Legg Mason BW Global Opportunities Bond Fund

Investment Objective1

We strive to maximize total return consisting of income and capital appreciation.

Investment Strategy

The Fund follows a value approach to investing and therefore seeks to identify relative value in debt and fixed-income securities of foreign and domestic issuers. Real (inflation-adjusted) yield is the primary measure of value. Currency valuation is next in importance, as the real yield must be captured in the fund’s local currency, U.S. dollars. The portfolio managers concentrate the fund’s investments in those undervalued markets where they believe cyclical business conditions as well as secular economic and political trends provide the best opportunity for declining interest rates and a return to lower real rates over time. The managers feel that such economic conditions provide the best potential to achieve capital appreciation.

Investment Risks

Fixed income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage related securities are subject to additional risks such as prepayment and extension risks. High yield bonds possess greater price volatility, illiquidity, and possibility of default. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. As a non-diversified fund it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund which may magnify the fund's losses from events affecting a particular issuer. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. The Manager's investment style may become out of favor and/or the Manager's selection process may prove incorrect; which may have a negative impact on the fund's performance.

Investment Management

Managed by Brandywine Global Investment Management, LLC

  • Established in 1986 and located in Philadelphia, PA
  • Value-investing firm that seeks to provide excellent risk-adjusted returns over full investment cycles
  • Broad range of equity and fixed income investment strategies across the capitalization spectrum
  • $29.2 billion in firmwide assets under management (as of 9/30/09)
  • $20.6 billion in fixed income assets under management (as of 9/30/09)

David F. Hoffman, CFA / Co-Portfolio Manager

  • 30+ years of investment industry experience / Joined Brandywine Global in 1995

Stephen S. Smith / Co-Portfolio Manager

  • 30+ years of investment industry experience / Joined Brandywine Global in 1991

Jack P. McIntyre, CFA / Associate Portfolio Manager, Senior Research Analyst

  • 20+ years of investment industry experience / Joined Brandywine Global in 1998

Lipper Rankings

Category: Global Income Funds

Rankings Details >

Symbols

CLASSNASDAQCUSIP
AGOBAX524673407
CGOBCX524673506
FIGOBFX37947Q209
IGOBIX37947Q308
ISGOBSX37947Q100



Past performance is no guarantee of future results. Each fund is ranked based on average annual total returns assuming reinvestment of dividends and capital gains, distributions, at net asset value and the deduction of all fund expenses. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalizations as defined by Lipper Inc. Rankings do not include the effect of the fund's sales charges. Results would have been less favorable had sales charges been included. A high Lipper ranking does not necessarily imply that a fund achieved positive results for the period. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Prior to May 21, 2010, the Fund was known as Legg Mason Global Opportunities Bond Fund.

Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating.

Lipper Top Quartile rankings are shown for those funds that are ranked in the top 25% of their Lipper category.

1There is no guarantee that the Fund’s objective will be met.

Diversification does not ensure a profit or protect against market loss.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.



All investments involve risk, including possible loss of principal.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services, LLC, is a subsidiary of Legg Mason, Inc.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.


Copyright © 2010 Legg Mason Investor Services, LLC. Member FINRA, SIPC