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 2011 Legg Mason Global Funds Plc Semi-Annual Report August 31, 2011 Table of Contents General Information 3 Letter to Shareholders 9 Portfolio of Investments ± Legg Mason Western Asset US Money Market Fund 10 Portfolio of Investments ± Legg Mason Western Asset US Core Bond Fund 12 Portfolio of Investments ± Legg Mason Western Asset US Core Plus Bond Fund 20 Portfolio of Investments ± Legg Mason Western Asset Euro Core Plus Bond Fund 33 Portfolio of Investments ± Legg Mason Western Asset Diversified Strategic Income Fund 37 Portfolio of Investments ± Legg Mason Western Asset Global Multi Strategy Fund 43 Portfolio of Investments ± Legg Mason Western Asset US High Yield Fund 54 Portfolio of Investments ± Legg Mason Western Asset Emerging Markets Bond Fund 62 Portfolio of Investments ± Legg Mason Western Asset Global High Yield Fund 67 Portfolio of Investments ± Legg Mason Western Asset US Short-Term Government Fund 76 Portfolio of Investments ± Legg Mason Western Asset US Adjustable Rate Fund 78 Portfolio of Investments ± Legg Mason Western Asset Inflation Management Fund 81 Portfolio of Investments ± Legg Mason Western Asset Asian Opportunities Fund 83 Portfolio of Investments ± Legg Mason Western Asset Global Blue Chip Bond Fund 91 Portfolio of Investments ± Legg Mason Western Asset Brazil Bond Fund ^ 94 Portfolio of Investments ± Legg Mason Western Asset Global Credit Absolute Return Fund ^ 95 Portfolio of Investments ± Legg Mason Western Asset UK£ Core Plus Bond Fund ^ 98 Portfolio of Investments ± Legg Mason Western Asset Global Core Plus Bond Fund^ 103 Portfolio of Investments ± Legg Mason Western Asset Global Inflation-Linked Fund 110 Portfolio of Investments ± Legg Mason Western Asset UK£ Inflation-Linked Plus Fund^ 113 Portfolio of Investments ± Legg Mason Western Asset UK£ Long Duration Fund^ 115 Portfolio of Investments ± Legg Mason Western Asset Global Credit Fund 119 Portfolio of Investments ± Legg Mason Western Asset Euro High Yield Fund^ 126 Portfolio of Investments ± Legg Mason Brandywine Global Fixed Income Fund 129 Portfolio of Investments ± Legg Mason Brandywine Global Opportunistic Fixed Income Fund ^ 133 Portfolio of Investments ± Legg Mason Western Asset Brazil Equity Fund ^ 136 Portfolio of Investments ± Legg Mason Capital Management Value Fund 137 Portfolio of Investments ± Legg Mason Capital Management Growth Fund 138 Portfolio of Investments ± Legg Mason Capital Management Opportunity Fund 139 Portfolio of Investments ± Legg Mason ClearBridge US Appreciation Fund 141 Portfolio of Investments ± Legg Mason ClearBridge US Fundamental Value Fund 143 Portfolio of Investments ± Legg Mason ClearBridge US Large Cap Growth Fund 145 Portfolio of Investments ± Legg Mason ClearBridge US Aggressive Growth Fund 146 Portfolio of Investments ± Legg Mason Royce US Small Cap Opportunity Fund 148 Portfolio of Investments ± Legg Mason Royce Smaller Companies Fund 152 Portfolio of Investments ± Legg Mason Royce Smaller Companies Fund II ^ 154 Portfolio of Investments ± Legg Mason Royce European Smaller Companies Fund ^ 156 Portfolio of Investments ± Legg Mason Royce Global Smaller Companies Fund 158 Portfolio of Investments ± Legg Mason Permal Global Absolute Fund 160 Portfolio of Investments ± Legg Mason GC Global Equity Fund 163 Portfolio of Investments ± Legg Mason Batterymarch European Equity Fund 165 Portfolio of Investments ± Legg Mason Batterymarch Asia Pacific Equity Fund 167 Portfolio of Investments ± Legg Mason Batterymarch International Large Cap Fund 170 Portfolio of Investments ± Legg Mason Batterymarch Emerging Markets Equity Fund 173 Portfolio of Investments ± Legg Mason Batterymarch Global Equity Fund 177 Portfolio of Investments ± Legg Mason LMHK China Fund 179 Portfolio of Investments ± Legg Mason Esemplia Emerging Markets Select Equity Fund 180 Balance Sheet ± Legg Mason Global Funds Plc 182 Profit and Loss Account ± Legg Mason Global Funds Plc 294 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares ± Legg Mason Global Funds Plc 316 Notes to Financial Statements ± Legg Mason Global Funds Plc 356 Financial Information ± Total Expense Ratios (TER) ± Legg Mason Global Funds Plc 371 Financial Information ± Portfolio Turnover Rate (PTR) ± Legg Mason Global Funds Plc 378 Statement of Major Portfolio Changes ± Legg Mason Western Asset US Money Market Fund 379 Statement of Major Portfolio Changes ± Legg Mason Western Asset US Core Bond Fund 379 Statement of Major Portfolio Changes ± Legg Mason Western Asset US Core Plus Bond Fund 380 Statement of Major Portfolio Changes ± Legg Mason Western Asset Euro Core Plus Bond Fund 380 Statement of Major Portfolio Changes ± Legg Mason Western Asset Diversified Strategic Income Fund 381 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Multi Strategy Fund 381 Statement of Major Portfolio Changes ± Legg Mason Western Asset US High Yield Fund 381 ^ Not authorised in Hong Kong and not available to Hong Kong residents. 1 Legg Mason Global Funds Plc Semi-Annual Report August 31, 2011 Statement of Major Portfolio Changes ± Legg Mason Western Asset Emerging Markets Bond Fund 382 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global High Yield Fund 383 Statement of Major Portfolio Changes ± Legg Mason Western Asset US Short-Term Government Fund 383 Statement of Major Portfolio Changes ± Legg Mason Western Asset US Adjustable Rate Fund 384 Statement of Major Portfolio Changes ± Legg Mason Western Asset Inflation Management Fund 384 Statement of Major Portfolio Changes ± Legg Mason Western Asset Asian Opportunities Fund 385 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Blue Chip Bond Fund 385 Statement of Major Portfolio Changes ± Legg Mason Western Asset Brazil Bond Fund^ 386 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Credit Absolute Return Fund^ 386 Statement of Major Portfolio Changes ± Legg Mason Western Asset UK£ Core Plus Bond Fund^ 387 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Core Plus Bond Fund^ 387 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Inflation-Linked Fund 387 Statement of Major Portfolio Changes ± Legg Mason Western Asset UK£ Inflation-Linked Plus Fund^ 388 Statement of Major Portfolio Changes ± Legg Mason Western Asset UK£ Long Duration Fund^ 389 Statement of Major Portfolio Changes ± Legg Mason Western Asset Global Credit Fund 389 Statement of Major Portfolio Changes ± Legg Mason Western Asset Euro High Yield Fund^ 389 Statement of Major Portfolio Changes ± Legg Mason Brandywine Global Fixed Income Fund 390 Statement of Major Portfolio Changes ± Legg Mason Brandywine Global Opportunistic Fixed Income Fund^ 390 Statement of Major Portfolio Changes ± Legg Mason Western Asset Brazil Equity Fund^ 391 Statement of Major Portfolio Changes ± Legg Mason Capital Management Value Fund 391 Statement of Major Portfolio Changes ± Legg Mason Capital Management Growth Fund 392 Statement of Major Portfolio Changes ± Legg Mason Capital Management Opportunity Fund 392 Statement of Major Portfolio Changes ± Legg Mason ClearBridge US Appreciation Fund 393 Statement of Major Portfolio Changes ± Legg Mason ClearBridge US Fundamental Value Fund 394 Statement of Major Portfolio Changes ± Legg Mason ClearBridge US Large Cap Growth Fund 394 Statement of Major Portfolio Changes ± Legg Mason ClearBridge US Aggressive Growth Fund 394 Statement of Major Portfolio Changes ± Legg Mason Royce US Small Cap Opportunity Fund 395 Statement of Major Portfolio Changes ± Legg Mason Royce Smaller Companies Fund 395 Statement of Major Portfolio Changes ± Legg Mason Royce Smaller Companies Fund II^ 396 Statement of Major Portfolio Changes ± Legg Mason Royce European Smaller Companies Fund^ 397 Statement of Major Portfolio Changes ± Legg Mason Royce Global Smaller Companies Fund 397 Statement of Major Portfolio Changes ± Legg Mason Permal Global Absolute Fund 398 Statement of Major Portfolio Changes ± Legg Mason GC Global Equity Fund 398 Statement of Major Portfolio Changes ± Legg Mason Batterymarch European Equity Fund 399 Statement of Major Portfolio Changes ± Legg Mason Batterymarch Asia Pacific Equity Fund 400 Statement of Major Portfolio Changes ± Legg Mason Batterymarch International Large Cap Fund 400 Statement of Major Portfolio Changes ± Legg Mason Batterymarch Emerging Markets Equity Fund 401 Statement of Major Portfolio Changes ± Legg Mason Batterymarch Global Equity Fund 401 Statement of Major Portfolio Changes ± Legg Mason LMHK China Fund 402 Statement of Major Portfolio Changes ± Legg Mason Esemplia Emerging Markets Select Equity Fund 402 ^ Not authorised in Hong Kong and not available to Hong Kong residents. 2 Legg Mason Global Funds Plc Semi-Annual Report August 31, 2011 General Information Board of Directors Distributors and Shareholder Servicing Agents John Alldis (Luxembourg) Legg Mason Investor Services, LLC Brian Collins 100 International Drive Joseph Keane Baltimore, Maryland 21202 Joseph LaRocque (U.S.) U.S.A. Registered Office Legg Mason Investments (Europe) Limited Riverside Two 201 Bishopsgate Sir John Rogerson's Quay London EC2M 3AB Grand Canal Dock United Kingdom Dublin 2, Ireland Legg Mason Asset Management Hong Kong Limited Secretary 12/F, York House Bradwell Limited The Landmark Arthur Cox Building 15 Queen's Road, Central Earlsfort