Legg Mason Western Asset Global Multi Strategy Fund

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About The Fund

Investment Aim

The Fund seeks to maximise total return through income and capital appreciation by investing primarily in debt securities across the major fixed-income sectors that are listed or traded in developed and emerging market countries and denominated in U.S. dollars, Japanese yen, pound sterling, euro and a variety of other currencies. The Fund will have a substantial portion invested in debt securities rated at least BBB by S&P, or equivalent quality, but may also invest in high yielding debt securities which are of a lesser quality.

Performance Benchmark

50% Barclays Capital Global Aggregate Index, 25% Barclays Capital U.S. Corporate High Yield - 2% Issuer Capped Index, 25% JP Morgan EMBI + Index.

	Class A Dis (Q) (Hedged)	Class A Acc
NAV:	SGD1.127	USD126.42
High*:	SGD1.186	USD129.17
Low*:	SGD1.006	USD84.16
* Based on since inception month end prices

Fund Size:	USD 1,715 Million
Current Yield^:	5.50%
Number of Holdings:	502
Weighted Average Life:	7.28 years
Effective Duration	4.95 years
S&P Credit Quality	BBB+

^Current yield (gross of expenses), is not representative for an individual share class as the yield does not deduct the Total Expense Ratio or any applicable taxes and other locally applied costs. All data are as of 31 December 2011.

About the Investment Strategy

The Fund is invested across global fixed income markets, sectors and currencies in both developed and emerging market countries.
The Fund's allocation among fixed income sectors is actively managed with a focus on sectors such as 'investment grade' and high yield corporate bonds, government bonds, asset-backed securities, and mortgage-backed securities.
As value investors, Western Asset may focus on sectors and issuers that are undervalued or out-of-favour in the market but have the potential to outperform.
The Fund aims to maintain an average credit quality of A-/A3.

About the Investment Team

Founded in 1971, Western Asset has decades of experience and is now one of the world's largest managers of fixed income investments. Western Asset follows a team-focused approach comprising groups of specialists dedicated to all the major areas of the fixed income market. Its expertise extends globally across major bond markets.

General Fund Literature

Fact Sheet
Prospectus
Product Highlight Sheets
Annual Report
Interim Report

This document, prepared by Legg Mason Asset Management Singapore Pte. Limited ("Legg Mason"), is for information only and does not constitute an offer nor solicitation to buy or sell any units of the Fund. The prospectus of the Fund is available and may be obtained from Legg Mason or its authorised distributors. Investors should read the prospectus prior to any subscription. All applications for units in the Fund must be made on the application forms accompanying the prospectus. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. The value of units and the income accruing to the units, if any, may fall or rise and past performance is not necessarily a guide for future performance.

The Fund may invest in certain types of derivatives. Please refer to the prospectus for more information.

All opinions and estimates in this document constitute Legg Mason's house view as of the date of this document and is subject to change without notice. Legg Mason, its affiliates, officers or directors, may have an interest in the acquisition or disposal of the securities mentioned herein.

Distribution of this document may be restricted in certain jurisdictions; persons into whose possession this publication comes should inform themselves of and observe such restrictions. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute this document. This Fund is not available to US citizens, residents or greencard holders and may not be available in all jurisdictions.