Semi-Annual Report (Unaudited) Legg Mason Global Funds Plc An umbrella fund with segregated liability between sub-funds For the six months ended 31 August 2020 Legg Mason Global Funds Plc Semi-Annual Report 31 August 2020 Table of Contents General Information 3 Letter to Shareholders 16 Portfolio of Investments – Legg Mason Western Asset US Government Liquidity Fund 17 Portfolio of Investments – Legg Mason Western Asset US Core Bond Fund 18 Portfolio of Investments – Legg Mason Western Asset US Core Plus Bond Fund 31 Portfolio of Investments – Legg Mason Western Asset Euro Core Plus Bond Fund 50 Portfolio of Investments – Legg Mason Western Asset Short Duration High Income Bond Fund 53 Portfolio of Investments – Legg Mason Western Asset Global Multi Strategy Fund 57 Portfolio of Investments – Legg Mason Western Asset US High Yield Fund 63 Portfolio of Investments – Legg Mason Western Asset Emerging Markets Total Return Bond Fund 68 Portfolio of Investments – Legg Mason Western Asset Emerging Markets Corporate Bond Fund 71 Portfolio of Investments – Legg Mason Western Asset Global High Yield Fund 74 Portfolio of Investments – Legg Mason Western Asset Global Inflation Management Fund 78 Portfolio of Investments – Legg Mason Western Asset Asian Opportunities Fund 80 Portfolio of Investments – Legg Mason Western Asset Short Duration Blue Chip Bond Fund 83 Portfolio of Investments – Legg Mason Western Asset Global Core Plus Bond Fund^ 87 Portfolio of Investments – Legg Mason Western Asset Global Credit Fund^ 92 Portfolio of Investments – Legg Mason Western Asset Euro High Yield Fund 96 Portfolio of Investments – Legg Mason Western Asset Macro Opportunities Bond Fund^ 98 Portfolio of Investments – Legg Mason Western Asset Multi-Asset Credit Fund^ 108 Portfolio of Investments – Legg Mason Western Asset Structured Opportunities Fund^ 119 Portfolio of Investments – Legg Mason Western Asset US Mortgage-Backed Securities Fund^ 125 Portfolio of Investments – Legg Mason Western Asset UK Investment Grade Credit Fund^ 131 Portfolio of Investments – Legg Mason Western Asset US Corporate Bond Fund^ 134 Portfolio of Investments – Legg Mason Brandywine Global Fixed Income Fund 141 Portfolio of Investments – Legg Mason Brandywine Global Fixed Income Absolute Return Fund^ 145 Portfolio of Investments – Legg Mason Brandywine Global High Yield Fund^ 148 Portfolio of Investments – Legg Mason Brandywine Global Opportunistic Fixed Income Fund 150 Portfolio of Investments – Legg Mason Brandywine Global Sovereign Credit Fund^ 154 Portfolio of Investments – Legg Mason Brandywine Global Income Optimiser Fund^ 157 Portfolio of Investments – Legg Mason Brandywine Global Credit Opportunities Fund^ 160 Portfolio of Investments – Legg Mason Brandywine Global Defensive High Yield Fund^ 162 Portfolio of Investments – Legg Mason Brandywine Global Enhanced Absolute Return Fund^ 164 Portfolio of Investments – Legg Mason Brandywine Global Dynamic US Equity Fund^ 167 Portfolio of Investments – Legg Mason ClearBridge Value Fund 169 Portfolio of Investments – Legg Mason ClearBridge US Appreciation Fund 170 Portfolio of Investments – Legg Mason ClearBridge US Large Cap Growth Fund 171 Portfolio of Investments – Legg Mason ClearBridge US Aggressive Growth Fund 172 Portfolio of Investments – Legg Mason ClearBridge Tactical Dividend Income Fund 173 Portfolio of Investments – Legg Mason ClearBridge US Equity Sustainability Leaders Fund^ 175 Portfolio of Investments – Legg Mason ClearBridge Global Growth Fund^ 176 Portfolio of Investments – Legg Mason ClearBridge Infrastructure Value Fund^ 177 Portfolio of Investments – Legg Mason ClearBridge Emerging Markets Infrastructure Fund^ 179 Portfolio of Investments – Legg Mason Royce US Small Cap Opportunity Fund 180 Portfolio of Investments – Legg Mason Royce US Smaller Companies Fund 183 Portfolio of Investments – Legg Mason QS MV European Equity Growth and Income Fund 184 Portfolio of Investments – Legg Mason QS MV Asia Pacific Ex Japan Equity Growth and Income Fund 186 Portfolio of Investments – Legg Mason QS Emerging Markets Equity Fund 188 Portfolio of Investments – Legg Mason QS MV Global Equity Growth and Income Fund 193 Portfolio of Investments – Legg Mason Martin Currie Asia Long-Term Unconstrained Fund^ 195 Portfolio of Investments – Legg Mason Martin Currie European Absolute Alpha Fund^ 196 Portfolio of Investments – Legg Mason Martin Currie Global Long-Term Unconstrained Fund^ 198 Portfolio of Investments – Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund 199 Portfolio of Investments – Legg Mason Martin Currie Global Emerging Markets Fund^ 200 Portfolio of Investments – Legg Mason Martin Currie European Unconstrained Fund^ 201 Statement of Financial Position – Legg Mason Global Funds Plc 202 Statement of Comprehensive Income – Legg Mason Global Funds Plc 222 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – Legg Mason Global Funds Plc 230 Notes to Financial Statements – Legg Mason Global Funds Plc 258 ^ Not authorised for sale to the public in Hong Kong. 1 Legg Mason Global Funds Plc Semi-Annual Report 31 August 2020 Table of Contents – (continued) Supplemental Information – Total Expense Ratios (TER) – Legg Mason Global Funds Plc 278 Statement of Major Portfolio Changes – Legg Mason Western Asset US Government Liquidity Fund 286 Statement of Major Portfolio Changes – Legg Mason Western Asset US Core Bond Fund 286 Statement of Major Portfolio Changes – Legg Mason Western Asset US Core Plus Bond Fund 287 Statement of Major Portfolio Changes – Legg Mason Western Asset Euro Core Plus Bond Fund 287 Statement of Major Portfolio Changes – Legg Mason Western Asset Short Duration High Income Bond Fund 287 Statement of Major Portfolio Changes – Legg Mason Western Asset Global Multi Strategy Fund 288 Statement of Major Portfolio Changes – Legg Mason Western Asset US High Yield Fund 288 Statement of Major Portfolio Changes – Legg Mason Western Asset Emerging Markets Total Return Bond Fund 289 Statement of Major Portfolio Changes – Legg Mason Western Asset Emerging Markets Corporate Bond Fund 289 Statement of Major Portfolio Changes – Legg Mason Western Asset Global High Yield Fund 290 Statement of Major Portfolio Changes – Legg Mason Western Asset Global Inflation Management Fund 290 Statement of Major Portfolio Changes – Legg Mason Western Asset Asian Opportunities Fund 291 Statement of Major Portfolio Changes – Legg Mason Western Asset Short Duration Blue Chip Bond Fund 291 Statement of Major Portfolio Changes – Legg Mason Western Asset Global Core Plus Bond Fund^ 292 Statement of Major Portfolio Changes – Legg Mason Western Asset Global Credit Fund^ 292 Statement of Major Portfolio Changes – Legg Mason Western Asset Euro High Yield Fund 292 Statement of Major Portfolio Changes – Legg Mason Western Asset Macro Opportunities Bond Fund^ 293 Statement of Major Portfolio Changes – Legg Mason Western Asset Multi-Asset Credit Fund^ 293 Statement of Major Portfolio Changes – Legg Mason Western Asset Structured Opportunities Fund^ 293 Statement of Major Portfolio Changes – Legg Mason Western Asset US Mortgage-Backed Securities Fund^ 294 Statement of Major Portfolio Changes – Legg Mason Western Asset UK Investment Grade Credit Fund^ 294 Statement of Major Portfolio Changes – Legg Mason Western Asset US Corporate Bond Fund^ 295 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Fixed Income Fund 295 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Fixed Income Absolute Return Fund^ 295 Statement of Major Portfolio Changes – Legg Mason Brandywine Global High Yield Fund^ 295 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Opportunistic Fixed Income Fund 296 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Sovereign Credit Fund^ 296 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Income Optimiser Fund^ 297 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Credit Opportunities Fund^ 297 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Defensive High Yield Fund^ 297 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Enhanced Absolute Return Fund^ 298 Statement of Major Portfolio Changes – Legg Mason Brandywine Global Dynamic US Equity Fund^ 298 Statement of Major Portfolio Changes – Legg Mason ClearBridge Value Fund 299 Statement of Major Portfolio Changes – Legg Mason ClearBridge US Appreciation Fund 299 Statement of Major Portfolio Changes – Legg Mason ClearBridge US Large Cap Growth Fund 300 Statement of Major Portfolio Changes – Legg Mason ClearBridge US Aggressive Growth Fund 300 Statement of Major Portfolio Changes – Legg Mason ClearBridge Tactical Dividend Income Fund 300 Statement of Major Portfolio Changes – Legg Mason ClearBridge US Equity Sustainability Leaders Fund^ 301 Statement of Major Portfolio Changes – Legg Mason ClearBridge Global Growth Fund^ 301 Statement of Major Portfolio Changes – Legg Mason ClearBridge Infrastructure Value Fund^ 302 Statement of Major Portfolio Changes – Legg Mason ClearBridge Emerging Markets Infrastructure Fund^ 302 Statement of Major Portfolio Changes – Legg Mason Royce US Small Cap Opportunity Fund 303 Statement of Major Portfolio Changes – Legg Mason Royce US Smaller Companies Fund 303 Statement of Major Portfolio Changes – Legg Mason QS MV European Equity Growth and Income Fund 303 Statement of Major Portfolio Changes – Legg Mason QS MV Asia Pacific Ex Japan Equity Growth and Income