.leggmason.com.hk.

• Investors may obtain the past performance information of other share classes offered to Hong Kong investors

from our website, www.leggmason.com.hk.

IMPORTANT If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

http://www.leggmason.com.hk/




Legg Mason Brandywine Global Opportunistic Fixed Income Fund

Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

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• This statement provides you with key information about Legg Mason Brandywine Global

Opportunistic Fixed Income Fund.

• This statement is a part of the offering document.

• You should not invest in this product based on this statement alone.

QUICK FACTS



Brandywine Global Investment Management, LLC (located in USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.40%1 Class A US$ Distributing (M): 1.40%1 Class A EUR Accumulating (Hedged): 1.44% 1

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 September 2018 to 31 August 2019 and the average net asset value of the share class for the corresponding period.


Base Currency: USD

Dividend Policy: • For Class A Distributing (M) Share Class – any dividends will be declared and paid monthly



Minimum Investment: Class A EUR – EUR 1,000 (Initial) Class A US$ – US$ 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason Brandywine Global Opportunistic Fixed Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return consisting of income and capital appreciation. Strategy: The Fund invests at least two-thirds of its net asset value in debt securities that are listed or traded on regulated markets located anywhere in the world, including emerging market countries, as set out in Schedule III of the Base Prospectus, which forms part of the Hong Kong offering document.


2

The Fund’s investments may include:

• debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation-protected securities);

• debt securities of supranational organisations such as freely transferable promissory notes, fixed or floating rate bonds and debentures;

• corporate debt securities of issuers (diversified across a variety of industry sectors, including but not limited to communications, consumer, energy, financial, industrial, technology and utilities, etc.) located in or whose securities are listed or traded on regulated markets, including freely transferable promissory notes, debentures, fixed or floating rate bonds (including zero coupon bonds), convertible and non-convertible notes, commercial paper, certificates of deposits, and bankers acceptances issued by industrial, utility, finance, commercial banking or bank holding company organisations; and

• mortgage-backed securities (including collateralised debt obligations) and asset-backed securities; preferred shares and other open-ended collective investment schemes that are eligible for investment by the Fund under the UCITS Regulations.

Except to the extent permitted by the UCITS Regulations, the securities in which the Fund will invest will be listed or traded on a regulated market located anywhere in the world, including emerging market countries, and as set out in Schedule III of the Base Prospectus. The Fund may purchase securities (including high yield debt securities) that at the time of purchase are rated below investment grade (i.e. assigned with a rating by Standard & Poor’s, Fitch Ratings or Moody’s) or if unrated deemed by the Investment Manager to be of comparable quality, so long as such purchase would not cause more than 35% of the Fund’s net asset value to be comprised of investments that are rated below investment grade or if unrated deemed by the Investment Manager to be of comparable credit quality. If the security is unrated by Standard & Poor’s, Fitch Ratings and Moody’s, the security will be considered unrated. The Fund may invest up to 30% of its net asset value in loss absorption products, such as contingent convertibles, senior or subordinated debt or senior non-preferred debt that have contingent write down or loss absorption features. The Fund may invest in securities denominated in local or foreign currency. The Fund will normally hold a portfolio of debt securities of issuers located in a minimum of six countries. The average weighed duration of the Fund’s portfolio generally ranges from 1 to 10 years but for individual markets may be greater or lesser depending on the prospects for lower interest rates and the potential for capital gains. The Fund may have exposure to Reverse Repurchase agreements (as defined in the Base Prospectus) for efficient portfolio management purposes and subject to the requirements of the Central Bank of Ireland.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Downgrading Risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The manager may or may not be able to dispose of the debt instruments that are being downgraded. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average



3

weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Inflation-Protected Securities Risk: The Fund may invest in inflation-protected securities, whose value generally fluctuates in response to changes to interest rates. If real interest rates rise (i.e. if interest rates rise for reasons other than inflation), the value of the inflation-protected securities in the Fund’s portfolio will decline. Moreover, because the principal amount of inflation-protected securities would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk with respect to its investments in these securities. The market for these securities may also be less developed or liquid, and more volatile, than certain other securities markets. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class,


4

although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Hedging Risk: Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. The Fund may decide not to hedge the currency risk from the underlying securities, or the abovementioned hedging transactions may become ineffective, in both cases the Fund may suffer a substantial loss. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.




reinvested.

12.0%

-4.7%

5.3%

-9.3%

3.8%

11.5%

-5.7%

7.9%

1.6%

-4.0%

-0.5%-3.6%

1.6%

7.5%

-0.8%

5.9%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5

• These figures show by how much the Class A US$ Accumulating* increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2010. • Class A US$ Accumulating* launch date: 2011. • The benchmark of the Fund is FTSE World Government Bond Index (USD) (unhedged). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is one of longest running share class available internationally.











ADDITIONAL INFORMATION • You generally buy and redeem shares at the Fund’s next-determined net asset value (NAV) after the

authorised dealer or sub-distributor receives your request in good order on or before 4:00 p.m. in New York (EST) on any relevant dealing day. Certain dealer or sub-distributors may impose a deadline for receipt of orders that is earlier than this.







6



Legg Mason ClearBridge Tactical Dividend Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason ClearBridge Tactical Dividend Income Fund.


QUICK FACTS



ClearBridge Investments, LLC (located in the USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.75%1 Class A US$ Distributing (M) Plus: 1.75%1 Class A EUR Accumulating (Hedged): 1.78%1 Class A EUR Distributing (M) (Hedged) Plus: 1.79% (estimated)2 Class A AUD Accumulating (Hedged): 1.79% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.79%1 Class A HKD Accumulating: 1.75% (estimated)2 Class A HKD Distributing (M) Plus: 1.75%1 Class A SGD Distributing (M) (Hedged) Plus: 1.79%1

Class A NZD Distributing (M) (Hedged) Plus: 1.79% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.79% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.79% (estimated)2

Class F US$ Accumulating*: 1.15%1 # The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 September 2018 to 31 August 2019 and the average net asset value of the share class for the corresponding period. 2 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class is newly established or is yet to be launched. * This share class is available to Professional Investors and investors with a discretionary investment agreement with a Dealer appointed by the Distributor with respect to such Shares. Commission/rebate payments may be made by Distributors to Dealers or other investors who have an agreement with the Distributor with respect to such Shares.


Base Currency: USD

Dividend Policy: • For Class A Distributing (M) Share Classes* – any dividends will be declared and paid monthly


• No distributions will be made for Class A Accumulating Share Classes and Class F Accumulating Share Classes


Legg Mason ClearBridge Tactical Dividend Income Fund

2

Minimum Investment: Class A US$ – US$ 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A SGD – SGD 1,500 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial) Class F US$ – US$ 1,000,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason ClearBridge Tactical Dividend Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide a high level of income. Long-term capital appreciation is a secondary objective. Strategy: The Fund invests at least 80% of its net asset value in equity and equity-related securities that are expected to provide investment income, dividend payments or other distributions, which are listed or traded on regulated markets and from issuers located anywhere in the world. The Fund may invest in equity and equity-related securities of issuers with any market capitalisation. In selecting securities, the Investment Manager uses a combined fundamental and macroeconomic approach to identify assets that have attractive dividends and future earnings prospects, and uses a tactical rotation strategy among different high income paying asset classes based on merits for maximised opportunities and risk-adjusted returns. In assessing portfolio investments, the Investment Manager will consider company dividend yield levels with a view to having a portfolio with a dividend yield equal to the dividend yield of the Dow Jones U.S. Select Dividends Index (the “Benchmark”), plus 0.75%. There is no guarantee that this will be achieved. Whilst the Fund focuses on investments which are intended to provide a high level of income, it is not necessary for each individual security comprising the Fund’s portfolio of investments to have a dividend yield in excess of the target dividend yield for the Fund, which is the yield of the Benchmark plus 0.75%. The Investment Manager is not constrained by the Benchmark in the selection of securities. The Investment Manager expects that some investments intended to provide a high level of income (such as equity securities) may deliver capital appreciation in furtherance of the Fund’s secondary objective. The Fund invests in a diversified portfolio of equity and equity-related securities, including (i) common stocks, (ii) preferred stocks, (iii) convertible preferred stocks and other securities convertible into equity securities (e.g. convertible bonds), (iv) publicly traded units of master limited partnerships (MLPs) (up to 60% of its net asset value), (v) real estate investment trusts (REITs) (up to 35% of its net asset value), and (vi) publicly traded business development companies (BDCs) (up to 35% of its net asset value), and other closed-end funds that invest in any of the foregoing securities under (i) – (v) and are traded on a regulated market (up to 10% of its net asset value). The Fund will invest at least 50% of its net asset value in securities of US Issuers. Thus, the Fund may invest up to 50% of its net asset value in securities of non-US Issuers, including securities of issuers in emerging market countries (e.g. Brazil and India). The Fund may have significant investments in mid- and small-cap companies with market capitalisations of less than US$5 billion (up to 100% of its net asset value). A maximum of 10% of the Fund’s net asset value may be invested in other collective investment schemes. The Fund may from time to time invest in debt securities, when the Investment Manager believes such securities provide a compelling yield opportunity while keeping with the Fund’s overall objective of total return. The total amount invested in such assets will not exceed 20% of the Fund’s net asset value. The debt securities in which the Fund invests may include securities that are not rated or are rated below investment grade (being below BBB- by S&P or the equivalent by another nationally recognised statistical rating organisation), and may be issued by corporate or government issuers. However, the Fund does not intend to invest more than 10% of its net asset value in debt securities issued by or guaranteed by any single sovereign issuer (including its government, public or local authority) which is rated below investment grade or unrated. The Fund does not intend to invest in mortgage-backed securities or asset-backed securities.




3

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Risks of MLPs: Investments in MLPs may be afforded with fewer protections than investments in corporations. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. • Changes in US federal regulations governing MLPs may be adverse to investors in such MLPs (such as the

Fund), which would likely cause the value of MLPs to drop significantly. • MLPs which focus on the energy sector may be subject to commodity pricing risk, supply and demand risk, and

other risks associated with commodity prices. • Investments in MLPs require the Fund to prepare and file certain tax filings, the cost of which and the payment

of related taxes may adversely impact the Fund’s return on its investment in MLPs • Although the Fund does not currently invest in US domiciled MLPs, to the extent that it owns units in US

domiciled MLPs in the future, then the Fund, as a non-US corporation will be treated as engaged in a US trade or business, and as such may be subject to US branch profits tax and US federal income tax on their share of the MLP’s income and gain as adjusted, and to US federal income tax on gains from the disposition of MLP units.

• MLPs generally make distributions to unitholders out of operating cash flow which may be a return of capital to unitholders of the MLP, including the Fund, and which may therefore impact the potential for future capital growth of the MLP.

• Investments in MLPs may be less liquid and more volatile than those of larger companies. These factors could cause a substantial loss to the investments held by, hence the value of, the Fund. Risks of BDCs: BDCs typically invest in small and medium-sized companies and may have a narrow industry focus or concentrated portfolios, which may be more adversely affected by poor economic conditions affecting the industry group. Investments of BDCs may be relatively illiquid, which limit the ability for realization or otherwise at a loss. BDCs are subject to management risk, including the ability of the BDC’s management to meet its investment objective, and the risk that the BDC’s management may be remunerated based on BDC’s performance leading to the BDC making more speculative investments. BDCs may be leveraged and with increased volatility. These factors could cause a substantial loss to the BDC investments held by, hence the value of, the Fund. REITs Risk: The Fund may invest in REITs which involve risks similar to investing directly in real estate. The value of REITs may be affected by the value of underlying properties and defaults by borrowers or tenants. REITs are dependent on specialised management skills and some REITs may have limited diversification. REITs depend generally on their ability to generate cash flows to make distributions to investors, and may be subject to self-liquidations. The underlying REITs may not necessarily be authorized by the SFC, and the dividend/payout policy of the Fund is not representative of the dividend/payout policy of the underlying REITs. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss.


4

Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk related to below investment grade / unrated securities: Debt securities rated below investment grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.


5


• Past performance information is not indicative of future performance. Investors may not get back the full amount

invested. • The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend



• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2013. • Class A US$ Accumulating* launch date: 2013. • Effective 31 March 2020, Dow Jones U.S. Select Dividends Index was added as the benchmark of the Fund to

adhere to European disclosure rules regarding the use of benchmark. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


WHAT ARE THE FEES AND CHARGES? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Fund: Fees in respect of each Class A and Class F Share Class What you pay

Subscription Fee (Initial Sales Charge): Up to 5.00% of the amount you subscribed for Class A Shares None for Class F Shares


Redemption Fee: Not applicable

Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments:

1.7%

-15.2%

10.2% 7.3%

-6.8%

27.0%

-20%

-10%

0%

10%

20%

30%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A US$ Accumulating


6

Expenses in respect of each Class A and Class F Share Class* Annual rate (as a % of the Fund’s NAV)

Management Fee: Up to 1.25% for Class A Shares Up to 1.00% for Class F Shares



Shareholder Servicing Fee: Up to 0.35% for Class A Shares None for Class F Shares

* For Hedged Share Classes, (i) the Currency Administrator is entitled to receive fees for hedging administration services (currently charged at 0.04% per annum of the value of the hedging transactions), which shall be borne exclusively by the relevant Hedged Share Class; and (ii) the Collateral Manager is entitled to receive fees for its collateral management services in relation to currency hedging (such fees not exceeding GBP 340 per month for the Fund), which shall be charged only to the relevant Hedged Share Classes. Other fees You may have to pay other fees when dealing in the shares of the Fund.


dealer or sub-distributor receives your request in good order on or before 4:00 p.m. in New York (EST) on any relevant dealing day. Certain dealers or sub-distributors may impose a deadline for receipt of orders that is earlier than this.

• The NAV of this Fund is calculated on each dealing day and published no later than the second business day

immediately succeeding each dealing day on www.leggmason.com.hk.

• In respect of Distributing Plus Share Classes, the composition of dividend payouts (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) for the last 12 months will be available from the Hong Kong Representative on request and on our website, www.leggmason.com.hk.

• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from our website, www.leggmason.com.hk.






Legg Mason ClearBridge US Aggressive Growth Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason ClearBridge US Aggressive Growth Fund.


QUICK FACTS





Ongoing Charges over a Year#: Class A US$ Accumulating: 1.75%1 Class A US$ Distributing (A): 1.75%1 Class A EUR Accumulating (Hedged): 1.79%1 Class A AUD Accumulating (Hedged): 1.79%1 Class A HKD Accumulating: 1.75% 1 Class A SGD Accumulating (Hedged): 1.79%1 Class A NZD Accumulating (Hedged): 1.79% (estimated)2 Class A GBP Accumulating (Hedged): 1.79% (estimated)2 Class A CAD Accumulating (Hedged): 1.79% (estimated)2

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 September 2018 to 31 August 2019 and the average net asset value of the share class for the corresponding period. 2 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class is newly established or is yet to be launched.


Base Currency: USD

Dividend Policy: • For Class A Distributing (A) Share Classes – any dividends will be declared annually and paid in March



Minimum Investment: Class A US$ – US$ 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A SGD – SGD 1,500 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason ClearBridge US Aggressive Growth Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

Legg Mason ClearBridge US Aggressive Growth Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to generate long-term capital appreciation. Strategy: The Fund invests at least 70% of its net asset value in common stocks of US Companies which are listed or traded on regulated markets in the United States and that the Investment Manager believes are experiencing, or have potential to experience, growth of earnings and/or cash flow that exceed the average earnings and/or cash flow growth rate of companies having securities included in the S&P 500 Index. The Fund may invest in the securities of small, medium and large companies offering prospects of long-term earnings growth and/or cash flow without a specific target weighting for company size. The Fund may also invest in convertible securities, preferred stocks, warrants and Rule 144A securities, money market instruments and mortgage backed or asset backed securities, securities of non-US issuers or non-US companies (including depositary receipts) and collective investment schemes.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments may involve a higher degree of risk including but not limited to counterparty, volatility, liquidity, leverage and valuation



3

risks, and the Fund may suffer a substantial loss. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.




reinvested. • These figures show by how much the Class A US$ Accumulating* increased or decreased in value during

the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • Effective 31 March 2020, the benchmark of the Fund was changed from Russell 3000 Growth Index to

Russell 3000 Growth Index and S&P 500 Index. The Russell 3000 Growth Index is considered the Fund’s primary benchmark because it consists of growth securities, which is aligned with the Investment Manager’s focus on growth securities in managing the Fund. The performance of the S&P 500 Index may also be provided because it is considered a proxy for the US equity market.

* This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


23.5%

-2.6%

18.7%

37.5%

13.6%

-5.2%

3.8%

13.3%

-9.4%

23.9%17.6%

2.2%

15.2%

34.2%

12.4%

5.1%7.4%

29.6%

-2.1%

35.8%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



4





Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments: Expenses in respect of each Class A Share Class* Annual rate (as a % of the Fund’s NAV)















Legg Mason ClearBridge US Appreciation Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason ClearBridge US Appreciation Fund.


QUICK FACTS





Ongoing Charges over a Year#: Class A US$ Accumulating: 1.72%1 Class A EUR Accumulating (Hedged): 1.76% (estimated)2 Class A AUD Accumulating (Hedged): 1.76% (estimated)2

Class A HKD Accumulating: 1.72% (estimated)2

Class A CAD Accumulating (Hedged): 1.76% (estimated)2

Class A GBP Accumulating (Hedged): 1.76% (estimated)2

Class A NZD Accumulating (Hedged): 1.76% (estimated)2 # The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 September 2018 to 31 August 2019 and the average net asset value of the share class for the corresponding period. 2 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class is newly established or is yet to be launched.


Base Currency: USD

Dividend Policy: • No distributions will be made for Class A Accumulating Share Classes


Minimum Investment: Class A US$ – US$ 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A CAD – CAD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A NZD – NZD 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason ClearBridge US Appreciation Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

Legg Mason ClearBridge US Appreciation Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to generate long-term capital appreciation. Strategy: The Fund will invest at least 70% of its net asset value in equity securities of US Companies, which are listed or traded on Regulated Markets in the United States. The Fund’s investments will include common stocks, preferred stocks and equity related securities. The Investment Manager will look for growth and value stocks, mainly of blue-chip companies dominant in their industries. The Investment Manager may also invest in companies with prospects for sustained earnings growth and/or a cyclical earnings record. The Fund will typically invest in equity securities of medium and large companies, being companies within ranges of capitalisation as determined by the Investment Manager from time to time, but may also invest in small capitalisation companies. The Investment Manager’s fundamental research integrates industry and company-specific ESG (environmental, social and governance) analysis and engages with company management regarding the extent to which they promote best practices on ESG issues. The Fund may also invest in non-US Companies, non-publicly traded securities, warrants, money market instruments, debt securities, mortgage backed or asset backed securities, collective investment schemes, and securities of companies or issuers located in emerging market countries.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund.



3

Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is S&P 500 Index. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


10.9%

1.2%

14.0%

27.3%

9.5%

0.0%

7.9%

18.0%

-3.4%

27.6%

15.1%

2.1%

16.0%

32.4%

13.7%

1.4%

12.0%

21.8%

-4.4%

31.5%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



4








Shareholder Servicing Fee: Up to 0.35% *For Hedged Share Classes, (i) the Currency Administrator is entitled to receive fees for hedging administration services (currently charged at 0.04% per annum of the value of the hedging transactions), which shall be borne exclusively by the relevant Hedged Share Class; and (ii) the Collateral Manager is entitled to receive fees for its collateral management services in relation to currency hedging (such fees not exceeding GBP 340 per month for the Fund), which shall be charged only to the relevant Hedged Share Classes. Other fees You may have to pay other fees when dealing in the shares of the Fund.










Legg Mason ClearBridge US Large Cap Growth Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason ClearBridge US Large Cap Growth Fund.


QUICK FACTS



ClearBridge Investments, LLC (located in USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.70%1 Class A US$ Distributing (A): 1.70%1 Class A EUR Accumulating (Hedged): 1.74%1 Class A AUD Accumulating (Hedged): 1.74% (estimated)2 Class A HKD Accumulating: 1.70% (estimated)2 Class A CAD Accumulating (Hedged): 1.74% (estimated)2 Class A GBP Accumulating (Hedged): 1.74% (estimated)2 Class A NZD Accumulating (Hedged): 1.74% (estimated)2



Base Currency: USD





WHAT IS THIS PRODUCT? Legg Mason ClearBridge US Large Cap Growth Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

Legg Mason ClearBridge US Large Cap Growth Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to generate long-term capital appreciation. Strategy: The Fund invests at least 70% of its net asset value in equity securities of a concentrated group of US companies with large market capitalisations, which are listed or traded on regulated markets in the United States. The core holdings of the Fund will be large market capitalisation US companies that are dominant in their respective industries, global in scope and have a long-term history of performance. The Fund’s investments will consist of common stocks and to a lesser extent preferred stock and equity related securities issued by or related to large market capitalisation US companies, which are believed to afford attractive opportunities for investment growth. The Fund may also invest in money market instruments, equity and equity-related securities of US or non-US companies irrespective of market capitalization, debt securities, non-publicly traded securities, mortgage backed or asset backed securities, depositary receipts, warrants and collective investment schemes.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely



3

with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • Effective 31 March 2020, the benchmark of the Fund was changed from Russell 1000 Growth Index to Russell

1000 Growth Index and S&P 500 Index. The Russell 1000 Growth Index is considered the Fund’s primary benchmark because it consists of growth securities, which is aligned with the Investment Manager’s focus on growth securities in managing the Fund. The performance of the S&P 500 Index may also be provided because it is considered a proxy for the US equity market.



8.5%

-1.1%

18.6%

34.4%

12.6%8.5%

6.3%

23.7%

-1.4%

30.5%

16.7%

2.6%

15.3%

33.5%

13.0%

5.7%7.1%

30.2%

-1.5%

36.4%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



4














IMPORTANT If you are in doubt, you should seek professional advice.

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.




Legg Mason ClearBridge Value Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason ClearBridge Value Fund.


QUICK FACTS



ClearBridge Investments, LLC


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.81%1 Class A US$ Distributing (A): 1.81%1 Class A EUR Accumulating (Hedged): 1.85% (estimated)2 Class A AUD Accumulating (Hedged): 1.85% (estimated)2






Base Currency: USD





WHAT IS THIS PRODUCT? Legg Mason ClearBridge Value Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

Legg Mason ClearBridge Value Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to achieve long-term capital appreciation by investing principally in securities of U.S. issuers that the Investment Manager believes are undervalued. Strategy: The Investment Manager follows a value discipline in selecting securities, and therefore seeks to purchase securities at large discounts to the Investment Manager’s assessment of their intrinsic value. The Investment Manager takes a long-term approach to investing, generally characterised by long holding periods and low portfolio turnover. The Fund generally invests in companies with market capitalisations greater than US$5 billion, but may invest in companies of any size. The Fund may invest up to 20% of its net asset value in the securities of non-US Issuers. At least 51% of the net asset value of the Fund will be invested in equity securities. The Fund may also invest in debt securities including government, corporate and short-term securities. These investments may be made both for temporary defensive purposes and, consistent with its investment objective, during periods when, or under circumstances where, the Investment Manager believes that the return on certain debt securities may equal or exceed the return on certain equity securities. The Investment Manager expects that under normal market conditions the Fund will invest no more than 25% of its total assets in long-term debt securities, that is, securities with a maturity greater than one year. The Fund may also invest in debt securities which are below investment grade or, if unrated, deemed by the Investment Manager to be of comparable quality, US government securities, zero coupon bonds, close-ended investment companies and open-ended collective investment schemes.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Concentration risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Investment Style Risk: The Fund may take significant, long-term positions that the Investment Manager believes are undervalued by the market. Companies in which the Fund invests may remain out of favour with the market for extended periods of time. The Fund may continue to hold, and in some cases add to, a declining position so long as the Investment Manager continues to view the market as incorrectly valuing the security. As a result, the Fund may face the risk of mis-estimation by the Investment Manager in its fundamental analysis regarding the companies in which the Fund invests. The performance of the Fund may not closely correlate to specific market indices over time and may include extended periods of underperformance as compared to the broader market. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially



3

limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 1998. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is S&P 500 Index. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


6.7%

-5.5%

13.7%

35.6%

11.9%

-4.6%

11.1% 12.9%

-14.2%

24.5%

15.1%

2.1%

16.0%

32.4%

13.7%

1.4%

12.0%

21.8%

-4.4%

31.5%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



4


















Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund.


QUICK FACTS



Legg Mason Asset Management Australia Limited (trading under the name “Martin Currie Australia”) (located in Australia)


Ongoing Charges over a Year#: Class A US$ Distributing (M) Plus: 2.00%(estimated)1

Class A HKD Distributing (M) Plus: 2.00%(estimated)1 Class A AUD Distributing (M) (Hedged) Plus: 2.04%(estimated)1

Class D US$ Distributing (M) Plus*: 1.60% (estimated)1 Class D HKD Distributing (M) Plus*: 1.60% (estimated)1 Class D SGD Distributing (M) (Hedged) Plus*: 1.64%(estimated)1 Class D AUD Distributing (M) (Hedged) Plus*: 1.64%(estimated)1 Class D GBP Distributing (M) (Hedged) Plus*: 1.64% (estimated)1 Class D US$ Accumulating*: 1.60%(estimated)1

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure (which is currently not offered in Hong Kong), as this share class is newly established or is yet to be launched. * This share class is available to all investors who are clients of Dealers appointed by a Distributor with respect to such Shares. Commission payments may be made by Distributors to Dealers or other investors who have an agreement with a Distributor with respect to such Shares.


Base Currency: USD

Dividend Policy: • For Class A Distributing (M) Plus Share Classes, Class A Distributing (M) (Hedged) Plus Share Classes, Class D Distributing (M) Plus Share Classes and Class D Distributing (M) (Hedged) Plus* – any dividends will be declared and paid monthly


• No distributions will be made for Class D Accumulating Share Classes


Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund

2

Minimum Investment: Class A US$ – US$ 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class D US$ – US$ 750,000 (Initial) Class D HKD – HKD 5,500,000 (Initial) Class D SGD – SGD 1,250,000 (Initial) Class D AUD – AUD 750,000 (Initial) Class D GBP – GBP 750,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund’s primary investment objective is to provide income after adjusting for inflation. Long-term capital appreciation is a secondary objective. Strategy: The Fund will invest at least 80% of its net asset value in equity securities and equity-related securities (including preferred shares, Australian trusts and stapled securities, real estate investment trusts (“REITs”), depositary receipts and low exercise price warrants on equity securities) that are (i) listed or traded on regulated markets located in the Asia Pacific (ex Japan) region, which includes those countries represented in the MSCI AC Asia Pacific ex Japan Index or (ii) listed or traded on regulated markets located outside of the Asia Pacific (ex Japan) region but are issued by companies whose principal activities are conducted in countries represented in the MSCI AC Asia Pacific ex Japan Index. Based on the latest available information as at 28 February 2020, the index currently includes four developed countries and nine emerging market countries, and so the Fund may have significant exposure to emerging market securities. The Investment Manager’s strategy focuses on issuers from three main sectors: (1) REITs, such as shopping centres, office buildings and industrial buildings; (2) infrastructure, such as toll roads, shipping ports, airports and railroads; and (3) utilities, such as gas and electricity grids and generators. The Fund may from time to time invest in preferred shares when the Investment Manager believes such securities provide a compelling yield opportunity while keeping with the Fund’s investment objective. The total amount invested in such assets will not exceed 20% of the Fund’s net asset value. The Fund may invest a maximum of 50% of its net asset value in aggregate in equity securities and equity-related securities (including preferred shares, Australian trusts and stapled securities, REITs and low exercise price warrants on equity securities) (i) listed or traded on regulated markets located in Australia or New Zealand or (ii) listed or traded on regulated markets located outside of Australia and New Zealand but are issued by companies whose principal activities are conducted in Australia or New Zealand. The Fund may invest a maximum of (i) 50% of its net asset value in aggregate in Australian trusts and (ii) 100% of its net asset value in aggregate in REITs (except in relation to Australian and New Zealand REITs which is subject to the 50% exposure limit as stated in the preceding paragraph). The Fund may invest up to 20% of its net asset value in aggregate in: money market instruments, deposits, derivatives and units or shares of other collective investment schemes, provided that the Fund may invest no more than 10% of its net asset value in units or shares of such other collective investment schemes, and investments in such schemes will be for the purposes of gaining exposure to the types of instruments described herein or otherwise to pursue the investment objective and policies of the Fund. The Fund may invest in Chinese equities (meaning equities issued by companies domiciled in or deriving the predominant portion of their revenues from China), including certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (the “Stock Connects”). The Fund’s maximum overall exposure to Chinese equities, including through the Stock Connects, is 75% of the Fund’s net asset value. Assets of the Fund may be denominated in currencies other than the base currency of the Fund. Therefore, the Fund may be exposed to currency risk due to fluctuations in the exchange rate between such currencies and the base currency. The Investment Manager will not attempt to mitigate this risk. The Fund will not engage in any securities lending, sale and repurchase and/or reverse repurchase transactions (collectively, “securities financing transactions”).


3

The Fund will not engage in any collateralised and/or securitised products such as asset backed securities, mortgage backed securities and asset backed commercial papers. The Fund will not invest in any instruments that have contingent write down or loss absorption features.

USE OF DERIVATIVES / INVESTMENT IN DERIVATIVES The fund’s net derivative exposure1 may be up to 50% of the fund’s net asset value.

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Investment Risk: The value of investments and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risks of Australian Trusts: Units in listed Australian trusts may rise and/or fall in value. The value of investment may be affected by various factors, including issues relating to an individual trust or its management, its industry, the broader economy, relevant legislative or regulatory changes, or changes in investor sentiment. Australian trusts may also be impacted by economic conditions or developments in other asset classes, particularly those that compete for income investors. For example, an increase in interest rates or government bond yields may reduce the relative yields of Australian trusts, decreasing their appeal and value. Depending on the particular Australian trust, distributions from the Australian trust may include a return of capital to unitholders of the Australian trust, including the Fund. Such distributions that are returns of capital may impact the potential for future capital growth of the Australian trust. REITs Risk: The Fund may invest in REITs which involve risks similar to investing directly in real estate. The value of REITs may be affected by the value of underlying properties and defaults by borrowers or tenants. REITs are dependent on specialised management skills and some REITs may have limited diversification. REITs depend generally on their ability to generate cash flows to make distributions to investors, and may be subject to self-liquidations. The underlying REITs may not necessarily be authorized by the SFC, and the dividend/payout policy of the Fund is not representative of the dividend/payout policy of the underlying REITs. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors . Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. Risks associated with Stock Connects: The relevant rules and regulations on Stock Connects are subject to change which may have potential retrospective effect. Risks associated with Stock Connects include quota limitations which may restrict the Fund’s ability to invest in China A-Shares through the Stock Connects on a timely basis, clearing and settlement risk, suspension of trading through Stock Connects, differences in trading days between the Chinese and Hong Kong securities markets, and investments in China A-Shares through Stock Connects are not covered by the Hong Kong Investor Compensation Fund. Where a suspension in the trading through the programme is effected, the Fund’s ability to invest in China A-shares or access the PRC market through the programme will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected. The Fund may not be able to make its intended investments through Stock Connects given that it is subject to a daily quota which does not belong to the Fund and can only be utilized on a first-come-first serve basis. Renminbi ("RMB") Currency and Conversion Risks: RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example Hong Kong dollars) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Fund. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. PRC Tax Risk: There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via the Stock Connects or access products on the Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the Fund may adversely affect the Fund’s value. There is no specific rule governing PRC income tax on capital gains derived by foreign investors from trading of onshore PRC debt securities. Based on the current verbal interpretation of the State Administration of Taxation and the local PRC tax authorities, capital gains from the disposition of listed government and corporate bonds could be treated as non-PRC sourced income and therefore not subject to 10% PRC withholding income tax. Based on



4

professional and independent tax advice, the Fund will not make tax provisions for capital gains, realised or unrealised, arising from transfers of its China A-Share investments. China Market Risks: Investing in Chinese securities markets is subject 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. The Chinese legal and regulatory framework for capital markets and joint stock companies is less developed than in developed countries. In addition, special risks associated with investing in Chinese securities include a lower level of liquidity in China A- and B- Share markets, differences between China’s accounting standards applicable to Chinese issuers and international accounting standards, China’s taxes, including withholding and other taxes imposed by Chinese authorities which may change from time to time (and in some cases, may have retrospective effects), and the availability of tax incentives and controls imposed by the Chinese authorities on foreign exchange and movements in exchange rates may impact on the operations and financial results of Chinese companies invested in by the Fund. Asia Markets Concentration Risk: This Fund invests primarily in Asia, which means that it is more sensitive to local economic, market, political or regulatory events in Asia, and will be more affected by these events than other funds that invest in a broader range of regions. This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility and risk of loss to the Fund. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the markets in Australia, New Zealand and the PRC. Emerging Markets Risk and Custody/Settlement Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Risk associated with exchanges requirements of the equity markets in Australia and New Zealand: Securities exchanges in Australia and New Zealand typically have the right to suspend or limit trading in any security traded on the relevant exchanges. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes.


5

HOW HAS THE FUND PERFORMED? The Share Classes of the Fund offered in Hong Kong have generally been set up for less than a full calendar year. There is therefore insufficient data to provide a useful indication of past performance. (For the avoidance of doubt, a full calendar year means a period from 1 January to 31 December.) The benchmark of the Fund is MSCI Asia Pacific ex Japan (Net Dividends) Index.


WHAT ARE THE FEES AND CHARGES? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Fund: Fees in respect of each Class A and Class D Share Class What you pay



Redemption Fee: Not applicable Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments: Expenses in respect of each Class A and Class D Share Class* Annual rate (as a % of the Fund’s NAV)

Management Fee: Up to 1.50% for Class A Shares Up to 1.10% for Class D Shares












6





Legg Mason QS Emerging Markets Equity Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason QS Emerging Markets Equity Fund.


QUICK FACTS



QS Investors, LLC (located in USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.55%1 Class A EUR Accumulating (Hedged): 1.59% (estimated)2

Class A AUD Accumulating (Hedged): 1.59% (estimated)2






Base Currency: USD

Dividend Policy: • No distributions will be made for Class A Accumulating Share Classes



WHAT IS THIS PRODUCT? Legg Mason QS Emerging Markets Equity Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

Legg Mason QS Emerging Markets Equity Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide long-term capital appreciation. Strategy: The Fund invests at all times at least 80% of its net asset value in equity securities of companies whose seat, registered office or principal activities are in emerging market countries and that are listed or traded on regulated markets. The Fund may also invest in equity securities of companies domiciled or having their principal place of business in developed countries, debt securities (government and corporate) that are rated investment grade at the time of purchase, warrants, preferred shares, collective investment schemes and equity-linked or structured notes whose underlying exposure may be to equity securities. The Fund may invest in certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (the “Stock Connects”). Exposure to China A-Shares through the Stock Connects will not be more than 15% of its net asset value. The Fund may invest in one or a few countries, either broadly or in particular geographic regions, and generally will be broadly diversified among industries although a substantial portion may be invested in companies operating in the same commercial sector.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. China Market Risks: Investing in Chinese securities markets is subject 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. The Chinese legal and regulatory framework for capital markets and joint stock companies is less developed than in developed countries. In addition, special risks associated with investing in Chinese securities include a lower level of liquidity in China A- and B- Share markets, differences between China’s accounting standards applicable to Chinese issuers and international accounting standards, China’s taxes, including withholding and other taxes imposed by Chinese authorities which may change from time to time (and in some cases, may have retrospective effects), and the availability of tax incentives and controls imposed by the Chinese authorities on foreign exchange and movements in exchange rates may impact on the operations and financial results of Chinese companies invested in by the Fund. Risks associated with Stock Connects: The relevant rules and regulations on Stock Connects are subject to change which may have potential retrospective effect. Risks associated with Stock Connects include quota limitations which may restrict the Fund’s ability to invest in China A-Shares through the Stock Connects on a timely basis, clearing and settlement risk, suspension of trading through Stock Connects, differences in trading days between the Chinese and Hong Kong securities markets, and investments in China A-Shares through Stock Connects are not covered by the Hong Kong Investor Compensation Fund. Where a suspension in the trading through the programme is effected, the Fund’s ability to invest in China A-shares or access the PRC market through the programme will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected. The Fund may not be able to make its intended investments through Stock Connects given that it is subject to a daily quota which does not belong to the Fund and can only be utilized on a first-come-first serve basis. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less



3

reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.


4






• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2008. • Class A US$ Accumulating* launch date: 2008. • The benchmark of the Fund is MSCI Emerging Markets (Net Dividends) Index. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.








17.5%

-21.5%

12.4%

-8.9%-4.7%

-16.0%

5.9%

30.1%

-15.4%

10.6%

18.9%

-18.4%

18.2%

-2.6% -2.2%

-14.9%

11.2%

37.3%

-14.6%

18.4%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5













Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund.


QUICK FACTS





Ongoing Charges over a Year#: Class A US$ Accumulating: 1.85%1 Class A US$ Distributing (M) Plus: 1.85%1 Class A US$ Distributing (A): 1.85%1

Class A EUR Accumulating (Hedged): 1.89% (estimated)2

Class A EUR Distributing (M) (Hedged) Plus: 1.89% (estimated)2 Class A AUD Accumulating (Hedged): 1.89% (estimated)2

Class A AUD Distributing (M) (Hedged) Plus: 1.89%1 Class A HKD Accumulating: 1.85% (estimated)2 Class A HKD Distributing (M) Plus: 1.85%1 Class A SGD Distributing (M) (Hedged) Plus: 1.89%1




Base Currency: USD






Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund

2


WHAT IS THIS PRODUCT? Legg Mason QS MV Asia Pacific ex Japan Equity Growth and Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide long-term capital appreciation. Strategy: The Fund invests at least two-thirds of its net asset value in equity securities listed or traded on regulated markets of companies domiciled in or are conducting a predominant portion of their economic activities in one or more of the following countries, subject to applicable limitations established by such countries on investments by foreign investors: China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, India, Thailand, Australia and New Zealand. In addition, the Fund may, from time to time, also invest in equity securities of companies domiciled in Pakistan and Sri Lanka. The Investment Manager seeks to manage the volatility of the Fund by favouring securities that (a) it has identified, through its proprietary security risk assessment process, as having less risk in aggregate relative to the overall risk of the relevant equity market and (b) have demonstrated attractive dividends, high dividend growth, and the cash flow to support such dividends. In assessing investments that provide a high level of income, the Investment Manager will consider company dividend yield levels with a view to having a portfolio with a dividend yield equal to the dividend yield of the MSCI AC Asia Pacific Ex Japan Index (Net Dividends) index (the “Benchmark”), plus 1.5%. Whilst the Fund focuses on investments which are intended to provide a high level of income, it is not necessary for each individual security comprising the Fund’s portfolio of investments to have a dividend yield in excess of the target dividend yield for the Fund, which is the yield of the Benchmark plus 1.5%. The Investment Manager is not constrained by the Benchmark in the selection of securities. There is no guarantee that this will be achieved. The Investment Manager may take additional, non-quantitative factors into account when selecting portfolio securities, including the Investment Manager’s macroeconomic outlook. The Fund may also invest in debt securities (government and corporate) that are rated investment grade at the time of purchase, warrants, preferred stocks, collective investment schemes and equity-linked or structured notes whose underlying exposure may be to equity securities. The Fund may invest in certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (the “Stock Connects”). Exposure to China A-Shares through the Stock Connects will not be more than 15% of the Fund’s net asset value. The Fund may invest in one or a few countries, either broadly or in particular geographic regions, and generally will be broadly diversified among industries although a substantial portion may be invested in companies operating in the same commercial sector.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund.



3

Asia Markets Risk: This Fund invests primarily in Asia, which means that it is more sensitive to local economic, market, political or regulatory events in Asia, and will be more affected by these events than other funds that invest in a broader range of regions. Risks associated with Stock Connects: The relevant rules and regulations on Stock Connects are subject to change which may have potential retrospective effect. Risks associated with Stock Connects include quota limitations which may restrict the Fund’s ability to invest in China A-Shares through the Stock Connects on a timely basis, clearing and settlement risk, suspension of trading through Stock Connects, differences in trading days between the Chinese and Hong Kong securities markets, and investments in China A-Shares through Stock Connects are not covered by the Hong Kong Investor Compensation Fund. Where a suspension in the trading through the programme is effected, the Fund’s ability to invest in China A-shares or access the PRC market through the programme will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected. The Fund may not be able to make its intended investments through Stock Connects given that it is subject to a daily quota which does not belong to the Fund and can only be utilized on a first-come-first serve basis. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset


4

value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • Effective 13 May 2015, the benchmark of the Fund was changed from MSCI AC Asia ex Japan Index (Net

Dividends) to MSCI AC Asia Pacific Ex Japan Index (Net Dividends) as it is more reflective of the Fund’s investment policies.






18.8%

-21.7%

19.8%

2.4%5.0%

-8.5%

8.4%

25.0%

-6.3%

7.3%

19.6%

-17.3%

22.4%

3.1% 4.8%

-8.0%

6.8%

37.0%

-13.9%

19.2%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


The investment objective, policy and/or restrictions were changed in 2015, 2016 and 2017. As a result, the performances of these years were achieved under circumstances that may no longer apply.


5


















Legg Mason QS MV European Equity Growth and Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason QS MV European Equity Growth and Income Fund.


QUICK FACTS





Ongoing Charges over a Year#: Class A US$ Accumulating: 1.85%1 Class A US$ Accumulating (Hedged): 1.89%1 Class A US$ Distributing (M) (Hedged) Plus: 1.89%1 Class A EUR Accumulating: 1.87%1 Class A EUR Distributing (M) Plus: 1.85%1 Class A AUD Accumulating (Hedged): 1.89% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.89%1 Class A HKD Accumulating (Hedged): 1.89% (estimated)2 Class A HKD Distributing (M) (Hedged) Plus: 1.89% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.89% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.89% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.89% (estimated)2



Base Currency: Euro





Minimum Investment: Class A USD – USD 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial)

Legg Mason QS MV European Equity Growth and Income Fund

2

WHAT IS THIS PRODUCT? Legg Mason QS MV European Equity Growth and Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide long-term capital appreciation. Strategy: The Fund invests at all times at least two-thirds of its net asset value in equity securities of companies that are listed or traded on regulated markets and that are domiciled in or are conducting a predominant portion of their economic activities in Europe, including but not limited to Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. The Fund will invest up to 20% of its net asset value in equity securities of companies domiciled in or having their principal activities in emerging markets in Europe. The Fund may invest in one or a few countries, either broadly or in particular geographic regions, and generally will be broadly diversified among industries although a substantial portion may be invested in companies operating in the same commercial sector. The Fund may invest in issuers of any market capitalisation. The Investment Manager seeks to achieve the Fund’s investment objective by investing primarily in securities of companies believed to afford attractive opportunities for long-term capital appreciation. Under normal market conditions, the Fund will invest primarily in common stocks and securities convertible into or exchangeable for common stocks. The Investment Manager seeks to manage the volatility of the Fund by favouring securities that (a) it has identified, through its proprietary security risk assessment process, as having less risk in aggregate relative to the overall risk of the European equity market and (b) have demonstrated attractive dividends, high dividend growth, and the cash flow to support such dividends. In assessing investments that provide a high level of income, the Investment Manager will consider company dividend yield levels with a view to having a portfolio with a dividend yield equal to the dividend yield of the MSCI Europe Index (Net Dividends) (the “Benchmark”), plus 1%. Whilst the Fund focuses on investments which are intended to provide a high level of income, it is not necessary for each individual security comprising the Fund’s portfolio of investments to have a dividend yield in excess of the target dividend yield for the Fund, which is the yield of the Benchmark plus 1%. The Investment Manager is not constrained by the Benchmark in the selection of securities. There is no guarantee that this will be achieved. The Investment Manager may take additional, non-quantitative factors into account when selecting portfolio securities, including the Investment Manager’s macroeconomic outlook. The Fund may also invest in debt securities (government and corporate) that are rated investment grade at the time of purchase, mortgage backed and asset backed securities, warrants, preferred stocks, collective investment schemes, depositary receipts and equity-related securities.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. European Region Risk: This Fund has a significant exposure to Euro denominated securities and/or the European Region and as a result the Fund carries more risk than other funds that diversify across multiple regions or currencies. Additionally, 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 Euro denominated securities or securities issued by European government or non-government issuers within the European Region and/or the European Region. The performance of this Fund could deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating of a European country), or when any country abandons the Euro and/or withdraws from the European Union.



3

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.


4




reinvested. • These figures show by how much the Class A EUR Accumulating* increased or decreased in value during the

calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2002. • Class A EUR Accumulating* launch date: 2010. • The benchmark of the Fund is MSCI Europe Index (Net Dividends). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.







-8.5%

15.3% 15.7% 11.9% 12.0%

-1.8%

5.6%

-8.6%

18.0%

-8.1%

17.3%19.8%

6.8%8.2%

2.6%

10.2%

-10.6%

26.0%

-15%

-5%

5%

15%

25%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A EUR Accumulating Benchmark

The investment objective, policy and/or restrictions were changed in 2014. As a result, the performances of these years were achieved under circumstances that no longer apply.


5







• In respect of Distributing Plus Share Classes, the composition of dividend payouts (i.e. the relative amounts paid

out of (i) net distributable income and (ii) capital) for the last 12 months will be available from the Hong Kong Representative on request and on our website, www.leggmason.com.hk.








Legg Mason QS MV Global Equity Growth and Income Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason QS MV Global Equity Growth and Income Fund.


QUICK FACTS





Ongoing Charges over a Year#: Class A US$ Accumulating: 1.85%1 Class A US$ Distributing (M) Plus: 1.85%1 Class A US$ Distributing (A): 1.85% (estimated)2 Class A EUR Accumulating (Hedged): 1.89% (estimated)2 Class A EUR Distributing (M) (Hedged) Plus: 1.89% (estimated)2 Class A AUD Accumulating (Hedged): 1.89% (estimated)2

Class A AUD Distributing (M) (Hedged) Plus: 1.89% 1

Class A HKD Accumulating: 1.85% (estimated)2 Class A HKD Distributing (M) Plus: 1.85% 1

Class A SGD Distributing (M) (Hedged) Plus: 1.89% 1




Base Currency: USD






Legg Mason QS MV Global Equity Growth and Income Fund

2


WHAT IS THIS PRODUCT? Legg Mason QS MV Global Equity Growth and Income Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to generate long-term capital appreciation. Strategy: The Fund invests at all times at least 70% of its net asset value in equity securities of companies domiciled in, and listed or traded on any regulated market in any country of the world. In seeking to achieve the Fund’s investment objective, the Investment Manager will invest primarily in companies that are domiciled and listed in developed countries and it will seek to invest in companies domiciled in developed countries and emerging market countries, across a diversified range of industries. While there are no capitalisation restrictions, the Fund will seek to invest primarily in large-capitalisation companies. The Investment Manager seeks to manage the volatility of the Fund by favouring securities that (a) it has identified, through its proprietary security risk assessment process, as having less risk in aggregate relative to the overall risk of the relevant equity market and (b) have demonstrated attractive dividends, high dividend growth, and the cash flow to support such dividends. In assessing investments that provide a high level of income, the Investment Manager will consider company dividend yield levels with a view to having a portfolio with a dividend yield equal to the dividend yield of the MSCI AC World Index (Net Dividends), plus 2%-3%. There is no guarantee that this will be achieved. The Investment Manager may take additional, non-quantitative factors into account when selecting portfolio securities, including the Investment Manager’s macroeconomic outlook. The Fund may also invest in debt securities (government and corporate) that are rated investment grade at the time of purchase, mortgage backed and asset backed securities, warrants, preferred stocks, collective investment schemes. The Fund may invest in certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (the “Stock Connects”). Exposure to China A-Shares through the Stock Connects will not be more than 15% of the Fund’s net asset value. The Fund may also have exposure to China A- shares indirectly via investments in other collective investment schemes, structured notes, participation notes and equity linked notes.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund.

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund.



3

China Market Risk: Investing in Chinese securities markets is subject 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. The Chinese legal and regulatory framework for capital markets and joint stock companies is less developed than in developed countries. In addition, special risks associated with investing in Chinese securities include a lower level of liquidity in China A- and B- Share markets, differences between China’s accounting standards applicable to Chinese issuers and international accounting standards, China’s taxes, including withholding and other taxes imposed by Chinese authorities which may change from time to time (and in some cases, may have retrospective effects), and the availability of tax incentives and controls imposed by the Chinese authorities on foreign exchange and movements in exchange rates may impact on the operations and financial results of Chinese companies invested in by the Fund. Risks associated with Stock Connects: The relevant rules and regulations on Stock Connects are subject to change which may have potential retrospective effect. Risks associated with Stock Connects include quota limitations which may restrict the Fund’s ability to invest in China A-Shares through the Stock Connects on a timely basis, clearing and settlement risk, suspension of trading through Stock Connects, differences in trading days between the Chinese and Hong Kong securities markets, and investments in China A-Shares through Stock Connects are not covered by the Hong Kong Investor Compensation Fund. Where a suspension in the trading through the programme is effected, the Fund’s ability to invest in China A-shares or access the PRC market through the programme will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected. The Fund may not be able to make its intended investments through Stock Connects given that it is subject to a daily quota which does not belong to the Fund and can only be utilized on a first-come-first serve basis. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.


4






• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2010. • Class A US$ Accumulating* launch date: 2012. • The benchmark of the Fund is MSCI AC World Index (Net Dividends). * This share class is a representative share class of the Fund. It represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.







20.7%

8.2%

-1.2%

6.2%

15.7%

-5.5%

19.0%22.8%

4.2%

-2.4%

7.9%

24.0%

-9.4%

26.6%

-15%

-5%

5%

15%

25%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


The investment objective, policy and/or restrictions were changed in 2015. As a result, the performances of these years were achieved under circumstances that no longer apply.


5









• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from

our website, www.leggmason.com.hk.






Legg Mason Royce US Small Cap Opportunity Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Royce US Small Cap Opportunity Fund.


QUICK FACTS



Royce & Associates, LP (located in USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.95%1 Class A US$ Distributing (A): 1.95%1 Class A EUR Accumulating: 1.95%1 Class A EUR Accumulating (Hedged): 1.99%1 Class A AUD Accumulating (Hedged): 1.99%1



Class A GBP Accumulating (Hedged): 1.99%1



Base Currency: USD





WHAT IS THIS PRODUCT? Legg Mason Royce US Small Cap Opportunity Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

Legg Mason Royce US Small Cap Opportunity Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to achieve long-term capital appreciation. Strategy: The Fund invests at least 70% of its net asset value in a diversified portfolio of equity securities issued by small-cap US companies (i.e., US companies with market capitalisations of less than US$3 billion) that are listed or traded on regulated markets in the United States. The Investment Manager invests the Fund’s assets in these companies in an attempt to take advantage of what it believes are opportunistic situations for undervalued securities. Such opportunistic situations may include turnarounds, emerging growth companies with interrupted earnings patterns, companies with unrecognised asset values or undervalued growth companies. The Fund may also invest in other collective investment schemes. The Investment Manager uses a value method in managing the Fund’s assets. In selecting securities for the Fund, the Investment Manager evaluates the company’s balance sheet, the level of its cash flows and various measures of the company’s profitability. The Investment Manager then uses these factors to assess the company’s current worth, basing this assessment on either what it believes a knowledgeable buyer might pay to acquire the entire company or what it thinks the value of the company should be in the stock market. The Investment Manager invests in securities of companies that are trading significantly below its estimate of the issuer’s current worth. The Fund may invest up to 5% of its net asset value in convertible debt securities that have contingent write down or loss absorption features.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. Investment Style Risk: The Fund may take significant, long-term positions that the Investment Manager believes are undervalued by the market. Companies in which the Fund invests may remain out of favour with the market for extended periods of time. The Fund may continue to hold, and in some cases add to, a declining position so long as the Investment Manager continues to view the market as incorrectly valuing the security. As a result, the Fund may face the risk of mis-estimation by the Investment Manager in its fundamental analysis regarding the companies in which the Fund invests. The performance of the Fund may not closely correlate to specific market indices over time and may include extended periods of underperformance as compared to the broader market. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss.



3

Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 2002 • Class A US$ Accumulating* launch date: 2007 • The benchmark of the Fund is Russell 2000 Index. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


34.1%

-12.4%

21.5%

40.5%

-2.2%

-13.8%

28.8%

20.8%

-21.3%

27.2%26.9%

-4.2%

16.3%

38.8%

4.9%

-4.4%

21.3%14.6%

-11.0%

25.5%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



4









*For Hedged Share Classes, (i) the Currency Administrator is entitled to receive fees for hedging administration services (currently charged at a rate of 0.04% per annum of the value of the hedging transactions), which shall be borne exclusively by the relevant Hedged Share Class; and (ii) the Collateral Manager is entitled to receive fees for its collateral management services in relation to currency hedging (such fees not exceeding GBP 340 per month for the Fund), which shall be charged only to the relevant Hedged Share Classes. Other fees You may have to pay other fees when dealing in the shares of the Fund.










Legg Mason Royce US Smaller Companies Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Royce US Smaller Companies Fund.


QUICK FACTS



Royce & Associates, LP (located in USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 2.00%1 Class A US$ Distributing (A): 2.01%1 Class A EUR Accumulating (Hedged): 2.04%1 Class A AUD Accumulating (Hedged): 2.04% (estimated)2 Class A HKD Accumulating: 2.01% (estimated)2 Class A CAD Accumulating (Hedged): 2.04% (estimated)2 Class A GBP Accumulating (Hedged): 2.04% (estimated)2 Class A NZD Accumulating (Hedged): 2.04% (estimated)2



Base Currency: USD





WHAT IS THIS PRODUCT? Legg Mason Royce US Smaller Companies Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

Legg Mason Royce US Smaller Companies Fund

2

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to achieve long-term capital appreciation. Strategy: The Fund invests at least two-thirds of its net asset value in equity securities issued by US companies with stock market capitalisations of less than US$5 billion, measured at the time of investment, that are listed or traded on regulated markets. The Fund may also invest in (i) equity securities of companies with stock market capitalizations exceeding US$5 billion, measured at the time of investment, that are listed or traded on regulated markets; (ii) debt securities including government securities, and corporate debt securities of issuers located in or whose securities are listed or traded on regulated markets; and (iii) cash for efficient portfolio management purposes. The Fund may also invest in securities of issuers that are listed or traded on regulated markets outside of the United States (which should be no more than 10% of its net asset value, measured at the time of investment); debt securities rated below investment grade at the time of purchase; other collective investment schemes; and other investments. The Investment Manager uses a value method in managing the Fund’s assets. In selecting securities for the Fund, the Investment Manager evaluates the company’s balance sheet, the level of its cash flows and various measures of the company’s profitability. The Investment Manager then uses these factors to assess the company’s current worth, basing this assessment on either what it believes a knowledgeable buyer might pay to acquire the entire company or what it thinks the value of the company should be in the stock market. The Investment Manager invests in securities of companies that are trading significantly below its estimate of the company’s current worth. The Fund may invest up to 5% of its net asset value in convertible debt securities that have contingent write down or loss absorption features.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Smaller Company Risk: 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. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Equity Market Risk: Investing in equity market is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Adverse developments or perceived adverse developments in one or more of these areas could cause a substantial decline in the value of equity securities owned by, hence a substantial loss to, the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Investment Style Risk: The Fund may take significant, long-term positions that the Investment Manager believes are undervalued by the market. Companies in which the Fund invests may remain out of favour with the market for extended periods of time. The Fund may continue to hold, and in some cases add to, a declining position so long as the Investment Manager continues to view the market as incorrectly valuing the security. As a result, the Fund may face the risk of mis-estimation by the Investment Manager in its fundamental analysis regarding the companies



3

in which the Fund invests. The performance of the Fund may not closely correlate to specific market indices over time and may include extended periods of underperformance as compared to the broader market. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal.






• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is Russell 2000 Index. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.

23.1%

-5.9%

11.6%

26.5%

-0.7%

-12.6%

24.2%

10.3%

-13.7%

27.5%26.9%

-4.2%

16.3%

38.8%

4.9%

-4.4%

21.3%14.6%

-11.0%

25.5%

-20%

0%

20%

40%

60%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


The investment objective, policy and/or restrictions were changed in 2017. As a result, the performances of these years were achieved under circumstances that may no longer apply.


4



















Legg Mason Western Asset Asian Opportunities Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Western Asset Asian Opportunities Fund.


QUICK FACTS



Western Asset Management Company Limited (located in the UK)

Sub-Investment Manager (internal delegation):

1) Western Asset Management Company, LLC (located in the USA) 2) Western Asset Management Company Pte. Ltd (located in Singapore)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.35%1 Class A US$ Distributing (D): 1.35%1 Class A US$ Distributing (M): 1.35%1 Class A US$ Distributing (M) Plus: 1.35%1 Class A EUR Accumulating (Hedged): 1.39%1 Class A EUR Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A AUD Accumulating (Hedged): 1.39% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.39%1 Class A HKD Accumulating: 1.35% (estimated)2 Class A HKD Distributing (M) Plus: 1.35%1 Class A NZD Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.39% (estimated)2



Base Currency: USD


• For Class A Distributing (D) Share Classes – any dividends will be declared daily and paid monthly




Legg Mason Western Asset Asian Opportunities Fund

2

Minimum Investment:

Class A US$ – US$ 1,000 (Initial) Class A EUR – EUR 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason Western Asset Asian Opportunities Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return through income and capital appreciation. Strategy: The Fund invests at least 70% of its net asset value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies, which debt securities and derivatives are listed or traded on regulated markets. The Fund seeks to achieve its investment objective by investing primarily in (i) debt securities issued by or guaranteed by national governments located in Asian countries; (ii) corporate debt securities issued by Asian companies; (iii) securitised participations in loans; (iv) structured notes and credit-linked notes. whose underlying exposure may be to fixed income securities; (v) mortgage-backed and asset-backed securities; (vi) derivatives on Asian interest rates and Asian bonds; and (vii) Asian currencies and derivatives on those currencies. For purposes of this Fund, an Asian company is a company which has its registered office located in an Asian country or that conducts the predominant portion of its economic activities in Asia. The Investment Manager and Sub-Investment Managers (collectively, “Western Asset”) expect to invest the Fund’s portfolio in debt securities of issuers located in several different Asian countries, but may, when opportunities arise to further the Fund’s investment objective, invest in securities of issuers located in a relatively small number of Asian countries. Western Asset may also invest the Fund’s portfolio in any number of issuers, or may at times concentrate its assets in the securities of a small number of issuers. The Fund may invest in debt securities that are rated Investment Grade, debt securities rated below Investment Grade, and unrated debt securities. The Fund may invest more than 10% (but no more than 15%) of its net asset value in debt securities issued or guaranteed by a single sovereign issuer (including its government, public or local authority) which is rated below investment grade or unrated, e.g. Indonesia1, if the relevant sovereign forms a significant part of the investment universe of the Fund as reflected by its weighting in the Markit iBoxx Asian Local Bond Index (the “Index”), which is the reference index of the Fund, and Western Asset determines that the debt securities issued or guaranteed by the sovereign issuer are attractively priced. The Fund is not an index-tracking fund but may take into account the constituent weighting of the Index in making investment decisions. However, the Fund will only purchase debt securities that are rated at least B- by S&P or its equivalent by another nationally recognised statistical rating organisation (“NRSRO”) or, if unrated, deemed to be of comparable quality by Western Asset. Debt securities that qualify as asset-backed securities, credit-linked notes and similar assets (i.e. investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party) may only be purchased by the Fund if rated Investment Grade or if unrated deemed by Western Asset to be of comparable quality. If more than one NRSRO rates a security and the ratings are not equivalent, the second highest rating will be considered the security’s rating. If a security is downgraded after its purchase by the Fund to below the minimum required rating, the security will be sold by the Fund within 6 months of the downgrade. The Fund may invest in other collective investment schemes, convertible notes, preferred shares, warrants and other investments. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features.

1 This country information is for reference only, and may change from time to time with changes in credit ratings of sovereign issuers and changes in the Fund’s portfolio holdings.


3

The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in “below investment grade” and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than “investment grade” debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss.



4

Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Asia Markets Risk: This Fund invests primarily in Asia, which means that it is more sensitive to local economic, market, political or regulatory events in Asia, and will be more affected by these events than other funds that invest in a broader range of regions. China Market Risk: Investing in Chinese securities markets is subject 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. The Chinese legal and regulatory framework for capital markets and joint stock companies is less developed than in developed countries. In addition, special risks associated with investing in Chinese securities include a lower level of liquidity in China A- and B- Share markets, differences between China’s accounting standards applicable to Chinese issuers and international accounting standards, China’s taxes, including withholding and other taxes imposed by Chinese authorities which may change from time to time (and in some cases, may have retrospective effects), and the availability of tax incentives and controls imposed by the Chinese authorities on foreign exchange and movements in exchange rates may impact on the operations and financial results of Chinese companies invested in by the Fund. Risk of investing in below investment grade or unrated sovereign securities: • Investing in bonds issued or guaranteed by governments may expose the Fund to the risk that sovereign issuers’

ability to repay principal and/or interest when due may be adversely impacted by political, economic or other factors. Holders of sovereign debt securities may be requested to participate in the restructuring of such debt securities, and there may be limited legal recourse against the sovereign issuer in case of default.

• The Fund may invest its assets in securities issued by or guaranteed by sovereign issuers with a credit rating below investment grade or unrated. Such securities may have higher risks of default and may be subject to greater levels of interest rate, credit and liquidity risk. Such securities are considered by rating agencies to be predominantly speculative with respect to the sovereign issuer’s continuing ability to make principal and interest payments. Adverse conditions such as an economic downturn or the bankruptcy of the sovereign issuer could have a significant effect on the sovereign issuer’s ability to make payments of principal and/or interest. If such adverse conditions occur, the Fund may incur substantial loss.

• Since the Fund may invest more than 10% of its net asset value in the securities of a single sovereign rated below investment grade or unrated, such as the sovereigns mentioned in the Fund’s investment strategy, in a market downturn or other adverse conditions mentioned above in relation to the relevant sovereign issuer, the Fund can suffer more substantial losses than more diversified portfolios, i.e. portfolios where investments are spread over different assets, market sectors and/or geographical regions.

Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss.


5

Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.






• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2008. • Class A US$ Accumulating* launch date: 2008. • Effective 1 May 2016, the benchmark of the Fund was changed from HSBC Asian Local Bond Overall Index

to Markit iBoxx Asian Local Bond Index as the HSBC Asian Local Bond Index was discontinued by the benchmark provider on 29 April 2016. The Markit iBoxx Asian Local Bond Index replaces the discontinued benchmark as it is reflective of the Fund’s investment policies.


12.4%

2.5%

10.5%

-7.0%

3.4%

-4.9%

1.9%

11.6%

-3.7%

10.5%12.2%

5.0%

8.9%

-5.7%

4.4%

-3.2%

1.7%

11.0%

-0.5%

9.0%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



6























Legg Mason Western Asset Emerging Markets Total Return Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Western Asset Emerging Markets Total Return Bond Fund.


QUICK FACTS





Western Asset Management Company, LLC (located in the USA) and Western Asset Management Company Pte. Ltd (located in Singapore)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.78%1 Class A US$ Distributing (D): 1.79%1 Class A US$ Distributing (M) Plus: 1.78%1 Class A EUR Accumulating (Hedged): 1.82%1 Class A EUR Distributing (M) (Hedged) Plus: 1.82% (estimated)2 Class A AUD Accumulating (Hedged): 1.82% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.82% (estimated)2 Class A HKD Accumulating: 1.79% (estimated)2 Class A HKD Distributing (M) Plus: 1.79% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.82% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.82% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.82% (estimated)2



Base Currency: USD






Legg Mason Western Asset Emerging Markets Total Return Bond Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Emerging Markets Total Return Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return, consisting of income and capital appreciation. Strategy: The Fund invests at least 80% of its net asset value in debt securities of issuers located in emerging market countries (“Emerging Market Debt Securities”) that are listed or traded on regulated markets. The Fund may invest in the following types of securities that are listed or traded on regulated markets: debt securities issued or guaranteed by national governments located in developed countries and emerging market countries (including inflation protected securities); corporate debt securities of issuers located in developed and emerging markets whose securities are listed or traded on regulated markets; mortgage-backed securities (including collateralised debt obligations), securitised participations in loans, structured notes and credit-linked notes whose underlying exposure may be to fixed income securities; asset-backed securities; preferred shares and other open-ended collective investment schemes; and provided that at least two-thirds of the Fund’s net asset value is invested in non-convertible debt securities. The Fund’s investments may be denominated in currencies other than the Base Currency. Therefore, the Fund may be exposed to currency risk due to fluctuations in the exchange rate between such other currencies and the Base Currency. The Investment Manager and Sub-Investment Manager (collectively, “Western Asset”) may or may not attempt to hedge against or mitigate this foreign currency risk. Western Asset expects to invest the Fund’s portfolio in debt securities of issuers located in various countries, but may, when opportunities arise to further the Fund’s investment objective, invest in securities of issuers located in a relatively small number of countries. Western Asset may also invest the Fund’s portfolio in any number of issuers, or may, subject to compliance with the requirements of the Central Bank and the UCITS Regulations, at times concentrate its assets in the securities of a small number of issuers. In particular, the Fund may invest more than 10% (but no more than 35%) of its net asset value in debt securities issued or guaranteed by a single sovereign issuer (including its government, public or local authority) which is rated below investment grade or unrated, e.g. Venezuela1, if Western Asset determines that the debt securities issued or guaranteed by the sovereign issuer are attractively priced, having regard to the risks associated with such securities and Western Asset’s outlook on the sovereign issuer. The Fund will only purchase debt securities rated at least B- by S&P or its equivalent by another nationally recognised statistical rating organisation (“NRSRO”) or, if unrated, deemed to be of comparable quality by Western Asset. Debt securities that qualify as asset-backed securities, credit-linked notes and similar assets (i.e., investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party) may only be purchased by the Fund if rated Investment Grade or if unrated deemed by Western Asset to be of comparable quality. If more than one NRSRO rates a security and the ratings are not equivalent, the second highest rating will be considered the security’s rating. In the event that a security is downgraded after its purchase by the Fund to below the minimum required rating, the security will be sold within 6 months of the downgrade. The Fund may invest in collective investment schemes, convertible debt securities, securitized loan participations, unsecuritised participations in or assignments of floating rate mortgages or other commercial loans and other investments. The Fund will not invest in equity securities, including warrants, except for (1) preferred shares, provided that not more than 10% of the Fund’s net asset value may be invested in preferred shares and (2) equity securities acquired via

1 This country information is for reference only, and may change from time to time with changes in credit ratings of sovereign issuers and changes in the Fund’s portfolio holdings.


3

conversions of convertible debt securities or via corporate actions of issuers (such as issuing equities to replace previously issued debt securities). The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund will typically purchase an emerging market debt security if the yield and potential for capital appreciation are sufficiently attractive in light of the risks of ownership of the debt security. The Fund may use financial derivative instruments (FDIs) (including options, futures and options on futures, swaps (including total return swaps) and forward currency exchange contracts) for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 80% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) of up to 140% of its net asset value, and the Fund may have short derivative positions of up to 40% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions on individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates. However, the Fund will not take direct short positions on individual securities. The Fund does not employ any specific strategy in relation to the use of FDIs.

USE OF DERIVATIVES/ INVESTMENT IN DERIVATIVES: The Fund's net derivative exposure2 may be more than 50% but up to 100% of the Fund's net asset value.

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations.



4

Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required

payments or otherwise comply with the terms of the contract. • Volatility and Leverage Risks: Some FDIs create leveraged positions and carry a greater pricing volatility. The

use of FDIs may therefore magnify or otherwise increase investment losses to the Fund. • Liquidity Risk: A liquid secondary market may not always exist for the Fund’s derivative positions at any time, and

therefore the Fund may be unable to terminate or sell derivative positions when desired. • Valuation Risk: The use of FDIs involves the risk of mispricing or improper valuation and the risk that changes in

the value of the derivative may not correlate perfectly with the underlying asset. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Risk of investing in below investment grade or unrated sovereign securities: • Investing in bonds issued or guaranteed by governments may expose the Fund to the risk that sovereign issuers’

ability to repay principal and/or interest when due may be adversely impacted by political, economic or other factors. Holders of sovereign debt securities may be requested to participate in the restructuring of such debt securities, and there may be limited legal recourse against the sovereign issuer in case of default.

• The Fund may invest its assets in securities issued by or guaranteed by sovereign issuers with a credit rating below investment grade or unrated. Such securities may have higher risks of default and may be subject to greater levels of interest rate, credit and liquidity risk. Such securities are considered by rating agencies to be predominantly speculative with respect to the sovereign issuer’s continuing ability to make principal and interest payments. Adverse conditions such as an economic downturn or the bankruptcy of the sovereign issuer could have a significant effect on the sovereign issuer’s ability to make payments of principal and/or interest. If such adverse conditions occur, the Fund may incur substantial loss.

• Since the Fund may invest more than 10% of its net asset value in the securities of a single sovereign rated below investment grade or unrated, such as the sovereigns mentioned in the Fund’s investment strategy, in a market downturn or other adverse conditions mentioned above in relation to the relevant sovereign issuer, the Fund can suffer more substantial losses than more diversified portfolios, i.e. portfolios where investments are spread over different assets, market sectors and/or geographical regions.

Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your


5

investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


11.7%

5.3%

15.9%

-8.5%

1.4%

-3.1%

10.0% 9.0%

-6.5%

10.3%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


The investment objective, policy and/or restrictions were changed in 2015 and 2016. As a result, the performances of these years were achieved under circumstances that may no longer apply.


6

• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

• The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested.


• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • There is no fund benchmark. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.
















7


• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from

our website, www.leggmason.com.hk.





Legg Mason Western Asset Emerging Markets Corporate Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Western Asset Emerging Markets Corporate Bond Fund.


QUICK FACTS




Sub-Investment Managers (internal delegation):

1) Western Asset Management Company, LLC (located in the USA) 2) Western Asset Management Company Pte. Ltd (located in Singapore) 3) Western Asset Management Company Distribuidora de Titulos e Valores Mobiliários Limitada (located in Brazil) 4) Western Asset Management Company Ltd (located in Japan)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.94%1 Class A US$ Distributing (M): 2.04%1 Class A US$ Distributing (M) Plus: 2.04% (estimated)2 Class A EUR Accumulating (Hedged): 2.08% (estimated)2 Class A EUR Distributing (M) (Hedged) Plus: 2.08% (estimated)2 Class A AUD Accumulating (Hedged): 2.08% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 2.08% (estimated)2 Class A HKD Accumulating: 2.04% (estimated)2 Class A HKD Distributing (M) Plus: 2.04% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 2.08% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 2.08% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 2.08% (estimated)2

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 March 2019 to 29 February 2020 and the average net asset value of the share class for the corresponding period. 2 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class is newly established or is yet to be launched.


Base Currency: USD





Legg Mason Western Asset Emerging Markets Corporate Bond Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Emerging Markets Corporate Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return, consisting of income and capital appreciation. Strategy: The Fund invests at least 70% of its net asset value in emerging market corporate bonds (e.g. issuers located in Brazil and Russia), denominated in any currency, that are listed or traded on regulated markets, including (i) freely transferable promissory notes, debentures, fixed and floating rate bonds (including zero coupon bonds), convertible and non-convertible notes, commercial paper, certificates of deposits, and bankers acceptances issued by industrial, utility, finance, commercial banking or bank holding company organisations; (ii) mortgage-backed securities (including collateralised debt obligations); (iii) securitised participations in loans that are freely transferable securities; (iv) structured notes and credit-linked notes that are transferable securities whose underlying exposure may be to fixed income securities; and (v) asset-backed securities. The Fund may invest up to 30% of its net asset value in the following types of securities that are listed or traded on regulated markets (the following may be denominated in any currency) and where they are not emerging market corporate bonds: (i) debt securities issued or guaranteed by national governments located in any country, their agencies or instrumentalities and political sub-divisions (including inflation protected securities); (ii) corporate debt securities of issuers located in countries other than emerging market countries whose securities are listed or traded on regulated markets, including freely transferable promissory notes, debentures, fixed and floating rate bonds (including zero coupon bonds), convertible and non-convertible notes, commercial paper, certificates of deposits, and bankers acceptances issued by industrial, utility, finance, commercial banking or bank holding company organisations; (iii) mortgage-backed securities (including collateralised debt obligations); (iv) securitised participations in loans that are freely transferable securities; (v) structured notes and credit-linked notes. that are transferable securities whose underlying exposure may be to fixed income securities; (vi) asset-backed securities; (vii) preferred shares; and (viii) other open-ended collective investment schemes. The Fund may invest in common stocks, preferred securities, convertible securities, warrants, rights and their equivalents, either pursuant to opportunities made available as a result of the Fund’s holdings of certain debt securities, or in offerings unrelated to any debt security held by the Fund (“independent offerings”). The Fund will not invest more than 25% of its net asset value in convertible debt securities issued in independent offerings and not more than 10% of its net asset value in preferred shares issued in independent offerings. Investments in common stocks, preferred securities, warrants, rights and their equivalents (including through independent offerings and otherwise) in aggregate will not exceed 30% of the Fund’s net asset value. As restrictions to the foregoing, the Fund may not invest more than 10% of its net asset value, respectively, for the following types of securities: (i) mortgage-backed securities (including collateralised debt obligations); (ii) structured notes that are transferable securities whose underlying exposure may be to fixed income securities; and (iii) asset-backed securities. The Fund will only purchase debt securities rated at least B- by S&P or its equivalent by another nationally recognised statistical rating organisation (“NRSRO”) or if unrated, deemed to be of comparable quality by the Investment Manager and Sub-Investment Managers (collectively, “Western Asset”). Debt securities that qualify as asset-backed securities, credit-linked notes and similar assets (i.e., investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party) may only be purchased by the Fund if rated investment grade or if unrated deemed by Western Asset to be of comparable quality. If more than one NRSRO rates the security and the ratings are not equivalent, the second highest rating will be considered the security’s rating. If a security is downgraded after its purchase by the Fund to below the minimum required rating, the security will be sold within six months of the downgrade. The Fund does not intend to invest more than 10% of its net asset value in debt securities issued or guaranteed by any single sovereign issuer (including its government, public or local authority) which is rated below investment grade or unrated. The Fund will typically purchase an emerging market corporate bond if Western Asset believes that the yield and potential for capital appreciation of the obligation are sufficiently attractive in light of the risks of ownership of the


3

obligation. In determining whether the Fund should invest in a particular emerging market corporate bond, Western Asset will consider factors such as: price, coupon and yield to maturity; the Sub-Investment Manager’s assessment of the credit quality of the issuer; the issuer’s available cash flow and the related coverage ratios; the property, if any, securing the obligation and the express terms of the obligation, including default and early redemption provisions. In addition, Western Asset, in assessing potential investments of the Fund, will consider, and may rely upon in part, analyses performed by persons unaffiliated with Western Asset. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions.

Convertible Securities: Investments in convertible securities are subject to risks similar to those of debt securities and the risks of the call provision embedded for conversion into equities. Their pricing may be affected by the value of underlying equity securities. Risk related to below investment grade / unrated securities: Debt securities rated below investment grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same



4

accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


5




reinvested. • These figures show by how much the Class A US$ Distributing (M)* increased or decreased in value during


• Where no past performance is shown there was insufficient data available in that year to provide performance.

• Fund launch date: 2011. • Class A US$ Distributing (M)* launch date: 2011. • The benchmark of the Fund is JPMorgan Corporate Emerging Markets Bond Broad Index. * This share class is a representative share class of the Fund as it has the longest track record.











14.8%

-2.8% -2.7%-3.7%

8.9% 8.5%

-4.3%

13.0%15.2%

-1.3%

3.6%1.2%

10.8%

8.0%

-1.2%

13.2%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A US$ Distributing (M) Benchmark


6

*For Hedged Share Classes, (i) the Currency Administrator is entitled to receive fees for hedging administration services (currently charged at 0.04% per annum of the value of the hedging transactions), which shall be borne exclusively by the relevant Hedged Share Class ; and (ii) the Collateral Manager is entitled to receive fees for its collateral management services in relation to currency hedging (such fees not exceeding GBP 340 per month for the Fund), which shall be charged only to the relevant Hedged Share Classes. Other fees You may have to pay other fees when dealing in the shares of the Fund.




immediately succeeding each dealing day on www.leggmason.com.hk. • In respect of Distributing Plus Share Classes, the composition of dividend payouts (i.e. the relative amounts









Legg Mason Western Asset Euro Core Plus Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Euro Core Plus Bond Fund.


QUICK FACTS





Western Asset Management Company, LLC (located in the USA )


Ongoing Charges over a Year#: Class A US$ Accumulating (Hedged): 1.32% (estimated)2 Class A US$ Distributing (M) (Hedged) Plus: 1.32% (estimated)2

Class A EUR Accumulating: 1.28% (estimated)2 Class A EUR Distributing (D): 1.28%1

Class A EUR Distributing (M) Plus: 1.28% (estimated)2


Class A AUD Distributing (M) (Hedged) Plus: 1.32% (estimated)2

Class A HKD Accumulating (Hedged): 1.32% (estimated)2 Class A HKD Distributing (M) (Hedged) Plus: 1.32% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.32% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.32% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.32% (estimated)2



Base Currency: Euro






Legg Mason Western Asset Euro Core Plus Bond Fund

2

Minimum Investment: Class A EUR – EUR 1,000 (Initial) Class A US$ – US$ 1,000 (Initial) Class A AUD – AUD 1,000 (Initial) Class A HKD – HKD 8,000 (Initial) Class A NZD – NZD 1,000 (Initial) Class A GBP – GBP 1,000 (Initial) Class A CAD – CAD 1,000 (Initial)

WHAT IS THIS PRODUCT? Legg Mason Western Asset Euro Core Plus Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return, through capital appreciation and income. Strategy: The Fund invests at least 70% of its net asset value in debt securities denominated in Euro that are listed or traded on regulated markets located in developed countries and emerging market countries. The Fund invests in the following types of securities that are listed or traded on regulated markets: debt securities issued or guaranteed by national governments of developed or emerging market countries; debt securities of supranational organisations; corporate debt securities of issuers located in or whose securities are listed or traded on regulated markets in developed or emerging market countries; mortgage-backed and asset-backed securities; credit-linked notes; preferred shares; and other open-ended collective investment schemes. The Fund may invest in collective investment schemes, convertible debt securities and unsecuritised participations in or assignments of floating rate mortgages or other commercial loans. The Fund will not invest in equity securities, including warrants, except for (1) preferred shares to a maximum of 10% of the Fund’s net asset value and (2) equity securities acquired via conversions of convertible debt securities or via corporate actions of issuers (such as issuing equities to replace previously issued debt securities). Any exposure to non-Euro currencies will be hedged back to the Euro, except that up to 10% of the Fund’s net asset value may be exposed to other European currencies without being hedged back to the Euro. The Fund will only purchase debt securities rated at least B- by S&P or its equivalent by another nationally recognised statistical rating organisation (“NRSRO”) or, if unrated, deemed to be of comparable quality by the Investment Manager and Sub-Investment Manager (collectively, “Western Asset”). Debt securities that qualify as asset-backed securities, credit-linked notes and similar assets (i.e., investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party) may only be purchased by the Fund if rated Investment Grade or if unrated deemed by Western Asset to be of comparable quality. If more than one NRSRO rates a security and the ratings are not equivalent, the second highest rating will be considered the security’s rating. If a security is downgraded after its purchase by the Fund to below the minimum required rating, the security will be sold within 6 months of the downgrade. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund may use financial derivative instruments (FDIs) (including options, futures and options on futures, swaps (including total return swaps), and forward currency exchange contracts) for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 100% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) up to 200% of its net asset value, and the Fund may have short derivative positions of up to 100% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions to gain or hedge exposure to individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates, or to adjust the average weighted duration of the Fund’s portfolio. However, the Fund will not take direct short positions on individual securities. The commitment approach calculates leverage by measuring market value of the underlying exposures of derivatives relative to the Fund’s net asset value, taking into account netting and hedging arrangement when calculating exposure.


3

The Fund does not employ any specific strategy in relation to the use of FDIs.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. • Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy

and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government.

Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Risk of Unsecured European Bank Debt Instruments: Investments in capital or senior unsecured debt issued by EU domiciled financial institutions that are being affected by the Banking Recovery & Resolution Directive (Directive 2015/59/EU, “BRRD”) are subject to the BRRD resolution regime. In the event of resolution, the repayment and/or liquidity of such investments may be adversely affected and the Fund may suffer a substantial loss as a result. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss.. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the



4

payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required


use of FDIs may therefore magnify or otherwise increase investment losses to the Fund. • Liquidity Risk: A liquid secondary market may not always exist for the Fund’s derivative positions at any time,

and therefore the Fund may be unable to terminate or sell derivative positions when desired. • Valuation Risk: The use of FDIs involves the risk of mispricing or improper valuation and the risk that changes

in the value of the derivative may not correlate perfectly with the underlying asset. European Region Risk: This Fund has a significant exposure to Euro denominated securities and/or the European Region and as a result the Fund carries more risk than other funds that diversify across multiple regions or currencies. Additionally, 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 Euro denominated securities or securities issued by European government or non-government issuers within the European Region and/or the European Region. The performance of this Fund could deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating of a European country), or when any country abandons the Euro and/or withdraws from the European Union. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent


5

write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.




reinvested. • These figures show by how much the Class A EUR Distributing (D)* increased or decreased in value during

the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Fund launch date: 2003. • Class A EUR Distributing (D)* launch date: 2003. • The benchmark of the Fund is FTSE Euro Broad Investment Grade Index. * This share class is a representative share class of the Fund as it has the longest track record.





Redemption Fee: Not applicable Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments:

3.9%2.4%

9.6%

0.0%

10.7%

0.0%2.9%

0.0%

-1.3%

6.4%

2.1%3.5%

10.7%

2.1%

11.2%

1.1%3.3%

0.5% 0.5%

6.0%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A EUR Distributing (D) Benchmark



6

Expenses in respect of each Class A Share Class* Annual rate (as a % of the Fund’s NAV)


















Legg Mason Western Asset Euro High Yield Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Euro High Yield Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating (Hedged): 1.49% (estimated)2 Class A US$ Distributing (M) (Hedged) Plus: 1.49% (estimated)2 Class A EUR Accumulating: 1.45% (estimated)2 Class A EUR Distributing (D): 1.45%1 Class A EUR Distributing (M) Plus: 1.45% (estimated)2 Class A AUD Accumulating (Hedged): 1.49% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.49% (estimated)2 Class A HKD Accumulating (Hedged): 1.49% (estimated)2 Class A HKD Distributing (M) (Hedged) Plus: 1.49% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.49% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.49% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.49% (estimated)2



Base Currency: EUR






Legg Mason Western Asset Euro High Yield Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Euro High Yield Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide a high level of current income. Strategy: The Fund invests at least two-thirds (and up to 100%) of its net asset value in high-yielding debt securities (as described in the second paragraph below) that are denominated in Euro and are listed or traded on regulated markets and from issuers located anywhere in the world. Such high-yielding debt securities are rated below investment grade, being BB+ or lower by S&P or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”), or unrated securities deemed to be of equivalent quality by the Investment Manager and Sub-Investment Managers (collectively, “Western Asset”). Western Asset does not rely solely on the ratings of rated securities in making investment decisions but also evaluate other economic and business factors affecting the issuer. The Fund seeks to achieve its investment objective by investing in debt securities including: (i) debt securities issued or guaranteed by national governments, their agencies, instrumentalities and political sub-divisions; (ii) corporate debt securities, including freely transferable promissory notes, debentures, adjustable rate bonds, floating rate bonds, planned amortisation bonds, targeted amortisation bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, payment-in-kind bonds, zero coupon bonds, non-convertible notes, commercial paper, certificates of deposit, and bankers’ acceptances issued by industrial, utility, finance, commercial banking or bank holding company organisations; (iii) securitised participations in loans that are transferable securities; (iv) structured notes that are transferable securities; (v) mortgage-backed securities; and (vi) asset-backed securities that are structured as debt securities. Whether such securities will form part of the high-yielding debt securities or otherwise will depend on their ratings. Further, subject to the above restrictions, the Fund’s remaining assets (being not more than one-third of its net asset value) may be held in (i) debt securities (as described in the second paragraph above) rated above BB+ by S&P or the equivalent by another NRSRO, or unrated securities deemed by Western Asset to be of equivalent quality; (ii) preferred shares and warrants when such investments are consistent with the Fund’s investment objective of high current income; as well as (iii) cash or short term money market instruments with remaining maturities of 13 months or less, which are instruments normally dealt in on the money market which are liquid (i.e., capable of being converted to cash within 7 business days at a price closely approximating its current valuation) and may include any of the following investments with maturities of 13 months or less:- (a) debt securities that are issued or guaranteed by the national governments, their agencies, instrumentalities or political sub-divisions; (b) corporate debt securities including freely transferable promissory notes, debentures, bonds (including zero coupon bonds), convertible and non-convertible notes, commercial paper, certificates of deposit, and bankers’ acceptances issued by industrial, utility, finance, commercial banking or bank holding company organisations; (c) mortgage-backed securities; (d) structured notes that are transferable securities; (e) securitised participations in loans that are transferable securities; (f) warrants; (g) asset-backed securities; and (h) reverse repurchase agreements (for efficient portfolio management purposes only and subject to the requirements of the Central Bank). A maximum of 25% of the Fund’s net asset value may be invested in convertible debt securities and/or debt securities with an option to acquire equity securities. The Fund will not purchase equity securities or beneficial interests in equity securities except for preferred shares or warrants, provided that no more than 10% of the Fund’s net asset value may be invested in preferred shares and warrants in aggregate. The Fund may not invest more than 10% of its net asset value in other collective investment schemes. As restrictions to the foregoing, the Fund may not invest more than 10% of its net asset value, respectively, for the following types of securities: (i) mortgage-backed securities; (ii) structured notes that are transferable securities; (iii) asset-backed securities; and (iv) reverse repurchase agreements (for efficient portfolio management purposes only and subject to the requirements of the Central Bank). The Fund does not intend to invest more than 10% of its net asset value in debt securities issued by or guaranteed by any single sovereign issuer (including its government, public or local authority) which is rated below investment grade or unrated.


3

At least two-thirds of the Fund’s net asset value will be invested in debt securities denominated in Euro. Thus, a maximum of one-third of the Fund’s net asset value may be invested in non-Euro denominated investments, however, the Fund will attempt to hedge all non-Euro positions to Euro, so that no more than 5% of the Fund’s net asset value may be exposed to currencies other than the Euro. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The average weighted duration of the Fund’s portfolio holdings is expected to range between 2 and 12 years depending on Western Asset’s forecast for interest rates and yields.




Convertible Securities: Investments in convertible securities are subject to risks similar to those of debt securities and the risks of the call provision embedded for conversion into equities. Their pricing may be affected by the value of underlying equity securities. Risk related to below investment grade / unrated securities: Debt securities rated below investment grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. European Region Risk: This Fund has a significant exposure to Euro denominated securities and/or the European Region and as a result the Fund carries more risk than other funds that diversify across multiple regions or currencies. Additionally, 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 Euro denominated securities or securities issued by European government or non-government issuers within the European Region and/or the European Region. The performance of this Fund could deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating of a European country), or when any country abandons the Euro and/or withdraws from the European Union. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because



4

investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


5




reinvested. • These figures show by how much the Class A EUR Distributing (D)* increased or decreased in value during

the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

• Where no past performance is shown there was insufficient data available in that year to provide performance.

• Fund launch date: 2010. • Class A EUR Distributing (D)* launch date: 2010. • The benchmark of the Fund is ICE BofA European Currency High Yield (ex. Financials), 2% Constrained

Index (Hedged) EUR (formerly known as ICE BofAML European Currency High Yield (ex. Financials), 2% Constrained (Total Return) Index (Hedged) (EUR) and before that as BofA Merrill Lynch European Currency High Yield ex Financials 2% Constrained Index (Hedged) (EUR)).

* This share class is a representative share class of the Fund as it has the longest track record.






-6.2%

24.2%

7.9%

4.5%1.8%

8.2%5.3%

-4.7%

9.6%

-1.6%

24.8%

9.0%5.0%

1.3%

10.0%6.1%

-3.4%

10.8%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A EUR Distributing (D) Benchmark


6










immediately succeeding each dealing day on www.leggmason.com.hk. • In respect of Distributing Plus Share Classes, the composition of dividend payouts (i.e. the relative amounts









Legg Mason Western Asset Global High Yield Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Global High Yield Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating: 1.54%1 Class A US$ Distributing (M): 1.55%1

Class A US$ Distributing (M) Plus: 1.55%1


Class A EUR Distributing (M) (Hedged) Plus: 1.59% (estimated)2


Class A AUD Distributing (M) (Hedged) Plus: 1.59%1


Class A HKD Distributing (M) Plus: 1.55% (estimated)2




Base Currency: USD





Legg Mason Western Asset Global High Yield Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Global High Yield Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund’s primary investment objective is to generate total return. The generation of high current income is a secondary objective. Strategy: The Fund invests at least 70% of its net asset value in high yielding debt securities listed or traded on regulated markets. Higher yields are generally available from securities rated BB+ or lower by Standard & Poor’s, or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”), or unrated securities of equivalent quality. The Fund may invest in debt securities rated as low as D by Standard & Poor’s or the equivalent by another NRSRO. The types of debt securities in which the Fund may invest include: debt securities including government, supranational and corporate debt securities; convertible and non-convertible notes; commercial paper, certificates of deposits and bankers acceptances; structured notes whose underlying exposure may be to fixed income securities; mortgage-backed and asset-backed securities that are structured as debt securities; securitised participations in loans, Eurodollar bonds and Yankee dollar instruments, and Rule 144A securities. It is not expected that the Fund will invest more than 45% of its net asset value in high yield securities issued in emerging market countries, emerging European countries and/or emerging Asia/Pacific countries. The Fund may also invest in money market instruments and non-publicly traded securities, convertible debt securities, preferred shares or other equity securities including warrants, other collective investment schemes, unsecuritised participations in or assignments of floating rate mortgages or other commercial loans, and other investments. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by



3

rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. • Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy


Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund.

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the


4

Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.






• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is Bloomberg Barclays Global High Yield Index (Hedged) USD (formerly known as

Barclays Global High Yield Index (Hedged) USD). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.

14.3%

-0.4%

17.9%

4.9%

-2.6%

-8.2%

14.5%

7.8%

-4.7%

14.3%15.1%

3.6%

19.2%

6.5%

2.6%

-0.7%

15.6%

8.4%

-2.7%

13.3%

-20%

-10%

0%

10%

20%

30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5























Legg Mason Western Asset Global Inflation Management Fund Issuer: Legg Mason Asset Management Hong Kong Limited June 2020

1

• This statement provides you with key information about Legg Mason Western Asset Global Inflation Management Fund.


QUICK FACTS





Western Asset Management Company, LLC (located in the USA)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.20%1 Class A US$ Distributing (M) Plus: 1.20% (estimated)2




Class A AUD Distributing (M) (Hedged) Plus: 1.24% (estimated)2

Class A HKD Accumulating 1.20% (estimated)2 Class A HKD Distributing (M) Plus: 1.20% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.24% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.24% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.24% (estimated)2



Base Currency: USD






Legg Mason Western Asset Global Inflation Management Fund

2

WHAT IS THIS PRODUCT? Legg Mason Western Asset Global Inflation Management Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund’s primary investment objective is to generate total return. The generation of current income is a secondary objective. Strategy: The Fund will invest at least 80% of its net asset value in inflation-protected securities or other securities that the Investment Manager and Sub-Investment Manager(collectively, “Western Asset”) believe will provide protection against inflation that are issued by national governments of countries that are members of the OECD, their agencies, instrumentalities and political sub-divisions, supranational organisations and corporate issuers such as freely transferrable promissory notes, debentures and bonds and are listed or traded on regulated markets. The Fund may also invest in any other types of debt securities listed or traded on regulated markets that may or may not be indexed to inflation including debt securities issued or guaranteed by the national governments; corporate debt securities; mortgage-backed and asset-backed securities; reverse repurchase agreements; structured notes; securitised participations in loans; money market instruments; other open-ended collective investment schemes, preferred shares and other equity and equity related securities, warrants and other investments. The Fund will not invest in securities rated below Investment Grade. A maximum of 10% of the Fund’s net asset value may be invested in securities which are listed or traded on regulated markets in any emerging market country, emerging European country or emerging Asia/Pacific country. The Fund may invest in non-US Dollar denominated securities, currencies and derivatives, provided that the aggregate exposure to currencies other than the US Dollar (after hedging) is no more than 50% of its net asset value. It is expected that the Fund will maintain an average credit quality between A and AAA (Standard & Poor’s) / A2 and Aaa (Moody’s). The Fund’s average portfolio duration is expected to be between one and fifteen years. However the Fund may invest in individual securities of any duration. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may use financial derivative instruments (FDIs) (including, but not limited to, options, futures and options on futures, swaps (including total return swaps) and forward currency exchange contracts)for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 100% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) of up to 200% of its net asset value, and the Fund may have short derivative positions of up to 100% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions on individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates. However, the Fund will not take direct short positions on individual securities. The commitment approach calculates leverage by measuring the market value of the underlying exposures of derivatives relative to the Fund’s net asset value, taking into account netting and hedging arrangement when calculating exposure. The Fund does not employ any specific strategy in relation to the use of FDIs.




3

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk of Rated and Unrated Securities: Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Inflation-Protected Securities Risk: The Fund may invest in inflation-protected securities, whose value generally fluctuates in response to changes to interest rates. If real interest rates rise (i.e. if interest rates rise for reasons other than inflation), the value of the inflation-protected securities in the Fund’s portfolio will decline. Moreover, because the principal amount of inflation-protected securities would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk with respect to its investments in these securities. The market for these securities may also be less developed or liquid, and more volatile, than certain other securities markets. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required




in the value of the derivative may not correlate perfectly with the underlying asset. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and


4

the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Single Country Risk: As the Fund’s investments are concentrated in one single country (i.e. the United States), the Fund carries more risk than other funds that diversify across multiple countries. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


7.6%11.1%

5.7%

-8.8%

1.9%

-0.4%

9.2%

1.5%

-1.5%

5.4%6.3%

13.6%

7.0%

-8.6%

3.6%

-4.3%

4.0%7.6%

0.8%

6.1%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5




• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • Effective 30 November 2017, the benchmark of the Fund was changed from Bloomberg Barclays World

Government Inflation Linked All Maturities Index (formerly known as Barclays World Government Inflation Linked All Maturities Index) to Bloomberg Barclays Global Inflation-Linked 1-10 Years Index (USD Hedged) as it is more reflective of the Fund’s investment policies. Prior to 30 November 2017, the benchmark of the Fund was changed from Barclays Global Inflation-Linked: U.S.TIPS Index to Bloomberg Barclays World Government Inflation Linked All Maturities Index (formerly known as Barclays World Government Inflation Linked All Maturities Index) with effect from 13 May 2015 to reflect the new investment objective and policies of the Fund.













6













Legg Mason Western Asset Global Multi Strategy Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Global Multi Strategy Fund.


QUICK FACTS





Western Asset Management Company, LLC (located in the USA) and Western Asset Management Company Pte. Ltd (located in Singapore)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.35%1 Class A US$ Distributing (M): 1.35%1 Class A US$ Distributing (M) Plus: 1.35%1 Class A EUR Accumulating (Hedged): 1.39%1 Class A EUR Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A AUD Accumulating (Hedged): 1.39% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.39%1 Class A HKD Accumulating: 1.35% (estimated)2 Class A HKD Distributing (M) Plus: 1.35% 1 Class A NZD Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.39% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.39% (estimated)2



Base Currency: USD





Legg Mason Western Asset Global Multi Strategy Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Global Multi Strategy Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return through income and capital appreciation. Strategy: The Fund invests primarily in debt securities denominated in US Dollars, Japanese Yen, Pound Sterling, Euro and a variety of other currencies that are traded or listed on any of the regulated markets located in developed countries and emerging market countries. The Fund may invest in the following types of securities that are listed or traded on regulated markets: debt securities (including those issued or guaranteed by national governments of developed countries and emerging market countries, supranational organizations and corporate debt securities of issuers located in or whose securities are listed or traded on regulated markets in developed countries and emerging market countries); mortgaged-backed and asset backed securities; preferred shares; other open ended collective investment schemes; unsecuritised participations in or assignments of floating rate mortgages or other commercial loans; and other investments. The Fund will not invest in equity securities, including warrants, except (1) for preferred shares, provided that not more than 10% of the Fund’s net asset value may be invested in preferred shares and (2) equity securities acquired via conversions of convertible debt securities or via corporate actions of issuers (such as issuing equities to replace previously issued debt securities). More than 40% (and up to 100%) of the Fund’s net asset value will be held in debt securities rated Investment Grade at the time of purchase, or if not rated, deemed by the Investment Manager and Sub-Investment Managers (collectively, “Western Asset”) to be of comparable quality. The Fund will also invest in high yielding debt securities, which shall include debt securities rated BB or lower by S&P or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”) and as low as D by S&P or the equivalent by another NRSRO, or in non-rated securities deemed by Western Asset to be of comparable quality. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund may use financial derivative instruments (FDIs) (including options, futures and options on futures, swaps (including total return swaps) and options on swaps, and forward currency exchange contracts) for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 100% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) of up to 200% of its net asset value, and the Fund may have short derivative positions of up to 100% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions on individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates. However, the Fund will not take direct short positions on individual securities. The Fund does not employ any specific strategy in relation to the use of FDIs.


3




Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risks: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required



and therefore the Fund may be unable to terminate or sell derivative positions when desired.



4

• Valuation Risk: The use of FDIs involves the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset.

Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


5






• Fund launch date: 2002. • Class A US$ Accumulating* launch date: 2007. • Effective 31 March 2020, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index was added

as the benchmark of the Fund to adhere to European disclosure rules regarding the use of benchmark. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.







8.3%

2.0%

10.2%

-3.2%

2.1%

-5.3%

11.6%

6.7%

-4.9%

12.3%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019




6

















Legg Mason Western Asset Short Duration Blue Chip Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Short Duration Blue Chip Bond Fund.


QUICK FACTS





1) Western Asset Management Company, LLC (located in the USA) 2) Western Asset Management Company Pte. Ltd (located in Singapore) 3) Western Asset Management Company Ltd (located in Japan)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.14%1 Class A US$ Distributing (M) Plus: 1.14% (estimated)2 Class A EUR Accumulating (Hedged): 1.16%1 Class A EUR Distributing (M) (Hedged) Plus: 1.16% (estimated)2 Class A AUD Accumulating (Hedged): 1.16% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.16% (estimated)2 Class A HKD Accumulating 1.14% (estimated)2 Class A HKD Distributing (M) Plus: 1.14% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.16% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.16% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.16% (estimated)2



Base Currency: USD





Legg Mason Western Asset Short Duration Blue Chip Bond Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset Short Duration Blue Chip Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to achieve total return, through income and capital appreciation. Strategy: The Fund invests primarily in debt securities that are (i) at the time of purchase rated A- or higher by S&P or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”), or if unrated deemed to be of comparable quality; (ii) (a) issued by corporate issuers domiciled in any jurisdiction other than an emerging market country which are, at the time of purchase and in the opinion of the Investment Manager and Sub-Investment Managers (collectively, “Western Asset”), blue chip companies, meaning they have a long-term debt rating of A- or higher by S&P or the equivalent by another NRSRO or deemed to be of comparable quality if unrated, or (b) by a supranational organisation which has, at the time of purchase, a long-term debt rating of A- or higher by S&P or the equivalent by another NRSRO or deemed to be of comparable quality if unrated; and (iii) listed or traded on regulated markets. The Fund may invest in corporate debt securities that in the opinion of Western Asset are ranked at least senior unsecured corporate debt securities of the relevant issuer; securities issued or guaranteed by national governments; securities of supranational organizations; reverse repurchase agreements with debt securities as the underlying investments; and other open ended collective investment schemes. The Fund may invest in securities denominated in any currency; however, the Fund will attempt to hedge all non-US Dollar positions to the US Dollar, so that the Fund is not exposed to any currencies other than the US Dollar. Western Asset expects the average duration of the Fund’s investment to range between 0 and 5 years, depending on Western Asset’s forecast for interest rates and yields. However, the Fund may invest in individual securities of any duration. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed



3

by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Unsecured European Bank Debt Instruments: Investments in capital or senior unsecured debt issued by EU domiciled financial institutions that are being affected by the Banking Recovery & Resolution Directive (Directive 2015/59/EU, “BRRD”) are subject to the BRRD resolution regime. In the event of resolution, the repayment and/or liquidity of such investments may be adversely affected and the Fund may suffer a substantial loss as a result. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a


4

trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.






• Where no past performance is shown there was insufficient data available in that year to provide performance. • Fund launch date: 2009. • Class A US$ Accumulating* launch date: 2009. • There is no fund benchmark. * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.






3.8%

0.6%

7.3%

-1.3%

1.1% 0.4%1.6% 1.6%

-0.8%

5.7%

-4%

-2%

0%

2%

4%

6%

8%

10%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5



















Legg Mason Western Asset Short Duration High Income Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset Short Duration High Income Bond Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating: 1.40%1 Class A US$ Distributing (M): 1.40%1

Class A US$ Distributing (M) Plus: 1.40% 1 Class A EUR Accumulating (Hedged): 1.44%1



Class A AUD Distributing (M) (Hedged) Plus: 1.44% 1

Class A HKD Accumulating: 1.40% (estimated)2 Class A HKD Distributing (M) Plus: 1.40% 1




Base Currency: USD






Legg Mason Western Asset Short Duration High Income Bond Fund

2

WHAT IS THIS PRODUCT? Legg Mason Western Asset Short Duration High Income Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide a high level of current income. Strategy: The Fund invests at least 80% of its net asset value in high-yielding debt securities and instruments (either directly or indirectly via investment in other collective investment schemes that primarily invest in such securities, subject to restrictions herein) that are (i) denominated in US dollars and currencies of a variety of other developed countries, and (ii) listed or traded on regulated markets. Such high-yielding debt securities and instruments include: (i) corporate debt securities; (ii) structured notes whose underlying exposure may be to fixed income securities; (iii) mortgage-backed securities; (iv) asset-backed securities and (v), subject to the restrictions set out below, unsecuritised participations in or assignments of floating rate mortgages or other commercial loans that are liquid and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate or other assets, provided that the Fund invests at least two thirds of its net asset value in non-convertible debt securities. Such high-yielding debt securities are rated below Investment Grade, or unrated securities deemed to be of equivalent quality by the Investment Manager and Sub-Investment Manager (collectively, “Western Asset”). Western Asset does not rely solely on the ratings of rated securities in making investment decisions but also evaluate other economic and business factors affecting the issuer. The Fund’s remaining assets may be invested in the following types of securities that are listed or traded on regulated markets: debt securities rated Investment Grade, or unrated securities deemed by Western Asset to be of equivalent quality; preferred shares and other open ended collective investment schemes, as well as cash and Money Market Instruments. As restrictions to the foregoing, the Fund may not invest more than 10% of its net asset value, respectively, in the following types of securities: (i) structured notes that are transferable securities; (ii) mortgage-backed securities; and (iii) asset-backed securities. Further, the Fund does not intend to invest more than 10% of its net asset value in debt securities issued by or guaranteed by any single sovereign issuer (including its government, public or local authority) which is rated below Investment Grade or unrated. The Fund is a global fund and is not confined to investing in any specific country or region. While not a major strategy of the Fund, the Fund may, when opportunities arise that Western Asset determines will further the investment objective of the Fund, also invest up to 30% of its net asset value in debt securities of issuers domiciled in emerging market countries. The Fund may invest in convertible notes, collective investment schemes, unsecuritised participations in or assignments of floating rate mortgages or other commercial loans and debt securities of issuers domiciled in emerging market countries and other investments. The Fund will not invest in equity securities, including warrants, except (1) for preferred shares, provided that not more than 10% of the Fund’s net asset value may be invested in preferred shares and (2) equity securities acquired via conversions of convertible debt securities or via corporate actions of issuers (such as issuing equities to replace previously issued debt securities). It is expected that the Fund will maintain an average portfolio duration of between zero and three years depending on Western Asset’s forecast for interest rates and yields. However, the Fund may invest in individual securities of any duration. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund typically will purchase a corporate debt security if the yield and, to a lesser extent, the potential for capital appreciation, of the debt security are sufficiently attractive in light of the risks of ownership of the debt security. Western Asset believes that inefficiencies exist in the debt market and create opportunities, which may include undervalued securities, out-of-favour securities and securities whose credit rating might be upgraded, that Western Asset seeks to exploit. In determining whether the Fund should invest in a particular debt security, Western Asset will consider factors such as: price, coupon and yield to maturity; Western Asset’s assessment of the credit quality of the issuer; the issuer’s available cash flow and the related coverage ratios; the property, if any, securing the debt obligation and the express terms of the obligation, including default and early redemption provisions. Western Asset


3

also will review the ratings, if any, assigned to the securities by Moody’s, S&P or other nationally recognised statistical rating organisation (“NRSRO”). Western Asset's judgment as to credit quality of a debt security may differ, however, from that suggested by the ratings published by various NRSROs.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise



4

be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.





• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • Effective 13 May 2015, the benchmark of the Fund was changed from FTSE 1 Month U.S. Treasury Bill Index

to Bloomberg Barclays US High Yield 1-5 Years Cash Pay Index 2% constrained to reflect the new investment objective and policies of the Fund.

6.6%

1.9%

9.3%

-1.3%

3.7%

-6.0%

12.5%

5.3%

-1.8%

9.3%

0.1% 0.1% 0.1% 0.0% 0.0%

-7.7%

16.2%

6.4%

0.1%

9.9%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019




5

* This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong






















6



Legg Mason Western Asset US Core Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset US Core Bond Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating: 1.22%1

Class A US$ Distributing (M) Plus: 1.22% (estimated)2

Class A EUR Accumulating (Hedged): 1.26% (estimated)2 Class A EUR Distributing (M) (Hedged) Plus: 1.26% (estimated)2 Class A AUD Accumulating (Hedged): 1.26% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.26% (estimated)2

Class A HKD Accumulating 1.22% (estimated)2 Class A HKD Distributing (M) Plus: 1.22% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.26% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.26% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.26% (estimated)2



Base Currency: USD






Legg Mason Western Asset US Core Bond Fund

2

WHAT IS THIS PRODUCT? Legg Mason Western Asset US Core Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return through income and capital appreciation. Strategy: The Fund invests at least 75% of its net asset value in debt securities that are (i) listed or traded on regulated markets located in developed countries and emerging market countries; (ii) denominated in US dollars and (iii) rated at the time of purchase at least BBB by S&P or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”) or, if not rated, deemed by the Fund’s Investment Manager and Sub-Investment Manager to be of comparable quality. The Fund may invest in the following types of securities that are traded on regulated markets: debt securities issued or guaranteed by the US government (including inflation-protected securities); corporate debt securities; credit-linked notes, mortgage-backed and asset-backed securities, preferred shares, other open ended collective investment schemes and other investments. The Fund may have exposure of up to 75% of its net asset value to mortgage-backed and asset-backed securities. The mortgage-backed,asset-backed securities and credit-linked notes in which the Fund invests may contain embedded derivatives and/or leverage, and the Fund may be leveraged as a result, subject to the overall leverage limits set forth below. At least two-thirds of the Fund’s net asset value will be invested in investments of issuers or companies that have their registered office in the United States or that conduct a significant portion of their business activities in the United States. The Fund may also invest in freely transferable debt securities issued by non-US corporations rated at the time of purchase at least BBB by S&P or the equivalent by another NRSRO, provided that (i) such debt securities are denominated in US Dollars; (ii) such debt securities are listed or traded on a regulated market. The Fund may also invest in convertible notes. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund may use financial derivative instruments (FDIs) (including, but not limited to, options, futures and options on futures, swaps (including total return swaps) and options on swaps, and forward currency exchange contracts) for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 100% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) of up to 200% of its net asset value, and the Fund may have short derivative positions of up to 100% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions on individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates. However, the Fund will not take direct short positions on individual securities. The commitment approach calculates leverage by measuring the market value of the underlying exposures of derivatives relative to the Fund’s net asset value, taking into account netting and hedging arrangement when calculating exposure. The Fund does not employ any specific strategy in relation to the use of FDIs.




3



Risk of Rated and Unrated Securities: Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Inflation-Protected Securities Risk: The Fund may invest in inflation-protected securities, whose value generally fluctuates in response to changes to interest rates. If real interest rates rise (i.e. if interest rates rise for reasons other than inflation), the value of the inflation-protected securities in the Fund’s portfolio will decline. Moreover, because the principal amount of inflation-protected securities would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk with respect to its investments in these securities. The market for these securities may also be less developed or liquid, and more volatile, than certain other securities markets. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required

payments or otherwise comply with the terms of the contract.


4

• Volatility and Leverage Risks: Some FDIs create leveraged positions and carry a greater pricing volatility. The use of FDIs may therefore magnify or otherwise increase investment losses to the Fund.

• Liquidity Risk: A liquid secondary market may not always exist for the Fund’s derivative positions at any time, and therefore the Fund may be unable to terminate or sell derivative positions when desired.

• Valuation Risk: The use of FDIs involves the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset.

US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Emerging Markets Risk: This Fund may have significant exposure in emerging markets which involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Emerging market issuers may not be subject to the same accounting, auditing and financial reporting standards as developed countries. Emerging markets may have less reliable custody arrangements than mature markets which may also lead to a higher degree of risk. These factors may adversely affect the value of the securities owned by, hence a substantial loss to, the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


5






• Fund launch date: 2002 • Class A US$ Accumulating* launch date: 2007 • The benchmark of the Fund is Bloomberg Barclays US Aggregate Index (formerly known as Barclays US

Aggregate Index). * With effect from April 2015, this share class is a representative share class of the Fund. It represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong. The representative share class previously used for the Fund (Class A US$ Distributing (D)) ceased to be offered to the public in Hong Kong.








11.3%

6.3% 6.8%

-2.4%

7.4%

0.1%2.5%

4.2%

-1.8%

9.9%

6.5%7.8%

4.2%

-2.0%

6.0%

0.5%2.6%

3.5%

0.0%

8.7%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



6
















Legg Mason Western Asset US Core Plus Bond Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset US Core Plus Bond Fund.


QUICK FACTS





Western Asset Management Company, LLC (located in the USA) and Western Asset Management Company Ltd (located in Japan)


Ongoing Charges over a Year#: Class A US$ Accumulating: 1.39%1 Class A US$ Distributing (M) Plus: 1.39%1 Class A EUR Accumulating (Hedged): 1.43%1 Class A EUR Distributing (M) (Hedged) Plus: 1.43% (estimated)2 Class A AUD Accumulating (Hedged): 1.43% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.43%1 Class A HKD Accumulating 1.39% (estimated)2 Class A HKD Distributing (M) Plus: 1.39% (estimated)2 Class A NZD Distributing (M) (Hedged) Plus: 1.43% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.43% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.43% (estimated)2



Base Currency: USD





Legg Mason Western Asset US Core Plus Bond Fund

2


WHAT IS THIS PRODUCT? Legg Mason Western Asset US Core Plus Bond Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maximise total return, consisting of capital appreciation and income. Strategy: The Fund invests at least 70% of its net asset value in debt securities listed or traded on regulated markets in the United States that are rated Investment Grade or if unrated, deemed by the Investment Manager and Sub-Investment Managers (collectively, “Western Asset”) to be of comparable credit quality, and which are issued by US issuers. The types of debt securities in which the Fund may invest include: debt securities issued or guaranteed by the US government or other national governments; debt securities of supranational organisations; corporate debt securities; non-convertible notes; credit-linked notes, commercial paper, certificates of deposits and bankers acceptances; and mortgage-backed and asset-backed securities structured as debt securities. The Fund may have exposure of up to 75% of its net asset value to mortgage-backed and asset-backed securities and credit-linked notes. The mortgage-backed and asset-backed securities and credit-linked notes in which the Fund invests may contain embedded derivatives and/or leverage, and the Fund may be leveraged as a result, subject to the overall leverage limits set forth below. The Fund may also invest in convertible debt securities, preferred shares or other equity securities, warrants, other collective investment schemes, non-publicly traded securities, Rule 144A securities, zero coupon securities (excluding securities issued by the US government and its agencies), money market instruments and debt securities of non-US issuers, unsecuritised participations in or assignments of floating rate mortgages or other commercial loans and other investments. The average portfolio duration will vary based on Western Asset’s forecast for interest rates. Subject to the above limitations, at any given time, the Fund may be entirely or partially invested in a particular type of fixed income security. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank. The Fund may use financial derivative instruments (FDIs) (including options, futures and options on futures, swaps (including total return swaps) and options on swaps, and forward currency exchange contracts) for hedging, investment and other non-hedging purposes. The Fund may be leveraged to up to 100% of its net asset value (as calculated using the commitment approach) as a result of its use of FDIs. The Fund may have long positions (including derivatives) up to 200% of its net asset value, and the Fund may have short derivative positions of up to 100% of its net asset value, as calculated using the commitment approach. Subject to these limits, the Fund is expected to be net long. The Fund may take long and short derivative positions on individual debt securities, indices (which meet the eligibility requirements of the Central Bank) comprised of the assets described in this strategy, currencies and interest rates. However, the Fund will not take direct short positions on individual securities. The commitment approach calculates leverage by measuring the market value of the underlying exposures of derivatives relative to the Fund’s net asset value, taking into account netting and hedging arrangement when calculating exposure. The Fund does not employ any specific strategy in relation to the use of FDIs.


3




• Risk of Rated and Unrated Securities: Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks.

Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Custody and Settlement Risks: The Fund may invest in markets where custodial and/or settlement systems are not fully developed. Such investments may be subject to additional risks with respect to the safe keeping of assets and making of investments, hence the Fund may suffer a substantial loss. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Inflation-Protected Securities Risk: The Fund may invest in inflation-protected securities, whose value generally fluctuates in response to changes to interest rates. If real interest rates rise (i.e. if interest rates rise for reasons other than inflation), the value of the inflation-protected securities in the Fund’s portfolio will decline. Moreover, because the principal amount of inflation-protected securities would be adjusted downward during a period of deflation, the



4

Fund will be subject to deflation risk with respect to its investments in these securities. The market for these securities may also be less developed or liquid, and more volatile, than certain other securities markets. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. • Counterparty Risk: The use of FDIs involves the risk of loss due to default by a counterparty to make required

payments or otherwise comply with the terms of the contract. • Volatility and Leverage Risks: Some FDIs create leveraged positions and carry a greater pricing volatility.

The use of FDIs may therefore magnify or otherwise increase investment losses to the Fund. • Liquidity Risk: A liquid secondary market may not always exist for the Fund’s derivative positions at any time,


in the value of the derivative may not correlate perfectly with the underlying asset. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.


5





• Fund launch date: 2007. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is Bloomberg Barclays US Aggregate Index (formerly known as Barclays US

Aggregate Index). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.







9.4%

6.2% 6.9%

-1.8%

6.4%

-0.6%

2.8%

5.5%

-2.4%

11.3%

6.5%

7.8%

4.2%

-2.0%

6.0%

0.5%

2.6% 3.5%

0.0%

8.7%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019




6

















Legg Mason Western Asset US Government Liquidity Fund Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset US Government Liquidity Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating: 0.67%1 Class A US$ Distributing (D) 0.67% 1

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value ("NAV") of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12-month period from 1 September 2018 to 31 August 2019 and the average NAV of the share class for the corresponding period. Expenses in the relevant period take into account the Investment Manager’s voluntary waiver of part of the management fee. Investors should note that such waiver may be revised or discontinued at any time at the discretion of the Investment Manager without prior notice subject to any applicable legal and regulatory requirements, and the ongoing charges may increase when the waiver is reduced or discontinued.


Base Currency: USD

Dividend Policy: • For Class A Distributing (D) Share Classes – any dividends will be declared and paid daily^

• For Class A Accumulating Share Classes, no distributions will be made and any net income attributable to that class will be accrued daily in the NAV per Share.


Minimum Investment: Class A USD – US$1,000 (Initial)

^The NAV per Share for the Distributing Class of the Fund is calculated and expressed to two (2) decimal places, rendering it sensitive to movements in its NAV per Share of 0.50% and above. At the time of each dividend declaration: (1) all, or some portion of, net investment income, if any, will be declared as a dividend; and (2) all, or some portion, of realised capital gains net of realised and unrealised capital losses may be, but is not required to be, declared as a dividend.

WHAT IS THIS PRODUCT? Legg Mason Western Asset US Government Liquidity Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is the Central Bank of Ireland. The Fund is a short-term public debt constant NAV Money Market Fund in accordance with the requirements of the Central Bank Regulations.

Legg Mason Western Asset US Government Liquidity Fund

2

The purchase of Shares in the Fund is not the same as placing funds on deposit with a bank or deposit-taking company.The Manager has no obligation to redeem Shares at the offer value and the Fund is not subject to the supervision of the Hong Kong Monetary Authority. Distributing Share Classes and Accumulating Share Classes: The Fund seeks to maintain a constant NAV per Share of US$1.00 in respect of its Distributing Share Classes. The Net Asset Value per Share of the Accumulating Share Class of the Fund will fluctuate.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to maintain the capital – or principal - value of the Fund at a constant basis and provide a return in line with money market rates. The Fund is a Money Market Fund seeking to achieve a constant NAV by adopting an amortised cost method of valuation for all investments. Strategy: The Fund invests at least 99.5% of its NAV in:

(i) eligible Money Market Instruments issued or guaranteed separately by the European Union, the national, regional and local administrations of the Member States or their central banks, the European Central Bank, the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, a central authority or central bank of a third country (including the US), the International Monetary Fund, the International Bank for Reconstruction and Development, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the Bank for International Settlements, and any other relevant international financial institution or organisation to which one or more Member States belong and which issuers may include, without limitation, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Farm Credit Banks Funding Corporation and Federal Home Loan Bank (“Public Debt Money Market Instruments”)1;

(ii) eligible reverse repurchase agreements1 secured with Public Debt Money Market Instruments; and (iii) cash deposits held in US Dollars.

By way of derogation, the Fund is authorised by the Central Bank to invest up to 100% of its NAV in Public Debt Money Market Instruments provided that (i) it holds Public Debt Money Market Instruments from at least six different issues by issuer, (ii) and that it limits the investment in Public Debt Money Market Instruments from the same issue to a maximum of 30% of its NAV. The Fund invests at least two-thirds of its NAV in Public Debt Money Market Instruments denominated in US Dollars and issued by US issuers. All investments in Money Market Instruments must be determined by the Sub-Investment Manager to be of high quality. A prudent internal credit quality assessment procedure is applied for determining the credit quality of the Money Market Instruments held by the Fund, the details of which are further outlined in the Fund’s Supplement in the Prospectus. The Fund will limit the weighted average maturity of its portfolio to 60 days or less and will limit the weighted average life of its portfolio to 120 days or less. In addition, the investments held by the Fund will be limited to securities and instruments which have a residual maturity until the legal redemption date of less than or equal to 397 days. The Fund complies on an ongoing basis with the eligible assets and portfolio rules applicable to Money Market Funds (as defined in the Prospectus) as further described in the Fund's Supplement in the Prospectus. The Fund’s maximum exposure to reverse repurchase transactions (over-the-counter based), based on the notional value of such instruments, is 100% of its NAV. It is expected that the Fund will have exposure to these instruments in the range of 0% to 30% of its NAV. The NAV of the Fund (at a fund level) shall be calculated using amortised cost method of valuation for all investments, and the Investment Manager has implemented escalation procedure to review the deviation between the amortised cost value and the mark-to-market or mark-to-model value (or both) of the Fund's underlying assets (the "Deviation"). The Directors will monitor the Deviation to ensure that the amortised cost valuation method continues to be in the best interests of the Shareholders and to provide a fair valuation of the investments of the Fund (the "Deviation Monitoring"). As part of the Deviation Monitoring, in the event of a Deviation of 0.50% or more with respect to the value of the Fund’s assets on any Dealing Day, the Fund’s NAV per Share may be issued using


3

a mark-to-market or mark-to-model valuation (or both) rather than using the amortised cost method of valuation (the "Deviation Policy"). 1 The eligibility criteria for Public Debt Money Market Instruments and reverse repurchase agreement applicable to the Fund are further described in the Fund's Supplement in the Prospectus.

USE OF DERIVATIVES/ INVESTMENT IN DERIVATIVES: The Fund does not intend to use financial derivative instruments for any purpose.

WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk in relation to constant NAV: The Fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets, which may have a significant adverse effect on the ability to maintain a constant US$1.00 NAV per Share in respect of the Distributing Share Class of the Fund. There is no guarantee that the Fund will be able to maintain a constant NAV, or that the Distributing Class will maintain a constant NAV per Share of US$1.00. In the event any money market fund fails to maintain a constant NAV, other money market funds, including the Fund, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of the US$1.00 NAV per Share in respect of the Distributing Share Class. Risk associated with reverse repurchase transactions: If the seller of a reverse repurchase agreement fails to fulfil its commitment to repurchase the security in accordance with the terms of the agreement, the Fund may incur a loss to the extent that the proceeds realised on the sale of the securities are less than the repurchase price. If the seller becomes insolvent, a bankruptcy court may determine that the securities do not belong to the Fund and order that the securities be sold to pay off the seller's debts. There may be both delays in liquidating the underlying securities and losses during the period while the Company on behalf of the Fund seeks to enforce its rights, including possible sub-normal level of income and lack of access to income during the period and expenses in enforcing its rights. Risk of investing in Money Market Funds: The purchase of Shares in the Fund is not the same as placing funds on deposit with a bank or deposit-taking company. The value of an investment in the Fund, in contrast to a deposit, may fluctuate. There is no obligation on the Fund to redeem shares at the offer value. The Fund is not subject to the supervision of the Hong Kong Monetary Authority. Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy and associated interest rate trends, political and economic instability, social unrest and potentially default. Not all government debt securities are backed by the full faith and credit of the relevant government. Some are backed only by the credit of the issuing agency, instrumentality or sponsored entity, although they may be implicitly guaranteed by the relevant government. There is a chance of default on all government securities, particularly those not backed by the full faith and credit of the relevant government. Risk of Unsecured European Bank Debt Instruments: Investments in capital or senior unsecured debt issued by EU domiciled financial institutions that are being affected by the Banking Recovery & Resolution Directive (Directive 2015/59/EU, “BRRD”) are subject to the BRRD resolution regime. In the event of resolution, the repayment and/or liquidity of such investments may be adversely affected and the Fund may suffer a substantial loss as a result. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations.


4

US Markets Risk: The Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Money Market Credit Risk: The credit rating of a money market instrument may be downgraded if the issuer is regarded as less likely to meet interest payments, meaning its value would fall and the Fund may have to sell it. This could result in a loss to the Fund. The Fund is also subject to a risk of loss due to default by a counterparty to make required payments or otherwise comply with the terms of the contract. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk in relation to Accumulating Share Class: The initial offer price per Share of the Accumulating Share Class during the Initial Offer Period was US$100.00 but it does not aim to maintain a constant NAV per Share. Dividends will not be declared for the Accumulating Share Class and any net investment income attributable to that class will be accrued daily in respect of its NAV per Share. Such accrued net income is not interest-bearing, is not segregated from the main portfolio of the Fund and can be re-invested to purchase further eligible assets. Practically speaking, the difference between the Distributing Class and the Accumulating Class is mainly that investors of the Accumulating Class will only get the accrued net investment income upon redemption, whereas investors of the Distributing Class will get the net investment income upon distribution on a regular basis by the Fund. The net investment income received by two investors who hold the same value of Distributing Class and Accumulating Class Shares for the same period of time should be the same. However, investors in the two Share Classes have different risk profiles, as an Accumulating Share Class investor will remain exposed to the Fund for the value of their principal investment plus any accrued net investment income, whereas a Distributing Share Class investor is exposed to the value of only their principal investment. The Accumulating Share Class investors are therefore subject to the additional risk that, in the event of significant losses incurred by the Fund, they receive none, or less than the full amount, of accrued net investment income upon redemption of their Shares.


0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.5%

1.4%1.6%

0.1% 0.1% 0.1% 0.0% 0.0% 0.0%0.2%

0.8%

1.8%2.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019




5




• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is FTSE 1-Month US Treasury Bill Index (formerly known as Citi 1 Month U.S.

Treasury Bill Index). * This Share Class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.


WHAT ARE THE FEES AND CHARGES? Charges which may be payable by you You may have to pay the following fees when dealing in the Shares of the Fund: Fees in respect of each Class A Share Class What you pay




Liquidity Fee:

Under circumstances set forth under “Liquidity Management Procedures” in the Fund’s Supplement in the Prospectus, liquidity fees may be imposed on redemptions to adequately reflect the cost to the Fund of achieving liquidity and to ensure that Shareholders who remain in the Fund are not unfairly disadvantaged when other Shareholders redeem their Shares during the period.

Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments: Expenses in respect of each Class A Share Class Annual rate (as a % of the Fund’s NAV)




Shareholder Servicing Fee: Not applicable Other fees You may have to pay other fees when dealing in the shares of the Fund.


6

ADDITIONAL INFORMATION • You generally buy and redeem Shares at the Fund’s next-determined NAV after the authorised dealer or sub-

distributor receives your request in good order on or before 4:00 p.m. in New York (Eastern Time) in the United States on the relevant Dealing Day or such other time as the Directors may decide and notify in advance to shareholders; provided that on any day when the NYSE, the FRBNY or the US bond markets (as recommended by the US Securities Industry and Financial Markets Association (“SIFMA”)) close early due to an unanticipated event, or if trading on the NYSE is restricted or if there is an emergency, the Dealing Deadline may be at the time of any such closing time but no later than 4.00 pm in New York (Eastern Time) in the United States. When SIFMA recommends an early close to the US bond markets on a business day before or after a day on which a US holiday is celebrated, the Dealing Deadline may be at or prior to the SIFMA recommended closing time but no later than 4.00 pm in New York (Eastern Time) in the United States or such other time as the directors may decide and notify in advance to the shareholders. Certain dealers or sub-distributors may impose a deadline for receipt of orders that is earlier than this.

• The NAV of the Fund is calculated on each dealing day and published no later than the second business day immediately succeeding each dealing day on www.leggmason.com.hk.







Legg Mason Western Asset US High Yield Fund

Issuer: Legg Mason Asset Management Hong Kong Limited April 2020

1

• This statement provides you with key information about Legg Mason Western Asset US High Yield Fund.


QUICK FACTS







Ongoing Charges over a Year#: Class A US$ Accumulating: 1.44%1 Class A US$ Distributing (D): 1.44%1 Class A US$ Distributing (M) Plus: 1.44%1 Class A EUR Accumulating (Hedged): 1.48% (estimated)2 Class A EUR Distributing (M) (Hedged) Plus: 1.48% (estimated)2 Class A AUD Accumulating (Hedged): 1.48% (estimated)2 Class A AUD Distributing (M) (Hedged) Plus: 1.48% (estimated)2 Class A HKD Accumulating: 1.44% (estimated)2 Class A HKD Distributing (M) Plus: 1.44% (estimated)3 Class A NZD Distributing (M) (Hedged) Plus: 1.48% (estimated)2 Class A GBP Distributing (M) (Hedged) Plus: 1.48% (estimated)2 Class A CAD Distributing (M) (Hedged) Plus: 1.48% (estimated)2

# The ongoing charges figure is expressed as a percentage of the expenses over the average net asset value of the share class for the corresponding period as described below. This figure may vary from year to year. 1 This figure is based on the expenses for the 12 month period from 1 September 2018 to 31 August 2019 and the average net asset value of the share class for the corresponding period. 2 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class is newly established or is yet to be launched. 3 This figure is the Investment Manager’s best estimate of the expenses and the average net asset value of the share class over a 12 month period based on information available on another active share class of the Fund with similar fee structure, as this share class was fully redeemed.


Base Currency: USD







2


WHAT IS THIS PRODUCT? Legg Mason Western Asset US High Yield Fund (the “Fund”) is a sub-fund of Legg Mason Global Funds Plc, which is constituted in the form of a mutual fund. It is domiciled in Ireland and its home regulator is Central Bank of Ireland.

OBJECTIVE AND INVESTMENT STRATEGY Objective: The Fund seeks to provide a high level of current income. Strategy: The Fund will invest in at least 70% of its net asset value in the following types of high-yielding debt securities and instruments of US issuers (either directly or indirectly via investment in other collective investment schemes that primarily invest in such securities, subject to restrictions herein) that are denominated in US Dollars and that are listed or traded on regulated markets: (i) corporate debt securities and instruments; (ii) structured notes whose underlying exposure may be to fixed income securities; and (iii) mortgage-backed and asset-backed securities that are structured as debt securities; provided that at least two-thirds of the Fund’s net asset value is invested in non-convertible debt securities. Higher yields are generally available from securities rated below Investment Grade, or unrated securities of equivalent quality. The Fund may invest in debt securities rated as low as D by S&P or the equivalent by another nationally recognised statistical rating organisation (“NRSRO”). The Fund’s remaining assets may be held in debt securities listed or traded on regulated markets that are rated above BB+ by S&P or the equivalent by another NRSRO, or unrated securities deemed by the Investment Manager and Sub-Investment Manager (collectively, “Western Asset”) to be of equivalent quality, cash or short term money market instruments with remaining maturities of 13 months or less, equity securities (not more than 10% of the Fund’s net asset value) (including warrants and preferred shares), unsecuritised participations in or assignments of floating rate mortgages or other commercial loans, high-yielding corporate debt securities of non-US Issuers located in developed countries and emerging market countries (up to 20% of the Fund’s net asset value, provided that such debt securities are denominated in US Dollars and such issuers are domiciled in or have their principal activities located in OECD member countries), convertible debt securities, other collective investment schemes and other investments. At least 95% of the Fund’s net asset value will be denominated in US Dollars. The Fund may invest up to 30% of its net asset value in (i) Additional Tier 1 capital, Tier 2 capital and senior non-preferred debt instruments; (ii) contingent convertible securities and (iii) bail-in bonds that have contingent write down or loss absorption features. The Fund may have exposure to reverse repurchase agreements for efficient portfolio management purposes and subject to the requirements of the Central Bank.


WHAT ARE THE KEY RISKS? Investment involves risks. Please refer to the offering document for details including the risk factors.



3

Debt Securities Risk: Investments in debt securities are subject to risks such as credit risk, market risk, liquidity risk, interest rate risk, valuation risk and pricing volatility, which may cause substantial losses to the Fund. The prices of debt securities fluctuate in response to perceptions of the issuer’s creditworthiness and also tend to vary inversely with market interest rates. Generally, and in the absence of hedging measures, the longer the average weighted duration of a fund, the greater the sensitivity to interest rates. Investment Grade securities may be subject to the risk of being downgraded to below Investment Grade. Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk of exposure to adverse conditions. • Risk of Government Securities: Government-issued debt securities are sensitive to changes in macro policy


Risk related to below investment grade / unrated securities: Debt securities rated below Investment Grade are deemed by rating agencies to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal and may involve major risk exposures to adverse conditions affecting the issuer. Unrated debt securities are not necessarily of lower quality than rated securities, however, they may not be attractive to as many buyers hence may be less liquid and with higher risks. The Fund may be invested in 'below investment grade' and/or unrated debt securities, which carry a higher degree of pricing volatility, market risk, liquidity risk and default risk than 'investment grade' debt securities. When any such risk materialises, the Fund may suffer a substantial loss. Interest Rate Risk: The value of debt securities is likely to decline in times of rising interest rates. Conversely, when rates fall, the value of these investments is likely to rise. The longer the time to maturity the greater are such variations. Credit Risk: The Fund’s investment in debt securities expose the Fund to credit risk, i.e. the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to pay. Ratings are only the opinions of the agencies issuing them. Such ratings are relative and subjective, and are not absolute standards of quality. The credit rating agency may change their ratings on particular debt securities held by the Fund, and downgrades are likely to adversely affect the price hence the Fund may suffer a substantial loss. Liquidity Risk: In certain circumstances it may be difficult to sell the Fund’s investments because there may not be enough demand for them in the markets, in which case the Fund may not be able to sell or liquidate such investments or to sell them at a significant discount to the purchase price hence the Fund may suffer a substantial loss. Concentration Risk: This Fund may select fewer securities, countries or regions in which to invest and this concentration carries more risk than funds investing in a larger number of securities, countries or regions. This can increase the volatility of the Fund than that of a fund having a more diverse portfolio of investments and risk of loss to the Fund. Mortgage-Backed Securities and Asset-Backed Securities Risk: The Fund invests in mortgaged-backed securities (including collateralized debt obligations) and asset-backed securities which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Derivatives Risks: This Fund may use certain types of financial derivative instruments (FDIs). These instruments 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. There is no guarantee that the performance of FDIs will result in a positive effect to the Fund. US Markets Risk: This Fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions. Currency Risk: Fluctuations in exchange rates between the currency of the underlying securities and the Fund’s base currency may adversely affect the value of an investment and any income derived from it. In addition, the value of your investment may fall due to changes in the exchange rate between the currency of your share class and the base currency of the Fund. With respect to any share class with “(Hedged)” in its name, the Fund will attempt to hedge the currency risk between the base currency of the Fund and the currency of the share class, although there can be no guarantee that it will be successful in doing so. The use of share class hedging strategies may substantially limit shareholders in the relevant Hedged Share Class from benefiting if the currency of the Hedged Share Class falls against the base currency and/or the currencies that are significant to the Fund’s investment strategy, as


4

applicable. Any hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, may involve certain other risks, including the risk of a default by a counterparty, and the risk that the Fund’s forecast with respect to currency movements is incorrect. If the abovementioned hedging transactions become ineffective, the Fund may suffer a substantial loss. Risk of Investing in Distributing Plus Share Classes: Distributing Plus share classes may pay dividends out of capital. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor’s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the net asset value per share of the Share Classes. There is also an increased risk that on a redemption, you may not receive back the full amount invested. The distribution amount and net asset value of the Distributing (Hedged) Plus Share Class may be adversely affected by differences in the interest rates of the reference currency of the Distributing (Hedged) Plus Share Class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other Share Classes. Investment Risk: The value of investments in the Fund and the income from them can go down as well as up, and investors may not get back the amount originally invested and may suffer a substantial loss to their investments. Past performance is no guide to future returns and may not be repeated. There is no guarantee of the repayment of principal. Risk of investing in instruments with loss-absorption features: The Fund may invest in debt instruments that have contingent write down or loss absorption features. Such instruments may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. These instruments generally absorb losses in a trigger event, for example, where the issuer’s capital falls below a certain level, and may be compulsorily redeemed as a result which may be out of the issuer’s control. Such trigger events are complex and hard to predict, and may potentially lead to losses to the Fund. The Fund may invest in contingent convertible debt securities, commonly known as CoCos, which are highly complex and are of high risk. Upon the occurrence of the trigger event, CoCos may be converted into shares of the issuer (potentially at a discounted price), or may be subject to the permanent write-down to zero. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. The Fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss of principal invested.






• Fund launch date: 2004. • Class A US$ Accumulating* launch date: 2007. • The benchmark of the Fund is Bloomberg Barclays US Corporate High Yield, 2% Issuer Cap Index (formerly

known as Barclays US Corporate High Yield, 2% Issuer Cap Index). * This share class is a representative share class of the Fund as it represents the total return on the Fund’s investment strategy and is the most widely available share class in Hong Kong.

14.2%

1.6%

16.3%

6.9%

-0.4%

-8.3%

15.0%

6.4%

-3.7%

15.5%14.9%

5.0%

15.8%

7.4%

2.5%

-4.4%

17.1%

7.5%

-2.1%

14.3%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



5






















Documents

PRODUCT KEY FACTS - Legg MasonThis statement is a part of the offering document. • You should not invest in this product based on this statement alone. QUICK FACTS Manager: Legg